Qatar

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.4% to close at 11,275.1. Losses were led by the Industrials and
Banks & Financial Services indices, falling 1.5% each. Top losers were Al Khaleej Takaful
Group and Doha Insurance Co., declining 4.1% each. Among the top gainers, Gulf
Warehousing Co. gained 3.6%, while Medicare Group was up 2.1%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.4% to close at 7,337.2. Losses were led by the Hotel
& Tourism and Banks & Fin. Ser. indices, falling 3.1% and 1.8%, respectively. Saudi
Industrial Investment fell 4.3%, while Arab National Bank was down 3.6%.
Dubai: The DFM Index declined 0.8% to close at 3,554.4. The Services and Banks indices
fell 1.2%, each. Dubai Islamic Insurance & Reinsurance Co. fell 4.1%, while Damac
Properties was down 2.9%.
Abu Dhabi: The ADX benchmark index fell 0.9% to close at 4,476.0. The Energy index
declined 2.9%, while the Invest. & Financial Services index fell 2.2%. Arkan Building
Materials declined 4.5%, while Green Crescent Insurance was down 3.9%.
Kuwait: The KSE Index declined 0.2% to close at 5,751.2. The Technology index fell
1.5%, while the Insurance index declined 1.0%. Al Eid Food Co. fell 9.1%, while Kout
Food Group was down 6.9%.
Oman: The MSM Index fell 0.1% to close at 5,760.9. Losses were led by the Industrial
and Services indices, falling 0.3% and 0.2%, respectively. Al Sharqia Investment
Holding fell 2.8%, while Oman Cables Industry was down 2.6%.
Bahrain: The BHB Index declined 0.2% to close at 1,275.0. The Hotel & Tourism index
fell 2.5%, while the Industrial index declined 0.4%. Nass Corporation fell 4.0%, while
Gulf Hotel Group was down 3.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf Warehousing Co. 69.40 3.6 5.0 23.0
Medicare Group 169.00 2.1 1.1 44.4
Ahli Bank 50.00 1.0 12.0 0.7
Qatar German Co for Medical Dev. 13.25 0.7 18.2 30.5
United Development Co. 23.25 0.6 64.1 (1.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 13.37 (1.0) 802.6 (18.7)
Qatar Gas Transport Co. 22.16 (0.4) 481.0 (4.1)
Barwa Real Estate Co. 41.90 (2.4) 439.3 0.0
Ezdan Holding Group 18.44 (1.1) 402.7 23.6
Masraf Al Rayan 41.70 (1.9) 377.5 (5.7)
Market Indicators 29 Sep 15 22 Sep 15 %Chg.
Value Traded (QR mn) 224.5 289.1 (22.3)
Exch. Market Cap. (QR mn) 594,948.6 602,407.2 (1.2)
Volume (mn) 4.8 6.0 (20.1)
Number of Transactions 3,590 3,552 1.1
Companies Traded 41 39 5.1
Market Breadth 12:29 17:18 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,525.56 (1.4) (1.4) (4.4) 11.6
All Share Index 3,006.05 (1.2) (1.2) (4.6) 12.3
Banks 3,057.77 (1.5) (1.5) (4.6) 13.0
