The QSE Index in Qatar gained 0.2% on the day. Gains were led by the Insurance and Telecom indices. Top gainers were Qatar Insurance Co. and Qatar German Co. for Medical Devices. In other GCC markets, the indices in Saudi Arabia and Oman declined slightly while Abu Dhabi and Kuwait rose. Regional company earnings news included results from several Saudi companies such as Saudi Industrial Investment Group and National Industrialization Co.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 0.2% to close at 11,788.2. Gains were led by the Insurance and
Telecoms indices, rising 1.8% and 0.9%, respectively. Top gainers were Qatar Insurance
Co. and Qatar German Co. for Medical Devices, rising 2.1% and 1.9%, respectively. Among
the top losers, Zad Holding Co. fell 2.7%, while Widam Food Co. was down 2.4%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.4% to close at 7,765.2. Losses were led by the
Industrial Invest. and Real Estate Dev. indices, falling 2.4% and 1.0%, respectively.
National Industrialization fell 8.2%, while Al-Khodari Sons was down 8.1%.
Dubai: The DFM Index declined 0.1% to close at 3704.3. The Transportation index fell
0.6%, while the Financial & Investment Services index declined 0.2%. Ektetab Holding
Co. and Emirates NBD were down 2.3% each.
Abu Dhabi: The ADX benchmark index rose 0.3% to close at 4,577.7. The Real Estate
and Telecommunication indices gained 0.7% each. Al Khazna Insurance Co. rose 3.0%,
while Abu Dhabi Commercial Bank was up 1.8%.
Kuwait: The KSE Index gained 0.3% to close at 5,784.4. The Basic Material index rose
2.5%, while the Oil & Gas index gained 0.7%. Ikarus Petroleum Industries Co. rose
8.0%, while International Resorts Co. was up 7.8%.
Oman: The MSM Index fell marginally to close at 5,924.0. Losses were led by the
Financial and Industrial indices, falling 0.3% and 0.2%, respectively. Global Financial
Investment fell 6.5%, while Oman and Emirates Inv. was down 4.5%.
Bahrain: The BHB Index declined 0.1% to close at 1,247.9. The Services index fell 0.9%,
while the Industrial index declined 0.4%. Bahrain Islamic Bank fell 9.0%, while Ithmaar
Bank was down 3.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Insurance Co. 96.50 2.1 72.1 22.5
Qatar German Co for Medical Dev. 14.75 1.9 13.0 45.3
Vodafone Qatar 15.25 1.7 4,917.7 (7.3)
Gulf Warehousing Co. 63.00 1.4 11.3 22.4
Qatar General Insur. & Reins. Co. 58.80 1.4 15.0 14.6
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 15.25 1.7 4,917.7 (7.3)
Mazaya Qatar Real Estate Dev. 16.83 (0.7) 2,485.8 (7.7)
Qatar Gas Transport Co. 23.41 1.2 1,470.2 1.3
Masraf Al Rayan 44.00 0.2 403.7 (0.5)
Barwa Real Estate Co. 45.60 1.3 332.5 8.8
Market Indicators 19 Oct 15 18 Oct 15 %Chg.
Value Traded (QR mn) 332.5 301.1 10.4
Exch. Market Cap. (QR mn) 618,517.4 617,991.6 0.1
Volume (mn) 12.2 12.7 (3.3)
Number of Transactions 4,340 3,532 22.9
Companies Traded 40 41 (2.4)
Market Breadth 19:19 22:16 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,323.12 0.2 0.1 (0.0) 12.0
All Share Index 3,134.37 0.1 0.2 (0.5) 12.2
Banks 3,147.61 (0.3) (0.4) (1.8) 12.8
Industrials 3,555.23 0.3 0.3 (12.0) 12.8
Transportation 2,473.73 0.5 0.7 6.7 12.0
Real Estate 2,810.78 0.2 0.0 25.2 9.0
Insurance 4,685.57 1.8 2.8 18.4 12.4
Telecoms 1,068.68 0.9 0.3 (28.1) 30.1
Consumer 6,850.61 (0.7) 0.8 (0.8) 15.2
Al Rayan Islamic Index 4,489.52 0.2 0.5 9.5 13.0
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Petrochemical Co. Saudi Arabia 23.55 9.9 3,008.9 7.5
Herfy Food Services. Saudi Arabia 101.83 7.2 163.1 4.7
Nat. Bank of Bahrain Bahrain 0.74 5.0 38.5 (4.9)
Nat. Real Estate Co. Kuwait 0.08 5.0 966.1 (33.2)
Com. Bank of Kuwait Kuwait 0.53 3.9 28.1 (15.9)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Industrialization Saudi Arabia 13.18 (8.2) 9,064.6 (50.5)
IFA Hotels & Resorts Kuwait 186.00 (5.1) 0.1 (7.0)
Alabdullatif Ind. Inv. Saudi Arabia 33.53 (4.6) 136.2 0.5
Saudi Arabian Mining Saudi Arabia 29.12 (4.4) 6,367.1 (4.8)
