Qatar stock exchange

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 0.5% to close at 11,644.1. Gains were led by the Transportation
and Real Estate indices, rising 1.4% and 0.8%, respectively. Top gainers were Qatar
Navigation and Qatar Electricity & Water Co., rising 2.8% and 2.3%, respectively. Among
the top losers, Medicare Group fell 1.8%, while National Leasing was down 1.7%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.4% to close at 7,276.3. Losses were led by the Hotel
& Tourism and Agriculture & Food Industries indices, falling 2.8% and 2.6%,
respectively. Savola Group fell 5.0%, while Altayyar Travel Group was down 4.9%.
Dubai: The DFM Index gained 0.3% to close at 3,598.8. The Insurance index rose 2.0%,
while the Transportation index gained 1.7%. Takaful Al-Emarat Insurance surged
13.5%, while Gulf Navigation was up 12.7%.
Abu Dhabi: The ADX benchmark index fell 0.3% to close at 4,472.5. The Energy index
declined 1.9%, while the Investment & Financial Services index fell 1.3%. National Bank
of Fujairah declined 10.0%, while Abu Dhabi National Takaful Co. was down 9.9%.
Kuwait: The KSE Index gained 0.5% to close at 5,808.0. The Financial Services index
rose 1.1%, while the Real Estate index gained 0.7%. Real Estate Trade Centers Co. rose
8.9%, while Hits Telecom Holding Co. was up 8.6%.
Oman: The MSM Index rose 0.3% to close at 5,922.2. Gains were led by the Financial
and Services indices, rising 0.4% and 0.1%, respectively. Bank Sohar rose 2.9%, while
National Aluminium Products was up 2.8%.
Bahrain: The market was closed on October 25, 2015.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Navigation 99.90 2.8 190.2 0.4
Qatar Electricity & Water Co. 215.90 2.3 1.4 15.1
QNB Group 185.00 1.6 21.1 (13.1)
Doha Bank 50.00 1.0 48.1 (12.3)
Ezdan Holding Group 19.00 1.0 109.3 27.3
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Co. 24.82 0.6 1,373.4 7.4
Vodafone Qatar 14.94 (0.1) 907.8 (9.2)
Mazaya Qatar Real Estate Dev. 16.29 0.2 667.5 (10.7)
Masraf Al Rayan 43.50 0.2 415.6 (1.6)
Gulf International Services 66.70 (1.6) 218.7 (31.3)
Market Indicators 25 Oct 15 22 Oct 15 %Chg.
Value Traded (QR mn) 167.2 301.2 (44.5)
Exch. Market Cap. (QR mn) 610,782.0 608,024.4 0.5
Volume (mn) 4.9 7.6 (35.8)
Number of Transactions 2,275 3,753 (39.4)
Companies Traded 41 38 7.9
Market Breadth 21:19 9:23 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,099.07 0.5 0.5 (1.2) 11.9
All Share Index 3,094.85 0.4 0.4 (1.8) 12.1
Banks 3,116.77 0.5 0.5 (2.7) 12.6
Industrials 3,494.39 (0.0) (0.0) (13.5) 12.7
Transportation 2,576.01 1.4 1.4 11.1 12.3
Real Estate 2,740.50 0.8 0.8 22.1 8.7
Insurance 4,548.59 (0.1) (0.1) 14.9 12.4
Telecoms 1,051.62 (0.3) (0.3) (29.2) 29.6
Consumer 6,757.96 (0.1) (0.1) (2.2) 15.0
Al Rayan Islamic Index 4,413.67 0.0 0.0 7.6 12.7
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Res. & Marketing Saudi Arabia 15.75 9.8 910.0 (5.2)
Bank of Sharjah Abu Dhabi 1.67 4.4 2,088.8 (10.3)
Nat. Investments Co. Kuwait 0.11 3.7 446.0 (26.3)
Saudi Printing & Pack Saudi Arabia 14.82 3.5 971.0 (20.7)
Bank Sohar Oman 0.17 2.9 229.2 (14.6)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Bank of Fujairah Abu Dhabi 3.87 (10.0) 13.5 (14.2)
Sharjah Islamic Bank Abu Dhabi 1.56 (5.5) 66.7 (11.4)
Savola Group Saudi Arabia 53.15 (5.0) 351.2 (32.5)
Al Tayyar Travel Saudi Arabia 63.17 (4.9) 2,135.3 (29.2)
Union National Bank Abu Dhabi 5.78 (3.8) 1,334.9 (0.3)
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 164.00 (1.8) 25.0 40.2
National Leasing 17.68 (1.7) 99.7 (11.6)
Gulf International Services 66.70 (1.6) 218.7 (31.3)
Al Khalij Commercial Bank 21.16 (1.6) 1.0 (4.0)