Industrials 3,373.16 (1.5) (1.5) (16.5) 11.7
Transportation 2,428.53 (0.2) (0.2) 4.7 12.4
Real Estate 2,625.22 (1.2) (1.2) 17.0 8.7
Insurance 4,512.92 (1.0) (1.0) 14.0 11.9
Telecoms 1,012.02 (0.1) (0.1) (31.9) 29.5
Consumer 6,680.88 (0.2) (0.2) (3.3) 15.6
Al Rayan Islamic Index 4,264.85 (1.0) (1.0) 4.0 12.4
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 5.29 15.0 26.5 (23.3)
Ithmaar Bank Bahrain 0.15 7.1 4,309.5 (6.2)
Sharjah Islamic Bank Abu Dhabi 1.60 6.7 200.0 (9.1)
Commercial Facilities Kuwait 0.20 5.3 337.7 (28.0)
Gulf Warehousing Co. Qatar 69.40 3.6 5.0 23.0
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Ind. Investment Saudi Arabia 17.76 (4.3) 1,962.3 (30.2)
Arab National Bank Saudi Arabia 26.72 (3.6) 203.1 (12.4)
Dana Gas Abu Dhabi 0.54 (3.6) 17,248.1 8.0
Co. for Cooperative Ins. Saudi Arabia 86.86 (3.4) 299.4 73.9
Makkah Construction Saudi Arabia 74.46 (3.4) 192.2 (5.3)
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%
Al Khaleej Takaful Group 33.55 (4.1) 0.2 (24.0)
Doha Insurance Co. 23.01 (4.1) 0.5 (20.7)
Qatar Industrial Manufact. Co. 41.20 (3.2) 1.0 (5.0)
Industries Qatar 120.50 (2.5) 190.9 (28.3)
Barwa Real Estate Co. 41.90 (2.4) 439.3 0.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 182.60 (1.3) 26,699.7 (14.2)
Industries Qatar 120.50 (2.5) 23,158.3 (28.3)
Barwa Real Estate Co. 41.90 (2.4) 18,463.3 0.0
Gulf International Services 62.60 0.2 17,944.1 (35.5)
Qatar Islamic Bank 113.10 (2.4) 17,444.9 10.7
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 11,275.12 (1.4) (1.4) (2.5) (8.2) 61.65 163,372.9 11.6 1.7 4.5
Dubai 3,554.43 (0.8) (2.2) (3.0) (5.8) 79.24 93,143.4 11.5 1.1 7.5
Abu Dhabi 4,475.98 (0.9) (0.8) (0.4) (1.2) 56.48 121,785.5 11.9 1.4 5.1
Saudi Arabia 7,337.21 (1.4) (1.4) (2.5) (12.0) 659.14 439,883.9 15.7 1.7 3.6
Kuwait 5,751.20 (0.2) (0.1) (1.2) (12.0) 48.67 89,424.8 14.5 1.0 4.5
Oman 5,760.85 (0.1) (0.1) (1.9) (9.2) 8.12 23,443.1 10.5 1.3 4.5
Bahrain 1,275.01 (0.2) (0.2) (1.9) (10.6) 4.25 19,943.4 8.1 0.8 5.4
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)
11,250
11,300
11,350
11,400
11,450
11,500
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index declined 1.4% to close at 11,275.1. The Industrials and
Banks & Financial Services indices led the losses. The index fell on the back
of selling pressure from non-Qatari and GCC shareholders despite buying
support from Qatari shareholders.
 Al Khaleej Takaful Group and Doha Insurance Co. were the top losers, falling
4.1% each. Among the top gainers, Gulf Warehousing Co. gained 3.6%, while
Medicare Group was up 2.1%.