Jazeera Airways Co. Kuwait 0.48 (4.0) 65.5 8.0
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%
Zad Holding Co. 91.50 (2.7) 0.6 8.9
Widam Food Co. 52.60 (2.4) 0.8 (12.9)
Qatar National Cement Co. 105.50 (2.3) 3.0 (12.1)
Medicare Group 166.30 (2.2) 23.6 42.1
Commercial Bank 55.50 (1.8) 249.4 (10.9)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Vodafone Qatar 15.25 1.7 75,032.1 (7.3)
Mazaya Qatar Real Estate Dev. 16.83 (0.7) 42,014.6 (7.7)
Qatar Gas Transport Co. 23.41 1.2 34,328.2 1.3
Masraf Al Rayan 44.00 0.2 17,756.5 (0.5)
QNB Group 186.50 (0.8) 17,623.6 (12.4)
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 11,788.24 0.2 0.1 2.8 (4.0) 91.32 169,844.9 12.0 1.4 4.3
Dubai 3,704.33 (0.1) 0.2 3.1 (1.8) 67.87 95,924.6 12.8 1.2 6.7
Abu Dhabi 4,577.66 0.3 0.9 1.7 1.1 35.01 124,838.2 12.5 1.4 4.9
Saudi Arabia 7,765.22 (0.4) 0.9 4.9 (6.8) 1,391.15 470,663.9 16.8 1.8 3.3
Kuwait 5,784.37 0.3 0.9 1.0 (11.5) 58.55 89,530.0 14.5 1.0 4.4
Oman 5,924.02 (0.0) 0.2 2.4 (6.6) 13.24 23,929.7 11.5 1.3 4.4
Bahrain 1,247.91 (0.1) (0.8) (2.2) (12.5) 1.12 19,563.9 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)
11,720
11,740
11,760
11,780
11,800
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QSE Index gained 0.2% to close at 11,788.2. The Insurance and
Telecoms indices led the gains. The index rose on the back of buying
support from non-Qatari shareholders despite selling pressure from Qatari
and GCC shareholders.
 Qatar Insurance Co. and Qatar German Co for Medical Devices were the top
gainers, rising 2.1% and 1.9%, respectively. Among the top losers, Zad
Holding Co. fell 2.7%, while Widam Food Co. was down 2.4%.
 Volume of shares traded on Monday fell by 3.3% to 12.2mn from 12.7mn on
Sunday. However, as compared to the 30-day moving average of 7.5mn,
volume for the day was 62.8% higher. Vodafone Qatar and Mazaya Qatar
Real Estate Development were the most active stocks, contributing 40.2%
and 20.3% 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
Al Hammadi Company for
Development & Investment Saudi Arabia SR
– – 31.9 28.9% 27.7 8.9%
Saudi Industrial Investment
Group (SIIG) Saudi Arabia SR
– – 647.0 -10.5% 207.0 -44.9%
Malath Cooperative Insurance
& Reinsurance Co. (Malath
Insurance) Saudi Arabia SR
341.2 125.5% – – 19.2 121.4%
Jarir Marketing Co. Saudi Arabia SR – – 216.0 7.4% 218.5 7.6%
Bishah Agricultural
Development Co. (BADCO) Saudi Arabia SR
– – -0.3 NA -0.3 NA
Saudi Arabian Amiantit Co. Saudi Arabia SR – – 71.3 230.6% 27.1 54.0%
Al Sagr Cooperative
Insurance Co. Saudi Arabia SR
196.7 264.4% – – 30.6 979.6%
Abdullah A.M. Al-Khodari
Sons Co. Saudi Arabia SR
– – -9.2 NA -14.3 NA
Dallah Healthcare Holding Co. Saudi Arabia SR – – 26.4 21.7% 26.8 22.4%
National Industrialization Co. Saudi Arabia SR – – -47.8 NA -296.3 NA
Najran Cement Co. Saudi Arabia SR – – 45.3 -10.2% 32.1 -22.1%
Saudi Pharmaceutical
Industries & Medical
Appliances Corporation
(SPIMACO) Saudi Arabia SR
– – 24.7 -21.1% 29.2 -20.4%
Filling & Packing Materials
Manufacturing Co. (FIPCO) Saudi Arabia SR
– – 5.7 -7.7% 4.7 -11.3%
Savola Group Saudi Arabia SR – – 510.6 -21.2% 371.6 -47.0%
United International
Transportation Co. (Budget-
Saudi) Saudi Arabia SR
– – 18.5 64.3% 48.7 10.2%
Saudi Advanced Industries
Co. (SAIC) Saudi Arabia SR
– – 1.2 -83.8% 1.6 -88.3%
Dur Hospitality Co. Saudi Arabia SR – – 40.6 7.9% 40.7 11.0%
Saudia Dairy & Foodstuff Co.
(SADAFCO) Saudi Arabia SR
– – 58.1 12.4% 54.0 13.2%
Saudi Arabia Refineries Co.
(SARCO) Saudi Arabia SR
– – 0.3 -95.8% 0.1 -98.6%
Arabian Cement Co. (ARC) Saudi Arabia SR – – 96.8 -32.4% 89.5 -33.2%
Saudi Automotive Services
Co. (SASCO) Saudi Arabia SR
– – 7.5 159.6% 6.5 80.0%
Abdulmohsen Al-Hokair
Group for Tourism and
Development Co. Saudi Arabia SR
– – 52.9 32.3% 57.2 34.3%
SABB Takaful Saudi Arabia SR 42.7 8.7% – – 6.4 72.1%
Wataniya Insurance Co. Saudi Arabia SR 75.4 27.8% – – 3.9 26.5%
Basic Chemical Industries Co. Saudi Arabia SR – – 11.1 37.0% 2.3 91.7%
Saudi Vitrified Clay Pipes Co.
