The QSE Index rose 0.2% to close at 9,820.2.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.2% to close at 9,820.2. Gains were led by the Real Estate and
Consumer Goods & Services indices, gaining 1.9% and 0.7%, respectively. Top
gainers were Qatar First Bank and Investment Holding Group, rising 4.9% and 4.1%,
respectively. Among the top losers, Doha Insurance Group fell 5.7%, while Dlala
Brokerage & Investment Holding Company was down 1.2%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.3% to close at 7,968.2. Gains were led by the
Pharma, Biotech & Life Sci. and Media indices, rising 2.8% and 1.2%, respectively.
Saudi Real Estate Co. rose 6.7%, while Knowledge Economic City was up 5.0%.
Dubai: The DFM General Index gained 0.3% to close at 2,837.2. The Banks index
rose 0.6%, while the Real Estate & Const. index gained 0.3%. Drake & Scull
International rose 4.4%, while Aan Digital Services Holding Co. was up 2.8%.
Abu Dhabi: The ADX General Index rose 0.9% to close at 4,984.0. The Energy index
gained 2.0%, while the Investment & Financial Services index rose 1.5%. Union
National Bank gained 14.8%, while Abu Dhabi Commercial Bank was up 12.8%.
Kuwait: The Kuwait Main market Index rose 0.1% to close at 4,868.0. The Banks
index gained 1.1%, while the Telecom. index rose 0.8%. Burgan Co for Well Drilling,
Trading & Maint. gained 7.8%, while Specialities Group Holding Co. was up 5.8%.
Oman: The MSM 30 Index rose marginally to close at 4,429.2. Gains were led by the
Industrial and Financial indices, rising 0.2% and 0.1%, respectively. Al Anwar
Ceramic Tiles and Muscat Finance were up 3.5% each.
Bahrain: The BHB Index gained 0.3% to close at 1,338.5. The Service index rose
0.6%, while the Commercial Banks index gained 0.3%. Al Salam Bank - Bahrain rose
6.2%, while Nass Corporation was up 2.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 5.35 4.9 1,050.3 (18.1)
Investment Holding Group 5.83 4.1 2,938.7 (4.4)
Ezdan Holding Group 10.33 2.7 972.0 (14.5)
Salam International Inv. Ltd. 5.18 2.6 106.5 (24.8)
Qatar Oman Investment Company 6.10 1.7 13.6 (22.8)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Investment Holding Group 5.83 4.1 2,938.7 (4.4)
Qatar First Bank 5.35 4.9 1,050.3 (18.1)
Ezdan Holding Group 10.33 2.7 972.0 (14.5)
Qatar Gas Transport Company Ltd. 17.50 0.5 674.9 8.7
Vodafone Qatar 8.91 (0.9) 640.1 11.1
Market Indicators 04 Sep 18 03 Sep 18 %Chg.
Value Traded (QR mn) 114.9 99.6 15.3
Exch. Market Cap. (QR mn) 542,617.7 540,421.0 0.4
Volume (mn) 8.2 4.5 80.2
Number of Transactions 2,682 2,405 11.5
Companies Traded 42 41 2.4
Market Breadth 27:11 9:30 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,302.07 0.2 (0.7) 21.1 14.6
All Share Index 2,871.66 0.4 (0.6) 17.1 14.9
Banks 3,517.25 0.2 (1.0) 31.1 14.3
Industrials 3,151.54 0.6 (0.1) 20.3 15.6
Transportation 2,032.56 0.2 (0.2) 15.0 12.7
Real Estate 1,845.50 1.9 0.3 (3.7) 15.7
Insurance 3,112.22 (0.6) (0.8) (10.6) 29.1
Telecoms 1,002.96 (0.8) (3.0) (8.7) 39.3
Consumer 6,252.07 0.7 1.6 26.0 13.6
Al Rayan Islamic Index 3,819.19 0.2 (0.1) 11.6 16.5
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Union National Bank Abu Dhabi 4.43 14.8 654.8 16.6
Abu Dhabi Comm. Bank Abu Dhabi 8.00 12.8 10,227.7 17.6
Al Salam Bank-Bahrain Bahrain 0.10 6.2 25.0 (9.6)
Knowledge Economic City Saudi Arabia 10.84 5.0 2,757.9 (15.5)
Alawwal Bank Saudi Arabia 14.96 4.8 776.3 26.4
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Savola Group Saudi Arabia 29.25 (4.1) 569.6 (25.9)
Middle East Healthcare Saudi Arabia 39.35 (3.6) 1,102.3 (26.9)
Emaar Economic City Saudi Arabia 9.12 (2.8) 10,875.0 (32.4)
Mouwasat Medical Serv. Saudi Arabia 82.90 (2.5) 61.5 9.5
Al Tayyar Travel Group Saudi Arabia 22.70 (2.1) 1,121.4 (16.0)
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%
Doha Insurance Group 13.10 (5.7) 4.4 (6.4)
Dlala Brokerage & Inv. Holding 13.60 (1.2) 76.5 (7.5)
Medicare Group 67.58 (0.9) 33.3 (3.2)
Vodafone Qatar 8.91 (0.9) 640.1 11.1
