The QSE Index declined 0.2% to close at 9,713.4

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.2% to close at 9,713.4. Losses were led by the Insurance
and Transportation indices, falling 1.3% and 0.6%, respectively. Top losers were
Qatar Cinema & Film Distribution Company and Qatar General Insurance &
Reinsurance Company, falling 10.0% and 3.5%, respectively. Among the top gainers,
Qatar Fuel Company gained 4.7%, while Qatar National Cement Co. was up 3.1%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.8% to close at 7,905.3. Gains were led by the
Food & Staples and Food & Bev. indices, rising 2.9% and 2.4%, respectively. The
Mediterranean and Gulf Ins. rose 10.0%, while Saudi Int. Petrochem. was up 5.2%.
Dubai: The DFM General Index gained marginally to close at 2,754.0. The Insurance
index rose 1.3%, while the Services index gained 0.4%. National Central Cooling Co.
rose 4.6%, while Arabtec Holding was up 3.3%.
Abu Dhabi: The ADX General Index rose 0.1% to close at 4,891.8. The Banks index
gained 0.2%, while the other indices ended flat or in red. International Holdings Co.
gained 1.7%, while Gulf Cement Co. was up 1.1%.
Kuwait: The Kuwait Main Market Index rose 0.6% to close at 4,766.9. The Oil & Gas
index gained 4.3%, while Telecommunications index rose 1.7%. The Energy House
Holding Company gained 46.4%, while Al-Massaleh Real Estate Co. was up 19.7%.
Oman: The MSM 30 Index rose 0.7% to close at 4,485.4. Gains were led by the
Services and Financial indices, rising 0.4% and 0.3%, respectively. Renaissance
Services rose 4.1%, while Bank Muscat was up 2.5%.
Bahrain: The BHB Index fell 0.1% to close at 1,355.3. The Industrial index declined
1.6%, while the Investment index fell marginally. Aluminium Bahrain declined
1.6%, while Bahrain Commercial Facilities Company was down 0.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Fuel Company 157.00 4.7 312.8 53.8
Qatar National Cement Company 56.50 3.1 5.1 (10.2)
Widam Food Company 74.00 2.8 41.2 18.4
Islamic Holding Group 26.66 2.5 1.1 (28.9)
Zad Holding Company 103.30 2.2 5.9 40.3
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding 16.49 0.2 997.7 31.0
Vodafone Qatar 8.64 (0.6) 355.0 7.7
Qatar First Bank 5.05 0.4 352.7 (22.7)
QNB Group 174.99 (0.0) 351.2 38.9
Qatar Gas Transport Company Ltd. 17.60 (0.4) 329.5 9.3
Market Indicators 25 Sep 18 24 Sep 18 %Chg.
