The QSE Index declined 0.1% to close at 10,489.0.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.1% to close at 10,489.0. Losses were led by the Consumer
Goods & Services and Telecoms indices, falling 2.1% and 0.5%, respectively. Top
losers were Mannai Corporation and Investment Holding Group, falling 6.6% and
5.1%, respectively. Among the top gainers, Qatar Cinema & Film Distribution Co.
gained 8.6%, while Qatari German Company for Medical Devices was up 3.1%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.3% to close at 7,943.4. Losses were led by the
Insurance and Commercial & Prof. Svc indices, falling 1.1% and 0.9%, respectively.
Jazan Energy and Dev. Co. declined 4.0%, while Buruj Coop. Ins. was down 3.5%.
Dubai: The DFM General Index declined 2.1% to close at 2,511.1. The Consumer
Staples and Disc. index fell 4.4%, while the Invest. & Fin. Services index declined
4.3%. AL SALAM Sudan fell 7.4%, while GFH Financial Group was down 6.5%.
Abu Dhabi: The ADX General index fell 0.8% to close at 4,828.7. The Consumer
Staples index declined 4.8%, while the Inv. & Fin Serv. index fell 2.1%. Nat. Bank of
Umm Al Qaiwain declined 10.0%, while Abu Dhabi Nat. Energy Co. was down 9.1%.
Kuwait: The Kuwait Main Market Index declined 0.2% to close at 4,718.0. The
Consumer Goods index fell 1.4%, while the Telecomm. index declined 1.2%. Osos
Holding Group Co. fell 11.8%, while Al-Deera Holding Co. was down 10.0%.
Oman: The MSM 30 Index fell 0.7% to close at 4,379.5. Losses were led by the
Industrial and Services indices, falling 0.8% and 0.6%, respectively. National
Aluminium Products fell 5.8%, while Oman Fisheries was down 2.9%.
Bahrain: The BHB Index fell 0.4% to close at 1,314.3. The Investment index
declined 0.9%, while the Commercial Banks index fell 0.3%. Al Salam Bank -
Bahrain declined 6.8%, while GFH Financial Group was down 6.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distribution 21.77 8.6 0.5 (12.9)
Qatari German Co for Med. Devices 5.30 3.1 117.1 (18.0)
Al Khaleej Takaful Insurance Co. 8.60 3.0 21.5 (35.0)
Qatar General Ins. & Reins. Co. 47.98 1.1 3.6 (2.1)
QNB Group 198.00 1.0 298.8 57.1
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Aluminium Manufacturing 12.40 (4.7) 12,659.9 (4.7)
Qatar First Bank 4.22 0.0 784.5 (35.4)
Investment Holding Group 5.06 (5.1) 536.8 (17.0)
Ezdan Holding Group 12.30 (0.7) 465.8 1.8
Mazaya Qatar Real Estate Dev. 7.97 (0.1) 449.9 (11.4)
Market Indicators 17 Dec 18 16 Dec 18 %Chg.
Value Traded (QR mn) 364.6 486.4 (25.1)
Exch. Market Cap. (QR mn) 596,796.4 596,832.2 (0.0)
Volume (mn) 18.8 29.8 (36.8)
Number of Transactions 15,254 24,555 (37.9)
Companies Traded 44 42 4.8
Market Breadth 14:24 19:20 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,480.52 (0.1) 0.3 29.3 15.5
All Share Index 3,112.99 (0.0) (0.2) 26.9 15.8
Banks 3,879.90 0.6 0.7 44.7 14.6
Industrials 3,301.49 (0.4) (0.1) 26.0 15.7
Transportation 2,110.05 (0.2) (0.6) 19.3 12.3
Real Estate 2,118.00 (0.4) (2.6) 10.6 19.1
Insurance 3,114.45 (0.1) (0.1) (10.5) 18.5
Telecoms 1,028.82 (0.5) (0.2) (6.4) 41.7
Consumer 6,738.25 (2.1) (0.9) 35.8 13.8
Al Rayan Islamic Index 3,940.23 (0.3) (0.1) 15.2 15.4
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Bank Al Bilad Saudi Arabia 26.00 3.2 1,190.8 27.0
Mobile Telecom. Co. Saudi Arabia 7.72 2.1 7,923.8 5.6
Saudi Electricity Co. Saudi Arabia 16.20 1.4 2,237.0 (23.0)
Ominvest Oman 0.34 1.2 60.0 (18.8)
Saudi Arabian Fertilizer Saudi Arabia 80.50 1.0 159.7 23.7
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Al Salam Bank-Bahrain Bahrain 0.08 (6.8) 701.5 (28.1)
GFH Financial Group Dubai 1.01 (6.5) 35,530.3 (32.7)
DAMAC Properties Dubai 1.65 (6.3) 697.3 (50.0)
Dubai Investments Dubai 1.25 (4.6) 1,932.8 (48.1)
Emaar Malls Dubai 1.71 (2.8) 595.2 (19.7)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Mannai Corporation 54.51 (6.6) 12.9 (8.4)
Investment Holding Group 5.06 (5.1) 536.8 (17.0)
Qatar Aluminium Manufacturing 12.40 (4.7) 12,659.9 (4.7)
Qatar Islamic Insurance Company 54.30 (3.9) 2.8 (1.2)
