The QSE Index in Qatar declined 0.3% while indices in other GCC countries were mixed, with Saudi Arabia falling 1% and Kuwait rising 0.4%. Real estate and telecom stocks weighed on Qatar, with Qatar General Insurance and Mazaya Qatar Real Estate declining the most. Trading volume in Qatar rose 11% compared to the previous day.

1. Page 1 of 9
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.3% to close at 11,755.7. Losses were led by the Real Estate and
Telecoms indices, falling 1.2% and 0.7%, respectively. Top losers were Qatar General
Insurance & Reinsurance Co. and Mazaya Qatar Real Estate Development, falling 3.9%
and 2.6%, respectively. Among the top gainers, Qatar Gas Transport Co. gained 4.1%,
while Widam Food Co. was up 1.5%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.0% to close at 7,689.8. Losses were led by the Media
& Publishing and Petrochemical Industries indices, falling 2.0% and 1.9%, respectively.
Al-Ahlia Insurance Co. fell 9.6%, while Sipchem was down 8.8%.
Dubai: The DFM Index declined 0.6% to close at 3,682.5. The Financial & Investment
Services index fell 1.4%, while the Services index declined 1.0%. National Central
Cooling Co. fell 4.0%, while Ekttitab Holding Co. was down 3.3%.
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 4,584.9. The
Telecommunication index gained 2.0%, while the Energy index rose 0.8%. Abu Dhabi
Ship Building gained 5.7%, while Abu Dhabi National Energy was up 3.9%.
Kuwait: The KSE Index rose 0.4% to close at 5,804.9. The Telecommunication index
gained 0.9%, while the Industrial index rose 0.7%. Al-Bareeq Holding Co. gained 10.0%,
while Kuwait Financial Centre was up 8.0%.
Oman: The MSM Index fell 0.1% to close at 5,920.0. Losses were led by the Financial
and Industrial indices, falling 0.4% and 0.3%, respectively. Al Batinah Dev. Inv. Holding
fell 6.7%, while Oman Textile Holding was down 6.0%.
Bahrain: The BHB Index gained 0.1% to close at 1,248.9. The Services index rose 0.4%,
while the Commercial Bank index gained 0.1%. Nass Corporation rose 7.1%, while Seef
Properties was up 2.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Co. 24.36 4.1 3,359.5 5.5
Widam Food Co. 53.40 1.5 8.1 (11.6)
Qatar National Cement Co. 107.00 1.4 10.3 (10.8)
Islamic Holding Group 103.40 0.9 5.5 (16.9)
Barwa Real Estate Co. 46.00 0.9 855.1 9.8
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 15.05 (1.3) 3,788.3 (8.5)
Qatar Gas Transport Co. 24.36 4.1 3,359.5 5.5
Mazaya Qatar Real Estate Dev. 16.40 (2.6) 1,926.6 (10.1)
Gulf International Services 68.80 0.4 1,068.2 (29.1)
Barwa Real Estate Co. 46.00 0.9 855.1 9.8
Market Indicators 20 Oct 15 19 Oct 15 %Chg.
Value Traded (QR mn) 397.0 332.5 19.4
Exch. Market Cap. (QR mn) 616,564.9 618,517.4 (0.3)
Volume (mn) 13.6 12.2 11.0
Number of Transactions 4,023 4,340 (7.3)
Companies Traded 39 40 (2.5)
Market Breadth 16:19 19:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,272.50 (0.3) (0.1) (0.3) 12.0
All Share Index 3,125.81 (0.3) (0.1) (0.8) 12.2
Banks 3,138.21 (0.3) (0.7) (2.1) 12.7
Industrials 3,552.50 (0.1) 0.2 (12.1) 12.8
Transportation 2,529.38 2.2 3.0 9.1 12.2
Real Estate 2,778.42 (1.2) (1.1) 23.8 8.9
Insurance 4,655.84 (0.6) 2.1 17.6 12.3
Telecoms 1,061.61 (0.7) (0.4) (28.5) 29.9
Consumer 6,837.73 (0.2) 0.6 (1.0) 15.2
Al Rayan Islamic Index 4,469.58 (0.4) 0.0 9.0 12.9
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Kingdom Holding Co. Saudi Arabia 18.96 6.5 1,794.0 4.8
Nat. Real Estate Co. Kuwait 0.09 6.0 2,027.8 (29.2)
Saudi Public Transport Saudi Arabia 21.92 5.3 8,223.4 (8.7)
Qatar Gas Trans. Co. Qatar 24.36 4.1 3,359.5 5.5
Abu Dhabi Nat. Energy Abu Dhabi 0.54 3.8 58.1 (32.5)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Invest Bank Abu Dhabi 2.25 (10.0) 158.3 (12.5)
Saudi Int. Petrochem. Saudi Arabia 20.31 (8.8) 1,069.0 (23.5)
Saudi Enaya Coop. Ins. Saudi Arabia 17.98 (6.7) 1,033.9 (30.7)
Saudi Print. & Pack. Saudi Arabia 14.85 (6.5) 701.5 (20.6)
Saudi Airlines Catering Saudi Arabia 131.94 (4.4) 320.8 (29.0)
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%
Qatar General Ins. & Reins. Co. 56.50 (3.9) 8.6 10.1
Mazaya Qatar Real Estate Dev. 16.40 (2.6) 1,926.6 (10.1)
Ezdan Holding Group 19.27 (2.1) 578.1 29.2
Dlala Brokerage & Inv Holding Co. 21.25 (2.1) 89.7 (36.5)
Vodafone Qatar 15.05 (1.3) 3,788.3 (8.5)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Gas Transport Co. 24.36 4.1 81,486.9 5.5
Gulf International Services 68.80 0.4 73,719.9 (29.1)
Vodafone Qatar 15.05 (1.3) 57,174.9 (8.5)
Barwa Real Estate Co. 46.00 0.9 39,304.8 9.8
Mazaya Qatar Real Estate Dev. 16.40 (2.6) 32,016.9 (10.1)
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 11,755.67 (0.3) (0.1) 2.5 (4.3) 109.04 169,308.7 12.0 1.4 4.3
Dubai 3,682.52 (0.6) (0.4) 2.5 (2.4) 46.32 95,579.1 12.7 1.2 6.8
Abu Dhabi 4,584.86 0.2 1.0 1.8 1.2 38.88 125,312.0 12.5 1.4 4.9
Saudi Arabia 7,689.76 (1.0) (0.1) 3.9 (7.7) 1,375.40 467,102.0 17.0 1.8 3.3
Kuwait 5,804.92 0.4 1.3 1.4 (11.2) 36.66 89,990.7 14.5 1.0 4.4
Oman 5,920.04 (0.1) 0.2 2.3 (6.7) 29.16 23,911.2 11.5 1.3 4.4
Bahrain 1,248.90 0.1 (0.7) (2.1) (12.5) 1.76 19,579.4 7.9 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)
11,720
11,740
11,760
11,780
11,800
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 9
Qatar Market Commentary
 The QSE Index declined 0.3% to close at 11,755.7. The Real Estate and
Telecoms indices led the losses. The index fell on the back of selling
pressure from Qatari and GCC shareholders despite buying support from
non-Qatari shareholders.
