Qatar stock exchange

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QSE Intra-Day Movement
Qatar Commentary
The QSE Index gained 0.2% to close at 10,827.7. Gains were led by the Consumer Goods &
Services and Insurance indices, rising 0.9% and 0.7%, respectively. Top gainers were Al
Meera Consumer Goods Co. and Qatar General Ins. & Reinsurance Co., rising 4.5% and
3.6%, respectively. Among the top losers, Al Khaleej Takaful Group fell 4.3%, while Dlala
Brokerage & Investment Holding Co. was down 3.8%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.5% to close at 6,953.5. Gains were led by the Media
& Publishing and Industrial Inv. indices, rising 3.7% and 2.4%, respectively. Alinma
Tokia Marine Co. rose 10.0%, while Saudi Fisheries was up 9.9%.
Dubai: The DFM Index declined 0.3% to close at 3,180.8. The Financial & Inv. Services
index fell 1.5%, while the Transportation index declined 1.1%. Dubai Islamic Insurance
& Reinsurance Co. fell 5.8%, while Ajman Bank was down 3.7%.
Abu Dhabi: The ADX benchmark index fell marginally to close at 4,196.9. The Energy
index declined 2.0%, while the Industrial index fell 1.1%. Ras Al Khaimah Ceramic Co.
declined 5.7%, while Green Crescent Ins. Company was down 3.9%.
Kuwait: The KSE Index declined marginally to close at 5,698.1. The Telecommunication
index fell 1.7%, while the Consumer Services index declined 0.8%. Kuwait Cable Vision
fell 9.1%, while Mashaer Holding Co. was down 8.8%.
Oman: The MSM Index fell 0.3% to close at 5,797.7. Losses were led by the Financial
and Services indices, declining 0.8% and 0.2%, respectively. Port Services Corporation
fell 4.3%, while Oman United Insurance was down 4.0%.
Bahrain: The BHB Index declined 0.2% to close at 1,217.8. The Industrial and
Commercial Bank indices fell 0.5% each. Esterad Investment Company declined 5.3%,
while Al Salam Bank was down 1.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Meera Consumer Goods Co. 231.90 4.5 8.7 16.0
Qatar General Ins. & Reins. Co. 54.90 3.6 6.0 7.0
Aamal Co. 13.40 2.1 18.3 (11.8)
Barwa Real Estate Co. 42.30 1.3 122.7 1.0
Commercial Bank 50.10 1.2 460.5 (26.9)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Co. 24.89 (0.4) 1,120.2 7.7
Commercial Bank 50.10 1.2 460.5 (26.9)
Masraf Al Rayan 39.50 (0.5) 380.4 (10.6)
Ezdan Holding Group 17.30 0.6 346.9 16.0
Vodafone Qatar 12.64 (0.2) 261.9 (23.2)
Market Indicators 18 Nov 15 17 Nov 15 %Chg.