(SVCP) Saudi Arabia SR
– – 32.7 24.8% 21.7 -16.5%
Arabian Shield Cooperative
Insurance Co. Saudi Arabia SR
48.7 -11.1% – – 6.4 340.8%
Sadara Basic Services Co. Saudi Arabia SR – – -640.9 NA -735.2 NA
Overall Activity Buy %* Sell %* Net (QR)
Qatari 60.68% 67.50% (22,660,936.83)
GCC 2.42% 3.80% (4,587,680.82)
Non-Qatari 36.91% 28.71% 27,248,617.65

3. Page 3 of 8
(Sadara)
Saudi Ceramic Co. Saudi Arabia SR – – 66.7 19.0% 62.6 -20.6%
Saudi Arabian Cooperative
Insurance Co. (SAICO) Saudi Arabia SR
93.5 -43.3% – – 11.2 12.7%
Buruj Cooperative Insurance
Co. (BCIC) Saudi Arabia SR
93.2 -1.2% – – 4.0 -54.6%
National Medical Care Co. Saudi Arabia SR – – 27.1 47.4% 25.5 22.7%
Tabuk Agriculture
Development Co. (TADCO) Saudi Arabia SR
– – 5.0 662.7% 3.5 8.6%
Axa Cooperative Insurance
Co. Saudi Arabia SR
328.5 45.5% – – 4.5 -38.1%
Bawan Co. Saudi Arabia SR – – 29.2 -47.3% 20.1 -55.7%
Aldrees Petroleum and
Transport Services Co. Saudi Arabia SR
– – 31.7 -0.9% 32.3 21.4%
Electrical Industries Co. Saudi Arabia SR – – 14.2 -9.0% 9.5 -25.5%
Alinma Tokio Marine Co. Saudi Arabia SR 13.1 107.4% – – -7.2 NA
Oman Flour Mills Co. (OFM)* Oman OMR 19.7 5.2% – – 2.2 21.0%
Hotels Management Company
International (HMCI)* Oman OMR
– – – – 1.3 -14.3%
Dhofar Tourism Co. * Oman OMR 1.4 12.5% – – -0.9 NA
Source: Company data, DFM, ADX, MSM (*9M2015 results)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
10/19 US NAHB NAHB Housing Market Index October 64.0 62.0 62.0
10/19 EU Eurostat Construction Output MoM August -0.20% – 1.00%
10/19 EU Eurostat Construction Output YoY August -6.00% – 1.80%
10/19 UK Rightmove Rightmove House Prices MoM October 0.60% – 0.90%
10/19 UK Rightmove Rightmove House Prices YoY October 5.60% – 6.40%
10/19 China National Bureau of Statistics Retail Sales YoY September 10.90% 10.80% 10.80%
10/19 China National Bureau of Statistics Retail Sales YTD YoY September 10.50% 10.50% 10.50%
10/19 China National Bureau of Statistics Industrial Production YoY September 5.70% 6.00% 6.10%
10/19 China National Bureau of Statistics Industrial Production YTD YoY September 6.20% 6.30% 6.30%
10/19 China National Bureau of Statistics Fixed Assets Ex Rural YTD YoY September 10.30% 10.80% 10.90%
10/19 China National Bureau of Statistics GDP YoY 3Q2015 6.90% 6.80% 7.00%
10/19 China National Bureau of Statistics GDP SA QoQ 3Q2015 1.80% 1.80% 1.70%
10/19 China National Bureau of Statistics GDP YTD YoY 3Q2015 6.90% 6.90% 7.00%
10/19 China Bloomberg Bloomberg GDP Monthly Estimate YoY September 6.55% – 6.64%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earning 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 - Reported
ABQK Al Ahli Bank 14-Oct-15 - Reported
MRDS Mazaya Qatar 14-Oct-15 - Reported
MCCS Mannai Corp. 16-Oct-15 - Reported
CBQK Commercial Bank 18-Oct-15 - Reported
QIGD Qatari Investors Group 19-Oct-15 - Reported
DBIS Dlala Brokerage & Investment Holding Company 19-Oct-15 - Reported
KCBK Al Khaliji 20-Oct-15 0 Due
DOHI Doha Insurance 20-Oct-15 0 Due
QEWS Qatar Electricity & Water Company 20-Oct-15 0 Due
SIIS Salam International Investment 20-Oct-15 0 Due
AKHI Al Khaleej Takaful Insurance 20-Oct-15 0 Due
IHGS Islamic Holding Group 20-Oct-15 0 Due
QIIK Qatar International Islamic Bank 20-Oct-15 0 Due
GWCS Gulf Warehousing Company 21-Oct-15 1 Due
QGTS Qatar Gas Transport Company (Nakilat) 21-Oct-15 1 Due
QNCD Qatar National Cement Company 21-Oct-15 1 Due
QIMD Qatar Industrial Manufacturing Company 22-Oct-15 2 Due
QNNS Qatar Navigation (Milaha) 24-Oct-15 4 Due
QATI Qatar Insurance Company 25-Oct-15 5 Due

4. Page 4 of 8
MARK Masraf Al Rayan 25-Oct-15 5 Due
DHBK Doha Bank 25-Oct-15 5 Due
QISI Qatar Islamic Insurance 25-Oct-15 5 Due
QGRI Qatar General Insurance & Reinsurance 25-Oct-15 5 Due
QOIS Qatar & Oman Investment 25-Oct-15 5 Due
MCGS Medicare Group 25-Oct-15 5 Due
GISS Gulf International Services 25-Oct-15 5 Due
QGMD Qatar German Company for Medical Devices 25-Oct-15 5 Due
UDCD United Development Company 26-Oct-15 6 Due
QFLS Qatar Fuel Company 26-Oct-15 6 Due
ERES Ezdan Real Estate Company 26-Oct-15 6 Due
MERS Al Meera Consumer Goods Company 27-Oct-15 7 Due
MPHC Mesaieed Petrochemical Holding Company 27-Oct-15 7 Due
BRES Barwa Real Estate Company 27-Oct-15 7 Due
