The QSE Index declined 1.3% to close at 8,684.6. Losses were led by the Industrials and Banks & Financial Services indices, falling 1.9% and 1.2%, respectively.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.3% to close at 8,684.6. Losses were led by the Industrials
and Banks & Financial Services indices, falling 1.9% and 1.2%, respectively. Top
losers were Qatar Oman Investment Co. and Qatar First Bank, falling 6.9% and 5.4%,
respectively. Among the top gainers, Mesaieed Petrochemical Holding Co. rose 3.6%,
while Gulf Warehousing Co. was up 2.9%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.7% to close at 7,306.1. Gains were led by the
Media and Commercial & Professional indices, rising 9.3% and 2.8%, respectively.
Saudi Res. and Mark. Group rose 9.9%, while Saudi Printing and Pack. was up 8.1%.
Dubai: The DFM Index gained 0.5% to close at 3,642.1. The Real Estate and
Construction index rose 1.1%, while the Consumer Staples index gained 0.7%.
Dubai Refreshment Co. rose 14.2%, while Al Ramz Corp. Inv. and Dev. was up 4.9%.
Abu Dhabi: The ADX benchmark index fell 0.5% to close at 4,457.1. The Consumer
Staples index declined 3.0%, while the Telecommunication index fell 0.8%. Ooredoo
declined 10.0%, while National Takaful Co. was down 7.9%.
Kuwait: The KSE Index declined marginally to close at 6,918.0. The Insurance index
fell 0.9%, while the Basic Materials index declined 0.5%. The Kuwait Co. for Process
Plant Const. and Contracting fell 14.6%, while Jiyad Holding Co. was down 10.8%.
Oman: The MSM Index rose marginally to close at 5,064.6. Gains were led by the
Industrial and Financial indices, rising 0.3% and 0.1%, respectively. Oman Fisheries
rose 4.5%, while Gulf Investment Services was up 2.5%.
Bahrain: The BHB Index gained 0.7% to close at 1,311.2. The Investment index rose
1.3%, while the Commercial Bank index gained 0.7%. Ithmaar Holding rose 8.0%,
while GFH Financial Group was up 4.3%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Hold. Co. 13.37 3.6 127.0 (15.4)
Gulf Warehousing Co. 49.20 2.9 118.9 (12.1)
Qatar German Co. for Medical Dev. 8.00 2.4 10.6 (20.8)
Al Meera Consumer Goods Co. 152.00 1.3 0.3 (13.4)
Qatar Industrial Manufacturing Co 42.95 1.1 4.5 (3.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 6.48 (5.4) 3,316.1 (37.1)
Vodafone Qatar 8.32 0.2 2,085.5 (11.2)
Investment Holding Group 7.26 (2.7) 1,498.6 (27.4)
Masraf Al Rayan 37.63 (1.4) 582.3 0.1
QNB Group 128.00 (2.0) 513.2 (13.6)
Market Indicators 06 Sep 17 30 Aug 17 %Chg.