Ooredoo 70.80 (0.7) 71.2 (22.0)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Investment Holding Group 5.83 4.1 17,129.1 (4.4)
Qatar Gas Transport Co. Ltd. 17.50 0.5 11,806.5 8.7
Ezdan Holding Group 10.33 2.7 9,778.1 (14.5)
QNB Group 175.51 0.3 7,535.7 39.3
Industries Qatar 124.00 0.8 7,379.5 27.8
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* 9,820.18 0.2 (0.7) (0.7) 15.2 31.45 149,057.1 14.6 1.5 4.5
Dubai 2,837.17 0.3 (0.1) (0.1) (15.8) 30.71 101,257.8 7.6 1.1 6.0
Abu Dhabi 4,983.98 0.9 (0.1) (0.1) 13.3 48.67 135,190.1 13.1 1.5 4.8
Saudi Arabia 7,968.24 0.3 0.3 0.3 10.3 666.70 505,599.9 17.5 1.8 3.6
Kuwait 4,868.02 0.1 (0.6) (0.6) 0.8 50.00 33,579.7 15.1 0.9 4.3
Oman 4,429.19 0.0 0.2 0.2 (13.1) 3.68 18,845.9 10.7 0.9 6.2
Bahrain 1,338.49 0.3 0.0 0.0 0.5 2.19 20,541.1 9.0 0.8 6.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,760
9,780
9,800
9,820
9,840
9,860
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 0.2% to close at 9,820.2. The Real Estate and
Consumer Goods & Services indices led the gains. The index rose on the
back of buying support from non-Qatari shareholders despite selling
pressure from Qatari and GCC shareholders.
 Qatar First Bank and Investment Holding Group were the top gainers,
rising 4.9% and 4.1%, respectively. Among the top losers, Doha
Insurance Group fell 5.7%, while Dlala Brokerage & Investment Holding
Company was down 1.2%.
 Volume of shares traded on Tuesday rose by 80.2% to 8.2mn from 4.5mn
on Monday. Further, as compared to the 30-day moving average of
6.5mn, volume for the day was 26.1% higher. Investment Holding Group
and Qatar First Bank were the most active stocks, contributing 35.9%
and 12.8% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09/04 US Markit Markit US Manufacturing PMI August F 54.7 54.5 54.5
09/04 EU Eurostat PPI MoM July 0.4% 0.3% 0.4%
09/04 EU Eurostat PPI YoY July 4.0% 3.9% 3.6%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 ILO praises Qatar’s legislation ending exit permit system –
Praising the new law pertaining to ending exit permit, the
International Labour Organization (ILO) stated that the new
legislation marks a ‘significant step in upholding the
fundamental rights’ of migrant workers in Qatar. Under the
new legislation, migrant workers in Qatar covered by the Labor
Law will no longer have to obtain exit permits in order to leave
the country. “The ILO welcomes the enactment of Law No. 13,
which will have a direct and positive impact on the lives of
migrant workers in Qatar. This first step towards full
suppression of exit permits is a clear sign of commitment by the
Government of Qatar to labour reforms and a key milestone in
the process. The ILO will continue to work closely with the
government of Qatar on these reforms,” Houtan
Homayounpour, the Head of the ILO Project Office for the State
of Qatar, stated. Emir HH Sheikh Tamim bin Hamad Al Thani
issued the Law No. 13 of 2018, amending certain provisions of
the Law No. 21 of 2015 regulating the entry, exit and residency
of expatriates. The law has amended the article No. 7 of the law
21 of 2015. The amendment stipulates that the expatriates
under the labor law have the right to leave the country
temporarily or permanently without exit permit while his work
contract is valid. The law stipulates that the employers have
the right to submit a list of employees who require prior permit
to leave the country to the Ministry of Administrative
Development, Labor and Social Affairs. The request must
indicate clearly the reasons and the list must not exceed 5% of
the company’s employees to take approval before leaving the
country, as per the nature of their works. (Peninsula Qatar)
 New law allows permanent residency for expats in Qatar – Emir
HH Sheikh Tamim Bin Hamad Al Thani issued the Law No. 10
of 2018 on permanent residency. The law, consisting of 13
articles, is effective and is to be published in the official gazette
and the Minister of Interior will issue decisions and executive
regulations needed for the implementation of the law. A