Salam International Inv. Ltd. 4.36 (3.1) 64.7 (36.7)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Aluminium Manufacturing 12.40 (4.7) 155,839.3 (4.7)
QNB Group 198.00 1.0 58,815.4 57.1
Industries Qatar 138.00 0.0 21,342.6 42.3
Barwa Real Estate Company 40.34 0.2 16,361.2 26.1
Masraf Al Rayan 42.00 (0.2) 15,226.1 11.3
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*#
10,489.04 (0.1) 0.3 1.2 23.1 99.87 163,940.0 15.5 1.6 4.2
Dubai 2,511.08 (2.1) (3.4) (5.9) (25.5) 49.41 92,533.7 8.5 0.9 7.0
Abu Dhabi 4,828.67 (0.8) (0.7) 1.2 9.8 40.81 132,542.7 13.1 1.4 5.0
Saudi Arabia 7,943.39 (0.3) 0.4 3.1 9.9 827.82 505,921.6 17.1 1.8 3.5
Kuwait 4,718.00 (0.2) 0.0 (0.3) (2.3) 100.31 32,379.0 16.8 0.9 4.4
Oman 4,379.49 (0.7) (1.5) (0.7) (14.1) 3.33 18,961.9 10.3 0.8 5.9
Bahrain 1,314.27 (0.4) (0.4) (1.1) (1.3) 16.47 20,007.0 8.9 0.8 6.2
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any,
#
Data as on December 17, 2018)
10,350
10,400
10,450
10,500
10,550
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index declined 0.1% to close at 10,489.0. The Consumer Goods
& Services and Telecoms indices led the losses. The index fell on the
back of selling pressure from Qatari shareholders despite buying support
from GCC and non-Qatari shareholders.
 Mannai Corporation and Investment Holding Group were the top losers,
falling 6.6% and 5.1%, respectively. Among the top gainers, Qatar
Cinema & Film Distribution Company gained 8.6%, while Qatari German
Company for Medical Devices was up 3.1%.
 Volume of shares traded on Tuesday fell by 36.8% to 18.8mn from
29.8mn on Monday. However, as compared to the 30-day moving
average of 7.3mn, volume for the day was 156.9% higher. Qatar
Aluminium Manufacturing Company and Qatar First Bank were the
most active stocks, contributing 67.3% and 4.2% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
12/17 EU Eurostat CPI Core YoY November 1.0% 1.0% 1.0%
12/17 EU Eurostat CPI YoY November 1.9% 2.0% 2.0%
12/17 EU Eurostat CPI MoM November -0.2% -0.2% 0.2%
12/18 Germany IFO Institute IFO Business Climate December 101.0 101.7 102.0
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar’s corporate sector seen set for more listings in 2019 –
Qatar’s corporate sector is slated to see more listings in 2019,
indicating the growing confidence in the country’s bourse,
which is the best performer in the Gulf so far this year. Several
entities, which include family-owned firms, are making a
beeline to get listed and it is learnt that two listings – one from
the agriculture and another from the pharmaceuticals sectors
are expected soon. Qatar Stock Exchange’s (QSE) CEO, Rashid
Bin Ali Al-Mansoori said, “We are working on number of
requests. We are keen to have more listings in 2019.” He added
there are many (in the pipeline) and it is up to them to decide on
when to get listed. Highlighting that Qatar Aluminium
Manufacturing Company has set a benchmark; Al-Mansoori
said the Qatar Petroleum company became public within six
months of deciding to go in that direction and it will prompt
others to follow suit. “At least one or two will be listed in the
days to come, but it is up to them (as to when to enter the
market),” he said, adding they are in healthcare
/pharmaceutical and agriculture sectors. Fast growing domestic
dairy major Baladna has already disclosed its plans to get listed
and is now in the process of setting the books in order. There
were reports that Qatar Pharma and Rayyan Water are also
planning foray on the QSE. The new listings are expected to
give a fillip to the market in terms of liquidity as well as depth
and breadth; which in turn, has a direct bearing in on the
exchange traded funds’ performance, according to market
experts. (Gulf-Times.com)
 Qatar’s economy to expand 2.5% in 2018 – Qatari economy will
expand 2.5% in 2018, 2.9% in 2019 and 3.3% in 2020, according
to a survey conducted by Bloomberg News. CPI for 2018
forecasted at +0.9% YoY versus prior survey of +1%. CPI for
2019 forecasted at +2% YoY versus prior survey of +2.5%.
