The QSE Index in Qatar declined 0.7% on lower real estate and insurance stocks. In the GCC, Saudi Arabia fell the most while Bahrain gained. Top losers were Al Khaleej Takaful and Gulf Warehousing in Qatar, and Etihad Etisalat and National Bank of Fujairah in other GCC markets. US jobless claims were lower than expected and eurozone manufacturing PMIs were mixed.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.7% to close at 11,584.8. Losses were led by the Real Estate and
Insurance indices, falling 1.3% and 1.2%, respectively. Top losers were Al Khaleej Takaful
Group and Gulf Warehousing Co., falling 2.9% and 2.7%, respectively. Among the top
gainers, Qatar Gas Transport Co. gained 1.5%, while Islamic Holding Group was up 0.7%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.3% to close at 7,382.6. Losses were led by the Hotel
& Tourism and Telecommunication & IT indices, falling 4.6% and 2.6%, respectively.
WAFA Insurance fell 9.9%, while Etihad Etisalat Co. was down 9.7%.
Dubai: The DFM Index declined 1.0% to close at 3,588.5. The Financial & Investment
Services fell 2.8%, while the Real Estate & Const. index declined 1.4%. Dubai National
Ins. & Reinsurance fell 8.4%, while Emaar Malls was down 3.2%.
Abu Dhabi: The ADX benchmark index fell 1.0% to close at 4,485.4. The Real Estate
index declined 3.0%, while the Consumer index fell 2.3%. National Bank of Fujairah
declined 9.9%, while Al Khazna Insurance Co. was down 8.8%.
Kuwait: The KSE Index declined 0.2% to close at 5,780.8. The Technology index fell
2.3%, while the Basic Material index declined 1.4%. Hilal Cement Co. fell 6.9%, while
United Foodstuff Industries Group Co. was down 6.7%.
Oman: The MSM Index fell 0.2% to close at 5,905.7. Losses were led by the Financial
and Industrial indices, falling 0.4% and 0.2%, respectively. Bank Sohar fell 2.9%, while
Port Services Corporation was down 2.4%.
Bahrain: The BHB Index gained 0.4% to close at 1,254.1. The Investment index rose
1.4%, while the Industrial index gained 0.4%. United Gulf Bank rose 9.3%, while Seef
Properties was up 1.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Co. 24.66 1.5 3,206.0 6.8
Islamic Holding Group 99.50 0.7 13.2 (20.1)
Qatar Islamic Bank 118.60 0.6 155.1 16.0
Mazaya Qatar Real Estate Dev. 16.25 0.4 599.6 (10.9)
Qatar Oman Investment Co. 14.29 0.3 8.0 (7.2)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Co. 24.66 1.5 3,206.0 6.8
Masraf Al Rayan 43.40 (0.7) 711.7 (1.8)
Barwa Real Estate Co. 44.75 (1.6) 669.7 6.8
Mazaya Qatar Real Estate Dev. 16.25 0.4 599.6 (10.9)
Vodafone Qatar 14.95 (0.3) 533.5 (9.1)
Market Indicators 22 Oct 15 21 Oct 15 %Chg.
Value Traded (QR mn) 301.2 246.4 22.2
Exch. Market Cap. (QR mn) 608,024.4 612,820.4 (0.8)
Volume (mn) 7.6 7.2 5.6
Number of Transactions 3,753 3,795 (1.1)
Companies Traded 38 41 (7.3)
Market Breadth 9:23 9:27 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,006.95 (0.7) (1.6) (1.7) 11.9
All Share Index 3,082.61 (0.8) (1.5) (2.2) 12.0
Banks 3,100.46 (0.8) (1.9) (3.2) 12.6
Industrials 3,494.79 (0.4) (1.4) (13.5) 12.7
Transportation 2,541.58 0.4 3.4 9.6 12.1
Real Estate 2,719.20 (1.3) (3.2) 21.2 8.7
Insurance 4,553.76 (1.2) (0.1) 15.0 12.1
Telecoms 1,054.72 (0.6) (1.1) (29.0) 29.7
Consumer 6,765.87 (1.2) (0.4) (2.0) 15.0
Al Rayan Islamic Index 4,412.99 (0.7) (1.2) 7.6 12.7
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Res. & Marketing Saudi Arabia 14.35 10.0 352.4 (13.7)
Sharjah Islamic Bank Abu Dhabi 1.65 5.8 286.3 (6.3)
Bank of Sharjah Abu Dhabi 1.60 5.3 260.0 (14.1)
Kuwait Cement Co. Kuwait 0.38 2.7 2.4 (5.0)
Saudi Telecom Co. Saudi Arabia 65.20 2.7 922.0 (0.8)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Bank of Fujairah Abu Dhabi 4.30 (9.9) 3.5 (4.7)
Etihad Etisalat Co. Saudi Arabia 27.65 (9.7) 14,586.5 (37.0)
Al Tayyar Travel Saudi Arabia 66.41 (6.4) 2,756.6 (25.6)
Com. Bank of Kuwait Kuwait 0.50 (5.7) 20.2 (20.6)
Knowledge Eco. City Saudi Arabia 15.88 (4.6) 2,208.1 (6.2)
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%
Al Khaleej Takaful Group 33.00 (2.9) 12.8 (25.3)
Gulf Warehousing Co. 61.30 (2.7) 3.0 19.1
Qatar Fuel 157.60 (2.1) 21.1 (22.9)
Barwa Real Estate Co. 44.75 (1.6) 669.7 6.8
QNB Group 182.00 (1.6) 192.9 (14.5)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Gas Transport Co. 24.66 1.5 78,956.6 6.8
QNB Group 182.00 (1.6) 35,204.8 (14.5)
Masraf Al Rayan 43.40 (0.7) 30,818.0 (1.8)
Barwa Real Estate Co. 44.75 (1.6) 30,062.8 6.8
Industries Qatar 122.90 (0.6) 23,429.6 (26.8)
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 11,584.83 (0.7) (1.6) 1.0 (5.7) 88.29 167,024.3 11.9 1.4 4.4
Dubai 3,588.49 (1.0) (3.0) (0.1) (4.9) 80.12 93,895.3 12.4 1.2 6.9
Abu Dhabi 4,485.40 (1.0) (1.2) (0.4) (1.0) 44.61 122,827.1 12.2 1.4 5.0
Saudi Arabia 7,382.59 (1.3) (4.1) (0.3) (11.4) 1,556.20 448,681.5 16.7 1.8 3.5
Kuwait 5,780.76 (0.2) 0.9 1.0 (11.6) 35.16 89,494.3 14.5 1.0 4.4
Oman 5,905.74 (0.2) (0.1) 2.0 (6.9) 7.34 23,870.2 11.0 1.3 4.4
Bahrain 1,254.13 0.4 (0.3) (1.7) (12.1) 0.65 19,661.3 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)
11,550
11,600
11,650
11,700
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 11,584.8. The Real Estate and
Insurance indices led the losses. The index fell on the back of selling
pressure from GCC shareholders despite buying support from Qatari and
non-Qatari shareholders.