 Qatar General Insurance & Reinsurance Co. and Mazaya Qatar Real Estate
Development were the top losers, falling 3.9% and 2.6%, respectively.
Among the top gainers, Qatar Gas Transport Co. gained 4.1%, while Widam
Food Co. was up 1.5%.
 Volume of shares traded on Tuesday rose by 11.0% to 13.6mn from 12.2mn
on Monday. Further, as compared to the 30-day moving average of 7.6mn,
volume for the day was 78.3% higher. Vodafone Qatar and Qatar Gas
Transport Co. were the most active stocks, contributing 27.9% and 24.7%
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
Qatar Gas Transport
Company (Nakilat)
S&P Qatar SDCR AA- AA- – 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, SDCR – Senior Debt Credit Rating)
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2015
% Change
YoY
Operating Profit
(mn) 3Q2015
% Change
YoY
Net Profit (mn)
3Q2015
% Change
YoY
Saudi Airlines Catering Co.
(SAAC)
Saudi Arabia SR – – 160.0 5.1% 164.5 6.1%
Mouwasat Medical Services Co.
(Mouwasat)
Saudi Arabia SR – – 49.1 -9.2% 43.0 -40.3%
Middle East Paper Co. (MEPCO) Saudi Arabia SR – – 15.5 -64.6% 9.6 -73.6%
Saudi International Petrochemical
Co. (Sipchem)
Saudi Arabia SR – – 156.9 -41.9% 71.6 -55.4%
Fawaz Abdulaziz Alhokair Co. Saudi Arabia SR – – 331.8 14.2% 310.7 2.3%
Yamama Cement Co. Saudi Arabia SR – – 150.4 11.0% 95.5 -30.3%
AlJazira Takaful Taawuni Co. Saudi Arabia SR 25.4 56.5% – – 4.3 -17.5%
Saudi Printing & Packaging Co.
(SPPC)
Saudi Arabia SR – – 8.6 -41.5% 10.9 -9.9%
National Gas & Industrialization
Co. (GASCO)
Saudi Arabia SR – – 28.8 -32.2% 32.5 -26.1%
Arabian Pipes Co. (APC) Saudi Arabia SR – – -1.4 NA -8.9 NA
Al Ahlia Insurance Co. Saudi Arabia SR 83.7 77.1% – – -18.9 NA
Amana Cooperative Insurance Co. Saudi Arabia SR 85.0 81.4% – – 1.6 NA
Gulf General Cooperative
Insurance Co. (GGI)
Saudi Arabia SR 21.7 -19.4% – – -5.3 NA
Saudi Enaya Cooperative
Insurance Co.
Saudi Arabia SR 15.5 745.5% – – -20.5 NA
Al Khaleej Training and Education
Co.
Saudi Arabia SR – – 18.5 -21.8% 16.4 -17.5%
Eastern Province Cement Co.
(EPCCO)
Saudi Arabia SR – – 67.0 13.6% 67.0 19.6%
Bupa Arabia for Cooperative
Insurance Co.
Saudi Araba SR 2,251.0 10.2% – – 285.8 78.2%
National Gypsum Co. Saudi Araba SR – – 4.4 -42.1% 4.7 -40.7%
Anaam International Holding
Group Co.
Saudi Araba SR – – 10.5 NA 10.5 NA
Astra Industrial Group Saudi Araba SR – – 1.9 -62.8% 9.5 -47.2%
Allianz Saudi Fransi Cooperative
Insurance Co. (Allianz SF)
Saudi Araba SR 100.8 37.5% – – 5.5 -26.4%
Sanad Cooperative Insurance Co. Saudi Araba SR 0.4 -95.0% – – -6.5 NA
Al-Ahsa Development Co. Saudi Araba SR – – -1.0 NA 7.4 NA
Arabia Insurance Cooperative Co. Saudi Araba SR 147.9 -12.0% – – -19.8 NA
Al Sorayai Trading & Industrial
Group
Saudi Arabia SR – – -9.5 NA -14.9 NA
Metlife AIG ANB Cooperative
Insurance Co. (ANB Insurance)
Saudi Arabia SR 53.2 10,077.2% – – -7.7 NA
Emaar The Economic City Saudi Arabia SR – – 9.1 -84.3% 8.2 -82.8%
Overall Activity Buy %* Sell %* Net (QR)
Qatari 67.76% 70.26% (9,932,866.55)
GCC 7.95% 10.99% (12,050,693.11)
Non-Qatari 24.29% 18.76% 21,983,559.66

3. Page 3 of 9
Saudi Re for Cooperative
Reinsurance Co.
