The QSE Index rose 0.1% to close at 10,214.2

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.1% to close at 10,214.2. Gains were led by the Real Estate and
Banks & Financial Services indices, gaining 1.9% and 1.6%, respectively. Top gainers
were Qatar Cinema & Film Distribution Company and Ezdan Holding Group, rising
5.4% and 4.0%, respectively. Among the top losers, Qatar Fuel Company fell 5.6%,
while Dlala Brokerage & Investment Holding Company was down 3.0%.
GCC Commentary
Saudi Arabia: The TASI Index rose marginally to close at 7,662.2. Gains were led by
the Food & Staples Retailing and Real Estate Mgmt & Dev't indices, rising 1.1% and
1.0%, respectively. Al Gassim Investment Holding Co. rose 6.6%, while Al-Jouf
Agricultural Development Co. was up 4.4%.
Dubai: The DFM General Index gained 0.1% to close at 2,778.8. The Services index
rose 1.8%, while the Bank index gained 0.3%. AL SALAM Sudan rose 5.8%, while
Aan Digital Services Holding Co. was up 1.9%.
Abu Dhabi: The ADX General Index rose 0.7% to close at 5,055.5. The
Telecommunication index gained 1.4%, while the Investment & Financial Services
index rose 1.0%. Abu Dhabi Aviation Co. gained 6.5%, while Emirates Insurance Co.
was up 6.2%.
Kuwait: Market was closed on November 15, 2018.
Oman: The MSM 30 Index fell 0.2% to close at 4,450.6. Losses were led by the
Industrial and Financial indices, falling 0.5% and 0.2%, respectively. Dhofar
Insurance fell 8.9%, while Oman and Emirates Inv. Holding was down 7.3%.
Bahrain: The BHB Index fell 0.1% to close at 1,309.2. The Investment index
declined 0.3%, while the Services index fell 0.1%. Nass Corporation declined 5.0%,
while GFH Financial Group was down 1.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distribution 19.08 5.4 0.6 (23.7)
Ezdan Holding Group 11.30 4.0 188.3 (6.5)
QNB Group 195.97 2.9 171.8 55.5
Ooredoo 71.90 2.0 44.1 (20.8)
Qatari Investors Group 28.74 1.2 11.2 (21.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Fuel Company 164.02 (5.6) 1,045.4 60.7
Doha Bank 19.90 (1.5) 1,014.0 (30.2)
Barwa Real Estate Company 39.51 (0.7) 833.9 23.5
Mazaya Qatar Real Estate Dev. 7.50 (1.2) 634.6 (16.7)
Masraf Al Rayan 38.39 1.0 260.2 1.7
Market Indicators 15 Nov 18 14 Nov 18 %Chg.
Value Traded (QR mn) 348.7 269.6 29.4
Exch. Market Cap. (QR mn) 576,629.4 571,998.1 0.8
Volume (mn) 5.7 8.4 (32.0)
Number of Transactions 4,298 5,491 (21.7)
Companies Traded 41 43 (4.7)
Market Breadth 16:23 10:30 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,996.26 0.1 (1.5) 25.9 15.1
All Share Index 3,030.98 0.7 (0.9) 23.6 15.3
Banks 3,782.73 1.6 0.4 41.0 14.2
Industrials 3,271.59 (0.6) (2.3) 24.9 15.5
Transportation 2,094.31 0.3 (0.8) 18.5 12.2
Real Estate 1,998.83 1.9 (0.0) 4.4 18.0
Insurance 3,036.77 (0.1) (0.8) (12.7) 18.1
Telecoms 961.32 1.2 (2.2) (12.5) 39.0
Consumer 6,690.02 (3.5) (7.4) 34.8 13.7
Al Rayan Islamic Index 3,859.66 (0.4) (1.8) 12.8 15.1
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
QNB Group Qatar 195.97 2.9 171.8 55.5
Saudi Arabian Mining Co. Saudi Arabia 47.50 2.7 1,120.6 (8.5)
Advanced Petrochem. Co. Saudi Arabia 49.15 2.3 167.5 7.1
Abu Dhabi Com. Bank Abu Dhabi 8.19 2.1 804.4 20.4
Yanbu National Petro. Co. Saudi Arabia 65.80 2.0 429.8 11.8
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Arabian Fertilizer Saudi Arabia 76.50 (4.3) 693.9 17.5
Raysut Cement Oman 0.41 (2.9) 40.0 (47.7)
Saudi Cement Co. Saudi Arabia 46.80 (1.5) 192.1 (1.3)
Saudi Industrial Inv. Saudi Arabia 24.74 (1.4) 678.5 29.1
Dubai Investments Dubai 1.50 (1.3) 4,432.5 (37.8)
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 Fuel Company 164.02 (5.6) 1,045.4 60.7
Dlala Brokerage & Inv. Holding 9.88 (3.0) 9.4 (32.8)
Qatar General Ins. & Reins. Co. 46.20 (2.6) 5.6 (5.7)
Qatar Islamic Insurance Company 53.50 (2.3) 1.3 (2.7)
Al Khaleej Takaful Insurance Co. 8.25 (1.8) 1.2 (37.7)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Fuel Company 164.02 (5.6) 168,135.0 60.7