 Al Khaleej Takaful Group and Gulf Warehousing Co. were the top losers,
falling 2.9% and 2.7%, respectively. Among the top gainers, Qatar Gas
Transport Co. gained 1.5%, while Islamic Holding Group was up 0.7%.
 Volume of shares traded on Thursday rose by 5.6% to 7.6mn from 7.2mn on
Wednesday. However, as compared to the 30-day moving average of 8.0mn,
volume for the day was 4.2% lower. Qatar Gas Transport Co. and Masraf Al
Rayan were the most active stocks, contributing 42.0% and 9.3% 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
Shell Oman Marketing Co.
(SOMC)*
Oman OMR 252.8 -7.9% – – 10.8 19.7%
Source: Company data, DFM, ADX, MSM (*9M2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
10/22 US Department of Labor Initial Jobless Claims 17-October 259k 265k 256k
10/22 US Department of Labor Continuing Claims 10-October 2,170k 2,186k 2,164k
10/22 US
Federal Housing Finance
Agency
FHFA House Price Index MoM August 0.30% 0.50% 0.50%
10/22 US Bloomberg Bloomberg Consumer Comfort 18-October 43.5 -- 45.2
10/22 US Bloomberg Bloomberg Economic Expectations October 42.0 -- 44.5
10/23 US Markit Markit US Manufacturing PMI October 54.0 52.7 53.1
10/22 EU European Central Bank ECB Main Refinancing Rate 22-October 0.05% 0.05% 0.05%
10/22 EU European Central Bank ECB Deposit Facility Rate 22-October -0.20% -0.20% -0.20%
10/22 EU European Central Bank ECB Marginal Lending Facility 22-October 0.30% 0.30% 0.30%
10/23 EU Markit Markit Eurozone Manufacturing PMI October 52.0 51.7 52.0
10/23 EU Markit Markit Eurozone Services PMI October 54.2 53.5 53.7
10/23 EU Markit Markit Eurozone Composite PMI October 54.0 53.4 53.6
10/22 France INSEE Business Confidence October 101.0 100.0 100.0
10/22 France INSEE Manufacturing Confidence October 103.0 103.0 104.0
10/23 France Markit Markit France Manufacturing PMI October 50.7 50.2 50.6
10/23 France Markit Markit France Services PMI October 52.3 51.7 51.9
10/23 France Markit Markit France Composite PMI October 52.3 51.6 51.9
10/23 Germany Markit Markit/BME Germany Manufacturing PMI October 51.6 51.7 52.3
10/23 Germany Markit Markit Germany Services PMI October 55.2 53.9 54.1
10/23 Germany Markit Markit/BME Germany Composite PMI October 54.5 53.7 54.1
10/22 UK ONS Retail Sales Ex Auto Fuel YoY September 5.90% 4.70% 3.20%
10/22 UK ONS Retail Sales Inc Auto Fuel YoY September 6.50% 4.80% 3.50%
10/22 Spain INE Unemployment Rate 3Q2015 21.18% 21.89% 22.37%
10/22 Spain Ministerio de Ind., Energ Trade Balance August -3,194.6m – -1,396.1m
10/23 Italy ISTAT Industrial Orders MoM August -5.50% – 0.40%
10/23 Italy ISTAT Industrial Orders NSA YoY August 2.10% – 10.40%
10/23 Italy ISTAT Industrial Sales MoM August -1.60% – -1.10%
10/23 Italy ISTAT Industrial Sales WDA YoY August -2.40% – 2.30%
10/23 Italy ISTAT Retail Sales MoM August 0.30% – 0.30%
10/23 Italy ISTAT Retail Sales YoY August 1.30% – 1.60%
10/23 China The People's Bank of China 1-Year Lending Rate 23-October 4.35% – 4.60%
10/23 China The People's Bank of China Reserve Requirement (Major Ban 23-October 17.50% – 18.00%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 59.84% 51.17% 26,116,517.53
GCC 5.83% 16.48% (32,081,143.56)
Non-Qatari 34.32% 32.35% 5,964,626.03

3. Page 3 of 8
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 - Reported
QGTS Qatar Gas Transport Company (Nakilat) 21-Oct-15 - Reported
QNCD Qatar National Cement Company 21-Oct-15 - Reported
QCFS Qatar Cinema & Film Distribution Company 21-Oct-15 - Reported
QIMD Qatar Industrial Manufacturing Company 22-Oct-15 - Reported
WDAM Widam Food Company 22-Oct-15 - Reported
QNNS Qatar Navigation (Milaha) 24-Oct-15 - Reported
QATI Qatar Insurance Company 25-Oct-15 0 Due
MARK Masraf Al Rayan 25-Oct-15 0 Due
DHBK Doha Bank 25-Oct-15 0 Due
QISI Qatar Islamic Insurance 25-Oct-15 0 Due
QGRI Qatar General Insurance & Reinsurance 25-Oct-15 0 Due
QOIS Qatar & Oman Investment 25-Oct-15 0 Due