ORDS Ooredoo 28-Oct-15 8 Due
IQCD Industries Qatar 28-Oct-15 8 Due
AHCS Aamal Company 29-Oct-15 9 Due
NLCS National Leasing (Alijarah) 29-Oct-15 9 Due
ZHCD Zad Holding Company 29-Oct-15 9 Due
VFQS Vodafone Qatar 12-Nov-15 23 Due
QCFS Qatar Cinema & Film Distribution Company - - Due
WDAM Widam Food Company - - Due
Source: QSE
News
Qatar
 DBIS posts reduced net loss in 3Q2015 – Dlala Brokerage &
Investments Holding Company (DBIS) posted a lower net loss of
QR7.1mn in 3Q2015 as compared to a net loss of QR23.4mn in
2Q2015 (QR11.7mn net profit in 3Q2014). DBIS’ bottom-line was
affected by a 47.1% QoQ (70.3% YoY) drop in net brokerage &
commission income to QR4.5mn along with significant dip in other
operating income (down 90.8% QoQ to QR0.5mn in 3Q2015). As a
result, the net operating income fell 65.0% QoQ (down 72.9% YoY)
to QR5.0mn. The bottom-line was further impacted as the
company booked a QR6.1mn (QR30.2mn in 2Q2015) of
impairment loss on available-for-sale investments. Loss per share
amounted to QR0.25 in 3Q2015 vs. QR0.82 in 2Q2015. (QSE,
QNBFS Research)
 QIGD earnings edges down 6.2% QoQ in 3Q2015 – Qatari Investors
Group’s (QIGD) net profit declined 6.2% QoQ (up 9.4% YoY) to
QR59.5mn in 3Q2015 as compared to QR63.4mn in 2Q2015.
Revenue for 3Q2015 stood at QR147mn, indicating a fall of 17.3%
on a QoQ basis (a jump of 14.6% YoY. (QSE, QNBFS Research)
 QCSD raises QGTS’ foreign ownership to 49% – The Qatar Central
Securities Depository (QCSD) has amended the foreign ownership
percentage in Qatar Gas Transport Company (QGTS), increasing it
to 49% of the total capital, effective from October 20, 2015. This
amendment is pursuant to Law No. (9), that allows foreign
investors to own shares in companies, listed on the Qatar Stock
Exchange, by not more than 49% of each company’s capital. The
law also provides for treatment of GCC citizens as Qataris, in terms
of owning shares of listed companies. (QSE)
 ERES raises $500mn Islamic loan to fund expansion – Ezdan
Holding Group (ERES) has raised $500mn through a Shari’ah-
compliant loan, and will use the proceeds to fund its expansion
plans. The real estate developer borrowed the loan for five years
and the amount was more than 2.5 times covered by contributions
from banks. Mashreq's Islamic arm was the sole bookrunner for
the facility and was joined by banks including Abu Dhabi Islamic
Bank, Ahli United Bank, Emirates NBD, Gulf International Bank and
HSBC. (Reuters)
 WDAM to release financial statements on Oct 22 – Widam Food
Company (WDAM) will disclose its earnings report for the period
ending September 30, 2015 on October 22, 2015. (QSE)
 Q-Post to roll out new services soon – The Qatar National Postal
Services Company (Q-Post), will soon launch several new services
to augment the e-commerce market in the country. Q-Post
Chairman & Managing Director, Faleh Mohamed al-Naemi said
new channels of delivery such as Parcel e-Locker; Home Delivery;
Ship 2-Q; Q- Shop and Q- Market are among the services. Speaking
at Qatar’s e-Commerce Forum, Al-Naemi explained that a pilot
program of some of these services will begin early in 2016. Also
addressing the forum, HE the Minister of Information &
Communications Technology, Dr. Hessa al-Jaber said that the
postal system in the country will be liberalized and suitable
amendments will be made to the postal law. This might open up
opportunities for private operators to provide domestic postal
services in the country. (Gulf-Times.com)
 Transfer of workers to different projects proving 'beneficial to
Qatar' – Chairman of the Permanent Recruitment Committee at the
Ministry of Labor and Social Affairs, Ibrahim Abdullah al-Dehaimi
said the system of transferring workers from one project to
another on conclusion of their works is proving beneficial to Qatar
due to the huge volume of construction and infrastructure projects
scheduled for implementation. Such workers acquire good
experience about the work requirements in the country and could
function better than newcomers. Workers of concluded projects
are asked whether they would like to continue work with other
projects, whether with the same company or other companies and
are accordingly granted a transfer or extension of residency.
