The QSE Index rose 0.2% to close at 9,840.2

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.2% to close at 9,840.2. Gains were led by the Insurance and
Telecoms indices, gaining 0.6% and 0.5%, respectively. Top gainers were Islamic
Holding Group and Dlala Brokerage & Investment Holding Company, rising 3.5% and
2.2%, respectively. Among the top losers, Ahli Bank fell 7.8%, while Zad Holding
Company was down 3.4%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.4% to close at 7,904.7. Losses were led by the
Energy and Media & Entertainment indices, falling 1.7% and 1.0%, respectively.
Jazan Development Co. fell 2.7%, while Advanced Petrochemical was down 2.5%.
Dubai: The DFM General Index gained 0.1% to close at 2,777.8. The Services index
rose 1.9%, while the Telecommunication index gained 0.4%. Al Salam Group
Holding rose 7.6%, while National Central Cooling Co. was up 2.0%.
Abu Dhabi: The ADX General Index rose 0.3% to close at 5,020.5. The Real Estate
index gained 0.9%, while the Industrial index rose 0.5%. Reem Investments gained
14.9%, while Abu Dhabi National Co. For Building Materials was up 4.3%.
Kuwait: The Kuwait Main Market Index rose 0.2% to close at 4,738.3. Basic
Materials index gained 2.5%, while Telecommunications index rose 0.3%. Al Aman
Investment Co. gained 6.8%, while Tijara & Real Estate Investment was up 6.1%.
Oman: The MSM 30 Index rose 0.3% to close at 4,517.4. Gains were led by the
Industrial and Financial indices, rising 0.2% and 0.1%, respectively. Raysut Cement
rose 2.5%, while Bank Nizwa was up 2.3%.
Bahrain: The BHB Index fell 0.1% to close at 1,324.3. The Commercial Banks index
declined 0.4%, while the Service index fell 0.3%. BMMI declined 2.8%, while Ahli
United Bank was down 0.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 26.40 3.5 87.8 (29.6)
Dlala Brokerage & Inv. Holding Co. 11.50 2.2 48.7 (21.8)
Qatar Oman Investment Company 6.02 1.5 1.0 (23.8)
Qatar International Islamic Bank 58.44 1.4 26.5 7.0
Widam Food Company 74.50 1.3 3.6 19.2
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Gulf International Services 21.01 0.0 491.3 18.7
Qatar First Bank 4.83 0.6 393.4 (26.0)
Qatar Insurance Company 37.50 0.9 268.0 (17.1)
Investment Holding Group 5.27 (1.1) 213.8 (13.6)
Vodafone Qatar 8.70 0.1 197.7 8.5
Market Indicators 09 Oct 18 08 Oct 18 %Chg.
Value Traded (QR mn) 86.5 131.6 (34.3)
Exch. Market Cap. (QR mn) 548,135.0 548,534.4 (0.1)
Volume (mn) 3.0 4.2 (29.8)
Number of Transactions 1,763 2,442 (27.8)
Companies Traded 40 41 (2.4)
Market Breadth 24:14 19:20 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,337.30 0.2 (0.6) 21.3 15.2
All Share Index 2,896.44 0.1 (0.8) 18.1 15.0
Banks 3,502.17 (0.1) (1.6) 30.6 13.5
Industrials 3,251.91 0.3 (0.1) 24.1 16.0
Transportation 2,086.45 0.1 (0.3) 18.0 12.3
Real Estate 1,826.26 0.2 (0.2) (4.7) 15.0
Insurance 3,140.36 0.6 (0.0) (9.8) 28.2
Telecoms 961.09 0.5 (0.3) (12.5) 36.7
Consumer 6,874.96 0.0 0.3 38.5 13.9
Al Rayan Islamic Index 3,803.57 0.4 (0.3) 11.2 15.1
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Qurain Petrochemical Ind. Kuwait 0.39 5.4 2,939.9 18.2
Raysut Cement Oman 0.40 2.5 40.0 (48.2)
Co. for Cooperative Ins. Saudi Arabia 56.40 2.2 277.7 (40.3)
Etihad Etisalat Co. Saudi Arabia 18.04 1.9 1,919.6 21.6
VIVA Kuwait Telecom Co. Kuwait 0.73 1.5 138.2 (8.6)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Burgan Bank Kuwait 0.26 (2.6) 3,619.5 (10.7)
Advanced Petrochem. Co. Saudi Arabia 50.40 (2.5) 677.1 9.8
Middle East Healthcare Saudi Arabia 35.15 (2.5) 498.9 (34.7)
National Industrialization Saudi Arabia 18.94 (2.4) 1,513.4 15.5
Nat. Shipping Company. Saudi Arabia 34.10 (2.3) 1,561.0 8.3
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%
Ahli Bank 29.50 (7.8) 0.2 (20.6)
Zad Holding Company 100.50 (3.4) 6.1 36.5
Doha Insurance Group 12.60 (1.6) 21.9 (10.0)
Qatari German Co for Med. Dev. 4.85 (1.6) 5.9 (24.9)
Investment Holding Group 5.27 (1.1) 213.8 (13.6)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Fuel Company 167.55 0.3 12,239.4 64.2
Gulf International Services 21.01 0.0 10,430.8 18.7
Qatar Insurance Company 37.50 0.9 10,129.1 (17.1)
QNB Group 176.10 (0.5) 10,100.4 39.8
Barwa Real Estate Company 35.80 1.0 4,852.7 11.9
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* 9,840.18 0.2 (0.6) 0.3 15.4 23.64 150,572.7 15.2 1.5 4.4
Dubai 2,777.82 0.1 (0.5) (2.0) (17.6) 27.33 99,293.8 7.4 1.0 6.1
Abu Dhabi 5,020.52 0.3 0.3 1.7 14.1 22.21 135,389.0 13.3 1.5 4.8
Saudi Arabia 7,904.74 (0.4) (1.2) (1.2) 9.4 676.96 499,452.4 16.7 1.8 3.5
