The QSE Index in Qatar declined slightly, led by losses in the Industrials and Banks indices. Dlala Brokerage and Medicare Group were the top losers. Regional markets were mixed, with Saudi Arabia down but Dubai and Abu Dhabi up marginally. Globally, US and European manufacturing PMIs were mixed while construction spending rose in the US. In Qatar news, the central bank auctioned treasury bills and will protect banks' foreign investments, and UDCD signed a large financing deal with Qatari banks.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.1% to close at 11,453.1. Losses were led by the Industrials and
Banks & Financial Services indices, falling 0.5% and 0.4%, respectively. Top losers were
Dlala Brokerage & Investments Holding Co. and Medicare Group, falling 2.4% each.
Among the top gainers, Qatari Investors Group gained 3.0%, while Qatar Gas Transport
Co. was up 2.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.8% to close at 7,341.9. Losses were led by the
Transport and Banks & Financial Serv. indices, falling 1.8% and 1.7%, respectively. Al
Rajhi Bank fell 4.3%, while National Agricultural Development was down 3.0%.
Dubai: The DFM Index gained 0.7% to close at 3,619.4. The Services index rose 5.2%,
while the Transportation index gained 1.7%. Amanat Holdings rose 6.4%, while Arabtec
Holding was up 4.9%.
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,520.0. The
Telecommunication index gained 0.7%, while the Consumer index rose 0.5%. Arkan
Building Materials Co. gained 8.2%, while Abu Dhabi Ship Building was up 7.7%.
Kuwait: The KSE Index fell 0.1% to close at 5,720.7. The Basic Material index declined
3.4%, while the Oil & Gas index fell 0.8%. Al-Qurain Holding Co. declined 11.8%, while
Burgan Co. for Well Drilling, Trading & Maintenance was down 8.5%.
Oman: The MSM Index rose 0.1% to close at 5,791.1. Gains were led by the Financial
and Services indices, rising 0.3% and 0.1%, respectively. Construction Materials Ind.
rose 5.9%, while Al Sharqia Investment Holding was up 2.9%.
Bahrain: The BHB Index gained marginally to close at 1,276.3. The Hotel & Tourism
index rose 2.6%, while the Services index gained 0.3%. Gulf Hotel Group rose 3.8%,
while Ithmaar Bank was up 3.3%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 44.80 3.0 253.2 8.2
Qatar Gas Transport Co. 22.90 2.9 729.5 (0.9)
Gulf Warehousing Co. 69.30 1.9 4.8 22.9
Mazaya Qatar Real Estate Dev. 16.00 1.8 274.1 (12.3)
National Leasing 17.73 1.5 11.6 (11.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Salam International Invest. Co. 12.49 1.2 1,167.5 (21.2)
Qatar Gas Transport Co. 22.90 2.9 729.5 (0.9)
Ezdan Holding Group 18.66 (0.2) 519.7 25.1
Vodafone Qatar 13.40 (1.3) 299.5 (18.5)
Mazaya Qatar Real Estate Dev. 16.00 1.8 274.1 (12.3)
Market Indicators 1 Oct 15 30 Sep 15 %Chg.