Value Traded (QR mn) 269.6 187.2 44.0
Exch. Market Cap. (QR mn) 471,162.0 476,710.5 (1.2)
Volume (mn) 11.8 8.9 32.6
Number of Transactions 3,432 3,068 11.9
Companies Traded 39 42 (7.1)
Market Breadth 12:26 14:27 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 14,563.47 (1.3) (1.3) (13.8) 15.0
All Share Index 2,466.88 (1.1) (1.1) (14.0) 13.4
Banks 2,686.26 (1.2) (1.2) (7.8) 11.8
Industrials 2,617.70 (1.9) (1.9) (20.8) 17.5
Transportation 1,905.27 (1.1) (1.1) (25.2) 12.8
Real Estate 1,828.09 (0.7) (0.7) (18.6) 12.4
Insurance 3,941.03 (0.4) (0.4) (11.1) 17.8
Telecoms 1,068.34 (0.4) (0.4) (11.4) 20.6
Consumer 5,109.66 (0.6) (0.6) (13.4) 12.2
Al Rayan Islamic Index 3,463.42 (1.0) (1.0) (10.8) 16.7
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Research & Mark. Saudi Arabia 72.30 9.9 1162.9 113.4
Saudi Print. & Pack. Co. Saudi Arabia 24.27 8.1 4711.1 20.7
Ithmaar Holding Bahrain 0.14 8.0 90.2 8.0
Tihama Adv. & Public Saudi Arabia 49.32 7.7 1611.8 (27.4)
IFA Hotels & Resorts Kuwait 0.28 5.7 1.0 53.8
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Aamal Co. Qatar 9.90 (4.3) 23.7 (27.4)
Gulf International Serv. Qatar 17.70 (3.8) 503.7 (43.1)
DP World Ltd Dubai 22.20 (3.5) 75.3 26.8
Abu Dhabi Nat. Energy Abu Dhabi 0.61 (3.2) 874.7 15.1
Dallah Healthcare Co. Saudi Arabia 106.22 (3.1) 37116.0 11.9
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 Oman Investment Co. 8.10 (6.9) 1.0 (18.6)
Qatar First Bank 6.48 (5.4) 3,316.1 (37.1)
Aamal Co. 9.90 (4.3) 23.7 (27.4)
Gulf International Services 17.70 (3.8) 503.7 (43.1)
Medicare Group 66.80 (3.2) 22.3 6.2
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 128.00 (2.0) 66,005.9 (13.6)
Industries Qatar 88.30 (3.0) 36,025.3 (24.9)
Masraf Al Rayan 37.63 (1.4) 21,997.7 0.1
Qatar First Bank 6.48 (5.4) 21,273.4 (37.1)
Vodafone Qatar 8.32 0.2 17,327.6 (11.2)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 8,684.55 (1.3) (1.3) (1.3) (16.8) 74.03 129,428.2 15.0 1.5 4.0
Dubai 3,642.08 0.5 0.1 0.1 3.1 53.78 102,780.8 24.2 1.3 3.9
Abu Dhabi 4,457.12 (0.5) (0.3) (0.3) (2.0) 117.78 116,900.2 16.4 1.3 4.6
Saudi Arabia 7,306.12 0.7 0.7 0.7 1.3 466.29 460,261.5 17.8 1.7 3.3
Kuwait 6,918.00 (0.0) 0.4 0.4 20.4 32.22 99,485.3 18.3 1.2 5.3
Oman 5,064.58 0.0 0.2 0.2 (12.4) 4.73 20,748.0 11.8 1.1 5.2
Bahrain 1,311.16 0.7 0.7 0.7 7.4 3.32 21,604.8 7.7 0.8 6.0
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)
8,650
8,700
8,750
8,800
8,850
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 1.3% to close at 8,684.6. The Industrials and
Banks & Financial Services indices led the losses. The index fell on the
back of selling pressure from GCC and non-Qatari shareholders despite
buying support from Qatari shareholders.
 Qatar Oman Investment Co. and Qatar First Bank were the top losers,
falling 6.9% and 5.4%, respectively. Among the top gainers, Mesaieed
Petrochemical Holding Co. rose 3.6%, while Gulf Warehousing Co. was
up 2.9%.
 Volume of shares traded on Wednesday gained by 32.6% to 11.8mn from
8.9mn on previous week Wednesday. Further, as compared to the 30-
day moving average of 7.2mn, volume for the day was 64.3% higher.
