Qatar stock exchange

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.7% to close at 11,759.0. Losses were led by the Telecoms and
Insurance indices, falling 1.7% and 1.6%, respectively. Top losers were Medicare Group
and Qatar National Cement Co., falling 4.5% and 2.9%, respectively. Among the top
gainers, Al Khalij Commercial Bank gained 2.3%, while Qatar Fuel was up 1.9%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.1% to close at 7,784.5. Gains were led by the
Petrochemical Industries and Banks & Financial Services indices, rising 0.8% and 0.7%,
respectively. Saudi Steel Pipe Co. rose 9.3%, while Saudi Transport and Investment Co.
was up 7.8%.
Dubai: The DFM Index declined 0.4% to close at 3,697.7. The Real Estate & Construction
index fell 0.7%, while the Transportation index declined 0.6%. Gulf Navigation fell
3.8%, while Dar Al Takaful was down 3.0%.
Abu Dhabi: The ADX benchmark index fell 0.6% to close at 4,538.5. The Industrial index
declined 1.1%, while the Banks index fell 1.0%. National Marine Dredging Co. declined
5.5%, while Arkan Building Materials Co. was down 4.4%.
Kuwait: The market was closed on October 14, 2015.
Oman: The MSM Index fell 0.3% to close at 5,909.5. Losses were led by the Services and
Financial indices, falling 0.6% and 0.5%, respectively. Construction Materials Industries
and Contracting Co. fell 5.4%, while Oman and Emirates Investment Holding Co. was
down 4.3%.
Bahrain: The BHB Index gained 0.7% to close at 1,257.7. The Commercial Bank index
rose 1.3%, while the Investment index gained 0.3%. National Bank of Bahrain rose
4.4%, while Khaleeji Commercial Bank was up 3.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khalij Commercial Bank 22.00 2.3 5.0 (0.2)
Qatar Fuel 158.00 1.9 84.5 (22.7)
Dlala Brokerage & Inv Holding Co. 22.07 0.3 59.3 (34.0)
Al Meera Consumer Goods Co. 241.40 0.2 8.8 20.7
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 14.71 (1.8) 755.0 (10.6)
Masraf Al Rayan 44.20 (0.5) 603.0 0.0
Qatar Gas Transport Co. 23.24 (1.6) 360.2 0.6
Barwa Real Estate Co. 44.90 (1.3) 345.2 7.2
Mazaya Qatar Real Estate Dev. 16.68 (0.1) 268.2 (8.6)
Market Indicators 14 Oct 15 13 Oct 15 %Chg.
Value Traded (QR mn) 157.2 218.7 (28.1)
Exch. Market Cap. (QR mn) 617,318.0 620,658.2 (0.5)
Volume (mn) 3.9 5.2 (25.4)
Number of Transactions 2,752 3,887 (29.2)
Companies Traded 41 41 0.0
Market Breadth 4:31 9:25 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,277.61 (0.7) 0.0 (0.3) 11.9
All Share Index 3,126.94 (0.6) 0.1 (0.8) 12.1
Banks 3,160.20 (0.3) 0.2 (1.4) 12.6
Industrials 3,522.79 (0.8) 0.4 (12.8) 12.8
Transportation 2,458.28 (1.3) (1.5) 6.0 12.0
Real Estate 2,822.44 (0.4) 0.3 25.8 9.0
Insurance 4,597.83 (1.6) (2.1) 16.1 12.2
Telecoms 1,050.65 (1.7) 0.7 (29.3) 29.6
Consumer 6,794.48 (0.2) 0.8 (1.6) 15.1
Al Rayan Islamic Index 4,464.95 (0.9) 0.3 8.9 13.0
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Bank of Bahrain Bahrain 0.71 4.4 6.7 (8.1)
Bank Nizwa Oman 0.07 4.2 6,941.0 (7.5)
United Int. Transport Saudi Arabia 52.76 3.0 545.8 (5.7)
Mobile Telecom. Co. Saudi Arabia 10.15 2.6 15,106.0 (15.0)
Dur Hospitality Co. Saudi Arabia 29.59 2.4 192.2 1.4
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Al Tayyar Travel Saudi Arabia 74.20 (7.2) 5,515.6 (16.9)
Nat. Marine Dredging Abu Dhabi 5.15 (5.5) 10.0 (25.4)
Nama Chemicals Co. Saudi Arabia 9.40 (3.1) 3,401.0 (12.1)
Qatar Nat. Cement Co. Qatar 105.30 (2.9) 6.0 (12.2)
Tihama Adv. & Public. Saudi Arabia 36.75 (2.8) 1,561.4 (59.4)
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%
Medicare Group 169.30 (4.5) 1.7 44.7
