The QSE Index in Qatar declined 0.3% while indices in other GCC markets were mixed, with Saudi down 1.6% but Dubai and Abu Dhabi up. Top losers in Qatar were Qatar German Co for Medical Devices and Gulf International Services, falling 2.5% and 2.1% respectively. Trading volume on the QSE rose 15.0% compared to the previous day. Fitch affirmed ratings for major Saudi banks but revised outlooks to negative for some. Earnings were mixed with Du profit down 12.3% but Amlak Finance up 805.2%. US factory orders declined more than expected.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.3% to close at 11,516.6. Losses were led by the Telecoms and
Real Estate indices, falling 0.7% and 0.6%, respectively. Top losers were Qatar German Co
for Medical Devices and Gulf International Services, falling 2.5% and 2.1%, respectively.
Among the top gainers, Islamic Holding Group gained 3.0%, while Ahli Bank was up 2.0%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.6% to close at 6,955.1. Losses were led by the Real
Estate Dev. and Multi-Investment indices, falling 4.6% and 2.3%, respectively. Jabal
Omar Development fell 6.8%, while Arriyadh Development was down 5.4%.
Dubai: The DFM Index gained 0.8% to close at 3,521.9. The Services and Consumer
Staples indices rose 2.4% each. National Central Cooling Co. gained 9.8%, while Al
Salam Sudan was up 6.1%.
Abu Dhabi: The ADX benchmark index rose 0.5% to close at 4,322.2. The Real Estate
index gained 4.3%, while the Consumer index rose 2.2%. Green Crescent Insurance Co.
gained 7.4%, while Aldar Properties was up 4.6%.
Kuwait: The KSE Index gained 0.2% to close at 5,794.3. The Telecommunication index
rose 0.8%, while the Industrial index gained 0.5%. Metal & Recycling Co. rose 7.7%,
while KGL Logistics Co. was up 7.6%.
Oman: The MSM Index rose 0.2% to close at 5,948.4. Gains were led by the Financial
and Services indices, rising 0.4% and 0.1%, respectively. Oman Education & Training
Investment Holding Co. surged 19.1%, while Oman Fisheries was up 3.6%.
Bahrain: The BHB Index declined 0.1% to close at 1,260.0. The Services index fell 0.3%,
while the Commercial Bank index declined marginally. Khaleeji Commercial Bank fell
1.7%, while National Bank of Bahrain was down 1.4%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 103.00 3.0 2.5 (17.3)
Ahli Bank 51.00 2.0 71.3 2.7
Al Khalij Commercial Bank 21.45 1.9 8.5 (2.7)
Qatar Islamic Bank 119.90 1.2 135.1 17.3
Qatar National Cement Co. 107.20 1.1 1.4 (10.7)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Co. 24.98 0.3 2,880.1 8.1
Masraf Al Rayan 42.40 0.0 864.8 (4.1)
Mazaya Qatar Real Estate Dev. 16.21 0.4 520.5 (11.1)
Ezdan Holding Group 19.14 (0.8) 445.3 28.3
Vodafone Qatar 14.10 (1.0) 282.7 (14.3)
Market Indicators 3 Nov 15 2 Nov 15 %Chg.
