The QSE Index gained 0.1% as the Insurance and Consumer Goods & Services indices rose. Dlala Brokerage and Qatar National Cement were the top gainers, rising 6.4% and 2.6% respectively. Qatar German for Medical Devices fell 2.7% and was a top loser. Trading volume fell 36.4% compared to the previous day but was slightly higher than the 30-day average. Earnings reports are expected from several Qatari companies in the coming weeks.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 0.1% to close at 11,868.9. Gains were led by the Insurance and
Consumer Goods & Services indices, rising 0.7% each. Top gainers were Dlala Brokerage
& Investments Holding Co. and Qatar National Cement Co., rising 6.4% and 2.6%,
respectively. Among the top losers, Qatar German Co for Medical Devices fell 2.7%, while
Qatar Gas Transport Co. was down 1.3%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.1% to close at 7,816.7. Losses were led by the
Industrial Investment and Retail indices, falling 0.8% and 0.6%, respectively. Saudi
Arabian Cooperative Ins. fell 3.2%, while Saudi Industrial Services was down 2.5%.
Dubai: The DFM Index gained 0.2% to close at 3,722.6. The Banks and
Telecommunication indices rose 0.4% each. Gulf Navigation gained 6.0%, while Dar Al
Takaful was up 3.4%.
Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,561.3. The Investment &
Financial Services index declined 0.9%, while the Banks index fell 0.4%. Methaq Takaful
Insurance Co. declined 3.2%, while Eshraq properties Co. was down 2.9%.
Kuwait: The KSE Index rose 0.1% to close at 5,734.1. The Technology index gained
2.4%, while the Basic Material index rose 1.4%. Kuwait Real Estate Holding Co. gained
10.4%, while Mushrif Trading & Contracting Co. was up 10.0%.
Oman: The MSM Index gained 0.5% to close at 5,963.1. Gains were led by Financial and
Services indices, rising 0.7% each. Oman & Emirates Inv. Holding gained 6.6%, while Al
Sharqia Investment Holding was up 5.1%.
Bahrain: The BHB Index declined 0.2% to close at 1,252.1. The Commercial Banks index
fell 0.5%, while the Industrial index declined 0.4%. National Bank of Bahrain fell 2.9%,
while Khaleeji Commercial Bank was down 1.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Dlala Brokerage & Inv. Holding Co. 22.47 6.4 706.8 (32.8)
Qatar National Cement Co. 109.30 2.6 62.9 (8.9)
National Leasing 18.51 2.0 134.2 (7.4)
Qatar Fuel 156.50 1.7 85.1 (23.4)
Qatar Industrial Manufact. Co. 42.70 1.7 0.0 (1.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 15.00 0.7 1,577.9 (8.8)
Dlala Brokerage & Inv. Holding Co. 22.47 6.4 706.8 (32.8)
Mazaya Qatar Real Estate Dev. 16.95 0.4 679.4 (7.1)
Ezdan Holding Group 19.90 0.3 641.1 33.4
Qatar Gas Transport Co. 23.70 (1.3) 577.7 2.6
Market Indicators 12 Oct 15 11 Oct 15 %Chg.