permanent committee called ‘Committee for Granting
Permanent Residency Permit’ will be set up at the Ministry of
Interior to look into the application as per the provisions of this
law. According to the law, the expatriates in Qatar could obtain
permanent residency permit (PRP) of Qatar under certain rules
and conditions. For obtaining PRP, any expatriate in Qatar
should complete 20 years in the country on a legal ordinary
residency permit if he/she is born abroad and 10 years for those
expatriates who are born in Qatar. The residency duration
should be uninterrupted and completed prior to the date of
application. Under the law, the continuation of the residency
should not be interrupted by staying outside Qatar for more
than 60 days in a year and in all cases the duration of stay out
of the country will be deducted from the balance of the
residency duration in Qatar. The Minister of Interior will grant
an ID card called ‘Permanent Residency Permit’ to the eligible
candidates. According to the Law, PRP should not be given to
more than 100 people in a year. It is allowed to increase the
number of issuance of PRP after approval from HH the Emir
upon the recommendation of the Minister of Interior, which will
be different in number for each year. PRP holders can invest in
the activities of national economic sectors which will be
specified by a Cabinet decision without a Qatari partner to
establish a company as per the provisions of the law for
regulating commercial companies. PRP holder can own
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 35.92% 46.89% (12,598,146.05)
Qatari Institutions 22.40% 13.52% 10,197,666.14
Qatari 58.32% 60.41% (2,400,479.91)
GCC Individuals 1.70% 2.45% (862,864.08)
GCC Institutions 1.95% 5.07% (3,579,434.51)
GCC 3.65% 7.52% (4,442,298.59)
Non-Qatari Individuals 16.78% 18.34% (1,789,828.53)
Non-Qatari Institutions 21.25% 13.73% 8,632,607.03
Non-Qatari 38.03% 32.07% 6,842,778.50

3. Page 3 of 6
residential properties and invest in Al Manatiq as per the rules
and regulations to be specified by a Cabinet decision. A decision
will be issued by the Minister of Interior to specify the fees for
applying for PRP, granting PRP ID, and validity. (Peninsula
Qatar)
 The Group Islamic Insurance Company postpones its EGM to
September 11 due to lack of quorum – The Group Islamic
Insurance Company, formerly known as Qatar Islamic
Insurance Company, announced that due to non-legal quorum
for the first Extraordinary General Assembly Meeting (EGM) on
September 4, 2018, it postponed the meeting to the second
(substitute) on September 11, 2018. (QSE)
 Qatar’s GDP may exceed QR773bn by 2022 – Qatar’s gross
domestic product (GDP) may exceed QR773bn ($212bn) by
2022, according to a recent report. FocusEconomics, in its
country report, noted that Qatar’s GDP this year would be
QR632bn ($173bn) and QR666bn ($183bn) in 2019. GDP per
capita in Dollar terms will be $62,493 this year and $75,032 in
2022. The country’s international reserves will scale up to
$28.7bn (QR104.5bn) in 2022. FocusEconomics noted that
higher oil prices and infrastructure push related to FIFA 2022
should drive the country’s growth this year. FocusEconomics
sees Qatar’s international reserves totaling $22.2bn this year.
Qatar’s merchandise trade balance would amount to $47.3bn
(QR172.1bn) by the year-end. Next year, it would be nearly
$47.1bn (QR171.4bn). Qatar’s current account balance (as a
percentage of GDP) will be 7.6% this year, according to an
estimate by FocusEconomics. Next year, it will be 6.8% of the
country’s GDP. Fiscal balance (as a percentage of GDP) will be
3.3% in 2022 from -1.7% this year. The country’s public debt (as
a percentage of GDP) is expected to drop to 51% in 2022 from
55.6% this year and 55% in 2019. (Gulf-Times.com)
 QFCRA signs 21 MoUs with securities regulators in EU – The
Qatar Financial Centre Regulatory Authority (QFCRA)
completed the signing of 21 memoranda of understanding
(MoU) with securities regulators in the European Union (EU).