Value Traded (QR mn) 179.6 721.2 (75.1)
Exch. Market Cap. (QR mn) 568,689.8 567,733.7 0.2
Volume (mn) 4.2 17.1 (75.6)
Number of Transactions 2,976 3,156 (5.7)
Companies Traded 41 38 7.9
Market Breadth 14:23 17:16 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,830.05 0.2 (0.0) (8.2) 11.2
All Share Index 2,886.05 0.2 (0.2) (8.4) 11.3
Banks 2,904.52 (0.2) (1.1) (9.3) 11.8
Industrials 3,225.51 0.2 0.2 (20.2) 12.3
Transportation 2,557.64 (0.5) 1.7 10.3 12.2
Real Estate 2,522.94 0.6 0.4 12.4 8.2
Insurance 4,239.24 0.7 (2.4) 7.1 11.8
Telecoms 961.19 0.7 1.8 (35.3) 21.0
Consumer 6,473.15 0.9 0.9 (6.3) 13.8
Al Rayan Islamic Index 4,077.12 0.5 0.2 (0.6) 12.0
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Fisheries Saudi Arabia 18.40 9.9 3,313.3 (33.3)
Saudi Res. & Marketing Saudi Arabia 26.52 4.5 2,830.3 59.6
Al Meera Con. Goods Qatar 231.90 4.5 8.7 16.0
Saudi Arabian Mining Saudi Arabia 32.88 4.4 8,952.2 7.5
Qatar Gen. Ins. & Rein. Qatar 54.90 3.6 6.0 7.0
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Mobile Telecom. Kuwait 1.02 (3.8) 9.1 (27.1)
Ajman Bank Dubai 1.83 (3.7) 69.0 (31.4)
Tabuk Cement Co. Saudi Arabia 17.27 (3.0) 191.5 (30.4)
Drake & Scull Int. Dubai 0.42 (2.6) 12,418.2 (53.3)
Dana Gas Abu Dhabi 0.40 (2.4) 5,939.6 (20.0)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200
Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Group 31.50 (4.3) 1.6 (38.0)
Dlala Brokerage & Inv. Holding 19.25 (3.8) 1.7 (55.0)
Islamic Holding Group 97.00 (2.7) 0.7 (22.1)
Doha Insurance Co. 22.98 (1.8) 3.8 (20.8)
Gulf International Services 57.20 (1.4) 166.1 (41.1)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Gas Transport Co. 24.89 (0.4) 27,860.0 7.7
QNB Group 171.80 (0.1) 26,527.1 (19.3)
Commercial Bank 50.10 1.2 22,955.3 (26.9)
Masraf Al Rayan 39.50 (0.5) 14,992.0 (10.6)
Doha Bank 46.00 (1.3) 11,965.9 (19.3)
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* 10,827.66 0.2 (0.0) (6.7) (11.9) 49.31 156,162.2 11.2 1.6 4.7
Dubai 3,180.77 (0.3) (2.6) (9.2) (15.7) 69.57 86,126.2 12.5 1.1 7.8
Abu Dhabi 4,196.85 (0.0) (0.1) (2.9) (7.3) 48.69 116,351.3 10.9 1.2 5.8
Saudi Arabia 6,953.47 0.5 (1.8) (2.4) (16.6) 1,142.56 424,656.4 15.7 1.7 3.7
Kuwait 5,698.10 (0.0) (1.2) (1.3) (12.8) 34.84 88,599.5 14.4 1.0 4.5
Oman 5,797.69 (0.3) (0.9) (2.2) (8.6) 5.81 23,519.0 10.4 1.2 4.5
Bahrain 1,217.83 (0.2) (1.3) (2.6) (14.6) 1.47 19,092.9 7.9 0.8 5.6
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)
10,740
10,760
10,780
10,800
10,820
10,840
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 gained 0.2% to close at 10,827.7. The Consumer Goods &
Services and Insurance indices led the gains. The index rose on the back of
buying support from Qatari and GCC shareholders despite selling pressure
from non-Qatari shareholders.
 Al Meera Consumer Goods Co. and Qatar General Insurance & Reinsurance
Co. were the top gainers, rising 4.5% and 3.6%, respectively. Among the top
losers, Al Khaleej Takaful Group fell 4.3%, while Dlala Brokerage &
Investment Holding Co. was down 3.8%.
 Volume of shares traded on Wednesday fell by 75.6% to 4.2mn from
17.1mn on Tuesday. Further, as compared to the 30-day moving average of
7.7mn, volume for the day was 45.7% lower. Qatar Gas Transport Co. and
Commercial Bank were the most active stocks, contributing 26.9% and
11.0% 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
Bahrain Kuwait
Insurance Co.