However, this should be based on the field reports of labor
inspectors, who assess the situation on the ground. Al-Dehaimi
also asserted there is no ban on recruiting workers from any
country. The reason for rejecting work visa applications would
only be due to the bad record of the company concerned. (Gulf-
Times.com)
 Credit Suisse: Qatar’s average adult wealth at $157,000 tops the
MENA region – Credit Suisse Research Institute, in its sixth annual

5. Page 5 of 8
Global Wealth Report said that Qatar recorded the “highest
average wealth per adult” of $157,000 in the MENA region in mid-
2015, growing 0.8% YoY, while the UAE followed closely with
$144,400, but declined 0.3% from 2014. Among major economies,
Qatar occupied the 21st place globally in terms of average wealth,
up from 29th place in 2000. Kuwait’s wealth per adult amounted
to $113,400 –a decline of 7.6% YoY. The average wealth per adult
in Bahrain fell 0.3% from mid-2014. The average wealth per adult
in Saudi Arabia, the largest economy in the GCC, rose 0.9% from
mid-2014 to reach $39,500, while Egypt’s wealth per adult fell
5.3% to $7,000. In terms of total wealth, Saudi Arabia is ranked
first among GCC economies, with an estimated total wealth of
$0.7tn, closely followed by the UAE with an estimated wealth of
$0.6tn. (Gulf-Times.com)
 QNB Group sponsors WFE annual meeting – QNB Group (QNBK)
has announced its platinum sponsorship of the “2015 World
Federation of Exchanges (WFE) General Assembly & Annual
Meeting” hosted by the Qatar Stock Exchange (QSE) during
October 19-21, 2015 at Marsa Malaz Kempinski Hotel in Doha.
QNB Group said the event, which will be held for the first time in
Qatar and the region, will gather top executives from global
exchanges and other representatives of member exchanges,
regulatory agencies, and international authorities, as well as senior
officials from the Ministry of Economy and Commerce (MEC) and
the QSE. The key topics to be debated during the event will include
small and medium-sized enterprise (SME) funding, progress on
the G20 financial reform agenda, development in derivative and
commodity markets, evolving market structures, and trends in risk
management, compliance, and governance. (Gulf-Times.com)
International
 US: Further yuan appreciation ‘key’ to rebalancing China’s economy
– The US asked China on Monday to allow its currency to
appreciate further as a crucial support to the world’s second
biggest economy in rebalancing its economy. In the Treasury’s
semi-annual report on economic and currency policies of major
trade partners, the US also said that the yuan, officially known as
the renminbi, remains below its “appropriate medium-term
valuation.” The language is a shift from the previous report in
April, when the US said the Chinese currency was significantly
undervalued. The Treasury, in its regular scorecard, did not label
any major trading partner a currency manipulator but called on
countries with current account surpluses, which include Germany
and South Korea, to do more to boost flagging global growth. Many
US lawmakers have repeatedly complained that China deliberately
undervalues its currency to gain a competitive advantage in
international markets. The last time the Treasury labeled a
country a manipulator was China in 1994. (Reuters)
 BoJ maintains upbeat assessment of Japan’s regions despite China
slowdown – The Bank of Japan (BoJ) maintained its upbeat
assessment for all nine of the country’s regional economies and
stressed that the pain from China’s slowdown was limited for now,
suggesting that it saw no immediate need to expand monetary
stimulus further. The BOJ maintained its view that Japan’s regional
economies were recovering, with strength in capital expenditure
and consumption offsetting weakness in external demand. But four
regions, including western and central areas home to big Japanese
auto and electronics goods exporters, offered a gloomier view on
output than three months ago, underscoring the fragile nature of
Japan’s recovery. The government had cut its assessment of the
economy last week, warning that some parts of the recovery have
dwindled due to weak overseas demand. (Reuters)
 Russian retail sales plunged in September, recovery hopes dashed –
Plunging retail sales and real wages have dashed hopes Russia’s
economic slump is past its worst. As per data published by the
Federal Statistics Service, or Rosstat, Russian retail sales, a
barometer for consumer spending, fell by 10.4% YoY in
September. That was worse than a 9.1% fall in August and well
below analysts’ forecasts. Real wages also continued to plummet,
falling 9.7%, slightly better than analysts had forecast but worse
than in August. The statistics service revised its estimate for
August’s real wages slump from -9.8% to -9.0%. However, capital
investment fell less in September than in August, although it was
still down by 5.6%, as compared to August’s 6.8% slide. But
Deputy Economy Minister Alexei Vedev said the economic
downturn may have reached its bottom. Mr. Vedev said that in
seasonally adjusted terms the GDP grew by 0.3% on the month,
although Rosstat reported GDP fell 3.5% on the year in September.