Saudi Arabia SR 386.8 210.9% – – -57.2 NA
Solidarity Saudi Takaful Co. Saudi Arabia SR 44.2 7.6% – – -5.1 NA
Saudi Telecom Co. Saudi Arabia SR – – 3,038.0 -14.2% 2,322.0 -31.1%
Methanol Chemicals Co. Saudi Arabia SR – – -35.6 NA -42.8 NA
Alujain Corporation Saudi Arabia SR – – 109.6 15.1% 45.6 30.7%
Saudi United Cooperative
Insurance Co. (Wala'a)
Saudi Arabia SR 126.9 95.2% – – -18.6 NA
Al-Tayyar Travel Group Saudi Arabia SR – – 270.0 5.1% 265.0 8.6%
Zamil Industrial Investment Co.
(ZIIC)
Saudi Arabia SR – – 86.2 -3.9% 57.5 1.9%
Mediterranean & Gulf Insurance &
Reinsurance Co. (MEDGULF)
Saudi Arabia SR 637.2 -27.2% – – 51.8 33.2%
Arabian Aramco Total Services
Co. (AATSC)
Saudi Arabia SR – – 182.4 NA -12.6 NA
A'Saffa Foods * Oman OMR 24.2 3.8% – – 4.8 -10.1%
Zain Bahrain Bahrain BHB 18.5 5.7% 1.5 52.1% 1.3 91.1%
Source: Company data, DFM, ADX, MSM (*9M2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
10/20 US Census Bureau Housing Starts MoM September 6.50% 1.40% -1.70%
10/20 US Census Bureau Building Permits MoM September -5.00% 0.80% 2.70%
10/20 EU European Central Bank ECB Current Account SA August 17.7b – 25.6b
10/20 EU European Central Bank Current Account NSA August 13.7b – 37.9b
10/20 Germany Federal Statistical Off PPI MoM September -0.40% -0.20% -0.50%
10/20 Germany Federal Statistical Off PPI YoY September -2.10% -1.80% -1.70%
10/20 Italy Banca D'Italia Current Account Balance August 1,389m – 6,647m
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
MCCS Mannai Corp. 16-Oct-15 - Reported
CBQK Commercial Bank 18-Oct-15 - Reported
QIGD Qatari Investors Group 19-Oct-15 - Reported
DBIS Dlala Brokerage & Investment Holding Company 19-Oct-15 - Reported
KCBK Al Khaliji 20-Oct-15 - Reported
DOHI Doha Insurance 20-Oct-15 - Reported
QEWS Qatar Electricity & Water Company 20-Oct-15 - Reported
SIIS Salam International Investment 20-Oct-15 - Reported
AKHI Al Khaleej Takaful Insurance 20-Oct-15 - Reported
IHGS Islamic Holding Group 20-Oct-15 - Reported
QIIK Qatar International Islamic Bank 20-Oct-15 - Reported
GWCS Gulf Warehousing Company 21-Oct-15 0 Due
QGTS Qatar Gas Transport Company (Nakilat) 21-Oct-15 0 Due
QNCD Qatar National Cement Company 21-Oct-15 0 Due
QIMD Qatar Industrial Manufacturing Company 22-Oct-15 1 Due
WDAM Widam Food Company 22-Oct-15 1 Due
QNNS Qatar Navigation (Milaha) 24-Oct-15 3 Due
QATI Qatar Insurance Company 25-Oct-15 4 Due
MARK Masraf Al Rayan 25-Oct-15 4 Due
DHBK Doha Bank 25-Oct-15 4 Due
QISI Qatar Islamic Insurance 25-Oct-15 4 Due
QGRI Qatar General Insurance & Reinsurance 25-Oct-15 4 Due
QOIS Qatar & Oman Investment 25-Oct-15 4 Due
MCGS Medicare Group 25-Oct-15 4 Due
GISS Gulf International Services 25-Oct-15 4 Due
QGMD Qatar German Company for Medical Devices 25-Oct-15 4 Due
UDCD United Development Company 26-Oct-15 5 Due

4. Page 4 of 9
QFLS Qatar Fuel Company 26-Oct-15 5 Due
ERES Ezdan Real Estate Company 26-Oct-15 5 Due
MERS Al Meera Consumer Goods Company 27-Oct-15 6 Due
MPHC Mesaieed Petrochemical Holding Company 27-Oct-15 6 Due
BRES Barwa Real Estate Company 27-Oct-15 6 Due
ORDS Ooredoo 28-Oct-15 7 Due
IQCD Industries Qatar 28-Oct-15 7 Due
AHCS Aamal Company 29-Oct-15 8 Due
NLCS National Leasing (Alijarah) 29-Oct-15 8 Due
ZHCD Zad Holding Company 29-Oct-15 8 Due
VFQS Vodafone Qatar 12-Nov-15 22 Due
QCFS Qatar Cinema & Film Distribution Company – - Due
Source: QSE

5. Page 5 of 9
News
Qatar
 QEWS net income rises 3.3% sequentially in 3Q2015; in-line with
our estimates – Qatar Electricity & Water Company (QEWS)
recorded QR403.85mn net income in 3Q2015 vs. QR391.02mn in
2Q2015, reflecting a QoQ increase of 3.3%. However, 3Q2015 net
profit came 4.4% below our estimate of QR422.6mn. Meanwhile,
QEWS board of directors reviewed company projects under
construction, specifically RAF A3 and Umm Al Houl. The board said
it was satisfied with company’s financial performance and efforts
for the new projects and plans. We upgrade QEWS to Outperform
from Accumulate with an unchanged price target of QR256/share.