(BKIC)
A.M. Best Bahrain FSR/ICR A-/a- A-/a- – 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)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
11/18 US Mortgage Bankers Association MBA Mortgage Applications November 13 6.20% – -1.30%
11/18 US Census Bureau Housing Starts October 1,060k 1,160k 1,191k
11/18 US Census Bureau Housing Starts MoM October -11.00% -3.80% 6.70%
11/18 US Census Bureau Building Permits October 1,150k 1,147k 1,105k
11/18 US Census Bureau Building Permits MoM October 4.10% 3.80% -4.80%
11/18 EU Eurostat Construction Output MoM September -0.40% – 0.50%
11/18 EU Eurostat Construction Output YoY September 1.80% – -1.40%
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 59.34% 42.32% 30,553,500.71
GCC 10.60% 10.49% 203,505.60
Non-Qatari 30.06% 47.19% (30,757,006.31)

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News
Qatar
 IBQ sets IPTs for five-year dollar bond – International Bank of
Qatar (IBQ) has opened books for a debut US dollar-denominated
bond issue, which it expects to price as early as Wednesday. Initial
price thoughts (IPTs) for the five-year bond have been set in the
area of 200 basis points over mid-swaps. The Regulation S Senior
offer would come under the A2/A+ rated IBQ’s $2bn euro
medium-term note (EMTN) program. Citigroup, QNB Capital and
Standard Chartered Bank are acting as joint lead managers for the
transaction. (Reuters)
 ORDS, Huawei extend strategic cooperation agreement – Ooredoo
(ORDS) has announced a five-year extension of their strategic
cooperation agreement with Huawei, which will see the two
companies deepen their partnership to support ORDS’ market
leadership across its footprint. According to the agreement,
Huawei will provide a variety of solutions and professional
services to benefit all Ooredoo Group’s operating companies,
including advanced 2G, 3G, LTE, LTE-A, Antenna, Microwave,
Virtualized Core and IP Multimedia Subsystem mobile broadband
technologies. This agreement will enable the two organizations to
collaborate in deploying best-in-class data, voice, multi-media, and
other advanced services to help solidify ORDS’ market leadership
in the Middle East, North Africa and Southeast Asia. Meanwhile,
ORDS has announced that it will expand its portfolio of cyber
security services, in response to requests from companies
participating in the second Information Security Conference for
the financial sector in Qatar. ORDS had recently introduced
features such as Managed SOC (Security Operations Centre),
Managed Firewall offering 24x7 monitoring & management of
security devices, and SIEM (Security Information and Event
Management), for monitoring customers’ assets and event
correlation. (Peninsula Qatar)
 AXA Gulf expands presence in Qatar – International insurer AXA
Gulf has opened two new AXA Shops at the Pearl and Barwa City in
Doha to meet rising customer demand. AXA Qatar Country
Manager Salim Mansour said Qatar is a priority market for AXA
and it is committed to introduce customized insurance solutions
that address the diverse risk requirements of customers across
various segments. AXA Gulf, in another indication of its
commitment to growth and investment in Qatar, revealed that the
two new AXA Shops will be opened to the public before 2015-end.
These shops will be strategically situated in community settings to
meet the growing customer needs. (Ameinfo.com)
 Emir issues law regulating tenders and auctions – Qatar News
Agency (QNA) has reported that HH the Emir Sheikh Tamim bin
Hamad al-Thani has issued Law No. 24 of 2015 on the issuance of
the law regulating tenders and auctions. The law will come into
effect six months after being published in the official gazette. The
legislation has 43 articles and will apply to all government
ministries, agencies, authorities and institutions except Qatar
Investment Authority, Qatar Petroleum, the police & defense
forces and institutions where contracts could be of confidential
nature. The law can be applied to entities that are fully or partially
funded by the government. By-laws to help implement this law are
to be issued by the Minister of Finance. The law authorizes the
prime minister to set up one or more tenders and auctions
committee, each with a minimum of five and a maximum of seven
members, including Chairman and his Deputy. Meanwhile the Emir
has issued two decrees – Decree No 50 of 2015 approving
accession to the International Convention on Load Lines of 1966
and Decree No 51 of 2015 approving accession to the International
Regulations for Preventing Collisions at Sea of 1972. Furthermore,
the Emir has approved the Cabinet’s decisions No 36, 37, 38, 39
and 40 of 2015 on expropriating some real estate for public good.
