The QSE Index rose 0.1% to close at 9,830.3

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.1% to close at 9,830.3. Gains were led by the Banks & Financial
Services and Insurance indices, gaining 0.8% and 0.5%, respectively. Top gainers
were Doha Insurance Group and The Group Islamic Insurance Co., rising 4.0% and
3.8%, respectively. Among the top losers, Qatar Industrial Manufacturing Company
fell 4.9%, while Dlala Brokerage & Investment Holding Company was down 4.4%.
GCC Commentary
Saudi Arabia: The TASI Index fell 3.1% to close at 7,719.1. Losses were led by the
Media and Consumer Durables & App. indices, falling 4.9% and 4.3%, respectively.
Amana Cooperative Ins. fell 9.8%, while Walaa Cooperative Ins. was down 7.5%.
Dubai: The DFM General Index declined 0.7% to close at 2,818.4. The
Transportation index fell 1.4%, while the Real Estate & Const. index declined 1.1%.
Drake & Scull Int. fell 3.5%, while Gulf General Investments Co. was down 2.3%.
Abu Dhabi: The ADX General index fell 1.1% to close at 4,927.9. The Banks index
declined 2.0%, while the Consumer Staples index fell 1.6%. Abu Dhabi National
Insurance Co. declined 6.2%, while Abu Dhabi Commercial Bank was down 4.6%.
Kuwait: The Kuwait Main market Index rose marginally to close at 4,869.9. The
Basic Materials index gained 2.6%, while the Ind. index rose 0.8%. Kuwait and
Middle East Finan. gained 12.5%, while United Projects for Aviation. was up 9.9%.
Oman: The MSM 30 Index rose marginally to close at 4,429.5. Gains were led by the
Industrial and Services indices, rising 0.2% and 0.1%, respectively. Al Anwar
Ceramic Tiles rose 3.4%, while Oman Fisheries was up 2.4%.
Bahrain: The BHB Index fell 0.2% to close at 1,335.3. The Insurance index declined
1.0%, while the Industrial index fell 0.8%. Bahrain Cinema Company declined 7.4%,
while Bahrain National Holding Company was down 3.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Doha Insurance Group 13.63 4.0 0.5 (2.6)
The Group Islamic Insurance Co. 55.00 3.8 0.2 0.1
QNB Group 178.50 1.7 228.9 41.7
Widam Food Company 71.20 1.6 0.7 13.9
Ahli Bank 30.50 1.3 1.1 (17.9)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 10.34 0.1 737.5 (14.4)
Qatar First Bank 5.28 (1.3) 637.7 (19.1)
Dlala Brokerage & Inv. Holding Co. 13.00 (4.4) 594.3 (11.6)
Investment Holding Group 5.80 (0.5) 379.1 (4.9)
Qatar Gas Transport Company Ltd. 17.21 (1.7) 344.8 6.9
Market Indicators 05 Sep 18 04 Sep 18 %Chg.