Qatar First Bank and Vodafone Qatar were the most active stocks,
contributing 28.2% and 17.7% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Arab National Bank Fitch Saudi Arabia
LT-IDR/ST-
IDR/VR/SRF/
SR
BBB+/F2/bbb+/B
BB+/2
BBB+/F2/bbb+/B
BB+/2
– Stable –
Riyad Bank Fitch Saudi Arabia
LT-IDR/ST-
IDR/VR/SRF/
SR
A-/F1/bbb+/A-/1 A-/F2/bbb+/A-/1 – Stable –
Al Rajhi Bank Fitch Saudi Arabia
LT-IDR/ST-
IDR/VR/SRF/
SR
A-/F1/a-/A-/1 A-/F1/a-/A-/1 – Stable –
Banque Saudi Fransi Fitch Saudi Arabia
LT-IDR/ST-
IDR/VR/SRF/
SR
A-/F2/a-/BBB+/2 A-/F2/a-/BBB+/2 – 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, SRF– Support Rating Floor, VR – Viability Rating)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09/06 US Mortgage Bankers Association MBA Mortgage Applications 1-September 3.3% – -2.3%
09/06 US Markit Markit US Services PMI August F 56.0 56.9 56.9
09/06 US Markit Markit US Composite PMI August F 55.3 – 56.0
09/06 EU Markit Markit Eurozone Retail PMI August 50.8 – 51.0
09/06 Germany Markit Markit Germany Construction PMI August 54.9 – 55.8
09/06 Germany Markit Markit Germany Retail PMI August 53.0 – 50.7
09/06 France Markit Markit France Retail PMI August 50.4 – 54.1
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
.
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 48.84% 43.79% 13,608,244.96
Qatari Institutions 17.35% 12.22% 13,811,156.15
Qatari 66.19% 56.01% 27,419,401.11
GCC Individuals 0.44% 4.50% (10,935,484.61)
GCC Institutions 0.13% 1.07% (2,547,756.53)
GCC 0.57% 5.57% (13,483,241.14)
Non-Qatari Individuals 5.64% 5.83% (520,726.40)
Non-Qatari Institutions 27.61% 32.58% (13,415,433.57)
Non-Qatari 33.25% 38.41% (13,936,159.97)

3. Page 3 of 7
News
Qatar
 GWCS enters FTSE Qatar Index – FTSE has added Gulf
Warehousing Company (GWCS) to FTSE Qatar Index in its
semi-annual review. In its periodical rebalancing, FTSE
excluded Qatari Investor Group, Aamal Company and Qatar
Navigation (Milaha) from the Index. The changes to the FTSE
Qatar index will become effective on September 18, 2017,
according to Qatar Stock Exchange (QSE). (Peninsula Qatar)
 VFQS’ board of directors to hold a meeting on September 19 –
Vodafone Qatar (VFQS) announced that the board of directors
will be holding a meeting on September 19, 2017 to discuss the
invitation of the shareholders to the Extraordinary General
Assembly meeting and other various business related items.
(QSE)
 Qatar's central bank raises yields in three-month, six-month
Treasury-bill sale – Qatar's central bank said it sold QR1bn
worth of Treasury-bills in a monthly auction on September 6,
with yields higher than in its previous offer. The bank sold
QR650mn of three-month notes with a yield of 2.25%, higher
than the 2.14% yield, at which the bank sold QR750mn one
month ago. It sold QR350mn Treasury-bills with a six-month
maturity and a yield of 2.49%. (Zawya)
 Hamad Port to push Qatar trade index growth, says Qatar
Chamber official – Trade index between Qatar and its
international partners is expected to expand further as the
newly-inaugurated Hamad Port opens to more global markets,
according to a Qatar Chamber official. Speaking on the sidelines
of the official inauguration of Hamad Port, Qatar Chamber’s
board member, Ali Abdullatif Al-Misnad underpinned the
capacity of the $7.4bn mega infrastructure project to provide
commercial access to more than 150 countries. Al-Misnad said,
“We are very confident that this project, which was completed
ahead of time, is more than capable of linking Qatar with the
international market, and it serves as the country’s global
gateway, which will enhance the trade index between Qatar
and its commercial partners.” (Gulf-Times.com)
 Mediterranean Shipping Company extends IMED service to
Hamad Port – Mediterranean Shipping Company, a world
leading in providing container shipping services, has
announced new weekly calls at Hamad Port on its ‘IMED’
Service. The weekly sailings services to Hamad Port from
several destinations include ports in Turkey, Greece and Oman.