Kuwait 4,738.31 0.2 (0.1) 0.1 (1.9) 37.14 32,409.7 14.7 0.9 4.4
Oman 4,517.38 0.3 (0.2) (0.6) (11.4) 1.51 19,402.1 11.1 0.8 6.0
Bahrain 1,324.26 (0.1) (0.1) (1.1) (0.6) 2.88 20,423.1 8.9 0.8 6.2
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,800
9,820
9,840
9,860
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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Qatar Market Commentary
 The QSE Index rose 0.2% to close at 9,840.2. The Insurance and
Telecoms indices led the gains. The index rose on the back of buying
support from GCC and non-Qatari shareholders despite selling pressure
from Qatari shareholders.
 Islamic Holding Group and Dlala Brokerage & Investment Holding
Company were the top gainers, rising 3.5% and 2.2%, respectively.
Among the top losers, Ahli Bank fell 7.8%, while Zad Holding Company
was down 3.4%.
 Volume of shares traded on Tuesday fell by 29.8% to 3.0mn from 4.2mn
on Monday. Further, as compared to the 30-day moving average of 6mn,
volume for the day was 50.3% lower. Gulf International Services and
Qatar First Bank were the most active stocks, contributing 16.6% and
13.3% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2018
% Change
YoY
Operating Profit
(mn) 3Q2018
% Change
YoY
Net Profit
(mn) 3Q2018
% Change
YoY
Packaging Co. Ltd Oman OMR 6.9 -3.2% – – -0.2 N/A
Dhofar Poultry Oman OMR 8.1 3.4% 0.3 -12.1% 0.1 -25.1%
Salalah Port Services* Oman OMR 40.9 -2.9% – – -1.9 N/A
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for 9M2018)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
10/09 Germany German Federal Statistical Office Trade Balance August 17.2bn 16.2bn 16.5bn
10/09 Germany German Federal Statistical Office Current Account Balance August 15.3bn 16.2bn 15.1bn
10/09 Germany Deutsche Bundesbank Exports SA MoM August -0.1% 0.4% -0.9%
10/09 Germany Deutsche Bundesbank Imports SA MoM August -2.7% -0.1% 2.8%
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 0 Due
MARK Masraf Al Rayan 15-Oct-18 5 Due
DBIS Dlala Brokerage & Investment Holding Company 15-Oct-18 5 Due
MCGS Medicare Group 16-Oct-18 6 Due
QNCD Qatar National Cement Company 17-Oct-18 7 Due
QEWS Qatar Electricity & Water Company 17-Oct-18 7 Due
QIBK Qatar Islamic Bank 17-Oct-18 7 Due
DHBK Doha Bank 17-Oct-18 7 Due
UDCD United Development Company 17-Oct-18 7 Due
NLCS Alijarah Holding 18-Oct-18 8 Due
QISI The Group Islamic Insurance Company 21-Oct-18 11 Due
ABQK Ahli Bank 21-Oct-18 11 Due
QIGD Qatari Investors Group 21-Oct-18 11 Due
GWCS Gulf Warehousing Company 22-Oct-18 12 Due
IHGS Islamic Holding Group 22-Oct-18 12 Due
VFQS Vodafone Qatar 22-Oct-18 12 Due
QATI Qatar Insurance Company 23-Oct-18 13 Due
KCBK Al Khalij Commercial Bank 23-Oct-18 13 Due
CBQK The Commercial Bank 23-Oct-18 13 Due
QCFS Qatar Cinema & Film Distribution Company 25-Oct-18 15 Due
QFLS Qatar Fuel Company 25-Oct-18 15 Due
QIMD Qatar Industrial Manufacturing Company 25-Oct-18 15 Due
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 35.50% 39.45% (3,418,468.38)
Qatari Institutions 12.09% 14.78% (2,327,854.69)
Qatari 47.59% 54.23% (5,746,323.07)
GCC Individuals 0.78% 0.73% 42,723.38
GCC Institutions 8.41% 4.08% 3,744,098.18
GCC 9.19% 4.81% 3,786,821.56
Non-Qatari Individuals 12.64% 12.66% (17,032.55)
Non-Qatari Institutions 30.58% 28.30% 1,976,534.06
Non-Qatari 43.22% 40.96% 1,959,501.51

3. Page 3 of 8
QOIS Qatar Oman Investment Company 28-Oct-18 18 Due
MERS Al Meera Consumer Goods Company 28-Oct-18 18 Due
QGMD Qatari German Company for Medical Devices 28-Oct-18 18 Due
AKHI Al Khaleej Takaful Insurance Company 28-Oct-18 18 Due
SIIS Salam International Investment Limited 29-Oct-18 19 Due
QGRI Qatar General Insurance & Reinsurance Company 29-Oct-18 19 Due
DOHI Doha Insurance Group 29-Oct-18 19 Due
ERES Ezdan Holding Group 29-Oct-18 19 Due
Source: QSE
News
Qatar
 Qatar Central Bank to launch platform to support Fintech –
Qatar Central Bank’s (QCB) Governor, HE Sheikh Abdulla bin
Saoud Al Thani announced that QCB will be launching a
banking service platform before the year-end to support and
promote the fast growing financial technology (Fintech). This
initiative is part of the objective to transform Qatar as a
knowledge-based society and enable the country to emerge as a
regional hub for such innovative technology and services,
including Fintech. (Peninsula Qatar)
 CEO: QNB Group’s US Dollar liquidity ‘excellent’; bank has no
funding need – QNB Group’s US Dollar liquidity is “excellent”
and the bank has no funding need at the moment, the bank’s
CEO, Ali Ahmed Al Kuwari said. “We are not in need of funding