Value Traded (QR mn) 286.1 258.7 10.6
Exch. Market Cap. (QR mn) 604,098.6 605,191.1 (0.2)
Volume (mn) 7.5 6.5 15.0
Number of Transactions 3,281 3,475 (5.6)
Companies Traded 41 37 10.8
Market Breadth 16:22 13:20 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,900.88 (0.3) (0.8) (2.3) 11.9
All Share Index 3,064.06 (0.2) (0.8) (2.8) 12.0
Banks 3,081.90 0.1 (0.2) (3.8) 12.5
Industrials 3,416.62 (0.3) (1.7) (15.4) 13.0
Transportation 2,573.34 0.2 0.3 11.0 12.2
Real Estate 2,746.48 (0.6) (1.4) 22.4 8.9
Insurance 4,538.38 (0.6) 0.6 14.6 12.6
Telecoms 1,032.11 (0.7) (1.7) (30.5) 22.0
Consumer 6,747.99 0.1 (0.9) (2.3) 14.4
Al Rayan Islamic Index 4,358.11 (0.2) (1.4) 6.3 12.8
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Res. & Marketing Saudi Arabia 22.15 9.9 39.9 33.3
Saudi Printing & Pack. Saudi Arabia 22.80 9.9 6,488.3 21.9
Solid. Saudi Takaful Saudi Arabia 8.39 4.7 6,852.1 (57.8)
Aldar Properties Abu Dhabi 2.48 4.6 27,277.7 (6.4)
Bank of Sharjah Abu Dhabi 1.65 4.4 201.0 (11.4)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
IFA Hotels & Resorts Kuwait 0.13 (7.4) 196.0 (37.0)
Jabal Omar Dev. Co. Saudi Arabia 55.40 (6.8) 1,202.2 5.5
Arriyadh Development Saudi Arabia 18.47 (5.4) 2,950.9 (9.5)
Makkah Construction Saudi Arabia 64.75 (4.2) 96.8 (17.7)
Agility Kuwait 0.51 (3.8) 3,864.7 (27.6)
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. 15.75 (2.5) 69.6 55.2
Gulf International Services 61.50 (2.1) 250.5 (36.7)
Dlala Brokerage & Inv Holding Co. 21.22 (1.8) 106.2 (36.5)
Vodafone Qatar 14.10 (1.0) 282.7 (14.3)
Ezdan Holding Group 19.14 (0.8) 445.3 28.3
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Gas Transport Co. 24.98 0.3 72,192.2 8.1
Masraf Al Rayan 42.40 0.0 36,570.9 (4.1)
Industries Qatar 120.50 (0.4) 32,633.6 (28.3)
Qatar Islamic Bank 119.90 1.2 16,191.0 17.3
Gulf International Services 61.50 (2.1) 15,453.1 (36.7)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded ($
mn)
Exchange Mkt. Cap.
($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 11,516.59 (0.3) (0.8) (0.8) (6.3) 78.60 165,945.9 11.9 1.4 4.4
Dubai 3,521.90 0.8 0.5 0.5 (6.7) 105.32 93,762.5 11.9 1.3 7.1
Abu Dhabi 4,322.16 0.5 0.0 0.0 (4.6) 47.20 119,363.7 11.9 1.3 5.2
Saudi Arabia 6,955.11 (1.6) (2.4) (2.4) (16.5) 1,365.62 422,943.1 15.6 1.7 3.7
Kuwait 5,794.25 0.2 0.3 0.3 (11.3) 45.71 89,142.6 14.4 1.0 4.5
Oman 5,948.37 0.2 0.3 0.3 (6.2) 8.58 23,988.7 10.7 1.3 4.4
Bahrain 1,259.98 (0.1) 0.8 0.8 (11.7) 0.90 19,752.0 7.9 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)
11,400
11,450
11,500
11,550
11,600
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 0.3% to close at 11,516.6. The Telecoms and Real
Estate indices led the losses. The index fell on the back of selling pressure
from Qatari and non-Qatari shareholders despite buying support from GCC
shareholders.
 Qatar German Co for Medical Devices and Gulf International Services were
the top losers, falling 2.5% and 2.1%, respectively. Among the top gainers,
Islamic Holding Group gained 3.0%, while Ahli Bank was up 2.0%.
 Volume of shares traded on Tuesday rose by 15.0% to 7.5mn from 6.5mn
on Monday. Further, as compared to the 30-day moving average of 7.3mn,
volume for the day was 3.2% higher. Qatar Gas Transport Co. and Masraf Al
Rayan were the most active stocks, contributing 38.4% and 11.5% to the
total volume respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings Releases, Global Economic Data and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Al Rajhi Bank Fitch
Saudi
Arabia
LT IDR/ST
IDR/VR/SR/SRF
A+/F1/a/1/A+ A+/F1/a/1/A+ – Negative –
National
Commercial Bank
(NCB)
Fitch
Saudi
Arabia
LT IDR/ST
IDR/VR/SR/SRF
A+/F1/a/1/A+ A+/F1/a/1/A+ – Negative –
Riyad Bank Fitch
Saudi
Arabia
LT IDR/ST
IDR/VR/SR/SRF
A+/F1/a/1/A+ A+/F1/a/1/A+ – Negative –
SAMBA Financial
Group
Fitch
Saudi
Arabia
LT IDR/ST
IDR/VR/SR/SRF
A+/F1/a/1/A+ A+/F1/a/1/A+ – Negative –
Arab National
Bank
Fitch
Saudi
Arabia
LT IDR/ST