Qatar National Cement Co. 105.30 (2.9) 6.0 (12.2)
Qatar Insurance Co. 95.00 (2.1) 35.8 20.6
Gulf Warehousing Co. 62.00 (1.9) 1.4 20.4
Qatar German Co for Medical Dev. 14.72 (1.9) 44.6 45.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Masraf Al Rayan 44.20 (0.5) 26,679.2 0.0
Barwa Real Estate Co. 44.90 (1.3) 15,551.6 7.2
Qatar Fuel 158.00 1.9 13,303.6 (22.7)
Industries Qatar 125.60 (0.3) 13,132.1 (25.2)
Vodafone Qatar 14.71 (1.8) 11,206.5 (10.6)
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 11,758.96 (0.7) 0.0 2.6 (4.3) 43.18 169,515.5 11.9 1.8 4.3
Dubai 3,697.68 (0.4) (0.2) 2.9 (2.0) 56.80 96,068.4 12.8 1.2 6.7
Abu Dhabi 4,538.46 (0.6) (0.2) 0.8 0.2 44.39 123,882.2 12.3 1.4 5.0
Saudi Arabia 7,784.50 0.1 1.3 5.1 (6.6) 1,295.08 469,103.9 16.5 1.9 3.3
Kuwait# 5,731.26 (0.0) 0.4 0.1 (12.3) 43.25 88,914.7 14.6 1.0 4.5
Oman 5,909.45 (0.3) 0.7 2.1 (6.8) 18.88 23,904.7 11.4 1.3 4.4
Bahrain 1,257.66 0.7 0.2 (1.4) (11.8) 1.19 19,716.4 7.9 0.8 5.5
Source: Bloomberg, Qatar Stock Exchange, Tadawul, MSM, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any #Values as of October 13, 2015)
11,740
11,760
11,780
11,800
11,820
11,840
11,860
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QSE Index declined 0.7% to close at 11,759.0. The Telecoms and
Insurance indices led the losses. The index fell on the back of selling
pressure from non-Qatari and GCC shareholders despite buying support
from Qatari shareholders.
 Medicare Group and Qatar National Cement Co. were the top losers, falling
4.5% and 2.9%, respectively. Among the top gainers, Al Khalij Commercial
Bank gained 2.3%, while Qatar Fuel was up 1.9%.
 Volume of shares traded on Wednesday fell by 25.4% to 3.9mn from 5.2mn
on Tuesday. Further, as compared to the 30-day moving average of 8.3mn,
volume for the day was 53.3% lower. Vodafone Qatar and Masraf Al Rayan
were the most active stocks, contributing 19.6% and 15.6% to the total
volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2015
% Change
YoY
Operating Profit
(mn) 3Q2015
% Change
YoY
Net Profit (mn)
3Q2015
% Change
YoY
Jazan Development Co.
(JAZADCO)*
Saudi Arabia SR – – 6.8 1139.0% 7.2 104.0%
Takween Advanced
Industries Co. *
Saudi Arabia SR – – 17.9 0.9% -2.3 NA
Saudi Industrial Export Co.
(SIEC)*
Saudi Arabia SR – – 2.4 445.5% 1.9 603.7%
Southern Province Cement
Co. (SPCC)*
Saudi Arabia SR – – 205.0 17.1% 202.0 -29.1%
Al Mazaya Holding Co. Dubai AED 17.1 177.3% – – 2.6 2.8%
Oman & Emirates Investment
Holding Co. (OEIHC) *
Oman OMR 1.5 -73.0% – – -1.1 NA
Al Suwadi Power Co. * Oman OMR 55.6 26.3% – – 10.0 22.2%
Salalah Mills Co. (SMC)* Oman OMR 51.1 -0.7% – – 3.9 -14.4%
Sohar Power Co. * Oman OMR 46.5 29.0% – – 1.7 -52.6%
Dhofar Beverages and
Foodstuff Co. **
Oman OMR 4.3 10.3% 0.4 24.8% 0.3 -12.2%
Takaful Oman Insurance * Oman OMR 0.0 #DIV/0! – – 1.1 NA
Al Jazeira Services Co. * Oman OMR 8.4 10.3% 1.6 12.5% 2.9 -20.9%
Dhofar Fisheries and Food
Industries Co. *
Oman OMR 2.9 -16.0% – – -0.6 NA
Oman National Engineering &
Investment Co.
Oman OMR 28.1 -5.7% – – 1.5 -14.6%
Al Batinah Development &
Investment Holding Co. *
Oman OMR 0.3 -86.6% – – 0.1 -89.7%
SMN Power Holding * Oman OMR 82.7 36.3% – – 7.4 12.1%
Sharqiyah Desalination Co.* Oman OMR 7.6 5.7% – – 1.1 -38.3%
Oman Ceramic Co. * Oman OMR 3.3 3.6% – – 0.0 -64.7%
Oman Hotels and Tourism Co.
(OHTC) *
Oman OMR 4.6 -13.0% – – 1.7 6.9%
Oman Fiber Optic Co. (OFO)* Oman OMR 14.8 -13.6% – – 0.6 -90.2%
Oman International
Development and Investment
Co. (Ominvest) *
Oman OMR 89.1 30.5% – – 17.8 32.7%
Voltamp Energy * Oman OMR 25.1 41.7% – – 2.4 40.6%
Al Anwar Ceramic Tiles Co.