Qatar National Cement Co. 106.40 (1.6) 23.0 (11.3)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Gas Transport Co. 24.82 0.6 34,214.1 7.4
Qatar Navigation 99.90 2.8 18,956.6 0.4
Masraf Al Rayan 43.50 0.2 18,096.9 (1.6)
Gulf International Services 66.70 (1.6) 14,723.9 (31.3)
Vodafone Qatar 14.94 (0.1) 13,650.5 (9.2)
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 11,644.09 0.5 0.5 1.6 (5.2) 45.94 167,781.8 11.9 1.4 4.4
Dubai 3,598.78 0.3 0.3 0.2 (4.6) 58.57 94,048.5 12.5 1.2 6.9
Abu Dhabi 4,472.50 (0.3) (0.3) (0.7) (1.2) 81.73 122,453.1 12.2 1.4 5.1
Saudi Arabia 7,276.26 (1.4) (1.4) (1.7) (12.7) 1,088.79 443,165.7 16.4 1.7 3.5
Kuwait 5,807.95 0.5 0.5 1.4 (11.1) 40.27 89,692.7 14.5 1.0 4.4
Oman 5,922.18 0.3 0.3 2.3 (6.6) 3.09 23,914.4 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, MSM, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any #Values as of October 22, 2015)
11,580
11,600
11,620
11,640
11,660
11,680
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index gained 0.5% to close at 11,644.1. The Transportation and
Real Estate indices led the gains. The index rose on the back of buying
support from GCC shareholders despite selling pressure from Qatari and
non-Qatari shareholders.
 Qatar Navigation and Qatar Electricity & Water Co. were the top gainers,
rising 2.8% and 2.3%, respectively. Among the top losers, Medicare Group
fell 1.8%, while National Leasing was down 1.7%.
 Volume of shares traded on Sunday fell by 35.8% to 4.9mn from 7.6mn on
Thursday. Further, as compared to the 30-day moving average of 8.0mn,
volume for the day was 38.5% lower. Qatar Gas Transport Co. and Vodafone
Qatar were the most active stocks, contributing 28.0% and 18.5% to the
total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
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 - Reported
MARK Masraf Al Rayan 25-Oct-15 - Reported
DHBK Doha Bank 25-Oct-15 - Reported
QISI Qatar Islamic Insurance 25-Oct-15 - Reported
QGRI Qatar General Insurance & Reinsurance 25-Oct-15 - Reported
QOIS Qatar & Oman Investment 25-Oct-15 - Reported
MCGS Medicare Group 25-Oct-15 - Reported
GISS Gulf International Services 25-Oct-15 - Reported
QGMD Qatar German Company for Medical Devices 25-Oct-15 - Reported
UDCD United Development Company 26-Oct-15 0 Due
QFLS Qatar Fuel Company 26-Oct-15 0 Due
ERES Ezdan Real Estate Company 26-Oct-15 0 Due
MERS Al Meera Consumer Goods Company 27-Oct-15 1 Due
MPHC Mesaieed Petrochemical Holding Company 27-Oct-15 1 Due
BRES Barwa Real Estate Company 27-Oct-15 1 Due
ORDS Ooredoo 28-Oct-15 2 Due
IQCD Industries Qatar 28-Oct-15 2 Due
AHCS Aamal Company 29-Oct-15 3 Due
NLCS National Leasing (Alijarah) 29-Oct-15 3 Due
ZHCD Zad Holding Company 29-Oct-15 3 Due
VFQS Vodafone Qatar 12-Nov-15 17 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari 69.00% 72.56% (5,959,342.96)
GCC 9.26% 5.15% 6,873,547.63
Non-Qatari 21.75% 22.30% (914,204.67)

3. Page 3 of 6
News
Qatar
 DHBK net profit slides 10.6% QoQ in 3Q2015, in-line with QNBFS
estimate – Doha Bank’s (DHBK) net profit slid 10.6% on a QoQ
basis (-2.1% YoY) to QR340.8mn in 3Q2015, in-line with our
estimate of QR354.4mn. The QoQ drop in profitability was due to a
growth in provisions for credit losses and investment impairment
provisions. DHBK posted net interest income of QR518.0mn (in-
line with our estimate of QR496.2mn; +4.4% variation), growing
by 3.5% QoQ (+6.0% YoY). Moreover, NIMs remained under
pressure, dropping to 2.76% vs. 2.81% in 2Q2015 (3.0% in
3Q2015). Net loans grew by 2.6% QoQ (+12.1% YTD) to
QR54.4bn, while customer deposits inched up by 0.6% QoQ
(+13.3% YTD) QR52.0bn. Hence, the LDR moved up to 105% vs.