IDR/VR/SR/SRF
A/F1/a/1/A- A/F1/a/1/A- – Negative 
Banque Saudi
Fransi
Fitch
Saudi
Arabia
LT IDR/ST
IDR/VR/SR/SRF
A/F1/a/1/A- A/F1/a/1/A- – Negative 
Saudi British Bank Fitch
Saudi
Arabia
LT FC&LC IDR/ST FC
IDR/VR/SR/SRF
A/F1/a/1/A- A/F1/a/1/A- – Negative 
Saudi Hollandi
Bank
Fitch
Saudi
Arabia
LT IDR/ST
IDR/VR/SR/SRF
A-/F2/bbb/1/A- A-/F2/bbb/1/A- – Stable –
Saudi Investment
Bank
Fitch
Saudi
Arabia
LT IDR/ST
IDR/VR/SR/SRF
A-/F2/bbb-/1/A- A-/F2/bbb-/1/A- – Stable –
Alinma Bank Fitch
Saudi
Arabia
LT IDR/ST
IDR/VR/SR/SRF
A-/F2/bbb-/1/A- A-/F2/bbb/1/A-  Stable –
Bank Aljazira Fitch
Saudi
Arabia
LT IDR/ST
IDR/VR/SR/SRF
A-/F2/bb+/1/A- A-/F2/bb+/1/A- – Stable –
Aljazira Capital Fitch
Saudi
Arabia
LT IDR/ST IDR/SR A-/F2/1 A-/F2/1 – Stable –
Arab Banking
Corporation
Moody’s Bahrain DR/BCA Ba1/ba2 Ba1/ba2 – Stable 
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local
Currency, FC – Foreign Currency, VR – Viability Rating, SRF – Support Rating Floor, DR – Deposit Rating, BCA – Baseline Credit Assessment)
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2015
% Change
YoY
Operating Profit (mn)
3Q2015
% Change
YoY
Net Profit (mn)
3Q2015
% Change
YoY
Jabal Omar Development Co.
(JODC)**
Saudi Arabia SR - - -91.2 NA -119.5 NA
Emirates Integrated
Telecommunications Co. (Du)
Dubai AED 3,047.0 0.4% 991.9 2.3% 489.8 -12.3%
Amlak Finance Dubai AED 116.3 11.3% - - 55.5 805.2%
National Corporation for
Tourism & Hotels (NCTH)
Abu Dhbai AED 205.5 12.5% - - 26.4 36.0%
RAK Ceramics (RAKCEC)* Abu Dhabi AED 2,330.9 -0.2% - - 228.4 10.2%
Insurance House* Abu Dhabi AED 60.1 9.7% 3.3 NA -10.6 NA
Source: Company data, DFM, ADX, MSM (*9M2015)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 60.64% 71.86% (32,103,913.76)
GCC 16.28% 4.46% 33,817,687.61
Non-Qatari 23.08% 23.68% (1,713,773.85)

3. Page 3 of 7
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
11/03 US National Association of Purch. ISM New York October 65.8 45.7 44.5
11/03 US Census Bureau Factory Orders September -1.00% -0.90% -2.10%
11/03 US Bloomberg IBD/TIPP Economic Optimism November 45.5 47.4 47.3
11/03 UK Markit Markit/CIPS UK Construction PMI October 58.8 58.8 59.9
11/03 Spain Spanish Labour Ministry Unemployment MoM Net ('000s) October 82.3 71.0 26.1
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 2Q2016 results No. of days remaining Status
VFQS Vodafone Qatar 12-Nov-15 8 Due
Source: QSE

4. Page 4 of 7
News
Qatar
 QCB auctions T-bills worth QR2bn – The Qatar Central Bank (QCB)
has auctioned treasury bills worth QR2bn on November 3, 2015
for which it received bids totaling QR2.48bn. T-bills worth QR1bn
with a three-month maturity period were auctioned at a yield of
1.27% (yield of 0.99% in the last auction on October 1, 2015). T-
bills worth QR0.5bn with a six-month maturity period were sold at
a yield of 1.57% (yield of 1.20% in the last auction), while T-bills
worth QR0.5bn with a nine-month maturity period were auctioned
at a yield of 1.64% (yield of 1.32% in the last auction). The sale of
Treasury bills on Tuesday was half the amount of planned sale
announced on October 29 by the QCB, while yields rose sharply in
a fresh sign of tightening liquidity in Gulf banking systems due to
low oil prices. Short-term interest rates have been rising in the
Gulf region as lower oil and gas revenues leave banks less flush
with cash. Qatar's three-month interbank offered rate hit 1.422%
on November 3, 2015 up from around 1.2% at the end of
September 2015. (QCB, Reuters)
 Qatar vows to maintain investment amid declining oil prices – Emir
of Qatar, HH Sheikh Tamim bin Hamad Al Thani said that despite
the declining prices in the energy market, Qatar will continue to
implement the infrastructure development and human
development projects. Addressing the inaugural assembly of the
44th ordinary session of the Advisory Council, he said Qatar will
pay adequate attention to maintain and develop the energy sector.