(AACT)
Oman OMR 21.5 -1.7% – – 5.3 -21.1%
Sembcorp Salalah Power &
Water Co. *
Oman OMR 55.0 15.5% – – 10.6 1.0%
Al Batnah Hotels Co. ** Oman OMR 1.1 48.9% – – 0.1 271.2%
Sweets of Oman * Oman OMR 9.1 -6.1% – – 0.5 -20.6%
Oman United Insurance Co.
(OUIC) *
Oman OMR 31.5 -9.3% – – 3.2 -27.9%
Oman Oil Marketing Co.
(OOMCO) *
Oman OMR 278.0 5.0% – – 8.9 6.9%
Al Fajar Al Alamia Co. Oman OMR 4.9 16.2% – – 0.5 52.6%
Source: Company data, DFM, ADX, MSM (*9M2015 results, **6M2015-16 results)
Global Economic Data
Overall Activity Buy %* Sell %* Net (QR)
Qatari 69.64% 57.50% 19,096,738.92
GCC 4.08% 6.22% (3,356,768.52)
Non-Qatari 26.27% 36.29% (15,739,970.40)

3. Page 3 of 8
Date Market Source Indicator Period Actual Consensus Previous
10/14 US Mortgage Bankers Association MBA Mortgage Applications 9-October -27.60% – 25.50%
10/14 US Census Bureau Business Inventories August 0.00% 0.10% 0.00%
10/14 US Census Bureau Retail Sales Control Group September -0.10% 0.30% 0.20%
10/14 US Bureau of Labor Statistics PPI Final Demand MoM September -0.50% -0.20% 0.00%
10/14 US Bureau of Labor Statistics PPI Ex Food, Energy, Trade MoM September -0.30% 0.10% 0.10%
10/14 US Bureau of Labor Statistics PPI Final Demand YoY September -1.10% -0.80% -0.80%
10/14 US Bureau of Labor Statistics PPI Ex Food, Energy, Trade YoY September 0.50% 0.80% 0.70%
10/14 EU Eurostat Industrial Production SA MoM August -0.50% -0.50% 0.80%
10/14 EU Eurostat Industrial Production WDA YoY August 0.90% 1.80% 1.70%
10/14 France INSEE National Statistics Offi CPI EU Harmonized MoM September -0.40% -0.40% 0.40%
10/14 France INSEE National Statistics Offi CPI EU Harmonized YoY September 0.10% 0.10% 0.10%
10/14 France INSEE National Statistics Offi CPI MoM September -0.40% -0.40% 0.30%
10/14 France INSEE National Statistics Offi CPI YoY September 0.00% 0.10% 0.00%
10/14 UK ONS ILO Unemployment Rate 3Mths August 5.40% 5.50% 5.50%
10/14 UK ONS Employment Change 3M/3M August 140k 140k 42k
10/14 Spain INE CPI Core MoM September 0.10% – 0.10%
10/14 Spain INE CPI Core YoY September 0.80% 0.80% 0.70%
10/14 Italy Banca D'Italia General Government Debt August 2184.7b – 2200.2b
10/14 China National Bureau of Statistics CPI YoY September 1.60% 1.80% 2.00%
10/14 China National Bureau of Statistics PPI YoY September -5.90% -5.90% -5.90%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earning Calendar
Tickers Company Name Date of reporting 3Q2015 results No. of days remaining Status
QNBK QNB Group 7-Oct-15 - Reported
QIBK Qatar Islamic Bank 13-Oct-15 - Reported
ABQK Al Ahli Bank 14-Oct-15 - Reported
MRDS Mazaya Qatar 14-Oct-15 - Reported
QIGD Qatari investor group 19-Oct-15 4 Due
DBIS Dlala Brokerage & Investment Holding Company 19-Oct-15 4 Due
KCBK Al khalij Commercial Bank 20-Oct-15 5 Due
DOHI Doha Insurance 20-Oct-15 5 Due
QEWS Qatar Electricity & Water Company 20-Oct-15 5 Due
SIIS Salam International 20-Oct-15 5 Due
AKHI Al Khaleej Takaful 20-Oct-15 5 Due
IHGS Islamic Holding 20-Oct-15 5 Due
QIIK International Islamic Bank 20-Oct-15 5 Due
GWCS Gulf Warehousing Company 21-Oct-15 6 Due
QGTS Qatar Gas Transport Company (Nakilat) 21-Oct-15 6 Due
QIMD Industrial Manufacturing Company 22-Oct-15 7 Due
QNNS Qatar Navigation 24-Oct-15 9 Due
QATI Qatar Insurance 25-Oct-15 10 Due
MARK Masraf Al Rayan 25-Oct-15 10 Due
DHBK Doha Bank 25-Oct-15 10 Due
QISI Qatar Islamic Insurance 25-Oct-15 10 Due
QGRI Qatar General Insurance & Reinsurance 25-Oct-15 10 Due
QOIS Qatar Oman 25-Oct-15 10 Due
MCGS Medicare Group 25-Oct-15 10 Due
UDCD United Development Company 26-Oct-15 11 Due
QFLS Qatar Fuel Company 26-Oct-15 11 Due
ERES Ezdan Real Estate Company 26-Oct-15 11 Due
MERS Al Meera Consumer Goods Company 27-Oct-15 12 Due
ORDS Ooredoo 28-Oct-15 13 Due
AHCS Aamal Company 29-Oct-15 14 Due
NLCS National Leasing (Alijarah) 29-Oct-15 14 Due
ZHCD Zad Holding Company 29-Oct-15 14 Due
QNCD Qatar National Cement Company - - -
CBQK Commercial Bank - - -
BRES Barwa Real Estate Company - - -

4. Page 4 of 8
GISS Gulf International Services - - -
IQCD Industries Qatar - - -
MPHC Mesaieed Petrochemical Holding Co - - -
MCCS Mannai Corp. - - -
QCFS Qatar Cinema & Film Distribution Company - - -
WDAM Widam Food Co. - - -
QGMD Qatar German Company for Medical Devices - - -
VFQS Vodafone Qatar - - -
Source: QSE
News
Qatar
 MRDS reports a flat bottom-line in 3Q2015 on a sequential basis –
Mazaya Qatar Real Estate Development Co. (MRDS) reported a flat
net profit of QR33.23mn in 3Q2015 compared to QR33.24mn in
2Q2015. However, the net profit rose marginally by 0.6% YoY. EPS
amounted to QR0.32 in 3Q2015 as compared to QR0.31 in 2Q2015.
The company’s construction revenue jumped 49.8% QoQ to
QR80.2mn (up 4.4% YoY) in 3Q2015. However, the gain in the
construction revenue was almost entirely offset by increased