QNB Group 195.97 2.9 33,343.9 55.5
Barwa Real Estate Company 39.51 (0.7) 33,308.3 23.5
Industries Qatar 134.50 (1.0) 26,342.6 38.7
Doha Bank 19.90 (1.5) 20,228.4 (30.2)
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* 10,214.19 0.1 (1.5) (0.8) 19.8 467.90 158,400.1 15.1 1.5 4.3
Dubai 2,778.76 0.1 (1.7) (0.2) (17.5) 25.04 99,702.2 9.4 1.0 6.3
Abu Dhabi 5,055.46 0.7 0.5 3.1 14.9 76.70 137,534.1 13.7 1.5 4.8
Saudi Arabia 7,662.17 0.0 (1.0) (3.1) 6.0 784.59 484,280.9 16.5 1.7 3.6
Kuwait#
4,747.20 (0.4) (0.0) 1.1 (1.7) 52.84 32,426.0 16.0 0.9 4.4
Oman 4,450.56 (0.2) (0.9) 0.6 (12.7) 2.06 19,285.6 10.5 0.8 5.8
Bahrain 1,309.16 (0.1) (0.3) (0.4) (1.7) 1.32 20,252.9 8.9 0.8 6.3
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any;
#
Data as of November 13, 2018)
10,100
10,150
10,200
10,250
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 rose 0.1% to close at 10,214.2. The Real Estate and Banks
& Financial Services indices led the gains. The index rose on the back of
buying support from Qatari and non-Qatari shareholders despite selling
pressure from GCC shareholders.
 Qatar Cinema & Film Distribution Company and Ezdan Holding Group
were the top gainers, rising 5.4% and 4.0%, respectively. Among the top
losers, Qatar Fuel Company fell 5.6%, while Dlala Brokerage &
Investment Holding Company was down 3.0%.
 Volume of shares traded on Thursday fell by 32.0% to 5.7mn from 8.4mn
on Wednesday. However, as compared to the 30-day moving average of
5.5mn, volume for the day was 2.8% higher. Qatar Fuel Company and
Doha Bank were the most active stocks, contributing 18.3% and 17.8%
to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Global Economic Data
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2018
% Change
YoY
Operating Profit
(mn) 3Q2018
% Change
YoY
Net Profit
(mn) 3Q2018
% Change
YoY
Baazeem Trading Co. Saudi Arabia SR 65.9 -0.6% 5.3 10.4% 3.7 -7.3%
United Paper Industries*#
Bahrain BHD 3,508.3 11.9% – – -54.0 N/A
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for 2Q2018-19,
#
Values in ‘000)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
11/15 US Department of Labor Initial Jobless Claims 10-November 216k 213k 214k
11/15 US Department of Labor Continuing Claims 3-November 1,676k 1,625k 1,630k
11/16 US Federal Reserve Industrial Production MoM October 0.1% 0.2% 0.2%
11/15 EU Eurostat Trade Balance SA September 13.4bn 16.3bn 16.8bn
11/16 EU Eurostat CPI Core YoY October 1.1% 1.1% 1.1%
11/16 EU Eurostat CPI YoY October 2.2% 2.2% 2.2%
11/16 EU Eurostat CPI MoM October 0.2% 0.2% 0.5%
11/15 India Directorate General of Commerce Imports YoY October 17.6% – 10.5%
11/15 India Directorate General of Commerce Exports YoY October 17.9% – -2.2%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Executive regulation on PRP to be issued within months – The
decisions and executive regulations for the implementation of
the Permanent Residency Permit (PRP) Law have been
prepared and currently under study and expected to be issued
within a few months. According to the law on permanent
residency, the Law No. 10 of 2018, issued by Amir HH Sheikh
Tamim bin Hamad Al Thani in September this year, the
expatriates in Qatar are able to obtain permanent residency
permit of Qatar under certain rules and conditions. (Peninsula
Qatar)
 Qatar, Ukraine bilateral trade scaling up, says Al-Kuwari –
Agreements and memorandum of understanding in trade and
investment played a key role in bolstering bilateral trade
between Qatar and Ukraine, which reached QR257.6mn in 2017,
according to HE the Minister of Commerce and Industry, Ali bin
Ahmed Al-Kuwari. He was speaking after co-chairing the two-
day first session of the joint Qatari-Ukrainian Committee for
Economic, Commercial and Technical Cooperation. Al-Kuwari
praised the role that private sector companies from both
countries were playing in terms of supporting Qatar’s economy.