(Gulf-Times.com, Peninsula Qatar)
 ConocoPhillips affirms long-term partnership with Qatari
companies – ConocoPhillips, President Gary Sykes said that the
company has announced its commitment to continue its long-term
partnership in Qatar for the growth and development of the
country’s energy sector. ConocoPhillips is the world’s largest
independent energy exploration and production (E&P) company.
(Peninsula Qatar)
 Christine Lagarde lauds Qatar’s investments in education –
International Monetary Fund (IMF) Managing Director Christine
Lagarde has lauded Qatar’s diversification efforts, with special
reference to the country’s strategic investments in the field of
education and culture. Lagarde, while addressing students at the
Georgetown University in Qatar (GU-Q), said from both a personal
perspective, the IMF point of view, as well as of those who try to
support development, the IMF believes the best investments
Qataris can make is by investing in education. She further added
that Qatar and their leaders are doing a lot toward contributing to
the country’s education and culture. (Peninsula Qatar)
International
 US housing starts hit seven-month low; setback seen as temporary –
US housing starts in October fell to a seven-month low, weighed
down by a steep decline in the construction of multifamily homes,
but a surge in building permits suggested the housing market
remained on solid ground. While the drop in groundbreaking
activity reported by the Commerce Department implied a
moderation in residential investment early in 4Q2015, it did little
to change the view that the Federal Reserve would hike interest
rates in December 2015. The Commerce Department said
groundbreaking dropped 11% to a seasonally adjusted annual
pace of 1.06mn units in October, the lowest level since March.
October marked the seventh straight month that starts remained
above 1mn units, the longest stretch since 2007. Building permits
increased 4.1% to a 1.15mn-unit rate. Meanwhile, the US Federal
Reserve will conduct three longer-dated reverse repurchase
agreement operations in December. The US central bank said these
latest "term" reverse repos are part of its ongoing review as to
how these will be used to achieve its interest rate objectives when
it decides to tighten policy. The Fed said it planned to offer $300bn
in term reverse repos that mature in early January in addition to
its overnight reverse repos. The first of the December term reverse
repos will take place on December 18, 2015, followed by one on
December 23 and another on December 30. (Reuters)
 NYDFS: Barclays to pay $150mn more to New York regulator in
forex probe – The New York Department of Financial Services
(NYDFS) said Barclays Plc will pay an additional $150mn to New
York State's financial regulator to resolve allegations that it rigged
foreign exchange trading by putting the bank's interests ahead of
those of its clients. The British bank is also removing a head of
global electronic trading for foreign exchange-related misconduct.
The penalty will be reflected in Barclays' 4Q2015 results. It
followed another NYDFS penalty against Barclays in May, bringing
the total penalties by the regulator against the bank for forex-
related conduct to $635mn. Barclays, in some instances, used a
feature called “Last Look” on its forex trading platform to
automatically reject client orders that would be unprofitable for
Barclays because of price swings in milliseconds-long hold periods
the bank imposed after trades were placed. However, Barclays did
not disclose to clients that the trades were being rejected, but
instead cited technical issues or gave vague responses. (Reuters)
 Japan exports fall, could weigh on recovery from recession – Japan's
exports in October fell for the first time in more than a year,

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stoking worries the world's third-largest economy may struggle to
recover from a recession as weak overseas demand dims the trade
outlook. The Ministry of Finance data showed that exports fell
2.1% YoY in October, matching economists' median estimate.
Exports rose 0.6% MoM marking the first increase in four months.