Value Traded (QR mn) 236.1 205.7 14.7
Exch. Market Cap. (QR mn) 541,021.3 540,856.1 0.0
Volume (mn) 5.3 6.8 (22.7)
Number of Transactions 2,550 3,434 (25.7)
Companies Traded 43 42 2.4
Market Breadth 20:21 14:25 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,113.97 (0.2) (0.5) 19.7 14.4
All Share Index 2,865.70 0.1 (0.5) 16.8 14.9
Banks 3,497.29 0.1 0.1 30.4 14.2
Industrials 3,118.33 (0.3) (1.0) 19.0 15.5
Transportation 2,042.58 (0.6) (2.2) 15.5 12.7
Real Estate 1,849.60 0.3 (0.5) (3.4) 15.7
Insurance 3,123.64 (1.3) (5.1) (10.2) 29.2
Telecoms 965.81 0.1 (0.4) (12.1) 37.9
Consumer 6,655.18 2.8 2.5 34.1 14.5
Al Rayan Islamic Index 3,772.13 (0.2) (0.7) 10.2 16.3
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Int. Petrochemical Saudi Arabia 21.50 5.2 1,343.5 23.2
Dar Al Arkan Real Estate Saudi Arabia 9.91 5.0 21,084.1 (31.2)
Saudi Cement Co. Saudi Arabia 41.95 4.9 107.5 (11.6)
DP World Dubai 20.15 4.8 17.3 (19.4)
Saudi Arabian Mining Co. Saudi Arabia 51.50 4.8 676.4 (0.8)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Al Tayyar Travel Group Saudi Arabia 20.54 (7.6) 8,819.0 (24.0)
Dallah Healthcare Co. Saudi Arabia 58.90 (3.0) 310.5 (41.7)
Emaar Malls Dubai 1.78 (2.7) 2,988.4 (16.4)
Middle East Healthcare Saudi Arabia 35.00 (2.5) 934.3 (35.0)
Raysut Cement Oman 0.44 (1.8) 22.5 (44.1)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distribution 14.86 (10.0) 0.1 (40.6)
Qatar General Ins. & Reins. Co. 44.00 (3.5) 0.2 (10.2)
Qatari Investors Group 29.90 (1.9) 4.3 (18.3)
Ahli Bank 30.40 (1.5) 52.5 (18.1)
Doha Bank 23.20 (1.3) 140.7 (18.6)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 174.99 (0.0) 61,371.2 38.9
Qatar Fuel Company 157.00 4.7 48,378.1 53.8
Industries Qatar 121.00 (1.0) 32,067.2 24.7
Mesaieed Petrochemical Holding 16.49 0.2 16,475.5 31.0
The Commercial Bank 39.98 0.5 10,373.8 38.3
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* 9,713.42 (0.2) (0.5) (1.8) 14.0 64.55 148,618.5 14.4 1.5 4.5
Dubai 2,754.04 0.0 (0.4) (3.0) (18.3) 42.41 98,525.5 7.3 1.0 6.2
Abu Dhabi 4,891.78 0.1 0.2 (1.9) 11.2 23.31 132,111.8 12.9 1.5 4.9
Saudi Arabia 7,905.27 1.8 1.8 (0.5) 9.4 750.14 501,842.7 17.4 1.8 3.6
Kuwait 4,766.94 0.6 0.2 (2.7) (1.3) 89.65 32,695.9 14.7 0.9 4.4
Oman 4,485.43 0.7 (0.2) 1.5 (12.0) 4.31 19,290.9 11.0 0.8 6.1
Bahrain 1,355.34 (0.1) 1.1 1.3 1.8 16.57 20,818.3 9.2 0.9 6.0
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,680
9,700
9,720
9,740
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index declined 0.2% to close at 9,713.4. The Insurance and
Transportation indices led the losses. The index fell on the back of
selling pressure from Qatari shareholders despite buying support from
GCC and non-Qatari shareholders.
 Qatar Cinema & Film Distribution Company and Qatar General
Insurance & Reinsurance Company were the top losers, falling 10.0%
and 3.5%, respectively. Among the top gainers, Qatar Fuel Company
gained 4.7%, while Qatar National Cement Company was up 3.1%.