103% in 2q2015 (106% at the end of 2014). (QNBFS Research,
Company financials)
 MARK records sequential improvement in 3Q2015 profitability,
matches our estimate – Masraf Al Rayan recorded a 5.7% QoQ
increase (-1.3% YoY) in 3Q2015 net profit to QR515.6mn. The
bottom-line was in-line with our estimate of QR505.4mn (+2.0%
diversion). The sequential growth was solely due to positive
minority interest. Net interest and investment income dropped by
18.4% QoQ (down 17.6% YoY) to QR445.9mn. On the other hand,
fees and F/X income gained by 5.8% QoQ (+16.7% YoY) and
23.7% QoQ (+1.3% YoY), respectively. Provisions for loans losses
was negligible, which is usually the case. OPEX dropped by 9.6%
QoQ (down 15.7%) to QR102.5mn. Thus MARK’s cost-to-income
improved to 19.2% vs. 26.2% in 2Q2015. Net loans inched up by
0.8% QoQ (+3.6% YTD) to QR59.98bn while customer deposits
contracted by 9.6% QoQ (down 15.7% YTD) to QR52.76bn. Thus
MARK’s LDR jumped to 114% vs. 102% in 2Q2015 (93% at the
end of 2014). Capital adequacy ratio under Basel-III standards
reached 17.91% in September 2015 versus 17.79% in September
2014. The bank’s NPL ratio stood at 0.08%. (QNBFS Research,
Company financials)
 GISS posts in-line results in 3Q2015 – Gulf International Services
(GISS) registered QR216.9mn net profit in 3Q2015, in-line with
our estimate of QR208.7mn (positive 3.9% variation). The net
profit, down 13.1% on a sequential basis (-30.4% YoY), was
majorly impacted by a 10.2% QoQ drop in 3Q2015 revenue to
QR973.9mn. Further, other income (including finance income, net
gains/ (loss) on financial assets at fair value through profit or loss
and other income) dropped 85.6% QoQ to QR4.0mn. EPS fell to
QR1.16 in 3Q2015 vs. QR1.35 in 2Q2015. (QNBFS Research, QSE)
 QATI bottom-line more than halves QoQ in 3Q2015 – Qatar
Insurance Company’s (QATI) bottom-line declined 58.8%
sequentially (-19.8% YoY) in 3Q2015 to QR115.7mn as compared
to QR280.9mn in 3Q2014. Total other income (including
investment income, advisory fee income, rental income & other
income) played spoilsport as it dropped by 68.2% QoQ to
QR87.6mn in 3Q2015. As a result, total income also fell 33.6% QoQ
to QR300.2mn although net underwriting results jumped 20.1%
from 2Q2015 to QR212.6mn in 3Q2015. Group President and CEO,
Khalifa al-Subaey said the group’s financial results reflect
increasingly competitive global (re)insurance market conditions,
compounded by increased financial market volatility and the
impact of falling oil prices on the Middle Eastern economies. He
said that the outlook for both medical and life insurance business
seems to be positive and is an area for further focused growth. He
further added that on the back of new product launches that are
underway and renewed focus on growth markets, QATI is
confident that the book of business will continue to expand.