 Volume of shares traded yesterday fell by 20.1% to 4.8mn from 6.0mn on
last week’s Tuesday. Further, as compared to the 30-day moving average of
7.8mn, volume for the day was 38.2% lower. Vodafone Qatar and Qatar Gas
Transport Co. were the most active stocks, contributing 16.6% and 10.0%
to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09/29 US S&P/Case-Shiller S&P/CS 20 City MoM SA July -0.20% 0.10% -0.19%
09/29 US S&P/Case-Shiller S&P/CS Composite-20 YoY July 4.96% 5.15% 4.90%
09/29 US S&P/Case-Shiller S&P/CaseShiller 20-City Index NSA July 181.9 182.6 180.7
09/29 US S&P/Case-Shiller S&P/Case-Shiller US HPI MoM July 0.37% – 0.07%
09/29 US S&P/Case-Shiller S&P/Case-Shiller US HPI YoY July 4.69% – 4.51%
09/29 US S&P/Case-Shiller S&P/Case-Shiller US HPI NSA July 175.1 – 173.9
09/29 EU European Commission Economic Confidence September 105.6 104.1 104.1
09/29 EU European Commission Business Climate Indicator September 0.3 0.2 0.2
09/29 EU European Commission Industrial Confidence September -2.2 -3.8 -3.7
09/29 EU European Commission Services Confidence September 12.4 10.0 10.1
09/29 Germany Destatis Import Price Index MoM August -1.50% -1.40% -0.70%
09/29 Germany Destatis Import Price Index YoY August -3.10% -3.00% -1.70%
09/29 Germany Destatis CPI MoM September -0.20% -0.10% 0.00%
09/29 Germany Destatis CPI YoY September 0.00% 0.10% 0.20%
09/29 Germany Destatis CPI EU Harmonized MoM September -0.30% -0.10% 0.00%
09/29 Germany Destatis CPI EU Harmonized YoY September -0.20% 0.00% 0.10%
09/29 UK Bank of England Mortgage Approvals August 71.0k 69.8k 69.0k
09/29 UK Bank of England Money Supply M4 MoM August -0.40% – 1.00%
09/29 UK Bank of England M4 Money Supply YoY August -0.10% – 0.60%
09/29 UK Confederation of British Indus CBI Reported Sales September 49.0 28.0 24.0
09/29 Spain INE Retail Sales YoY August 3.20% 3.20% 4.00%
09/29 Spain INE CPI MoM September -0.30% 0.10% -0.30%
09/29 Spain INE CPI YoY September -0.90% -0.50% -0.40%
09/29 China National Bureau of Statistics Leading Index August 98.2 – 98.4
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 48.97% 28.52% 45,905,609.53
GCC 5.38% 7.91% (5,686,601.08)
Non-Qatari 45.66% 63.56% (40,219,008.45)

3. Page 3 of 6
News
Qatar
 QCB to issue T-bills worth QR4bn on October 1 – The Qatar Central
Bank (QCB) will issue new three-month treasury bills (T-bills)
worth QR2bn, along with six-month and nine-month T-bills worth
QR1bn each on October 1, 2015. (QCB)
 Ashghal awards sewage tunnel construction contracts to Bouygues
– The Public Works Authority (Ashghal) has awarded two
contracts for the design and construction of sewage tunnels to
Bouygues Travaux Publics, a subsidiary of Bouygues Construction,
in partnership with a local contractor UrbaCon Trading &
Contracting. The two contracts are worth around €550mn, of
which Bouygues' share amounts to roughly €285mn. The project
began this summer and is expected to be completed by 2019.
(Reuters)
 Uniform job contract for private firms – The Ministry of Labor and
Social Affairs has put in place a uniform job contract format to
private companies in CDs on an experimental basis ahead of the
expected launch of an online contract system for foreign workers
by early 2016. The idea is to see the merits and demerits of the
electronic employment contract system, which is likely to be
introduced by the Labor Ministry at the end of 1Q2016. Companies
are required to fill up the employment contract form handed to
them in CDs and return them to the Ministry. Al Sharq has
reported that a company representative can later visit the Ministry
and pay the required fees. (Peninsula Qatar)
 Qatar maintains lead in LNG exports – According to an
International Gas Union report, Qatar has retained its top position
in the world in the global Liquefied Natural Gas (LNG) export
market. The country had exported around 77mn tons (MT) of LNG
in 2014, which was approximately one-third of global supply. It
remained the largest LNG exporter with a sizeable margin as the
gap between Qatar and its competitors was huge. Malaysia and
Australia — the world’s second and third largest LNG producers
respectively — saw LNG exports reach an all-time high. In 2014,
Malaysia had exported around 25MT LNG while Australia exported
23MT. Nigeria was the fourth largest exporter providing around
19MT to the market. Overall, LNG trade globally had reached
around 241MT in 2014, a 4.3MT increase over the 2013 levels.