 Volume of shares traded on Tuesday fell by 22.7% to 5.3mn from 6.8mn
on Monday. Further, as compared to the 30-day moving average of
6.1mn, volume for the day was 12.8% lower. Mesaieed Petrochemical
Holding Company and Vodafone Qatar were the most active stocks,
contributing 18.9% and 6.7% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data and Earnings Calendar
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09/25 France INSEE Business Confidence September 106 105 105
09/25 France INSEE Manufacturing Confidence September 107 109 110
09/25 France INSEE Production Outlook Indicator September 9 – 11
09/25 Japan Bank of Japan PPI Services YoY August 1.3% 1.1% 1.1%
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 3Q2018 results No. of days remaining Status
QNBK QNB Group 10-Oct-18 14 Due
QIBK Qatar Islamic Bank 17-Oct-18 21 Due
DHBK Doha Bank 17-Oct-18 21 Due
UDCD United Development Company 17-Oct-18 21 Due
ABQK Ahli Bank 21-Oct-18 25 Due
QIGD Qatari Investors Group 21-Oct-18 25 Due
KCBK Al Khalij Commercial Bank 23-Oct-18 27 Due
CBQK The Commercial Bank 23-Oct-18 27 Due
Source: QSE
News
Qatar
 QATI is establishing a new QR1.8mn company in QFC – Qatar
Insurance Company (QATI) is establishing a new company
‘Epicure Investment’ with an initial capital of QR1.8mn in the
Qatar Financial Centre (QFC). The official spokesperson of
QATI, Abdulla Yousef Al-Mulla, confirmed that the directors’
board, during their meeting, approved the establishment of a
limited liability company in accordance with the rules set out
by the QFC. The new company will be named ‘Epicure
Investment Management’ or any other name that is approved
by the Qatar Financial Markets Authority (QFMA). The new
company will carry out investment business consultation, the
spokesman added. (Gulf-Times.com)
 QIBK to disclose 3Q2018 financial statements on October 17 –
Qatar Islamic Bank (QIBK) announced its intent to disclose
3Q2018 financial statements for the period ending September
30, 2018, on October 17, 2018. (QSE)
 KCBK to disclose 3Q2018 financial statements on October 23 –
Al Khalij Commercial Bank (KCBK) announced its intent to
disclose 3Q2018 financial statements for the period ending
September 30, 2018, on October 23, 2018. (QSE)
 KCBK to conduct EMTN program in Asia and Europe – Al Khalij
Commercial Bank (KCBK) will be conducting a series of fixed
income investor meetings under its EMTN program in Asia and
Europe, commencing on September 27, 2018. Barclays, QNB
Capital, Standard Chartered Bank and The Commercial Bank of
Qatar were mandated as Joint Lead Managers and Joint
Bookrunners to arrange meetings on KCBK’s behalf. A
benchmark USD-denominated RegS Registered bond offering
under KCBK’s $2.5bn EMTN Program may follow subject to
market conditions. (QSE)
 New FDI law proposes game changing incentives for investors
– Qatar’s soon to be launched amended Foreign Direct
Investment (FDI) law is expected to transform the country’s
investment ecosystem. The new law, which proposes to open
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 26.66% 47.52% (49,242,798.44)
Qatari Institutions 23.65% 24.47% (1,921,356.30)
Qatari 50.31% 71.99% (51,164,154.74)
GCC Individuals 0.41% 0.39% 47,922.70
GCC Institutions 4.30% 1.46% 6,685,539.61
GCC 4.71% 1.85% 6,733,462.31
Non-Qatari Individuals 4.82% 5.27% (1,064,866.90)
Non-Qatari Institutions 40.16% 20.89% 45,495,559.33
Non-Qatari 44.98% 26.16% 44,430,692.43

3. Page 3 of 6
all sectors to 100% foreign investment (banking and insurance
with direct permission from the Prime Minister’s Office), will
get the preferential treatment exactly in line with Qatari
companies. These companies will be eligible for all the
incentives that Qatari companies are currently enjoying,
including the permission to participate in government
contracts, a top official from the Ministry of Economy and
Commerce said. (Peninsula Qatar)
 Ooredoo announces leadership transition in Indosat Ooredoo in
Indonesia – Ooredoo announced that Indosat Ooredoo
announced the upcoming transition of its leadership team. The