Value Traded (QR mn) 188.1 114.9 63.8
Exch. Market Cap. (QR mn) 544,555.8 542,617.7 0.4
Volume (mn) 5.8 8.2 (29.0)
Number of Transactions 2,914 2,682 8.7
Companies Traded 43 42 2.4
Market Breadth 13:28 27:11 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,319.94 0.1 (0.6) 21.2 14.6
All Share Index 2,876.85 0.2 (0.4) 17.3 14.9
Banks 3,544.80 0.8 (0.3) 32.2 14.4
Industrials 3,135.80 (0.5) (0.6) 19.7 15.6
Transportation 2,009.37 (1.1) (1.3) 13.7 12.5
Real Estate 1,845.28 (0.0) 0.3 (3.7) 15.6
Insurance 3,127.75 0.5 (0.3) (10.1) 29.2
Telecoms 1,000.04 (0.3) (3.3) (9.0) 39.2
Consumer 6,226.10 (0.4) 1.2 25.4 13.6
Al Rayan Islamic Index 3,804.24 (0.4) (0.5) 11.2 16.4
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Union National Bank Abu Dhabi 4.95 11.7 39,469.9 30.3
Boubyan Petrochem. Co. Kuwait 1.05 3.7 1,096.2 56.7
GFH Financial Group Dubai 1.40 2.9 36,713.9 (6.7)
Al Ahli Bank of Kuwait Kuwait 0.30 2.1 111.5 1.7
QNB Group Qatar 178.50 1.7 228.9 41.7
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Banque Saudi Fransi Saudi Arabia 31.00 (6.1) 291.7 8.4
Arab National Bank Saudi Arabia 31.40 (5.8) 178.7 27.1
F. A. Al Hokair Saudi Arabia 22.68 (5.8) 635.4 (25.4)
Co. for Cooperative Ins. Saudi Arabia 50.70 (5.2) 303.5 (46.3)
DP World Dubai 20.50 (4.7) 110.9 (18.0)
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%
Qatar Industrial Manufacturing 39.00 (4.9) 11.6 (10.8)
Dlala Brokerage & Inv. Holding 13.00 (4.4) 594.3 (11.6)
Mannai Corporation 51.06 (3.7) 39.7 (14.2)
Qatar National Cement Company 56.01 (3.4) 17.9 (11.0)
Qatar Gas Transport Co. Ltd. 17.21 (1.7) 344.8 6.9
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 178.50 1.7 40,634.0 41.7
Qatar Electricity & Water Co. 189.00 (0.5) 15,379.9 6.2
Industries Qatar 124.00 0.0 14,661.2 27.8
Qatar Islamic Bank 139.40 1.0 13,731.5 43.7
The Commercial Bank 39.30 0.1 11,912.0 36.0
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* 9,830.32 0.1 (0.6) (0.6) 15.3 51.40 149,589.5 14.6 1.5 4.5
Dubai 2,818.44 (0.7) (0.8) (0.8) (16.4) 57.02 100,864.0 7.5 1.0 6.0
Abu Dhabi 4,927.92 (1.1) (1.2) (1.2) 12.0 115.55 134,282.7 13.0 1.5 4.9
Saudi Arabia 7,719.10 (3.1) (2.9) (2.9) 6.8 1,050.22 489,286.7 17.0 1.7 3.7
Kuwait 4,869.91 0.0 (0.6) (0.6) 0.9 65.90 33,609.6 15.1 0.9 4.3
Oman 4,429.45 0.0 0.2 0.2 (13.1) 13.54 13,357.6 11.0 0.9 6.2
Bahrain 1,335.26 (0.2) (0.2) (0.2) 0.3 14.94 20,488.5 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)
9,750
9,800
9,850
9,900
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index rose 0.1% to close at 9,830.3. The Banks & Financial
Services and Insurance 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.
 Doha Insurance Group and The Group Islamic Insurance Company were
the top gainers, rising 4.0% and 3.8%, respectively. Among the top
losers, Qatar Industrial Manufacturing Company fell 4.9%, while Dlala
Brokerage & Investment Holding Company was down 4.4%.