(Reuters, WSJ)
Regional
 TR/FC: MENA M&A transactions’ value jumps 23% YoY in 9M2015
– According to estimates from Thomson Reuters (TR)/Freeman
Consulting (FC), Middle Eastern investment banking fees reached
$480.5mn during January-September 2015, 22% less than the
value recorded during January-September 2014. MENA (TR)
Managing Director Nadim Najjar said the value of announced
mergers & acquisitions (M&A) transactions with any Middle
Eastern involvement reached $33.7bn during 9M2015, up 23% as
compared to the value registered during 9M2014, marking it the
best annual start since 2010. As for M&A deals, outbound M&A
drove activity, up 57% from the first nine months of 2014 to reach
$17.2bn, the highest first nine months total since 2009. Domestic
and inter-Middle Eastern M&A decreased 2% YoY to $8.5bn.
Inbound M&A also saw a marked increase, up 154% to $4.6bn.
(GulfBase.com)
 Jarir Marketing BoD recommends 20.5% dividend for 3Q2015,
announces capital increase for JEFLC – Jarir Marketing Company’s
board of directors (BoD) has recommended distribution of 20.5%
dividend (SR2.05 per share) amounting to SR184.5mn for 3Q2015.
Shareholders, who are registered with the Securities Depository
Center (Tadawul) on October 28, 2015, will be eligible to receive
the dividend. The dividend will be distributed on November 5,
2015. Meanwhile, the BoD has decided to increase the capital of
Jarir Egypt Financing Leasing Company (JEFLC) from Egyptian
Pound (EGP) 0.5mn to EGP80mn. The purpose of capital increase
is to support and develop the company’s business activities,
subject to receiving the final approval from the Egyptian
governmental bureaus. (Tadawul)
 Zain Saudi Chairman resigns, signs agreement with NGHA – Mobile
Telecommunications Company Saudi Arabia (Zain Saudi) has
announced that Eng. Farhan bin Naif Al Jarbaa has submitted a
letter resigning from his position as the Chairman and member of
the board of directors (BoD). The telecom operator’s BoD will
meet soon to discuss and settle this matter. Meanwhile, the
company has entered into an internal and external mobile network
coverage agreement with the Ministry of National Guard’s Health
Affairs (NGHA). Under the terms of the agreement, Zain will
handle all the operation, maintenance, updating and expanding
duties for the internal network in all hospitals and medical cities
for seven years. In addition, the company will set the
infrastructure of 2G, 3G and 4G supporting systems to ensure the
highest levels of service quality. As part of the project’s first phase,
the company will provide full coverage in buildings at eight
different locations in Riyadh, Jeddah, Dammam, Al Ahsa, and Al
Madinah. (GulfBase.com, Tadawul, Reuters)
 Saudi Telecom BoD approves SR2bn interim dividend for 3Q2015 –
Saudi Telecom Company’s board of directors (BoD) has approved
the distribution of 10% dividend (SR1 per share) amounting to
SR2bn for 3Q2015. Shareholders, who are registered in the

6. Page 6 of 8
registers of the Securities Depository Center (Tadawul) on
October 29, 2015, will be eligible to receive the dividend. The
dividend will be distributed on November 22, 2015 through Saudi
Fransi Bank branches. (Tadawul)
 SFC: KSA may sell SR120bn debt in 2016 – According to Saudi
Fransi Capital (SFC), Saudi Arabia would probably sell around
SR120bn of debt in 2016 as the Kingdom seeks to prop up its
finances after oil slump. Aqib Mehboob, analyst at SFC, said next
year’s expected SR10bn a month of sales would add to an
estimated SR135bn of debt issuance in 2015. Aqib said Saudi
Arabia’s public debt is among the world’s lowest, with a gross
debt-to-GDP ratio of less than 2% in 2014. Even with the
government running a 20% of GDP deficit, and only funding 25%
of the deficit through bond issuances, the foreign reserves remain
at very comfortable levels. Saudi Arabia is responding to the
decline in crude by tapping foreign reserves, cutting spending,
delaying projects and selling bonds. The country has raised around
SR75bn riyals from debt issuance in 2015. (Bloomberg)
 APICORP tightens guidance for benchmark debut Sukuk – Arab
Petroleum Investments Corporation (APICORP) has tightened
price guidance for its debut benchmark dollar-denominated Sukuk
issue, which will have five-year tenure and would be classified as a
quasi-sovereign issue. A document from lead arrangers showed
guidance was revised to a range of 105 basis points (bps)
plus/minus 5 bps over midswaps. Pricing was initially set in the
area of 110 bps over midswaps. The order book for the issue
currently stands at $650mn. The wakala-structured Sukuk, in
which one party acts as an agent managing assets for another, is
being arranged by Emirates NBD, First Gulf Bank, Goldman Sachs,
NCB Capital, Noor Bank and Standard Chartered. APICORP, an
energy investment company, is owned by the governments of the
Organization of Arab Petroleum Exporting Countries. (Reuters)
 JODI: Saudi crude oil exports fall in Aug 2015 – According to data
published by the Riyadh-based Joint Organizations Data Initiative
(JODI), Saudi Arabia’s crude oil exports had fallen by 278,000
barrels per day (bpd) in August 2015, despite historically high
wellhead production, while volumes of shipped refined oil
products had risen to a record high. The Kingdom had shipped
6.998mn bpd in August 2015, down from 7.276mn bpd in July
2015. KSA had trimmed its production by around 100,000 bpd in
August pumping out 10.265mn bpd, but had still maintained high
output levels in line with a strategy of defending market share.