current President Director and CEO, Joy Wahjudi, is stepping
down from his role for personal reasons, but is working closely
with Indosat Ooredoo and Ooredoo Group to help ensure a
smooth transition for ongoing projects and that business
continues as usual during this period of change. The upcoming
change in leadership coincides with the company’s plan to
undertake an important transformation program to drive
growth in the Indonesian market. Further details on the new
leadership and the transformation program will be announced
in the upcoming Indosat Ooredoo Extraordinary General
Meeting scheduled for October 17, 2018. (QSE)
 Foreign trade grew by a ‘remarkable’ 16% in 2017, says Sheikh
Ahmed – Qatar’s foreign trade has shown remarkable growth,
increasing by 16% in 2017, according to HE the Minister of
Economy and Commerce Sheikh Ahmed bin Jassim bin
Mohamed Al-Thani. Qatar’s total exports also increased by
18%, contributing to a total trade surplus of 49%, he said, while
chairing a roundtable with businessmen during a working lunch
on the sidelines of Qatar’s participation in the 73
rd
session of
the United Nations General Assembly in New York. Sheikh
Ahmed said international trade and investment form a key part
of Qatar’s future growth and diversification, adding that the US
is one of Qatar’s most valued and largest global partners. The
US and Qatar are bound by several agreements and
Memorandums of Understanding, especially the TIFA
Agreement, which led to the establishment of a joint council
since 2004. On bilateral trade, Sheikh Ahmed said $24bn worth
of goods were traded in the last five years; 84% of the trade
balance was in favor of the US. The US is also Qatar’s top
destination for imports with 16% of Qatar’s imports coming
from the US in 2017. Financial transactions from Qatar to the
US reached $26.5bn in 2017 alone, including business profit,
salaries, and payments. Qatari investments in the US have also
exceeded $45bn, the equivalent of 23% of Qatar’s GDP, he said.
(Gulf-Times.com)
 India’s exports to Qatar jump 87% in 2018 – India has recorded
an 87% jump in exports to Qatar in one year from April 2017 to
March 2018, reaching nearly $1.5bn according to the country’s
envoy. In the previous year, Indian exports to Qatar had totaled
close to $800mn, P Kumaran said on the sidelines of a business
meeting between Qatari companies and an Indian trade
delegation at the Qatar Chamber. “Our analysis showed that
the main increase was in the area of food and food products,
iron and steel, aluminum, and transport machines and cars from
Suzuki and Tata Motors,” the Ambassador said. In the next 12
years, Kumaran said India needs around $2tn in investments for
various infrastructure development projects, adding that Qatar
is welcome to participate in various projects in different sectors.
(Gulf-Times.com)
 Qatar’s construction sector leads in using technology for
sustainable cities – Experts speaking at “Big 5 Qatar” free CPD
(Continuing Professional Development) certified courses have
noted that Qatar’s construction sector is leading in adopting
technologies for sustainable cities. Big 5 Qatar, concludes today
(September 26, 2018) at the Doha Exhibition and Convention
Center (DECC). Roberto Molinos, a Professor at Instituto De
Empresa in Spain, said, “Technology in buildings is crucial to
enable the sustainable management of a city. Great
opportunities arise by adopting these technologies in the
construction industry, and we see that Qatar is extremely keen
in doing so.” Amal Yousuf Al-Mulla, Quality and Sustainability
Engineer Technical Office at Ashghal, added that, “adopting
lean methods in construction, health and safety, waste
recycling are examples of the commitment already made to
meet the Qatar National Vision 2030, utilizing the latest
technology in project management, recycling, and BIM
(Building Information Modeling). Al-Mulla added, “Tech,
digital, and BIM all have important contributions to make, to
improve productivity, and also disrupt the current delivery
model through innovation to deliver superior performance.”