(QNBFS Research, QSE, Gulf-Times.com)
 QISI earnings climb 24.3% QoQ in 3Q2015 – Qatar Islamic
Insurance Company’s (QISI) net profit climbed 24.3% in 3Q2015
from the previous quarter (up 15.1% YoY) to QR21.0mn. Total
income increased by 14.7% sequentially to QR28.9mn. EPS totaled
QR1.40 in 3Q2015 as compared to QR1.13 in 2Q2015. (QSE,
QNBFS Research)
 QOIS earnings drop sequentially in 3Q2015 – Qatar Oman
Investment Company (QOIS) recorded a net profit of QR0.03mn in
3Q2015 as compared to QR2.65mn in 2Q2015, reflecting a decline
of 99.0% QoQ (down 99.1% YoY). The extensive dip in the
company’s bottom-line was led by a 70.1% QoQ slide in the net
investment & interest income to QR1.1mn in 3Q2015 versus
QR3.6mn in 2Q2015. EPS contracted to QR0.001 in 3Q2015 from
QR0.084 in 2Q2015. (QSE, QNBFS Research)
 QGMD continues net loss reduction in 3Q2015 – Qatari German
Company for Medical Devices (QGMD) managed to further lower
its net loss in 3Q2015. The company reported a net loss of
QR2.6mn in 3Q2015 versus a net loss of QR3.0mn in 2Q2015 and
QR3.8mn in 1Q2015. Top-line grew by 10.1% QoQ (-10.5% YoY) to
QR3.6mn, which aided QGMD in reducing the net loss. Loss per
share in 3Q2015 amounted to QR0.23 as compared to QR0.26 loss
per share in 2Q2015. (QSE, QNBFS Research)
 MCGS earnings drop in 3Q2015 – Medicare Group’s (MCGS)
earnings declined to QR32.8mn in 3Q2015 from QR46.6mn in
2Q2015, reflecting a drop of 29.7% QoQ (-2.1% YoY). EPS
amounted to QR1.17 in 3Q2015 as compared to QR1.66 in 2Q2015.
(QSE, QNBFS Research)
 PM opens first Gulf Economic Forum – Under the patronage of Emir
HH Sheikh Tamim bin Hamad Al Thani, Prime Minister and
Interior Minister HE Sheikh Abdullah bin Nasser bin Khalifa Al
Thani opened the first Gulf Economic Forum at Doha Sheraton
Hotel. The forum is being organized by Federation of GCC
Chambers in cooperation with Qatar Chamber. Speaking on the
occasion, the Premier said Qatar hosted the forum out of its belief
in the unity of Arab Gulf states and the unity of aspirations & goals
of their people. He said Qatar has translated this belief into
different fields of GCC joint action as it is considered a gateway for
joint Gulf investments & projects and a gateway to GCC
businessmen looking for Qatari partners to forge partnerships.
The Premier said Qatar believes that a strong and balanced
economy is based on a real partnership between the public and
private sectors, especially as Qatar seeks to build a diversified
economy built on diversification of sources of national income and
not relying on energy as a key driver of the economy. In order to
achieve this, Qatar has taken measures to facilitate business to
ensure efficient performance and fair competition based on
transparency. (Peninsula Qatar)
 Qatar has competitive edge in global gas market – With a lowest
production cost and a most effective logistic network, Qatar enjoys
a competitive edge in the increasingly competitive global gas
market. Qatar’s natural gas and LNG can be produced at about $2
per million British thermal units (BTU) as opposed to the $8-$12
prices in the US, Australia and East Africa. Qatar also has the
advantage of an effective logistic network in the global gas market.
The country commands a huge fleet of LNG carriers run by Royal
Dutch Shell. The extent of the fleet effectively raises a barrier to
entry to new suppliers. Natural gas, when chilled to minus 260
degrees, turns into a liquid that takes up only a fraction of its
former volume. The process allows huge quantities of fuel to be
pumped on to ships and dispatched around the world. (Peninsula
Qatar)
 Beema reports rise in profit in 3Q2015 – Damaan Islamic Insurance
Company (Beema) Chairman, Sheikh Jassim bin Hamad bin Jassim

4. Page 4 of 6
bin Jabor Al Thani said that Beema has achieved total profit, for
both shareholder and policy holders, of QR66mn in 3Q2015. Gross
contribution in 3Q2015 increased 23% YoY to QR249mn, and
surplus from insurance operations amounted QR25mn. The
company reported an 11% YoY increase in shareholder profit
amounting in QR41mn, thanks to the outstanding performance
and the diversity of products & quick access to the company’s
customers. (Peninsula Qatar)
 ORDS to deploy Cisco Mobility IQ solutions – Ooredoo (ORDS) will
be deploying Cisco Mobility IQ to create new services and value as
well as superior user experiences for its customers. First unveiled
at Mobile World Congress 2015, Cisco’s Mobility IQ enables
