The QSE Index declined 1.2% to close at 11,418.7 led by losses in the Banks & Financial Services and Industrial indices. Top losers were Doha Insurance Co. and Qatari Investors Group, falling 7.1% and 5.6% respectively. Meanwhile, Qatar Industrial Manufacturing Co. gained 2.2%. Trading activity increased compared to the previous day but remained below the 30-day average. The document also provides stock market updates for other GCC countries and global economic indicators. News briefs discuss Qatar's planned infrastructure investments, QNB Group's potential acquisition of KFH's Malaysia unit, and other Qatar market news.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.2% to close at 11,418.7. Losses were led by the Banks &
Financial Services and Industrial indices, falling 1.4% each. Top losers were Doha
Insurance Co. and Qatari Investors Group, falling 7.1% and 5.6%, respectively. Among the
top gainers, Qatar Industrial Manufacturing Co. gained 2.2%, while Qatar & Oman
Investment Co. was up 1.1%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.7% to close at 7,470.2. Losses were led by the Banks
& Financial Services and Hotel & Tourism indices, falling 1.6% each. Alinma Bank fell
5.3%, while Bank Albilad was down 5.1%.
Dubai: The DFM Index gained 0.8% to close at 3,625.2. The Consumer Staples index
rose 5.2%, while the Transportation index gained 1.7%. Shuaa Capital surged 14.9%,
while Ajman Bank was up 8.8%.
Abu Dhabi: The ADX benchmark index fell 1.2% to close at 4,479.1. The Consumer
Staples index declined 6.3%, while the Telecommunication index fell 1.7%. Arkan
Building Materials Co. declined 9.0%, while Agthia Group was down 7.1%.
Kuwait: The KSE Index declined 0.3% to close at 5,714.0. The Consumer Goods index
fell 6.5%, while Health Care index declined 0.9%. Amar Finance & Leasing Co. fell 6.8%,
while Al-Qurain Holding Co. was down 5.9%.
Oman: The MSM Index fell 0.6% to close at 5,744.8. Losses were led by the Financial
and Industrial indices, falling 1.3% and 0.3%, respectively. Oman United Insurance fell
5.7%, while Oman Textile Holding was down 5.3%.
Bahrain: The BHB Index gained 0.7% to close at 1,283.7. The Insurance index rose
1.8%, while the Commercial Bank index was up 1.4%. Bahrain National Holding
Company rose 6.1%, while National Bank of Bahrain was up 5.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Ind. Manufacturing Co. 42.40 2.2 521.8 (2.2)
Qatar & Oman Investment Co. 13.75 1.1 15.6 (10.7)
Islamic Holding Group 116.10 1.0 50.0 (6.7)
Medicare Group 165.00 0.7 35.2 41.0
Aamal Co. 13.68 0.6 74.9 (5.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 42.70 (1.8) 867.2 (3.4)
Ezdan Holding Group 18.35 (1.3) 757.3 23.0
Mazaya Qatar Real Estate Dev. 16.00 0.0 593.7 (12.3)
Al Khaleej Takaful Group 35.00 0.6 586.3 (20.8)
Qatar Ind. Manufacturing Co. 42.40 2.2 521.8 (2.2)
Market Indicators 17 Sep 15 16 Sep 15 %Chg.