right now, but once we see an opportunity we will tap the
market,” Al Kuwari said. QNB Group, the largest bank by assets
in the Middle East and Africa, is in talks to refinance €2.25bn
loan due in May next year, sources told Reuters last month.
(Peninsula Qatar)
 Hamad Port acquires 28% share in Mideast trade – Minister of
Transport and Communications, HE Jassim bin Saif Al Sulaiti
said that Hamad Port has acquired 28% share in the volume of
trade in the Middle East. He was speaking in a panel discussion
on the second day of the International Products Exhibition and
Conference 2018 (IPEC). The share of Hamad Port in the volume
of trade in Qatar in terms of exports and imports has reached
95%, which makes Hamad port an important part of the
economy and contributes effectively to people’s daily lives. He
added that Hamad Port currently connects more than 40 ports
with over 24 shipping services and offers a wide range of
guaranteed and reliable options for its customers. (Peninsula
Qatar)
 Ashghal slated to award deals worth QR10bn to local
contractors in five months – The Public Works Authority
(Ashghal) has awarded tender contracts worth QR3bn to local
contractors in the last two months and there are plans to award
more contracts worth QR7bn before the end of the year,
Ashghal’s President, Saad bin Ahmad Al-Muhannadi said. He
also noted that Ashghal was “able to increase the number of
Qatari materials by 65% in one year of the blockade, taking the
total to 159 materials.” He made the observations, while
participating in a panel discussion titled ‘The role of
infrastructure in determining export and import
competitiveness’ at the first International Products Exhibition
and Conference 2018 (IPEC). He talked about Ashghal's key
initiatives to involve local companies in its projects and
opportunities to participate in implementing them. Al-
Muhannadi said contracts worth QR3.5bn will be awarded to
local contractors over the next two weeks, while contracts of a
similar value would be awarded in November and December,
the official Qatar News Agency (QNA) reported. This takes the
total value of contracts awarded - and slated to be awarded - to
local contractors to QR10bn in five months. (Gulf-Times.com)
 QP targets to increase production capability from 4.8 to
6.5mboe/d – Qatar Petroleum’s (QP) President and CEO, Saad
Sherida Al Kaabi said that QP is developing its capabilities in
many parts of the world with a target of increasing production
capacity from 4.8 to 6.5mn barrels of oil equivalent per day
(mboe/d) in 8 years. QP is highly competitive, very reliable, and
is ready for the future. QP is investing in safety, efficiency,
reliability, technology, preserving the environment, and most
importantly, its human capital. Delivering the key note address
at the opening of the Oil & Money Conference, which is being
held in London under the theme “the New Energy Map”, Al
Kaabi said QP is keen on investing in safety, efficiency,
reliability, technology, preserving the environment, and most
importantly, in human capital. QP also expects to take a final
investment decision on its Golden Pass LNG project in the next
few months, Al-Kaabi added. (Peninsula Qatar, Bloomberg)
 UAB’s Secretary-General: Qatar’s banking sector not affected
by blockade – Union of Arab Banks’ (UAB) Secretary-General,
Wissam Fattouh said that the banking sector in Qatar is “solid
and strong”, and enjoys high flexibility as a result of the
prudent monetary policy, which made it on the top of the Arab
banking systems. Fattouh said to the Qatar News Agency
(QNA) that the blockade imposed on the State of Qatar did not
affect its banking system, pointing out that QNB Group has the
top ranking among large Arab banks. He pointed out that the
effects of the blockade were limited as a result of its strategy of
not relying completely on the basic segment of the economy,
which is LNG. The official pointed out that the diversification of
Qatar’s internal and external investments gave its economy
greater flexibility, which enabled the sector to respond to
economic crises. He added that the Qatar Central Bank has a
very high reserve level of foreign currency, which is the main
pillar of the Qatari Riyal. (Gulf-Times.com)
 QFC highlights Qatar opportunities at China roadshows –
Senior officials from the Qatar Financial Centre (QFC), one of
the world’s leading and fastest growing onshore business and
financial centers, successfully concluded panel discussions,
face-to-face consultations and networking events with