(Bloomberg)
 Qatar’s Ministry of Finance explained tax overhaul for 2019 –
Qatari Ministry of Finance explained the tax overhaul for 2019.
The changes include: 1) A 100% selective tax rate on tobacco
products and energy drinks. 2) A 50% selective tax rate on
sugary drinks. 3) An income tax exemption for residents and
citizens. 4) An exemption for shares listed on a stock exchange
for specified industries. 5) The establishment of a general tax
authority under the Ministry of Finance. The changes will be
effective from January 1, 2019. (Bloomberg)
 Al-Kuwari: Qatar ties stronger despite blockade – Qatar, which
has been under a blockade for one and a half years,
strengthened relations with its global partners and put up an
excellent performance, as evidenced by the remarkable
economic growth this year, according to Minister of Commerce
and Industry, HE Ali bin Ahmed Al-Kuwari. "Qatar’s foreign
trade has risen by 16% despite the siege," he said. Highlighting
that Qatar has accomplished a great deal during this period; he
said the lessons that Qatar has acquired over the past 18
months would have taken a considerable period of time to
assimilate, but numerous opportunities were created within the
framework of the Qatar National Vision 2030 to accelerate the
vision’s implementation. "Qatar has opened to the world and
engaged the international community, which has reacted
positively, noting that globalization and national interests
should go hand-in-hand," he said, adding the world has turned
into a small village where no country can thrive in isolation.
Qatar’s openness to tourists and foreign companies looking to
invest in the industrial sector are an essential part of the long-
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 42.99% 64.74% (79,315,274.22)
Qatari Institutions 7.97% 13.59% (20,472,125.68)
Qatari 50.96% 78.33% (99,787,399.90)
GCC Individuals 0.77% 0.44% 1,210,682.84
GCC Institutions 0.76% 0.87% (396,305.24)
GCC 1.53% 1.31% 814,377.60
Non-Qatari Individuals 10.66% 9.15% 5,510,697.99
Non-Qatari Institutions 36.85% 11.21% 93,462,324.31
Non-Qatari 47.51% 20.36% 98,973,022.30

3. Page 3 of 7
term journey that Qatar is pursuing, the Minister said, noting
that these policies were unrelated to the blockade and adopted
prior to the blockade. (Gulf-Times.com)
 WTO accepts Qatar request to set up panel in case against
Saudi Arabia for violating IP rights – The World Trade
Organisation (WTO) has agreed to Qatar’s request for the
establishment of a WTO panel to rule in a case field against
Saudi Arabia for violating intellectual property (IP) rights of
Qatari citizens and companies including the rights of television
broadcasters. This was decided at a WTO meeting for
Settlement of Disputes, the Ministry of Commerce and Industry
(MCI) stated. The complaint highlighted the various
infringements and violations committed by Saudi Arabia
against the IP rights of Qatari citizens and companies –
including the rights of television broadcasters – and the piracy
committed against beIN Media Group LLC. Additionally, the
complaint outlined Saudi Arabia’s violation of its obligations to
provide protection for IP rights holders under international
treaties, as the Saudi authorities have prevented Qatari citizens
and entities from exercising their most basic rights before law
enforcement authorities in Saudi Arabia, in order to protect and
defend their IP rights. (Gulf-Times.com)
 The Amir invited to attend Arab Summit in Tunisia – HH the
Amir Sheikh Tamim Bin Hamad Al-Thani received a written
message from Tunisian President, Beji Kayed Sibsi, inviting him
to attend the 30th ordinary session of the Arab Summit to be
held in Tunisia in March 2019. The meeting reviewed the
fraternal relations and cooperation between Qatar and Tunisia
and means of enhancing them. (Gulf-Times.com)
 FTSE Russell announces the fast entry of QAMC as a new
constituent in FTSE All-World Index, FTSE Global Mid Cap
Index and FTSE Emerging Index – FTSE Russell has published
changes in FTSE indices regarding the fast entry of Qatar
Aluminum Manufacturing Company (QAMC) as a new
constituent in FTSE All-World Index, FTSE Global Mid Cap
Index and FTSE Emerging Index. The changes to the FTSE
