The QSE Index declined 0.5% to close at 11,134.8.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.5% to close at 11,134.8. Losses were led by the Industrials and
Insurance indices, falling 0.8% and 0.6%, respectively. Top losers were Qatar Electricity
& Water Co. and Zad Holding Co., falling 2.1% and 1.7%, respectively. Among the top
gainers, Aamal Co. and Salam International Investment Co. were up 0.7% each.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.8% to close at 5,976.9. Losses were led by the Media
& Publishing and Energy & Utilities indices, falling 3.7% and 1.9%, respectively. Middle
East Healthcare Co. fell 6.6%, while Filling & Packing Material Mfgt. Co. was down 6.2%.
Dubai: The DFM Index gained 0.3% to close at 3,492.2. The Consumer Staples index
rose 1.3%, while the Services index gained 1.2%. Takaful Emarat rose 7.7%, while
Marka was up 3.5%.
Abu Dhabi: The ADX benchmark index rose 0.1% to close at 4,519.8. The Consumer
Staples and the Real Estate indices gained 1.5% each. Bank of Sharjah gained 5.6%,
while Sudatel Telecommunications Group Company Limited was up 3.8%.
Kuwait: The KSE Index declined 0.1% to close at 5,428.9. The Technology index fell
0.9%, while the Telecommunication index declined 0.8%. Al Mudon Intl. Real Estate Co.
fell 5.5%, while National International Co. was down 3.7%.
Oman: The MSM Index fell 0.5% to close at 5,823.1. Losses were led by the Financial
and Services indices, falling 0.8% and 0.3%, respectively. Bank Dhofar fell 4.0%, while
Renaissance Services was down 3.4%.
Bahrain: The BHB Index fell 0.5% to close at 1,146.4. The Hotels & Tourism and
Commercial Banks indices declined 1.0% each. National Bank of Bahrain declined 2.8%,
while Gulf Hotel Group was down 1.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Aamal Co 14.69 0.7 158.5 5.0
Salam International Inv. Ltd 11.90 0.7 151.1 0.7
Al Meera Consumer Goods Co. 218.40 0.6 29.4 (0.7)
Gulf Warehousing Co. 57.80 0.5 78.3 1.6
Qatar Gas Transport Co. 24.46 0.5 142.6 4.8
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 12.09 0.4 751.9 (4.8)
Masraf Al Rayan 38.00 (0.8) 345.1 1.1
Ezdan Holding Group 19.45 (0.3) 344.7 22.3
Gulf International Services 35.90 (1.4) 214.6 (30.3)
Mesaieed Petrochemical Holding Co. 18.94 (1.0) 168.1 (2.4)
Market Indicators 25 Aug 16 24 Aug 16 %Chg.
Value Traded (QR mn) 179.7 166.6 7.9
Exch. Market Cap. (QR mn) 595,478.2 598,375.3 (0.5)
Volume (mn) 4.0 3.3 20.6
Number of Transactions 3,552 2,971 19.6
Companies Traded 41 40 2.5
Market Breadth 10:28 30:6 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,015.39 (0.5) (1.6) 11.1 15.5
All Share Index 3,061.19 (0.4) (1.5) 10.2 14.7
Banks 3,050.50 (0.5) (1.6) 8.7 12.9
Industrials 3,318.27 (0.8) (2.1) 4.1 15.8
Transportation 2,604.43 (0.0) (2.1) 7.1 12.6
Real Estate 2,720.50 (0.1) 0.1 16.6 23.9
Insurance 4,710.75 (0.6) (1.4) 16.8 12.6
Telecoms 1,259.62 (0.2) (4.1) 27.7 19.2