Value Traded (QR mn) 343.4 417.9 (17.8)
Exch. Market Cap. (QR mn) 622,264.1 621,642.9 0.1
Volume (mn) 8.7 13.6 (36.4)
Number of Transactions 5,418 5,136 5.5
Companies Traded 38 42 (9.5)
Market Breadth 23:12 28:10 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,448.51 0.1 1.0 0.7 12.1
All Share Index 3,154.27 0.2 1.0 0.1 12.3
Banks 3,168.29 0.0 0.5 (1.1) 12.8
Industrials 3,574.74 0.2 1.9 (11.5) 13.0
Transportation 2,483.78 (0.6) (0.5) 7.1 12.1
Real Estate 2,845.12 0.4 1.1 26.8 9.1
Insurance 4,703.40 0.7 0.2 18.8 12.5
Telecoms 1,072.09 0.6 2.8 (27.8) 30.2
Consumer 6,828.92 0.7 1.3 (1.1) 15.2
Al Rayan Islamic Index 4,520.11 0.4 1.5 10.2 13.2
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Agility Kuwait 0.6 5.7 2,928.1 (20.5)
Tihama Adv. & Public Saudi Arabia 38.0 5.5 6,151.7 (58.0)
Ahli Bank of Kuwait Kuwait 0.4 4.3 72.1 (11.0)
Boubyan Petrochem. Kuwait 0.5 3.9 9.3 (14.4)
Gulf Bank Kuwait 0.3 3.7 77.8 1.4
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Bank of Bahrain Bahrain Brse 0.7 (2.9) 22.3 (12.0)
Bank Nizwa Oman 0.1 (2.8) 876.0 (13.8)
Dar Al Arkan Real Est. Saudi Arabia 7.2 (2.4) 34,810.7 (11.6)
Nama Chemicals Co. Saudi Arabia 9.0 (2.3) 3,029.0 (15.6)
Methanol Chem. Co. Saudi Arabia 9.9 (2.1) 2,680.1 (16.4)
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%
Qatar German Co for Medical Dev. 15.01 (2.7) 168.9 47.9
Qatar Gas Transport Co. 23.70 (1.3) 577.7 2.6
Qatar Oman Investment Co. 14.22 (1.3) 257.6 (7.7)
Al Meera Consumer Goods Co. 244.90 (0.6) 42.7 22.5
Mesaieed Petrochemical Hold. Co. 21.57 (0.6) 195.5 (26.9)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 126.80 (0.1) 43,823.6 (24.5)
QNB Group 187.40 (0.3) 31,173.0 (12.0)
Masraf Al Rayan 44.40 0.1 23,707.0 0.5
Vodafone Qatar 15.00 0.7 23,638.6 (8.8)
Gulf International Services 71.00 0.9 22,307.0 (26.9)
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 11,868.90 0.1 1.0 3.5 (3.4) 94.29 170,873.7 12.1 1.8 4.3
Dubai 3,722.59 0.2 0.4 3.6 (1.4) 69.29 96,419.7 12.9 1.2 6.7
Abu Dhabi 4,561.31 (0.1) 0.3 1.3 0.7 47.48 124,186.7 12.3 1.4 5.0
Saudi Arabia 7,816.71 (0.1) 1.7 5.6 (6.2) 1,696.71 470,107.8 16.7 1.9 3.3
Kuwait 5,734.07 0.1 0.4 0.1 (12.3) 39.31 89,368.2 14.6 1.0 4.5
Oman 5,963.11 0.5 1.6 3.0 (6.0) 18.61 24,093.1 11.4 1.4 4.4
Bahrain 1,252.13 (0.2) (0.2) (1.9) (12.2) 2.64 19,630.0 7.9 0.8 5.5
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)
11,800
11,820
11,840
11,860
11,880
11,900
11,920
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 gained 0.1% to close at 11,868.9. The Insurance and
Consumer Goods & Services indices led the gains. The index rose on the
back of buying support from Qatari shareholders despite selling pressure
from non-Qatari and GCC shareholders.
 Dlala Brokerage & Investments Holding Co. and Qatar National Cement Co.
were the top gainers, rising 6.4% and 2.6%, respectively. Among the top
losers, Qatar German Co for Medical Devices fell 2.7%, while Qatar Gas
Transport Co. was down 1.3%.
 Volume of shares traded on Monday fell by 36.4% to 8.7mn from 13.6mn on
Sunday. However, as compared to the 30-day moving average of 8.5mn,
volume for the day was 2.2% higher. Vodafone Qatar and Dlala Brokerage &
Investments Holding Co. were the most active stocks, contributing 18.2%
and 8.2% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2015
% Change
YoY
Operating Profit
(mn) 3Q2015
% Change
YoY
Net Profit (mn)
3Q2015
% Change
YoY
United Wire Factories Co.