Value Traded (QR mn) 389.9 204.5 90.7
Exch. Market Cap. (QR mn) 602,391.7 609,626.8 (1.2)
Volume (mn) 7.6 5.4 40.5
Number of Transactions 4,283 3,589 19.3
Companies Traded 41 41 0.0
Market Breadth 12:24 27:9 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,748.69 (1.2) (3.7) (3.1) 11.7
All Share Index 3,037.46 (1.1) (3.2) (3.6) 12.4
Banks 3,097.41 (1.4) (3.9) (3.3) 13.2
Industrials 3,446.17 (1.4) (4.0) (14.7) 12.0
Transportation 2,452.90 (0.0) (1.5) 5.8 12.5
Real Estate 2,636.53 (1.0) (1.9) 17.5 8.7
Insurance 4,504.68 (1.2) (3.3) 13.8 11.9
Telecoms 998.95 0.1 (1.3) (32.8) 29.1
Consumer 6,655.82 0.1 (1.9) (3.6) 15.5
Al Rayan Islamic Index 4,335.67 (1.1) (3.5) 5.7 12.6
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Ajman Bank Dubai 1.85 8.8 407.9 (30.6)
Abu Dhabi Nat. Energy Abu Dhabi 0.56 7.7 143.3 (30.0)
Nat. Bank of Bahrain Bahrain 0.74 5.0 17.8 (4.2)
Al-Hassan G.I. Shaker Saudi Arabia 30.91 3.3 3,071.9 (7.0)
United Int. Trans. Saudi Arabia 46.52 3.0 556.6 (16.9)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Qatari Investors Group Qatar 44.50 (5.6) 341.8 7.5
Alinma Bank Saudi Arabia 17.59 (5.3) 70,992.2 (13.7)
Bank Albilad Saudi Arabia 26.50 (5.1) 3,299.3 (25.7)
HSBC Bank Oman Oman 0.12 (4.2) 8.5 (18.4)
Kuwait Food Co. Kuwait 2.40 (4.0) 2.5 (14.3)
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%
Doha Insurance Co. 23.00 (7.1) 0.2 (20.7)
Qatari Investors Group 44.50 (5.6) 341.8 7.5
QNB Group 185.50 (2.4) 279.1 (12.9)
Al Khalij Commercial Bank 21.01 (2.3) 1.9 (4.7)
Industries Qatar 125.80 (2.3) 296.7 (25.1)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 185.50 (2.4) 52,081.3 (12.9)
Industries Qatar 125.80 (2.3) 37,636.9 (25.1)
Masraf Al Rayan 42.70 (1.8) 37,353.5 (3.4)
Doha Bank 49.80 (0.4) 23,157.1 (12.6)
Qatar Ind. Manufacturing Co. 42.40 2.2 21,711.6 (2.2)
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 11,418.68 (1.2) (3.7) (1.3) (7.1) 299.69 165,416.8 11.7 1.8 4.4
Dubai 3,625.16 0.8 0.1 (1.0) (3.9) 138.73 94,655.8 11.7 1.1 7.2
Abu Dhabi 4,479.05 (1.2) (1.3) (0.3) (1.1) 98.89 122,024.7 12.0 1.4 5.0
Saudi Arabia 7,470.19 (0.7) (3.2) (0.7) (10.4) 1,444.91 447,027.6 16.0 1.8 3.5
Kuwait 5,713.99 (0.3) (0.9) (1.8) (12.6) 39.45 88,432.4 14.5 1.0 4.5
Oman 5,744.76 (0.6) (1.0) (2.2) (9.4) 8.96 23,392.1 10.5 1.3 4.5
Bahrain 1,283.65 0.7 (0.6) (1.2) (10.0) 1.02 20,078.4 8.1 0.8 5.3
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)
11,400
11,450
11,500
11,550
11,600
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 1.2% to close at 11,418.7. The Banks & Financial
Services and Industrial indices led the losses. The index fell on the back of
selling pressure from GCC and non-Qatari shareholders despite buying
support from Qatari shareholders.
 Doha Insurance Co. and Qatari Investors Group were the top losers falling
7.1% and 5.6%, respectively. Among the top gainers, Qatar Industrial
Manufacturing Co. gained 2.2%, while Qatar & Oman Investment Co. was up
1.1%.