Some 39 companies, jointly owned by Qatari and Ukrainian
citizens are currently operating in Qatar. The minister said he
looked forward to cooperating with his Ukrainian counterparts
to strengthen partnerships on all levels in line with the
aspirations of both countries in a bid contribute to the
development of innovative areas of cooperation. (Gulf-
Times.com)
 CEO: Alternatif Bank to open three more branches in Turkey in
2019 – Turkey’s Alternatif Bank, 100% owned by The
Commercial Bank, will maintain its customer-centric focus,
invest further on IT and open three more branches in Izmir,
Ankara and Istanbul in 2019, according to Alternatif Bank’s
CEO, Kaan Gür. Gür said, “We will continue to provide our
customers in the corporate, commercial and retail banking
segments with high value products, services and solutions. We
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 38.40% 32.87% 19,277,113.75
Qatari Institutions 15.07% 17.90% (9,865,980.65)
Qatari 53.47% 50.77% 9,411,133.10
GCC Individuals 1.48% 0.64% 2,916,760.06
GCC Institutions 0.19% 4.81% (16,139,083.15)
GCC 1.67% 5.45% (13,222,323.09)
Non-Qatari Individuals 10.72% 9.19% 5,335,671.53
Non-Qatari Institutions 34.15% 34.58% (1,524,481.54)
Non-Qatari 44.87% 43.77% 3,811,189.99

3. Page 3 of 6
desire to deepen our relationship with customers and further
penetrate the market.” Currently, Alternatif Bank has a
network of some 50 branches widely distributed across Turkey.
This will go up to 53 by 2019-end with the opening of new
branches in ‘industrial zones’ near Izmir, Ankara and Istanbul.
(Gulf-Times.com)
 Hassad Food, Rwanda sign MoU for cooperation – Hassad Food,
Qatar’s premier investor in the food sector, has signed a
memorandum of understanding (MoU) with the government of
Rwanda, represented by the Rwanda Development Board. The
MoU aims to start cooperation between the two sides, and
explore possible investment opportunities in the agricultural
and food sectors. Hassad Food’s CEO, Al-Sadah said, “We’ve
signed the memorandum of understanding with the Rwandan
side in line with Hassad Food’s new vision and strategy to
become a successful strategic investor in the global food and
agriculture value chains. We are currently working on
identifying suitable business opportunities in several countries,
as well as signing agreements that are in line with Hassad
Food’s new strategy.” (Gulf-Times.com)
International
 Federal Reserve nods to concerns but still sees US rate hikes –
Federal Reserve policymakers signaled further interest rate
increases ahead, even as they raised relatively muted concerns
over a potential global slowdown that has markets betting
heavily that the rate-hike cycle will soon peter out. The
widening chasm between market expectations and the interest-
rate path the Fed laid out just two months ago underscores the
biggest question facing US central bankers: How much weight
to give a growing number of potential red flags, even as robust
US economic growth continues to push down unemployment
and create jobs?. “We are at a point now where we really need
to be especially data dependent,” Richard Clarida, the Fed’s
newly appointed Vice Chair, said in a CNBC interview. “I think
certainly, where the economy is today, and the Fed’s projection
of where it’s going, that being at neutral would make sense,” he
added, defining “neutral” as the policy rate somewhere between
2.5% and 3.5%. Such a range implies anywhere from two to six
more rate hikes, and Clarida declined to say how many he
would prefer. He did say he is optimistic that US productivity is
rising, a view that suggests he would not see faster economic or
wage growth as necessarily feeding into higher inflation or,
necessarily, requiring tighter policy. But he also sounded a mild
warning. (Reuters)
 US retail sales rebound, but consumers spending slowing – US
retail sales rebounded sharply in October as purchases of motor
vehicles and building materials rose, but data for the prior two
months was revised lower and the underlying trend suggested
that consumer spending was probably slowing down. Still, the
report on November 15 from the Commerce Department
showed broad gains in sales ahead of the holiday shopping
season, which bodes well for consumer spending and the