(QNBFS Research, QSE, Gulf-Times.com)
 KCBK net profit gains by 4.0% QoQ in 3Q2015, ahead of our
estimate – Al Khalij Commercial Bank’s (KCBK) net profit grew
4.1% QoQ (+12.7% YoY) to QR164.4mn in 3Q2015, 6.5% higher
than our estimate of QR154.3mn. The beat was mainly due to
better than expected net interest income which came in at
QR235.3mn vs. our estimate of QR212.6mn (+10.7% variation)
KCBK’s loans expanded by 6.5% QoQ to QR31.7bn (+17.8% YTD)
while customer deposits decreased by 1.1% QoQ (+7.0% YTD) to
QR29.4bn. Consequently, the bank’s LDR jumped to 108% vs.
100% in 2Q2015 (98% at the end of 2014). The bank’s CAR stood
at 14.7% as per Basel III. Non-performing loans ratio was 0.76%
with a coverage ratio of 94% at the end of September 2015.
(QNBFS Research, Company financials)
 QIIK’s bottom-line slips on the back of higher opex and investment
impairment provisions – Qatar International Islamic Bank’s (QIIK)
reported a net income of QR218.4mn in line with our estimate of
QR230.54mn (variation of -5.3%) in 3Q2015. The bank’s net
income declined marginally by 3.3% QoQ and 2.0% YoY. The bank
reported net interest and investment income of QR255.47mn
(down 1.2% QoQ and +8.6% YoY), in-line with our estimate of
QR250.45mn (+2.0% variation). Net operating income also came
in-line at QR220.0mn vs. our estimate of QR226.6mn (-2.9%
variation). QIIK’s asset quality appears to have worsened with
NPLs almost doubling to QR403.9mn. As such QIIK’s NPL ratio
jumped to 1.6% vs. 0.98% at the end of 2014. The bank’s net loans
increased by 2.1% QoQ (11.5% YTD) to QR24.4bn. However,
customer deposits fell by 2.5% QoQ (-6.1% YTD) to QR25.0bn.
Thus QIIK’s LDR was lifted to 97% vs. 93% in 2Q2015 (82% in
2014). QIIK under 3Q2015 with a CAR under Basel III of 16.52%.
(QNBFS Research, Company financials)
 QNCD 3Q2015 bottom-line flat sequentially, beats our estimate –
Qatar National Cement Company’s (QNCD) net profit remained
almost flat (up 23.6% YoY) in 3Q2015 at QR116.3mn versus
QR116.9mn in 2Q2015. However, net profit jumped 19.9% versus
our estimate of QR97.0mn. QNCD’s revenue dipped 9.8% QoQ to
QR262.7mn (in-line with our estimate of QR262.2mn), while a
24.1% QoQ drop in cost of sales to QR143.0mn largely cushioned
the impact of fall in revenue on the bottom-line. (QNBFS Research,
QSE)
 DOHI books QR2.3mn net loss in 3Q2015 – Doha Insurance (DOHI)
recorded a QR2.3mn net loss in 3Q2015 as compared to QR19.1mn
net profit in 2Q2015. Loss per share amounted to QR0.05 in
3Q2015 as compared to Earnings per share of QR0.38 in 2Q2015.
DOHI’s net premium plunged 33.03% QoQ to QR29.3mn in
3Q2015. However, it was up 6.8% on YoY basis. (QSE, QNBFS
Research)
 AKHI bottom-line records back-to-back sequential contraction in
3Q2015 – Al Khaleej Takaful Group’s (AKHI) net profit dropped
64.8% QoQ (73.2% YoY) in 3Q2015 to QR2.0mn. This follows a
76.7% QoQ decline recorded in 2Q2015. AKHI’s total investment &
other income dropped 30.3% QoQ (down 29.5% YoY) to
QR11.7mn, which primarily dented bottom-line. Within total
investment & other income, wakala income fell 19.1% QoQ (4.6%
YoY) to QR7.8mn and investment income declined 47.6% QoQ
(33.9% YoY) to QR1.8mn. EPS fell to QR0.08 in 3Q2015 from
QR0.22 in 2Q2015. (QSE, QNBFS Research)
 IHGS bottom-line in red in 3Q2015 – Islamic Holding Group (IHGS)
recorded QR0.17mn net loss in 3Q2015 as compared to QR2.62mn
net profit in 2Q2015. A 55.5% decline in net brokerage &
commission income from QR4.0mn in 2Q2015 to QR1.8mn in
3Q2015 eroded the company’s profitability. Loss per share in
3Q2015 amounted to QR0.04 vs. an EPS of QR0.65 in 2Q2015.