Consumer 6,531.73 (0.1) (0.7) 8.8 13.7
Al Rayan Islamic Index 4,206.21 (0.2) (1.1) 9.1 18.4
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Bank of Sharjah Abu Dhabi 1.33 5.6 1,254.1 (13.6)
Union National Bank Abu Dhabi 4.45 2.3 2,662.3 (4.9)
Dana Gas Abu Dhabi 0.56 1.8 4,030.8 9.8
Bank Sohar Oman 0.17 1.8 1,586.0 8.3
DP World Ltd Dubai 18.30 1.7 267.5 (9.9)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Res. & Marketing Saudi Arabia 28.97 (6.0) 785.5 (49.9)
Saudi Printing & Packaging Saudi Arabia 15.12 (5.4) 1,843.0 (42.5)
Bank Dhofar Oman 0.24 (4.0) 6.0 23.4
Yamama Cement Co. Saudi Arabia 20.21 (3.5) 923.8 (35.8)
Saudi Cement Saudi Arabia 51.84 (3.3) 385.7 (20.1)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200
Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Electricity & Water Co. 222.00 (2.1) 88.8 2.6
Zad Holding Co. 85.00 (1.7) 0.7 0.2
Al Khalij 17.60 (1.7) 10.0 (2.1)
Doha Bank 38.35 (1.7) 54.7 (13.8)
Islamic Holding Group 66.00 (1.5) 11.0 (16.1)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 164.50 (0.2) 26,505.6 12.8
Qatar Electricity & Water Co. 222.00 (2.1) 19,795.7 2.6
Ooredoo 101.30 (0.4) 16,230.1 35.1
Masraf Al Rayan 38.00 (0.8) 13,096.2 1.1
Industries Qatar 113.00 (0.9) 11,332.6 1.7
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* 11,134.81 (0.5) (1.6) 5.0 6.8 49.36 163,577.9 15.5 1.7 3.7
Dubai 3,492.22 0.3 (2.2) 0.2 10.8 97.34 91,561.1 12.5 1.3 4.3
Abu Dhabi 4,519.83 0.1 0.0 (1.2) 4.9 27.09 120,995.5 12.1 1.5 5.4
Saudi Arabia 5,976.89 (0.8) (4.0) (5.2) (13.5) 813.84 372,659.6 14.1 1.4 4.1
Kuwait 5,428.91 (0.1) (0.8) (0.4) (3.3) 19.46 79,608.3 18.8 1.0 4.3
Oman 5,823.06 (0.5) (1.2) (0.4) 7.7 4.96 23,171.7 10.2 1.2 5.0
Bahrain 1,146.37 (0.5) (0.2) (0.8) (5.7) 34.34 17,776.2 9.6 0.4 4.7
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)
11,050
11,100
11,150
11,200
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 0.5% to close at 11,134.8. The Industrials and
Insurance indices led the losses. The index fell on the back of selling
pressure from Qatari and GCC shareholders despite buying support from
non-Qatari shareholders.
 Qatar Electricity & Water Co. and Zad Holding Co. were the top losers,
falling 2.1% and 1.7%, respectively. Among the top gainers, Aamal Co. and
Salam International Investment Co. were up 0.7% each.
 Volume of shares traded on Thursday rose by 20.6% to 4.0mn from 3.3mn
on Wednesday. However, as compared to the 30-day moving average of
6.9mn, volume for the day was 41.9% lower. Vodafone Qatar and Masraf Al
Rayan were the most active stocks, contributing 18.8% and 8.6% to the
total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Masraf Al Rayan
(MARK)
Moody's Qatar
LT-
IR/CRA/BCA/ABCA
A2/A1(cr)/ baa3/
baa3
A1/Aa3(cr)/
baa2/ baa2
 Stable 
Doha Insurance Co.
(DOHI)
AM Best Qatar FSR/ICR A-/ a- A-/ a- – Stable –
Emirates
Telecommunications
Group Co.