Secondary Emerging Market index will be from December 24,
2018 (from start of trading). (QSE)
 Vodafone Qatar deploys 5G in Souq Waqif – In celebration of
Qatar National Day, Vodafone Qatar has deployed its 5G
network in Souq Waqif as the business continues to develop its
5G footprint around the country. Souq Waqif becomes the latest
popular city centre location to be covered by Vodafone’s 5G
network and closely follows the 5G deployment last week in
Katara Cultural Village, allowing thousands of visitors to
experience the superfast, seamless connectivity. The news
builds on Vodafone Qatar’s extensive investment and
commitment to date in supporting world-class infrastructure in
Qatar and bringing new technologies to life. In support of the
Qatar National Vision 2030, the company’s development of 5G
services will accelerate the country towards becoming one of
the most technologically advanced in the world, unlocking the
transformative potential of 5G, thus enhancing the quality of
lives and helping to drive economic growth and productivity in
Qatar. (Gulf-Times.com)
 Qatar Airways’ CEO: Qatar Airways added 23 new destinations
in 18 months – Qatar Airways has added some 23 new
destinations over the past 18 months, something which has
never been achieved by any other airline, according to Qatar
Airways’ CEO, Akbar Al-Baker. “This is a key indicator of the
airline’s sustainability and resilience”, Al-Baker said. The
award-winning airline has launched 23 destinations since the
start of the blockade, and continues with its significant
program of expansion of new routes to further connect
passengers around the globe. Al-Baker also addressed the
airline’s proven track record of creating a large hub in the midst
of tough competition, and emphasized the tremendous
potential the airline sees in launching new routes to under-
served countries in Africa and Asia, to connect passengers
around the world via the airline’s home and hub, Hamad
International Airport (HIA). (Gulf-Times.com)
International
 BoAML: Investors gloomiest in a decade about world economy –
Investor outlooks have deteriorated to their most pessimistic in
a decade, Bank of America Merrill Lynch’s (BoAML) December
investor survey showed. A net 53% of investors surveyed, who
manage $694bn in assets, stated they expect global growth to
weaken over the next 12 months, according to the poll.
(Reuters)
 Asian business confidence wallows near three-year low on
trade worries – A very cautious optimism remains among Asian
companies in the fourth quarter as they wait to see whether
there will be any breakthrough in a trade dispute between the
US and China, a Thomson Reuters/INSEAD survey showed.
Representing the six-month outlook of 84 firms, the Thomson
Reuters/INSEAD Asian Business Sentiment Index edged up to
63 in the October-December quarter, slightly above a near
three-year low of 58 seen in the previous period. However the
latest result still marks one of the lowest readings since a rout
in Chinese stocks in mid-2015 rattled world markets. (Reuters)
 US housing starts rise; single-family segment still weak – US
homebuilding rebounded in November, driven by a surge in
multi-family housing projects, but construction of single-family
homes fell to 1-1/2-year low, pointing to deepening housing
market weakness that could spill over to the broader economy.
The report from the Commerce Department also showed
housing starts fell in October instead of rising as previously
reported. Underscoring the housing market weakness, single-
family home completions dropped for a third straight month in
November to their lowest level in more than a year. Housing
starts increased 3.2% to a seasonally adjusted annual rate of
1.256mn units last month. Data for October was revised down
to show starts dropping to a rate of 1.217mn units instead of the
previously reported pace of 1.228mn units. (Reuters)
 UK’s economy set for slowest growth since 2009 as Brexit nears
– British economic growth this year and in 2019 looks set to be
the weakest since the country’s last recession, due to a freeze in
business investment and weak consumer demand ahead of
Brexit, the British Chambers of Commerce (BCC) forecasted.
