Qatar stock exchange

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 2.0% to close at 10,947.0. Losses were led by the Telecoms and
Real Estate indices, falling 2.9% and 2.6%, respectively. Top losers were Ahli Bank and
Qatar General Insurance & Reinsurance Co., falling 7.7% and 4.3%, respectively. Al
Khaleej Takaful Group was the only gainer, which rose 1.6%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.4% to close at 6,986.9. Losses were led by the Media
& Publish. and Multi-Inv. indices, falling 3.6% and 1.6%, respectively. Saudi Research &
Marketing fell 5.0%, while Saudi Printing & Packaging was down 3.9%.
Dubai: The DFM Index declined 2.4% to close at 3,300.2. The Consumer Staples index
fell 4.0%, while the Real Estate & Construction index declined 3.2%. Amlak Finance fell
8.5%, while Damac Properties Dubai Co. was down 6.6%.
Abu Dhabi: The ADX benchmark index fell 0.6% to close at 4,199.0. The Energy index
declined 6.7%, while the Real Estate index fell 2.7%. Methaq Takaful Insurance Co.
declined 7.7%, while Dana Gas was down 6.7%.
Kuwait: The KSE Index declined marginally to close at 5,787.3. The Oil & Gas index fell
0.6%, while the Banks index declined 0.3%. Al-Qurain Holding Co. fell 7.1%, while Hilal
Cement Co. was down 6.9%.
Oman: The MSM Index fell 0.1% to close at 5,893.9. Losses were led by the Financial
and Industrial indices, falling 0.1% each. Al Madina Investment fell 2.9%, while SMN
Power Holding was down 2.6%.
Bahrain: The BHB Index declined 0.9% to close at 1,239.0. The Industrial index fell
9.5%, while the Commercial Bank index declined 0.3%. Aluminium Bahrain fell 9.9%,
while Khaleeji Commercial Bank was down 1.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Group 32.50 1.6 5.3 (36.0)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 13.09 (3.8) 3,282.9 (20.4)
Qatar Gas Transport Co. 24.24 (1.2) 834.9 4.9
Masraf Al Rayan 40.50 (2.2) 693.8 (8.4)
Barwa Real Estate Co. 41.90 (2.3) 611.1 0.0
Ezdan Holding Group 17.70 (3.0) 456.5 18.6
Market Indicators 10 Nov 15 9 Nov 15 %Chg.
Value Traded (QR mn) 337.6 240.0 40.7
Exch. Market Cap. (QR mn) 575,401.2 587,291.4 (2.0)
Volume (mn) 9.3 5.7 62.4
Number of Transactions 5,003 3,330 50.2
Companies Traded 41 39 5.1
Market Breadth 1:37 10:27 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,015.57 (2.0) (4.3) (7.1) 11.3
All Share Index 2,917.50 (2.0) (4.2) (7.4) 11.5
Banks 2,974.50 (1.7) (2.9) (7.2) 12.1
Industrials 3,220.73 (1.9) (4.6) (20.3) 12.3
Transportation 2,506.67 (1.2) (2.8) 8.1 11.9
Real Estate 2,560.40 (2.6) (6.0) 14.1 8.3
Insurance 4,329.17 (2.3) (5.6) 9.4 12.0
Telecoms 961.00 (2.9) (5.8) (35.3) 20.5
Consumer 6,413.20 (1.8) (4.3) (7.2) 13.6
Al Rayan Islamic Index 4,122.76 (2.2) (4.7) 0.5 12.1
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Arabian Mining Saudi Arabia 31.29 3.5 7,111.2 2.3
Ithmaar Bank Bahrain 0.16 3.3 1,200.0 (3.1)
Astra Industrial Group Saudi Arabia 21.87 3.0 2,776.5 (25.1)
Saudi Fisheries Saudi Arabia 15.99 2.7 1,832.3 (42.1)
Agility Kuwait 0.52 2.0 2,867.6 (26.2)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Aluminium Bahrain Bahrain 0.38 (9.9) 388.1 (25.4)
Ahli Bank Qatar 47.70 (7.7) 3.3 (3.9)
Abu Dhabi Nat. Energy Abu Dhabi 0.42 (6.7) 187.8 (47.5)
Dana Gas Abu Dhabi 0.42 (6.7) 12,318.3 (16.0)
Dubai Financial Market Dubai 1.19 (5.6) 11,910.9 (40.8)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200
Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 47.70 (7.7) 3.3 (3.9)
Qatar General Ins. & Reins. Co. 55.00 (4.3) 16.2 (6.8)
National Leasing 15.70 (4.3) 171.4 (21.5)
Qatar German Co for Medical Dev. 15.00 (4.1) 139.7 47.8
Qatari Investors Group 42.00 (3.8) 47.3 1.4
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Vodafone Qatar 13.09 (3.8) 42,747.8 (20.4)
QNB Group 178.00 (1.3) 34,409.3 (16.4)
Industries Qatar 111.30 (2.4) 28,593.2 (33.8)
Masraf Al Rayan 40.50 (2.2) 27,783.3 (8.4)
Qatar Electricity & Water Co. 208.00 (1.8) 26,803.0 10.9
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded ($
mn)
Exchange Mkt. Cap.