operators to simplify how data gathering, analytics and
intelligence work. Utilizing Cisco Mobility IQ, ORDS will be aware
of what is happening on its network and business premises at all
times. With these insights, ORDS will be able to optimize network
performance as well as use real-time insights from user activity to
provide an “excellent, consistent service”. (Gulf-Times.com)
 Lusail showcases sustainable projects at Expo Milano – Lusail Real
Estate Development Company (LREDC) has showcased its latest
environment-friendly and sustainable architectural designs to
hundreds of visitors, who toured the Qatar pavilion at the Expo
Milano 2015. (Gulf-Times.com)
International
 Bank of Italy: Eurozone inflation could stay low for months – Bank
of Italy, Deputy Head Fabio Panetta said Europe's economy needs
more monetary stimulus to prop up the rate of inflation, which
could stay low for some time. Panetta's comments came after
European Central Bank (ECB) Chief Mario Draghi said that the ECB
was studying new stimulus measures in a bid to spur economic
growth and shore up inflation. Panetta also said the Italian
economy seemed to be growing at the same rate as 1H2015, when
it emerged from a three-year recession to post 1Q2015 and
2Q2015 growth of 0.4% and 0.3% respectively. (Reuters)
 IEA: Oil investments set to decline further in 2016 – International
Energy Agency (IEA) Executive Director Fatih Birol said oil
investments in 2016 are likely to decline further after sliding in
2015 by more than a fifth. Mr Birol said there has already been a
more than 20% decline in oil investments in 2015 and the bulk of
decline in oil investments came from North America and Brazil.
(Reuters)
 BoJ faces key test to rosy forecast, leaning toward standing pat –
Bank of Japan (BoJ) policy makers will meet for a crucial rate
review on October 30, 2015 as growing signs of recession and
slumping oil prices challenge their scenario that the world's third-
largest economy is on track to hit an ambitious 2% inflation target.
While the central bank is set to cut its rosy price forecasts in a
semi-annual report due, many BoJ officials prefer to hold off on
expanding an already massive stimulus program that has had
limited success in accelerating inflation since being deployed two-
and-half years ago. They are clinging to hopes that Japan's
economy will emerge from the doldrums in 2016 as global demand
for its exports pick up and accelerate inflation toward the BoJ's
target. BoJ Governor Haruhiko Kuroda has signaled that no
immediate easing was forthcoming as a tightening labor market is
seen pushing up wages and boosting consumption. Meanwhile,
Uzbekistan President Islam Karimov said Japan and Uzbekistan
signed deals worth more than $8.5bn including investment to
explore new hydrocarbon reserves in the central Asian nation.
Japan will finance around $5bn of those deals, which also cover
communications and transport projects. (Reuters)
 PBoC: Liberalizing rates key element of financial reforms – The
People’s Bank of China (PBoC) said liberalizing China's interest
rates is a key element of financial reforms, cutting borrowing costs
and lowering the amount of cash banks must keep as reserves do
not equate to quantitative easing. The central bank cut interest
rates for the sixth time in less than a year, and again lowered the
reserve requirement ratio (RRR) for banks in a bid to jumpstart
growth in China's stuttering economy. PBoC said lowering interest
rates and cutting RRR are "normal monetary policy" practice. The
PBoC cut the one-year benchmark bank lending rate by 25 basis
points to 4.35%, while the one-year benchmark deposit rate was
lowered by 25 basis points to 1.50%. The RRR was cut by 50 basis
points for all banks, taking the ratio to 17.5% for the biggest
lenders. The bank also said it was freeing the interest rate market
by scrapping a ceiling on deposit rates. Meanwhile, the China's
banking regulator said commercial banks are issuing expensive
preference shares as well as convertible and perpetual bonds to
shore up their capital bases, even after 2014's bumper issuance
when lenders raced to meet new regulatory requirements.
However, with bad loans up 30% in 1H2015, doubts are growing
about the ability of some banks to withstand the economic
slowdown. Meanwhile, Chinese Premier Li Keqiang said the
country has never said the economy must grow at 7% in 2015.