Exports of refined oil products in August had increased to
1.347mn bpd from 1.075mn bpd in July. (Reuters)
 KSA delays contractor payments due to slump in oil prices –
According to sources, Saudi Arabia is delaying payments to
government contractors as slump in oil prices pushes the country
into a deficit for the first time since 2009. Companies working on
infrastructure projects have been waiting for six months or more
for payments as the government seeks to preserve cash.
Reportedly, the delays have increased in 2015 and the government
has also been seeking to cut prices on contracts. Payment delays
could slow the completion of projects under construction,
including the $22bn Riyadh metro, and curb the expansion needed
to create jobs for a rising population. (Bloomberg)
 SADAFCO invests SR2mn in solar power project – Saudia Dairy &
Foodstuff Company (SADAFCO) has invested SR2mn in a solar
power project at the company’s state-of-the-art Regional
Distribution Centre (RDC) in Sulay, Riyadh. A photovoltaic (PV)-
diesel hybrid system will be installed to combine the output of the
existing diesel generators and 226KW power generated via over
2,000 solar panels. The RDC, built at a cost of SR65mn and
operational since the end of 2014 to improve SADAFCO’S ability to
service the capital and the surrounding area, has until now been
powered by diesel generators. The new system not only offers cost
savings through reduced diesel consumption but also reduces
pollution. It will allow for up to 40% of daytime energy
requirements to be generated by the sun. The project will
commence in October 2015 and installation will take less than six
months. While this project currently only affects SADAFCO’S RDC
in Riyadh, it will provide the company insight to the extent of
possibilities for solar energy applications for all of its current 28
locations across the Middle East. (GulfBase.com)
 KSA construction sector investment opportunities high – Saudi
Arabia’s construction industry is expected to continue its growth
for the next few years, fuelled by massive construction projects,
particularly around social and transport infrastructure, which
offers multi-billion-Saudi Riyals opportunities to contractors and
investors. The local market is set to witness a pick-up in project
activity supported by increasing private and public investments,
boosting the projects’ numbers and values. Currently, KSA’s
general real estate sector is valued at SR2,250bn, while
infrastructure amounts to SR1,312.25bn and ongoing projects
represent 82.4% of total construction activity, showing the
continuous development and growth. (GulfBase.com)
 Savola BoD approves SR267mn dividend for 3Q2015 – Savola
Group’s board of directors (BoD) has approved the distribution of
SR266.99mn (i.e. SR0.50 per share) as dividend for 3Q2015, which
represents 5% of the company’s nominal share value. As a result,
the dividend distributed to shareholders during the 1Q2015 &
2Q2015 and the proposed dividend to be distributed for 3Q2015
will reach SR800.97mn (i.e. SR 1.5 per share), which represents
15% of the company’s nominal share value. The maturity date for
3Q2015 dividend will be for all shareholders registered in the
company books at the end of the trading day on October 22, 2015.
The dividend payments will be processed on November 5, 2015.
(Tadawul)
 Shuaa Capital appoints Head of Coverage & Placement – Shuaa
Capital has appointed Ali Salaam as the Head of Coverage &
Placement. In his new role, Ali will oversee Shuaa’s entire sales
function and product offering. The appointment is part of Shuaa’s
strategy to expand its client coverage team. (DFM)
 Amlak BoD approves 5-year plan, corporate strategy – Amlak
Finance’s board of directors (BoD) approved the five-year
business plan and corporate strategy (2016-2020) during their
meeting held on October 18, 2015. (DFM)
 DSE wins AED224mn MEP contract – Drake & Scull Engineering
(DSE), the engineering subsidiary of Drake & Scull International
(DSI), has been awarded an AED224mn contract to deliver
essential mechanical, electrical and plumbing (MEP) works for a
hotel complex and the expansion of a prominent retail mall in
Dubai. DSI has commenced work on the site and will oversee
supply, installation, testing and commissioning of complete MEP
works with a scheduled handover by 2018. The project involves
the development of an extension to a prominent retail destination
in Dubai, whose expanded premises will include a new high-rise
hotel tower and a low-rise podium, which includes a hypermarket,
cinemas and additional retail space, all within a total built up area
of 192,000 square meters. (DFM)
 A’Nabil Food to merge with NABIL – National Biscuit Industries’
(NABIL) board of directors has decided to merge A’Nabil Food
Industry Company with NABIL, which holds a 98% stake in A’Nabil
Food. It will conduct an extraordinary general meeting to get
approval from the shareholders, subject to the regulatory
approval. (MSM)
 Oman Air set to undergo major restructuring – Oman Air is set to
undergo a radical restructuring, which would witness airline