($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 10,947.02 (2.0) (4.3) (5.7) (10.9) 92.75 158,120.3 11.3 1.3 4.7
Dubai 3,300.19 (2.4) (4.4) (5.8) (12.6) 87.16 89,361.6 11.1 1.2 7.5
Abu Dhabi 4,199.03 (0.6) (1.5) (2.8) (7.3) 55.40 116,395.7 11.5 1.3 5.4
Saudi Arabia 6,986.89 (0.4) 0.4 (1.9) (16.2) 1,318.28 422,994.7 15.8 1.7 3.7
Kuwait 5,787.28 (0.0) 0.3 0.2 (11.5) 46.25 90,148.2 14.4 1.0 4.5
Oman 5,893.91 (0.1) (0.4) (0.6) (7.1) 8.17 23,834.1 10.4 1.3 4.4
Bahrain 1,238.97 (0.9) (0.9) (0.9) (13.2) 15.16 19,423.4 7.8 0.8 5.5
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,800
10,900
11,000
11,100
11,200
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index declined 2.0% to close at 10,947.0. The Telecoms and Real
Estate indices led the losses. The index fell on the back of selling pressure
from GCC and non-Qatari shareholders despite buying support from Qatari
shareholders.
 Ahli Bank and Qatar General Insurance & Reinsurance Co. were the top
losers, falling 7.7% and 4.3%, respectively. Al Khaleej Takaful Group was
the only gainer, which rose 1.6%.
 Volume of shares traded on Tuesday rose by 62.4% to 9.3mn from 5.7mn
on Monday. Further, as compared to the 30-day moving average of 7.3mn,
volume for the day was 26.9% higher. Vodafone Qatar and Qatar Gas
Transport Co. were the most active stocks, contributing 35.4% and 9.0% to
the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings Releases, Global Economic Data and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Al Omaniya Financial
Services (AOFS)
Moody’s Oman CFR – Ba3 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local
Currency, CFR – Corporate Family Rating)
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2015
% Change
YoY
Operating Profit
(mn) 3Q2015
% Change
YoY
Net Profit (mn)
3Q2015
% Change
YoY
Union Properties Dubai AED 328.0 -26.4% – – 110.7 -13.5%
Agility Public Warehousing Co. Dubai AED 335.0 -0.6% 101.5 5.4% 13.7 5.0%
Damac Properties Dubai Co. Dubai AED 2,018.2 -4.9% 1,028.8 24.5% 1,021.9 44.7%
Finance House* Abu Dhabi AED – – – – 64.7 NA
Dubai Insurance Co. Abu Dhabi AED – – – – 2.4 173.6%
Union Insurance Co. Abu Dhabi AED 75.5 30.8% 27.5 28.0% 4.5 -77.9%
Al Dhafra Insurance Co. Abu Dhabi AED 50.0 8.9% -25.4 NA -35.2 NA
National Marine Dredging Co. Abu Dhabi AED 529.9 11.8% – – 27.0 -82.8%
Global Investment House Bahrain BHD 3.1 -50.5% – – 3.2 10.3%
Bahrain Telecommunications
Co. (Batelco)
Bahrain BHD 93.9 -3.5% – – 13.4 -16.3%
Bahrain Car Parks Co. (BCPC) Bahrain BHD – – -0.1 NA -0.1 NA
Source: Company data, DFM, ADX, MSM (*9M2015 Results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
11/10 US Nat. Fed. of Ind. Business NFIB Small Business Optimism October 96.1 96.4 96.1
11/10 US Bureau of Labor Statistics Import Price Index MoM October -0.50% -0.10% -0.60%
11/10 US Bureau of Labor Statistics Import Price Index YoY October -10.50% -9.40% -11.30%
11/10 France INSEE Industrial Production MoM September 0.10% -0.40% 1.70%