The MoUs were coordinated by the European Securities and
Markets Authority (ESMA), following its review of Qatar
Financial Centre’s (QFC) legislative and supervisory framework
and its approval of QFCRA as a MoU counterparty. The
signatories to the MoUs with the QFCRA include the securities
regulators in France, the UK, Netherlands, Ireland, Portugal,
Luxembourg, Cyprus, Sweden, Denmark, Norway, Iceland,
Liechtenstein, Malta, Lithuania, Greece, Poland, Estonia,
Latvia, Slovak Republic, Bulgaria and Austria. The MoUs create
the opportunity for QFC’s Fund Managers to manage and
market funds (such as real estate funds, private equity funds
and hedge funds) to professional investors in the EU and
represent a significant opportunity for asset managers
authorized in the Qatar Financial Centre. (Gulf-Times.com)
 Al-Baker: India an important market for Qatar Airways – Qatar
and India share a “substantive and strong relationship” that has
evolved over the years, making India an important market for
Qatar Airways, said company’s Chief Executive, Akbar Al-
Baker. “India is on track to become the third largest global
aviation market by 2025 and we are determined to further grow
our presence in the Indian market by offering passengers the
award-winning quality of service that they deserve,” Al-Baker
said at the International Aviation Summit in New Delhi. “That
India is an important market for Qatar Airways is reflected on
the 102 weekly flights we provide to 13 destinations across
India,” Al-Baker noted. (Gulf-Times.com)
 Volume of approvals under Al Dhameen Program reaches
QR1.5bn in 1H2018 – Qatar Development Bank (QDB)
announced that the volume of approvals within Al Dhameen
Program in 1H2018 amounted to about QR1.5bn, in addition to
the issuance of guarantees of about QR1bn through 8 partner
banks to more than 250 Qatari firms. This was revealed by
Jawahar Humaid Al Nuaimi, Director of Al Dhameen Program at
QDB, during the ‘Best Partner Bank Award’ ceremony,
organized by QDB for supporting small and medium-sized
enterprises (SMEs). (Peninsula Qatar)
 Qatar’s ICT market likely to reach $4.4bn in 2021 – Information
and Communication Technology (ICT) sector is poised for
strong growth in coming years. Minister of Transport and
Communications, HE Jassim bin Saif Al Sulaiti said that Qatar’s
ICT market, which was estimated to be around $3.9bn in 2017,
is expected to grow by 2.3% per annum to reach $4.4bn in 2021.
The Minister was speaking at the ‘Qatar IT Business Awards
2018’ which was organized by the Ministry of Transport and
Communications (MOTC). (Peninsula Qatar)
 TMQ renews supply agreement with Qatar Automobiles Co. –
Total Marketing Qatar (TMQ) renewed the supply agreement
with Qatar Automobiles Co., the authorized distributor of
Mitsubishi Motors and FUSO in Qatar and a subsidiary of NBK
Group Company, for the supply of high performance Total
branded lubricants in their service centers across Qatar. Total
Marketing Qatar, an international lubricant company, with
prominent share in the country, will support Mitsubishi
network and its customers to provide the latest generation of
TOTAL QUARTZ lubricants to enhance the performance of
Mitsubishi vehicles. (Peninsula Qatar)
International
 US factory activity hits 14-year high; supply constraints rising
– US manufacturing activity accelerated to more than a 14-year
high in August, boosted by a rise in new orders, but increasing
bottlenecks in the supply chain because of a robust economy
and import tariffs could restrain further growth. The Institute
for Supply Management (ISM) survey was at odds with another
survey published that suggested a peak in manufacturing and
pointed to a slowdown in the months ahead against the
backdrop of a strong Dollar. Recent surveys have also signaled a
cooling in regional factory activity. The ISM said its index of
national factory activity jumped to 61.3 last month, the best
reading since May 2004, from 58.1 in July. A reading above 50
indicates growth in manufacturing, which accounts for about
12% of the US economy. The ISM described demand as
remaining “robust,” but cautioned that “the nation’s
employment resources and supply chains continue to struggle.”