Value Traded (QR mn) 209.2 372.8 (43.9)
Exch. Market Cap. (QR mn) 603,276.4 605,253.9 (0.3)
Volume (mn) 5.4 6.9 (21.9)
Number of Transactions 3,361 4,703 (28.5)
Companies Traded 42 40 5.0
Market Breadth 22:19 31:7 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,802.24 (0.1) 0.2 (2.8) 11.8
All Share Index 3,050.39 (0.1) 0.3 (3.2) 12.6
Banks 3,109.31 (0.4) 0.2 (3.0) 13.3
Industrials 3,422.83 (0.5) (0.0) (15.3) 11.9
Transportation 2,466.48 1.7 1.4 6.4 12.6
Real Estate 2,669.05 0.2 0.4 18.9 8.8
Insurance 4,551.65 0.6 (0.2) 15.0 12.0
Telecoms 1,021.29 (0.3) 0.8 (31.3) 29.7
Consumer 6,693.08 (0.0) (0.0) (3.1) 15.6
Al Rayan Islamic Index 4,325.96 0.2 0.4 5.5 12.0
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Bank of Sharjah Abu Dhabi 1.60 6.0 325.0 (14.1)
F. A. Alhokair & Co. Saudi Arabia 69.32 5.8 842.6 (30.0)
Arabtec Holding Co. Dubai 1.93 4.9 82,103.4 (30.8)
Saudia Dairy & Co. Saudi Arabia 140.31 3.5 26.9 18.0
Ithmaar Bank Bahrain 0.16 3.3 200.0 (3.1)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Boubyan Petrochem. Kuwait 0.51 (5.6) 118.2 (17.6)
Al Rajhi Bank Saudi Arabia 52.65 (4.3) 2,954.0 2.3
Com. Bank of Kuwait Kuwait 0.58 (3.3) 98.3 (7.9)
United Real Estate Co. Kuwait 0.09 (3.2) 40.3 (10.0)
Saudi Arabian Mining Saudi Arabia 28.31 (2.9) 2,505.3 (7.4)
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%
Dlala Brokerage & Inv Holding Co. 20.00 (2.4) 87.6 (40.2)
Medicare Group 165.00 (2.4) 19.7 41.0
Al Khalij Commercial Bank 21.02 (2.2) 2.0 (4.7)
Al Khaleej Takaful Group 35.40 (1.7) 1.2 (19.9)
Commercial Bank 55.60 (1.4) 86.8 (10.7)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 121.70 (1.1) 29,165.0 (27.6)
QNB Group 185.50 (1.1) 26,928.6 (12.9)
Gulf International Services 64.50 (0.8) 17,639.2 (33.6)
Qatar Gas Transport Co. 22.90 2.9 16,612.2 (0.9)
Salam International Invest. Co. 12.49 1.2 14,531.7 (21.2)
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 11,453.13 (0.1) 0.2 (0.1) (6.8) 57.45 165,659.7 11.8 1.8 4.4
Dubai 3,619.44 0.7 (0.4) 0.7 (4.1) 108.01 94,218.5 12.5 1.2 6.9
Abu Dhabi 4,519.96 0.4 0.1 0.4 (0.2) 35.56 123,069.8 12.0 1.4 5.0
Saudi Arabia 7,341.94 (0.8) (1.4) (0.8) (11.9) 831.27 440,937.6 15.7 1.7 3.6
Kuwait 5,720.65 (0.1) (0.6) (0.1) (12.5) 39.33 88,724.8 14.6 1.0 4.5
Oman 5,791.06 0.1 0.4 0.1 (8.7) 293.23 23,572.1 10.6 1.3 4.5
Bahrain 1,276.31 0.0 (0.1) 0.0 (10.5) 1.16 19,963.7 8.1 0.8 5.4
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,420
11,440
11,460
11,480
11,500
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 11,453.1. The Industrials and
Banks & Financial Services indices led the losses. The index fell on the back
of selling pressure from non-Qatari shareholders despite buying support
from Qatari and GCC shareholders.
 Dlala Brokerage & Investments Holding Co. and Medicare Group were the
top losers, falling 2.4% each. Among the top gainers, Qatari Investors Group
gained 3.0%, while Qatar Gas Transport Co. was up 2.9%.
 Volume of shares traded on Thursday fell by 21.9% to 5.4mn from 6.9mn on
Wednesday. Further, as compared to the 30-day moving average of 7.9mn,
volume for the day was 31.6% lower. Salam International Investment Co.