(Peninsula Qatar)
 NBK: Qatar top electricity user in GCC – According to National Bank
of Kuwait (NBK) latest economic update on GCC countries, Qatar is
the top user of electricity for the industrial usage in the GCC
region. Of its total electricity supply, 31% is being used for
industrial purpose. Saudi Arabia stands second with 18% of its
total electricity supply going to industrial purpose. However,
Qatar’s residential usage of electricity is the lowest in the region,
accounting for 23% of its total supply. Kuwait tops in residential
usage with 58%, followed by Oman (52%), Saudi Arabia (51%),
Bahrain (49%) and UAE (39%). (Peninsula Qatar)
International
 GfK: UK consumer confidence dips, hit by China, migrant crisis –
According to a recent survey, British consumer morale fell more
than expected in September as people were worried about China's
economic slowdown and Europe's migration crisis. Market
research firm GfK's monthly consumer confidence index slipped to
+3 from +7 in August, which had matched June's figure as the
highest since January 2000. Reuters had expected a reading of +6.
GfK Head of market dynamics, Joe Staton said both the Chinese
economic downturn and its negative impact on global markets and
the ongoing migrant crisis, combined with other economic woes
across the Eurozone, has hit home. Perceptions of Britain's
economy over 2014 and for 2016 both entered the negative
territory, which Staton blamed on a "depressed back-to-school
mood" among consumers despite low inflation and rising wages.
The dip in consumer confidence comes after signs that the overall
economic growth in Britain lost some of its pace in 3Q2015.
However, a survey by the Confederation of British Industry
showed that British retail sales had beaten expectations in
September by a comfortable margin. (Reuters)
 Almost all large Eurozone banks have capital above requirements –
European Central Bank (ECB) senior bank supervisor Luc Coene
said that almost all banks under the ECB’s direct supervision have
more capital than required under an ongoing review. The ECB's
Single Supervisory Mechanism (SSM) had assumed oversight of
the Eurozone's 123 largest banks in 2014 and is in the process of
setting individual capital requirements for those lenders as part of
its Supervisory Review and Evaluation Process (SREP). Coene's
comments go further than ECB President Mario Draghi, who
earlier said "most Eurozone banks" have capital levels above the
requirements. The ECB had sent draft letters with its requirements
to individual banks in September and is now hearing their
arguments before it makes final decisions in November. These
decisions will not be disclosed. (Reuters)
 German prices fall in September for first time in eight months –
German annual inflation turned negative in September 2015 for
the first time in eight months and the weaker-than-expected
reading could push the Eurozone rate below zero, boosting the
case for the European Central Bank (ECB) to take more action.
Preliminary data from the Federal Statistics Office showed prices
in Europe's largest economy, harmonized to compare with other
European countries, fell by 0.2% after a 0.1% rise in August. The
ECB is already investing a trillion euros into the Eurozone financial
system to try to push inflation up toward its target. However,
inflation and economic growth remain stubbornly low, so markets
are starting to price in an expansion of its quantitative easing (QE)
program. (Reuters)
 Lagarde: IMF ready to help Greece advance reform agenda – The
head of International Monetary Fund (IMF) Christine Lagarde said
that the fund stands ready to work with Athens in advancing its
reform agenda. Lagarde met Greek Economy Minister George
Stathakis, who is accompanying Greece's Prime Minister Alexis
Tsipras on an official visit to the US. Lagarde and Stathakis also
discussed the Greek debt issue and Greek banks' recapitalization.