construction costs (QR44.1mn in 3Q2015 vs. QR18.5mn in
2Q2015). As a result, income from operations marginally inched
up to QR46.3mn in 3Q2015 compared to QR45.6mn in 2Q2015.
However, it declined 11.4% on a YoY basis. (QSE, QNBFS
Research)
 MRDS considering possibility of increasing capital –Mazaya Qatar
Real Estate Development Co. (MRDS) in its board meeting showed
the intention to study the increase in capital of the company and
requested the executive management to examine the possibility of
increasing the company’s capital and provide the board with the
required procedures and available options for further discussion.
(QSE)
 IQCD to disclose financial statements on October 28 – Industries
Qatar Company (IQCD) will announce its financial reports for the
period ending September 30, 2015 on October 28, 2015. (QSE)
 MPHC to disclose financial statements on October 27 – Mesaieed
Petrochemical Holding Company (MPHC) will announce its
financial reports for the period ending September 30, 2015 on
October 27, 2015. (QSE)
 Draft law on equality between Qataris, GCC citizens reviewed – QNA
has reported that the Cabinet has reviewed and taken the
appropriate decision on a draft law on equality between Qataris
and other GCC citizens regarding the practice of different
professions & activities and delivery of economic & social services.
During the meeting the Cabinet also reviewed a draft law
amending some provisions of Law No 7 of 1987 on regulations for
the practice of commercial activities by GCC citizens in the country.
A draft law on permitting companies from GCC nations to open
branches in Qatar was also reviewed at the meeting. Appropriate
decisions were taken on these draft laws. (Gulf-Times.com)
 Procurement law to get tougher – Qatar is contemplating tough
actions against price fixing, bid rigging and other forms of possible
collusions in public tenders. Qatar’s soon-to-be- issued
procurement law stipulates that officials who act against the
country’s competition protection and collusion combat policy in
public procurement will be prosecuted. A top Ministry of Finance
official has said strict action will be taken against bidders found
involved in rigging the bid or making attempts to influence the
concerned officials, including through bribing. (Peninsula Qatar)
 DTZ: Qatar residential market occupancy to improve in six months –
Global real estate firm DTZ said that with Qatar’s non-hydrocarbon
sectors experiencing double-digit growth, occupancy levels in the
country’s prime residential market are likely to recover over the
next six months. DTZ Qatar, in its market report for 3Q2015, stated
that there is an increase in vacancies in the prime residential
market due to recent redundancies in the oil & gas sector. Despite
these increases, rents in this sector have remained strong in
2Q2015 and 3Q2015 due to population growth. According to DTZ,
the steady job growth in non-hydrocarbon sectors such as finance,
hotels, restaurants, trade and transport helped push Qatar’s
population to 2.37mn in May 2015, representing a 9.2% YoY
growth. The commercial sector has witnessed a reduction of new
office acquisitions from the public sector, which accounts for 60%
of office leasing in Doha’s West Bay area. The report said most of
the activity in 2Q2015 and 3Q2015 has been limited to
transactions of less than 250 square meters (sqm) and there have
been no commercial leases in excess of 3,000 sqm agreed in
3Q2015. (Gulf-Times.com)
 QPMC signs 5-yr supply deal with Village Trading for 30mn tons of
quarry products – Qatar Primary Materials Company (QPMC) has
signed a new off-take agreement with Village Trading Group for
the supply of 30mn tons of high quality quarry products for the
next five years. Under the terms of the agreement, Village Trading
has agreed to supply QPMC with 6mn tons of gabbro aggregates
annually over the next five years. In planning the import of the
required quantity, Village Trading is committed to providing QPMC
with gabbro aggregates of grades: 0-5 mm gabbro and 5-32mm
grades, all commencing on January 1, 2016. All grades supplied to
QPMC match the Qatar construction specifications and Ashghal’s
quality standards. (Gulf-Times.com)
International
 Weak US retail sales, inflation data cloud rate hike outlook – US
retail sales barely rose in September 2015 and producer prices
recorded their biggest decline in eight months, raising further
doubts about whether the Federal Reserve will raise interest rates
in 2015. The weak reports were the latest suggestion that the
economy was losing momentum in the face of slowing global
growth, a strong dollar, an inventory correction and lower oil
prices that are hampering capital spending in the energy sector.