overall economy as the fourth quarter gets under way. Retail
sales increased 0.8% last month. Retail sales in September
slipped 0.1% instead of rising 0.1% and sales in August were
also weaker than previously thought. Economists polled by
Reuters had forecasted retail sales increasing 0.5% in October.
Sales rose 4.6% from a year ago. Excluding automobiles,
gasoline, building materials and food services, retail sales
increased 0.3% last month. These so-called core retail sales
correspond most closely with the consumer spending
component of gross domestic product. Data for September was
revised lower to show core retail sales rising 0.3% instead of
gaining 0.5% as previously reported. Core retail sales fell 0.2%
in August rather than being unchanged. (Reuters)
 US manufacturing production increases; headwinds growing –
US manufacturing output rose for a fifth straight month in
October, shrugging off a sharp drop in motor vehicle production
and suggesting underlying strength in factory activity, despite
growing headwinds that are expected to slow the sector in
2019. The Federal Reserve said manufacturing production rose
0.3% last month. Data for September was revised up to show
output at factories increasing 0.3% instead of advancing 0.2%
as previously reported. Economists polled by Reuters had
forecasted manufacturing output rising 0.2% in October.
Manufacturing, which accounts for more than 12% of the
economy, is expected to slow down next year in part as the
stimulus from the Trump’s administration’s $1.5tn tax cut
package fades. Manufacturing surveys have suggested a
moderation in factory activity amid labor shortages as well as
more expensive raw materials caused by the White House’s
protectionist trade policy. (Reuters)
 UK’s retail sales slow to six-month low, shoppers delay buying
winter clothing – British retail sales growth unexpectedly
slowed to a six-month low last month, as shoppers held off
winter clothing purchases due to mild weather and cut back on
other goods after a heavy-spending summer. Retail sales
volumes in October alone dropped by 0.5% from September, in
contrast to average forecasts in a Reuters poll of economists for
them to rise by 0.2%. Growth slowed to 2.2% YoY from an
upwardly revised 3.3% in September, the slowest since April
and weaker than economists’ forecasts for it to hold at
September’s original 3.0% reading. Looking at the three months
to October as a whole, which smooth out some monthly
volatility, sales growth slowed to 0.4% from 1.2%, also the
weakest growth since the April. Britain’s economy has slowed
since June 2016’s Brexit vote, but enjoyed a solid summer, with
household spending growing by 0.5% in the three months to
September. Less than five months before Britain is due to leave
the European Union, there have been signs this week of some
respite for households, with underlying pay growth picking up
to its fastest since 2008 at 3.2% and inflation holding at an 18-
month low of 2.4%. (Reuters)
 Eurozone’s inflation confirmed at nearly six-year high in
October – Eurozone’s inflation rose in October at its fastest pace
in nearly six years, driven by energy prices, the European Union
statistics agency-Eurostat stated, confirming its earlier
estimate. The core inflation measure which excludes energy
and food was revised down. Eurostat stated that consumer
prices in the 19 countries sharing the Euro rose 2.2% YoY in
October after a 2.1% increase in September and a 2.0% gain in
August. It was the biggest increase since December 2012. The
headline figure supports the European Central Bank’s (ECB)
decision to end its price-boosting bond-buying program at year-
end, as inflation is now overshooting the ECB target of price
growth below, but close to, 2% over the medium term. In less

4. Page 4 of 6
positive news for the ECB, inflation excluding the volatile
components of energy and unprocessed food, the core indicator
that the central bank watches in its policy decisions, was
revised down by Eurostat to 1.2% on the year, from a previous
estimate of 1.3%. However, it was still growing faster than the
1.1% increase posted in September. On the month, headline
inflation went up by 0.2% in October, in line with market