According to the ISM, survey respondents were “again
overwhelmingly concerned about tariff-related activity,
including how reciprocal tariffs will impact company revenue
and current manufacturing locations.” (Reuters)
 Eurozone’s producer prices up more than expected in July –
Eurozone’s producer prices rose slightly more than forecast in
July, driven by expensive energy, data released by the European

4. Page 4 of 6
Union statistics agency showed. Eurostat stated prices at
factory gates in the 19 countries sharing the Euro rose 0.4%
MoM in July against market expectations of a 0.3% rise in a
Reuters poll of economists. On YoY basis, producer prices rose
4.0% in July, against market expectations of a 3.9% gain.
Energy prices rose 1.1% on the month and were 10.7% higher
than a year earlier, making energy the biggest variable in the
overall index. Without volatile energy, producer prices rose
only 0.1% MoM and 1.7% YoY, confirming the view of the
European Central Bank’s Chief, Mario Draghi that spiking
energy prices are the main reason for higher inflation. (Reuters)
 Japan’s August services PMI hits four-month high, pace of
hiring increases – Activity in Japan’s services sector rose in
August to the highest level in four months due to higher sales
and new store openings, a private survey showed, highlighting
the strength of domestic demand. The Markit/Nikkei Japan
Services Purchasing Managers Index (PMI) increased to 51.5 on
a seasonally adjusted basis from 51.3 in July. The index has
remained above the 50 threshold that separates expansion from
contraction for 23 consecutive months. In August, new
business expanded at the fastest pace in four months and
companies added workers at the highest rate in 14 months,
suggesting the economy remains healthy. Factory activity also
picked up in August, according to earlier Markit/Nikkei survey,
but economists warn that trade protectionism is a risk to
Japan’s export-oriented economy. (Reuters)
 Caixin PMI: China’s services sector growth slows further in
August, inflation pressures rising – Growth in China’s services
sector weakened again in August as new business picked up
only slightly from July’s more than two-year low, a private
survey showed. The downturn in the key part of the economy
comes at a trying time for Beijing, which is facing an escalating
trade war with the US that threatens the country’s massive
manufacturing sector at a time of a deepening domestic
slowdown. For August, the Caixin/Markit services purchasing
managers’ index (PMI) fell to 51.5, the lowest in 10 months,
from July’s 52.8. The 50-mark separates growth from
contraction. Government officials have long touted a strong
expansion in services as evidence of the economy rebalancing
to more sustainable growth, though weaker consumer spending
and a housing slowdown may be putting a dent in overall
output. (Reuters)
Regional
 Infrastructure projects to drive demand for suppliers in the GCC
– In the coming 20 years, non-OECD (Organisation for Economic
Co-operation and Development) states are projected to spend
more than $57tn on infrastructure projects, compared to $34tn
by OECD countries, according to Strategy& Middle East. In
conjunction with these spendings, policymakers in non-OECD
countries have increased their commitment to promote
localization of their infrastructure spends. Nearly 300 local
content requirements measures are currently in place in non-
OECD countries. According to the Strategy& report, such an
approach is particularly important for the GCC, where
governments are investing significant sums to develop
infrastructure. Saudi Arabia is likely to spend $1.1tn from 2019-
2038, while the UAE is scheduled to invest $350bn over a
similar time frame. These large development schemes can allow
local companies not just to substitute imports, but also grow
non-oil exports by enhancing their capabilities. (GulfBase.com)
 Moody’s: Sukuk issuance likely to reach $100bn in 2018 –
Global Sukuk issuance is expected to reach $90-$100bn in 2018,
in line with 2017 levels, according to Moody’s Investors Service
(Moody’s). The expectation of Moody’s of broadly stable
issuance for the year, despite 12% decrease to $55bn in 1H2018,
is supported by regular issuance from government and
corporate entities in Malaysia (‘A3’ ‘Stable’) and Indonesia
(‘Baa2’ ‘Stable’) in 2H2018. The decrease in Sukuk issuances
during 1H2018 was driven by lower volumes from the GCC
region. “Over the long term, we expect Sukuk issuance volumes
to continue to grow as governments across the core Islamic
finance markets shift their financing mix towards a
combination of conventional and Islamic instruments,” Nitish
Bhojnagarwala, a Vice President and Senior Credit Officer at
Moody’s said. (Peninsula Qatar)
 Markaz: EM currencies depreciation weighs on GCC market –
GCC markets gave up some of their recent gains in the previous
months due to emerging market (EM) currencies depreciation
against the US Dollar and the selling pressure. The month of
August halted the positive momentum, amongst majority of
GCC markets, which prevailed in the recent months as the
investors booked profits. Turmoil in Turkey and pullout of
much and long awaited IPO of Saudi Aramco contributed to the
negative sentiment, Kuwait Financial Centre (Markaz) noted in
its monthly market review. In terms of YTD performance, Qatar
index delivered 16% since the beginning of the year making it
the best performing market across emerging and developed
markets globally. Qatar markets continued to remain strong
post Moody’s decision to change the country’s sovereign
outlook from ‘Negative’ to ‘Stable’.