This service will also enable exports from Hamad Port to Sohar
in Oman, Mundra Port and Nhava Sheva in India and the
eastern Mediterranean ports. (Peninsula Qatar)
 Qatar’s hospitality sector to see 10% growth up to 2020 –
Qatar’s hospitality market is expected to demonstrate the
fastest annualized growth of more than 10% over a five-year
period from 2015 up to 2020, owing mainly to tourism-related
developments ahead of the landmark FIFA 2022 World Cup in
the country, according to a recent report. Significant
investments are being channeled into the development of
tourism and hospitality-related infrastructure in the country to
accommodate the expected visitor traffic and provide avenues
of entertainment and sightseeing, Alpen Capital has said in a
recent report. According to Alpen Capital, the GCC hospitality
market is expected to grow at a 7.6% CAGR from an estimated
$25.4bn in 2015 to $36.7bn in 2020, despite a slowdown in 2016.
However, it is anticipated to recover in the long-term with
upcoming events, robust fundamentals and government
efforts, driving the continual rise in tourist arrivals and a robust
pipeline of hotels and serviced apartments. (Gulf-Times.com)
 Turkey’s export volume to Qatar jumps 84% – With Turkey
emerging as one of the top trading partners of Qatar after the
blockade, Turkey’s export volume to Qatar increased by 84%
during the June-August period, compared to the same period in
2016. The combined value of Turkish exports to Qatar for the
three months stood at $165mn. The value of Turkish exports to
Qatar rose by 75% YoY and touched $65mn, in August. Food
and meat products, electric and electronic products, building
materials and furniture make up the major share of Turkish
exports to Qatar during the period, Lusail daily reported citing
data revealed by Turkish Exporters Assembly (TIM). (Peninsula
Qatar)
 Qatar Airways deal with Italian operator Meridiana – Qatar
Airways to sign deal to buy 49% of Italian operator Meridiana
“imminently,” Italy’s Transport Minister, Graziano Delrio said
after meeting Qatar Airways’ CEO, Akbar Al Baker in Doha.
(Bloomberg)
International
 US services sector growth accelerates; trade deficit edges up –
US services sector activity accelerated in August amid strong
gains in new orders and employment, suggesting that a
slowdown in job growth last month was probably temporary.
The economic outlook received a further boost from other data
on September 6 showing only a modest rise in the trade deficit
in July. The reports were the latest signs that the economy had
gathered momentum early in the third quarter. However,
economists cautioned that Hurricane Harvey, which devastated
parts of Texas, could sap some of the strength. The Institute for
Supply Management (ISM) said its non-manufacturing activity
index increased 1.4 points to 55.3 in August, rebounding from
an 11-month low in the prior month. A reading above 50
indicates expansion in the sector, which accounts for more than
two-thirds of US economic activity. Last month’s increase in
services industry activity also reflected a jump of 1.6 points in
the production sub-index. Even more encouraging, a measure of
services sector employment jumped 2.6 points. The government
reported last week that the economy created 156,000 jobs in
August, with the private services sector hiring the smallest
number of workers in five months. (Reuters)
 Federal Reserve sees pickup in economic growth – The US
economy expanded at a modest to moderate pace in July
through mid-August but signs of acceleration in inflation
remained slight, according to the latest survey conducted by
the Federal Reserve. “Prices rose modestly overall across the
country,” the central bank said in its Beige Book report of the
economy, compiled from anecdotal evidence derived from
business contacts nationwide. Policymakers have raised
interest rates twice this year but the prospect of a third in 2017
appears increasingly uncertain against a backdrop of weak price
pressures despite the US economy humming along with low
unemployment and continued growth. The Fed’s preferred

4. Page 4 of 7
measure of inflation retreated to 1.4% in July on YoY basis, the
slowest pace in more than 1-1/2 years. (Reuters)
 Deutsche Bank’s CEO calls on ECB to halt cheap money –
Deutsche Bank’s Chief Executive Officer (CEO), John Cryan has
called on the European Central Bank (ECB) to change course on
providing cheap money, warning he sees price bubbles in
stocks, bonds and property. Low interest rates, money printing
and a penalty charge for hoarding cash have been at the heart
of attempts by the central bank to reinvigorate the 19-country
Eurozone economy in the wake of the 2008-09 financial crisis.