expectations, but slowing from 0.5% in September. (Reuters)
 Germany’s minister looks to tax cuts as economy contracts –
Germany needs a package of tax cuts and other measures to
shore up economic growth in the long term, Economy Minister
Peter Altmaier said in an interview, days after the country
posted its first economic contraction since 2015. Altmaier, a
member of Chancellor Angela Merkel’s governing
conservatives, said he was focused on cutting high German
corporate taxes following tax cuts in the US, Britain and soon
France. He proposed using half of the increase in tax revenues
to fund the tax cuts and said it was imperative to ensure that
contributions for social benefits did not grow beyond 40% of a
person’s gross salary. GDP in Europe’s biggest economy fell
0.2% in the third quarter from the previous three months,
according to data released on November 14 by the Federal
Statistics Office. At the time, Altmaier said the contraction was
not “a catastrophe” and his ministry called the slowdown a
temporary phenomenon that occurred as car companies
struggled to adjust to new pollution standards known as WLTP.
Welt am Sonntag said Altmaier, a close Merkel ally, hoped to
parlay concern over the downturn in the third quarter to gain
support for tax cuts from Finance Minister Olaf Scholz and his
left-leaning Social Democratic party (SPD). (Reuters)
 France and Germany to present Eurozone’s budget plans on
November 19 – France and Germany will lay out plans on
November 19 for a limited Eurozone budget focused for now,
solely on financing investment, French Finance Ministry
sources said. They will steer clear of more controversial plans
for using the proposed budget to help Eurozone countries in
economic downturns as they seek to overcome opposition to
their ideas from other members of the single currency bloc.
Paris and Berlin agreed in June to flesh out plans for a joint
budget by the end of the year as part of broader package on
closer Eurozone integration, proposals that have long been
championed by President Emmanuel Macron. However, the idea
quickly ran into resistance from some other countries, led by
the Netherlands, who are concerned about how much money it
will require and how it will be used. The French and German
finance ministers will present their Eurozone counterparts with
the new proposal at a meeting on November 19 in Brussels,
while also clarifying the legal framework and governance for it.
(Reuters)
 Reuters poll: Japan's exports to rebound in October, core CPI
steady – Japan’s exports likely rebounded in October after falls
led by a series of natural disasters, a Reuters poll found, but
worries over global demand and the US-China trade war linger.
Exports were forecasted to rise 9.0% in October from a year
earlier, the fastest pace of gain since January, the poll of 16
economists showed. In September, they declined a revised
1.3%. Imports likely jumped 14.5% in October from a year
earlier, giving a trade deficit of ¥70bn ($617.5mn). The finance
ministry will publish the trade data on November 19. The poll
also found the nationwide core consumer price index (CPI),
which excludes fresh food prices, but includes fuel costs, rose
1.0% in October from a year earlier, and steady from September.
The government will release the CPI data on November 22.
Japan’s economy shrank more than expected in the third
quarter, hit by natural disasters and a decline in exports, a
worrying sign that trade protectionism is starting to take its toll
on overseas demand. (Reuters)
Regional
 Saudi Arabia plans to spend $400bn on IKTVA program – Saudi
Arabia plans to spend more than $400bn on its ‘In Kingdom
Total Value Add’ (IKTVA) program in the next 10 years which
includes plans to prepare 360,000 trainees for the labor market
by 2030. IKTVA was designed and launched in December 2015
with the aim of leveraging the relationship between Saudi
Aramco and its suppliers to support the company’s goals to
increase local content to 70% by the end of 2021. IKTVA also
seeks to develop a diversified and sustainable ecosystem that is
capable of competing in the energy sector in the Kingdom,
which will provide the labor market with 360,000 graduates
from 30 Saudi Aramco training centers and institutes by 2030.