(ASLAK)
Saudi Arabia SR – – 23.3 13.7% 21.2 3.9%
Computer Stationery Industry
*
Oman OMR 2.0 -13.3% – – 0.3 8.5%
Port Services Corporation
(PSC) *
Oman OMR 3.8 -75.3% – – -2.2 NA
Gulf Investment Services* Oman OMR 0.8 -81.5% – – -0.3 NA
Al Kamil Power Co.* Oman OMR 13.7 -5.7% – – 2.6 111.4%
Taageer Finance * Oman OMR – – – – 3.1 8.9%
Source: Company data, DFM, ADX, MSM (*9M2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
10/12 France Banque De France Current Account Balance August 0.2b – -0.4b
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 3Q2015 results No. of days remaining Status
QNBK QNB Group 7-Oct-15 – Reported
QIBK Qatar Islamic Bank 13-Oct-15 – Due
ABQK Al Ahli Bank 14-Oct-15 1 Due
MRDS Mazaya Qatar 14-Oct-15 1 Due
QIGD Qatari Investor Group 19-Oct-15 6 Due
DBIS Dlala Brokerage & Investment Holding Company 19-Oct-15 6 Due
KCBK Al khalij Commercial Bank 20-Oct-15 7 Due
DOHI Doha Insurance 20-Oct-15 7 Due
QEWS Qatar Electricity & Water Company 20-Oct-15 7 Due
SIIS Salam International 20-Oct-15 7 Due
AKHI Al Kaleej Takaful 20-Oct-15 7 Due
IHGS Islamic Holding 20-Oct-15 7 Due
QIIK International Islamic Bank 20-Oct-15 7 Due
GWCS Gulf Warehousing Company 21-Oct-15 8 Due
QGTS Qatar Gas Transport Company, Nakilat 21-Oct-15 8 Due
QIMD Industrial Manufacturing Company 22-Oct-15 9 Due
QNNS Qatar Navigation 24-Oct-15 11 Due
QATI Qatar Insurance 25-Oct-15 12 Due
MARK Masraf Al Rayan 25-Oct-15 12 Due
DHBK Doha Bank 25-Oct-15 12 Due
QISI Qatar Islamic Insurance 25-Oct-15 12 Due
QGRI Qatar General Insurance & Reinsurance 25-Oct-15 12 Due
QOIS Qatar & Oman Investment Company 25-Oct-15 12 Due
MCGS Medicare Group 25-Oct-15 12 Due
Overall Activity Buy %* Sell %* Net (QR)
Qatari 48.83% 45.26% 12,246,575.00
GCC 4.80% 8.04% (11,132,626.71)
Non-Qatari 46.37% 46.70% (1,113,948.29)

3. Page 3 of 7
UDCD United Development Company 26-Oct-15 13 Due
QFLS Qatar Fuel Company 26-Oct-15 13 Due
ERES Ezdan Real Estate Company 26-Oct-15 13 Due
MERS Al Meera Consumer Goods Company 27-Oct-15 14 Due
ORDS Ooredoo 28-Oct-15 15 Due
AHCS Aamal Company 29-Oct-15 16 Due
QNCD Qatar National Cement Company – – Due
CBQK Commercial Bank – – Due
BRES Barwa Real Estate Company – – Due
NLCS National Leasing – – Due
GISS Gulf International Services – – Due
IQCD Industries Qatar – – Due
MPHC Mesaieed Petrochemical Holding Company – – Due
MCCS Mannai Corp. – – Due
QCFS Qatar Cinema & Film Distribution Company – – Due
WDAM Widam Food Company – – Due
QGMD Qatar German Company for Medical Devices – – Due
ZHCD Zad Holding Company – – Due
VFQS Vodafone Qatar – – Due
Source: QSE
News
Qatar
 DBIS to announce financial statements on October 19 – Dlala
Brokerage and Investment Holding Company (DBIS) will disclose
its financial reports for the period ending September 30, 2015 on
October 19, 2015. (QSE)
 NLCS to announce financial statements on Oct 29 – National Leasing
(NLCS) will disclose its financial reports for the period ending
September 30, 2015 on October 29, 2015. (QSE)
 IHGS approves 50% capital increase – Islamic Holding Group
(IHGS) in its Extraordinary General Assembly (EGM) meeting has
approved a 50% capital increase from QR40mn to QR60mn by
issuing 2mn new shares. The shares will be offered for
subscription to the eligible shareholders that have the right to
subscribe at a rate of one new share for each two existing shares at
nominal value of QR10 plus a share premium of QR40 per share.