However, the policy, which has seen the ECB print more than
2tn Euros so far, has been politically divisive. It has also
imposed a heavy cost on still fragile banks, turning deposits
into a hot potato that many would rather avoid so as not to pay
charges to their central bank for storing them. The head of
Germany’s largest commercial bank warned of the fallout from
cheap money, cautioning against using the strong Euro as a
justification for printing more. (Reuters)
 Germany’s factory orders fall on weak domestic demand –
Germany’s industrial orders fell unexpectedly in July on feeble
domestic demand while appetite from abroad was flat, data
showed on September 6, and a rare sign of weakness in Europe’s
largest economy less than three weeks before federal elections.
Recent buoyant economic figures had underlined the strength
of the German economy and its consumption-led upswing
ahead of the September 24 vote in which Angela Merkel is
expected to win a record-equaling fourth term as chancellor.
Factories registered 0.7% drop in orders in July after contracts
for goods made in Germany rose by 0.9% in June, data from the
Economy Ministry showed. The reading for July far undershot a
Reuters forecast of a 0.3% rise. Excluding volatile bulk orders,
the headline figure was up 0.6% in July. (Reuters)
 Brazil inflation hits new 18-year low, below all forecasts –
Brazilian inflation hit a fresh 18-year low in August due to an
abundant harvest, undershooting all estimates and giving
plenty of room for the central bank to keep cutting interest
rates. The IPCA consumer price index rose 2.46% in the 12
months through August, according to the statistics agency
IBGE. The annual inflation rate came in below even the lowest
forecast in a Reuters survey of 23 economists. Inflation slowed
in sectors closely tied to the pace of economic activity, such as
healthcare, education and discretionary consumer spending.
(Reuters)
Regional
 Ma’aden asks banks to refinance debt worth nearly $3bn –
Saudi Arabian Mining Co (Ma’aden), the Gulf’s largest mining
company, has asked banks to submit proposals for a loan which
would refinance about $2.88bn of existing debt, according to
sources. The sources added that the company sent request for
proposals to banks last week and the banks have until the end
of September to respond. The facility would be the largest
corporate loan out of Saudi Arabia since 2015, according to data
from Thomson Reuters. (GulfBase.com)
 Saudi Telecom Company announces delay in Omani TRA’s
decision on license for the third mobile operator in Oman –
Saudi Telecom Company announced that on August 30, 2017, it
received a notification from the Omani Telecommunications
Regulatory Authority (TRA), indicating that the regulator is
still in the process of evaluating the bids for the third license of
the mobile phone network in Sultanate and that the TRA
expects the process to continue until November 30, 2017.
(GulfBase.com)
 Saudi Arabia boosts agriculture ties with the UN – A Saudi
Arabian delegation has met with the United Nations’ (UN)
International Fund for Agricultural Development (IFAD), in an
effort to boost ties and explore how it can support the
Kingdom’s economic diversification plans. Among the topics
discussed were Reimbursable Technical Assistance (RTA)
agreements aimed at supporting smallholder agricultural
development. Saudi Arabia played a major role in the
establishment of IFAD in 1977 and has been a key supporter of
the fund for the past 40 years. Its total contributions have
exceeded $486mn. (GulfBase.com)
 Hong Kong bourse stilly eyeing Saudi Aramco IPO – Hong Kong
Exchanges & Clearing is still in talks with Saudi Aramco, with
the bourse’s planned initial public offering (IPO) investment
link with China key to clinching the potential listing, according
to CEO Charles Li. In February, Li said the stock exchange
would bank on its role as a gateway to China’s deep-pocketed
investors to win the coveted listing of the state oil firm.