Fitch
Abu
Dhabi
LT-IDR/SUD A+/ A+ A+/ A+ – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local
Currency, SUD – Senior Unsecured Debt, CRA – Counterparty Risk Assessment, BCA – Baseline Credit Assessment, ABCA – Adjusted Baseline Credit Assessment)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
08/25 US Department of Labor Initial Jobless Claims 20-August 261k 265k 262k
08/25 US Department of Labor Continuing Claims 13-August 2,145k 2,155k 2,175k
08/25 US Markit Markit US Services PMI August P 50.9 51.8 51.4
08/25 US Markit Markit US Composite PMI August P 51.5 – 51.8
08/26 UK ONS GDP QoQ 2Q2016 P 0.60% 0.60% 0.60%
08/26 UK ONS GDP YoY 2Q2016 P 2.20% 2.20% 2.20%
08/26 Germany GfK AG GfK Consumer Confidence September 10.2 10.0 10.0
08/26 France INSEE GDP YoY 2Q2016 P 1.40% 1.40% 1.40%
08/26 France INSEE GDP QoQ 2Q2016 P 0.00% 0.00% 0.00%
08/25 Japan Bank of Japan PPI Services YoY July 0.40% 0.10% 0.20%
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 Individuals 25.91% 22.13% 6,794,328.33
Qatari Institutions 11.32% 25.73% (25,900,756.83)
Qatari 37.23% 47.86% (19,106,428.50)
GCC Individuals 0.75% 0.52% 414,101.56
GCC Institutions 7.05% 7.65% (1,069,473.30)
GCC 7.80% 8.17% (655,371.74)
Non-Qatari Individuals 6.73% 8.22% (2,682,498.17)
Non-Qatari Institutions 48.24% 35.75% 22,444,298.41
Non-Qatari 54.97% 43.97% 19,761,800.24

3. Page 3 of 6
News
Qatar
 The FTSE Russell Semi Annual Index Review Update and
amendment add GISS to the list – Further to the FTSE notice
released on August 24, 2016 in relation to the indicative list of
Qatari companies which will be eligible for addition to FTSE’s
Secondary Emerging Market Index at the September 2016 review,
Gulf International Services (GISS) has been added to the list of
eligible companies by FTSE on August 25, 2016. (QSE)
 Moody’s upgrades ratings of MARK – Global credit rating agency
Moody’s has upgraded Masraf Al Rayan’s (MARK) long-term issuer
ratings to ‘A1’ from ‘A2’ and Counterparty Risk (CR) Assessment to
‘Aa3(cr)’ from ‘A1(cr)’. At the same time, the baseline credit
assessment (BCA) and adjusted BCA were raised to ‘baa2’ from
‘baa3’. Concurrently, the rating agency affirmed the ‘Prime-1’ short
term issuer ratings and ‘Prime-1(cr)’ short term CR Assessment.
The outlook on the long-term ratings has changed to ‘stable’ from
‘positive’. (Gulf-Times.com)
 A M Best affirms DOHI ratings; outlook remains ‘stable’ – A M Best,
an international insurance rating agency, affirmed Doha Insurance
Company’s (DOHI) financial strength rating at ‘A- (Excellent)’ and
the issuer credit rating at “a-”, both with a “stable” outlook. The
rating agency said the ratings reflect the insurer’s very strong risk
adjusted capitalization, solid position within the domestic
insurance market and track record of good operating performance.
(Gulf-Times.com)
 MDPS: Qatar’s foreign merchandise trade balance dropped 52.5%
YoY in July 2016 – According to the Ministry of Development
Planning and Statistics (MDPS), Qatar’s foreign merchandise trade
balance, which represents the difference between total exports
and imports, stood at QR6.7bn in July 2016. However, this
represents a decrease of about QR7.4bn, or 52.5%, as compared to
July 2015. Similarly, it decreased by nearly QR1.5bn, or 18.8%, as
compared to June 2016. Total exports, including exports of goods
of domestic origin and re-exports, in July 2016 amounted to
around QR16.3bn, down 30.0% as compared to July 2015. The
amount also fell by 6.5% as compared to June 2016. On the other
hand, imports in July 2016 amounted to around QR9.6bn, or a
4.4% increase, over July 2015. On MoM basis, imports increased by
4.5%. According to the MDPS, the YoY decrease in total exports
was mainly due to lower exports of petroleum gases and other
gaseous hydrocarbons (QR10.4bn, -33.3%), petroleum oils and
oils from bituminous minerals (crude) (QR2.5bn, -18.6%), and
petroleum oils and oils from bituminous minerals (non-crude)
(QR766mn, -28.9%). (Gulf-Times.com)
 DTZ: Rents for mid-range apartments likely to soften in 3Q2016 – A
report issued by global real estate services firm DTZ recently
noted that a softening of rents was anticipated among mid-range
residential units in 3Q2016. According to the “Q2 2016 Qatar
Market Report”, rents of prime residential properties and office
space had fallen in 2Q2016. A Gulf Times article on the DTZ report
had quoted an official as saying that “many prime apartments saw
rent fall by QR1,000-1,500, while rents of many villas fell by up to
QR2,000-3,000 per month”. He said vacancy rates for prime
residential properties were between 5% and 10%, which were
“now common”. The official said increasing vacancy and new
supply indicated that there could be a softening of rents for mid-
range apartments in 3Q2016. According to the report, the new
supply is likely in places such as Bin Mahmoud and Al Mansoura.