(GulfBase.com)
 Saudi Aramco taps banks for $5bn petrochemical project
finance – Saudi Aramco has approached banks to finance its
$5bn Amiral petrochemical project that the state-owned oil
producer plans to develop with France’s Total, sources said.
Saudi Aramco, the world’s largest crude producer, plans to
boost investment in refining and petrochemicals in a bid to cut
reliance on crude as demand for oil slows. It will be located next
to the Satorp refinery, which is also jointly owned and operated
by Saudi Aramco and Total. Saudi Aramco has asked banks to
pitch for a financial advisory role and to provide indicative
commitments for the financing, sources added. (Reuters)
 Saudi Arabia says Libya agrees to join decision on oil cuts –
Saudi Arabian and Libyan energy officials “affirmed the
importance of Libya’s participation in the decisions to rebalance
the market through reducing production” when OPEC meets
next month, the state Saudi Press Agency (SPA) reported.
(Bloomberg)
 ACWA Power gets to financial close on 300MW Saudi Arabian
solar project – ACWA Power led a consortium to achieve
financial close on the first utility-scale solar project in Saudi
Arabia under its National Renewable Energy Program. The
Sakaka plant will cover six square kilometers in the Al Jouf area
of the Kingdom and will begin operating commercially by the
end of 2019, ACWA stated. The 300-megawatt installation has
a 25-year purchase power agreement with the Saudi Power
Procurement Co. It will be run by newly founded Sakaka Solar
Energy Co., with ACWA Power being the majority stakeholder.
The plant is expected to cost $302mn and will supply electricity
to more than 75,000 homes. (Bloomberg)
 NMC Health seeks to extend $100mn financing – NMC Health
has requested for extension of a $100mn portion of $250mn 1
year term loan signed in June 2018. The margin is at L+215,
from existing L+200. The amendment fee is 25bps; around 15
banks were in the deal including arranger Societe Generale,
according to sources. (Bloomberg)

5. Page 5 of 6
 Emirates NBD postpones bond issue due to market conditions –
Emirates NBD (ENBD) has postponed a planned issue of US
Dollar denominated bonds due to challenging market
conditions, sources said. The bank announced earlier last week
that it intended to issue a Regulation S senior unsecured
benchmark bond with a five-year maturity. Benchmark bonds
generally total more than $500mn. The deal has been postponed
due to a risk-off tone across emerging markets, the sources
added. (Reuters)
 VP enacts changes to DIFC’s legal framework – HH Sheikh
Mohammed Bin Rashid Al Maktoum, Vice President and Prime
Minister of the UAE, has enacted changes to the Dubai
International Financial Centre (DIFC) Authority’s legal and
regulatory framework. The newly enacted laws, which update
the DIFC’s companies and property regimes, as well as the
overall operating environment for entities based in the Centre,
aim to ensure that the DIFC remains the most sophisticated and
business-friendly Common Law jurisdiction in the region. The
new DIFC Companies Law will now follow a public and private
company regime after substantial research, consultation and
global benchmarking to allow maximum flexibility, especially
for small private companies. In addition, it will provide
appropriate levels of oversight for complex corporate
arrangements, such as those associated with listed entities,
mergers, schemes of arrangement and debt restructurings.