11/10 France INSEE Industrial Production YoY September 1.80% 1.80% 1.40%
11/10 France INSEE Manufacturing Production MoM September 0.00% -0.50% 2.20%
11/10 France INSEE Manufacturing Production YoY September 1.60% 1.90% 1.70%
11/10 UK The British Retail Consortium BRC Sales Like-For-Like YoY October -0.20% 0.80% 2.60%
11/10 Italy ISTAT Industrial Production MoM September 0.20% 0.60% -0.50%
11/10 Italy ISTAT Industrial Production WDA YoY September 1.70% 1.40% 1.00%
11/10 Italy ISTAT Industrial Production NSA YoY September 1.70% – 4.10%
11/10 China National Bureau of Statistics CPI YoY October 1.30% 1.50% 1.60%
11/10 China National Bureau of Statistics PPI YoY October -5.90% -5.90% -5.90%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 2Q2016 results No. of days remaining Status
VFQS Vodafone Qatar 12-Nov-15 1 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari 60.61% 53.45% 24,184,828.22
GCC 5.07% 8.09% (10,184,499.06)
Non-Qatari 34.31% 38.46% (14,000,329.16)

3. Page 3 of 6
News
Qatar
 Dr. Ibrahim Ibrahim: Falling oil prices will not affect FIFA related
projects – The economic adviser to Emir HH Sheikh Tamim bin
Hamad Al Thani, Dr. Ibrahim Ibrahim, has said the falling oil prices
will not affect Qatar’s ongoing preparations for the FIFA 2022
World Cup as a host country. Sharing his views on the oil prices
and its possible impact on local economy, Dr. Ibrahim Ibrahim said
the government is taking all necessary measures to make sure the
proposed budget for the new fiscal is going to be well-balanced
and ‘efficient’. (Peninsula Qatar)
 PM opens Ras Abu Fontas A2 plant – HE the Prime Minister and
Interior Minister Sheikh Abdullah bin Nasser Bin Khalifa Al-Thani
opened the Ras Abu Fontas (RAF) A2 plant project and laid the
foundation stone for the Ras Abu Fontas (RAF) A3 project in Al
Wakrah. (Peninsula Qatar)
 QEWS electricity production to hit 11,000mw in 1H2018 – Quoting
Qatar Electricity & Water Company (QEWS) General Manager &
Managing Director Fahad Hamad Al-Mohannadi, QNA has reported
that the firm and its subsidiaries are currently producing over
8,600 megawatt (MW) power. This production will increase to
around 11,000 MW in 1H2018. Speaking during the inauguration
of the Ras Abu Fontas (RAF) A2 station and the foundation stone-
laying ceremony of the RAF A3 station, Al Mohannadi said there is
a considered a paradigm shift in the station operation, where RAF
A3 will operate desalination, for the first time through the reverse
osmosis system. He said the RAF A3 station will be completed at
the beginning of 2017. (Peninsula Qatar)
 IMF lauds Qatar diversification feats amid ‘wake-up call’ –
International Monetary Fund (IMF) Managing Director Christine
Lagarde has praised Qatar’s “solid and strong” macroeconomic
policy initiative to diversify its hydrocarbon-rich economy. IMF
termed the current trough in oil prices as a “wake-up call” for the
Gulf region to initiate measures to strengthen the economies.