Sheikh Tamim said Qatar would rely more on the private sector in
future and give it more room to operate without competition from
state firms. He added Qatar will put together a state budget for
2016 that avoids a big deficit despite the effect on revenues from
low oil & gas prices. HH the Emir revealed that preparatory work
had begun to draw up the National Development Strategy 2017-
2022. Meanwhile, HE the Speaker of the Advisory Council
Mohamed bin Mubarak al-Khulaifi said Qatar has witnessed
comprehensive development in various sectors, including
industry, education, health, infrastructure, and housing under HH
the Emir. He referred to the directives of the Emir to launch the
construction of 2,000 residential villas in the southern region of
Doha for Qataris, who come under the housing system.
(Bloomberg, Gulf-times.com)
 Ashghal to launch major wastewater treatment projects – The
Public Works Authority (Ashghal) is planning to roll out big-ticket
wastewater treatment projects aimed at increasing production of
high-quality treated water from 183mn cubic meters (cu m) to
366mn cu m over the next five years. Ashghal president Nasser bin
Ali al-Mawlawi said the major projects include the Sewage
Treatment Plant project in Al Thakhira, the fifth package of
expansion works for the Doha West Sewage Treatment Plant
project, the Doha North Sewage Treatment Plant project, and the
second package of the expansion works for the Industrial Area
Sewage Treatment Plant project. This is in addition to the major
Sewage Treatment Plant project in southern Doha, which will have
an operational capacity of 500,000 cu m per day, and will be
constructed as part of the Inner Doha Re-sewerage
Implementation Strategy (Idris). Meanwhile, Ashghal has
announced that traffic on Bin Zaben Roundabout, known as Al
Mukafaha Roundabout, will be diverted to a signal-controlled
intersection, newly built to allow for the construction of Al Rayyan
Street intersection with Bu Erayyen Street. (Gulf-times.com)
 MEC receives 1,594 applications to invest in new logistics areas –
The logistics committee of the Ministry of Economy & Commerce
(MEC) has received 1,594 applications to invest in new logistics
areas lying to the west of Al Wakrah, Berkat Al Awamer and Aba Al
Salil. The deadline for receiving applications is 2:00 PM on
November 9, while allocation checks can be submitted until 2:00
PM on November 12. The number of applications has exceeded the
plots of land offered for the project. (Gulf-times.com)
 IGU: Qatar remains world’s largest liquefaction capacity holder –
According to a report released by the International Gas Union
(IGU), Qatar remained the world’s largest liquefaction capacity
holder with 77 MTPA (million tons per annum) capacity in 2014.
Indonesia was at second spot with 28.7 MTPA liquefaction
capacity in 2014, followed by Australia with 28.6 MTPA capacity.
Liquefaction is the process by which natural gas is converted into
liquid. Japan, South Korea, India and China are the main importers
of Qatar’s LNG. (Peninsula Qatar)
 VFQS announces QR650m network modernization plans – Vodafone
Qatar (VFQS) has announced the further modernization of its
network at an investment of QR650m. VFQS began upgrading all
their network sites starting January 2015. More than 200 new
outdoor and indoor sites have been installed and customers are
now enjoying 300% more data capacity, 300% more 4G coverage
and 30% more 3G coverage. A special focus has been on increasing
the capacity in the most populated areas in Qatar with Wakra and
Shahaniya the latest areas to benefit from an additional 30%
capacity boost. Moreover, just in time for the desert camping
season 21 sites have been activated in the most popular camping
areas, including Sealine and Fuwairit. (Peninsula Qatar)
 ORDS launches business messaging service – Ooredoo (ORDS) has
launched a new offer for businesses looking to reach out to
customers and employees via SMS, with a special promotion on
business messaging accounts. The Ooredoo business messaging
service is a mobile marketing tool that provides companies with a
cost-effective and efficient way to send bulk SMS to large groups of
people. All new customers, who activate a new business SMS
account during the promotion period will not have to pay a
connection fee (saving QR1,500), and will be able to enjoy the first
three months’ rental for free, saving a further QR300 per month
(up to the value of QR900). The offer will end on February 1, 2016.
ORDS has also launched a new self-service feature that enables
customers to book appointments at ORDS shops from their device.