(Gulf-Times.com)
 Talks underway for high-tech farm in Qatar, says Spanish
envoy – Before long, Qatar could start growing any type of
vegetable all-year round and small fruits, such as strawberries
as talks are nearing the final stages for the setting up of a 100-
hectare greenhouse in the country, Spanish Ambassador
Ignacio Escobar said. With the technology supplied by Spanish
joint venture AgriQatar, produce from the greenhouse project
“is affordable, making it a profitable venture,” Escobar said at
the sidelines of The Big 5 Qatar. (Gulf-Times.com)
 Qatar & Spain to set up QR850mn fund to invest in Latin
America – Qatar and Spain have agreed to set up joint fund of
about QR850mn to invest in Latin American countries,
Ambassador of Spain to Doha, Ignacio Escobar said. The
Ambassador noted that due to the common culture, language,
years of experience in doing business in Latin America, know-
how, and many other factors, Spain is the natural gateway to
the region. (Peninsula Qatar)
International
 US consumer confidence hits 18-year high; house prices
slowing – US consumer confidence index increased to 18-year
high in September, as households grew more upbeat about the
labor market, pointing to sustained strength in the economy
despite an increasingly bitter trade dispute between the US and
China. While other data showed a moderation in house price
increases in July, the gains probably remain sufficient to boost
household wealth and continue to support consumer spending,
as well as making home purchasing a bit more affordable for
first-time buyers. The Conference Board stated its consumer
confidence index increased to a reading of 138.4 this month
from an upwardly revised 134.7 in August. That was the best
reading since September 2000, and the index is not too far from
an all-time high of 144.7 reached that year. (Reuters)
 ELFA: US business borrowing for equipment jumps 14% in
August – Borrowing by US companies to spend on capital

4. Page 4 of 6
investments rose 14% in August from a year earlier, according
to the Equipment Leasing and Finance Association (ELFA). The
companies signed up for $8.9bn in new loans, leases and lines of
credit last month, up from $7.8bn a year earlier, ELFA stated.
Washington-based ELFA, which reports economic activity for
the $1tn equipment finance sector, said credit approvals totaled
76.4% in August, up slightly from 76.2% in July. (Reuters)
 UK’s inflation expectations hit five-year high – The British
public’s expectations for inflation have risen to their highest
level in five years, according to a monthly YouGov survey for
Citi. Public inflation expectations for the next 12 months rose to
2.9% in September from 2.7% in August. Longer-run inflation
expectations for the next 5 - 10 years rose to 3.4% from 3.3%.
Both readings were the highest in five years. Official data
published earlier this month showed that consumer price
inflation unexpectedly rose in August to 2.7%, a six-month
high. (Reuters)
 German institutes to cut 2018 growth forecast to 1.7% –
Germany’s economic institutes will lower their 2018 growth
forecast for Europe’s largest economy to 1.7% from their spring
prediction of 2.2%, two government sources told Reuters. The
sources said the institutes will also cut their 2019 growth
forecast to 1.9% from 2.0%, they had previously predicted. The
sources also said the institutes will predict 2020 growth of
1.8%. (Reuters)
 French industry morale fell in September to lowest level since
March 2017 – Morale in the French industrial sector fell in
September to its lowest level since March 2017, according to
data from the INSEE state statistics agency, in a further sign
that Eurozone’s second-biggest economy is going through a
sluggish period. The reading for industrial confidence in
September fell to 107 points from 110 points in August - worse
than a Reuters forecast, which predicted a September reading of
109.40 points. There was, however, a slightly better reading for
the levels of confidence in the services sector, which edged up
to 105 points in September from 104 in August. Data published
earlier this month showed that the French economy had
meager growth of 0.2%, the same as in the first quarter. The
French government is expecting economic growth of 1.7% for
2018 overall. (Reuters)
 BoJ's Kuroda highlights need to look at downside of easy policy
– Bank of Japan’s (BoJ) Governor, Haruhiko Kuroda said the
central bank has entered a phase where it must consider not
just the merits but the side-effects of its massive stimulus
program in a “balanced manner”. He also said the BoJ’s new
commitment to keep interest rates very low for an “extended
period” did not mean near-zero rates will be maintained
permanently, reminding markets that the central bank could
raise rates, if the inflation rate picks up. “We hope to achieve
2% inflation at the earliest date possible by maintaining our
powerful monetary easing, so that we can begin normalizing
monetary policy,” Kuroda said. Kuroda said that while he would
not rule out changing the commitment, it was an appropriate
one for now, as inflation remains distant from BoJ’s target.