and Qatar Gas Transport Co. were the most active stocks, contributing
21.5% and 13.5% 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
10/02 US National Association of Purch. ISM New York September 44.5 – 51.1
10/01 US Bloomberg Bloomberg Consumer Comfort 27-September 43.0 – 41.9
10/01 US Census Bureau Construction Spending MoM August 0.70% 0.50% 0.40%
10/01 US Institute for Supply Managemen ISM Manufacturing September 50.2 50.6 51.1
10/01 US Institute for Supply Managemen ISM Prices Paid September 38.0 40.0 39.0
10/01 US Bloomberg Wards Total Vehicle Sales September 18.07m 17.60m 17.72m
10/02 US Bureau of Labor Statistics Average Hourly Earnings YoY September 2.20% 2.40% 2.20%
10/02 US Bureau of Labor Statistics Underemployment Rate September 10.00% – 10.30%
10/02 EU Eurostat PPI MoM August -0.80% -0.60% -0.20%
10/02 EU Eurostat PPI YoY August -2.60% -2.40% -2.10%
10/01 UK Markit Markit UK PMI Manufacturing SA September 51.5 51.3 51.6
10/02 UK Markit Markit/CIPS UK Construction PMI September 59.9 57.5 57.3
10/01 Spain Markit Markit Spain Manufacturing PMI September 51.7 52.9 53.2
10/02 Spain Spanish Labour Ministry Unemployment MoM Net ('000s) September 26.1 21.1 21.7
10/01 Italy Markit Markit/ADACI Italy Manufacturing PMI September 52.7 53.4 53.8
10/01 Italy ISTAT Deficit to GDP YTD 2Q2015 3.20% – 5.60%
10/01 Italy Italian Treasury Budget Balance September -17.5b – -7.8b
10/01 Italy ANFIA New Car Registrations YoY September 17.15% – 10.65%
10/01 China China Federation of Logistics Manufacturing PMI September 49.8 49.7 49.7
10/01 China China Federation of Logistics Non-manufacturing PMI September 53.4 – 53.4
10/01 China Markit Caixin China PMI Composite September 48.0 – 48.8
10/01 China Markit Caixin China PMI Services September 50.5 – 51.5
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 46.97% 45.00% 4,116,176.33
GCC 10.26% 10.08% 362,602.26
Non-Qatari 42.78% 44.91% (4,478,778.59)

3. Page 3 of 7
News
Qatar
 QCB auctions T-bills worth QR2bn on Oct 1 – The Qatar Central
Bank (QCB) has auctioned treasury bills (T-bills) worth QR2bn on
October 1, for which it received bids totaling QR3.38bn. T-bills
worth QR1bn with a three-month maturity period were auctioned
at a yield of 0.99%. T-bills worth QR500mn with a six-month
maturity period were sold at a yield of 1.20%, while T-bills worth
QR500mn with a nine-month maturity period were auctioned at a
yield of 1.32%. (QCB)
 QCB Governor rules out raising interest rate – Qatar Central Bank
(QCB) Governor, HE Sheikh Abdullah Bin Saud Al-Thani has ruled
out an interest rate hike in Qatar, in case the US Federal Reserve
decided to raise the interest rates in the US. He explained that the
current condition of the Qatari banking system, which is
characterized by high liquidity, and the liquidity ratio provided by
QCB to local banks, exclude the issue of raising the interest rate.
(Peninsula Qatar)
 QCB to protect banks' foreign investments – Al Sharq reported that
Qatar Central Bank (QCB) has decided to implement new
measures to protect the banks' investments abroad, the credit
facilities the banks provide abroad and the banks' financial
transfers in a number of risky countries. The aim of the new
measures is to reduce the risks which the local banks face abroad,
particularly in countries that are exposed to various risks in
international financing institutions. The move also aims to oblige
local banks to exercise caution when dealing with low-rated
countries and to take the necessary precautions which ensure
fulfilling the rights of the bank and retrieving its money. The QCB
has asked bank boards to adopt a clear strategy to deal with all
countries, and to adopt policies and procedures to manage and
control risks, in addition to the adoption of ceilings, conditions and
rules to control risk exposure in every country. The QCB also
decided to develop an effective system of administrative and
informatics reports in each bank. (Qatar Tribune)
 UDCD signs QR738mn financing deal with QNBK, CBQK – United
Development Company (UDCD) has finalized a QR737.99mn
financing deal with QNB Group (QNBK) & Commercial Bank of
Qatar (CBQK) for financing Medina Centrale. Medina Centrale is
part of The Pearl, a string of man-made islands in Doha. (QSE)
 DHBK to announce financial statements on Oct 25 – Doha Bank
(DHBK) will disclose its financial reports for the period ending
September 30, 2015 on October 25, 2015. (QSE)
 DOHI to disclose financial statements on Oct 20 – Doha Insurance
Company (DOHI) will announce its financial reports for the period
ending September 30, 2015 on October 20, 2015. (QSE)
 FINA: Qatar, China and Japan only bidders for world championships
– According to swimming world’s governing body FINA, Qatar,
China and Japan are the only bidders left in the fray to host the
2021 and 2023 World Swimming Championships after two more
potential bidders dropped out. Qatar has already been awarded
2016 Road Cycling World Championships, the 2018 Gymnastics
World Championships, the 2019 Athletics World Championships
and the 2022 FIFA World Cup. Australia and Germany were the
first two countries to quit the bidding race and was followed by
Argentina. Two others, Turkey and the UAE, were interested but
have since withdrawn. (Reuters)