(Gulf-times.com)
International
 US factory orders fell for second straight month in September –
New orders for US factory goods fell for the second straight month
in September as the manufacturing sector continues to struggle
under the weight of a strong dollar and deep spending cuts by
energy companies. The Commerce Department said new orders for
manufactured goods declined 1.0% after a downwardly revised
2.1% drop in August. Factory orders were previously reported to
have declined 1.7% in August. The factory orders report also
showed a 0.4% drop in manufacturing inventories, which was
bigger than the government had assumed for its advance 3Q2015
GDP estimate published last week. Economists said the factory
inventory drop suggested the 3Q2015r GDP estimate could be
lowered by at least one-tenth of a percentage point to a 1.4%
annual pace when the government publishes its first revision later
this month. (Reuters)
 Mario Draghi: ECB to review monetary stimulus policy in December
– The European Central Bank (ECB) President Mario Draghi said
policy makers will review the degree of monetary stimulus they
have deployed when they meet in December and are willing to act
if needed. Draghi said domestic demand remained resilient in the
Eurozone, but added that concerns over growth prospects in
emerging markets were creating downside risks to the outlook for
growth and inflation. Draghi had said in October that the ECB’s
Governing Council would be in a better position to make a decision
once it gets new inflation forecasts from its staff in December. The

5. Page 5 of 7
ECB had launched the stimulus program in March 2015 to help
push inflation back to the ECB’s target of just below 2%. (Reuters)
 Caixin PMI: China services activity accelerated in October –
According to the PMI survey conducted by Caixin/Markit, activity
in China’s services sector expanded at its fastest pace in three
months in October, thanks to stronger new business, easing
concerns over persistent weakness in the economy as the
manufacturing sector falters. The Caixin/Markit Purchasing
Managers’ Index (PMI) rose to 52.0 in October from September’s
14-month low of 50.5, hitting the highest level since July 2015. A
sub-index measuring new business had jumped to 52.9 from
September’s 50.5, while the employment sub-index also improved
to a three-month high. Still, underscoring an uncertain economic
outlook, business expectations moderated to a record low in
October. Chief Economist at Caixin Insight Group, He Fan said this
shows that previous stimulus policies have begun to take effect,
while the economic structure steadily improved. Meanwhile,
President Xi Jinping said China’s annual economic growth will be
no less than 6.5% in the next five years to realize the goal of
doubling 2010 GDP and per capita income by 2020. (Reuters)
 Brazil records $1.996bn trade surplus in October, beats forecast –
The Brazilian Trade Ministry reported that Brazil had posted a
trade surplus of $1.996bn in October, its eighth straight positive
monthly result as imports plunged due to a deepening recession in
Latin America’s biggest economy. The latest surplus was above
market estimates for a surplus of $1.16bn. A crippling recession
and a weaker local currency have dragged down demand for
imports in Brazil while improving conditions for local exporters.
Brazil has an accumulated trade surplus of $12.244bn so far in
2015, on track to revert the deficit it recorded in 2014. (Reuters)
Regional
 Maybank Islamic eyeing GCC for Sukuk expansion – Maybank
Islamic views the Gulf Cooperation Council (GCC), including Qatar,
as its priority region in mobilizing funds through Shari’ah-
principled bonds. Maybank Islamic is a wholly owned subsidiary of
Maybank Group, and is a leading Islamic bank in the ASEAN region
with assets to the tune of $42.65bn as on June 30, 2015. It has a
branch in Bahrain and a 30% stake in Saudi Arabia’s Anfaal
Capital. Maybank is exploring opportunities in the Middle East
through its stake in Anfaal Capital. Maybank Islamic deputy CEO
Nor Shahrizan Sulaiman said the expansion plans didn’t
necessarily mean enlarging the physical presence, but striking
more deals, which can be done through its Bahrain office. Almost
90% of the Maybank Islamic’s balance sheet is domestic and the
remaining 10% is from overseas operations. (GulfBase.com)
 Uber to invest $250mn for MENA expansion – Uber Technologies is
investing $250mn to expand in the Middle East and North Africa
(MENA) region, which has some of the ride-sharing service’s
fastest-growing markets. The investment will go towards hiring
drivers, expanding staff and enhancing Uber’s mobile application.