Job growth braked sharply in the past two months. The Commerce
Department said retail sales had edged up 0.1% in September
largely as cheaper gasoline pushed service station receipts down
3.2%. Giving the report a weak tone, sales in August were revised
down to show them unchanged instead of rising 0.2%. Retail sales
excluding automobiles, gasoline, building materials and food
services slipped 0.1% in September after a downwardly revised
0.2% gain in August. These so-called core retail sales correspond
most closely with the consumer spending component of GDP and
were previously said to have advanced 0.4% in August. (Reuters)
 UK jobless rate hits seven-year low, BoE to note cooler pay growth –
Britain's jobless rate has fallen to its lowest level in more than
seven years but pay growth was a bit slower than expected,
suggesting the labor market is not hot enough to speed up a Bank
of England (BoE) interest rate hike. The Office for National
Statistics said Britain's unemployment rate fell to 5.4% in the

5. Page 5 of 8
three months to August 2015, down from 5.5% in the three
months to July. It was the lowest jobless rate since the 2Q2008,
before the worst of the financial crisis, and below a Reuters
median forecast of 5.5%. Investors focused initially on the wage
growth figures that were slightly weaker than forecast but sterling
recovered from an initial fall as economists highlighted the strong
job creation numbers. The number of people in employment
jumped by 140,000, pushing the employment rate to 73.6%, the
highest since records began in 1971. The number of unemployed
people was down by 79,000, the biggest fall since the three months
to January. (Reuters)
 Eurozone August industry output reverses after strong July –
Eurozone industrial production had declined in line with
expectations in August 2015, as the energy sector reversed gains
made in July and only durable consumer goods output showed
robust expansion. Eurostat said the industrial output in the 19
countries sharing the euro fell by 0.5% MoM for a 0.9% YoY gain.
Reuters had expected a 0.5% monthly decline and a 1.8% annual
gain. Eurostat also revised data for July to a 0.8% monthly fall from
an increase of 0.6% and to a 1.7% YoY rise from the previously
reported 1.9%. Meanwhile, the German industrial output shrank
1.1% in August 2015, while in France, production was 1.6%
higher. Furthermore, German Economy Minister Sigmar Gabriel
said that he was not concerned about Europe's largest economy
slipping into deflation after annual inflation in Germany turned
negative in September for the first time in eight months. (Reuters)
 Reuters Tankan: Japan manufacturers' mood down again amid
recession fears – According to a Reuters poll, Japanese
manufacturers' confidence worsened for the second straight
month and is expected to fade going forward adding to lingering
fears of a recession and keeping policy makers under pressure to
deploy fresh stimulus. Service-sector sentiment bounced from the
September's fall but is seen worsening again over the next three
months, a sign of the fragility in private consumption which
accounts for roughly 60% of the economy. The Reuters Tankan -
which closely tracks the Bank of Japan's (BoJ) tankan survey -
came as a recent run of weak data including surprise drops in
factory output and machinery orders cast doubt on the strength of
business activity. The bleak business outlook could undermine
policy makers’ efforts to generate a virtuous cycle of growth and
investment led by the private sector, which is crucial for the BoJ's
rosy projections that the economy is on track to hit its ambitious
2% price goal in 2016. (Reuters)
 Chinese Yuan now third most traded currency on EBS platform –
China's currency is now the third most traded on the EBS platform,
overtaking such pairs as the dollar-Swiss franc and euro-yen on
one of the main independent venues where banks trade
currencies. Officials at ICAP-owned EBS Brokertec, which
competes with Thomson Reuters' Matching platform in bank-to-
bank currency trading, said the number of players trading every
day in China's yuan, or renminbi, had grown 50% in 2014. That
follows the announcement by the banking payment network
SWIFT that the yuan is now the fourth most used currency in
ordinary day-to-day payments worldwide. (Reuters)
Regional
 Alpen Capital: GCC insurance industry expected to touch $62.1bn by
2020 – According to a report by Alpen Capital, the Gulf
Cooperation Council (GCC) insurance industry is expected to touch