 MSCI to launch tradable index with Saudi Arabia’s exchange in
4Q2018 – Global index provider MSCI stated it signed an
agreement with Tadawul to jointly launch a tradable index later
this year in a move that could spur the growth of derivatives
and exchange-traded funds. Tadawul stated in a separate
statement it would introduce exchange-traded derivatives in
1H2019. The moves come after MSCI classified the Saudi
Arabian equity market as an emerging market in June, which is
expected to attract billions of Dollars of passive funds. MSCI
stated the index would be based on the broader MSCI Saudi
Arabia index series, part of the MSCI Emerging Markets Index.
The joint tradable index will be available in 4Q2018. Further,
Tadawul will introduce exchange-traded derivatives in 1H2019
and launch an index futures contract based on the tradable
index jointly developed with MSCI. Saudi Arabia’s inclusion
into the major emerging markets indices further validates the
need for this market. Tadawul is planning to launch additional
derivative products gradually as part of its strategy to diversify
its product offering and provide more investment opportunities
for market participants. (Reuters, Tadawul)
 Saudi Arabia’s PIF to sign $11bn loan next week – Saudi
Arabia’s sovereign wealth fund, Public Investment Fund (PIF),
is set to sign $11bn syndicated loan next week, according to
bankers close to the deal, which will help to fund the Kingdom’s
economic transformation plans. The deal will be the first
commercial loan for PIF, which is tasked with helping to deliver

5. Page 5 of 6
Saudi Arabia’s Vision 2030 reform plan, as the country reduces
its reliance on oil exports. The loan will have a five-year
maturity and is structured as a club loan, with 14-16 banks
making commitments of up to $1bn at three different levels.
(Reuters)
 PMI: Saudi Arabia’s private-sector growth in August is fastest
this year – Growth in Saudi Arabia’s non-oil private sector
edged up in August to its fastest rate this year, a survey of
companies showed, suggesting a long-awaited recovery of the
economy may have begun. The economy has been hit hard in
the last few years by low oil prices and government austerity,
but the International Monetary Fund predicts it will start
picking up this year as state spending and oil output increase.
The corporate survey indicated that process may now be
underway. The seasonally adjusted Emirates NBD Saudi Arabia
Purchasing Managers’ Index rose to 55.1 last month from 54.9
in July; a level above 50 indicates expansion. Output growth
accelerated to 59.7 from 58.8, while growth of new orders
climbed to 59.0 from 58.5. Employment growth slowed
marginally, however, to 51.0. (Reuters)
 Saudi Aramco plans to ship first crude oil to Malaysia JV
refinery in October – Saudi Aramco plans to deliver the first
crude oil cargo to its joint-refinery (JV) project with Petronas in
Malaysia in October as the companies prepare for trial runs at
the new plant, according to sources. The project, Refinery and
Petrochemical Integrated Development, is a $27bn complex
located between the Malacca Strait and the South China Sea,
conduits for Middle East oil and gas bound for China, Japan and
South Korea. (Reuters)
 Saudi Arabia’s Ministry of Finance denies imposing fees on
foreign worker remittances – Saudi Arabia’s Ministry of
Finance denied reports that it was planning to impose fees on
the remittances of foreign workers. The ministry stated it was
committed to supporting the free movement of capital through
official channels in accordance with international standards