professionals from Chinese corporations in Xiamen, Shanghai,
Beijing and Tianjin. This follows news that the Bank of China
has chosen to join QFC’s onshore regulated platform. The move

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reaffirms QFC’s position as the region’s financial center of
choice for financial services institutions looking to expand their
business to Qatar and to the Middle East. (Peninsula Qatar)
 QDB opens registration for 45 retail shops vacant at Al Furjan
markets – Qatar Development Bank (QDB) has announced the
registration for Al Furjan Markets Phase 1 raffle draw to award
45 retail spaces vacant in existing markets. The registration
will start from October 21, 2018 for which the QDB has asked
aspirants to apply online. The process will continue for one
month. QDB will also offer 350 retail shops during the first half
of 2019, through the same raffle draw system under the Al
Furjan Markets’ project. (Peninsula Qatar)
 Qatar Chamber seeks to strengthen ties with Turkey exporters
association – Qatar Chamber discussed ways to enhance
cooperation with the West Mediterranean Exporters
Association in Turkey, on the sidelines of the association’s
participation in the International Products Exhibition and
Conference 2018 (IPEC). During the meeting, the Turkish side
invited Qatar Chamber to participate in a specialized exhibition
organized by the association in April in Antalya, which will be
focusing on the health, sports and tourism sectors. Qatar
Chamber’s Director-General, Saleh bin Hamad Al-Sharqi praised
the strong relations between Qatar and Turkey, which pave the
way for greater cooperation between businessmen in the two
countries, while also noting the keenness of Qatar Chamber on
strengthening cooperation with the West Mediterranean
Exporters Association in Turkey. (Gulf-Times.com)
 Qatar’s first Free Zone to open early next year – Qatar’s first
Special Economic Zone (SEZ) will be ready to receive investors
in the first quarter of 2019. Um Al Houl Free Zone, one of the
two Free Zones under development, will start receiving both
local and foreign investors from early next year, Minister of
State and Chairman of the Free Zones Authority, HE Ahmed bin
Mohammed Al Sayed announced. Speaking on ‘enabling foreign
and local investors to register companies within the Free Zone’,
on the second day of the International Products Exhibition and
Conference 2018 (IPEC), the Minister said the second Free Zone,
Bu Fontas, will also be launched next year. The government is
working to bring some iconic projects and locations, including
Musheireb, under the Free Zone law. The market will hear major
announcements regarding Qatar’s aggressive FDI policies next
month, he said. (Peninsula Qatar)
 ITUC official: Qatar leads GCC in advancing workers’ rights –
Secretary-General of the International Trade Union
Confederation (ITUC) Sharan Burrow praised the efforts made
by the State of Qatar in the field of labor care and the
continuous progress in the development of legislation, aimed at
achieving the objectives of this important group of society. At a
press conference held at the International Labor Organization
(ILO) office in Doha, Burrow said that the ILO office, since its
establishment in Qatar, has been monitoring the developments
and reforms that have been implemented by the State of Qatar
and the significant positive development witnessed in the areas
related to workers. She stressed that the State of Qatar has
become one of the leading countries in the Gulf to promote
workers’ interests and provide their needs, calling on other Gulf
States to follow suit. (Peninsula Qatar)
 Single window panel helped to set up over 5,000 new firms –
The Coordinating Committee for the Single Window System
Management has managed to establish over 5,000 local
companies and 80 international firms till date and has reduced
the time spent on the process of issuing licenses from one year
and half to 72 hours only. Speaking during the panel discussion
on the second day of the International Products Exhibition and
Conference 2018 (IPEC), Salman Mohamed Kaldari, the
Chairman of the Coordinating Committee for the Single
Window System Management gave an overview about the
privileges provided for the foreign investors. (Peninsula Qatar)
 Qatar’s real estate transactions exceed QR422mn within a week
– The volume of real estate transactions registered with the
Real Estate Registration Department at the Ministry of Justice
during September 30 to October 4 amounted to QR422,802,320.