Highlighting the low oil prices, which are expected to remain firm
at the level for foreseeable future, as one of the main concerns for
the oil producing economies, notably the Gulf Cooperation Council
(GCC), the IMF chief said there has been solid and strong policy
measures in Qatar to diversify the economy.” (Gulf-Times.com)
 Hassad Food aims to supply 15% of rice in local market – Hassad
Food Chairman & Managing Director Nasser Mohamed al-Hajri has
said that the firm will soon launch different varieties of rice in the
local market from one of its subsidiaries, ‘Senwan Pakistan’. The
company aims to supply 15% of the total market demand for rice
in the country. (Gulf-Times.com)
 Al-Attiyah: Providing electricity a ‘major challenge’ across the globe
– Former Deputy Prime Minister & Minister of Energy and
Industry HE Abdullah bin Hamad al-Attiyah has said that
energizing the world when 2bn people have no access to electricity
is a major challenge to be tackled. He said it is really unfair that
one-third of the world still has no access to power and that they
have to live in darkness. The development of the power sector
remained a “major challenge” for many countries around the
world. He added electricity is the engine of growth and power
shortages will mean an economy will be very depressed, which is
something that needs to be tackled urgently. (Gulf-Times.com)
 Government ‘stepping up support for private businesses’ – HE the
Minister of Economy & Commerce Sheikh Ahmed bin Jassim bin
Mohamed al-Thani has said that Qatar has accomplished a great
deal in terms of promoting economic diversification and
sustainable development within the framework of the Qatar
National Vision 2030. Speaking at a conference at the Carnegie
Mellon University in Qatar (CMUQ), the minister shed light on the
latest investment opportunities and future projects in Qatar. He
highlighted key economic challenges facing Qatar in a presentation
that outlined the government’s efforts to bolster growth in the
non-hydrocarbon sector and overcome obstacles in the local
market. In his presentation, Sheikh Ahmed elaborated on the latest
government initiatives aimed at bolstering the country’s
competitiveness through the establishment of a business-friendly
legal framework and the introduction of new commercial
registration and companies’ laws. (Gulf-Times.com)
 Huge uptake’ in ORDS mobile payroll service – Ooredoo Qatar COO
Waleed al-Sayed has said that Ooredoo (ORDS) Mobile Money
Payroll service has seen a “huge uptake” in the past few months,
with thousands of employers now switching to the smart payment
method. He said the service, which enables employers to pay their
staff directly into their mobile phones’ mWallet via Ooredoo
Mobile Money (OMM), has gained “significant popularity” in Qatar
in just under three months, with a record number of over 30,000
employees and 2,000 businesses across the country due to be
enrolled by November 2015-end. He added that the service
promises firms a “smarter way” to pay employee salaries, saving
businesses on banking processing fees, reducing accounting and
administration costs and improving business efficiencies. The
Mobile Money Payroll service is also in line with the regulations of
Qatar’s Wage Protection System. (Gulf-Times.com)
 Deputy PM opens farm exhibition – Deputy Prime Minister &
Minister of State for Cabinet Affairs HE Ahmed bin Abdullah bin
Zaid Al Mahmoud inaugurated the 4th Qatar International
Agricultural Exhibition. Over 180 local and international
companies are exhibiting their agricultural and food products. The
exhibition, which will continue till November 12, 2015, is an
opportunity for exchanging expertise in different fields of
agriculture and modern irrigation systems. (Peninsula Qatar)
 Unison signs 10-year services agreement with QA – US-based
Unison Industries has signed a 10-year material services
agreement with Qatar Airways (QA) to support the airline’s
unprecedented fleet growth rate. The agreement extends through
2024 and covers external Unison new parts and component
repairs for all engine lines in the QA fleet. Meanwhile, QA has
joined the Royal Aeronautical Society (RAeS), the UK-based
professional body dedicated to the aerospace community. The
objectives of RAeS include supporting and maintaining high
professional standards in aerospace disciplines to provide a
unique source of specialist information and act as a local forum for
the exchange of ideas. The airline’s corporate partnership will run
on an ongoing basis as a supporter and participant in chapter
events and initiatives. Furthermore, QA has said that it is
increasing its capacity to Dubai and Abu Dhabi in the UAE and
Dammam in Saudi Arabia by deploying extra wide-body A330s,
B787s and B777s on these routes. While the enhanced-capacity
services to Abu Dhabi started on November 1, 2015, those to Dubai
and Dammam will commence on December 1, 2015. (Bloomberg,
Gulf-Times.com)
International