The shareholders owning the shares as on December 1, 2015 will
be eligible to participate in the right issue. (QSE)
 GWCS’ stock reference price adjusted to QR62.3 – The Qatar Stock
Exchange (QSE) has informed that Gulf Warehousing Company's
(GWCS) stock reference price will be adjusted before the start of
the trading session of October 13, 2015 due to the expiry of the
right to subscribe to the company's capital increase. The new
stock’s reference price is QR62.30. Therefore, the QSE has
requested brokers and investors to review their outstanding good-
till-cancel (GTC) bid and ask orders in light of the new price after
adjustment. Meanwhile, the QSE has informed that according to
QFMA's approval, the selling period for the subscription rights of
GWCS separate from the company’s shares will start on October
18, 2015. (QSE)
 QNB Group in preliminary talks to buy Turkey's Finansbank – QNB
Group (QNBK) is holding preliminary talks to buy National Bank of
Greece's Turkish arm Finansbank. The bank said that no material
developments have yet taken place and QNBK will make further
announcements to the Qatar Stock Exchange (QSE) regarding the
possible acquisition if and when necessary. (QSE)
 QDB: Export value of SMEs stood at QR2.4bn in 2014 – The Qatar
Development Bank (QDB) said that the combined export value of
Qatari small and medium enterprises (SMEs) stood at QR2.4bn in
2014. This figure is likely to exceed in 2015, given the available
numbers for the current year. Meanwhile, Prime Minister and
Interior Minister HE Sheikh Abdullah bin Nasser bin Khalifa Al
Thani will open the 15th edition of the World Export Development
Forum (WEDF) in Doha on October 20, 2015. Over 50 local SMEs
will be participating in the events scheduled to be held on the
sidelines of the two-day event. QDB CEO Abdulaziz bin Nasser Al
Khalifa said the upcoming World Export Development Forum in
Doha will be an ideal platform for Qatari SMEs to exchange ideas
and technical knowhow. (Peninsula Qatar)
 ORDS, Nokia sign five-year deal for advanced mobile broadband
technologies – The Ooredoo Group (ORDS) and Nokia have signed
a major five-year contract under which the latter will provide
advanced mobile broadband technologies and professional
services to help ORDS support superior 2G, 3G, 4G and LTE-A
networks. The framework agreement between the two will help
support ORDS’s long-term development strategy across its
footprint in the MENA region and Southeast Asia. In the renewed
agreement, the terms and conditions have been revised to include
global best practices in terms of delivery and technology for the
benefit of both companies. (Gulf-Times.com)
 Kahramaa: 1.45mn cu m of water a day from nine plants –
According to a statistical report of the Qatar General Electricity
and Water Corporation (Kahramaa), the four facilities in the
northern industrial city of Ras Laffan generate 740,909 cubic
meter (cu m) of potable water a day while the five facilities at Ras
Abu Fontas produce 736,364 cu m daily. The figures were given at
the end of 2014. The nine independent power and water facilities
in Qatar together produce 1.45mn cu m of potable water a day. The
two stations that generate maximum quantities of potable water
are Q-Power’s Ras Laffan B station (272,727 cu m/day) and Ras
Girtas Power Company’s Ras Laffan C Station (286,364 cu m/day).
(Gulf-Times.com)
 Doha Municipality issues over 1,300 building permits – Doha
Municipality has issued 1,333 building permits, more than 400
demolition permits and 429 maintenance permits during January-
October 2015. The municipality has also processed around 1,000
applications and requests within its administrative jurisdiction.
Director of Technical Affairs Department at Doha Municipality,
Abdulaziz Hassan al-Ubaidan said that most building violations
comprise building on the excess spaces of land and not abiding by
the required setbacks, in addition to the outer paint of the building

4. Page 4 of 7
and reducing the number of parking lots without prior approval.
(Gulf-Times.com)
 Marka to enter Qatar market in 2H2016 – Marka, the first pubic
joint stock retail operator in the UAE, plans to enter Qatar during
2H2016. The company operates three divisions - Marka Sports,
Marka Hospitality and Marka Fashion, with its business model of
taking established international and local brands that showed
strong potential, under its umbrella to extend their footprint in the
UAE and across markets in the GCC. The company also develops
and operates its own home-grown concepts. (Bloomberg)
International
 Reuters: Chances of ECB extending QE program fading – According
to the latest Reuters poll of money market traders, the likelihood
the European Central Bank (ECB) prolongs its asset purchase
program beyond September 2016 has slipped to only even odds.
Just a month ago 17 of 21 traders said the ECB would extend its
monthly €60bn purchases beyond the planned completion date
but Monday's poll gave a median 50% chance it would be
lengthened. The swing comes despite official data showing euro
area inflation was back at -0.1% in September, the same as in
March 2015 when the ECB began quantitative easing. In the latest
survey, traders assigned a 40% chance the ECB increases the
amount it spends on monthly purchases over the next six months.