(QSE, QNBFS Research)
 SIIS net profit jumps 36.5% QoQ in 3Q2015 – Salam International
Investment Limited’s (SIIS) bottom-line jumped 36.5% QoQ (down
10.3% YoY) in 3Q2015 to QR21.0mn. Operating income declined
9.8% QoQ (up 7.2% YoY) to QR562.1mn in 3Q2015. EPS rose from
QR0.13 in 2Q2015 to QR0.19 in 3Q2015. (QSE, QNBFS Research)
 S&P reaffirms QGTS senior debt rating at ‘AA-’ – Credit rating
agency Standard & Poor’s (S&P) has reaffirmed Qatar Gas
Transport Company’s (QGTS) senior debt credit rating at ‘AA-’
with a stable outlook. (QSE)
 QIBK forms strategic tie-up with QBC, launches $750mn Sukuk –
Qatar Islamic Bank (QIBK) has formed a strategic alliance with
Qatar Building Company (QBC) as part of its fleet and heavy
equipment financing package, launched earlier in 2015. Under the
terms of the agreement, customers interested in purchasing or
leasing vehicles or heavy equipment through QBC, a trusted dealer
of brands such as Hyundai – Heavy Industries, will be given
priority access to QIBK’s finance offerings. This agreement will
further extend QIBK’s efforts to assist small to medium enterprises
to obtain timely and efficient financing in a convenient manner
supporting businesses in the transport, construction,
manufacturing or service industries to grow. This partnership
underscores QIBK’s commitment toward supporting the country’s
economy, enhancing the role of the private sector in order to
achieve suitable economic diversification as part of Qatar National
Vision 2030. Meanwhile, Qatar Islamic Bank (QIBK) has launched a
$750mn five-year Sukuk issue at the tight end of its previous
guidance. The final pricing for the deal was at 135 basis points
(bps) over midswaps. The guidance was narrowed several times
from the initial price guidance in the area of 145 bps over the same
benchmark. Order books exceeded $1.75bn for the Sukuk being
arranged by Barwa Bank, Citi, HSBC, Noor Bank, QInvest and
Standard Chartered as joint lead managers. The Sukuk issue will
be under Qatar Islamic's existing $1.5bn Trust Certificate Issuance
Program. (QSE, Reuters)
 K&L Gates advises UDCD on QR738mn financing deal – K&L Gates
LLP has advised United Development Company (UDCD) on a
QR738mn financing from QNB Group (QNBK) and The Commercial
Bank (CBQK). The funds raised from the financing will be used for
Medina Centrale, a unique blend of residential, shopping and
leisure developments dubbed the "Town Center" of The Pearl-
Qatar. (GulfBase.com)
 PM sees 10% growth in Qatar non-oil sector – HE the Prime
Minister and Interior Minister, Sheikh Abdullah bin Nasser bin
Khalifa al-Thani said Qatar’s non-hydrocarbon sector will grow by
10% in 2016, surpassing figures predicted for the country’s oil &
gas industry next year. Speaking at the opening function of the
15th World Export Development Forum, he stressed that the
government had prioritized the development of the country’s
small and medium-sized enterprises (SMEs) to boost Qatar’s
economy. Sheikh Abdullah stressed that non-petroleum exports
had reached more than QR2bn in 2014, “and doubled five times”

6. Page 6 of 9
through expansion and reached markets outside GCC countries,
including Chile, the US and Australia. Meanwhile, HE the Minister
of Economy and Commerce, Sheikh Ahmed bin Jassim bin
Mohamed al-Thani forecasted that the volume of non-oil exports
would reach QR3bn in 2016. The minister said that 97% of Qatari
businesses belonged to the SME sector, adding that the
government had implemented comprehensive programs to
support these companies. (Gulf-Times.com)
International
 Demand for rental apartments boosts US housing starts – US
housing starts rose solidly in September 2015 on soaring demand
for rental apartments, a sign that the housing market continues to
steadily improve even as economic growth has slowed. The
Commerce Department said groundbreaking increased 6.5% to a
seasonally adjusted annual pace of 1.21mn units. It was the sixth
straight month that starts were above 1mn units, pointing to a
sustainable housing recovery. Although building permits fell 5.0%
to a 1.10mn-unit rate in September, a six-month low, the weakness
is likely to be temporary amid strong confidence levels among
homebuilders. Housing is one of the few bright spots in the
economy, which has been slammed by softening global demand
and a strong dollar, which have undercut exports. (Reuters)
 Solid Eurozone data tempers prospects of ECB easing – Solid
Eurozone data published on Tuesday tempered down prospects of
the European Central Bank (ECB) delivering additional stimulus
before year-end. ECB data showed Eurozone banks had loosened
their lending standards more than expected over the last few
months despite the recent global market volatility. That lessened
the need for the ECB to ramp up its €1tn asset purchase program.
Additionally, the current account data from the Eurozone showed
brisk portfolio inflows, a factor that has propped up the common
currency in recent months. While the ECB may not ease in October,
the markets remain guarded over the possibility of the central
bank hinting of more stimulus steps later in 2015. (Reuters)
 Japan export growth slowed in September – Japan’s exports grew at
the slowest pace in more than a year in September 2015, with a
drop in shipments to Asia all but overwhelming gains in sales to
Europe and the US. The finance ministry reported that value of
Japanese shipments rose just 0.6% YoY in September, marking the
third straight month of waning growth. The weakness in exports in
September was also apparent when measure by the volume of
shipments, recording a 3.9% YoY decline. Exports to China, India,
Indonesia, Thailand and Malaysia all fell as the slowdown in
China’s economy sapped demand across Asia. Exports to China
dropped 3.5% while exports to the US rose more than 10% in
September, with strength in sales of cars and pharmaceuticals.