The IMF argues that Greece's current debt is unviable and is
pressing Europe to provide a "significant" debt relief for Greece
before the Fund decides whether it will participate in a third
bailout the country signed up to in early August. Debt
restructuring has been a top priority for the Greek government,
which says that a mountain of dues accumulated since its first
bailout in 2010 is shackling the country in perpetuity. (Reuters)
 Japan factory output slides unexpectedly, recession risks rising –
The Japanese factory output unexpectedly fell for the second
straight month in August, fueling worries the economy is slipping
back into recession and raising more doubts about whether the
government can reignite growth and end decades of deflation. As a
slowdown in China chills global growth, hitting export-reliant Asia
particularly hard, analysts say the Bank of Japan may be forced to
offer fresh stimulus as early as October 2015 in a bid to get the
faltering economy back on track. Meanwhile, Prime Minister
Shinzo Abe said that a bit more effort is needed to pull the world's
third-biggest economy out of deflation. Abe said his economic
policies have improved jobs and incomes, while on the aim of
reversing nearly two decades of falling prices. Abe vowed to raise
GDP by nearly a quarter to 600tn Japanese yen, pledging to refocus
on the economy after the passage of controversial security bills
that eroded his popularity. (Reuters)

4. Page 4 of 6
 India central bank governor cut rates by 50 bps due to slowing
global economy – Reserve Bank of India (RBI) Governor Raghuram
Rajan said one of the most important factors behind its larger-
than-expected 50 basis points rate cut was slowing global
economic growth. Rajan said the RBI's decisions were driven by
fundamentals and trying to avoid undershooting or overshooting
its inflation targets, adding the central bank did not have a "shock
and awe" approach. RBI cut its policy interest rate to a 4-1/2 year
low of 6.75%. Meanwhile, Indian Finance Minister Arun Jaitley
welcomed the RBI's 50 basis points cut in interest rates, saying it
would boost confidence and economic growth. Jaitley said the
decision would also provide policy support, adding that the
government was committed to meeting its fiscal deficit targets.
(Reuters)
Regional
 NBK: GCC countries begin to tackle energy subsidy reform –
According to the National Bank of Kuwait (NBK), the GCC
countries have had some of the world’s most generous energy
subsidies. With oil prices reaching new lows, authorities are
increasingly turning to subsidy reform to help reduce large fiscal
deficits. The cost of GCC energy subsidies have long been
perceived as unsustainable in the long-term as there is strong
growth in energy demand. Fiscal deficits are expected across the
GCC as oil prices dropped below $50/bbl, which is well below the
breakeven price of most GCC countries. While most GCC countries
can finance deficits for some time with substantial sovereign
wealth funds, moves to rationalize budgets remain critical in the
medium to long-term. According to the International Monetary
Fund (IMF) estimates, energy subsidies in 2015 in the GCC range
from 1.1% of the GDP in Oman to 4.6% in Saudi Arabia. While the
recent drop in oil prices has reduced the cost of energy subsidies,
the negative impact on oil revenues has been larger. Low energy
prices placed all six GCC countries among the top 10 energy
consuming countries on a per capita basis in the world, with Qatar
topping the list at around 18,500 kg of oil equivalent per capita.
(GulfBase.com)
 Fitch: GCC sovereigns unlikely to close aggregate budget gap – Fitch
Ratings has said that fiscal policy responses by the Gulf
Cooperation Council (GCC) sovereigns to lower oil prices are likely
to be inadequate compared to the loss of revenues over 2015 and
2016. The size of the fiscal challenge from cheaper oil varies from
country to country, broadly in line with hydrocarbon production
per capita. Some policy responses registered by other oil
exporting-sovereigns are harder to enact, or carry greater risks for
GCC sovereigns. Fitch also forecasts Kuwait to run a budget
surplus in both years even with its revised average oil price
(Brent) forecast of USD55/b for 2015 and USD60/b for 2016, and
Qatar a small (0.6% of the GDP) deficit in 2015, although this rises
to 5.3% in 2016. It also expects Bahrain, Oman and Saudi Arabia to
record double-digit deficits in 2015, although all three would
benefit from some narrowing in 2016. (Reuters)
 Riyad Bank launches KSA’s first contactless EMV bank card – Riyad
Bank has launched Saudi Arabia’s first contactless EMV bank card
with Gemalto. The bank is migrating its entire portfolio to Gemalto.