It was the first annual decline since August 2014 when a decline in
US-bound exports hurt overall shipments. The soft figures follow
just days after 3Q2015 data showed Japan slipped into its fourth
recession in five years, casting doubts about the effectiveness of
Prime Minister Shinzo Abe's reflationary policies known as
"Abenomics". The run of weak data add to doubts the Bank of
Japan will be able to accelerate inflation to its ambitious 2% target
in the latter half of next fiscal year to March 2017. Nonetheless, the
central bank is widely expected to keep monetary policy steady at
its rate review. (Reuters)
 China October home prices rise for first time in 14 months, outlook
cloudy – Home prices in China rose for first time in over a year in
October on an annual basis, signaling a housing market
stabilization that could help re-energize the listless economy. A
swift rebound in property prices, however, is unlikely due to high
inventories in all but the biggest cities, forcing developers to slow
the pace of or even stop expansion to protect their cash flows.
According to Reuters calculation from National Statistics Bureau
(NBS) data, average new home prices rose 0.1% YoY in October,
reversing September's 0.9% drop, marking the first YoY gains
since August 2014. Meanwhile, Chinese President Xi Jinping said
that Beijing will "substantially cut" restrictions on market access
for foreign investment, as the country works to reinvigorate its
slowing economy. His remarks, made at a meeting of the Asia
Pacific Economic Cooperation (APEC) in Manila, come as China
faces criticism from foreign firms over obstacles to market access
and what critics see as Beijing's unwillingness to sufficiently
protect multinationals' intellectual property. Xi added that the
fundamentals of China's economy remain positive, the economy is
proving resilient to the pains of deepening reforms and there is
ample room to fend off downward pressure. He added that the
world economy was beset with uncertainties with growth
continuing to fall short of expectations. (Reuters)
 Russia ready to ease some Ukraine debt terms – Russia signaled
that it was ready to make some concessions in its new offer on
restructuring Ukraine's debt, but reiterated it would never agree
to have it treated in the same way as debt belonging to private
creditors. Finance Minister Anton Siluanov said Russia had
discussed the proposal, which envisages Ukraine repaying the
$3bn in Eurobonds held by Moscow in $1bn tranches over the next
three years, with the International Monetary Fund's key
shareholders. President Vladimir Putin, who unexpectedly
announced the proposal on the sidelines of a Group of 20 (G20)
summit in Turkey, said the terms Russia was offering Ukraine
were better than what the IMF had been suggesting. Siluanov said
the ministry was ready to meet its Ukrainian partners to discuss
the offer, provided it was supported by the IMF, its shareholders
and Ukraine by December 8, 2015. (Reuters)
Regional
 JODI: Saudi Arabian crude exports rose in Sept – According to data
published by the Joint Organizations Data Initiative (JODI), Saudi
Arabia had raised its oil exports in September 2015 by 113,000
barrels per day (bpd) to 7.111mn bpd from 6.998mn bpd in
August 2015. The Kingdom pumped out 10.226mn bpd in
September, slightly lower than 10.265mn bpd in August but it still
maintained high output in line with its strategy of defending
market share. Domestic refineries processed 2.501mn bpd of
crude, higher than the August level of 2.214mn bpd. Exports of
refined oil products in September dropped to 1.190mn bpd from
1.347mn bpd in August. Monthly export figures are provided by
Riyadh and other members of OPEC to JODI, which publishes them
on its website. (Reuters)
 ICAEW: GCC countries with dollar peg to face challenges when Fed
hikes rate – According to a recent report released by the Institute
of Chartered Accountants in England and Wales (ICAEW), Qatar
and other countries in the Middle East that maintain a currency
peg to the dollar may be impacted when the US Federal Reserve
raises interest rates. The ICAEW in its report ‘economic insight’
jointly produced with Cebr, said Qatar and six other Middle
Eastern countries (Bahrain, Oman, Saudi Arabia, the UAE, Jordan
and Lebanon) maintain a currency peg to the dollar. Kuwait’s
currency is pegged to a basket that includes the dollar. As such,
when the Fed raises interest rates, most likely by early 2016, an
impact on countries across the Middle East can be expected.