(Reuters)
Regional
 SPC discloses use of rights issue proceeds – Sahara Petrochemical
Company (SPC) has announced the proceeds from the rights issue
happened in December 2011. SPC said that the subscription
proceeds amounted to SR1.46bn, of which SR1.02bn were already
used as of 3Q2015. The remaining balance of the subscription
proceeds is SR443.48mn. No proceeds were used in any other
aspect other than mentioned in the prospectus. (Tadawul)
 Flynas in talks to purchase four new aircraft – Saudi Arabian Flynas
is in talks with plane manufacturers Airbus and Boeing as it seeks
to purchase four new aircraft over the next four years. Flynas CEO
Paul Byrne said the airline currently has around 26 aircraft in its
fleet with an average age of eight-and-a-half years. He said the fleet
would grow by one aircraft per year for the foreseeable future and
the airline may switch from Airbus to an all-Boeing fleet. (Reuters)
 $1tn projects to drive Saudi construction boom – According to a
report, the construction sector in Saudi Arabia will continue its
growth for the next few years in light of the value of current and
planned projects for transport, infrastructure, utilities, education,
and healthcare collectively worth over $1tn. (GulfBase.com)
 APC announces mechanical completion of its joint venture PDH
Plant – Advanced Petrochemical Company (APC) has announced
that the mechanical completion of PDH Plant of SK Advanced
Company has been achieved on October 23, 2015, one month
ahead of schedule. Accordingly, the trial production of the PDH
Plant is expected to start in the beginning of 1Q2016, with a
nameplate capacity of 600,000 metric tons per annum. Advanced
Global Investment Company (which is 95% owned by APC) owns
35% shares in the SK Advanced, while the remaining 65% shares
are owned by SK Gas Company Limited. The financial impact of
above investment is expected after the commencement of
commercial operation of the PDH Plant in 2016. (Tadawul)
 Marka expands fashion portfolio with Carven – Marka has signed an
exclusive franchise partnership with Carven, and is planning to
open seven stores in the GCC by 2018. The agreement gives Marka
operating rights for the UAE, Saudi Arabia, Oman, Qatar and
Bahrain. Marka will open the first Carven mono-brand store in
Dubai at contemporary fashion shopping destination City Walk
phase II. Carven is a Paris-based fashion brand, popular for its
striking women and men’s Ready-to-Wear collections. (DFM)
 Ajman Bank 3Q2015 net profit surges 58.9% YoY – Ajman Bank
reported a net profit of AED32.6mn in 3Q2015 as compared to
AED20.5mn in 3Q2014, representing a 58.9% YoY increase. Net

5. Page 5 of 6
operating income stood at AED96.5mn in 3Q2015 as compared to
AED93.2mn in 3Q2014. The bank’s total assets amounted to
AED13.4bn as of September 30, 2015 as compared to AED11.2bn
on December 31, 2014. Net Islamic financing & investing assets
reached AED11.0bn, while customers’ deposits stood at AED9.4bn.
EPS amounted to AED0.03 in 3Q2015 versus AED0.02 in 3Q2014.
(DFM)
 UAE, UK aim to double trade to AED140.6bn by 2020 – The UAE and
Britain have set a new target for bilateral trade that would more
than double its current value to AED140.6bn by 2020. UAE
Economy Minister Sultan Al Mansouri said the trading relationship
has a key part to play in the UAE’s drive to innovate and diversify
its activities as the Arab world’s biggest economy after Saudi
Arabia. Oil & gas still account for 30% of the UAE’s economy but it
had already fallen from 90% in 1971 with a projected reduction to
20% within 20 years. (GulfBase.com)
 Deloitte & Touche: UAE design business to be worth $36bn in four
years – According to a year-long review of the UAE design sector
commissioned by Dubai Design & Fashion Council (DDFC)
Chairwoman Amina Al Rustamani, the design business will be
worth around $36bn within the next four years. The outlook study,
undertaken by the global accounting and consulting firm Deloitte
& Touche, had showed the value of design in the UAE – in
communications, fashion, architecture and media – stood at
$27.6bn in 2014, ahead of Saudi Arabia at $21.9bn and Qatar at
$11.9bn. The biggest elements of the industry in the UAE are
fashion, with 74% of the total, followed by architecture and
furniture design. High growth rates are forecasted for design in the
UAE, as well as Saudi, Qatar and Egypt over the next four years.