Uber entered the region two years ago and operates in nine
countries: Bahrain, Egypt, Lebanon, Qatar, Saudi Arabia, Jordan,
Israel, Turkey and the UAE. Uber is an American international
transportation network company. (Bloomberg)
 IDB may support green Sukuk for renewable projects – The Islamic
Development Bank (IDB) has indicated that it may issue green
Sukuk bonds compliant with religious law and increase lending for
climate-related projects with an announcement at the United
Nations global warming conference in Paris at the end of 2015. IDB
Chief Economist Savas Alpay said the estimates for the 2030
agenda indicate that IDB need to move from billions to trillions of
dollars of support annually for sustainable development. Mr. Savas
said that traditional sources of development finance would not be
enough. IDB must also look at non-traditional sources. The
comments indicate the $80bn green bond market is expanding
beyond Europe and the US, where the instruments were
pioneered. According to data compiled by Bloomberg, the
conventional green bond market was pioneered in 2008 by the
World Bank. Today, it is valued at over $80bn. Desert Technologies
CEO Nour Mousa said that green Sukuk could help launch more
projects and products in markets, where Islamic finance is strong.
He said two thirds of new renewable installations are expected to
be in emerging markets. (Bloomberg)
 Emirates NBD: KSA non-oil business growth slows in Oct 2015 –
According to a survey by Emirates NBD, growth in Saudi Arabia’s
non-oil private sector had slowed in October 2015, reaching its
lowest level since the survey was launched in August 2009. The
seasonally adjusted Emirates NBD Saudi Arabia PMI had dropped
to 55.7 in October 2015 from 56.5 in September 2015. However, it
had remained well above the 50-point mark, which separates
growth from contraction. Emirates NBD regional research head
Khatija Haque said the October 2015 PMI data pointed to a slower
rate of growth in the non-oil private sector as they headed into
4Q2015, which is not surprising in the context of sharply lower oil
revenues and tighter liquidity conditions. However, the rate of
expansion in the non-oil sector is still relatively robust, and overall
GDP growth would also be underpinned by higher oil production
in 2015. Output growth had slowed only moderately in October
2015 to 63.2 from 63.7, but growth in new orders had slipped to a
record low of 58.4 from 60.4. Output price inflation had fallen to
50.1 while input price inflation increased, to a 14-month high of
54.6. Employment growth also slowed. (GulfBase.com)
 SPA: SEC signs SR2.5bn deal to build green power plant – Saudi
Press Agency (SPA) has reported that Saudi Electricity Company
(SEC) has contracted two companies for SR2.5bn to build and
operate the Green Duba power plant. Spanish solar firm Inteq
Energia and Saudi Services for Electro Mechanic Works (SSEM)
won the bids for the 605-MW plant, which will produce 43 MW of
solar energy. Green Duba is planned to be built near Tabuk on the
Red Sea coast, and will be Saudi Arabia’s first fossil-fuel fired
power plant to incorporate solar energy production to boost
efficiency known as an integrated solar combined cycle (ISCC)
plant. The kingdom is already one of the world’s largest carbon
emitters per capita according to the World Bank. It faces surging
demand of 6-8% per year for energy as its population increases
rapidly and the economy grows. (GulfBase.com)
 Moody’s evaluates KSA’s economic strength is 'Very High' –
According to a report by Moody’s, Saudi Arabia's Aa3 foreign and
local-currency government bond ratings and stable outlook are
supported by its vast hydrocarbon resources, high per capita
income, and strong but deteriorating fiscal position. Strong growth
in oil revenues in the past several years generated very large fiscal
surpluses through 2013, allowing the government to build a
sizable asset cushion and sharply reduce its debt ratios to levels
much lower than rating peers. Moody’s evaluate Saudi Arabia’s
economic strength as ‘Very High’ supported by a track record of
strong growth, high wealth levels and large hydrocarbon reserves.
Other countries who score similarly for economic strength include
Germany (Aaa stable), Japan (A1 stable) and Qatar (Aa2 stable),
among others. As per the report, Saudi Arabia’s proven oil & gas
reserves were around 321bn barrels of oil equivalent in 2014, the
third largest in the world. At the current rate of production, its
proven hydrocarbon reserves would last approximately 65 years,
lower than most regional oil producing peers but higher than GCC
peers Oman (A1 negative) and Bahrain (Baa3 negative)
(GulfBase.com).
 GE’s $1bn Saudi investment to drive digital transformation – US-
based GE has affirmed its commitment to substantially increase
localization in energy supply chain from extraction to

6. Page 6 of 7
consumption. This follows the Brilliant Factory announcement of
the Ministry of Commerce and Industry (MoCI) and GE to take
Saudi Arabia’s manufacturing sector into the next industrial era.