The business lobby said growth in 2018 was likely to slow to
1.2% before inching up to 1.3% in 2019, which would be the two
weakest years since Britain emerged from recession in 2009
after the global financial crisis. (Reuters)
 Eurozone’s November inflation revised down to ECB target,
October trade surplus falls – Eurozone’s headline inflation was
at the European Central Bank (ECB) target in November and the

4. Page 4 of 7
inflation measure crucial for monetary policy decisions eased
again after rising the previous month, revised data showed. The
European Union’s statistics office stated consumer prices in the
19 countries sharing the Euro eased 0.2% MoM in November for
1.9% YoY increase, revised down from the previously reported
2.0%. The ECB wants to keep headline inflation below, but
close to 2% over the medium term. Separately, Eurostat stated
the Eurozone’s trade surplus with the rest of the world was
EUR1.4bn in October, down from EUR17.8bn a year earlier as
exports jumped 11.4% YoY in October while imports surged
14.8%. (Reuters)
 German economy faces lean Christmas as business morale
sinks; economy cooling but no recession looming – German
business morale fell in December, a survey indicated,
suggesting that concerns among company executives about the
growth outlook for Europe’s biggest economy are rising. The
Munich-based Ifo economic institute stated its business climate
index fell for the fourth month in a row to 101.0, its lowest level
in more than two years. This was weaker than a Reuters
consensus forecast of 101.8. The German economy is cooling
but there is no recession in sight, an economist at Ifo stated
after the institute’s monthly survey showed the business
climate in Europe’s largest economy deteriorating. (Reuters)
 Japan’s exports slow to crawl on global growth woes, trade
tensions – Japan’s export growth slowed to a crawl in
November as shipments to the US and China weakened sharply,
in a sign slowing external demand and a Sino-US trade dispute
may leave the world’s third-largest economy underpowered
over the next year. The 0.1% YoY rise in exports undershot
1.8% annual increase expected by economists in a Reuters poll,
and was well below 8.2% jump in October. In volume terms,
exports fell 1.9% in the year to November. Analysts expected
exports to be a drag on the economy over the coming quarters
as external demand ebbs. Policy makers will also have to
consider the risks from the China-US trade war which have yet
to play out in Japan’s shipment figures. (Reuters)
 Japan cuts GDP, CPI forecasts on disasters and trade war –
Japan’s government revised down its forecasts for economic
growth and consumer prices for the current and next fiscal
years as natural disasters and weakening export demand
weighed on the economy, the Cabinet Office stated. The
forecast cuts follow disappointing data on quarterly gross
domestic product and machinery orders, highlighting the
growing downside risks posed by a trade war between the US
and China. The government will use the forecasts to finalize the
state budget for the next fiscal year starting in April, which
could present policymakers with a host of challenges as they
prepare to raise the nationwide sales tax. Japan’s economy will
grow 0.9% in fiscal 2018, which ends in March, the Cabinet
Office stated. That is down from its previous projection of 1.5%
growth. In fiscal 2019 the economy will expand 1.3%, also
down from the previous forecast of 1.5% growth. (Reuters)
Regional
 MENA sees rise in Chinese contracts in oil & gas – The MENA
region saw an estimated $287bn-worth of major contract
awards in the oil, gas and petrochemicals sectors from January
2012 to September 2017, according to MEED Projects. In 2016,
project activity in the MENA region witnessed the lowest
spending since 2008, with the value of contract awards
declining to $36.2bn from $59.9bn in 2015. Project awards
significantly fared better in 2017, region’s leading market
intelligence platform noted. (Peninsula Qatar)
 Gulf petrochemical companies earnings rise to $7.6bn in 2018 –
The earnings of GCC petrochemical companies for the year
surged by 2% to $7.57bn compared to the last year's figures of
$7.45bn, a report released ahead of ArabPlast 2019 in Dubai
stated. (GulfBase.com)
 Saudi Arabia's 2019 budget deficit projected at SR131bn – The
2019 spending is estimated at SR1.106tn and budget deficit at
SR131bn. The revenues for 2019 is estimated at SR975bn. The
government has decided to increase its spending by 7% next
year. (Bloomberg)
 Saudi Arabia collects twice as much VAT as expected in 2018:
budget document – Saudi Arabia collected SR45.6bn from
value-added tax (VAT) in 2018, more than double its initial
estimate, budget documents showed. The Saudi Arabia’s
budget expects total tax revenues of SR166bn this year, up from
an initial estimate of SR142bn, the document showed. The
Saudi Arabian government has stated that it expects VAT,
which was introduced earlier this year, to be one of the main
generators of non-oil revenue. (Reuters)
 Saudi Arabia’s finance minister says PIF policy is based on
medium to long-term investments – Saudi Arabia’s finance
minister, Mohammed Al-Jadaan said that the policy of the
country’s sovereign fund, Public Investment Fund (PIF), is
based on medium to long-term investments, and it did not
contribute revenues to 2018 and 2019 budgets. PIF, which is
chaired by Crown Prince Mohammed bin Salman, manages over
$250bn in assets including stakes in Uber Technologies.