ABI Research, in its report, predicts that there would be 100,000
contactless payment terminals across Saudi by 2015-end, rising to
500,000 by 2019. (GulfBase.com)
 Saudi direct investments abroad reach $41.4bn – The Arab
Investment and Export Credit Guarantee Corporation (Dhaman)
has revealed that the value of Saudi direct investments abroad
reached around $41.4bn since 2003 until May 2015. China, Turkey
and the UAE account for 41.6% of total Saudi investments abroad,
which make up a total value of $17.2bn. Saudi investments in
Bahrain during the same period reached $1.1bn by 26 companies,
which implemented 35 projects in the Kingdom and created 3,801
jobs. (GulfBase.com)
 GIEI: UAE ranks top in Islamic economy – According to the second
edition of the Global Islamic Economy Indicator (GIEI), the UAE
has received the top ranking as one of the healthiest Islamic
economy environments worldwide, second only to Malaysia on
scores spanning seven key economic sectors. Mohammed Abdullah
Al Gergawi of Dubai Islamic Economy Development Centre
(DIEDC) said the UAE today is taking on greater global importance
in the Islamic economy as one of the fastest growing sectors in the
world, with the Islamic economy growing at nearly twice the rate
of the global economy and Muslim consumer spending exceeding
$1.8tn. (GulfBase.com)
 UAE eases restrictions on millions of foreign workers – The UAE’s
Ministry of Labour (MoL) moved to ease some restrictions on
foreign workers, who helped build the country’s iconic landmarks,
from the tallest building in the world in Dubai to franchises of
Western art museums in Abu Dhabi. The MoL issued three decrees
that ban employers from changing terms of contracts without the
consent of workers, allow workers to terminate their contracts
and ensure that they can pursue other job opportunities once they
leave an employer. These measures will take effect from January 1,
2016. The decrees govern 4.5 million workers under MoL.
(Reuters)
 HSBC: Dubai second-best city for expat start-ups worldwide –
According to a survey by HSBC, the UAE is among the top 10
countries globally for expats while Dubai is ranked second-best
city in the world after Singapore for expats looking to start a
business. HSBC highlights the UAE’s entrepreneurial environment,
job prospects and better salaries as primary factors attracting
expats from across the world. (GulfBase.com)
 Container Management: KPCT third fastest growing port worldwide
– ‘Container Management’ magazine has rated Khalifa Port
Container Terminal (KPCT) as the third fastest growing container
port in the world and the fastest growing port in the Middle East
based on its 26% volume growth in 2014. KPCT entered the Top
120 World Container Ports ranking list in 2014 by earning a spot
in the top 10 of fastest growing container ports, a result which
confirms the strategic position played by Abu Dhabi in the context
of global shipping. (GulfBase.com)
 ADOC awards $310mn contract to Tecnicas Reunidas – Abu Dhabi
Oil Company Limited (ADOC) has awarded a $310mn contract to a
Spainish firm, Tecnicas Reunidas. Under the 20-month contract,
Tecnicas Reunidas will develop oil infrastructures at Hail field, Abu
Dhabi. (Bloomberg)
 Gulf Holding appoints CEO – Gulf Holding Company has appointed
Majed Al Khan as Chief Executive Officer (CEO) and head of its
Villamar project. Mr. Majed will be focusing foremost on the quick
delivery of Villamar, where work resumed on a luxury, mixed-use
and residential project based in the Bahrain Financial Harbour.
(GulfBase.com)
 Kuwait looks forward to vibrant tourism industry – Kuwait aspires
to make tourism a vibrant aspect of economic growth and an
integral component in the country’s drive to diversify its sources
of national income. To achieve such an end, Kuwait has charted out
a national strategy to create and develop tourist destinations
worthy of tourists’ time and interest. (GulfBase.com)
 CBO: Islamic banks’ finances surge 78% in Oman – According to the
Central Bank of Oman (CBO), Oman’s Islamic banks and window
operations have shown a robust growth of 78% in financing at
OMR1.4bn during January-July 2015 from merely OMR786.5mn in
January-July 2014. Total customer deposits held by Islamic
institutions also shot up by 240.8% to OMR1.2bn by July 2015-end
from OMR353.1mn for the same period in 2014. The total assets of

5. Page 5 of 6
Islamic banks and windows stood at OMR1.84bn as of July 2015-
end against OMR1.18bn at the end of July 2014. Such robust
growth in Islamic finance shows that Shari’ah-compliant banks are
able to establish themselves in the market and able to overcome
their teething troubles. (GulfBase.com)
 Ooredoo Oman: Higher telecom taxes would hit investment –
Ooredoo Oman CEO Greg Young has said that proposal to levy
taxes on Oman’s telecom companies to help pay for the country's
budget deficit would put future investments in the industry at risk.