 US small business confidence steady in Oct – The National
Federation of Independent Business has said that its Small
Business Optimism Index for the US remained steady at 96.1 in
October. Four of the 10 components of the index, including the
share of owners planning to make capital outlays in the next three
to six months, edged up one point. The share of small businesses
expecting higher real sales rose three points after having fallen six
points in September. The NFIB report showed inflation pressures
remained muted, with only a net 2% of owners raising their selling
prices, up one point from September. Meanwhile, the Commerce
Department said wholesale inventories increased 0.5% as gains in

4. Page 4 of 6
automobiles, furniture, farm products and apparel offset declines
in machinery, petroleum and a range of other goods. The
component of wholesale inventories that goes into the calculation
of GDP, wholesale stocks excluding autos, increased 0.5%. As a
result, economists expect 3Q2015 GDP growth could be revised up
to as high as a 1.9% rate later in November 2015. (Reuters)
 Japan, US officials rule out re-opening of TPP – Japan and the US
officials have rejected calls from some US lawmakers on Tuesday
to consider re-opening the 12-nation Trans-Pacific Partnership
(TPP) deal and said any renegotiation attempt could scupper the
whole pact. US President Barack Obama’s deputy national security
adviser for international economics Caroline Atkinson said many
of the gains countries achieved during the negotiations, which took
over five years, had come indirectly, making it impossible to re-
open individual issues. Japan, the second largest economy in the
TPP, said the deal was like a “glass ornament” that would
disintegrate if a part of it were to be renegotiated. US Senator
Orrin Hatch said negotiators might have to meet again on the TPP,
if support was lacking in Congress. (Reuters)
 Reuters Tankan: Japan business mood dips as economy slips into
recession – According to the monthly Reuters Tankan survey,
which closely tracks the Bank of Japan’s tankan quarterly survey,
confidence among Japanese manufacturers fell in November for a
third straight month to levels unseen in about 2-1/2 years. This
reflected fears that a China-led slowdown in overseas demand may
have pushed the economy into recession. As per the survey, both
manufacturers’ and service-sector sentiment is expected to be
largely steady over the next three months, reflecting uncertainty
about the outlook. The Reuters Tankan sentiment index for
manufacturers fell to 3 in November from 7 in October, posting the
lowest reading since minus 4 in April 2013. The service sector
index fell to 22 from 27 in October, the lowest since March,
dragged down by wholesalers and retailers. (Reuters)
 Premier Li: China to maintain policy support to cope with
headwinds – Chinese Premier Li Keqiang has said that the
government will maintain policy support for the economy as it
faces headwinds caused by a sluggish world economy and
domestic structural adjustments. He said the government will rely
on both fiscal and monetary policy to support the economy, while
promoting innovations. He added that China will also implement a
policy of equalizing electricity prices for industrial and commercial
users. On the other hand, President Xi Jinping said China will give
its stock market investors adequate protection to fend off financial
market risks. Xi stressed that the nation would maintain its
prudent monetary policy while accelerating fiscal, tax and financial
reforms, including reform of state-owned enterprises. Meanwhile,
data released by the National Bureau of Statistics (NBS) showed
consumer price index (CPI) cooled more than expected in October,
rising 1.3% YoY as compared to 1.6% YoY increase in September.
On a MoM basis, consumer prices fell 0.3% versus a 0.1% gain in
September. (Reuters)
Regional
 SAEI plans SR2.87bn MRO facility in Jeddah – Saudi Aerospace
Engineering Industries (SAEI) has said that it plans to build an
SR2.87bn aircraft maintenance, repair and overhaul (MRO) facility
in Jeddah. The facility will be built by a joint venture led by Turkish
airport builder and operator TAV. The facility, planned to be
completed by 2016-end, will comprise 11 aircraft hangars and 28
aircraft component shops. (Gulfbase.com)
 KSA aims to sell first foreign bond in 2016 – According to banking
industry sources, Saudi Arabia is aiming to start selling bonds in
the international market as soon as in 2016 as it seeks new ways
to cover a budget deficit caused by low oil prices. Sources, who
have been discussing the matter with the Saudi Arabian Monetary
Agency (SAMA) officials, said the authorities have not yet finalized
the plan but were making progress. (Reuters)
 Saudi plans to diversify oil economy to combat climate change –
Saudi Arabia is planning to diversify its economy to help combat
climate change in a move that could reduce expected carbon
emissions by up to 130mn tons a year by 2030. The Kingdom is the