MCGS Medicare Group 25-Oct-15 0 Due
GISS Gulf International Services 25-Oct-15 0 Due
QGMD Qatar German Company for Medical Devices 25-Oct-15 0 Due
UDCD United Development Company 26-Oct-15 1 Due
QFLS Qatar Fuel Company 26-Oct-15 1 Due
ERES Ezdan Real Estate Company 26-Oct-15 1 Due
MERS Al Meera Consumer Goods Company 27-Oct-15 2 Due
MPHC Mesaieed Petrochemical Holding Company 27-Oct-15 2 Due
BRES Barwa Real Estate Company 27-Oct-15 2 Due
ORDS Ooredoo 28-Oct-15 3 Due
IQCD Industries Qatar 28-Oct-15 3 Due
AHCS Aamal Company 29-Oct-15 4 Due
NLCS National Leasing (Alijarah) 29-Oct-15 4 Due
ZHCD Zad Holding Company 29-Oct-15 4 Due
VFQS Vodafone Qatar 12-Nov-15 18 Due
Source: QSE

4. Page 4 of 8
News
Qatar
 Milaha bottom-line rises 7.6% QoQ in 3Q2015; in-line with our
estimates – Qatar Navigation’s (Milaha) net profit rose 7.5% QoQ
and 1.7% YoY in 3Q2015 to QR307.72mn, bang in-line with our
estimates of QR307.58mn. Milaha Maritime & Logistics revenue
grew by 35.8% YoY to QR255.67mn on the back of an increase in
project and infrastructure activity in Qatar (container shipping
and port volumes increased). Milaha Offshore reported revenue of
QR198.36mn, growing by 12.4% YoY, mainly attributed to its
diving services segment. Milaha Gas & Petrochem (MG&P)
reported revenue of QR138.63mn. Revenue was driven by strong
charter rates from its fully owned and operated product tankers
and gas carriers. Moreover, MG&P bottom-line was aided by
investments in associates. Milaha Capital’s performance was
lackluster with revenue dropping by 54.8% YoY to QR87.49mn.
The weak results were due subdued performance from the unit’s
investment portfolio. Milaha Trading posted revenue of
QR117.34mn, jumping by 19.8% YoY. The growth was driven by a
pick-up in equipment sales. (QNBFS Research, QSE)
 WDAM net profit falls 15% QoQ in 3Q2015 – Widam Food
Company’s (WDAM) net profit declined 15% QoQ to QR18.48mn
in 3Q2015 as compared to QR21.72mn in 2Q2015. However, it
surged 54.7% on YoY basis. The QoQ decline in net profit was due
to a steep increase in general and administrative expenses (up
96% QoQ). In addition, revenue fell marginally on a QoQ basis to
QR120.93mn (up 7.5% YoY). EPS fell to QR1.03 in 3Q2015 from
QR1.21 in 2Q2015. (QSE, QNBFS Research)
 QGRI bottom-line plunges 59.4% QoQ in 3Q2015 – Qatar General
Insurance & Reinsurance Company (QGRI) reported a 59.4% QoQ
(76.1% YoY) drop in its 3Q2015 net profit to QR18.18mn. The net
profit was primarily impacted by net claim rising 24.5% QoQ to
QR35.96mn along with other expenses, which jumped 33.4% QoQ
to QR64.76mn in 3Q2015. The net earned premiums declined only
marginally by 0.7% QoQ (-4.9% YoY) and stood at QR47.86mn in
3Q2015. EPS declined to QR0.23 in 3Q2015 as compared to
QR0.56 in 2Q2015. (QSE, QNBFS Research)
 QR1.29bn spend on medical bills under Seha scheme – Qatari
Minister of Public Health, HE Abdullah Bin Khalid Al Qahtani has
revealed that the medical bills of Qatari citizens within the Social
Medical Insurance scheme (Seha) amounted to QR1.285bn since
the beginning of the insurance system in July 2013 till October 21,
2015. He said the value of medical bills for citizens in the private
health sector received by the National Health Insurance Company
and audited in the first fiscal year (July 2013 to March 2014) and
second fiscal year (April 2014 to March 2015) amounted to
QR894mn, in addition to QR391mn in the period (April 1 to
October 21, 2015). Mr. Abdullah refuted recent news that the total
of the invoices received by the company from the private sector
amounted to QR10bn. The Minister announced that the
implementation of the third and the last phase of the insurance
system will start in 2016 to include all residents in the state,
including employees, workers, domestic helpers and visitors,
noting that adding workers in the third phase will coincide with
the opening of new hospitals next year for single workers.