Shipments to Europe advanced 5.1%. On the other hand, the value
of imports sank more than 11%, underscoring a lack of demand in
Japan’s domestic economy as well as falling oil prices. The trade
deficit for September was ¥114.5bn, as compared to expectations
for a surplus of ¥87bn. (Bloomberg)
 SARB Governor: South African economy faces challenging future –
South African Reserve Bank (SARB) Governor, Lesetja Kganyago
said the South African economy faces a challenging future and is
constrained by a lack of certainty about electricity supply. He said
investment plans could be shelved or delayed because of lack of
guarantee of electricity supply. Africa’s second-largest economy
contracted in 2Q2015 for the first time in more than a year as
power shortages, low global demand and falling commodity prices
weighed on output. The SARB is facing a dilemma, with inflation
forecasted to exceed its 3-6% target range while it lowered its
economic growth forecast for 2015 to 1.5%, unchanged from last
year’s rate. (Bloomberg)
Regional
 QNBK: GCC economies expected to grow 3.3% in 2015 – According
to QNB Group (QNBK), strong macroeconomic fundamentals, zero
tax regime, attractive valuation and massive future projects make
the Gulf Cooperation Council (GCC) an attractive investment
destination for world economies. QNBK CEO Ali Ahmed al-Kuwari
said the Gulf region has a strong footing with the regional
economies expected to grow 3.3% in 2015 but only to marginally
slow down to 2.8% in 2016. He added moreover, Saudi Arabia and
Kuwait are expected to be upgraded by global index compiler MSCI
into ‘emerging’ market, which can also positively influence the GCC
bourses, whose combined market capitalization is nearing $1tn.
(Gulf-Times.com)
 KJO appoints new Chairman – Al Khafji Joint Operations (KJO),
equally owned by Saudi Arabia and Kuwait, has appointed
Homoud Al-Otaibi as its Chairman. Mr. Homoud has replaced
Abdullah al-Helal. The chairmanship alternates between Saudi
Arabia and Kuwait every three years. The Khafji offshore oilfield
has been shut since October 2014 for environmental reasons. Prior
to the closure, the Khafji field produced around 280,000 barrels
per day (bpd) to 300,000 bpd. The two countries also share the
Wafra oilfield, which has been shut since May 2015 due to
operating difficulties. (Reuters)
 S&P: Islamic finance growth to slow due to oil fall, reforms – Credit
rating agency Standard & Poor’s (S&P) has said that the $2tn
Islamic finance industry’s growth is set to slow down in 2016.
Islamic Finance (S&P) Global Head Mohamed Damak said the
industry faces challenges due to decline in oil prices, changes in
the global regulatory framework for banks & insurance companies,
and its own fragmented nature. Damak said the Islamic finance
sector is expected to be worth $3tn sometime in the next decade.
According to S&P, the governments in core markets see in Islamic
finance a tool to maintain their investment spending, somewhat
countering the negative impact of oil prices on their budgets.
(GulfBase.com)
 Moody’s: Tax reforms a sustainable option to bolster falling GCC
revenues – According to Moody’s, the decline in oil prices since
mid-2014 has hurt economic growth and weakened fiscal and
current account balances in the six GCC countries, while fiscal
reforms including taxation and subsidy reforms can bolster
revenues. Moody’s expect oil prices to stay at a low level for a long
time to come. It projects a slow rebound in oil prices, with Brent
crude averaging $55 per barrel in 2015, $57 per barrel in 2016
and increasing gradually in 2017 to $65 per barrel. Aggregate
nominal hydrocarbon GDP for GCC member states dropped 11%
between 2012 and 2014. The aggregated fiscal surplus declined to
4%, from around 14% of regional GDP, while the combined
current account surplus slipped to 14% of GDP from almost 25%.
Moody’s said tax reforms would boost revenues to offset falling
income from exports and from taxes on oil & gas activity.
(GulfBase.com)
 Credit Agricole: Saudi Arabia, UAE economic activity remains stable
– Crédit Agricole Private Banking, in its research report ‘Macro
Comment – Mena Update’, has revealed that Saudi Arabia and the
UAE continue to witness stable economic activity despite
challenging macro environment. Crédit Agricole Chief Economist
D. Paul Wetterwald said despite the prevailing pessimism due to
continued low oil prices and the regional geopolitical situation, the
economic engines of leading GCC countries like the UAE and Saudi
Arabia continue to move ahead. Oil price-related negativity has not
resulted in weaker economic activity in the UAE or Saudi Arabia,
as reflected in the September 2015 purchasing managers indices
(PMIs). In Saudi Arabia, the non-oil private sector PMI had stood at
56.5 in September, which was markedly lower than the August
figure of 58.7. However, 3Q2015 average was almost the same as
2Q2015 average. In the UAE, the non-oil private sector PMI had

7. Page 7 of 9
not declined significantly with the September mark set at 56
versus 57.1 in August. Despite slowdown in the growth rate, Saudi
output expanded, along with new orders (including foreign ones),
while in the UAE output and new orders improved, but export
orders declined slightly. (GulfBase.com)
 Al Borg plans 49% stake sale – According to sources, Saudi Arabia’s
Al Borg Medical Laboratories is working with Ernst & Young over
the possible sale of a 49% stake in the firm. Reportedly,
shareholders are looking to fetch 12 to 15 times earnings before
taxes, which could value the company at up to SR1.5bn. The
company’s forecasted earnings before interest, taxes, depreciation
and amortization for 2015 are around SR100mn. Al Borg is the
largest chain of private laboratories in the Middle East & North
Africa (MENA) region. (Reuters)
 Saudi mulls imposing land fee of up to SR100 per sqm – Saudi
Arabian Housing Minister Majed Al-Hogail has said that the cabinet
has submitted a proposal to the Shura Council to impose a fee of
no more than SR100 per square meter on undeveloped lands. He
said the fees would encourage landowners to develop their land
and to provide lands of different and appropriate sizes for
different segments of society. (GulfBase.com)
 MoWE awards SR4bn contract to SEC – The Ministry of Water &
Electricity (MoWE) has awarded SR4bn contract to Saudi
Electricity Company (SEC). Under the terms of the contract, SEC
will deliver electrical services for 29 housing projects being
implemented by the Ministry of Housing. SEC will deliver
electricity for three years to the housing projects, which have a
cost of SR14bn. The financial impact of the contract will begin to
be felt in 4Q2015. (GulfBase.com)
 Mobily obtains ISO certificate for information security services –
Etihad Etisalat Company (Mobily) has won the ISO/IEC
27001:2013 Certificate accredited by the International
Organization for Standardization. The certificate was awarded for
being distinguished in information security management and for
applying the highest international standards in this area.