 Colliers International: Doha among most attractive markets for
schools – Colliers International, in its Doha Education Overview
2015 report, has said that Doha is among the most attractive
markets for school developers, with 8 to 12 new schools required
each year up to 2022. Among the drivers of this growth, includes a
high population growth rate, with current projections anticipating
a further increase to 3.09mn at a 4% growth rate and 3.53mn at a
6% growth rate by 2022. Meanwhile, Qatar ranks among the top
countries that host over 100 international schools. (Gulf-
Times.com)
International
 US job growth stumbles, triggers concerns about economy – The US
labor market had slowed in September after a long stretch of job
creation, fanning worries that global turmoil is weighing on the
domestic economy. The Labor Department reported employers
added a modest 142,000 jobs in September, while gains in July and
August were revised down by a combined 59,000 positions. The
job creation was enough to keep unemployment at a seven-year
low of 5.1%. But more people moved onto the sidelines of the
labor force, pushing the share of Americans working or looking for
work down to the lowest in almost four decades. The payrolls
report knocked down the prospect of a Fed rate increase, at least
at the next meeting of policy makers’ in October 2015. (WSJ)
 Deutsche Bank raises 2016 German growth forecast, expects
migrants to boost demand – Deutsche Bank has raised its forecast
for German economic growth in 2016, saying a heavy influx of
migrants would increase consumption as much as half a
percentage point. The bank said GDP is expected to grow by 1.9%
in 2016 as compared to 1.7% forecasted earlier. The bank said
drivers for growth are stronger real consumption growth due to
lower oil prices/stronger euro and the surge in immigration,
adding it expected the boost in consumption to be evenly split
between private and public. Around 800,000 refugees and
migrants escaping war and poverty, many of them from Syria, are
expected to arrive in Germany in 2015. (Reuters)
 Japan household spending advances in August, eases concerns
about economy – Japan’s household spending rose in August for
the first time in three months and the availability of jobs improved
to its best in over two decades, which could temper concerns that
the economy has fallen into a recession. The 2.9% annual increase
in household spending in August amply exceeded the median
estimate for a 0.4% YoY rise and followed a 0.2% annual decline in
July as more consumers bought cars. A separate survey from the
Bank of Japan showed corporate inflation expectations weakened
slightly last quarter, which could bolster the argument that the
central bank would ease monetary policy at the end of October
2015, when it updates its long-term economic forecasts. (Reuters)
 China slowdown spurs record notes sales; official factory PMI
stabilizes near 3-year low – Sales of structured notes tied to the
sovereign debt of China are on track for a record year, as the
climbing cost of insuring against a default by the country sweetens
coupons on the securities. According to data compiled by
Bloomberg, banks sold $230mn of the notes in September, the
busiest month ever, taking 2015 issuance to $642mn. That is more
than triple the $189mn banks sold during all of 2014. Concerns
that growth in China is slowing pushed credit-default swaps on the
nation to their highest in the week ended October 2, 2015 since
2013. As the cost of insuring against a Chinese default rose, so did
coupons on the notes backed by the swaps contracts. Meanwhile,
China’s official factory gauge stabilized around a three-year low as
government stimulus measures showed signs of steadying the
weakness in manufacturing. The National Bureau of Statistics said
official PMI climbed to 49.8 in September. A separate PMI gauge
from Caixin Media and Markit Economics also showed
improvement from its initial reading, with the final September
number climbing to 47.2. (Bloomberg)
 Brazil industrial output decline slows in August – Brazil’s industrial
output in August had fallen less than forecasted by analysts, as
production of parts and components rebounded. The national
statistics agency said output in August fell 1.2% MoM after a 1.5%

4. Page 4 of 7
decline in July. The third straight monthly decline was smaller than
the median 1.6% drop forecasted by 39 economists surveyed by
Bloomberg. Industrial output fell 9% on a YoY basis. Industrial
confidence and capacity utilization in Latin America’s largest
nation have plunged to new lows as Brazil slides into its deepest
recession in a quarter century. President Dilma Rousseff is yet to
present a plan to persuade investors that the economy would
rebound, further discouraging investments. (Bloomberg)
Regional
 PwC: Essential items likely to be exempted from proposed GCC VAT
– Jeanine Daou, tax partner from PricewaterhouseCoopers (PwC),
has said that essential items, notably food and medicines, are
traditionally exempt under the VAT (value added tax) system,
which could be contemplated under any future VAT system in the
GCC. She said VAT seems to be high on the agenda of the
governments in the GCC. There are talks at the GCC level to have a
common framework, which could be agreed upon by 2015-end.