However, due to the unique nature of the region, these countries,
which are dubbed ‘GCC+5’ will not be impacted by a US rate rise in
the same way as is expected in many of the world’s emerging
markets such as Brazil and Indonesia. (Gulf-Times.com)
 ANB Insurance gets SAMA final approval for its insurance product –
MetLife AIG ANB Cooperative Insurance Company (ANB
Insurance) has obtained the Saudi Arabian Monetary Agency’s
(SAMA) final approval to use group credit life product. (Tadawul)
 Ma’aden subsidiary receives commitments from lenders to replace
existing debt – Maaden Phosphate Company (MPC), a subsidiary of
Saudi Arabian Mining Company (Ma’aden), has received
commitment letters from local and international lenders to
provide new financing facilities for a loan amount up to SR11.5bn.
The new debt will replace the existing debt and is on more
favorable terms reflecting MPC’s status as a successful operating
company. (Tadawul)
 SEPCO signs gas booster deal for Saudi Aramco – According to
sources, China’s Shandong Electric Power Construction
Corporation (SEPCO) has signed a contract to build a gas
compressor station as part of the expansion of Saudi Arabia’s main
gas pipeline. Overseen by Saudi Arabian Oil Company (Saudi
Aramco), the project, known as Master Gas System 2 (MGS 2), will
raise the system’s capacity to 12.5bn cubic feet of gas per day (cfd)
by 2018 from 8.4bn cfd currently. Saudi Aramco is pressing ahead
with gas-related projects to meet rising domestic demand and
conserve oil for export and refining. (Gulfbase.com)
 KSA plans to set up state-owned mortgage company – According to
sources, Saudi Arabia is working with the Boston Consulting Group
to help start a state-owned mortgage firm similar to the US’ Fannie
Mae and Freddie Mac as it seeks to develop a secondary market for
home loans. The Kingdom’s sovereign wealth fund, Public
Investment Fund will provide most of the institution’s capital of
around SR10bn. (Bloomberg)
 CBUAE foreign assets rise 3.9% YoY in October – Central Bank of
the UAE’s (CBUAE) foreign assets rose 3.9% YoY to reach
AED285.5bn in October 2015. Deposits increased from
AED125.9bn in October 2014 to AED154.0bn in October 2015. On
the other hand, foreign securities declined from AED141.8bn in
October 2014 to AED127.3bn in October 2015. (Reuters)
 Mashreqbank expects retail profit to grow over 20% in 2016 –
Mashreqbank PSC expects its retail-banking profit to climb by over
20% in 2016 even as concerns increase about the rising number of
small company owners fleeing the country, leaving unpaid debt.
Mashreqbank Retail Banking head Farhad Irani said the bank’s
retail assets, accounting for around a third of its earnings, will
expand at a “mid-teen” clip in 2016, helped by its wealth,
insurance and small and medium enterprise businesses. He said
gains in Islamic banking and consumer operations in Qatar and
Egypt will further bolster expansion. The bancassurance and

5. Page 5 of 6
wealth management divisions should benefit as the UAE builds its
position as a regional business and tourist hub. (Bloomberg)
 Al Najah Education acquires majority stake in Sabari Indian School –
Al Najah Education has acquired a majority equity stake in Dubai-
based Sabari Indian School (SIS). The latest move has taken the
firm’s total investments in the Middle East, North Africa and
Southeast Asia (MENASEA) region to AED300mn. Al Najah
Education is the second private equity unit of Al Masah Capital, a
Dubai-based alternative asset management firm. With a capacity of
900 students, SIS is the third school in Al Najah’s portfolio and the
first school offering Indian curriculum. The firm has a strategy to
acquire and build assets in the education sector spanning the
MENASEA region. (GulfBase.com)
 ICD chief: Dubai property slump helps competitive position –
Investment Corporation of Dubai (ICD) CEO Mohammed Al
Shaibani has said that falling property prices in Dubai would help
keep the emirate’s competitive position as a business hub for the
Middle East & Africa region. He said the outlook for real estate
prices is more positive over the long-term as the emirate prepares
to host the World Expo in 2020 and develops a new business
cluster around the Al-Maktoum International airport. The ICD
chief added Dubai’s government is seeking more investment from
the financial sector in its infrastructure projects. Shaibani said low
oil prices would not alter Dubai’s spending or investment plans,
and predicted that ground-breaking on the airport revamp would
start by 2017-end. (Bloomberg, Reuters)
 AXA Green Crescent gets capital increase approval – AXA Green
Crescent Insurance Company has received the Securities and
Commodities Authority’s (SCA) approval to increase its capital
through converting bonds into newly issued shares. Following
SCA’s approval, the company will issue 40.46mn new shares at
AED1 per share to AXA Mediterranean Holding and 59.54mn new
shares will be issued at AED1 per share to Kanoo Group. After the
issuance of these new shares, AXA Mediterranean and Kanoo
Group will hold 20.2% and 29.8% stake, respectively, in the
company. Meanwhile, the company has changed its name to AXA
Green Crescent Insurance Company from Green Crescent
Insurance Company subsequent to receiving approval by the SCA.