Earlier, in November 2014, Oman’s Shura Council had suggested
reforms to boost Oman’s non-oil tax income, including a 12%
royalty on telecom operators' revenues. He said the change is
necessary at the company taxation level and should be applied
universally across all sectors, rather than something specifically
aimed at the telecom sector. Oman posted a budget deficit of
OMR1.5bn during January-May 2015, swinging from an
OMR232.9mn surplus a year earlier because of lower oil export
revenues. (Reuters)
 Investcorp shareholders approve 6% cash dividend – Investcorp
Bank’s ordinary general meeting and the extraordinary general
meeting (OGM & EGM) have approved the proposed agenda,
including the distribution of cash dividends of $15 per ordinary
share representing 6% of the paid-up capital. Accordingly,
Investcorp share shall trade ex-dividend starting from September
30, 2015. (Bahrain Bourse)
 Bank ABC closes $125mn syndicated term loan facility for UAB –
Bank ABC has successfully closed a $125mn syndicated term loan
facility on behalf of United Arab Bank (UAB). Bank ABC acted as
the initial mandated lead arranger and bookrunner for the
transaction. In addition to Bank ABC, the financing is supported by
State Bank of India, National Bank of Bahrain, Abu Dhabi
Commercial Bank, Doha Bank and Oberbank. Bank ABC acted as
the facility agent. (Bahrain Bourse)

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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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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (#Market closed on September 29, 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 Index S&P Pan Arab S&P GCC
(1.4%) (1.4%)
(0.2%) (0.2%)
(0.1%)
(0.9%)
(0.8%)
(1.8%)
(1.2%)
(0.6%)
0.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,127.45 (0.4) (1.7) (4.8) MSCI World Index 1,550.43 (0.6) (2.8) (9.3)
Silver/Ounce 14.65 0.3 (3.1) (6.7) DJ Industrial 16,049.13 0.3 (1.6) (10.0)
Crude Oil (Brent)/Barrel (FM Future) 48.23 1.9 (0.8) (15.9) S&P 500 1,884.09 0.1 (2.4) (8.5)
Crude Oil (WTI)/Barrel (FM Future) 45.23 1.8 (1.0) (15.1) NASDAQ 100 4,517.32 (0.6) (3.6) (4.6)
Natural Gas (Henry Hub)/MMBtu 2.53 (3.9) (0.6) (15.5) STOXX 600 339.23 (0.5) (2.2) (7.8)
LPG Propane (Arab Gulf)/Ton# 47.00 0.0 (1.8) (4.1) DAX 9,450.40 (0.1) (1.8) (10.7)
LPG Butane (Arab Gulf)/Ton 61.75 1.2 (0.2) (1.6) FTSE 100 5,909.24 (1.1) (3.4) (12.4)
Euro 1.12 0.0 0.5 (7.0) CAC 40 4,343.73 (0.1) (2.4) (5.4)
Yen 119.74 (0.2) (0.7) (0.0) Nikkei 16,930.84 (4.0) (4.5) (3.2)
GBP 1.52 (0.2) (0.2) (2.7) MSCI EM 776.35 (0.7) (1.6) (18.8)
CHF 1.03 0.2 0.8 2.3 SHANGHAI SE Composite 3,038.14 (2.0) (1.6) (8.3)
AUD 0.70 (0.1) (0.6) (14.6) HANG SENG 20,556.60 (3.0) (3.0) (12.9)
USD Index 95.86 (0.2) (0.4) 6.2 BSE SENSEX 25,778.66 1.1 0.2 (10.1)
RUB 65.93 (0.5) 0.8 8.5 Bovespa 44,131.82 (1.3) (4.5) (43.0)
BRL 0.25 1.2 (2.2) (34.8) RTS 784.11 1.1 (0.6) (0.8)
136.9
114.7
110.7