(Peninsula Qatar)
 Q-Post plans big push in online shopping – Qatar Postal Services
Company (Q-Post) is planning to expand its presence in Europe,
the US and Asia. The new service of Q-post, named Ship 2-Q, is
expected to start early in 2016. Under the new service, Q-Post will
provide a local address to its customers in America, Europe and
Asia. The retailer will deliver packages to local addresses given by
buyers in Qatar. Once the package is delivered to a local address,
Q-Post will collect the package and ship it to the buyer’s local
address in Qatar. This move will allow Qatari customers to buy
goods even from those online retailers that do not offer shipping
services to Qatar. (Peninsula Qatar)
 HMC to develop pharmacy residence program – Hamad Medical
Corporation’s (HMC) Corporate Pharmacy Department has started
a collaborative partnership with the American Society of Health
System Pharmacists (ASHP) to develop an internationally
accredited pharmacy residency program. The partnership is a key
part of the Corporate Pharmacy Strategy 2015-2018 and supports
HMC’s progression as an Academic Health System (AHS).
(Peninsula Qatar)
 Moody’s: Qatar insurance market fastest growing in Gulf –
According to Moody’s, Qatar has become the fastest growing
insurance market in the Gulf Cooperation Council (GCC),
registering a CAGR of 20.7% over 2006-2014; even as it presents
scope for further growth. Qatar is also the third largest insurance
market in the GCC, with total premiums of $2.2bn, about 10% of
the regional premiums written. As per the report, the growth has
accelerated recently with the 2013 reported premiums
representing over 48% YoY growth and 2014 premiums
representing a further growth of over 9%, driven by the
implementation of large infrastructure projects to cater to the
2022 FIFA World Cup. Moody’s expect the high competition in
Qatar insurance market to somewhat ease in the future mainly due
to growing infrastructure projects and other growth drivers.
(Gulftimes.com)
 ORDS gets IFC loan for network expansion in Myanmar – Ooredoo’s
(ORDS) Myanmar operations has secured $150mn loan from the
International Finance Corporation (IFC), which the company will
use to co-finance its ambitious development of mobile phone
infrastructure in the country. By 2015-end, Ooredoo’s network in
Myanmar is expected to cover over 85% of the population. To date,
Ooredoo has set up around 2,800 mobile phone towers across the
country and targets to operate 3,000 towers by year-end. Ooredoo
Myanmar CEO, Rene Meza said the loan will contribute to
financing the rollout of the company’s national 3G mobile network
in Myanmar, as well as the license payment and operating
expenses. He said the operator will also increase its fiber cable
capacity from presently 5,000 kilometers (km) to over 12,000km,
as well as double its points of sales from around 90,000 until 2016.
(Gulftimes.com)
 QDB: Qatar SMEs sign deals worth QR150mn at World Export
Forum – Qatar Development Bank (QDB) CEO, Abdulaziz bin
Nasser al-Khalifa has said that small and medium-sized
enterprises (SMEs) have signed deals worth QR300mn, nearly half
of the amount coming from Qatari companies, during the 2015
World Export Development Forum held recently in Doha. (Gulf-
Times.com)
 Key US-Qatar economic and investment meet tomorrow – The US
Department of State will hold the inaugural US-Qatar Economic
and Investment Dialogue tomorrow, in Washington DC. The State
Department said Secretary of State John Kerry and Secretary of
Treasury Jacob J Lew will launch the event with their Qatari
counterparts, Minister of Foreign Affairs HE Dr. Khalid bin
Mohamed Al Attiyah and Minister of Finance HE. Ali Sherif Al
Emadi. Qatar is a strategic partner of the US, and the two countries
work closely across a range of issues. The Economic and
Investment Dialogue represents a milestone that will strengthen
the bilateral relationship that already includes record levels of
trade and investment. (Peninsula Qatar)
 QATI expands in UAE, offers products online – Qatar Insurance
Company (QATI) has expanded its presence in the UAE by making
its personal insurance products available online to individual

5. Page 5 of 8
customers under the theme ‘Global Insurance - Local Assurance’.
Senior Deputy Group President & CEO, Ali Al Fadala said the
expansion into the direct personal insurance business in the UAE
is part of company’s global strategy. (Peninsula Qatar)
 Al Rayan Bank’s real estate financing to UK-based GCC customers up
131% – Al Rayan Bank PLC (UK based subsidiary of MARK) has
recorded a significant growth in the volume of property
transactions it has financed in the UK in 2015, particularly from
individuals from the Gulf Cooperation Council (GCC) region. The
financing to the GCC investors had increased by 131% YoY in
September 2015. The bank’s announcement comes just four
months after it opened its exclusive private banking branch in
Knightsbridge, to serve its premier and private banking clients
from the GCC. (Peninsula Qatar)
 KPMG: Construction sector maturity improved – KPMG Director
and Head of Infrastructure Advisory in Qatar, Mihir Shah has said
that overall maturity of the construction sector in Qatar has
improved over time due to large capital spend, improving
technology and exposure to international best practice through
tie-ups with international contractors. He believes that findings of
KPMG’s Global Construction Project Owner’s Survey have very
strong correlation with the construction industry in Qatar and the
region at large. (Peninsula Qatar)
 EIA: Qatar 2014 crude exports hit 595,000 bpd – Citing OPEC
estimates, the Qatar country report released by the US Energy
Information Administration (EIA) has noted that Qatar had
exported a total of 595,000 barrels per day (bpd) of crude oil and
522,000 bpd of refined petroleum products in 2014. Qatar sent all
of its crude oil refined product exports to Asian countries in 2014.