(Reuters)
 Saudi Arabia’s crown prince expects non-oil revenue to rise 9%
in 2019 – Saudi Arabia’s Crown Prince Mohammed bin Salman
said that the government expects non-oil revenue to increase to
SR313bnin 2019, up from SR287bn in 2018, according to state
news agency SPA. (Reuters)
 JODI: Saudi Arabia’s oil refinery output falls to 2.63mn bpd in
October – The JODI-Oil World Database in Riyadh has published
country data on refined oil balance for October stating that
Saudi Arabia’s total oil refinery output fell 7.7% to 2.63mn in
October from 2.848mn bpd in September, and fell 12.4% YoY.
The gas and diesel oil output fell 13.6% to 0.97mn bpd in
October, and fell 15.7% YoY. Saudi Arabia exported 2.069mn
bpd of refined oil in October. (Bloomberg)
 Utilities digitization powers growth of KSA’s largest industrial
cities – The Saudi Arabian utility sector undergoes digital
transformation to optimize its operations, modernize its
infrastructure, and reshape offerings, all aligned with Saudi
Arabia’s Vision 2030, Saudi Arabian utilities provider, Marafiq,
has embarked on enhancing its digital intelligence with SAP.
Marafiq provides power and utility infrastructure to industrial
cities within Saudi Arabia, which hosts some of the world’s
largest hydrocarbon conglomerates in Yanbu and Jubail. Digital
transformation presents a strong growth opportunity in
leveraging innovative approaches and refreshed business
directions. Marafiq plays a prominent role in powering the next-
wave of growth for the Saudi Arabia’s Vision 2030 industrial

5. Page 5 of 7
ventures through the establishment of intelligent, digital
power, and utility facilities. (GulfBase.com)
 Saudi Arabia's Falih discusses joint refining projects with
Reliance – India’s Reliance, operator of the world’s biggest
refining complex, and top oil exporter Saudi Arabia will explore
joint investments in refining and petrochemicals in the two
countries, Saudi Arabian Energy Minister Khalid Al-Falih said.
Al-Falih said that he met Reliance Industries chairman Mukesh
Ambani and they discussed joint investment opportunities and
cooperation in petrochemicals, refining and telecoms in their
two countries. Reliance’s two oil refineries in western India
have a combined capacity to process 1.4mn barrels per day of
crude and the company has set a target to raise capacity by a
further 600,000 bpd. (Reuters)
 UAE's Utico plans stock market listing, hires ENBD Capital –
The UAE’s utility Utico Middle East has hired Emirates NBD
Capital for a potential share sale and public listing, the
company stated. Utico, the only privately-owned utility in the
UAE, also stated that a trans-Emirate water pipeline built at a
cost of $100mn was now operational. Demand for water and
power in the UAE is expected to grow by 5% to 6% annually in
the next few years as the population grows and
industrialization spreads, according to estimates by state-
owned utilities. “We are looking at a public listing in the near
future,” CEO of Utico, Richard Menezes said. (Reuters)
 UAE's Mubadala, EGA & Dubal Holding to develop water &
power plant in Dubai – Emirates Global Aluminium (EGA),
Mubadala Investment Co. and Dubal Holding announced plans
to develop a power and water desalination plant at EGA’s
smelter in Jebel Ali in Dubai. The 25-year agreement is worth
more than $272.5mn, the companies stated. The joint venture
will install a combined cycle power facility at EGA’s Jebel Ali
site capable of generating over 600 megawatts of electricity.
(Reuters)
 Dubai DED issues 1,748 new licenses in November – Dubai
Department of Economic Development (DED) stated that the
business registration and licensing (BRL) has issued a total of
1,748 new licenses in November even as the Emirate remains a
destination of choice for investment in diverse business sectors.