(Reuters)
Regional
 Kuwait, Saudi Arabia in positive talks to re-start shared oil
fields – Kuwait is holding positive talks with Saudi Arabia about
resuming production at shared oil fields in their border area,
according to Kuwait’s Oil Minister, Bakheet Al-Rashidi. Once
shared fields including Khafji, Wafra begin pumping again, their
combined production could reach ~400k bpd within three
months. (Bloomberg)
 Saudi Electricity Company announces successful closing of
$2.0bn dual tranche international Sukuk issuance – Saudi
Electricity Company announced that it has successfully
completed the issuance of a dual tranches Sukuk in Reg S
format in the international markets on September 20, 2018. The
first tranche is in the value of $800mn and has a tenor of long
five years, maturing on January 27, 2024, and has a fixed profit
rate of 4.222% per annum (p.a.), while the second tranche is in
the value of $1,200mn and has a tenor of ten years, maturing on
September 27, 2028, and has a fixed profit rate of 4.723% p.a.
(GulfBase.com)
 Tenaris to acquire significant stake in Saudi Steel Pipe
Company – Luxembourg-based Tenaris announced that it has
entered into a definitive agreement to acquire from a private
group 47.79% of the shares of Saudi Steel Pipe Company for an
aggregate price of $144mn. The transaction is subject to
regulatory approvals, including approval by the Capital Market
Authority (CMA) of Saudi Arabia, and other customary
conditions and is expected to close in 1Q2019. Tenaris has been
serving Saudi Arabia’s oil and gas industry and Saudi Aramco
for decades. With this transaction, Tenaris will significantly
expand its industrial presence in the Kingdom and the range of
products it supplies to Saudi Aramco. (Bloomberg)
 CMA approves IPO of Gulf Steel Works Factory Company –
Saudi Arabia’s CMA approved the listing of 30%, or 6mn shares,
of Gulf Steel Works Factory Company. The company’s
prospectus will be published within sufficient time prior to the
start of the subscription period. The prospectus includes all
relevant information that the investor needs to know before
making an investment decision, including the share price, the
company's financial statements, activities and management.
(Tadawul)
 UAE banks’ gross assets rise to AED2.8tn in August – UAE
banks’ gross assets amounted to AED2.8tn by the end of August
2018, 4% up from AED2.694tn by the end of December 2017.
Gross credit increased to around AED1.633tn by the end of
August, a growth of 3.3% from AED1.58tn during December last
year, the official news agency Wam reported, citing the Central
Bank of the UAE’s statistics. Domestic loans received by the
private sector rose from AED1.086tn in December 2017 to
around AED1.123tn by the end of August 2018, with credit
provided to individuals amounting to AED339bn by the end of
August from AED337.5bn from December. Total deposits
amounted to AED1.703tn, during August, an increase of 4.6% of
AED76bn from AED1.627tn in December 2017. The growth
recorded in gross credit reflects the robust financial solvency
enjoyed by UAE banks as a result of the significant
improvement recorded across all operating indicators during
the first eight months of the year. (GulfBase.com)
 Fitch: UAE’s Islamic banks see higher returns but weaker asset
quality – Fitch Ratings earnings and profitability metrics are
improving for UAE’s Islamic banks, but asset quality should
remain under pressure in the near to medium term, according to

5. Page 5 of 6
Fitch Ratings (Fitch). FY2017 results showed that the operating
environment for the sector has been improving, with financing
growth above the mid-single-digit range, supported by deposits
gathered at a faster rate. Funding and liquidity for Islamic
banks continued to improve. Higher oil prices eased pressures in
2017, with strong deposit growth fuelled by Islamic banks'
proportionately larger branch networks and a broader adoption
of Shari’ah-compliant products. Gross financing as a percentage
of deposits fell by approximately 300 bps to 91.7% during 2017,
320 bps below conventional banks. Funding for Islamic banks
continues to be primarily domestic deposits at 84%, higher than