Addressing a Reuters Newsmaker event, Li said “the talk will
never stop” in trying to woo Saudi Aramco, with China now one
of the largest importers of Saudi crude. (GulfBase.com)
 IATA: Mideast carriers post 4.5% increase in passenger demand
in July – Middle Eastern airlines, which include three fast
growing major Gulf carriers, registered a 4.5% increase in
passenger demand, measured in revenue passenger kilometers,
in July 2017. This was an acceleration from the 3.6% annual
growth seen in June. However, despite rise in demand, the
number was still well below the 5-year average pace of 11.2%,
latest data released by International Air Transport Association
(IATA) showed. (Peninsula Qatar)
 ‘One Belt One Road’ initiative to boost GCC’s Halal market –
The $1tn investment by China in its ‘One Belt One Road’
initiative is expected to accelerate the growth of the $50bn GCC
Halal food market and the global Halal economy and make
Halal products much cheaper to the Middle Eastern consumers,
according to organizers of the forthcoming Halal Expo Dubai.
Spanning more than 68 countries and encompassing 4.4bn
people and up to 40% of the global GDP, the ‘One Belt One Road’
project will create a direct land-link with the Middle East
markets, where it could roll out an increased volume of Halal
products – be it food, hygiene, health, perfume and cosmetics.
(GulfBase.com)
 Damac Properties awarded over 370 contracts worth AED3.5bn
since January 2017 – Damac Properties, a leading luxury real
estate developer in the Middle East region, has awarded more
than 370 contracts worth AED3.5bn ($952mn) since January
2017. The contracts included construction, supplier and
consultancy services across its portfolio of developments,
according to a statement from the company. The bulk of
contracts awarded this year have been for Damac Properties’
largest master golf community, Akoya Oxygen, with major
construction ongoing across the 55mn square feet
development. (GulfBase.com)

5. Page 5 of 7
 Emaar Hospitality Group announces expansion into South Asia
– Emaar Hospitality Group announced its expansion into South
Asia, with a contract to operate Address Madivaru Maldives
Resort + Spa, a beachfront resort set in a private island in the
Indian Ocean, only 20 minutes by seaplane from the Male
airport. The hospitality and leisure arm of Dubai-based
developer, Emaar Properties said the expansion to the Indian
Ocean archipelago underlines the international growth plans of
the group, which has 29 upcoming hotel projects in the UAE,
Bahrain, Saudi Arabia, Egypt and Turkey. (GulfBase.com)
 Julphar Gulf Pharmaceutical Industries names new acting CFO
– Julphar Gulf Pharmaceutical Industries announced the
appointment of its associate director finance, Laurent de
Chazeaux, as acting chief financial officer (CFO), effective
immediately. He replaces Jerome Carle, who has been promoted
as the general manager. Over the past 20 years, de Chazeaux
has worked in a number of senior finance roles in the
pharmaceutical industry and in investment banking.