(GulfBase.com)
 Al Hammadi discloses use of IPO proceeds – Al Hammadi Company
for Development & Investment has said that gross proceeds from
its IPO, which happened in June 2014, amounted to SR630mn and
net SR605.3mn, after deducting IPO expenses of SR24.7mn. The
company said total proceeds used for the period ended September
30, 2015 are SR450.3mn, out of which SR158.3mn was used for
early settlement of a loan related to the Al Hammadi Hospital
Nuzha branch (including SR55.5mn as mentioned in the
prospectus). The Al Hammadi Hospital Nuzha branch percentage
has been 74% completed as of September 30, 2015 as compared to
45% stated in the prospectus. (Tadawul)
 ANB Insurance gets SAMA temporary approval for insurance
products – MetLife AIG ANB Cooperative Insurance Company (ANB
Insurance) has obtained the Saudi Arabian Monetary Agency’s
(SAMA) temporary approval to use its insurance products for six
months starting from October 8, 2015. The products include
‘marine cargo specific insurance’, ‘electronic equipment insurance’
and ‘machinery breakdown + loss of profit’. (Tadawul)
 SPC starts trial operation at Butanol plant – Sahara Petrochemicals
Company (SPC) has announced that the Butanol plant started its
trial start-up operation on October 20, 2015. The trial operation is
subjected to the performance test of the plant and efficiency of
production in accordance to the technology licenser and EPC
contracts, which is expected to last from three to six months to
monitor and confirm the ability of the plant for commercial
production expected to begin in 1H2016. The company said it is
difficult now to measure the financial impact due to changes in
energy prices. The plant is equally owned by Saudi Acrylic Acid
Company (SAAC), Sadara Chemicals Company and Saudi Kayan
Petrochemicals Company. SPC owns 43.16% of SAAC. (Tadawul)
 Credit Suisse: Millionaires in UAE may go up by 62% – According to
Credit Suisse, the UAE is expected to witness an increase in the
number of dollar millionaires by 62% in the next five years. The
UAE, which currently has 59,000 dollar millionaires, will witness
the population of the rich surging to 96,000 by 2020. The Saudi
Arabian millionaire population is projected to jump at the highest
pace of 72% to 86,000 in 2020 from 50,000 in 2015. Overall,
Middle East & North Africa (MENA) countries have an estimated
330,000 millionaires (as of 2015), up by over 240% since 2000.
The number of millionaires is projected to rise by another 52% to
500,000 by 2020. (GulfBase.com)
 UAE CB-RBI sign MoU on supervisory cooperation – The Central
Bank of the UAE (UAE CB) and the Reserve Bank of India (RBI)
have signed an MoU on supervisory cooperation and exchange of
information. The MoU puts in place a mechanism for cooperation
in supervision of banks and other financial institutions operating
in both jurisdictions and exchange of supervisory information, in
line with the local laws of each jurisdiction and in accordance with
the principles of Basel Committee on Banking Supervision on
Home-Host country’s supervisory authorities information sharing.
(GulfBase.com)
 NBS: UAE inflation eases to 4.3% YOY in Sept – According to the
National Bureau of Statistics (NBS), the UAE’s inflation had eased
to 4.3% YoY in September 2015 from 4.9% YoY in August 2015.
Housing & utility costs, which account for over 39% of consumer
expenses, had risen 8.3% YoY in September 2015. Food & soft
drink prices, which account for around 14% of the basket, had
climbed 2% from a year ago. Transportation price inflation had
eased to an annual 5.9% in September from 10.7% in August after
the UAE had lowered gasoline and diesel prices in September. In
August, gasoline prices jumped when the UAE reformed its
domestic fuel pricing system, linking prices to global levels.
(Reuters)
 VPS Healthcare shows interest in Al Noor – VPS Healthcare has
expressed interest in acquiring Al Noor Hospitals. The group last
week agreed to be bought by South Africa's Mediclinic, while Abu
Dhabi-based, London-listed NMC Health is considering a rival
offer. (Reuters)
 MD El Chaar: Damac remains on target to achieve 2015 goals –
Damac Properties MD Ziad El Chaar has accused some of the real
estate sector’s biggest brokerages of ‘professional malpractice’ by
publishing Dubai market reports forecasting excess supply. He
slammed data put out by property brokers as inaccurate and
damaging to market sentiment. Mr. Ziad criticized reports at the
start of 2015 predicting that as many as 25,000 homes would be
handed over in Dubai in 2015. He said Damac remained on target
and would achieve the figure of handing over between 2,000-2,500
units over the course of 2015. Of that number, around 1,500 would
be in Dubai. (GulfBase.com)
 TAQA completes Ghana power plant expansion – Abu Dhabi
National Energy Company (TAQA) and Ghana’s Volta River
Authority (VRA) have successfully started commercial operations
at the expanded T2 power plant in Ghana. The 330-MW T2 power
plant located in Takoradi is now feeding electricity to the national
grid, accounting for around 15% of the country’s total capacity.
TAQA owns a 90% interest in the Takoradi T2 plant. All power
produced from T2 is sold under a 25-year power purchase
agreement with the VRA, which owns the remaining 10%. (ADX)
 NCSI: Oman GDP declined 14.2% in 1H2015 – According to latest
data released by the National Centre for Statistics and Information
(NCSI), Oman’s GDP or the overall economic activity in 1H2015
had fallen by 14.2% to OMR13.552bn from OMR15.791bn in

8. Page 8 of 9
1H2014, mainly hit by a plunge in oil prices in the international
market. The major fall was witnessed in the energy sector, which
had dipped by 38.2% to OMR4.65bn from OMR7.51bn in 1H2014.