carved out into a number of independent business entities. The

7. Page 7 of 8
restructuring plan drawn up by Oman Air envisages the
incorporation of subsidiary or associate companies, which will
independently handle the carrier’s ground handling, hospitality,
cargo handling, duty-free sales and engineering operations. Oman
Air Chief Finance Officer Japeen Shah said initially two companies
will be formed as part of the restructuring program: one to carry
out the airline’s ground handling operations and the other to
oversee its cargo handling business. The cargo business in
particular is proposed to be spun out into a joint venture, in
partnership with Singapore-based SATS Investments PTE. SATS
will acquire a 33% stake in the proposed Cargo LLC under joint
venture, share purchase and technical services agreements with
Oman Air. This restructuring will help Oman Air to achieve
functional efficiencies and improve the quality of services, thereby
contributing to enhanced service delivery. (GulfBase.com)
 PDO plans to drill 500 oil wells in 2015 – Petroleum Development
Oman (PDO) Managing Director Raoul Restucci has said that the
company will continue a robust capital expenditure plan, despite
volatile crude oil price environment. It is planning to drill 500 oil
wells in 2015. Referring to the anticipated crude oil production in
2015, Restucci said that the production is very strong and PDO is
likely to beat its target. (GulfBase.com)
 CBO: Islamic banks’ collective lending soars to OMR1.45bn –
According to a report by the Central Bank of Oman (CBO), Oman’s
Islamic banking entities had achieved substantial growth during
January-August 2015. Total deposits held with the Islamic banks
and windows had registered a significant increase to OMR1.2bn till
August 2015-end from OMR400mn outstanding as at the end of
August 2014. The entities had collectively provided financing to
the extent of OMR1.45bn up to August 2015. During the last three
quarters, Bank Nizwa and Alizz Bank had posted remarkable rise
in their assets and deposits and succeeded in slashing their losses.
Meanwhile, the CBO report said the total assets of conventional
commercial banks had increased by 14.7% to OMR27.9bn in
August 2015 from OMR24.3bn in August 2014. Of the total assets,
credit disbursement had accounted for 64.6% and increased by
10.6% as at end of August 2015 to OMR18bn. (GulfBase.com)
 CBRE: Bahrain real estate sector resilient in 3Q2015 – CBRE, in its
3Q2015 Bahrain MarketView, has said that Bahrain’s real estate
sector had showed resilience during 3Q2015 as the demand for
leased residential accommodation had remained buoyant across
the country. CBRE said although residential rents have remained
stable across the popular expatriate areas, there has been an
increase in demand particularly for housing in the northwestern
areas of the country, including Saar, Budaiya and Jasra, with many
compounds achieving full occupancy. On the retail market, CBRE
said development in this sector continues to pick up pace, with the
provision of neighborhood shopping centers and food & beverage
solutions emerging as major trends. (GulfBase.com)

8. 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
Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or
recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any direct or indirect
losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment advice. We therefore
strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS
believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and
completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or
contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the
views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions
included in this report. This report may not be reproduced in whole or in part without permission from QNBFS
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Sep-11 Sep-12 Sep-13 Sep-14 Sep-15
QSE In dex S&P Pan Arab S&P GCC
(0.4%)
0.2% 0.3%
(0.1%)
(0.0%)
0.3%
(0.1%)
(0.4%)
(0.2%)
0.0%
0.2%
0.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,170.72 (0.6) (0.6) (1.2) MSCI World Index 1,679.92 (0.2) (0.2) (1.7)
Silver/Ounce 15.84 (1.4) (1.4) 0.9 DJ Industrial 17,230.54 0.1 0.1 (3.3)
Crude Oil (Brent)/Barrel (FM Future) 48.61 (3.7) (3.7) (15.2) S&P 500 2,033.66 0.0 0.0 (1.2)
Crude Oil (WTI)/Barrel (FM Future) 45.89 (2.9) (2.9) (13.9) NASDAQ 100 4,905.47 0.4 0.4 3.6
Natural Gas (Henry Hub)/MMBtu 2.42 1.9 1.9 (19.1) STOXX 600 364.25 (0.2) (0.2) (0.5)
LPG Propane (Arab Gulf)/Ton 42.25 (4.5) (4.5) (13.8) DAX 10,164.31 0.1 0.1 (3.5)
LPG Butane (Arab Gulf)/Ton 58.50 (3.3) (3.3) (6.8) FTSE 100 6,352.33 (0.2) (0.2) (3.9)
Euro 1.13 (0.2) (0.2) (6.4) CAC 40 4,704.07 (0.5) (0.5) 3.0
Yen 119.50 0.1 0.1 (0.2) Nikkei 18,131.23 (0.9) (0.9) 3.9
GBP 1.55 0.2 0.2 (0.7) MSCI EM 867.25 0.2 0.2 (9.3)
CHF 1.05 (0.3) (0.3) 4.0 SHANGHAI SE Composite 3,386.70 (0.3) (0.3) 2.2
AUD 0.72 (0.2) (0.2) (11.3) HANG SENG 23,075.61 0.0 0.0 (2.2)
USD Index 94.93 0.4 0.4 5.2 BSE SENSEX 27,364.92 0.3 0.3 (3.1)
RUB 62.33 1.7 1.7 2.6 Bovespa 47,447.31 (0.9) (0.9) (35.5)
BRL 0.26 1.0 1.0 (31.8) RTS 868.72 (1.4) (1.4) 9.9
141.1
118.8
114.4