According to the EIA, most of Qatar’s refined products, an
estimated 60%, went to Japan. Qatar, the world’s second-largest
exporter of natural gas, exported nearly 4.3 Tcf (trillion cubic feet)
in 2014. The country was again the world’s largest LNG exporter in
2014, accounting for 32% of global natural gas exports. Most of
Qatar’s exports go to markets in Asia in the form of LNG, while the
country sends a small amount of natural gas via the Dolphin
Pipeline to the UAE and Oman. (Peninsula Qatar)
 Qatargas delivers 2,300 LNG cargoes to Japan customers – Qatar
Petroleum president & CEO, Saad Sherida al-Kaabi said that
Qatargas has successfully delivered around 2,300 LNG cargoes to
Japanese customers since 1997. He was speaking at the annual
reception hosted by Qatargas for Japanese partners, clients and
contracting companies in Japan recently. (Gulf-Times.com)
International
 US, Europe step up efforts on trade deal with new offers –
According to negotiators for the US and the European Union (EU),
the two parties have promised to cut tariffs on almost all types of
imported goods in a bid to wrap up a free trade pact by the end of
2016. Although the main benefits of the Transatlantic Trade and
Investment Partnership (TTIP) are seen in agreeing on regulation
and common standards to cut business costs, the new market
access offers mark an important step forward for the two-year-old
talks, which have been languishing. Chief EU negotiator, Ignacio
Garcia-Bercero said the new offers exchanged this week would
eliminate duties on 97% of tariff lines - a lot more than
Washington had first offered, but only a slight increase on
Brussels’ initial proposal. Although average tariffs on the nearly
$700bn a year worth of goods traded between the two blocs are
below 3%, some individual products have import taxes in the
double-digits. Negotiators declined to specify which goods were
excluded from the new offers, but EU officials have said agriculture
is one sensitive area where protections would remain. (Reuters)
 PMI: Eurozone business activity picks above expectations in
October – Eurozone business activity picked up more than
expected in October as new work for services companies flooded
in at the fastest rate since April, but there was still no sign of
inflationary pressures. Markit’s Composite Flash PMI, based on
surveys of thousands of companies and considered a good guide to
growth, came in at 54.0 in October, up from Septembers 53.6 and
above even the most optimistic Reuters forecast of 53.4. A factory
output index, which feeds into the composite PMI, dipped to 53.3
from 53.4 but manufacturers appeared to benefit from a weaker
euro, as the new export orders index rose to a four-month high of
52.6. The survey data should be welcomed by the European
Central Bank (ECB), coming more than six months after it
embarked on a trillion-euro quantitative easing program to try and
boost inflation and growth in the troubled bloc. (Reuters)
 ECB keeps rates unchanged at record low – The European Central
Bank (ECB) kept interest rates unchanged, turning the focus to
President Mario Draghi’s assessment of the economy for any clues
on whether more stimulus is in the pipeline. The 25-member
Governing Council left the main refinancing rate at a record-low of
0.05% on October 22. The deposit rate and the marginal lending
rate stayed at minus 0.2% and 0.3%, respectively. The ECB is
grappling with a complex scenario of mixed domestic economic
signals, an uncertain global outlook, and divergent opinions on
what is needed to combat feeble inflation. In the run-up to the
meeting in Malta, Draghi and most of his colleagues said it is too
early to decide whether to expand their €1.1tn bond-buying
program, leaving economists and investors guessing when, if at all,
he will commit to doing more. (Bloomberg)
 China cuts rates again as growth engine stalls – China’s central bank
cut interest rates for the sixth time in less than a year, and again
lowered the amount of cash that banks must hold as reserves in a
bid to jump start growth in its stuttering economy. The People’s
Bank of China (PBOC) said on its website that it was lowering the
one-year benchmark bank lending rate by 25 basis points (bps) to
4.35%, effective from October 24. The one-year benchmark
deposit rate was lowered by 25 bps to 1.50%. The reserve
requirement ratio (RRR) was also cut by 50 bps for all banks,
taking the ratio to 17.5% for the biggest lenders, while banks that
lend to agricultural firms and small companies received another
50-bps reduction to their RRR. China’s policy loosening came a day
after the European Central Bank said it could give a bigger policy
jolt to the economy as soon as December to fight falling prices.
(Reuters)
Regional
 Moody’s: GCC insurance market poised for further growth –
According to a report by Moody’s Investors Service, the GCC
remains the fastest growing insurance region, outpacing all other
markets with top-line growth of close to 15% in 2014. Moody’s
said the GCC insurance industry has more than tripled between
2006 and 2014, with insurance premiums increasing to $22.2bn
from $6.4bn. This represents a CAGR of 16.8% over the period,
although growth in each market varies, ranging from 20.7% CAGR
in Qatar to 6.4% CAGR in Kuwait. Saudi Arabia is the second
largest insurance market in the GCC, with total premiums of
$8.1bn in 2014. Saudi represented over 36% of the GCC premiums
written in 2014. Saudi insurers are benefiting from a strong
economic operating environment, with the sovereign rated Aa3 by
Moody’s, driven by its very high economic and fiscal strengths.