conventional banks, with these deposits accounting for 27% of
sector deposits at the end of last year. (Bloomberg)
 FTA: VAT on entertaining staff ‘non-recoverable’ –
Entertainment services supplied to employees, such as staff
parties and retirement gifts, should not be exempt from Value
Added Tax (VAT), the UAE’s Federal Tax Authority (FTA)
stated. The authority noted that according to the federal law on
VAT, the 5% tax incurred on goods or services purchased to be
given away to staff free of charge, in order to reward them for
long service, should be blocked from recovery. Examples of
these gifts include long service awards, Eid gifts and gifts for
other festivals and special occasions, or a dinner to reward
service. (GulfBase.com)
 Union Properties hands over AED450mn Dubai Motor City
project – Union Properties, a leading property developer in the
UAE, announced the delivery of all the residential units at its
OIA Residences project, developed at the cost of AED450mn,
within Dubai Motor City. A motor-sport theme destination
developed over a 38mn square feet area on Emirates Road, the
Dubai Motor City features residential units, business towers,
motor-sports facilities, retail and a theme park. (GulfBase.com)
 Majid Al Futtaim raises $1bn revolving credit facility – Dubai’s
Majid Al Futtaim, a company that owns and operates shopping
centers in the Middle East and North Africa, raised a $1bn loan
from a group of regional and international banks, the firm
stated. The loan, a revolving credit facility, has a six-year
maturity and refinances an $800mn loan raised in 2014 for
general corporate purposes. A number of companies in the Gulf
are refinancing their debt obligations ahead of maturity, or
adding new leverage to their balance sheets, to avoid having to
pay higher debt costs at a later stage due to expected increases
in global interest rates. (Reuters)
 Abu Dhabi Islamic Bank to open subscription for new shares –
Abu Dhabi Islamic Bank stated it will open subscription for its
new shares on September 25 until October 9. The bank received
approval from its shareholders last month to raise AED1bn
through a rights issue to meet regulatory capital requirements.
Under the plan for the rights issue, each shareholder will have
the right to subscribe to 29 new shares for every 198 shares held
on September 12. The rights issue will increase Abu Dhabi
Islamic Bank’s share capital to AED3.63bn from AED3.168bn.
(GulfBase.com)
 Kuwaiti banking sector tackles low oil prices – The Kuwaiti
banking system succeeded in 2017 in confronting pressure
caused by low oil prices period between 2014-2016, Central
Bank of Kuwait’s Governor, Mohammad Al-Hashel said, noting
that the Kuwaiti Dinar appreciated vis-à-vis the US Dollar by
1.4% in 2017. Al-Hashel said the banking sector remained
sound and stable in 2017, with an increased credit, thanks in
part to counter-cyclically built precautionary provisions
supporting the requisite write-offs in 2017. As for the Financial
Intermediation, the banking system posted visibly healthier
growth in 2017 with its consolidated assets increasing by 7.4%
on the back of higher private sector credit off-take and growing
investments. Increase in domestic credit, by 3.9%, was
marginally better than the year before though partly dampened
by some corporate loan repayments. Bank’s consolidated
deposits also picked up to 7%, with domestic deposits posting
6.6% growth in assets and credit off-takes moderately picked
up. Al-Hashel said asset quality of the banking system has
visibly improved over the years, exhibited by a steady decline
in both the gross and net nonperforming loan ratio (NPLR). The
gross NPLR, on a consolidated basis, has further dropped to a
historically low level of 1.9% (1.3% on domestic, Kuwait-only
basis) as of December 2017, well below the 3.8% observed in
2007 before the global financial crisis struck. (GulfBase.com)
 Oman's Renaissance Services to mull $1.5bn Topaz Energy IPO
– Oman’s Renaissance Services, a service provider to the oil and
gas industry, is considering an initial public offering (IPO) for
its Topaz Energy & Marine unit, according to sources.