(Reuters)
 EU to assess Greece debt burden, servicing costs after review − The
European Commission (EC) said it will assess Greece’s debt
burden and servicing costs once Prime Minister Alexis Tsipras
shows his nation will meet the commitments under its new bailout
program. European Union Economic Affairs Commissioner, Pierre
Moscovici said for debt relief talks to proceed, Greece needs to
implement the reforms it has already passed, enact further
required measures and pass its first program review. He said the
debt relief talks should be able to start by November 2015-end if
Greece sticks to the schedule. Greece is up against tight deadlines
to keep its €86bn third bailout on track and stave off another
round of turmoil over its membership in the currency zone.
(Bloomberg)
 China imports plunge for eleventh month in September − China’s
imports extended the longest losing streak in six years,
underscoring the headwinds to global growth from a rebalancing
in the world’s second-largest economy and declining commodity
prices. The Customs Administration said imports had dropped
17.7% in yuan terms in September, widening from a 14.3%
decrease in August and an 11th straight decline. Overseas
shipments had fallen 1.1% in September in yuan terms as
compared to a 6.1% drop in August. The trade surplus was yuan
376.2bn. The import slide reflects the pressure China’s economic
slowdown is having on global growth and this year’s plunge in
commodity prices. On the export side, signs of stabilization suggest
improved external demand and indicate that the People’s Bank of
China’s surprise devaluation of the yuan in August 2015 is giving a
boost to competitiveness. (Bloomberg)
 India inflation accelerates in September as Rajan keeps policy
accommodative − India’s inflation accelerated as central bank
Governor Raghuram Rajan looks to maintain an accommodative
monetary policy stance. The Statistics Ministry said consumer
prices had risen 4.41% YoY in September after a revised 3.74%
increase in August. India’s food price index (accounting for almost
half of the CPI basket) rose 3.88% YoY in September after a 2.2%
increase in August. Rajan in September lowered the benchmark
repurchase rate by half a percentage point to 6.75% − the biggest
reduction since 2009 − after months of rebuffing government calls
for a cut. He said the Reserve Bank of India will probably meet its
6% CPI target for January and is now focusing on its 5% goal for
March 2017. (Bloomberg)
Regional
 NAS: Oil-dependent SWFs selling European shares – According to
Nasdaq Advisory Services (NAS), the top three oil-dependent
sovereign wealth funds (SWFs) have been selling European equity
holdings since May 2015, another sign of petrodollars being
withdrawn from world markets. The Saudi Arabian Monetary
Authority (SAMA) has sold equities worth $1.2bn across Nasdaq’s
European client base that accounts for 13% of its $9.2bn holdings
in the European companies tracked by Nasdaq, while the Abu
Dhabi Investment Authority (ADIA) has cut shares worth $300mn
from its $3.6bn holding. Norway’s Norges Bank Investment
Management has sold $1.1bn, around 2% of the $57.5bn market
value of its holdings. However, Asian funds have continued to add
European equities. Alexander Free, analyst at NAS, said the three
largest oil-dependent SWFs have all been reducing their equity
holdings in the region over 2015, with this trend accelerating over
2Q2015 and 3Q2015. (Reuters)
 Keolis targets Persian Gulf for rail-operating projects – Keolis, a unit
of Paris-based state railway SNCF, is bidding to operate subways
and light-rail services in Persian Gulf countries that are setting up
public-transport networks. The transport group is pursuing
contracts in Saudi Arabia, Qatar and the UAE. (Bloomberg)
 SAIB net profit declines 5.33% YoY in 3Q2015 – The Saudi
Investment Bank (SAIB) has reported a net profit of SR351.4mm in
3Q2015 as compared to SR371.2mm in 3Q2014, representing a
YoY decrease of 5.33%. The bank’s total assets had stood at
SR90.33bn as of September 30, 2015 as compared to SR90.55bn
on September 30, 2014. Loans & advances reached SR57.83bn,
while customer deposits stood at SR66.69bn. EPS amounted to
SR1.69 in 3Q2015 versus SR1.63 in 3Q2014. (Tadawul)
 Advanced Petrochemical initiates dividend distribution – Advanced
Petrochemical Company has started distributing dividend to its
shareholders for 3Q2015 from October 12, 2015. The dividend will
be deposited in the respective bank accounts, which are linked
with the portfolios and registered in Tadawul records on the
closing of trading on September 30, 2015, in all local Saudi banks
at SR0.75 per share. Riyadh Bank will process the dividend
distribution to all eligible shareholders through direct transfers.