According to the weekly bulletin issued by the department, the
list of real estate sold includes land, housing, residential
buildings, commercial buildings, residential complexes,
multiuse buildings and commercial buildings. Sales were
concentrated in the municipalities of Al Rayyan, Al Daayen,
Umm Salal, Doha, Al Khor, Al Dhakira and Al Wakrah. The
volume of real estate trading during September 23 to September
27 was QR357,450,721. (Gulf-Times.com)
 Qatar aims for self-sufficiency in farm, aqua sector in two years
– Qatar is working on several projects aimed at increasing the
self-sufficiency levels of the country’s agriculture and
aquaculture industries as part of two-year strategy, the
Chairman of the Private Sector Development and Support
Committee has said. Khamis Ahmed Al-Mohannadi said Qatar
had already achieved 92% self-sufficiency in dairy products,
and aims to follow up the milestone by raising the current 25%
self-sufficiency level for vegetables to 54% in the next two
years. To do this, Al-Mohannadi said, the committee
implemented several projects, including a greenhouse built over
10 plots of land spanning 100,000 square meters each. The plots
of land, he said, were distributed to private sector players.
(Gulf-Times.com)
 Trade exchange between Qatar, Tunisia increased by 250% –
The minister of commerce of the Republic of Tunisia Omar Behi
revealed that the Qatari-Tunisian Economic Forum, which was
held in Doha last year, contributed to increasing the trade
exchange between the two countries by 250%, reflecting the
important role the private sector in developing trade between
the two countries. Speaking in an opening session at the
International Product Exhibition and Conference 2018 (IPEC),
the Tunisian minister praised the distinct and strong relations
between Qatar and Tunisia, which would contribute to
upgrading the bilateral relations to a promising level in the
fields of economy, politics and culture. He underlined the
important role of the Qatari-Tunisian Economic Forum in
raising the levels of bilateral trade, enhancing the partnership
between the two countries and opening up new horizons for co-
operation for the private sector. (Gulf-Times.com)
 Improved ports connectivity enhances Qatar, Pakistan trade
relations – The improved ports connectivity between Qatar and
Pakistan will play a significant role in expanding the two
countries’ trade relations, Pakistan’s Ministry of Commerce
Additional Secretary (Trade Diplomacy) Javed Akbar Bhatti

5. Page 5 of 8
said. “We are developing and improving this network, apart
from our Karachi port, which is already functional and has
connectivity with the Hamad Port,” he told attendees at a panel
discussion during the International Product Exhibition and
Conference 2018 (IPEC). Bhatti joined Qatar’s Minister of
Transport and Communications, HE Jassim Seif Ahmed Al-
Sulaiti, Public Works Authority’s (Ashghal) President, Saad bin
Ahmad Al-Muhannadi and Iran’s Bushehr Province Governor,
Abdul Karim Grawend in discussing ‘The Role of Infrastructure
in Determining Export and Imports Competitiveness’ at the
session. The panel also tackled infrastructure projects to
facilitate and increase the exports and imports in Qatar, and
outlining regulatory compliance with the new trade partners
within the Qatar market. (Gulf-Times.com)
 Qatar Chamber Chairman inaugurates Al Amodi Centre – Qatar
Chamber’s (QC) Chairman, Sheikh Khalifa bin Jassim Al Thani
said that QC is a strong booster to local companies and Qatari
businessmen, stressing its role in helping them strengthen their
position in the local market. The Chairman of Qatar’s largest
and oldest private industry representative body inaugurated Al
Amodi Centre for building and decoration materials, gypsum
products, accessories, sanitary wares and tiles located on Salwa
road. (Peninsula Qatar)
 Al Houara project first phase ‘to open in 2Q2019’ – Qatari Diar
Real Estate Investment Company announced the opening of the
first phase of Al Houara project in Tangier, Morocco, in the
beginning of the second quarter of 2019. The infrastructure of
the QR700mn project will be completed by the end of 2018.
(Gulf-Times.com)
International
 IEA urges OPEC to open taps as oil market enters ‘red zone’ –
The International Energy Agency (IEA) made a direct appeal to
OPEC and other major oil producers to boost output, warning
that high prices are inflicting damage on the global economy.