(Gulf-Times.com)
 Power consumption per head fell around 14% over April 2012-
November 2015 – According to figures released by Qatar General
Electricity and Water (Kahramaa), power consumption per head in
Qatar fell by approximately 14% between April 2012 and
November 2015. In a report published in the 2016 edition of The
Report magazine of the Oxford Business Group, Kahramaa stated
that there was a fall of around 17% in per head consumption of
water during the same period. However, based on information
from the Ministry of Development Planning and Statistics, the
publication said the country’s electricity utilization increased 8.3%
YoY in December 2015, while per capita water consumption
dropped by 1.4%. It is also reported that some 57% of the
electricity generated in the country is consumed by residents,
while the industry takes 30%. In per capita terms, Qatar has the
third largest electricity consumption in the Middle East at around
17bn Kwh, which is less only to Kuwait (19Kwh) and the UAE
(18Kwh). (Zawya)
 MDPS: Qatar's GDP grows 1.1% in 1Q2016 – According to a data
released by the Ministry of Development Planning and Statistics
(MDPS) Qatar's real GDP grew by 1.1% in 1Q2016 as compared to
1Q2015. As compared with the previous quarter, the preliminary
first-quarter data shows the GDP declining by 2.6% in 1Q2016.
The contribution to GDP by mining and quarrying sector, which
includes oil & gas, shrank 3% in 1Q2016 as compared to 1Q2015.
The decline was 2.5% QoQ. Excluding mining and quarrying sector,
the country's economy grew 5.5% in 1Q2016 over 1Q2015. (Qatar
Tribune)
 QNCC, Turkey’s Medyacity sign deal to boost Turkey’s exports –
Turkish and Qatari companies have completed a cooperation
agreement to increase Turkish exports into the Middle East and
North Africa (MENA) region. According to the agreement signed by
Turkey’s Medyacity and Qatar National Convention Center (QNCC)
of Qatar Foundation, representatives from over 300 Turkish
companies are expected to visit Doha in April 2017 to participate
in EXPO Turkey. Expo Turkey looks at reaching over 3,000
business persons from the MENA region, who are expected to visit
the expo, while 2,000 special business meetings are being planned
to increase Turkey’s exports to Qatar from $400m to $1bn, which
is twice the current export volume. (Peninsula Qatar)
 DHBK inaugurates new branch in Kochi – Doha Bank (DHBK) has
opened a new branch in Kochi in the southern Indian state of
Kerala. The branch, located at Lulu International Shopping Mall in
Edapally, was inaugurated by Chief Minister Pinarayi Vijayan.
(Peninsula Qatar)
 Commercial Bank unveils enhanced benefits for newly arrived
expats – Commercial Bank, Qatar’s first private bank, has
announced a number of enhanced new benefits to its market
leading “Life in Qatar” banking service, designed for customers
arriving or about to arrive in Qatar. Commercial Bank’s “Life in
Qatar” now includes a free Al Maha platinum meet-and-greet
arrival service, a new benefit introduced this year for the bank’s
Sadara customers to enjoy a fast and comfortable arrival at the
Hamad International Airport. (Gulf-Times.com)
 Talks progress to set up polyclinic in Doha – Negotiations are
progressing between medical executives from the Philippines and
Qatari investors for the establishment of a polyclinic in Doha, as
part of the proposed Filipino hospital project in Qatar. (Gulf-
Times.com)
International
 Upbeat US factory data suggests business spending stabilizing –
New orders for US manufactured capital goods rose for a second
straight month in July as demand for machinery and a range of
other products picked up, offering a tentative sign that a business
spending downturn was starting to ease. The economic outlook
also was boosted by another report showing an unexpected drop
in the number of Americans filing for unemployment benefits last
week, indicating sustained labor market strength. Together, the

4. Page 4 of 6
data support the view that the Federal Reserve will raise interest
rates in December. Fed Chairperson Janet Yellen could give
guidance on the near-term outlook for US monetary policy when
she speaks on Friday at a global central bankers' conference in
Jackson Hole, Wyoming. (Reuters)
 Declining inventories crimp US growth in 2Q2016, consumer
spending surges – US economic growth was slightly more tepid
than initially thought in 2Q2016 as businesses aggressively ran
down inventories, offsetting a spurt in consumer spending. The
Commerce Department said in its second estimate of GDP that
Gross domestic product (GDP) expanded at a 1.1% annual rate.