(ADX)
 Etisalat Group completes necessary requirements for name change
– Emirates Telecommunications Group Company (Etisalat Group)
has completed the necessary requirements to change the name
and legal form of Emirates Telecommunications Corporation
(Etisalat) to a public joint stock company, registered in the public
stock companies register with the Securities and Commodities
Authority (SCA), according to companies law no. 2 for year 2015.
Accordingly, the company will be known as Emirates
Telecommunications Group Company PJSC. (ADX)
 Abu Dhabi Ports witnesses 36% volume increase in first 10 months
– Abu Dhabi Ports – developer, operator and manager of ports and
industrial zones – has witnessed a significant surge in cargo
volumes during the 10 months of 2015. Container volumes at the
Khalifa Port Container Terminal, which is operated by Abu Dhabi
Terminals, increased to 1,204,993 TEUs (twenty foot equivalent
units/containers) during January-October 2015, reflecting an
increase of around 36.0% YoY. Abu Dhabi Ports CEO Captain
Mohamed Juma Al Shamisi said that the company’s growth is set to
continue throughout in 2015. (Ameinfo.com)
 NBK issues KD125mn bonds to boost capital – National Bank of
Kuwait (NBK) has raised KD125mn through an issue of capital-
boosting bonds. The lender issued the bonds in equal proportion
between fixed and floating rate tranches. The 10-year, non-call five
subordinated bonds with a fixed rate will pay 275 basis points
(bps) over the local benchmark rate for the first five years, after
which the rate will be reset to the prevalent local benchmark rate
at that time. The floating rate bonds will pay 250 bps over the
same benchmark, capped at 1% above the interest paid on the
fixed-rate bonds. NBK Capital and KAMCO Investment Company
acted as the joint lead managers for the transaction. The Basel III-
compliant bonds will enhance the bank’s Tier 2 or supplementary
capital. (Reuters)
 Agility plans $1bn fundraising to support expansion – Agility CEO
Tarek Sultan has said that the transport logistics company plans to
raise around $1bn to fund future growth across its businesses. He
said the company is focusing on diversifying its business across
emerging markets as low oil prices risk delaying some projects in
the Middle East. Sultan said Agility’s bulk fuel storage, distribution
and supply chain business require financing to meet plans to
expand its shipping capacity for transporting refined products &
gas. (Reuters)
 Mumtalakat, Synergies Castings to build aluminum plant in Bahrain
– Bahrain Mumtalakat Holding Company (Mumtalakat) and
Synergies Castings will build a $150mn downstream aluminum
facility in Bahrain. The aluminum casting and specialty alloy wheel
manufacturing plant will take around 18 months to build, and is
expected to open by late-2017. The facility will have an annual
production capacity of around 25,000 metric tons, equivalent to
around 2mn wheel alloys. Synergies Castings will hold a 51% stake
in the joint venture, while the remaining 49% will be held by
Mumtalakat. Mumtalakat will help to secure loans from Bahraini
banks to finance its construction. Mumtalakat CEO Mahmood Al
Kooheji said the amount of cash to be raised from banks would be
determined later but both partners had pledged enough money to
complete the plant without it. Mumtalakat is the sovereign wealth
fund of Bahrain, while Synergies Castings is an India-based
manufacturer of alloy wheels and other precision aluminum
castings. (Reuters)
 Bahrain ministry vows to boost transportation sector – Bahraini
Transportation & Telecommunications Minister Kamal Ahmed has
stressed that his ministry is committed to improve the
transportation and telecommunications infrastructures and
overall services in order to deliver projects that meet the nation’s
future needs. He stressed the importance of enhancing and
capitalizing upon bilateral business relationships and seeking
opportunities to develop the land, sea and air transportation
industries in the kingdom in line with international standards.