 Volume of shares traded on Thursday rose by 40.5% to 7.6mn from 5.4mn
on Wednesday. However, as compared to the 30-day moving average of
7.7mn, volume for the day was 1.3% lower. Masaraf Al Rayan and Ezdan
Holding Group were the most active stocks, contributing 11.4% 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
9/17 US BLOOMBERG Bloomberg Consumer Comfort 13-September 40.2 – 41.4
9/17 US Department of Labor Initial Jobless Claims 12-September 264K 275K 275K
9/17 SP INE Labor Costs YoY 2Q2015 0.40% – 0.50%
9/17 IT ISTAT Trade Balance Total July 8,026M – 2,806M
9/17 IT ISTAT Trade Balance EU July 3,010M – 594M
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar to spend $220bn on major projects – Qatar is prioritizing
existing development projects in view of falling oil prices and
plans to award large-scale investment projects worth $220bn over
the next 10 years. Global credit rating agency Standard and Poor's
(S&P) said the investment program will focus on infrastructure,
education and health. S&P said it expects the majority of the
projects to be completed ahead of the 2022 FIFA World Cup slated
to be held in Qatar. The program will support medium-term real
economic growth, although it will contribute to deterioration in
fiscal and external balances, exacerbated by a large fall in oil
prices. Meanwhile, S&P affirmed its 'AA' long-term and 'A-1+'
short-term foreign and local currency sovereign credit ratings on
Qatar with a stable outlook. They also affirmed 'AA' long-term
issue ratings on the bonds issued by Qatari Diar Finance and SoQ
Sukuk A. (Zawya)
 QNB Group holds preliminary talks for KFH’s Malaysia unit – QNB
Group (QNBK) said it is in preliminary talks to buy Kuwait Finance
House's (KFH) Malaysia unit. QNBK said no agreements had been
reached over a potential deal and it would make any necessary
disclosures to the Qatar stock market in the future. (QSE,
Bloomberg, Reuters)
 Alkhalij Cement invests QR800mn on new production line – Qatari
Investors Group (QIGD) Chief Administration Officer, Firas Tayssir
Ibrahim said Qatar’s expansion projects have prompted its
subsidiary Alkhalij Cement Company, to invest around QR800mn
on a new production line to keep up with the growing cement
demand. He said the new line is expected to be operational by
1Q2016, increasing cement production by 50% and doubling
clinker production. While the production of clinker will reach
around 2mn tons and cement around 3mn tons by the end of 2015,
QIGD expects to produce close to 4mn tons of clinker and 4.5mn
tons of cement (Gulf-Times.com)
 UDCD successfully completes limited auction of townhouses –
United Development Company (UDCD) has successfully completed
its first limited auction offering of nine Qanat Quartier
townhouses. Through the envelope bidding method, UDCD had
auctioned some of the finest and most luxurious townhouses in the
Venice-like community of Qanat Quartier. In what was considered
to be a competitive process with a set minimum opening price of
QR25,000 per square meter, a number of bids exceeded this
amount, consequently setting a new benchmark for future sale
rates at The Pearl-Qatar. Further, real estate investment
opportunities are expected to be offered in 4Q2015, which is
expected to impact UDCD’s outlook and further its growth for
FY2015 and beyond. (Gulf-Times.com)
 QFC establishes independent Employment Standards Office – The
Qatar Financial Centre (QFC) has established an independent
Employment Standards Office (ESO). The ESO, which previously
operated under the Legal department, is the new statutory
compliance office for businesses registered under the QFC. The
office has been established with the aim to protect both employers
and employees through robust regulations, codes and procedures.
Its objectives include enforcing compliance with regulations,
ensuring fair treatment of employers and employees, encouraging
communication between its members, facilitating dispute
resolution and developing a productive QFC workforce. (Gulf-
Times.com)
 New center at HIA for immigration services – The Airport
Immigration Department of the General Directorate of Nationality,
Borders and Expatriates Affairs has opened a new office for the
issuance of travel permits and other services at the Hamad
International Airport (HIA). The office is located at the departures
terminal close to the luggage weighing counter. (Gulf-Times.com,
Peninsula Qatar)
 Qatar, France look to strengthen bilateral economic relations –
Qatar and France have explored options on mutual cooperation in
the areas of capital market in a bid to strengthen the bilateral
economic relations between the two countries. These were
discussed by the visiting delegation from France with the Qatar
Stock Exchange (QSE) officials at their recent meeting. French
Ambassador Eric Chevallier and Agathe Demarais, Economic
Overall Activity Buy %* Sell %* Net (QR)
Qatari 51.31% 25.29% 101,459,801.34
GCC 9.56% 21.67% (47,248,902.19)
Non-Qatari 39.14% 53.03% (54,210,899.15)

3. Page 3 of 6
Adviser on Middle East Affairs at the French Ministry of Economy
& Finance; and the head of the Economic Department of the French
Embassy were part of the French delegation. (Gulf-Times.com,
QSE)
 ORDS wins ‘Best operator’ and ‘Best telecom CEO’ awards –
Ooredoo (ORDS) has won the ‘Best operator’ at the Telecoms
World Middle East Awards 2015 and ‘Telecoms CEO of the Year’
for Dr. Nasser Marafih at the CEO Middle East Awards in Dubai.