GE’s new initiatives aim to double Saudi work force, strengthen
local manufacturing, develop SME supply chain and train Saudi
professionals. With the successful accomplishment of its $1bn
investment commitment in Saudi Arabia over the past three years,
GE has embarked on further long-term initiatives that underline its
transformation as a digital industrial company. It is focusing on
supporting its partners in the Kingdom to achieve stronger
operational efficiency and productivity. As part of GE’s long-term
investment and partnerships in the Kingdom, GE aims to
substantially increase its localization plans across the energy value
chain by 2020. GE’s goal is to create $100 million in exports from
Saudi to different parts of the world through locally-based
facilities. (GulfBase.com)
 Gulf Petrochem keen to expand in East Africa and beyond – Gulf
Petrochem is eyeing entry into East Africa in 2016 and is
expanding further into India and Fujairah. As an oil trader, Gulf
Petrochem needs oil storage tanks to help improve its revenue
stream, particularly since 80% of its top-line comes from the
trading business. The firm is forecasting up to 70% increase in its
trading business in 2015 versus 2014. In East Africa, the company
aims to have a presence in Kenya and Tanzania in 2016. Building a
terminal in East Africa will be at cost of about $15mn each. The
company already has a 250,000 cubic meter terminal in Pipavav in
the west coast of India and would like to increase its presence
further in the region with a new terminal and another one in the
eastern part of the country. The cost of each terminal could range
between $50mn and $70mn. In Fujairah, the company is
expanding its 412,000 cubic meter oil storage tanks by adding
260,000 cubic meters at a cost from $55mn to $60mn.
(GulfBase.com)
 Shurooq showcases latest projects at WTM 2015 – The Sharjah
Investment and Development Authority (Shurooq) will showcase
its latest projects and destinations at London’s World Travel
Market 2015 (WTM 2015). Operating under the Sharjah
Commerce and Tourism Development Authority’s (SCTDA)
pavilion at WTM, Shurooq stand will feature the authority’s
newest developments, including Al Noor Island, Mleiha
Archaeological and Eco-tourism Project. Shurooq will also
promote Al Montazah Amusement and Water Park at the event.
(GulfBase.com)
 Emirates NBD: UAE non-oil business growth slows to 30-month low
– According to a survey by Emirates NBD, business activity growth
in the UAE’s non-oil private sector had slowed to a 30-month low
in October 2015. The seasonally adjusted Emirates NBD UAE
Purchasing Managers’ Index (PMI), which covers manufacturing
and services, had fallen to 54.0 in October 2015 from 56.0 in
September 2015. A level above 50 indicates expansion. Emirates
NBD regional research head Khatija Haque said that although the
impact on headline real GDP growth is partially offset by higher oil
production, the latest PMI data supports the bank’s decision to
revise down our 2015 growth forecast for the UAE to 4% from
4.3% in September 2015. Output growth had tumbled to 56.9 in
October 2015 from 61.7 in September 2015, while growth in new
orders had fallen to 57.6 from 60.1. However, Employment growth
had accelerated marginally. (GulfBase.com)
 Deyaar to showcase its projects at Dubai Property Show – Deyaar
Development is set to showcase three of its upscale projects,
Midtown by Deyaar, The Atria and Montrose, at the upcoming
Dubai Property Show in Mumbai, India. The developer will
showcase its portfolio and services to the Indian audience that
makes up the highest percentage of foreign investors in the Dubai
property market. (DFM)
 Tamouh secures AED600mn loan from ADIB – Abu Dhabi’s Tamouh
Investments has secured AED600mn loan financing to fund the
final phase of the construction of Tamouh's Horizon Towers in City
of Lights, Reem Island. The seven-year project financing was
provided by Abu Dhabi Islamic Bank (ADIB) and Abu Dhabi
Commercial Bank (ADCB). Horizon Towers project is a 144-acre
mixed-use development estimated to have over 27,000 residents.