“We should all see the risky situation, the oil markets are
entering the red zone,” IEA’s Executive Director, Fatih Birol
said. “Expensive energy is back at a bad time, when the global
economy is losing momentum. We really need more oil.” Oil
prices rallied to a four year high above $85 a barrel in London
earlier this month on concern that US sanctions on Iranian
crude, along with chronic supply losses in Venezuela, could lead
to a shortage. Prices were boosted further by storm Michael,
which shut some oil fields in the Gulf of Mexico and threatened
to hit the Florida panhandle as a major hurricane. (Peninsula
Qatar)
 Global financial stability risks rising with trade tensions, IMF
says – Risks to the global financial system have risen over the
past six months and can increase sharply if pressures in
emerging markets escalate or global trade relations deteriorate
further, the International Monetary Fund (IMF) stated. The
IMF, whose autumn meetings with the World Bank get under
way on the Indonesian resort island of Bali this week, also
noted that, while financial stability has been shored up by
regulators in the decade since the 2008 global financial crisis,
easy financial conditions are contributing to a buildup of
potential problems related to high debt levels and “stretched”
asset valuations. But new bank resolution regimes meant to
avoid future bailouts are largely untested, IMF said in its
biannual global financial stability update. IMF noted that
economic growth appears to have peaked in some major
economies while the gap between advanced countries and
emerging markets was widening. IMF on October 9 cut its
global growth forecasts due to an escalating US-China trade
war and growing financial strains on emerging markets.
(Reuters)
 German firms would face billions in extra tariffs in hard Brexit –
German firms would face extra tariffs of more than €3bn
($3.4bn) a year if Britain quits the European Union (EU)
without a trade deal, and their exports to Britain might drop by
up to 57%, Germany’s IW institute stated. Talks on ending four
decades of Britain’s membership in the European Union have
entered their final stage more than two years after Britons
voted for Brexit. A hard Brexit would mean Britain leaving the
bloc with no trade deal. The BDI industry association - one of
Germany’s most influential lobby groups - stated a
breakthrough in Brexit negotiations was needed on October 17-
18 summit in Brussels. A hard Brexit will cause huge difficulties
for tens of thousands of companies in Europe and hundreds of
thousands of employees in Britain and the European Union.
(Reuters)
 Weak German trade suggests meager growth in third quarter –
German exports unexpectedly fell in August, data showed, in a
fresh sign that manufacturers in Europe’s largest economy
shifted into a lower gear over the summer months. The Federal
Statistics Office stated seasonally adjusted exports edged down
by 0.1% on the month, missing a Reuters forecast of 0.3% rise.
Imports dropped by 2.7%, undershooting a predicted 0.2% fall.
ING economist Carsten Brzeski blamed the low trade volumes
over the summer months on a general weakening of global
manufacturing activity and a temporary blip in domestic
demand. Household spending has become an important growth
driver in Germany as consumers are reaping the benefits of
record employment levels, rising real wages, increased job
security and cheap credit due to the Eurozone’s expansive
monetary policy. The seasonally adjusted trade surplus
widened to €18.3bn ($21.0bn) in August from €15.9bn in the
previous month, the data showed. Germany’s wider current
account surplus, which measures the flow of goods, services
and investments, rose to €15.3bn from €15.1bn in July,
unadjusted data showed. The trade figures chimed with data
released showed industrial output edging down unexpectedly in
August, suggesting the German economy lost steam in the third
quarter. (Reuters)
 Japan’s August core machinery orders point to more capex
gains – Japan’s core machinery orders unexpectedly rose in
August after robust gains in the previous month in a sign that
capital spending is set to grow as companies invest in new
equipment and software to manage labor shortages. The 6.8%
increase in core machinery orders, a highly volatile data series
regarded as a leading indicator of capital spending, compared
with the median estimate for a 4.0% decline in a Reuters poll. In
July core orders rose 11.0%, the fastest increase since January
2016. Japanese companies’ capital expenditure plans remain
strong for the current fiscal year, a Bank of Japan tankan survey
showed last week, as companies increase investment in
automation and labor-saving technologies. The trade war

6. Page 6 of 8
between the US and China poses a risk to the outlook because it
could indirectly reduce sales from China, making some Japanese
manufacturers less likely to buy new equipment. (Reuters)
Regional
 Middle East ports’ future success hinges on innovative
practices – From 2011 through 2016, the compound annual
growth rate (CAGR) of container throughput at Middle Eastern
ports was measured at 4%, which exceeded the global average.
Moreover, the throughput growth rates of other types of
seaborne cargo have also been impressive. Following a period of
strong growth, there are causes for concern. Overcapacity,
exposure to trans-shipment and lagging port productivity
threaten to slow or even reverse the upward trajectory of the
region’s ports. Hence, ports in the region have to explore
alternative routes to mitigate these challenges. “Middle East
ports accounts for less than 3% of global GDP, while its ports
handle approximately 20% of global seaborne trade. This
disproportionate share is the result of both geographic
advantages and well-executed investments,” Giovanni
Moscatelli, Partner & Managing Director at The Boston
Consulting Group Middle East said. (Gulfbase.com)
 World’s top Sukuk arranger says issuance is likely past its peak
– Global sales of Islamic bonds have peaked and are expected to
retreat this year following record issuance in 2017, according to
the debt’s top arranger. Weaker growth prospects in the Middle
East and rising US interest rates will see issuance shrinking to
$40bn to $45bn in 2018, compared to $56bn last year, according
to CIMB Islamic Bank Berhad’s CEO, Rafe Haneef. At least
Malaysia, which pioneered Islamic bonds, should see sales
holding up well as consumer sentiment stays positive, he said.