The company has delivered impressive results in 2015, reaching
an all-time high of more than 114mn customers across its
footprint, increasing its leadership position in data services (now
worth 34% of the Group’s revenue), and enhancing its portfolio of
solutions for business and enterprise customers. In addition, the
company has taken the lead in network performance, delivering
4G+ in Qatar and Kuwait, 4G in Oman, Tunisia and the Maldives,
and providing 3G services in Algeria and Myanmar. (Gulf-
Times.com)
 Thailand offers to share agriculture expertise with Qatar – Thailand
Ambassador to Qatar Piroon Laismit said Thailand is ready to
provide its expertise in the fields of agriculture and aquaculture,
including hydroponics, to support Qatar’s food security program.
(Gulf-Times.com)
 Qatar ranked fifth in Global Innovation Index – Qatar has been
ranked fifth in Northern Africa and Western Asia region in the
Global Innovation Index (GII) by leading business schools and
World Intellectual Property Organization. Meanwhile, Qatar has
been ranked third in the GCC region. In the category of Northern
Africa and Western Asia region, which has 19 countries, Cyprus is
second, Saudi Arabia third and the UAE fourth. In the overall
ranking of 141 countries around the world, Qatar has secured 50th
rank. (Peninsula Qatar)
 Qatargas EMS section gets US accreditation – Qatargas’ Fire &
Rescue Emergency Management Services (EMS) Department has
been awarded “Accredited Agency” status by the US-based Centre
for Public Safety Excellence (CPSE), making it the first CPSE-
accredited agency in the Middle East region. The CPSE provides
the only accreditation program for Fire & Rescue Emergency
Management Service organizations in the world. Qatargas said that
with the new status, the EMS department joins the line-up of 218
accredited agencies worldwide. (Gulf-Times.com)
International
 US Fed defers interest rate liftoff on global weakness – The Federal
Reserve left short-term interest rates unchanged after weeks of
market-churning debate on September 17, putting off a historic
move to end an era of ultra-cheap credit amid worries about weak
growth overseas. While central-bank officials do not believe recent
global economic and market turbulence will throw the US
economy off track, they want to be sure before they push rates
higher. Most of the policy makers at the meeting (13 out of 17)
indicated they still expect the Fed to move rates this year, but that
was down from the 15 who held that view in June. The Fed had cut
its benchmark interest rate—called the federal funds rate—to near
zero in December 2008 and has kept the rate there ever since, in
an effort to encourage borrowing, spending and investing to boost
economic growth more broadly. The central bank has two more
scheduled policy meetings, in late October and mid-December
2015. (WSJ)
 Moody’s downgrades France, raises outlook to stable – Moody’s
Investors Service downgraded France’s credit rating by one rung
to Aa2 from Aa1, citing issues that include weakness in the nation’s
medium-term growth outlook. Moody’s changed its outlook for
France to stable from negative. Moody’s said it believes low
medium-term growth will be an obstacle for any material reversal
in France’s elevated debt burden in the foreseeable future.
However, the rating firm said that France’s credit worthiness
remains extremely high and the nation has a large, wealthy and
well-diversified economy. (WSJ)
 China home prices gain for fourth month in August – Home prices in
China rose for a fourth consecutive month in August, offering hope
that the ailing property sector is becoming less of a drag on the
slowing economy. However, analysts do not expect a full-blown
turnaround any time soon, as a huge overhang of unsold homes
discourages new construction and investment in all but the biggest
cities. The National Bureau of Statistics’ (NBS) survey recorded
price gains in 35 of the 70 cities, up from 31 in July. According to
Reuters’ calculations, based on data released by the NBS, average
new home prices inched up 0.3% MoM in August, the same pace as
in July. The NBS said that, on a nationwide basis, prices rose 1.7%
YoY in August, marking the first increase since September 2014.
The property sector accounts for 15% of China's GDP, so even
modest signs of improvement would relieve some pressure on the
economy, which is expected to expand at its slowest pace in a
quarter of a century in 2015. (Reuters)
 Russian FM: Pension money could help to fund budget deficit –
Russia’s Finance Minister (FM) Anton Siluanov said pension
savings would be a good source of funding to help finance the
country’s budget deficit. His comments came ahead of a
government decision on whether to divert pension savings to fund
the budget directly. He said that pension funds were expected to
buy around RUB345-350bn in government bonds next year,
helping to fund the one trillion rubles in domestic borrowing
penciled in by the government. The government is debating
whether obligatory contributions which employers’ pay into
pension funds should be frozen for the third year running so the
money can be diverted to the state to help fill budget holes.