That was modestly down from the 1.2% rate it reported in July and
also reflected more imports than previously estimated as well as
weak government spending. (Reuters)
 ONS: UK consumers powered growth in 2Q2016 despite approach
of Brexit vote – According to the Office for National Statistics (ONS)
data Britain's consumers and businesses showed no sign of reining
in their spending ahead of the country's Brexit vote in June, adding
to signs that the economy went into the referendum in strong
shape. ONS said households increased their spending by the most
since before the financial crisis in 2Q2016. The data also showed
investment by businesses unexpectedly rose during 2Q2016 - a
period which mostly covered the run-up to the shock decision by
voters to leave the European Union on June 23 - compared with
1Q2016. (Reuters)
 Eurozone’s lending picks up, easing pressure on ECB to act –
Lending to Eurozone companies and households grew steadily in
July, suggesting the region's modest economic recovery remains
on track after the Brexit vote and easing pressure on the European
Central Bank (ECB) to provide more stimulus. According to ECB
data loans to companies rose 1.9% YoY in July, up from 1.7% a
month earlier and the fastest rate in five years. Household lending
grew by 1.8%, matching a June reading that was revised up from
1.7%. The data, which follows largely encouraging economic
output and survey readings since Britain voted to leave the EU on
June 23, adds to the case for the ECB to refrain from further policy
easing at its next rate-setting meeting on September 8, 2016.
Eurozone lending has been growing since mid-2014, when the ECB
started charging banks for hoarding cash and began fleshing out
its bond-buying program in a bid to kick-start inflation and
economic growth. (Reuters)
 Greece PM: EU sleepwalking toward cliff, wants debt relief by 2016-
end – Greece Prime Minister Alexis Tsipras said the EU was
"sleepwalking towards a cliff" by sticking to austerity rules that
created huge inequalities among members, and it expected a debt
relief deal for itself to be honored by end-2016 so that its economy
could recover. Athens, facing a second bailout review entailing an
unpopular loosening of labor laws in the autumn, is keen to show
that painful tax rises and pension cuts as part of its €86bn bailout
deal last year will bear fruit. Greece has committed to attaining a
primary budget surplus - excluding debt servicing costs - of 3.5%
of economic output by 2018 as part of its third bailout package
since 2010. The IMF, which has yet to decide whether it will fund
the third bailout, has said that surplus targets of 3.5% beyond
2018 are not realistic for Greece and has pushed for softer fiscal
goals to take part in the financing. The Greek government and the
central bank also want lower primary surplus targets, arguing this
will give Athens room to cut taxes and help the battered economy
return to growth after a protracted recession. The economy has
shrunk by a quarter in six years and the jobless rate is 23.5%.
(Reuters)
 Japan housing market rare bright spot amid stalling growth –
Japan's housing market is likely to moderate after investment
grew at its fastest in five years in April-June, but the benefits to
consumer spending and employment could continue into next year
due to the Bank of Japan's (BOJ) negative interest rates. While the
BOJ courted controversy by pushing rates below zero in 2016,
putting banks offside in particular, the policy has proven a hit with
first-time home buyers and homeowners looking to refinance
mortgages. Rises in long-depressed property prices are causing
some people to buy sooner rather than later, which should lift
demand for durable goods such as appliances and furniture - just
the recipe to break Japan's deflationary mentality. (Reuters)
 NBS: China July industrial profits rise, buoyed by increased sales,
falling costs – According to the National Bureau of Statistics (NBS),
profits earned by China's industrial firms grew at their fastest pace
in four months in July, aided by a pick-up in sales and reduced
costs. NBS said profits in July rose 11.0% to 523.01bn yuan, the
fastest growth rate since March. Total profits for the January-July
period rose 6.9% from the same period a year earlier, as compared
with a 6.2% rise in the 1H2016. Profits in the mining sector fell
77% from the same period a year earlier while manufacturing
profits rose 12.8%. Chinese industrial firms' liabilities at the end of
July were 4.5% higher than at the same point in 2015. The data
covers large enterprises with annual revenues of more than 20mn
yuan from their main operations. (Reuters)
Regional
 Booz Allen Hamilton: Industries in Middle East region face risk of
cyber-attacks – Global consulting & technology firm Booz Allen
Hamilton, in its recent report titled “Industrial Cybersecurity
Threat Briefing”, said industries in the Middle East region face the
risk of cyber-attacks. Booz Allen Hamilton highlighted the most
significant threats to Industrial Control Systems in 2016 and 2017
and listed the most effective measures to counter them.