Individual states still need to issue their own legislation based on
the common framework. In her view, VAT is not expected to be
introduced before 2017-2018. (GulfBase.com)
 Fitch: Oman, Bahrain, KSA set to record huge budget deficits –
According to rating agency Fitch, fiscal policy responses by the
Gulf Cooperation Council (GCC) sovereigns to lower oil prices are
likely to be inadequate as compared to the loss of revenues over
2015 and 2016. The rating agency expects Bahrain, Oman and
Saudi Arabia to record double-digit deficits in 2015, although all
three would benefit from some narrowing next year (notably
Saudi Arabia, where Fitch projects the deficit to drop back to 8.7%
of GDP from 16.7%, reflecting some one-off spending in 2015) as
capital expenditure (capex) is scaled back and oil prices start to
recover. However, general government debt levels for these three
sovereigns would continue to rise in 2016, as borrowing resumes
or increases to help finance deficits. Kuwait and Qatar may have
more tolerance for maintaining capex in the face of lower oil
prices, as they have the lowest fiscal breakeven oil prices among
GCC sovereigns ($57 per barrel and $55 per barrel, respectively).
(GulfBase.com)
 S&P forecasts weak earnings for GCC banks – According to
Standard & Poor’s (S&P), the knock-on effects of lower oil prices
on the growth and asset quality could weaken the earnings of GCC
banks over the next several quarters. The S&P’s findings are based
on a sample of 26 rated banks in the GCC, which comprises Qatar,
Bahrain, Kuwait, Oman, Saudi Arabia and the UAE. Suha Urgan,
credit analyst at S&P, said banks seem to have adopted a more
conservative stance in terms of asset growth, given the drop in oil
prices and its effects on the region’s economic outlook. The
deleveraging of government-related entities (GREs) in Qatar,
tighter mortgage regulation in Saudi Arabia, and a drop in real
estate transactions in the UAE also held back asset growth.
According to the S&P report, customer deposits too lost
momentum in 1H2015. The GCC banks in S&P sample increased
customer deposits 6% YoY in 1Q2015 and 2Q2015 as compared to
over 10% YoY in all of the previous eight quarters. Out of the 26
banks, 10 posted a YoY contraction in non-interest income in
1H2015. Other areas of weakness were a contraction in fees for
loan origination, brokerage, and capital market activities. Earnings
growth was more resilient thanks to declining provisions, which
helped offset slower growth in operating income. Provisions
declined 9% YoY in 1H2015 for 26 banks. Net income growth
declined 4% YoY in 2Q2015 as compared to 7% in 1Q2015 and
over 10% in the previous three quarters. (Peninsula Qatar)
 GPCA: Gulf petrochemical firms facing further distress – Gulf
Petrochemicals and Chemicals Association (GPCA) Secretary
General Abdulwahab Al Sadoun has said that Arabian Gulf
petrochemical companies’ revenues are expected to further
decline in 2015 after sliding 20-30% in the 12 months up to June
2015 because of the oil price slump. Total petrochemical
production in all six Gulf states is projected to grow at 7.5% to
about 144mn tons in 2015, less than the CAGR of 11% recorded
between 2004 and 2014. All Gulf States, except Qatar, are facing a
gas shortage, which is set to limit expansion of petrochemical
projects, which rely on cheap gas. The Gulf region is boosting
investments in gas projects to address this shortage.