With a CAGR of 20.3% between 2006 to 2014, Saudi was the
second fastest growing insurance market in the GCC after Qatar. As
per the report, growth in the sector will be driven by, inter alia,
increased economic wealth in the region, together with increased
insurance penetration. Currently, insurance penetration within the
GCC is well below 2% of the GDP (besides the UAE and Bahrain),
as compared to 5.2% in Austria, which has similar premium size to
the GCC and much lower than that of advanced economies such as

6. Page 6 of 8
in the US (7.3%) and UK (10.6%). Moody’s expects significant
further growth driven by the region’s high economic and fiscal
strength, despite slower-than-expected oil price recovery. The
sector growth would continue to be supported by governments
making an increasing number of insurance products compulsory.
(GulfBase.com)
 ATMC discloses use of rights issue proceeds – Alinma Tokio Marine
Company (ATMC) has said that gross proceeds from its rights
issue, which had happened in August 2015, amounted to SR250mn
and net SR247.14mn, after deducting IPO expenses of SR2.86mn.
An amount of SR25mn has been added to the statutory deposit to
align it with the capital increase, while SR222.14mn has been
invested in liquidity fund for short-term. (Tadawul)
 Dallah Healthcare discloses allocation of IPO proceeds – Dallah
Healthcare Holding has said that gross proceeds from its IPO,
which had happened in November 2012, amounted to SR539.6mn
and net SR513.1mn, after deducting IPO expenses of SR26.5mn.
The company paid SR38mn for the acquisition of a pharmaceutical,
a herbal and cosmetics factory, while it paid SR35.5mn for a
subscription in Dr. Mohamed Alfaqeeh Co., targeting to set up a
hospital in east Riyadh. Dallah Healthcare paid SR133.8mn against
buying of land in west Riyadh area and SR64.6m against payments
for engineering works, consultation, land survey and excavation
digging and designs. The company said that an initial operation of
Namar Hospital is expected in 3Q2017. The hospital project was
15.8% completed at the end of September 2015. (Tadawul)
 Zain Saudi appoints Chairman – Zain Saudi has appointed Prince
Naif Bin Sultan Bin Mohammed Bin Saud Al Kabeer as its
Chairman. He will replace Farhan Bin Naif Al-Jarbaa, who
submitted his resignation on October 11, 2015. (Reuters)
 Mobily to agree new loan covenants by 2015-end – Etihad Etisalat
Company (Mobily) CEO Ahmad Farroukh has said that the
company will reach an agreement with its lenders to set new
covenants for some outstanding loans by 2015-end. Farroukh said
Ramadan and the month of holidays in August 2015 had
contributed to delays. The failure to agree on new loan covenants
led some of Mobily’s borrowings to be classified as current
liabilities. Mobily had said in March 2015 that a total of SR2.4bn of
financing facilities will be due in 2015 and SR2.1bn in 2016, with
the rest of the company’s debt spread across the period until 2024.
(Reuters)
 APICORP completes $500mn Sukuk issuance – Arab Petroleum
Investments Corporation (APICORP) has successfully placed a
$500mn, five-year Sukuk as part of its $3bn Sukuk. The total order
book for the issuance was $832mn, meaning it was roughly 1.7x
oversubscribed, with over 40 participating investors. The Sukuk
witnessed around 20% participation from Asia and Europe, with
strong interest across all asset classes. The transaction marks a
strategic step forward for APICORP in becoming a regular issuer of
Sukuk in the global markets. It positions the company’s credit
alongside its multilateral development bank peers. (Peninsula
Qatar)
 Colliers: KSA targets higher industrial sector contribution to GDP –
Colliers International, in its Jeddah Warehouse & Logistics Market
Overview, has said that the government of Saudi Arabia is
targeting a contribution of 20% of the GDP from the industrial
sector by 2020, up from 10% in 2013. Jeddah’s warehouse,
logistics and manufacturing market is set to play a key role in
meeting this objective. As per the report, approximately 45mn
square meter (sqm) of land has been allocated to Modon, a quasi-
government organization that promotes investment and job
creation in the industrial manufacturing sector through the
development of industrial cities. Of this, 25mn sqm has already
been developed in Jeddah, with the remaining 20mn sqm still in
the construction pipeline. (GulfBase.com)
 KSA mulls wide range of fiscal reforms – International Monetary
Fund (IMF) Director, Middle East & Central Asia Department,
Masood Ahmed has said that the Saudi Arabian government is
planning a wide range of possible adjustments to its spending and
revenue policies to cope with the blow to its finances due to cheap
oil prices. According to IMF estimates, Riyadh faces a record
budget deficit of well over $100bn in 2015, amounting to 21.6% of
the GDP, as low oil prices slash the revenues of the world’s largest
crude exporter. Masood said Saudi fiscal reforms could come in
four main areas. One would be adjusting costly subsidies that keep
domestic energy prices low; the second would be boosting non-oil
revenues by, for example, introducing a value-added tax. The
government could also save money by improving the efficiency of
public investment projects, and control current spending by
rationalizing the state sector wage bill. (GulfBase.com)
 Jadwa: KSA oil exports up 3% YoY during January-August 2015 –
Jadwa Investment, in its Quarterly Oil Market Update report, has
said that Saudi Arabia would not change course on its strategy of
retaining market share. The country’s exports are expected to
remain at around current levels for the remainder of 2015 and
2016. Latest available data shows that during January-August
2015, Kingdom’s exports were up 3% YoY at 7.38mn barrels per
day (bpd), below 10-year highs of 7.54mn bpd, recorded in 2012.