GCC countries, which account for about half of Sukuk issuance,
are still grappling with the collapse of crude prices four years
ago. (Gulf-Times.com)
 Saudi Aramco, Total plan around $5bn petchem complex in
Jubail – Saudi Aramco, a leading global energy company, and
French oil and gas major Total have signed a joint development
agreement for the front end engineering and design (FEED) of a
giant petrochemical complex in Jubail. Announced in April
2018, the world-class complex will be located next to the
SATORP state of the art refinery, operated by Saudi Aramco
(62.5%) and Total (37.5%), in order to fully exploit operational
synergies. The project represents an investment of
approximately $5bn and is scheduled to start-up in 2024.
(Gulfbase.com)
 NCB Capital advises finance firms on IPOs – NCB Capital, the
investment banking unit of Saudi Arabia’s largest lender, is
advising two local finance companies, Amlak International for
Real Estate Finance (Amlak) and Nayifat Finance (Nayifat), on
possible share listings, according to sources. Both Amlak and
Nayifat operate within sectors the government is keen to
develop. Amlak, founded in Riyadh in 2007 with a paid up
capital of SR906mn, provides real estate financing, while
Nayifat offers financing to small and medium-sized enterprises
and consumer finance. (Reuters)
 CFO: Almarai faces cost pressure – Saudi Arabia-based dairy
company Almarai aims to be more innovative to maintain
profitability as it faces cost pressures, according to Almarai’s
CFO, Paul Louis Gay. Gay said, “We will be under pressure.
Pressure will come from all angles of the cost of the value chain:
input cost, labor cost, tax. We have to be reactive as we have
proven to be in the past and innovative in the way we work to
maintain those levels of profit. Our competitive edge is to be
locally present here, maintaining a supply of products. We have
been able with the volume we are reaching, to match the two—
certainty of supply and cost.” Almarai’s Head of Finance, Ikram
ul-Haque said, "Last year we received SR289mn or SR300mn
given the fact we’re using more alfalfa. More than likely the
number is going to be SR100mn more and we are on track for
that. The exact number will be disclosed in our annual
accounts.” (Bloomberg)
 Clariant CEO expects to gain CHF1-2bn from disposals – Swiss
specialty chemicals maker Clariant expects to raise CHF1-2bn
from selling portions of its plastics and coatings business,
Clariant’s CEO, Hariolf Kottmann said. Clariant and 25%
shareholder Saudi Basic Industries Corp (SABIC) are merging
their high performance materials businesses, a move that will
include the sale of some plastics and coatings activities.
Kottmann, who is stepping down as CEO to become Chairman
of Clariant, said he is still convinced SABIC has no plans to take
its stake to a majority. Some analysts have said they do not
expect SABIC to be satisfied with merely a minority holding.
(Reuters)
 Etihad Airways linked-EA Partners seek creditor consent for
claims sales – Etihad Airways linked EA Partners I and II
vehicles ask creditors holding $1.2bn in bonds to approve sale of
claims under terms of offers disclosed in August, according to
statements. At least 75% of holders of each bond needed to
approve resolutions, with more than 50% voting. (Bloomberg)
 Dubai’s whole economy PMI falls to 54.4 in September –
Emirates NBD and IHS Markit’s purchasing managers’ index
(PMI) for Dubai’s whole economy fell to 54.4 in September 2018
from 55.2 in both August 2018 and September 2017. This is the
lowest rating since April 2018. (Bloomberg)
 DP World’s CEO sees different investment opportunities –
Dubai ports operator DP World sees opportunities to boost
investments in Africa, Latin America, Indonesia, Malaysia and
India, according to DP World’s Chairman and CEO, Sultan bin
Sulayem. (Bloomberg)
 Fitch places Kuwait Energy’s ‘CCC’ rating on watch evolving –
Fitch Ratings (Fitch) placed Kuwait Energy’s Long-Term Issuer
Default Rating (IDR) of ‘CCC’ on Rating Watch Evolving (RWE)
following the announcement of its proposed acquisition by
Hong Kong listed United Energy Group Ltd. The company's
$250mn 9.5% notes due in 2019 rated ‘CCC’/Recovery Rating
‘RR4’ have also been placed on RWE. Kuwait Energy's
standalone ‘CCC’ rating is driven mainly by its weak liquidity
position. The proposed acquisition comprises an equity
consideration of $491mn plus the assumption of Kuwait
Energy's outstanding debt. The RWE is predicated on the short-
term liquidity risk should the deal fail to complete without
alternative sources of funding in place to repay Kuwait Energy's
$250mn notes. Under this scenario, the ratings could be further
downgraded to reflect the heightened probability of default as
the August 2019 bond maturity approaches. (Bloomberg)
 Oman sells OMR2.5mn 182-day bills at a yield of 2.446% –
Oman sold OMR2.5mn of bills due April 10, 2019 on October 8.