 Volume of shares traded on Wednesday fell by 29.0% to 5.8mn from
8.2mn on Tuesday. Further, as compared to the 30-day moving average
of 6.5mn, volume for the day was 10.3% lower. Ezdan Holding Group and
Qatar First Bank were the most active stocks, contributing 12.7% and
11.0% 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
09/05 US Mortgage Bankers Association MBA Mortgage Applications 31-August -0.1% – -1.7%
09/05 US US Census Bureau Trade Balance July -$50.1bn -$50.2bn -$45.7bn
09/05 UK Markit Markit/CIPS UK Services PMI August 54.3 53.9 53.5
09/05 UK Markit Markit/CIPS UK Composite PMI August 54.2 54.0 53.5
09/05 EU Markit Markit Eurozone Services PMI August F 54.4 54.4 54.4
09/05 EU Markit Markit Eurozone Composite PMI August F 54.5 54.4 54.4
09/05 Germany Markit Markit Germany Services PMI August F 55.0 55.2 55.2
09/05 Germany Markit Markit/BME Germany Composite PMI August F 55.6 55.7 55.7
09/05 France Markit Markit France Services PMI August F 55.4 55.7 55.7
09/05 France Markit Markit France Composite PMI August F 54.9 55.1 55.1
09/05 Japan Markit Nikkei Japan PMI Services August 51.5 – 51.3
09/05 Japan Markit Nikkei Japan PMI Composite August 52.0 – 51.8
09/05 China Markit Caixin China PMI Composite August 52.0 – 52.3
09/05 China Markit Caixin China PMI Services August 51.5 52.6 52.8
09/05 India Markit Nikkei India PMI Services August 51.5 – 54.2
09/05 India Markit Nikkei India PMI Composite August 51.9 – 54.1
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 15.57% 24.26% (16,330,823.87)
Qatari Institutions 14.58% 16.90% (4,369,300.03)
Qatari 30.15% 41.16% (20,700,123.90)
GCC Individuals 1.04% 0.53% 948,926.69
GCC Institutions 0.05% 1.68% (3,076,031.38)
GCC 1.09% 2.21% (2,127,104.69)
Non-Qatari Individuals 8.49% 8.21% 527,087.77
Non-Qatari Institutions 60.27% 48.42% 22,300,140.82
Non-Qatari 68.76% 56.63% 22,827,228.59

3. Page 3 of 7
News
Qatar
 Moody's withdraws Ezdan Holding Group's credit rating – Ezdan
Holding Group’s ‘B1’ corporate rating, as well as Ezdan Sukuk
Company’s ‘B1’ senior unsecured MTN program rating and the
associated senior unsecured debt instruments with ‘B1’ rating
of Ezdan Sukuk Co. were all withdrawn, Moody’s Investors
Service (Moody’s) stated. Moody’s stated ratings were
withdrawn because it believes it has “insufficient or otherwise
inadequate information to support the maintenance of the
ratings.” (Bloomberg)
 Dlala Islamic Brokerage announces the last business day to be 6
September, 2018 – Dlala Islamic Brokerage announced that
Thursday 6 September, 2018 will be the last business day, this
is according to the merger of Dlala Islamic Brokerage and Dlala
Brokerage and Investment Holding Company, which has been
approved by QFMA. (QSE)
 Qatar’s central bank sells QR1.1bn of Treasury-bills – Qatar's
central bank sold QR1.1bn of Treasury bills with maturities of
three, six and nine months. The bank sold QR600mn of three-
month bills at a yield of 2.18%, QR300mn of six-month bills at
2.48% and QR200mn of nine-month bills at 2.73%. (Zawya)
 2022 World Cup: Qatar aims to have 3-5 fan fest venues – Qatar
will have about three to five fan fest venues for the 2022 FIFA
World Cup, stated a top official of the Supreme Committee for
Delivery & Legacy (SC). “The 2022 FIFA World Cup will be,
probably, the most compact one so far. Having fans of all the
teams in a compact place will add to the festivities. We aim to
have some three to five fan fest venues for the tournament,”
said Nasser Al-Khater, Assistant Secretary General,
Tournament Affairs SC. Speaking on the sidelines of an event to
launch volunteer registration for the tournament recently, Al-
Khater said that every country has its own strength and the
size of the country is the strength for Qatar. (Gulf-Times.com)
 Qatar Petroleum in talks over potential Germany’s LNG
terminal – Qatar Petroleum, the world’s top supplier of liquefied
natural gas (LNG), is in talks with Germany’s energy firms
Uniper and RWE about cooperating on a potential local LNG
terminal, its Chief Executive said. “We have a serious interest
in participating in a Germany’s LNG terminal and are talking to
Uniper and RWE,” Saad Al-Kaabi told business daily
Handelsblatt in an interview ahead of the Qatar Germany
Business and Investment Forum in Berlin on September 7. Al-
Kaabi said there were two ways of participating in an LNG
terminal, either by securing capacity to open up supply, or by
taking a stake in the terminal infrastructure. A spokeswoman
for RWE, Germany’s largest power producer, said talks with
Qatar Petroleum were about potential gas deliveries to
Germany, not about a shareholding in a potential Germany’s
LNG terminal. (Reuters)
 QFC survey: Growth streak for private sector continues –
Continuing the sequence recorded since August last year,
business conditions across Qatar's non-oil and gas private
sector improved once again, according to the latest Qatar
Financial Centre (QFC) Qatar PMI data. Despite the rate of
expansion easing to a one-year low, growth of new business
remained robust overall, while job creation accelerated to a
survey-record high amid elevated sentiment across the sector.