$62.1bn by 2020, registering a CAGR of 18.7% for the period
between 2014 and 2020. Alpen Capital (ME) Managing Director
Sameena Ahmad said that the GCC insurance industry continues to
grow at a double-digit CAGR despite a challenging 2014, backed by
increased awareness and favorable regulatory changes in most of
the GCC nations. The industry is thus expected to grow in the
upcoming period, driven by government spending on
infrastructure and a gradual increase in insurance penetration
level in the region. The report’s conservative growth scenario,
assuming that the GCC countries would average non-life premium
growth in line with their preceding five years, results in the GCC
insurance industry reaching a size of $49bn by 2020 at a 14.1%
CAGR. The International Monetary Fund’s (IMF) forecasted drop in
the GDP of the GCC countries for 2015 and the volatility in oil
prices are expected to result in lower growth in premiums for
2015. Between 2014 and 2020, IMF forecasts GDP growth in the
region at a CAGR of 2.3%. (GulfBase.com)
 KSA signs multiple agreements with France – The King Abdulaziz
City for Science and Technology (KACST) has signed a cooperation
agreement with the French Marine Systems Directorate to build a
marine research center. Another agreement for cooperation and
training was signed between the King Fahd Medical City and
France’s Jostav Institute. Meanwhile, a letter of intent was signed
between the King Abdullah City for Atomic and Renewable Energy
and the French Nuclear Safety Authority in the field of renewable
energy. The two countries also entered into agreement for
establishing a blood plasma plant in the Kingdom. The Saudi Public
Investment Fund signed with two French firms an agreement
worth $2bn for establishing a Saudi fund, which will work jointly
with the private funds in France.
 Jarir Marketing leases out office space to Jarir Real Estate – Jarir
Marketing Company has signed a renewable two-year agreement
to lease a 217 square meters office to Jarir Real Estate Company at
Jarir Plaza Building, Riyadh. The annual rental price is estimated to
be SR156,023. The agreement is subject to the final approval of the
general assembly. (Tadawul)
 KSA may amend rules to widen access for foreign investors – The
Saudi Capital Markets Authority (CMA) Chairman Mohammed Al-
Jadaan has said that Saudi Arabia may soften the rules for
foreigners seeking to own stocks in the Kingdom, as the country
seeks to boost liquidity on the Saudi Stock Exchange. He said the
authority is studying the possibility of allowing institutional
foreign money managers with less than SR18.75bn under
management to own shares in the country. The regulator is also
considering changing rules around initial public offerings to help
boost the number of institutional investors in the market. Since
opening the market to direct foreign investment in June 2015, in
all 11 overseas investors have applied for and received licenses.
Al-Jadaan said the CMA is also studying the introduction of other
products like real-estate investment funds, and will announce very
ambitious strategies in the future. (Bloomberg)
 UAE Insurance Authority to launch new regulations by 2016 – The
UAE Insurance Authority has said that it would launch a new set of
regulations regarding insurance policies to govern the banking
sector by 2016, with the Authority currently working with the
country’s central bank to draft the regulations. The Federal
Authority is also set to launch regulations for the insurance of
vehicles in 2015. (GulfBase.com)
 Mediclinic, Al Noor reach accord, NMC Health continues to pursue
Al Noor – Mediclinic International Limited has agreed to merge
with the Al Noor Hospitals Group to create the biggest private
healthcare provider in the UAE, even as rival NMC Health vowed to
keep pursuing with Al Noor. The transaction will involve a reverse
takeover that gives Mediclinic’s shareholders a majority stake in
the combined operations. Al Noor holders can opt to get a special
dividend of £3.28 a share or tender their stock for £11.60 a piece,
which represents a 39% premium over the October 1, 2015 closing
price. The latter values the transaction at £1.5bn. Under the terms
of the agreement, Mediclinic shareholders will get 0.625 new Al
Noor shares for each held in Mediclinic, as well as an interim

6. Page 6 of 8
dividend to be paid in December 2015. The transaction would
result in Mediclinic shareholders owning 84% to 93% of the
combined business, which is to be renamed Mediclinic
International Plc and listed on the London Stock Exchange (LSE).