(GulfBase.com)
 FTA board clears VAT, tax systems – The board of the Federal
Tax Authority (FTA) approved planned future changes to the
UAE’s tax system, including new procedures to adopt a
selective tax system next month and value added tax (VAT) at
the start of next year. (GulfBase.com)
 FCA: UAE’s non-oil foreign trade hit $109bn in 1Q2017 – The
UAE’s total non-oil foreign trade volume reached AED401bn
($109bn) in 1Q2017 compared to AED388bn during the same
period last year, a growth of 3.2%, according to statistics
released by the Federal Customs Authority (FCA). Direct
foreign trade, which represents 68% of the UAE’s total trade
volume, was valued at AED272bn during the same period, while
the Free Zone Trade represented 32% of the UAE’s total trade
volume at a value of AED129bn, according to the official news
agency, Wam. (GulfBase.com)
 Net income of Abu Dhabi-based banks rose to AED9bn in
2Q2017 – The net income of Abu Dhabi-based commercial
banks amounted to AED9bn ($2.45bn) during 2Q2017,
registering growth of 4.1% compared to AED8.64bn during the
corresponding period in 2016. Net interest income amounted to
AED5.268bn during 2Q2017, accounting for 58.5% of
commercial banks' net income in the Emirate, the official news
agency, Wam reported, citing the Statistics Centre - Abu Dhabi.
(GulfBase.com)
 Sharjah-based developer to build the biggest-ever real estate
project in the Emirate – Arada, a Sharjah-based real estate
developer, has promised to build the largest-ever mixed-use
project in the Emirate that will house around 70,000 people
upon completion. The AED24bn ($6.5bn) Aljada development,
unveiled by the Ruler of Sharjah Dr Sheikh Sultan bin
Mohammed Al Qasimi, is over 2.2 square kilometers. The
project will be funded through a combination of debt and
equity, with Arada’s founding partners – Basma Group and
KBW Investments, a firm controlled by Saudi Arabia’s Prince
Khaled bin Alwaleed bin Talal – putting up AED5bn in funds for
the development, according to Arada’s chairman Sheikh Sultan
bin Ahmed Al Qasimi. (GulfBase.com)
 Dana Gas’ CEO: Shareholders to get $600mn of KRG settlement
– Dana Gas CEO Patrick Allman-Ward stated that the
company’s shareholders will get $600mn of the $1bn settlement
with Iraq’s Kurdistan Regional Government (KRG). He added
that the remaining $400mn will be used to fund projects at gas
fields. The company stated it expects to receive 35% of the
settlement in cash and that the settlement will allow it to
return to its 2009 position, which is the development of two gas
fields in Kurdistan estimated to hold ~75tn cubic feet.
(Bloomberg)
 Omantel signs MoU with Al Raid Group for integrated
telecommunication and IT infrastructure services – Omantel
signed a memorandum of understanding (MoU) with Al Raid
Group to provide Al Araimi Boulevard with an integrated
system of telecommunication and IT infrastructure services.
The partnership will include the installation of state of the art
high-speed fiber-optic networks for voice calls and data, which
will serve as a valuable addition to the infrastructure of the
tourism sector in Oman and reflects the company’s interest in
developing the national economy. This move is in line with
Omantel’s vision to drive organizational integration between
the government and private sectors to promote the
telecommunications sector in the Sultanate. (GulfBase.com)
 Oman investing heavily in the tourism and hospitality sector –
Oman is investing heavily in its tourism and hospitality sector,
as the Sultanate aims to host 7mn tourists by 2040, including
2.7mn in the capital Muscat. This has primarily benefitted
Muscat, with the construction of multiple new infrastructure
and real estate developments, including the ongoing work on
the long-delayed Muscat International Airport, as well as other
projects such as the Mall of Oman and The Wave, which are
designed to craft the ‘Oman brand’, global real estate
consultancy firm CBRE noted, in its latest Oman Market View.
(GulfBase.com)
 Diam commences ‘booking’ areas around sites for development
of wind power projects – Oman’s Public Authority for Electricity
and Water (Diam) announced that it has commenced ‘booking’
areas around sites deemed ideal for the development of wind
power projects. The move follows the successful completion of
Phase 1 of the Wind Resources Atlas study, an initiative
launched by Diam several years ago to help spur investment in
wind-based renewable energy schemes in Oman.