and practices. The Kingdom is home to more than 10mn foreign
workers, who in 2017, sent almost $38bn to their home
countries. (GulfBase.com)
 UAE’s private-sector growth slows in August as employment
slumps – Expansion of the UAE’s’ non-oil private sector slowed
to a five-month low in August as total employment shrank for
the first time on record, a survey of companies showed. The
seasonally adjusted Emirates NBD UAE Purchasing Managers’
Index (PMI), which covers manufacturing and services, fell to
55.0 last month from 55.8 in July. A reading above 50 indicates
expansion and below that level, contraction. Output growth
accelerated to 63.1 from 61.9, but growth in new orders slowed
to a 20-month low of 57.1 from 60.6. The reading for
employment sank to 49.0 from 50.2, falling below 50 for the first
time since the survey was launched in August 2009. (Reuters)
 Higher yield on credit drives profitability of leading UAE banks
– Improved yield on credit saw a significant rise in profitability
for the top ten UAE banks in 2Q2018, according to an analysis
of data by global professional services firm Alvarez & Marsal
(A&M). Net interest margin (NIM) of these banks again
increased by 2.61%, at a higher rate than 2.55% in 1Q2018. The
increase was driven by a rise in yield on credit, which more than
offset a parallel increase in cost of funds. Only three of the top
ten banks reported a decrease in NIM. Data showed UAE banks’
profitability continued to increase, with operating income and
net interest margins significantly higher than in the previous
quarter. Deposits grew at faster rate of 2.18% than loans and
advances at 1.75%, resulting in a slightly reduced average loan-
to-deposit (LDR) ratio for 2Q2018. Despite this, eight of the top
ten banks remained in the LDR green zone of between 80% and
100%. (GulfBase.com)
 Bahrain Islamic Bank inks Fontana Project finance deal –
Bahrain Islamic Bank stated it has signed a joint venture
agreement with Royal Ambassador Property Management, a
real estate property management company to provide private
financing for potential residents of the Fontana Project. This
should enable both national and expats working in Bahrain, or
the GCC to buy residential units the real estate development.
(GulfBase.com)

6. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on September 4, 2018) Source: Bloomberg (*$ adjusted returns)
50.0
75.0
100.0
125.0
Aug-14 Aug-15 Aug-16 Aug-17 Aug-18
QSEIndex S&P Pan Arab S&P GCC
0.3%
0.2%
0.1%
0.3%
0.0%
0.9%
0.3%
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 1,191.56 (0.8) (0.8) (8.6) MSCI World Index 2,162.83 (0.5) (0.6) 2.8
Silver/Ounce 14.16 (2.4) (2.7) (16.4) DJ Industrial 25,952.48 (0.0) (0.0) 5.0
Crude Oil (Brent)/Barrel (FM Future) 78.17 0.0 1.0 16.9 S&P 500 2,896.72 (0.2) (0.2) 8.3
Crude Oil (WTI)/Barrel (FM Future) 69.87 0.1 0.1 15.6 NASDAQ 100 8,091.25 (0.2) (0.2) 17.2
Natural Gas (Henry Hub)/MMBtu#
2.96 0.0 0.0 (4.2) STOXX 600 379.83 (1.0) (0.8) (6.0)
LPG Propane (Arab Gulf)/Ton 105.00 1.2 1.2 6.1 DAX 12,210.21 (1.4) (1.4) (9.0)
LPG Butane (Arab Gulf)/Ton 115.25 0.4 0.4 6.2 FTSE 100 7,457.86 (0.8) (0.5) (7.8)
Euro 1.16 (0.3) (0.2) (3.5) CAC 40 5,342.70 (1.6) (1.3) (3.1)
Yen 111.41 0.3 0.3 (1.1) Nikkei 22,696.90 (0.3) (1.0) 0.8
GBP 1.29 (0.1) (0.8) (4.9) MSCI EM 1,040.17 (0.7) (1.5) (10.2)
CHF 1.03 (0.5) (0.6) 0.0 SHANGHAI SE Composite 2,750.58 0.9 0.9 (21.0)
AUD 0.72 (0.5) (0.2) (8.1) HANG SENG 27,973.34 0.9 0.3 (6.9)
USD Index 95.44 0.3 0.3 3.6 BSE SENSEX 38,157.92 (0.7) (2.0) 0.2
RUB 68.12 (0.0) 0.9 18.2 Bovespa 74,711.80 (2.8) (4.3) (22.4)
BRL 0.24 (0.0) (2.6) (20.4) RTS 1,082.21 (0.3) (0.9) (6.3)
81.3
79.1
76.3