(GulfBase.com)
 GOIC: GCC invested capital jumps to $380bn in five years –
According to the Gulf Organisation for Industrial Consulting
(GOIC), the GCC industrial base has witnessed a major expansion
over the past five years with the total number of its manufacturing
factories increasing to 16,292 in 2014 from 13,035 in 2010. In a
parallel development, the region’s invested capital jumped to
$380bn in 2014 from approximately $222bn in 2010, a 5-year
CAGR of 14.4%. An estimated $158bn was invested in industrial
ventures over the last five years and in expansion projects of
existing industries. Saudi Arabia ranked top in terms of the
number of factories (41.8%), followed by the UAE (34.5%), Oman
(9.6%), Bahrain (4.8%), Qatar (4.7%) and Kuwait (4.6%). Saudi
Arabia was also ranked first in terms of total investments (55.3%),
followed by Qatar (21.7%), the UAE (9.1%), Oman (6.2%), Kuwait
(5.1%) and Bahrain (2.7%). (Peninsula Qatar)
 KSA to cut November crude prices to Asia – According to sources,
Saudi Arabia is expected to cut prices of crude it sells to Asia in
November 2015 after the Dubai benchmark weakened in
September 2015, in a move that would help the OPEC kingpin
retain its market share in the region amid a global oversupply.
Saudi Arabia is also expected to cut prices of medium and heavy
grades by a larger extent than the light ones, widening the light-
heavy crude spread. (Reuters)
 Glencore in talks to sell agriculture assets’ stake – According to
sources, Glencore is in talks with a Saudi Arabian sovereign wealth
fund and China’s COFCO, along with Canadian pension funds, to
sell a stake in its agricultural assets. (Reuters)
 KSA to continue energy investments despite oil price drop – Saudi
Arabian Minister of Petroleum & Mineral Resource Ali bin Ibrahim
Al-Naimi has said that Saudi Arabia is continuing with its
investments in the oil and gas industry as well as solar energy
despite the current drop in oil prices. International Energy Agency
Head Fatih Birol said global oil investments in 2015 are expected
to drop by 20% marking their biggest decline in history. (Reuters,
Gulf Times).
 BMI Research: KSA agribusiness market set to reach $4.9bn in 2015
– According to BMI Research, Saudi’s agribusiness market is set to
reach $4.9bn in 2015, and would grow at a rate of 4.9% per year to
2018, boosted by increasing agricultural production in
greenhouses, poultry farms, and fisheries. With a rapidly growing
population, Saudi’s FY2015 budget calls for SR60bn in spending on
water and agriculture infrastructure. Industry experts said the
Saudi Ministry of Agriculture is supporting the country’s nearly
$5bn domestic agribusiness market by launching a host of new
government e-services. (GulfBase.com)
 WEF: KSA’s strong economic environment retains distinctive
strength – The World Economic Forum (WEF) has ranked Saudi
Arabia 25th in its latest Global Competitiveness Report. The report
has noted a number of points of strength enjoyed by the Saudi
Arabian economy to achieve further growth, enhance the chances
of raising its competitiveness globally and maintain its current top
positions in the Middle East and North African (MENA) countries.
WEF said Saudi’s strong macroeconomic environment remains the
country’s most distinctive strength, although the recent oil price

5. Page 5 of 7
drop may lead to a less favorable assessment in this respect.
Increased spending has already seen the country move from a
budgetary surplus in 2013 to a deficit in 2014, and an additional
fiscal spending package of about 4% of GDP was announced on
February 30, 2015. It is estimated that Saudi needs the price of oil
to be at around $100 per barrel to achieve fiscal neutrality.