Out of these new licenses issued, 62.3% were commercial,
35.2% professional, 1.3% related to tourism and 1.2% industry,
DED stated. (GulfBase.com)
 DP World, SMS to deploy smart storing system at Dubai port –
Dubai-based global marine terminal operator DP World stated
that an international joint-venture formed with industrial
engineering specialists SMS group will revolutionize the way
that containers are handled in ports. As part of its plan to
deploy disruptive technology to radically improve operations,
DP World will apply the new intelligent storing system at Jebel
Ali Terminal 4, in time for the Dubai Expo 2020 world fair. The
High Bay Storage system was originally developed by SMS
group subsidiary Amova for round the clock handling of metal
coils that weigh as much as 50 tons each in racks as high as 50
meters, DP World stated. Amova is the first company to
transfer this proven technology to the port industry. Instead of
stacking containers directly on top of each other, which has
been global standard practice for decades, the system places
each container in an individual rack compartment, it stated.
(GulfBase.com)
 Ajman clears ‘zero-deficit budget’ – Supreme Council Member
and Ruler of Ajman, HH Sheikh Humaid Bin Rashid Al Nuaimi
approved the general budget of the Ajman Government for 2019
to 2021. The budget amounts to AED4.140bn, a growth of 17%.
The general budget for the 2019 fiscal year was also approved,
as part of a financial plan valued at AED1.380bn and without a
deficit. Crown Prince of Ajman and Chairman of the Ajman
Executive Council, Sheikh Ammar Bin Humaid Al Nuaimi said
that the Ajman Government’s budget reflects the directives of
Sheikh Humaid and the Ajman Vision 2021, to achieve the well-
being and happiness of the Emirate’s citizens and residents, as
well as to provide the best services and ensure fiscal
sustainability and the Emirate’s competitiveness, in line of the
UAE 2021 National Agenda. The budget aims to promote
investment in the Emirate’s infrastructure and community
facilities, through providing social support and serving citizens
and residents, he added. (GulfBase.com)
 JODI: Kuwait’s crude oil exports fall to 2.058mn bpd in October
– The crude oil exports fell 0.4% to 2.058mn bpd in October from
2.067mn bpd in September, and rose 3.7% YoY. Kuwait
produced 2.733mn bpd of crude oil in October. The crude oil
output fell 0.7% from 2.752mn bpd in September, and rose 1.2%
YoY. Refinery intake fell 1.8% to 0.665mn bpd in October, and
declined 2.2% YoY. (Bloomberg)
 MoCI: Kuwait’s non-oil exports up to 25.2% in November –
Kuwait’s non-oil exports went up to 25.2% in November
compared to November 2017, Kuwait’s Ministry of Commerce
and Industry (MoCI) stated. Total exports were about
KD13.4mn during November compared to KD7.9mn in
November 2017, the ministry stated. Arab countries accounted
for 83% of Kuwait’s total exports with KD11.1mn. The rest of
the world accounted for 17% with KD2.2mn. Qatar was the
highest ranked country to import at KD4.3mn, after that Saudi
Arabia with KD2.6mn. (GulfBase.com)
 Oman's bonds tumble as Fitch cuts credit rating to junk –
Oman’s Dollar-denominated government bonds fell after Fitch
became the second major rating agency to cut the country to
‘junk’. Fitch’s move leaves Moody’s as the only firm to rate
Oman as investment grade, a level key for keeping a country’s
debt in the major indexes tracked by fund managers. (Reuters)
 Oman seeks international investment to develop ultra-heavy
oilfield – Oman’s Ministry of Oil & Gas stated that it will open
its ultra-heavy oilfield at Habhab in south Oman to investment
and development by international players with the
technological and financial wherewithal to unlock the field’s
promising, but technically challenging, resources. Habhab, a
large, heavy and very viscous oil accumulation that currently
forms part of the Block 6 concession of Petroleum Development
Oman (PDO), is proposed to be carved out and offered up to
international energy firms with the knowhow to harness the
reservoir’s almost bitumen-like hydrocarbons. According to
Director General of Management of Petroleum Investments at
the Ministry, Salman bin Mohammed al Shidi, Habhab will be
“packaged separately” to companies that have the technical
capabilities to handle heavy oil resources. “We will be open to
companies that have the technical might and the investment,

6. Page 6 of 7
firstly to study the reservoir and then to put together a proposal
to unlock its heavy oil,” he said. (GulfBase.com)
 Oman awards Blocks 51, 65 to Oxy, OOCEP – Occidental of
Oman, the local subsidiary of Occidental Petroleum (Oxy),
signed Exploration and Production Sharing Agreements (EPSA)
for two new hydrocarbon blocks, effectively ramping up its
expanding portfolio of upstream investments in the Sultanate.