(Gulfbase.com)
 Bahrain mulls cutting fuel, power subsidies – Bahrain is planning to
cut subsidies on fuel and electricity as its economy gets hit due to
low oil prices, which have plunged by over 50% since 2014.
Bahraini Minister of Industry & Commerce Zayed R. Al Zayani said
the kingdom wants to improve revenue through services extended
by the government and could impose some charges. He said
Bahrain is discussing the possibility of imposing Value Added Tax
(VAT) at the GCC level. (Gulfbase.com)

6. Contacts
Saugata Sarkar Sahbi Kasraoui Shahan Keushgerian
Head of Research Manager – HNWI Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (#Market closed on November 18, 2015) Source: Bloomberg (*$ adjusted returns)
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
0.5%
0.2%
(0.0%)
(0.2%)
(0.3%)
(0.0%)
(0.3%)(0.5%)
0.3%
1.1%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,070.70 0.0 (1.2) (9.6) MSCI World Index 1,691.55 0.9 2.3 (1.1)
Silver/Ounce 14.18 (0.1) (0.6) (9.7) DJ Industrial 17,737.16 1.4 2.9 (0.5)
Crude Oil (Brent)/Barrel (FM Future) 44.14 1.3 1.2 (23.0) S&P 500 2,083.58 1.6 3.0 1.2
Crude Oil (WTI)/Barrel (FM Future) 40.75 0.2 0.0 (23.5) NASDAQ 100 5,075.20 1.8 3.0 7.2
Natural Gas (Henry Hub)/MMBtu 2.10 2.4 4.4 (29.9) STOXX 600 379.33 (0.2) 1.8 (2.6)
LPG Propane (Arab Gulf)/Ton 41.13 1.2 0.9 (16.1) DAX 10,959.95 (0.2) 1.5 (2.2)
LPG Butane (Arab Gulf)/Ton# 59.75 0.0 (0.4) (4.8) FTSE 100 6,278.97 0.1 2.7 (6.6)
Euro 1.07 0.2 (1.0) (11.9) CAC 40 4,906.72 (0.7) 1.2 1.0
Yen 123.64 0.2 0.8 3.2 Nikkei 19,649.18 0.0 (0.2) 8.9
GBP 1.52 0.2 0.0 (2.2) MSCI EM 822.84 (0.2) 0.2 (14.0)
CHF 0.98 (0.5) (1.3) (2.5) SHANGHAI SE Composite 3,568.47 (1.1) (0.5) 7.3
AUD# 0.71 0.0 (0.2) (13.0) HANG SENG 22,188.26 (0.3) (0.9) (6.0)
USD Index 99.65 0.0 0.7 10.4 BSE SENSEX 25,482.52 (1.7) (0.6) (11.4)
RUB 64.76 (0.6) (3.0) 6.6 Bovespa 47,435.58 0.9 3.1 (33.7)
BRL 0.27 1.1 2.1 (29.6) RTS 876.56 1.6 7.6 10.9
129.0
107.6
104.8