(GulfBase.com)
 Carpool Arabia, Taskspotting secure funding – Carpool Arabia has
raised $0.35mn to fund its growth. France’s Kima Ventures and
Mediaquest, a media group in Dubai, made a joint investment for a
30% stake. Carpool Arabia offers a platform that connects drivers
with empty seats to passengers looking for a ride. Meanwhile,
Taskspotting has secured over $1.2mn in funding from Mena
Venture Investments, wealthy individuals and a Saudi institutional
investor. Taskspotting is a mobile app that allows brands across
the UAE to engage with customers. (GulfBase.com)
 Lite-Tech plans assembly unit for complete LED fixtures – Lite-Tech
Industries is planning to start a dedicated assembly unit for
complete LED fixtures. With the new facility, Lite-Tech Industries
would reinforce its leadership in the energy-efficient LED-based
lighting technology and its commitment to sustainability, making it
number one LED supplier in the UAE, particularly in the indoor
lighting segment. Lite-Tech is a subsidiary of Masharie, the private
equity arm of Dubai Investments and a joint venture with
Netherlands-based Philips Lighting. (DFM)
 DRED raises $100mn through Sukuk – Damac Real Estate
Development Limited (DRED), 100% owned by Damac Properties,
Dubai has issued $100mn of senior unsecured 18 months
certificates by way of private placement. The Sukuk was issued on
September 21, 2015 and was fully subscribed by Emirates NBD
Capital. The certificates are rated BB by Standard & Poor’s. (DFM)
 DIA sets new record with 7.3m passengers in August 2015 –
According to the latest traffic report issued by Dubai Airports, the
Dubai International Airport (DIA) has registered the highest
monthly traffic in its 55-year history with 7.2mn passengers in
August 2015. As per the report, traffic at DIA reached 7.28mn
during August 2015, up 9.5% from 6.648mn recorded during
August 2014. The year to date traffic totaled 52.26mn, up 12.4% as
compared to 46.48mn recorded during January-August 2014. The
traffic was boosted by the seasonal rush of travelers, including
inbound residents returning for the start of the academic year, as
well as increases in flight frequency and launches of new services
by Emirates, flydubai and other airlines. (GulfBase.com)
 Dubai engages in closer collaboration with RWE Middle East – The
Dubai Supreme Council of Energy has signed an MoU with RWE
Middle East. The agreement lays the foundation for closer
collaboration on management services and technical consultation.
RWE is helping Dubai develop its Integrated Energy Strategy 2030
and also advising the Emirate on technical issues of energy supply
and other topics like the development and implementation of a
strategic program to reduce energy consumption. (Press Release)
 DIB to raise its stake in Bank Panin to 40% – Dubai Islamic Bank
(DIB) has received formal approval from the Financial Services
Authority, Indonesia (OJK) to hike its stake in PT Bank Panin
Syariah Tbk (Bank Panin Syariah) to 40%. DIB had acquired
around 25% shares of Bank Panin Syariah in May 2014. In the first
phase of acquisition, DIB bought shares of Bank Panin Syariah
from the market. In the second phase of its acquisition strategy,
DIB recently received a formal regulatory approval to obtain
controlling shareholder status from the Financial Services
Authority. DIB is now in a position to initiate and complete phase
two of its share purchase plan, which seeks to increase its
shareholding to 40%. DIB intends to cooperate with Bank Panin
Syariah in order to promote the growth of Shari’ah banking in
Indonesia. (Bloomberg)
 Kuwait to seek private investment in $36bn projects – Kuwait will
invite private investors, including foreigners, to take part over the
next two years in nine infrastructure projects worth about $36bn,
under a new law designed to facilitate such deals. The country has
huge construction plans, ranging from power stations and sewage
& waste treatment facilities to railway and metro systems. But the
plunge in oil prices since 2014 has slashed its revenues. So, rather
than assuming the full cost of construction, the government wants
increasingly to use public-private partnerships, in which private
investors own stakes in projects, bear part of the risk and share
profits from operating them. (Peninsula Qatar)
 HBON 1bn shares transferred to HSBC Middle East – HSBC Bank
Oman (HBON) disclosed that 1,020,159,523 of its shares were
transferred to HSBC Middle East Holdings from HSBC Bank Middle
East Limited on October 1, 2015 at the current market price of the
shares. This transfer is between two members of the wider HSBC
Group and reflects an internal restructuring within the group. The
share transfer has been approved by both the Central Bank of
Oman and the Capital Market Authority. (MSM)
 Al Fajar Al Alamia AGM approves 5% cash dividend – Al Fajar Al
Alamia Company’s annual general meeting (AGM) has approved
the distribution of 5% cash dividend from the paid-up share
capital i.e. 5 baizas per share for the financial year ending June 30,
2015. Transactions with the related parties, which the company
expects to carry out during the financial year ending June 30, 2016,
were also considered and approved. (MSM)
 OA to receive its first Dreamliner – Oman Air (OA) is about to
receive its first Boeing 787 Dreamliner in October 2015. The state-
of-the-art airliner will fly from Muscat to the southern city of
Salalah following its delivery to OA. (GulfBase.com)
 CBO: Omani rial-dollar peg to stay despite oil price rout – Central
Bank of Oman (CBO) Executive President Hamoud Bin Sangour Al
Zadjali said that Oman is prepared to take any action to protect its
currency peg even as the oil rout strains the finances of the Middle
East’s largest producer outside of OPEC. He said the fixed peg
provided the country with a stable exchange rate, which helps in
promoting investment, growth and diversification of the economy.