(Tadawul)
 Saudi regulator lifts suspension on Mobily shares – The Saudi’s
Capital Market Authority (CMA) has lifted a one-day suspension on
trading of Etihad Etisalat Company’s (Mobily) shares. CMA halted
trading in Mobily shares on October 11 pending the mobile firm's
response to the preliminary findings of a panel investigating its
restatement of over two years of earnings. Mobily announced the
CMA had rejected demands by some shareholders for
compensation over the steep drop in the firm's stock price.
(Reuters)
 Maaal: KSA to issue SR20bn of bonds next week – The Maaal
financial website has reported that Saudi Arabian government is in
talks with local banks to sell them SR20bn of local currency bonds
next week. A five-year tranche will yield 1.92%, a seven-year
portion 2.34% and a 10-year tranche 2.65%. Maturities and yields
for this issue would be the same as in the government’s last bond
issue in September, which was also SR20bn. This will bring the
amount of bonds issued by the government in 2015 to SR75bn.
The Kingdom had resumed issuing bonds in July 2015 for the first
time since 2007 to cover a budget deficit created by low oil prices.
(Reuters)
 Bank Aljazira net income surges 253.2% in 3Q2015 – Bank Aljazira
has reported a net profit of SR166mn in 3Q2015 as compared to
SR47mn in 3Q2014, representing a YoY surge of 253.19%. The

5. Page 5 of 7
bank’s total assets stood at SR68.31bn as of September 30, 2015 as
compared to SR65.63bn on September 30, 2014. Loans & advances
reached SR41.87bn, while customers’ deposits stood at SR55.92bn.
The EPS totaled SR2.82 in 3Q2015 versus SR0.93 in 3Q2014.
(Tadawul)
 Al Alamiya gets SAMA’s temporary approval for insurance products
– Al Alamiya for Cooperative Insurance Company has obtained the
Saudi Arabian Monetary Agency’s (SAMA) temporary approval for
its insurance products for six months starting from October 8,
2015. (Tadawul)
 Al-Eqtisadiah: KSA banks invests SR172.5bn abroad in Aug 2015 –
According to data collected by Al-Eqtisadiah, Saudi Arabian banks
invested a total of SR172.5bn abroad in August 2015, accounting
for 10.6% of the value of their deposits, which stood at SR1.62tn.
The banks’ foreign investments make up 7.8% of their assets,
which reached SR2.21tn and 57.4% of their foreign assets, which
amounted to SR300bn. Saudi banks’ investments increased by
17% (SR25.2bn) as compared to the figure recorded in August
2014, which was SR147.2bn. However, the Saudi banks’
investments abroad fell 1% on MoM basis. Saudi banks resort to
foreign investments abroad for several reasons including
diversifying liquidity base and generating revenues from clients’
deposits, which remain lower than the returns coming from
lending but are less risky. (GulfBase.com)
 KSA, France eye multibillion riyal deals at Riyadh talks – The
ongoing second Saudi-French Business Opportunities Forum will
witness multibillion riyals bilateral agreements between Saudi
Arabia and France. An official from the French embassy said the
forum will also see the signing of a series of economic agreements
between the two countries. French exports to the Kingdom
amounted to around €1.5bn in 1H2015. Saudi is the largest oil
supplier to France, and there are now around 80 French
companies currently operating in the Kingdom. The volume of
French investments in Saudi is more than SR74bn across 207
projects, including joint ventures. The bilateral trade between the
two countries reached, for the first time, €10bn in 2014.