However, the overall non-oil activities had moved up by 3.7% to
OMR8.949bn from OMR8.627bn. The Sultanate’s non-oil exports
had stood at OMR1.664bn in 1H2015, showing a fall of 9.8% from
OMR1.845bn posted for the same period last year. (GulfBase.com)
 Gulf Investment Services transfers unclaimed dividend –
Gulf Investment Services Holding Company has deposited
unclaimed dividend amounts for 2014 with the Investors Trust
Fund. The shareholders, who have not collected dividends to date,
can contact Muscat Clearing & Depository Company. (MSM)
 Sohar Power seeks shareholders’ nod on 7.1% interim dividend –
Sohar Power will hold an ordinary general meeting (OGM) on
November 11, 2015 to get shareholders’ approval to distribute
7.1% interim cash dividends based on the audited financial
statements for the period ended September 30, 2015.
Shareholders registered with the Muscat Clearance & Depository
Company on the date of the OGM will be eligible for dividends.
(MSM)
 Bahrain to award $400m floating gas terminal contract in Nov 2015
– Bahraini Minister of Energy Dr. Abdulhussain Mirza has said that
a contract to set up a multi-million dollar floating gas terminal off
the coast of Bahrain will be awarded in November 2015. He said
the $400mn liquefied natural gas (LNG) terminal will be
constructed near the Khalifa Bin Salman Port, on Bahrain’s
northeast shore. It would be operational by early 2018 and would
receive deliveries of LNG by ships. (GulfBase.com)
 BBK reports 7.5% YOY increase in 3Q2015 net profit – BBK
reported a net profit of BHD10.9mn in 3Q2015 as compared to
BHD10.2mn in 3Q2014, representing an increase of 7.5% YoY. Net
interest income amounted to BHD17.7mn (3Q2014: BHD17.8mn),
while other income, including fees and commission, FX and
investment income has recorded a positive growth of 13.2% as
compared to the same period of 2014 to reach BHD11.9mn. The
bank’s total assets had stood at BHD3.7bn as of September 30,
2015 as compared to BHD3.5bn at the end of December 31, 2014.
Loans & advances to customers had amounted to BHD1.8bn, while
customer deposits reached BHD2.6bn as of 3Q2015. BBK’s capital
adequacy ratio had remained at comfortable levels, well above the
regulatory minimum of 12.5%. The EPS amounted to BHD0.01 in
3Q2015 vs. BHD0.009 in 3Q2015. (Bahrain Bourse)
 Investcorp form strategic relationship with Nut Tree Capital –
Bahrain’s Investcorp has announced a strategic relationship
through its seeding platform with Nut Tree Capital Management.
Under this agreement, Investcorp will provide seed capital to Nut
Tree Capital and, in turn, help its investors gain access to a
distressed, stressed and high yield value credit strategy with some
exposure to value and event-driven equity. Nut Tree is a US-based
alternative credit investment manager. (Bloomberg)

9. 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
Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or
recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any direct or indirect
losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment advice. We therefore
strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS
believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and
completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or
contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the
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included in this report. This report may not be reproduced in whole or in part without permission from QNBFS
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Page 9 of 9
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (#Market closed on October 20, 2015) 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 In dex S&P Pan Arab S&P GCC
(1.0%)
(0.3%)
0.4%
0.1%
(0.1%)
0.2%
(0.6%)
(1.6%)
(0.8%)
0.0%
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 1,176.04 0.5 (0.1) (0.7) MSCI World Index 1,677.52 (0.1) (0.4) (1.9)
Silver/Ounce 15.91 0.4 (0.9) 1.3 DJ Industrial 17,217.11 (0.1) 0.0 (3.4)
Crude Oil (Brent)/Barrel (FM Future) 48.71 0.2 (3.5) (15.0) S&P 500 2,030.77 (0.1) (0.1) (1.4)
Crude Oil (WTI)/Barrel (FM Future) 45.55 (0.7) (3.6) (14.5) NASDAQ 100 4,880.97 (0.5) (0.1) 3.1
Natural Gas (Henry Hub)/MMBtu 2.45 1.0 2.9 (18.3) STOXX 600 362.67 (0.2) (0.4) (0.7)
LPG Propane (Arab Gulf)/Ton 42.13 (0.3) (4.8) (14.0) DAX 10,147.68 0.1 0.2 (3.4)
LPG Butane (Arab Gulf)/Ton 57.50 (1.7) (5.0) (8.4) FTSE 100 6,345.13 (0.2) (0.4) (4.1)
Euro 1.13 0.2 (0.0) (6.2) CAC 40 4,673.81 (0.4) (0.9) 2.6
Yen 119.84 0.3 0.3 0.1 Nikkei 18,207.15 0.1 (0.8) 4.0
GBP 1.54 (0.1) 0.0 (0.9) MSCI EM 864.47 (0.3) (0.1) (9.6)
CHF# 1.05 0.0 (0.3) 4.0 SHANGHAI SE Composite 3,425.33 1.3 1.1 3.5
AUD 0.73 0.2 (0.1) (11.2) HANG SENG 22,989.22 (0.4) (0.3) (2.6)
USD Index 94.91 (0.0) 0.4 5.1 BSE SENSEX 27,306.83 (0.3) 0.0 (3.4)
RUB 62.12 (0.3) 1.4 2.3 Bovespa 47,076.55 (0.8) (1.7) (36.0)
BRL 0.26 (0.5) 0.4 (32.2) RTS 875.55 0.8 (0.6) 10.7
140.8
118.1
113.9