(GulfBase.com)
 IMF downgrades global growth forecast – The International
Monetary Fund (IMF) recently downgraded its forecasts for global
growth by 10 basis points to 3.1% and 3.4% for 2016 and 2017,
respectively. The IMF highlighted the outcome of the Brexit as
uncertainty on the political front resulting in low confidence and
investment sentiment globally. As per a report published by the
IMF in April 2016, Kuwait, Oman, Saudi Arabia, the UAE and Qatar
is expected to report a growth of 2.4%, 1.8%, 1.2%, 2.4% and
3.4%, respectively during 2016. The fall in oil prices has directly
resulted in liquidity drain from GCC banks due to high proportion
of government deposits in the form of bulky time deposits.
(Bloomberg)
 Minister: Saudi Arabia’s Aramco IPO on track – The Kingdom’s
Energy Minister said that the initial public offering (IPO) of Saudi
Arabian Oil Company remains on track, while the government
considers how to meet all its objectives from the sale of a stake.
The process requires time as the government considers how to
“optimize” Aramco’s value for both potential shareholders and for
the Kingdom, as it pursues a plan to diversify its economy.
(Bloomberg)
 KSA likely to sell around $10bn bonds – Saudi Arabia will probably
push ahead with the sale of bonds worth at least $10bn, even if the
US raises interest rates in September, spurred by demand for
emerging-market assets that may leave enough room for other
Gulf states to follow. (Bloomberg)
 Rationing electricity use, alternative energy sources would save
$20bn in KSA – According to sources, rationing of the use of
electricity consumption and a gradual transformation to
alternative energy every year would save the country around
$20bn. The consumption of petroleum products by the Kingdom
was one-third of the total daily production. The average current
consumption of oil for the production of electricity & water
desalination is around 4.2mn bpd. It is expected to reach 9.5mn

5. Page 5 of 6
bpd by 2035, which would be a great loss of the Kingdom’s exports
of around SR795mn per day. (Bloomberg)
 SWFs raise $16.2bn in 2Q2016 – According to sources, Sovereign
wealth funds (SWFs), including the state-owned investment funds
in the GCC region, raised $16.2bn from third-party asset managers
in 2Q2016, up from a revised $10.1bn in 1Q2016. The outflows
were the second largest in five years, exceeded only by the $22bn
withdrawn by sovereign wealth funds in 3Q2015, when oil prices
tumbled around 25%. (Bloomberg)
 UAE companies keen to invest in India’s oil & gas sector – According
to sources, nearly a dozen companies from the UAE are planning to
bid for the development of small oil & gasfields in India.
(Bloomberg)
 Dubai announces crude oil price for November – The Department of
Oil Affairs of the Government of Dubai has announced that it has
notified customers that the official price of Dubai crude oil to be
delivered in November will be $0.15 less than the average daily
settlement price of the Oman Crude Oil Financial Contract in Dubai
Mercantile Exchange for contracts being traded during September.