(GulfBase.com)
 Mawasim Tours renews agency agreement with Hilton
International – Mawasim Tours Company, a wholly owned
subsidiary of Al Tayyar Travel Group Holding Company, has
renewed its exclusive agency agreement in Makkah Region with
Hilton International Hotel Group. The agreement allows Mawasim
Tours to provide bookings for the group's clients through
electronic link with Hilton electronic platform. The agreement is
renewed for one-year renewable period effective from October 14,
2015 with total value of SR55.25mn to be paid within the
contracted year as per the actual use of rooms. The financial
impact of the renewal is expected to start in 1Q2016. (Tadawul)
 MoF claws back unspent money as finances tighten – According to
sources, Saudi Arabian Ministry of Finance (MoF) is planning to
cut waste as state revenues shrink because of low oil prices. The
ministry is telling government bodies to return unspent money,
which they were allocated in 2015 budget. The tighter policy
underlines a sober mood taking hold in Riyadh because of the
halving of oil prices since mid-2014. The International Monetary
Fund and private analysts calculate Saudi Arabia may run a record
budget deficit of $120bn or more in 2015. The government has
sold over $80bn of foreign assets since August 2014 to pay its bills.
(Reuters)
 Brand Finance: Brand UAE among global heavyweights – According
to Brand Finance, the globally powerful ‘Brand UAE’ rose to third
place in a closely watched annual ranking of nations, and is now
ranking behind only Singapore and Switzerland in terms of its
global image. The UAE scored particularly highly, at fourth, in
perceptions of the investment climate and markets, but less well in
terms of its market size and openness. Brand Finance ranked 100
nations according to the strength of their brand, based on factors
such as image and perceptions of tourism, investment, governance
and security. (GulfBase.com)
 Aramex BoD to discuss OTMT alliance proposal on Oct 14 –
Aramex’s board of directors (BoD) will hold a meeting on October
14, 2015 to discuss entering into a strategic partnership with
Orascom Telecom Media & Technology Holding (OTMT) to
establish logistics areas in Egypt, and take appropriate decision in
this regard. (DFM)
 UP AGM approves AED360mn re-financing facility – Union
Properties (UP) has announced that its annual general meeting
(AGM) has approved a guarantee given by the company in favor of
Dubai Islamic Bank (DIB) with respect to 50% of the outstanding
amount under the Murabaha facility agreement dated August 2,
2015 between Properties Investment and DIB. Properties
Investment is a joint venture company equally owned by UP and
Dubai Investments. Shareholders at the meeting also gave the go-
ahead to the company’s entry into an AED360mn Shari’ah
compliant financing agreement with DIB. (DFM)
 Foreign investment in Dubai property tops $14bn – H Holding
Enterprise Chairman Hafeez Abdulla, citing data from Dubai Land
Department (DLD), has said that foreign investment in the
property sector across Dubai surged to over AED53bn in 1H2015,
a strong proof that the Dubai market is still attractive. He said this
demonstrates the market’s ability to attract buyers and foreign
investors based on its stability and high return on investment
(ROI). Hafeez said this is the perfect time for international
investors to invest in Dubai's real estate. (GulfBase.com)
 Markit: Dubai's private sector stays robust – According to a survey
conducted by Markit and sponsored by Emirates NBD, Dubai's
private sector firms continued to experience robust growth in
September 2015 while the construction sector posted the
strongest rise in business activity. The Emirates NBD Dubai
Business Activity Index posted 56 in September to remain well
above the neutral 50 threshold. Although the index dipped from
57.6 in August, the latest reading signaled a much faster rate of
output expansion than July’s 40-month low. Meanwhile,
inflationary pressures continued to moderate, with input costs
rising at the slowest pace since May 2015 and average prices
charged were broadly unchanged over the month. Emirates NBD’s
Chief Economist Tim Fox said that the slight slowdown in the pace
of expansion in Dubai’s non-oil economy is consistent with the
slowdown across the UAE in September 2015. He said the overall
pace of activity remains robust, however, particularly in the
construction sector. (GulfBase.com)
 Agthia signs SPA for acquisition in Dubai & Oman – Agthia Group
has entered into a share purchase agreement (SPA) for the
acquisition of 100% shares of Al Bayan Purification & Potable
Water and Shaklan Plastic Manufacturing Company in Dubai, in
addition to Oman-based Al Manal Purification & Bottling Mineral
Water. The transaction is subjected to regulatory approvals and
other closing conditions, and is expected to close during October
2015. (ADX)
 Oil Minister: No calls within OPEC for policy change – Kuwaiti Oil
Minister Ali al-Omair has said that there are currently no calls
from within OPEC to change the oil-producing group's output
policy. He said a market exit by high-cost producers could help
buoy oil prices in 2016. He said there are signs that world
economic growth could improve by the start of 2016. This would
also add to the improvement in oil price. (Reuters)
 Computer Stationery transfers unclaimed dividend – Computer
Stationery Industry has deposited the unclaimed dividend

6. Page 6 of 7
amounts with Investors Trust Fund. The Shareholders, who have
not collected dividends to date, can contact Muscat Clearing &
Depository Company. (MSM)
 Bank Sohar 3Q2015 net profit drops 10.35% YoY – Bank Sohar has
reported a net profit of OMR21.29mn in 3Q2015 as compared to
OMR23.75mn in 3Q2014, representing a YoY decrease of 10.35%.