Both Saudi and Iraq saw the largest YoY increases in OPEC supply
in 3Q2015, pushing the organization’s output to a two-year high of
32mn bpd. As per Jadwa economists, the policy implemented by
Saudi over regaining market share seems to be paying off with
Saudi crude exports amounting to around 8.1% of the global
market since November 2014, after falling to 7.9% in 2014.
(GulfBase.com)
 IMF raises 2015 Gulf fiscal deficit forecast – The International
Monetary Fund (IMF) has warned that the regional economies
could burn through their financial buffers within five years as they
face a $700bn deficit. The fund lowered its projection for the Gulf
growth to 3.3% in 2015, down from a 3.4% projection in May
2015, as lower oil prices batter the region. The fund expects the
regional growth to slow further next year to around 2.8%. The IMF
expects the Gulf fiscal deficit to reach 13% of the GDP in 2015 as
compared to a deficit of 8% it had forecasted in May 2015.
According to the IMF projections, the UAE is expected to run a
fiscal deficit of about 5.5% of the GDP in 2015, with further deficits
in 2016 and 2017. However, the country may achieve a balance
thanks to its diversified economy. Saudi Arabia is forecasted to run
a fiscal deficit of 20% of the GDP in 2015 and may face budget
deficits over the next five years. The IMF has urged the Gulf
countries to adjust to the new oil price and implement a slew of
measures to deal with the new realities that include more entrants
to the job market. (GulfBase.com)
 Arcadis: KSA regional leader in built asset wealth in 2015 –
According to the latest Global Built Asset Wealth Index published
by Arcadis, Saudi Arabia is the region’s leader in built asset wealth.
On a regional basis, Saudi Arabia has a built asset wealth of
$3.15tn, while the UAE and Qatar rank at $1.33tn and $0.45tn,
respectively. The index, which was compiled for Arcadis by the
Center for Economics and Business Research (CEBR), calculates
the value of all the buildings and infrastructure that contribute to
economic productivity in 32 countries, which collectively make up
87% of the global GDP. Total built asset wealth globally now
stands at an estimated $218tn, which is the equivalent to $30,700
per person alive today. (GulfBase.com)
 Germany gives EA January extension for Air Berlin code-share –
Etihad Airways (EA) has won a temporary extension from the

7. Page 7 of 8
German transport ministry for code-sharing with Air Berlin that
was set to expire on October 25, 2015 amid a government dispute
over aviation rights. The German government said the two carriers
could continue their cooperation till January 15. The German
government had not granted EA and Air Berlin approval to
maintain the code-share agreement for the winter season that
begins October 25, 2015 and runs into March 2016. (Bloomberg,
WSJ)
 Du signs major deals to expand reach, services – Emirates
Integrated Telecommunications Company (Du) has signed a
number of partnerships at the Gitex Technology Week with Oman
Telecommunications Company (Omantel), Vodafone, and Drake &
Scull (DSI). Omantel partnership will enhance Du’s reach to Oman,
Vodafone agreement brings a new breed of Internet of Things
(IoT) services to the UAE, and DSI deal is based on business
communications. The partnership agreement with Omantel
provides an opportunity for Du to expand the regional reach of its
IPTV platform. As per the agreement with DSI, Du will provide its
cutting edge telecommunication services to DSI to integrate all
aspects of business telecommunication within the UAE as well as
exploring the possibility of implementing international leased line
circuits. Vodafone deal is an extension to its existing partnership
with Vodafone to provide Machine to Machine (M2M) solutions to
the UAE businesses. This new technology will allow more complex
data to be shared via IoT- allowing for more sophisticated services.
(GulfBase.com)
 Emaar to plan mall, hotel venture for Expo 2020 – According to
sources, Emaar Properties is planning to build a shopping center
and several hotels on the Dubai site that will be used to stage the
World Expo 2020. Emaar will build the properties in a joint
venture with Dubai World Trade Centre. Reportedly, the hotels,
planned for the Expo 2020 site, will be designed to cater to
business travelers. (GulfBase.com)
 MAF picks banks for a potential dollar Sukuk – According to
sources, Majid Al Futtaim (MAF) has picked banks to arrange a
potential dollar-denominated benchmark size Sukuk, and is
planning to issue it before 2015-end. MAF has picked banks
including Standard Chartered, HSBC, Dubai Islamic Bank and Abu
Dhabi Islamic Bank to arrange the Sukuk issue. The Sukuk will be
issued under its $1.5bn issuance program through its Cayman
Islands-based entity, MAF Sukuk. (GulfBase.com)
 Dubai South secures AED4.16bn credit facility at Expo Milan –
Italian export credit company, SACE, has announced an AED4.16bn
credit facility to assist the development of Dubai South. The
funding can be used for deals with Italian contractors or other
goods and service providers from Italy for the development of
Dubai South, which is the world’s first purpose-built Aerotropolis
being overseen by Dubai Aviation City Corporation (Dacc). Dubai
South is a 145 square kilometers city being built around the Al
Maktoum International Airport. (GulfBase.com)
 Abu Dhabi Media signs MoU with Etisalat – Abu Dhabi Media and
Emirates Telecommunication Corporation (Etisalat) have signed
an MoU to improve efficiency through the use of cutting-edge
platforms and technology. As part of the agreement, the two sides
will exchange knowledge, studies and institutional experiences.