7. Page 7 of 8
The bills were sold at a price of 98.795, have a yield of 2.446%
and will settle on October 10. (Bloomberg)
 Cargo handling from Salalah gets a boost – The new cargo
terminal at Oman’s Salalah International Airport (Salalah)
promises boost in cargo handling in Salalah, which is fast
emerging as a major link for sea air cargo movement from Far
East and Indian Subcontinent to Europe, Africa and the US.
According to a senior official responsible for cargo movement at
the airport, the new facility is a value addition to the port city’s
strategic location as the shipment from Salalah is likely to be
cheaper due to short shipment time and the location’s capacity
to handle sea, air and road for transportation of goods. Salalah’s
Commercial and Marketing Manager, Ali al Yafai spoke about
the key advantages of Salalah as centre of cargo handling. The
key advantages, according to him, are linking-pin between East
and West, not only on the sea shipping lines but also by air.
Salalah has a competitive advantage supported by a mega-
container port and reduced time of connections to key markets.
(Gulfbase.com)
 Bahrain's VAT to boost non-oil revenues and stabilize public
debt – Bahrain's move to introduce a value-added tax, days
after Gulf allies pledged a $10bn aid package, will boost the
Kingdom's non-oil revenues and stabilize the public debt
burden. Imposing a 5% VAT in 2019, combined with wider
financial measures, sends a positive signal to the market that
Bahrain is serious about fiscal reform, analysts said. Fitch
Solutions forecasts 25% jump in non-oil revenues in 2019 after
the introduction of VAT. "On the whole, VAT implementation is
a welcome step towards non-oil revenue generation and
evidence of Bahrain’s institutional capacity to respond to its
current vulnerable fiscal position," Ehsan Khoman, Head of
Mena research and strategy at MUFG Bank, said.
(Gulfbase.com)
 Bahrain does not plan new US Dollar bond issue this year –
Bahrain does not plan to issue new US Dollar denominated
bonds this year, after the Kingdom secured a $10bn aid package
from Gulf neighbors last week, sources said. A government
spokesperson confirmed that in light of the government’s
recently announced fiscal balance program, there was no plan
to issue a new bond this year. (Reuters)

8. 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
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Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Aug-14 Aug-15 Aug-16 Aug-17 Aug-18
QSEIndex S&P Pan Arab S&P GCC
(0.4%)
0.2% 0.2%
(0.1%)
0.3%
0.3%
0.1%
(0.5%)
0.0%
0.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,189.79 0.1 (1.1) (8.7) MSCI World Index 2,138.46 (0.2) (0.6) 1.7
Silver/Ounce 14.38 0.1 (1.8) (15.1) DJ Industrial 26,430.57 (0.2) (0.1) 6.9
Crude Oil (Brent)/Barrel (FM Future) 85.00 1.3 1.0 27.1 S&P 500 2,880.34 (0.1) (0.2) 7.7
Crude Oil (WTI)/Barrel (FM Future) 74.96 0.9 0.8 24.1 NASDAQ 100 7,738.02 0.0 (0.6) 12.1
Natural Gas (Henry Hub)/MMBtu 3.40 2.7 3.7 10.0 STOXX 600 372.93 0.2 (1.2) (8.5)
LPG Propane (Arab Gulf)/Ton 103.75 (0.4) (0.5) 4.8 DAX 11,977.22 0.3 (1.4) (11.5)
LPG Butane (Arab Gulf)/Ton 119.00 (1.7) (1.9) 9.7 FTSE 100 7,237.59 0.5 (0.8) (8.6)
Euro 1.15 (0.0) (0.3) (4.3) CAC 40 5,318.55 0.3 (1.0) (4.4)
Yen 112.96 (0.2) (0.7) 0.2 Nikkei 23,469.39 (0.8) (0.8) 2.6
GBP 1.31 0.4 0.2 (2.7) MSCI EM 993.99 (0.2) (0.7) (14.2)
CHF 1.01 0.1 0.0 (1.7) SHANGHAI SE Composite 2,721.01 0.3 (4.3) (22.7)
AUD 0.71 0.4 0.7 (9.0) HANG SENG 26,172.91 (0.1) (1.5) (12.8)
USD Index 95.67 (0.1) 0.0 3.8 BSE SENSEX 34,299.47 (0.7) (0.1) (13.2)
RUB 66.28 (0.4) (0.5) 15.0 Bovespa 86,087.55 1.0 8.9 0.0
BRL 0.27 1.7 3.5 (10.8) RTS 1,159.47 0.1 0.0 0.4
75.8
73.5
71.8