Macquarie Capital Middle East acted as a sole financial adviser to
Tamouh on the financing. (GulfBase.com)
 NBF extends AED208mn financing facility to GRDI – National Bank
of Fujairah (NBF) has concluded a facility valued at AED208mn for
Gulf Resources Development and Investment (GRDI), which went
towards the construction of IKEA’s largest distribution centre in
the Middle East at Dubai South. The new IKEA facility has a built-
up area of 1mn square feet, and will be able to handle 50,000
twenty-foot equivalent containers (TEUs) per year upon
commencing operations in November 2015, and increase its
capacity to 70,000 TEUs within three years. The IKEA distribution
centre is developed through a joint venture between GRDI, a real
estate development and investment company, providing property
solutions for global firms across Europe, Africa, the Middle East
and Asia Pacific, and Dubai South. NBF acted as the sole adviser
and financier for the transaction. (GulfBase.com)
 Tamdeen Group plans to complete Al Kout project by mid-2017 –
Kuwait’s Tamdeen Group is developing Al Kout project next to an
old mall. When completed, the project will create a massive 83,000
square meters of retail capacity across both properties. The new
portion, scheduled for completion by mid-2017 at the cost of
$195mn, will have a seamless connect with the older destination,
called Souq Al Kout. (GulfBase.com)
 NABIL seeks shareholders’ nod to merger plan – National Biscuit
Industries (NABIL) has invited its shareholders to consider and
approve the proposed merger of A’Nabil Food Industry Company
with NABIL and to authorize the board of directors to follow up
procedures of the merger process. The meeting will also consider
approving the Articles of Association of the company. (MSM)
 VOPC achieves new 9M2015 production record – Vale Oman
Pelletising Company (VOPC) posted a production record for
9M2015. Output for 9M2015 increased 7.2% to 6.661mn tons from
6.217mn tons in 9M2014. Production during 3Q2015, however,
dipped 3% to 2.347mn tons as compared to 2.419mn tons in
3Q2014, the decline was attributed to a scheduled maintenance
shutdown at the Sohar plant. VOPC is a Brazilian-Omani joint
venture that operates a massive iron ore pelletizing plant at Sohar
Port. (GulfBase.com)
 Bahrain picks four banks to arrange Eurobond – According to
sources, Bahrain has mandated Bank ABC, BNP Paribas, Citigroup
and JP Morgan for a potential US dollar-denominated Eurobond
issue. (Reuters)
 Batelco offers traffic shaping solutions for businesses – Bahrain
Telecommunication Company (Batelco) has launched a new cost-
effective Traffic Shaping Solution for business broadband
customers. In line with its drive to deliver innovative solutions
ahead of competitors and support businesses with their ever-
evolving requirements, Batelco is first to offer this new virtual
service in a seamless and cost-effective manner. (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 Source: Bloomberg (*$ adjusted returns; #Market closed on November 03, 2015)
80.0
100.0
120.0
140.0
160.0
180.0
Oct-11 Oct-12 Oct-13 Oct-14 Oct-15
QSE Inde x S&P Pa n Ara b S&P GCC
(1.6%)
(0.3%)
0.2%
(0.1%)
0.2%
0.5%
0.8%
(2.4%)
(1.6%)
(0.8%)
0.0%
0.8%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,117.79 (1.4) (2.1) (5.7) MSCI World Index 1,717.39 0.1 0.7 0.5
Silver/Ounce 15.28 (0.9) (1.7) (2.7) DJ Industrial 17,918.15 0.5 1.4 0.5
Crude Oil (Brent)/Barrel (FM Future) 50.54 3.6 2.0 (11.8) S&P 500 2,109.79 0.3 1.5 2.5
Crude Oil (WTI)/Barrel (FM Future) 47.90 3.8 2.8 (10.1) NASDAQ 100 5,145.13 0.4 1.8 8.6
Natural Gas (Henry Hub)/MMBtu 1.90 (1.1) (1.9) (36.5) STOXX 600 378.36 (0.1) 0.2 0.0
LPG Propane (Arab Gulf)/Ton 46.75 3.9 4.2 (4.6) DAX 10,951.15 (0.6) 0.4 0.7
LPG Butane (Arab Gulf)/Ton 67.00 6.3 5.5 6.8 FTSE 100 6,383.61 0.3 0.2 (3.8)
Euro 1.10 (0.5) (0.4) (9.4) CAC 40 4,936.18 (0.2) 0.2 4.6
Yen 121.07 0.3 0.4 1.1 Nikkei# 18,683.24 0.0 (2.1) 5.9
GBP 1.54 0.0 (0.0) (1.0) MSCI EM 860.77 1.2 1.5 (10.0)
CHF 1.01 (0.4) (0.3) 0.3 SHANGHAI SE Composite 3,316.70 (0.2) (2.2) 0.5
AUD 0.72 0.5 0.7 (12.1) HANG SENG 22,568.43 0.9 (0.3) (4.3)
USD Index 97.16 0.2 0.2 7.6 BSE SENSEX 26,590.59 0.2 (0.4) (6.7)
RUB 62.60 (1.7) (2.1) 3.1 Bovespa 48,053.67 7.9 7.9 (32.2)
BRL 0.27 2.3 2.3 (29.7) RTS 886.36 3.8 4.8 12.1
137.2
110.0
107.6