(GulfBase.com)
 Manazel appoints CFO – Manazel Real Estate has appointed Balaji
Prasad as its Chief Financial Officer (CFO). Mr. Balaji has almost 20
years of financial management experience and has held senior
executive positions across a variety of industries, including real
estate, construction, oil & gas, manufacturing as well as trading
across the GCC. (ADX)
 Sharjah Islamic Bank reports AED93.8mn net profit in 3Q2015 –
Sharjah Islamic Bank posted a net profit of AED93.8mn in 3Q2015,
up 1.1% as compared to AED92.9mn in 3Q2014. Net operating
income reached AED141.8mn in 3Q2015 as compared to
AED154.6mn in 3Q2014. The bank’s total assets stood at
AED28.2bn as of September 30, 2015 as compared to AED26.0bn
at the end of December 31, 2014. Financing and Ijarah receivables
reached AED5.9bn and AED10.2bn, respectively, while customers’
deposits stood at AED15.9bn. EPS amounted to AED0.04 in
3Q2015, same as in 3Q2014. (ADX)
 Musanada: Abu Dhabi-Dubai highway project on track – The Abu
Dhabi General Services (Musanada) has said that 60% of
construction work on the AED2.1bn Abu Dhabi-Dubai highway is
over. The 62-kilometers road is likely to be ready by 2015-end.
(GulfBase.com)
 Etisalat Group completes sale of 85% stake in Zantel – Emirates
Telecommunications Group Company (Etisalat Group) has
completed the sale of its 85% shareholding in Zanzibar Telecom
Limited (Zantel) to Millicom after securing all regulatory approval
from the Tanzanian Communication Regulatory Authority and the
Fair Competition Commission. (ADX)
 UNB net profit dips 12.4% YoY in 3Q2015 – Union National Bank
(UNB) reported a net profit of AED480.6mn in 3Q2015 as
compared to AED548.7mn in 3Q2014, representing a 12.4% YoY
decrease. The bank’s operating profit edged up 1.2% YoY to
AED696.4mn in 3Q2015 as compared to AED688.0mn in 3Q2014.
UNB’s total assets stood at AED101.8bn as of September 30, 2015
as compared to AED88.6bn at the end of September 30, 2014.
Loans & advances reached AED68.6bn, while customers’ deposits
stood at AED73.2bn. The capital adequacy position for the bank
remained strong with overall Basel II capital adequacy ratio of
18.9% and Tier I capital adequacy ratio of 17.7%. EPS amounted to
AED0.16 in 3Q2015 versus AED0.19 in 3Q2014. (ADX)
 Majan College BoD recommends 30% cash dividend – Majan
College’s board of directors (BoD) has recommend the distribution
of 30% cash dividend from the paid-in capital i.e. 30 baizas per
share. The board has also approved the college financials and
corporate governance report for the year ended August 31, 2015.
(MSM)
 Oman’s first sovereign Sukuk issue attracts strong orders – Oman’s
first issue of sovereign Islamic bonds has received strong orders
ahead of its final pricing on October 27, 2015. Mohammed Hussain
Jawad, the advisor at the Ministry of Finance and Head of the
committee handling the issue, said OMR200mn five-year Sukuk
issue with an Ijara format drew 22 orders totaling OMR336mn
during the subscription period, which ran from October 8 to 22. He
said the ministry had also planned a second Sukuk issue in 2016.
The sovereign Sukuk, which will be listed on the Muscat Securities
Market, may provide a benchmark which encourages private
Omani companies to issue Islamic bonds. The issue was a step
toward developing Oman’s Islamic finance industry and gives the
government a fresh channel to raise money. Bank Muscat, its
Islamic window Meethaq and Standard Chartered are lead-
managing the Sukuk sale. (Reuters)
 NCSI: Real estate activity in Oman rises to OMR3.22bn – According
to the National Centre for Statistics and Information (NCSI), total
value of real estate activity in Oman surged by 42% to touch
OMR3.22bn during 9M2015 as compared to 9M2014. Fees
collected from all the legal transactions reached OMR37.6mn with
an 18.6% increase, while the traded value of selling contracts also
increased by 1.3% to record OMR949.3mn. The number of selling
contracts fell by 4.5% to record 60,490 contracts in 9M2015 as
compared to 63,317 contracts during 9M2014. The statistics
showed that 181,607 title deeds were issued by September 2015-
end with a 6.4% increase as compared to the figures recorded
during the same period of 2014, which reached 170,688 title
deeds. (GulfBase.com)

6. 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 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (#Value as of October 22, 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 In dex S&P Pan Arab S&P GCC
(1.4%)
0.5% 0.5% 0.4% 0.3%
(0.3%)
0.3%
(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
139.4
114.0
110.2