The survey, compiled for the Qatar Financial Centre by IHS
Markit, has been conducted since April 2017, and provides an
early indication of operating conditions in Qatar. The headline
figure derived from the survey is the Purchasing Managers'
Index (PMI). Readings above 50 signal an improvement in
business conditions on the previous month, while readings
below 50 show deterioration. The headline seasonally adjusted
Qatar Financial Centre PMI – a composite gauge designed to
give a single-figure snapshot of operating conditions in the non-
oil and gas private sector – softened to 50.4 in August, from 52
in July, partly reflecting a slight fall in output. The figure
remained in positive territory, however, and stretched the
current phase of expansion to 13 months. (Gulf-Times.com)
 Cabinet issues draft legislation for fund to support workers –
The Cabinet has taken the necessary measures to issue a draft
law on the establishment of a fund to support workers in the
country. The decision was taken after the Cabinet reviewed
recommendations of the Advisory Council on the draft law at
its regular weekly meeting, the official Qatar News Agency
(QNA) reported. Under the provisions of the draft law, the fund
will be established with a legal identity and an independent
budget, and with affiliation to the Cabinet. It will be
headquartered in Doha and branches/offices may be set up in
the country based on a decision from the Cabinet. The fund
aims to provide sustainable and required financial resources for
the support and security of workers. It seeks to pay workers’
dues as agreed upon by labor dispute settlement committees
and then collect the amount paid from employers, QNA stated.
(Gulf-Times.com)
 NHRC welcomes laws issued by the Emir – The National Human
Rights Committee (NHRC) welcomed the various legislations
issued by HH Emir Sheikh Tamim bin Hamad Al-Thani, which
confirmed the continuous efforts to consolidate the pillars of a
State of institutions, the rule of law and human rights. NHRC
valued these reformation steps reflected in issuing Decrees No
40 and 41 of 2018 on approving the accession of Qatar to the
International Covenant on Civil and Political Rights and
approving the accession of Qatar to the International Covenant
on Economic, Social and Cultural Rights, both having the force
of law in line with Article 68 of the constitution. NHRC said this
represents a major importance to Qatar, since both covenants
are two international legitimacies, where all human rights
provisions were generally understood and joining them are a
positive indication to its stance towards human rights and its
implementation. (Gulf-Times.com)
International
 US trade deficit rises to five-month high as exports fall – The
US trade deficit rose to a five-month high in July, with the
politically sensitive gap with China hitting a record high, which
economists said could embolden the Trump administration to
aggressively pursue its “America First” agenda. The
administration’s protectionist trade policy has left the US
embroiled in tit-for-tat tariffs with the European Union, Canada
and Mexico as well as an escalating trade war with China.
President Donald Trump claims the US is being taken
advantage of by its trade partners. The deterioration in the
trade deficit reported by the Commerce Department on

4. Page 4 of 7
Wednesday came a day before the end of a public comment
period on a list of $200bn worth of Chinese goods widely
expected to be hit with tariffs soon. The Commerce Department
said the trade deficit increased 9.5% to $50.1bn as exports of
soybeans and civilian aircraft dropped and imports hit a record
high. The trade gap has now widened for two straight months.