last of the Group of 20 major economies to submit a plan to the
United Nations before a December 2015 summit in Paris about
ways to slow global warming. (Reuters)
 Emirates signs $16bn services agreement with GE Aviation – The
14th session of the Dubai International Airshow has witnessed
signing of several major agreements. Emirates airline has signed a
12-year services agreement worth $16bn with GE Aviation. The
deal entails maintenance, repair and overhaul (MRO) of GE9x
engines that will power the airline’s fleet of 150 Boeing 777X
aircraft. Canada-based Bombardier said it has signed an MoU and
is in discussions with commercial helicopter operator Abu Dhabi
Aviation (ADA) toward establishing ADA as an Authorized Service
Facility (ASF) for Q Series aircraft. Further, DC Aviation Al-
Futtaim, a joint venture between Dubai-based Al-Futtaim group
and Germany’s DC Aviation, said it has signed Ground Handling
Agreements (GHA) with some of the leading operators and flight
support companies in the industry. (Gulfbase.com)
 DI invests 26.75% in King’s College Hospital in Dubai – Dubai
Investments (DI) is planning to invest in a multi-disciplinary
hospital and several day care clinics in Dubai for the King’s College
Hospital London, in partnership with other investors. The
company is contributing 26.75% of the total equity financing for
the project. The total project cost, including debt financing, is
estimated to reach around $200mn. The 80-100 bed world-class
hospital and day care clinics in Dubai will be fully integrated with
the King’s College Hospital’s facilities in London. The first of the
facilities to open their doors will be a number of clinics towards
the end of 2016 and in 2017, in prime locations across Dubai,
while the multi-specialty King’s College Hospital at ‘Dubai Hills’
will become operational in 2018. (DFM)
 Damac BoD approves DPD’s shared services agreement with Damac
International – Damac Properties Dubai Company’s board meeting
has approved shared services agreement to be entered into by its
subsidiary Damac Properties Development Company (DPD) with
Damac International Limited. Under the terms of the agreement,
DPD will render technical, sales & marketing and other back-
office-related services in respect of the real estate projects of
Damac International for the fees and charges covered in the said
agreement. (DFM)
 IMF: Kuwait’s huge cash reserves allow it to conduct reforms –
International Monetary Fund (IMF) Chief Christine Lagarde has
said that Kuwait is privileged with enormous financial reserves,
which allows the country to conduct gradual economic reforms,
especially by directing surpluses toward productive spending. She
said Kuwait registered a budget deficit, which is less than a
number of other Gulf Cooperation Council (GCC) countries, and is
still fulfilling financial surpluses despite the falling oil prices, and
has large financial reserves. Such reserves should immediately be
invested in expanding the non-oil revenues, and to reorganize the
national economic structure. (Gulfbase.com)
 KIA to add $500mn to investments in Russia – Kuwait Investment
Authority (KIA) has allocated an additional $500mn to investment
projects in Russia, in partnership with the Russian Direct
Investment Fund (RDIF). This follows $500mn, which KIA had
allocated for investment with RDIF in 2012. (Reuters)
 Al Ahli Bank completes acquisition of 98.5% stake in Piraeus Bank
Egypt – Al Ahli Bank has completed the acquisition of 98.5% stake
in Piraeus Bank Egypt from Greece-based Piraeus Bank, for a

5. Page 5 of 6
purchase consideration of $150mn. Following the transaction, the
unit will be rebranded as ABK Egypt, subject to name change
approval by the official authorities, with the new identity to be
rolled out over the entire 39 branch network in 1H2016. J.P.
Morgan acted as the financial advisor and Ernst & Young acted as
transaction and tax advisor for the deal. (Reuters)
 Mabanee’s Saudi unit gets nod for SR7bn Riyadh shopping complex
– Shumoul Holding Company, 55% owned by Mabanee, has
received approval to build SR7bn retail, residential and
commercial complex in Riyadh, Saudi Arabia. The Avenues Riyadh
will include a shopping mall, plus residential and office units and
has now been approved by the city’s authorities. Shumoul will
begin work on the 1.7mn square meters project in the next few
months. Mabanee expects the project to be completed in 2019.
Mabanee, in its 2014 annual report, said it had incurred a cost of
KD106mn in 2014 to buy the land for The Avenues Riyadh and to
conduct some work on the scheme. (Reuters)
 Oil minister: Oman mulling cost reduction due to low oil prices –
Oman Minister of Oil & Gas Mohammad Al Rumhym has said the
country is considering cutting costs due to low oil prices. He said
that Oman’s current oil production was around one million barrels
per day and the country is losing $55mn per day. The minister
added that bets on an oil price recovery might be too optimistic.