(GulfBase.com)
 Dubai Aerospace signs $720mn revolving credit facility – Dubai
Aerospace Enterprise (DAE) stated that it has signed a new
unsecured $720mn revolving credit facility with a group of nine
international banks based in the US, Europe, and Asia. It stated
that the credit facility has a maturity of five years. (Reuters)
 Middle East Glass sells 74% stake in PET subsidiary – Gulf
Capital, one of the largest and most active alternative asset
managers in the Middle East, stated that its portfolio company,
Middle East Glass (MEG), successfully sold a 74% stake in its
PET subsidiary, Medco Plast for Packing and Wrapping Systems
(Medco Plast). The sale was made to Indorama Ventures Public
Company Limited (IVL), one of the world’s leading producers in
the intermediate petrochemicals industry, it stated. Established
in 1996, Medco Plast is a leading manufacturer of PET preforms,
injection molded products and closures for local and
multinational clients, primarily in the carbonated soft drinks,
bottled water and dairy segments. The company has a
production capacity of 60,000 metric tons per annum of PET
preforms. (GulfBase.com)
 ADNOC Distribution looks abroad as Saudi Arabian gas station
set to open – Abu Dhabi National Oil Co. (ADNOC) for
Distribution has its sights set on growth abroad as it prepares to
open its first foreign filling station in Saudi Arabia later this
year. “We have a number of conversations not just within Saudi
Arabia, there’s a lot of opportunities going,” Deputy CEO John
Carey said. The planned expansion comes as the UAE, OPEC’s
fourth-largest oil producer, works to diversify revenue beyond
crude sales. ADNOC Distribution will open at least one service
station in Saudi Arabia this year, Carey said. ADNOC, the
Emirate’s state-owned oil producer, sold shares in ADNOC
Distribution last year as it sought to diversify sources of
income. “Lower oil prices mean lower pump prices, mean more
fuel, that’s the benefit for us,” Carey said. (Bloomberg)
 Gulf Air, Etihad sign MoU to explore alliance opportunities –
Gulf Air, the national carrier of Bahrain, and UAE's Etihad
Airways are set to explore deeper cooperation following the
signing of a Memorandum of Understanding (MoU) at the
Bahrain International Airshow. The wide-ranging MoU covers
scope to introduce joint codeshare operations between Abu
Dhabi and Manama, as well as on the global flight networks
beyond the two carriers’ GCC hubs. The MoU also contains
plans for greater commercial cooperation in the fields of cargo,
engineering, guest experience and the optimization of pilot
training facilities. (GulfBase.com)
 CFM wins Gulf Air maintenance contract worth $1bn at list
price – CFM has signed a 10-year contract worth $1bn for
maintenance of 65 LEAP-1A engines that Gulf Air ordered in
2017, CFM stated. (Bloomberg)

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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (
#
Data as of November 13, 2018)
Source: Bloomberg (
#
Market closed on November 16, 2018) Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Oct-14 Oct-15 Oct-16 Oct-17 Oct-18
QSE Index S&P Pan Arab S&P GCC
0.0%
0.1%
(0.4%)
(0.1%) (0.2%)
0.7%
0.1%
(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 1,221.50 0.7 1.0 (6.3) MSCI World Index 2,031.76 0.3 (1.5) (3.4)
Silver/Ounce 14.41 0.8 1.8 (14.9) DJ Industrial 25,413.22 0.5 (2.2) 2.8
Crude Oil (Brent)/Barrel (FM Future) 66.76 0.2 (4.9) (0.2) S&P 500 2,736.27 0.2 (1.6) 2.3
Crude Oil (WTI)/Barrel (FM Future)#
56.46 0.0 (6.2) (6.6) NASDAQ 100 7,247.87 (0.2) (2.1) 5.0
Natural Gas (Henry Hub)/MMBtu 4.30 (8.3) 12.3 21.5 STOXX 600 357.71 0.7 (1.5) (12.7)
LPG Propane (Arab Gulf)/Ton 80.00 3.6 9.6 (18.2) DAX 11,341.00 0.7 (0.9) (16.7)
LPG Butane (Arab Gulf)/Ton 81.50 6.5 6.2 (22.8) FTSE 100 7,013.88 0.2 (2.5) (13.5)
Euro 1.14 0.8 0.7 (4.9) CAC 40 5,025.20 0.7 (0.9) (10.2)
Yen 112.83 (0.7) (0.9) 0.1 Nikkei 21,680.34 (0.1) (1.7) (5.0)
GBP 1.28 0.5 (1.1) (5.0) MSCI EM 986.30 0.6 1.0 (14.9)
CHF 1.00 0.7 0.6 (2.5) SHANGHAI SE Composite 2,679.11 0.4 3.4 (24.0)
AUD 0.73 0.8 1.5 (6.1) HANG SENG 26,183.53 0.3 2.3 (12.7)
USD Index 96.47 (0.5) (0.5) 4.7 BSE SENSEX 35,457.16 0.6 2.0 (7.4)
RUB 65.98 0.1 (3.1) 14.5 Bovespa 88,515.27 4.3 3.3 2.3
BRL 0.27 1.1 (0.3) (11.5) RTS 1,134.93 0.3 1.2 (1.7)
76.4
74.2
73.9