The partnership will also involve improved wireless coverage and
fixed telecom services. (GulfBase.com)
 CBRE: Abu Dhabi anticipates 8,500 new housing units annually over
three years – According to a study by CBRE, Abu Dhabi is
anticipating around 8,500 new housing units per annum over the
next three years to be added to the market. However, in the last
five years, the arrival of housing units in the capital was as high as
11,000 per annum. The study said while there are clearly some
headwinds for the residential market, the low level of expected
completions over the next three years will help provide a cushion
against the ill effects of the declining commercial market and a
slowdown in some other sectors of the economy, which ultimately
influences demand for housing. Among residential property types,
smaller units such as studios and one-bedroom apartment units
remain in strong demand. (GulfBase.com)
 KFH 3Q2015 net profit surges 21.6% YoY – Kuwait Finance House
(KFH) has reported a net profit of KD43.4mn in 3Q2015 as
compared to KD35.7mn in 3Q2014, representing an increase of
21.6% YoY. The Islamic lender made a net profit of KD105.7mn in
9M2015, up 17.3% as compared to 9M2014. In September 2015,
KFH ruled out a sale or merger for its Malaysian unit. Instead, the
bank will begin restructuring the unit with immediate effect.
(Reuters)
 Equate to buy ME Global for $3.2bn – Boubyan Petrochemical
Company has said that its affiliate Equate has signed a $3.2bn deal
to buy ME Global from Dow Chemical of the US. Under the terms of
the agreement, around $200mn of the total value would go
towards paying down loans and commitments of ME Global. ME
Global is a 50-50 ethylene glycol producing joint venture between
Dow Chemical and Petrochemical Industries Company, a unit of
Kuwait Petroleum Corporation. Boubyan owns 9% stake in Equate.
(Reuters)
 Sohar Power seeks shareholders’ nod for 7.1% cash dividend –
Sohar Power Company has invited its shareholders to consider and
approve the proposal to distribute 7.1% cash dividends (7 baizas
per share) based on the audited financial statements for the period
ended 30 September 2015. Shareholders, who are registered on
the ordinary general meeting (OGM) date i.e. November 11, 2015,
will be eligible to receive the dividend. (MSM)
 OA to buy 20 ‘737 MAX’ aircraft from Boeing – Boeing Company has
said that it booked 20 firm orders for its 737 MAX single-aisle
aircraft from Oman Air (OA). The order from OA nearly doubles its
737 fleet. OA’s order includes conversions of six 737 NG planes to
737 MAX jets, for a net gain of 14 in Boeing's order book.
According to the OA website, OA currently operates 21 Boeing 737
aircraft, and has no Airbus A320s. (Reuters)
 Bahrain Bourse announces Ashoura holiday – Bahrain Bourse will
remain officially closed on October 25 and 26 on the occasion of
Ashoura for the year 1437 Hijri. The Bourse will resume business
on October 27, 2015. (Bahrain Bourse)
 Batelco says assessing options for Jordan unit – Bahrain
Telecommunications Company (Batelco) has responded to media
reports regarding its Jordan unit’s sale. The telecom operator said
it continues to assess options for Umniah Mobile Company but has
not decided any course or entered into any agreements in respect
of any option. Umniah had over 3mn customers in Jordan and a
market share of about 32% in 2014. (Bahrain Bourse)

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
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 In dex S&P Pan Arab S&P GCC
(1.3%)
(0.7%)
(0.2%)
0.4%
(0.2%)
(1.0%) (1.0%)
(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 1,164.56 (0.1) (1.1) (1.7) MSCI World Index 1,706.61 1.0 1.4 (0.2)
Silver/Ounce 15.83 (0.2) (1.5) 0.8 DJ Industrial 17,646.70 0.9 2.5 (1.0)
Crude Oil (Brent)/Barrel (FM Future) 47.99 (0.2) (4.9) (16.3) S&P 500 2,075.15 1.1 2.1 0.8
Crude Oil (WTI)/Barrel (FM Future) 44.60 (1.7) (5.6) (16.3) NASDAQ 100 5,031.86 2.3 3.0 6.2
Natural Gas (Henry Hub)/MMBtu 2.27 (3.2) (4.8) (24.4) STOXX 600 377.36 0.9 0.6 0.3
LPG Propane (Arab Gulf)/Ton 42.63 (0.3) (3.7) (13.0) DAX 10,794.54 1.8 3.4 (0.2)
LPG Butane (Arab Gulf)/Ton 59.00 (0.4) (2.3) (9.9) FTSE 100 6,444.08 0.8 0.3 (3.4)
Euro 1.10 (0.8) (2.9) (8.9) CAC 40 4,923.64 1.4 1.3 4.9
Yen 121.47 0.6 1.7 1.4 Nikkei 18,825.30 1.6 1.3 6.3
GBP 1.53 (0.5) (0.8) (1.7) MSCI EM 868.56 1.2 0.4 (9.2)
CHF 1.02 (0.6) (2.6) 1.6 SHANGHAI SE Composite 3,412.43 1.5 0.7 3.2
AUD 0.72 0.1 (0.7) (11.7) HANG SENG 23,151.94 1.3 0.4 (1.9)
USD Index 97.13 0.8 2.7 7.6 BSE SENSEX 27,470.81 0.9 0.6 (2.9)
RUB 62.37 (0.3) 1.8 2.7 Bovespa 47,596.59 (0.3) (0.8) (35.4)
BRL 0.26 0.7 1.1 (31.7) RTS 872.86 1.4 (0.9) 10.4
138.7
114.6
110.7