Under the EPSA pacts, Oxy Oman acquires a 100% interest in
Block 51, covering a 10,133 sq km area in the northeast of the
country. Separately, a joint venture of Oxy Oman and Oman Oil
Company Exploration & Production (OOCEP) has been awarded
Block 65, a small 1230 sq km concession located in the interior
of Oman. Minister of Oil & Gas, Mohammed bin Hamad al
Rumhy signed the agreements. (GulfBase.com)
 Oman sells OMR31.57mn 91-day bills; bid-cover 1.02x – Oman
sold OMR31.57mn of bills due on March 20, 2019 on December
17. Investors offered to buy 1.02 times the amount of securities
sold. The bills were sold at a price of 99.42, having a yield of
2.335% and will settle on December 19. (Bloomberg)
 Moody's changes outlook on Bahrain's rating to stable, affirms
‘B2’ rating – Moody's Investors Service has changed the outlook
to ‘Stable from ‘Negative’ on the Government of Bahrain's
issuer ratings and affirmed the ratings at B2. The key driver of
the outlook change to stable is Moody's assessment that
Bahrain's government and external liquidity risks, while
remaining elevated, have materially reduced following the
announcement of a $10bn financial support package from
Bahrain's Gulf Cooperation Council (GCC) neighbors. Financial
support and the fiscal consolidation measures (the Fiscal
Balance Program, FBP) that are set to accompany it will support
investors' confidence and help to reduce the government's
financing needs. In turn, this will slow a further weakening in
Bahrain's public finances in a way that is consistent with a ‘B2’
rating. (Moody’s)

7. Contacts
Saugata Sarkar, CFA, CAIA 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. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg,(
#
Data as on December 17, 2018)
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Nov-14 Nov-15 Nov-16 Nov-17 Nov-18
QSE Index S&P Pan Arab S&P GCC
(0.3%) (0.1%) (0.2%) (0.4%)
(0.7%) (0.8%)
(2.1%)(2.4%)
(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 1,249.42 0.3 0.9 (4.1) MSCI World Index 1,908.16 (0.3) (1.8) (9.3)
Silver/Ounce 14.64 (0.2) 0.4 (13.6) DJ Industrial 23,675.64 0.4 (1.8) (4.2)
Crude Oil (Brent)/Barrel (FM Future) 56.26 (5.6) (6.7) (15.9) S&P 500 2,546.16 0.0 (2.1) (4.8)
Crude Oil (WTI)/Barrel (FM Future) 46.24 (7.3) (9.7) (23.5) NASDAQ 100 6,783.91 0.4 (1.8) (1.7)
Natural Gas (Henry Hub)/MMBtu 3.70 (2.6) (7.3) 19.7 STOXX 600 340.46 (0.7) (1.4) (17.3)
LPG Propane (Arab Gulf)/Ton 64.25 (4.8) (6.9) (35.1) DAX 10,740.89 (0.2) (0.6) (21.4)
LPG Butane (Arab Gulf)/Ton 66.75 (5.0) (7.9) (38.5) FTSE 100 6,701.59 (0.9) (1.6) (18.6)
Euro 1.14 0.1 0.5 (5.4) CAC 40 4,754.08 (0.9) (1.5) (15.4)
Yen 112.52 (0.3) (0.8) (0.2) Nikkei 21,115.45 (1.6) (0.6) (7.3)
GBP 1.26 0.1 0.4 (6.5) MSCI EM 962.98 (0.5) (0.9) (16.9)
CHF 1.01 0.0 0.6 (1.8) SHANGHAI SE Composite 2,576.65 (0.8) (0.5) (26.5)
AUD 0.72 0.0 0.1 (8.0) HANG SENG 25,814.25 (1.1) (1.2) (13.8)
USD Index 97.10 0.0 (0.3) 5.4 BSE SENSEX 36,347.08 1.8 3.1 (3.3)
RUB 67.29 0.8 0.8 16.8 Bovespa 86,610.49 (0.1) (1.0) (3.9)
BRL 0.26 (0.4) 0.2 (15.3) RTS 1,106.05 (0.7) (0.9) (4.2)
83.6
80.0
77.7