Siluanov said he expected the government to take a decision next
week on the fate of the obligatory pension contributions in 2016.
Russia’s economy is under pressure from low oil prices and the
impact of Western economic sanctions imposed over the country’s
role in the Ukraine crisis. (Reuters)
Regional
 Saudi Aramco names President & CEO – Saudi Arabian Oil Company
(Saudi Aramco) has appointed Amin al-Nasser as President and
Chief Executive Officer (CEO), as part of leadership changes at the
world’s biggest oil company overseen by a newly-created supreme
council headed by the Saudi King’s son. Saudi Aramco’s supreme
council also approved a five-year business plan at its first meeting
in Jeddah. Al Nasser was named interim CEO in May, replacing
Khalid Al-Falih, who became Chairman and Health Minister. The
supreme council is restructuring the Dhahran-based company,
which is no longer under the oil ministry. Al Nasser is also on the
board, below the supreme council. (Bloomberg)
 SAMA approves Bawan’s SR100mn capital increase request via
bonus shares – Bawan Company has obtained the Saudi Arabian
Monetary Agency’s (SAMA) approval to increase its capital from
SR500mn to SR600mn through one-for-five bonus shares
distribution. Such an increase will be paid by transferring an
amount of SR100mn from the retained earnings account to the
company's capital. This will increase the company’s outstanding
shares from 50mn to 60mn. Those shareholders, who are
registered in the shareholders register at the close of trading on
the day of the extraordinary general assembly meeting (EGM),
would be eligible for this bonus shares. The date of the EGM will be
determined later by the company's board, which needs to be held
within six months from the approval date. (Tadawul)
 Almarai successfully completes Sukuk issue – Saudi-based Almarai
Company has completed its Sukuk issue amounting to SR1.6bn on
September 16, 2015. This issue was made on a floating rate basis

4. Page 4 of 6
with a term of seven years and was a private offering to
sophisticated investors in the Kingdom. (Tadawul)
 BlackRock introduces first Saudi Arabia exchange-traded fund –
BlackRock Inc. has introduced an exchange-traded fund investing
in Saudi Arabia, marking the first of its kind. The iShares MSCI
Saudi Arabia Capped ETF has top exposures to financials, materials
and telecommunications. BlackRock’s Head of iShares America’s
institutional business, Daniel Gamba said while BlackRock
anticipates pension funds, foundations and endowments will be
among the first investors in the ETF, it believes that ultimately
mutual funds will use it to access the Saudi Arabian market.
Meanwhile, New York-based Van Eck also has two Saudi Arabia-
based ETFs in registration with the Securities and Exchange
Commission. (Reuters)
 EA, partners raise further $200mn with reopening of joint bond –
Etihad Airways (EA) has increased the amount of cash it raised
with its first joint bond issue by 40% after it restarted fundraising.
The Abu Dhabi-based carrier and six partners said they had raised
an extra $200mn from their first joint bond issue after reaching an
initial target of $500mn, taking the size of the issue to $700mn.