(Gulfbase.com)
 Doosan to supply turbines for Salalah-2 IPP – South Korean
conglomerate Doosan Heavy Industries and Construction
Company has won a contract to supply steam turbines and
generators for a new independent power project (IPP), currently
under development in Salalah in Oman’s Dhofar Governorate. A
consortium comprising ACWA Power, Mitsui & Company Limited
and Dhofar International Development & Investment Holding
Company (DIDIC) is investing around $630mn for implementing
the Salalah-2 IPP scheme, having secured the government’s
mandate to build-own-operate the project. (Gulfbase.com)
 Omantel plans Sukuk issue – Oman Telecommunications Company
(Omantel) is planning to sell OMR50mn worth of Islamic bonds.
Omantel CEO Talal al-Mamari said the five-year Sukuk may be
offered to small investors with a minimum subscription of
OMR10,000, although a final decision has not been made. The
company is in final stages of getting all approvals and expects to
issue the Sukuk by 2015-end or early 2016. Omantel will use the
funds to build a new headquarter. (Gulfbase.com)
 ABG reports $36.4mn net income in 3Q2015 – Al Baraka Banking
Group (ABG) has reported a net income of $36.40mn in 3Q2015 as
compared to $35.06mn in 3Q2014. Total operating income stood
at $235.64mn in 3Q2015 as compared to $228.18mn in 3Q2014.
The bank’s total assets reached $23.99bn at the end of September
30, 2015 as compared to $23.46bn on December 31, 2014.
Receivables stood at $11.47bn, while customers’ current & other
accounts totaled $4.43bn. EPS amounted to $3.29 in 3Q2015
versus $3.17 in 3Q2014. (Bahrain Bourses)

6. Contacts
Saugata Sarkar Sahbi Kasraoui Shahan Keushgerian
Head of Research Manager – HNWI Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Oct-11 Oct-12 Oct-13 Oct-14 Oct-15
QSE Inde x S&P Pa n Ara b S&P GCC
(0.4%)
(2.0%)
(0.0%)
(0.9%)
(0.1%)
(0.6%)
(2.4%)
(3.0%)
(2.0%)
(1.0%)
0.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,089.63 (0.2) (0.0) (8.0) MSCI World Index 1,690.51 (0.1) (0.8) (1.1)
Silver/Ounce 14.43 (1.1) (2.4) (8.1) DJ Industrial 17,758.21 0.2 (0.8) (0.4)
Crude Oil (Brent)/Barrel (FM Future) 47.44 0.5 0.0 (17.3) S&P 500 2,081.72 0.2 (0.8) 1.1
Crude Oil (WTI)/Barrel (FM Future) 44.21 0.8 (0.2) (17.0) NASDAQ 100 5,083.24 (0.2) (1.2) 7.3
Natural Gas (Henry Hub)/MMBtu 2.11 (0.7) (2.9) (29.5) STOXX 600 376.27 (0.4) (1.3) (2.8)
LPG Propane (Arab Gulf)/Ton 44.13 (0.3) (0.6) (9.9) DAX 10,832.52 (0.3) (1.7) (2.7)
LPG Butane (Arab Gulf)/Ton 63.00 (0.4) (1.6) 0.4 FTSE 100 6,275.28 (0.3) (0.8) (7.3)
Euro 1.07 (0.3) (0.2) (11.4) CAC 40 4,912.16 (0.5) (1.7) 1.7
Yen 123.15 (0.0) 0.0 2.8 Nikkei 19,671.26 0.1 2.1 9.4
GBP 1.51 0.0 0.4 (2.9) MSCI EM 833.39 (1.2) (2.2) (12.9)
CHF 0.99 (0.2) (0.1) (1.2) SHANGHAI SE Composite 3,640.49 (0.1) 1.3 9.9
AUD 0.70 (0.2) (0.2) (14.0) HANG SENG 22,401.70 (1.4) (2.0) (5.1)
USD Index 99.29 0.3 0.1 10.0 BSE SENSEX 25,743.26 (1.1) (2.2) (10.6)
RUB 64.56 (0.1) 0.1 6.3 Bovespa 46,206.57 0.0 (1.9) (35.4)
BRL 0.27 1.3 0.5 (29.3) RTS 854.08 (0.1) (0.0) 8.0
130.4
108.7
106.1