The company will also have a secondary listing in Johannesburg,
and may trade on the Namibian Stock Exchange. (Bloomberg)
 eDirham 9M2015 revenues up 15% at AED6bn – The total
automatically collected revenues by the Federal Government via
the eDirham system in 9M2015 amounted to over AED6bn, up
15% as compared to AED5.1bn in 9M2014. The total number of
electronic services that have been completed through the eDirham
system since the beginning of 2015 rose 8% to 27.3mn as
compared to around 25.1mn services in 2014. In 9M2015, the total
number of transactions conducted through the eDirham system
increased 9% to over 12.5mn transactions as compared to 11.4
transactions in 9M2014, while the number of sold eDirham cards
had increased to 1.6mn September 2015-end. (GulfBase.com)
 Amlak, Palma Development sign strategic tie-up – Amlak Finance
has entered into a strategic alliance with Palma Development to
offer financing for Serenia Residences in the Palm Jumeirah. Under
the terms of the agreement, customers wishing to purchase
property at Serenia Residences through using the Shari’ah
compliant Amlak’s services will make an initial down payment of
the unit price with Amlak, financing the balance based on the
customer’s portfolio and financial status. Finance is available for
up to 25 years with profit rates from 3.75% to 4.9% being fixed for
the first three years. (DFM)
 Dubai to attract AED150bn in FDIs over next five years – Dubai FDI
CEO Fahad Al Gergawi has said that Dubai is expected to attract
AED150bn in new foreign direct investments (FDIs) over the next
five years. He emphasized that authorities seek to further promote
Dubai’s status as a springboard for global companies to reach out
to markets in the Middle East and North Africa (MENA) region.
Fahad said Dubai secured AED28.6bn FDI in 2014, adding that the
largest proportion of FDIs (roughly 78% or AED22bn of the total)
targeted areas of real estate, financial services, hospitality and
tourism, renewable/alternative energy, business services,
programming and information technology. (GulfBase.com)
 UAB operating income declines 9% in 9M2015 – United Arab Bank
(UAB) reported a net profit of AED71.82mn in 9M2015 as
compared to AED497.6mn in 9M2014. The profit was impacted by
a provision of AED466mn taken during the quarter following a
significant increase in loan defaults in UAB’s higher risk
commercial loan portfolio. UAB’s total income for 9M2015
declined 3% YoY to AED9982.27mn, while operating income for
the period was down 9%, impacted by lower non-interest income.
The bank’s total assets stood at AED25.83bn as of September 30,
2015 as compared to AED25.71bn on December 31, 2014. Loans &
advances reached AED17.6bn, while customers’ deposits reached
AED18.28bn. UAB remains well capitalized with its capital
adequacy ratio at 14.4%, while its NPL ratio stood at 3.9% as at 30
September 2015. EPS amounted to AED0.05 in 9M2015 versus
AED0.36 in 9M2014. (DFM)
 AIB reports net loss of OMR4.23mn in 3Q2015 – Alizz islamic bank
(AIB) reported a net loss of OMR4.228mn in 3Q2015 as compared
to OMR4.425mn in 3Q2014. Financing receivables reached
OMR169.92mn, while total deposits stood at OMR145.56mn.The
bank’s total income stood at OMR4.25mn in 3Q2015 as compared
to OMR1.25mn in 3Q2014. AIB’s total assets had stood at
OMR236.77mn as of September 30, 2015 as compared to
OMR104.23mn on September 30, 2014. (MSM)
 Ahli Bank 9M2015 net profit surges 14.1% YoY – Ahli Bank
reported a net profit of OMR21.8mn in 9M2015 as compared to
OMR19.1mn in 9M2014, representing a YoY increase of 14.1%.
The bank’s operating income had stood at OMR43mn in 9M2015,
up 13.5% YoY as compared to OMR37.9mn in 9M2014. Ahli Bank’s
total assets had stood at OMR1.92bn as of September 30, 2015, up
20.8% YoY as compared to OMR1.59bn at the end of September
30, 2014. Net loans & advances and financing grew 12.9% YoY to
OMR1.5bn, while customers’ deposits were up 27.4% and had
stood at OMR1.32bn. (MSM)
 Bank Nizwa reports OMR4.23mn net loss in 9M2015 – Bank Nizwa
reported a net loss of OMR4.23mn in 9M2015 as compared to
OMR5.96mn in 9M2014. The bank’s operating income had grown
55% YoY to OMR8.28mn in 9M2015. The bank’s total assets had
stood at OMR316.43mn as of September 30, 2015, up 23% YoY as
compared to OMR256.55mn on September 30, 2014. Financing to
customers had reached OMR240.76mn, while customers’ deposits
had stood at OMR170.58mn. (MSM)
 CBO foreign assets drop 4.8% YoY in August 2015 – According to
Central Bank of Oman (CBO), credit growth at Oman’s
conventional banks had accelerated to an annual 10.6% in August
2015 from 9.2% in July 2015. M2 money supply growth had
slowed to 10%, the lowest rate since December 2013, from 10.9%.