Goldman Sachs, ADS Securities and Anoa Capital reopened the
fundraising for Etihad, Etihad Airport Services, Air Berlin, Air
Serbia, Air Seychelles, Alitalia and Jet Airways. They used a
financial instrument known as a tap, which enables an existing
transaction to reopen for subscription using the same
documentation as before. (GulfBase.com)
 UAE signs cooperation agreement with Hungary – The UAE and
Hungary have signed an economic and technical cooperation
agreement aimed at placing an institutional and legal framework
for bilateral relations, especially in economic trade and investment
fields. The agreement will work toward establishing a joint
economic committee to promote cooperation in the fields of
scientific research, training for small & medium-sized enterprises
and establish joint ventures in a number of sectors, including
trade, industry, tourism and agriculture. (GulfBase.com)
 SNAM, Daewoo to establish joint automobile plant – South Korean
ambassador to Saudi Arabia, Kim Jong-yong said the Saudi
National Automobile Manufacturing Company (SNAM) and South
Korea-based Daewoo International will establish the first Saudi
Arabia-based car manufacturing firm. The ambassador said that
the venture will be a quantum leap for the Saudi market and will
provide jobs to Saudi nationals. He stated that 17% of the new
vehicles that entered the Saudi market in 1H2015 were made in
South Korea. He also point out that Saudi investments in South
Korea had totaled $192mn in 2014 and expects this figure to
increase in the coming period. (GulfBase.com)
 Nakheel inks AED819mn Dubai tower contract – Nakheel has
awarded a contract worth AED819mn for the construction of The
Palm Tower, its 52-storey, five star hotel and residential complex
on Dubai’s Palm Jumeirah. The company has signed up UAE-based
Trojan General Contracting and National Projects & Construction
to jointly build the luxury landmark. The Palm Tower comprises
504 luxury residences and a five star, 290-room hotel with an
array of dining and leisure facilities, including a rooftop infinity
pool, restaurant and viewing deck. The hotel will occupy the first
18 floors of the building. (Bloomberg)
 DP World plans to launch major solar energy project in Dubai –
Dubai-based DP World is planning to launch a major renewable
energy project with the installation of photovoltaic solar panels to
generate electricity, allowing it to reduce its carbon footprint while
exporting surplus energy to the national grid. Emirates News
Agency (WAM) reported that the project, launched in cooperation
with Economic Zones World, a DP World subsidiary, involves
rooftop solar panel mountings on its Jebel Ali free zone buildings,
parking sheds, and several of its cruise terminal buildings in Port
Rashid. (Bloomberg)
 HSBC Middle East to move head office to Dubai from Jersey in 2016
– Mohammad al-Tuwaijri, Deputy Chairman & CEO of HSBC in the
MENA region said HSBC Holdings' Middle East business will move
its head office from Jersey to Dubai's financial free zone in 2016.
The bank said the move, which means it will be regulated by the
Dubai Financial Services Authority, would not affect its customers
or its regulatory relationships in other countries outside of the
UAE. The Dubai International Financial Centre, set up in 2004, has
its own labor laws and court system separate from the wider UAE.
(Reuters)
 Huawei signs IT operations contract with Ooredoo Kuwait –
Ooredoo Kuwait, a member of Ooredoo Group, and Huawei have
jointly signed a ‘Future Mode of Operation (FMO)’ IT and Network
Managed Services contract. Under the terms of the contract,
Huawei will provide managed IT and network operations, network
performance management and service quality improvement for
Ooredoo Kuwait. Huawei will provide an ICT converged operation
solution to manage IT and telecom equipment through converged
operation processes, resources and tools. It aims to help Ooredoo
Kuwait achieve digital transformation, operational excellence and
to improve the customer experience. (GulfBase.com)
 KPI aims to boost fuel outlets in Europe – Kuwait Petroleum
International (KPI) is planning more investments in Europe,
including investments in storage terminals and other oil-related
facilities to help to provide more outlets for the fuels it produces.
KPI Vice President Europe Khaled Al-Mushaileh said that his
company sees Europe as an important market and plans to expand
in retail and downstream sectors. (Reuters)
 Kuwait says oil market will balance itself – Kuwait's OPEC
Governor Nawal al-Fuzaia said that the oil market would balance
itself but the members needs to be patient, indicating support for
the producer group's policy of defending market share despite
falling prices. Fuzaia said the current imbalance in the market
stemmed from several factors and not just an economic slowdown
in China. She feels the weakening demand in China is a short-term
issue and it will not have an effect on OPEC’s market share. The
OPEC had shifted policy in November 2014 by deciding not to
support prices by cutting output, in order to defend market share
against US shale oil and other higher-cost supply sources. The
shift, led by Saudi Arabia and its Gulf allies, has proved
controversial within OPEC as oil prices have more than halved
from above $100 in June 2014, hurting the economies of less
wealthy members such as Venezuela. (Reuters)
 MoTC floats tender for eight road maintenance contracts – The
Ministry of Transport and Communications (MoTC) has floated
eight tenders for road maintenance in different parts of the
country, including Dakliah, North Batinah, North Sharqiah and
Musandam regions. MoTC has invited bids from companies for
maintenance work, while only companies registered with the
tender board is eligible for bidding some of the projects. According
to a tender board announcement, three maintenance contracts are
for paved roads in Dakliah, Sharqiyah and North Batinah regions
and the first two are for annual maintenance. Another five
maintenance contracts are for track roads in North Dakliah, North
Sharqiyah, North Batinah, Musandam and Dahirah regions. The
tender documents for bidding firms will be distributed till October
8, 2015, while the opening date is October 26, 2015.