The bank’s operating income had stood at OMR52.44mn in
3Q2015 as compared to OMR53.26mn in 3Q2014. Bank Sohar’s
total assets had grown 20.08% YoY and had stood at OMR2.23bn
as of September 30, 2015 as compared to OMR1.85bn at the end of
September 30, 2014. Net loans & advances reached OMR1.67bn,
while customers’ deposits stood at OMR1.56bn. (MSM)
 Port of Salalah achieves new general cargo record – Port of Salalah
made a new record for the second time in 2015 at the general
cargo terminal (GCT) by handling 1,211,569 metric tons (mt) in
September 2015. This new record breaks the previous one of
1,187,561 mt that was set in June 2015. The GCT handled over
10mn mt of cargo in 2014 and is expected to handle over 12mn mt
in 2015. (GulfBase.com)
 Oman may float debt instruments for raising funds – Standard
Charted Bank (SCB) Corporate & Institutional clients and financial
markets head Hussain Ghalib Al Yafai has said that the Omani
government could float an international bond, or Sukuk, after the
successful completion of the debut issuance of its sovereign Sukuk.
He said the second phase could be an international issue, which
might be offered in a dollar format to attract international
investors. SCB and Bank Muscat are joint lead managers of the first
sovereign Sukuk issue in Oman, which opened for a two-week
subscription on October 8, 2015. (GulfBase.com)

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
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial
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recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any direct or indirect
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (#Market closed on October 12, 2015) Source: Bloomberg (*$ adjusted returns; #Market closed on October 12, 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
(0.1%)
0.1% 0.1%
(0.2%)
0.5%
(0.1%)
0.2%
(0.4%)
(0.2%)
0.0%
0.2%
0.4%
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 1,163.85 0.6 0.6 (1.8) MSCI World Index 1,674.39 0.0 0.0 (2.1)
Silver/Ounce 15.84 (0.0) (0.0) 0.8 DJ Industrial 17,131.86 0.3 0.3 (3.9)
Crude Oil (Brent)/Barrel (FM Future) 49.86 (5.3) (5.3) (13.0) S&P 500 2,017.46 0.1 0.1 (2.0)
Crude Oil (WTI)/Barrel (FM Future) 47.10 (5.1) (5.1) (11.6) NASDAQ 100 4,838.64 0.2 0.2 2.2
Natural Gas (Henry Hub)/MMBtu 2.44 2.9 2.9 (18.7) STOXX 600 361.79 (0.3) (0.3) (0.7)
LPG Propane (Arab Gulf)/Ton 47.75 (2.8) (2.8) (2.6) DAX 10,119.83 0.2 0.2 (3.4)
LPG Butane (Arab Gulf)/Ton# 65.00 0.0 0.0 3.6 FTSE 100 6,371.18 (0.5) (0.5) (4.4)
Euro# 1.14 0.0 0.0 (6.1) CAC 40 4,688.70 (0.3) (0.3) 3.2
Yen 120.04 (0.2) (0.2) 0.2 Nikkei# 18,438.67 0.0 0.0 4.9
GBP 1.53 0.2 0.2 (1.5) MSCI EM 865.23 0.7 0.7 (9.5)
CHF 1.04 (0.1) (0.1) 3.3 SHANGHAI SE Composite 3,287.66 3.6 3.6 (0.2)
AUD 0.74 0.4 0.4 (9.9) HANG SENG 22,730.93 1.2 1.2 (3.7)
USD Index 94.84 0.0 0.0 5.1 BSE SENSEX 26,904.11 (0.7) (0.7) (4.5)
RUB 62.02 0.8 0.8 2.1 Bovespa# 49,338.41 0.0 0.0 (30.4)
BRL# 0.27 0.0 0.0 (29.6) RTS 876.42 (1.1) (1.1) 10.8
142.1
119.2
114.8