Renaissance Services, which has a market capitalization of
about $379mn, could seek a valuation of about $1.5bn for the
Dubai-based business. Goldman Sachs Group Inc. and Morgan
Stanley are advising on the share sale, which could take place
next year in London. Valuation and location are still being
discussed and no final decisions have been made, sources
added. Renaissance Services may also choose to retain its stake
in the division for now. (Bloomberg)
 Mandatory health insurance set for early 2019 roll-out in Oman
– An estimated 2.09mn Omani and expatriate employees of
private sector establishments in the Sultanate will be eligible
for Mandatory Health Insurance coverage, which is proposed to
be implemented in a series of stages starting from early next
year. The Capital Market Authority’s Executive President,
Abdullah Salim Al Salmi said the compulsory health insurance
scheme will be rolled out gradually in as many as five stages
encompassing Omanis and expatriate employees of private
firms. However, for dependants of these employees, health
insurance coverage will be the prerogative of the employers
concerned and subject to negotiation between the two parties.
(GulfBase.com)

6. Contacts
Saugata Sarkar, CFA, CAIA 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
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
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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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market was closed on September 25, 2018) Source: Bloomberg (*$ adjusted returns;
#
Market was closed on September 25, 2018)
50.0
75.0
100.0
125.0
Aug-14 Aug-15 Aug-16 Aug-17 Aug-18
QSEIndex S&P Pan Arab S&P GCC
1.8%
(0.2%)
0.6%
(0.1%)
0.7%
0.1% 0.0%
(0.5%)
0.0%
0.5%
1.0%
1.5%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,201.30 0.2 0.2 (7.8) MSCI World Index 2,194.20 0.1 (0.3) 4.3
Silver/Ounce 14.46 1.5 1.3 (14.6) DJ Industrial 26,492.21 (0.3) (0.9) 7.2
Crude Oil (Brent)/Barrel (FM Future) 81.87 0.8 3.9 22.4 S&P 500 2,915.56 (0.1) (0.5) 9.0
Crude Oil (WTI)/Barrel (FM Future) 72.28 0.3 2.1 19.6 NASDAQ 100 8,007.47 0.2 0.3 16.0
Natural Gas (Henry Hub)/MMBtu#
3.04 0.0 0.7 (14.1) STOXX 600 383.89 0.5 0.2 (3.4)
LPG Propane (Arab Gulf)/Ton#
105.75 0.0 1.4 6.8 DAX 12,374.66 0.3 (0.2) (6.2)
LPG Butane (Arab Gulf)/Ton 120.50 1.5 2.8 11.1 FTSE 100 7,507.56 1.0 0.9 (4.9)
Euro 1.18 0.2 0.2 (2.0) CAC 40 5,479.10 0.1 (0.0) 1.0
Yen 112.97 0.2 0.3 0.2 Nikkei 23,940.26 0.0 0.0 4.8
GBP 1.32 0.5 0.9 (2.4) MSCI EM 1,041.78 (0.1) (0.9) (10.1)
CHF 1.04 (0.0) (0.7) 1.0 SHANGHAI SE Composite 2,781.14 (0.7) (0.7) (20.4)
AUD 0.73 (0.0) (0.5) (7.2) HANG SENG#
27,499.39 0.0 (1.6) (8.1)
USD Index 94.13 (0.1) (0.1) 2.2 BSE SENSEX 36,652.06 1.1 (1.1) (5.5)
RUB 65.86 0.0 (0.9) 14.3 Bovespa 78,630.14 (0.2) (2.9) (17.4)
BRL 0.25 0.4 (0.6) (18.7) RTS 1,169.04 0.5 1.7 1.3
80.7
78.1
75.4