(GulfBase.com)
 Oman signs pact to enhance GCC market integration – Oman and
other Gulf states have signed a multilateral MoU to achieve
uniformity in laws and regulations in the GCC stock markets. This
will also help to enhance economic integration among GCC

5. Page 5 of 6
countries. The MoU would act as regulatory framework in a move
to enhance the relations among such bodies to facilitate exchange
of information. The MoU was signed on the sidelines of the sixth
Ministerial Committee meeting of the chairmen of GCC securities
commissions. (GulfBase.com)
 UK-based Petrofac wins $100mn gas contract in Bahrain –
According to sources, UK-based Petrofac has won a contract worth
around $100mn from Bahrain-based Tatweer Petroleum to build a
gas dehydration facility. The capacity of the gas facility would be
500mn standard cubic feet per day (scfd). This project is the first
among those planned by Tatweer to add gas capacity to meet the
rising domestic demand. (GulfBase.com)
 Bahrain, Saudi sign $300mn deals for new oil pipeline – Bahrain’s
energy minister, Abdul-Hussain bin Ali Mirza said Saudi Arabia
and Bahrain have signed contracts worth around $300mn to lay a
new 350,000 barrel per day (bpd) oil pipeline between the two
countries, with the link due to be operational in 2018. Bahrain
relies on output from the Abu Safa oilfield that it shares with Saudi
Arabia for the vast majority of its oil and the new pipeline will
replace an ageing 230,000 bpd link and enable Bahrain Petroleum
Company (Bapco) expand the processing capacity of its 267,000
bpd Sitra refinery. Eventually the new pipeline's capacity could be
increased to 400,000 bpd. (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
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Page 6 of 6
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 Index S&P Pan Arab S&P GCC
(0.7%)
(1.2%)
(0.3%)
0.7%
(0.6%)
(1.2%)
0.8%
(1.6%)
(1.2%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,139.02 0.7 2.8 (3.9) MSCI World Index 1,630.69 (1.3) 0.2 (4.6)
Silver/Ounce 15.18 0.2 3.9 (3.3) DJ Industrial 16,384.58 (1.7) (0.3) (8.1)
Crude Oil (Brent)/Barrel (FM Future) 47.47 (3.3) (1.4) (17.2) S&P 500 1,958.03 (1.6) (0.2) (4.9)
Crude Oil (WTI)/Barrel (FM Future) 44.68 (4.7) 0.1 (16.1) NASDAQ 100 4,827.23 (1.4) 0.1 1.9
Natural Gas (Henry Hub)/MMBtu 2.63 (1.9) (1.5) (12.3) STOXX 600 354.77 (1.2) (0.1) (2.7)
LPG Propane (Arab Gulf)/Ton 45.75 (1.1) 2.8 (6.6) DAX 9,916.16 (2.5) (1.9) (5.4)
LPG Butane (Arab Gulf)/Ton 57.25 (1.3) 3.2 (8.8) FTSE 100 6,104.11 (0.9) 0.8 (7.0)
Euro 1.13 (1.2) (0.4) (6.6) CAC 40 4,535.85 (2.0) (0.1) (0.3)
Yen 119.98 (0.0) (0.5) 0.2 Nikkei 18,070.21 (1.1) (0.4) 3.2
GBP 1.55 (0.4) 0.7 (0.3) MSCI EM 829.86 0.3 3.4 (13.2)
CHF 1.03 (0.9) 0.1 2.7 SHANGHAI SE Composite 3,097.92 0.4 (3.1) (6.6)
AUD 0.72 0.2 1.4 (12.1) HANG SENG 21,920.83 0.3 1.9 (7.1)
USD Index 94.86 0.3 (0.3) 5.1 BSE SENSEX 26,218.91 1.7 3.3 (8.3)
RUB 66.50 1.5 (2.2) 9.5 Bovespa 47,264.08 (3.4) 0.9 (36.1)
BRL 0.25 (1.2) (1.9) (32.8) RTS 816.56 (0.8) 2.2 3.3
136.7
115.3
111.1