(GulfBase.com)
 Kuwaiti Emir to hold talks with the US President – Kuwaiti Emir
Sheikh Sabah alAhmad al-Jaber al-Sabah is scheduled to hold
talks with US President Donald Trump. He is accompanied,
among others, by Deputy Chief of the National Guard Sheikh
Mishal al-Ahmad al-Jaber al-Sabah. Meanwhile, a number of
agreements were signed between Kuwaiti and American
entities in different fields. The deals were inked on the sidelines
of the US-Kuwait Economic Forum held t the US Chamber of
Commerce in Washington. Kuwait Petroleum Corporation and
Dow Chemical Company signed a memorandum of
understanding (MoU) for cooperation in the petrochemical
industry and joint investment in the US. (Gulf-Times.com)
 Al Hilal Takaful appoints Emirates NBD Asset Management to
manage investment strategies – Al Hilal Takaful, the Islamic
insurance subsidiary of Ahli United Bank with operations in
Bahrain and Kuwait, appointed Emirates NBD Asset
Management, the Dubai-based asset manager, to manage three

6. Page 6 of 7
risk-graded Shari’ah compliant investment strategies. The
appointment will broaden Al Hilal Takaful’s access to global
Sukuk, global equity, MENA equity and other emerging market
opportunities, according to a statement. (GulfBase.com)
 Bahrain named the world’s top destination for expats in global
survey – The island nation of Bahrain has been named the
world’s top destination for expats in a survey of 13,000 expats
of 166 nationalities, according to a survey by InterNations.
According to the Expat Insider survey, Bahrain jumped from
19th place in 2016, to the top spot in 2017, ahead of 65 countries
that were analyzed. (GulfBase.com)

7. Contacts
Saugata Sarkar, CFA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) 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
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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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
70.0
90.0
110.0
130.0
150.0
170.0
Aug-13 Aug-14 Aug-15 Aug-16 Aug-17
QSEIndex S&P Pan Arab S&P GCC
0.7%
(1.3%)
(0.0%)
0.7%
0.0%
(0.5%)
0.5%
(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,334.20 (0.4) 0.7 15.8 MSCI World Index 1,959.15 0.2 (0.3) 11.9
Silver/Ounce 17.88 (0.0) 0.9 12.3 DJ Industrial 21,807.64 0.2 (0.8) 10.3
Crude Oil (Brent)/Barrel (FM Future) 54.20 1.5 2.7 (4.6) S&P 500 2,465.54 0.3 (0.4) 10.1
Crude Oil (WTI)/Barrel (FM Future) 49.16 1.0 4.0 (8.5) NASDAQ 100 6,393.31 0.3 (0.7) 18.8
Natural Gas (Henry Hub)/MMBtu 2.93 2.3 0.9 (20.4) STOXX 600 373.95 0.3 (0.0) 17.0
LPG Propane (Arab Gulf)/Ton 83.00 1.5 2.2 15.7 DAX 12,214.54 1.0 1.2 20.3
LPG Butane (Arab Gulf)/Ton 93.63 1.8 0.4 (3.5) FTSE 100 7,354.13 (0.0) (0.4) 8.8
Euro 1.19 0.0 0.5 13.3 CAC 40 5,101.41 0.5 0.2 18.6
Yen 109.22 0.4 (0.9) (6.6) Nikkei 19,357.97 (0.5) (0.7) 8.2
GBP 1.30 0.1 0.7 5.7 MSCI EM 1,083.18 (0.2) (0.7) 25.6
CHF 1.05 (0.1) 0.9 6.5 SHANGHAI SE Composite 3,385.39 0.1 1.0 15.9
AUD 0.80 0.1 0.3 11.0 HANG SENG 27,613.76 (0.5) (1.2) 24.4
USD Index 92.29 0.0 (0.6) (9.7) BSE SENSEX 31,661.97 (0.4) (1.1) 26.2
RUB 57.39 (0.2) (0.2) (6.7) Bovespa 73,412.41 2.4 3.0 27.6
BRL 0.32 0.5 1.3 4.9 RTS 1,106.70 0.5 0.6 (4.0)
94.2
93.7
89.5