CBO’s foreign assets, including gold, had fallen 4.8% from a year
earlier to OMR6.63bn. Low oil prices have hit Oman’s oil revenues
and balance of payments. (Reuters)
 Agthia completes acquisition in Dubai & Oman – Agthia Group has
completed the acquisition of a 100% stake in Al Bayan Purification
& Potable Water and Shaklan Plastic Manufacturing Company in
Dubai, in addition to Oman-based Al Manal Purification & Bottling
Mineral Water from Al Bayan Group of Companies. Alpen Capital,
Dubai acted as the sole financial adviser to Al Bayan Group for the
transaction. (GulfBase.com)
 CMIC stops 200-ton main oven for repair – Construction Materials
Industries & Contracting (CMIC) has announced that the new oven
sized 200 ton has stopped production as a result of an emergency
technical failure. The company is doing necessary maintenance
work and expects to complete it within 15 days. (MSM)
 Investcorp unit buys eight residential properties for $400mn –
Investcorp, through its US-based subsidiary, has bought eight
residential properties in the US for about $400mn. The acquired
properties are rented out to tenants and have an average
occupancy rate of about 96%. These latest purchases take
Investcorp’s total real estate investments over the past 12 months
to over $1bn. Investcorp acquired properties in the metropolitan
areas of Las Vegas, Denver, Chicago, Atlanta and Dallas. (Reuters)
 Garmco completes major restructuring of international operations –
Garmco, a Bahrain-based international aluminium rolling mill, has
completed a major restructuring of its international operations.
The restructuring has resulted in the closing of unprofitable
subsidiaries in the saturated markets of China & Korea and non-
operating companies in Hungary & Cyprus, which do not add value
to core activities. The reshuffle is in line with the company’s three-
year strategy, which involves closing unprofitable subsidiaries &
non-operating companies and identifying additional opportunities
for growth in high-margin markets, where Garmco has established
a strong presence, in particular Southeast Asia, the US and
Australia. (GulfBase.com)
 IIB makes profitable exit from aircraft leasing deal – Bahrain’s
International Investment Bank (IIB) has announced a profitable
exit from Boeing 777-300 ER aircraft leasing deal. The aircraft,
which was purchased by IIB in a sale and leaseback transaction,
was on lease to a leading regional airline on a non-cancellable
basis for a period of nine years, and has recently been sold to an
international buyer. The disposal resulted in an internal rate of
return (IRR) of over 30%. (GulfBase.com)

7. Page 7 of 8
 Gulf Air in final talks to buy 50 aircraft – Gulf Air is in final talks to
place an order for up to 50 aircraft to meet the airline’s needs over
the next decade. Gulf Air CFO Sahar Ataei said the airline would
purchase both narrow and wide-body aircraft to replace its
current fleet. She said negotiations with manufacturers were
expected to finish by 1Q2016. The airline, with a fleet of 28 Airbus
narrow and wide-body aircraft, is going through a lengthy
restructuring, which aims to return the loss-making airline to
profit. (Reuters)

8. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa 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 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (#Value as of October 15, 2015)
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Sep-11 Sep-12 Sep-13 Sep-14 Sep-15
QSE Index S&P Pan Arab S&P GCC
0.1%
(0.7%)
(0.0%)
0.7%
(0.3%)
(0.6%)
(0.4%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait#
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,184.13 1.3 2.3 (0.1) MSCI World Index 1,653.01 (0.5) (1.2) (3.3)
Silver/Ounce 16.13 1.4 1.8 2.7 DJ Industrial 16,924.75 (0.9) (0.9) (5.0)
Crude Oil (Brent)/Barrel (FM Future) 49.15 (0.2) (6.6) (14.3) S&P 500 1,994.24 (0.5) (1.0) (3.1)
Crude Oil (WTI)/Barrel (FM Future) 46.64 (0.0) (6.0) (12.4) NASDAQ 100 4,782.85 (0.3) (1.0) 1.0
Natural Gas (Henry Hub)/MMBtu 2.44 0.1 3.0 (18.6) STOXX 600 355.81 (0.3) (1.4) (1.7)
LPG Propane (Arab Gulf)/Ton 44.50 (3.3) (9.4) (9.2) DAX 9,915.85 (0.7) (1.2) (4.8)
LPG Butane (Arab Gulf)/Ton 61.00 0.0 (6.2) (2.8) FTSE 100 6,269.61 0.2 (1.5) (5.3)
Euro 1.15 0.8 1.0 (5.2) CAC 40 4,609.03 (0.3) (1.4) 2.0
Yen 118.83 (0.8) (1.2) (0.8) Nikkei 17,891.00 (1.4) (2.1) 2.8
GBP 1.55 1.5 1.0 (0.6) MSCI EM 849.40 (0.6) (1.2) (11.2)
CHF 1.05 0.9 1.3 4.7 SHANGHAI SE Composite 3,262.44 (1.1) 2.4 (1.4)
AUD 0.73 0.8 (0.5) (10.7) HANG SENG 22,439.91 (0.7) (0.1) (4.9)
USD Index 93.93 (0.9) (0.9) 4.1 BSE SENSEX 26,779.66 0.0 (1.4) (5.2)
RUB 62.64 (0.7) 1.8 3.1 Bovespa 46,710.44 (1.2) (7.4) (35.6)
BRL 0.26 2.1 (1.3) (30.5) RTS 863.31 (0.4) (2.6) 9.2
140.8
118.6
114.3