The rial has been pegged to the dollar since 1973 and there is no
proposal to change the rate, held at $2.6008 per riyal since 1986.
(Gulf-Times.com)
 Alba BoD approves BHD7.77mn interim cash dividend, appoints
CMO – Aluminium Bahrain (Alba) board of directors (BoD) has
approved the appointment of Khalid A. Latif as its Chief Marketing
Officer (CMO) with immediate effect. Moreover, the board
approved the 2016 marketing plan, the half-yearly financial
statements, along with the recommendation to distribute interim
cash dividends of BHD7.77mn. (Bahrain Bourse)
 Bahrain seeks arrangers for potential sovereign bond – According
to sources, Bahrain is in talks with banks over issuing an
international bond in 2015 to raise funds to cover a budget deficit
created by cheap oil. Bahrain sent an invitation to a group of local
and international banks a few days ago. Banks are waiting for a
decision from the Kingdom, on which lenders will handle the sale.
Reportedly, the Kingdom could raise as much as $2bn from the
issue, and was considering bonds in 10-year tranches and 30 years
duration. (Reuters)
 Bahrain hikes meat prices as cheap oil hits state finances – Bahrain
more than doubled the prices of beef and chicken on October 1,
2015 removing meat subsidies in a politically sensitive move
designed to save money as low oil prices slash the government’s
revenues. Reportedly, the reform was expected to save the
government around BHD22-29mn annually, a small amount

6. Page 6 of 7
compared to a state budget deficit projected at BHD1.50bn in
2015. The government is also considering cuts to a range of other
subsidies, though it has not yet announced a concrete plan.
(Reuters)

7. 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 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns; #Market closed on October 02, 2015)
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
(0.8%)
(0.1%) (0.1%)
0.0% 0.1%
0.4%
0.7%
(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 1,138.82 2.3 (0.7) (3.9) MSCI World Index 1,607.13 1.2 0.8 (6.0)
Silver/Ounce 15.26 4.9 1.0 (2.8) DJ Industrial 16,472.37 1.2 1.0 (7.6)
Crude Oil (Brent)/Barrel (FM Future) 48.13 0.9 (1.0) (16.0) S&P 500 1,951.36 1.4 1.0 (5.2)
Crude Oil (WTI)/Barrel (FM Future) 45.54 1.8 (0.4) (14.5) NASDAQ 100 4,707.78 1.7 0.5 (0.6)
Natural Gas (Henry Hub)/MMBtu 2.26 (4.7) (11.2) (24.5) STOXX 600 347.86 0.9 0.1 (5.6)
LPG Propane (Arab Gulf)/Ton 47.00 0.8 (2.1) (4.1) DAX 9,553.07 0.9 (0.9) (9.9)
LPG Butane (Arab Gulf)/Ton 63.38 2.4 3.3 (3.2) FTSE 100 6,129.98 1.3 0.5 (8.9)
Euro 1.12 0.2 0.2 (7.3) CAC 40 4,458.88 1.1 0.0 (3.0)
Yen 119.91 (0.0) (0.6) 0.1 Nikkei 17,725.13 (0.0) (0.1) 1.3
GBP 1.52 0.4 0.0 (2.5) MSCI EM 804.10 0.8 1.9 (15.9)
CHF 1.03 0.6 0.8 2.3 SHANGHAI SE Composite# 3,052.78 0.0 (1.1) (7.9)
AUD 0.70 0.2 0.3 (13.8) HANG SENG 21,506.09 3.2 1.5 (8.8)
USD Index 95.83 (0.4) (0.5) 6.2 BSE SENSEX# 26,220.95 0.0 2.4 (8.2)
RUB 66.39 1.1 1.5 9.3 Bovespa 47,033.46 4.8 5.1 (37.2)
BRL 0.25 2.0 1.0 (32.6) RTS 764.93 (2.1) (3.0) (3.3)
137.1
114.2
110.3