(Bloomberg)
 Dubai Customs sees 6% growth in transactions in 1H2016 –
According to sources, Dubai Custom's Department of Planning &
Development, also known as Trakhees, recorded a 6.3% growth in
the number of transactions processed in 1H2016 to 55,086 in
comparison with 51,726 in 1H2015. (Bloomberg)
 Dubai hotels occupancy, revenue increase in July – Hotels in Dubai
experienced a 17.6% increase in occupancy to 67.5% during July
2016, while revenue per available room increased 7.5% to
AED365.08. (Bloomberg)
 ADGM signs MoU with SEBI to enhance cooperation – The Financial
Services Regulatory Authority (FSRA) of the Abu Dhabi Global
Market (ADGM) signed an MoU with the Securities and Exchange
Board of India (SEBI) to enhance regulatory cooperation and
facilitate bilateral activities. The MoU establishes a framework for
both authorities to provide assistance, exchange regulatory
information and co-operate in supervising and overseeing the
compliance of financial institutions with their respective securities
& derivatives markets laws and regulations. (GulfBase.com)
 Sharjah embarks on major digital project – According to sources, a
new centralized digital network will be created in Sharjah to link
all government bodies and agencies to allow for the seamless
transfer of electronic data. All 129 Sharjah government
departments will be connected through a new centre that uses
cloud technology. The network will also link with national
electronic services to provide more convenience for members of
the public. (Bloomberg)
 Government looks to private sector in healthcare reform – The
sharp decline in oil prices since mid-2014 and Kuwait's first
budget deficit in 16 years in the FY2015-16 have added urgency to
government efforts to reform healthcare spending. Progress has
been made in terms of a new public-private partnership (PPP) law
that received parliamentary approval in 2014 and came into full
effect in 2015, and the government has targeted KD6bn in PPP
projects to expand private-sector participation in the overall
projects market. (Bloomberg)
 Personal loans of Oman banks register over 10% growth – Oman’s
conventional banks have posted a robust 10.44% growth in
aggregate personal loans or consumer loan portfolios, which stood
at OMR7,680.96mn at June 2016-end. The growth in personal loan
was attributed to the tendency of more and more customers taking
loans fearing a rise in interest rate. (GulfBase.com)

6. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. WLL One Person Company
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. WLL One Person Company (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time
only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability
whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged
investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been
obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any representations or
warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or
recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume).
QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even
contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNBFS.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (#Market closed on August 26, 2016) Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Jul-12 Jul-13 Jul-14 Jul-15 Jul-16
QSEIndex S&PPan Arab S&PGCC
(0.8%)
(0.5%)
(0.1%)
(0.5%) (0.5%)
0.1%
0.3%
(1.2%)
(0.9%)
(0.6%)
(0.3%)
0.0%
0.3%
0.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,321.22 (0.1) (1.5) 24.5 MSCI World Index 1,726.08 (0.1) (0.3) 3.8
Silver/Ounce 18.66 0.5 (3.4) 34.6 DJ Industrial 18,395.40 (0.3) (0.8) 5.6
Crude Oil (Brent)/Barrel (FM Future) 49.92 0.5 (1.9) 33.9 S&P 500 2,169.04 (0.2) (0.7) 6.1
Crude Oil (WTI)/Barrel (FM Future) 47.64 0.7 (1.8) 28.6 NASDAQ 100 5,218.92 0.1 (0.4) 4.2
Natural Gas (Henry Hub)/MMBtu 2.88 0.6 9.0 24.4 STOXX 600 343.72 0.1 0.3 (2.8)
LPG Propane (Arab Gulf)/Ton 47.75 0.5 3.2 22.0 DAX 10,587.77 0.2 (0.3) 1.5
LPG Butane (Arab Gulf)/Ton# 59.00 0.0 1.7 2.6 FTSE 100 6,838.05 0.1 0.4 (2.2)
Euro 1.12 (0.8) (1.1) 3.1 CAC 40 4,441.87 0.4 0.2 (1.0)
Yen 101.84 1.3 1.6 (15.3) Nikkei 16,360.71 (1.9) (2.2) 2.4
GBP 1.31 (0.4) 0.5 (10.9) MSCI EM 901.39 0.4 (1.0) 13.5
CHF 1.02 (1.1) (1.8) 2.5 SHANGHAI SE Composite 3,070.31 (0.1) (1.4) (15.6)
AUD 0.76 (0.7) (0.8) 3.8 HANG SENG 22,909.54 0.4 (0.2) 4.5
USD Index 95.57 0.8 1.1 (3.1) BSE SENSEX 27,782.25 (0.2) (0.9) 5.1
RUB 64.59 (0.7) 1.1 (10.9) Bovespa 57,716.25 (0.4) (2.7) 62.5
BRL 0.31 (1.0) (1.9) 21.2 RTS 973.43 0.7 0.8 28.6
135.7
96.7
96.4