Economists polled by Reuters had forecasted the trade shortfall
swelling to $50.3bn in July. (Reuters)
 Eurozone’s growth picks up in August, but trade war casts a
shadow – Eurozone’s business activity picked up a bit last
month, extending a period of solid growth, but a growing global
trade war kept optimism in check and suggests the pace may
not be maintained, a survey showed. Signs of robust growth
and inflationary pressures means, the European Central Bank is
unlikely to be swayed from closing its 2.6tn Euro asset purchase
program by year-end. IHS Markit’s Eurozone Composite Final
Purchasing Managers’ Index (PMI), seen as a good guide to
economic health, nudged up in August to 54.5 from July’s 54.3,
just above an earlier flash estimate of 54.4. Anything above 50
indicates growth. August’s surveys point to quarterly Eurozone
economic growth of 0.4%, matching a forecast in a Reuters poll
last month, IHS Markit said. But it also questioned whether the
pace could be maintained next quarter. (Reuters)
 Eurozone’s retail sales growth slows YoY in July as clothing
spend falls – Eurozone’s retail sales grew at a more moderate
rate than expected YoY in July as households spent less on
clothing than a year earlier, mirroring a steady weakening of
consumer sentiment since the start of the year. Retail sales in
the 19 countries sharing the single currency fell by 0.2% MoM
and rose by 1.1% YoY. Economists polled by Reuters had
expected the same 0.2% drop in July and a 1.3% YoY rise after
June’s increases of 0.3% MoM and 1.5% from the same period a
year earlier. The YoY rise was largely the result of a 7.3%
increase in mail order and internet sales. (Reuters)
 Strong Germany’s services point to robust growth in third
quarter – Germany’s services growth reached a six-month high
in August as firms created jobs at the fastest pace in nearly 11
years, a survey showed, suggesting that a domestically driven
upswing will continue in the third quarter. Helped by low
borrowing costs and a growing population, household
consumption, state spending and construction have become
important and reliable growth drivers in Europe’s largest
economy, providing a buffer against trade-related
uncertainties. IHS Markit’s final composite Purchasing
Managers’ Index (PMI), which tracks the manufacturing and
services sectors that account for more than two-thirds of the
economy, rose to 55.6 from 55.0 in July. The reading, the
highest since February, was well above the 50 line that
separates growth from contraction but came in slightly below a
preliminary estimate published last month. In services,
business activity increased to reach a six-month high at 55.0 in
August. Financial and telecommunications companies reported
the fastest growth. A sub-index tracking employment growth in
services jumped to 56.8, the highest reading since October 2007.
(Reuters)
 China’s central bank to boost support for smaller firms – China’s
central bank will improve its policy transmission mechanism to
further step up financing support for smaller firms, its governor,
Yi Gang, said in remarks published. The People’s Bank of China
(PBOC) has been pumping out more cash to spur bank lending,
but faces difficulty in channeling credit to small firms, vital for
economic growth and employment at a time of rising trade
tension. The PBOC will treat state and private firms equally on
policies including credit and bond issuance, Yi said in a
statement posted on the central bank’s website. The
government will coordinate monetary, fiscal and regulatory
polices to “stimulate financial institutions’ enthusiasm”, and
will build a sustainable financing model for small firms, he
added. Yi made the remarks during a meeting with executives
of private companies and senior officials from commercial
banks, the statement said. Private company officials at the
meeting said they faced pressures from economic slowdown,
the impact of government policies to cut debt, higher financing
costs and tougher pollution curbs, it added. Commercial firms
remain reluctant to lend to small and private firms, which they
consider to be riskier than state-owned firms. (Reuters)
Regional
 Cyber threat landscape across the GCC rapidly expanding,
cautions Booz Allen Hamilton – As the cyber threat landscape
continues to evolve, it is imperative for the government and
private sector to pay attention to some of the most significant
areas of heightened risk in the cyber environment, according to
Booz Allen Hamilton. The cyber threat landscape in Qatar and
generally in the GCC region is rapidly expanding, with attacks
against regional entities and residents increasing in quantity
and sophistication. Indeed, a May 2018 survey reported an
estimated 41% of GCC-based enterprises experienced a cyber-
attack in the previous 12 months, a 46% increase from 2016
numbers. (Gulf-Times.com)
 MSCI’s CEO says composition of new Saudi Arabian tradable
index not yet fixed – The composition of new MSCI-Saudi
Arabian tradable index is not yet fixed, but the index provider
will publish standards later, according to MSCI’s CEO, Henry
Fernandez. MSCI stated the index would be based on the
broader MSCI Saudi Arabia index series, part of the MSCI
Emerging Markets Index. (Reuters)
 Tadawul’s Chief Executive says IPOs to increase, futures to aid
foreign funds – Tadawul expects share listings to pick up next
year while the launch of stock index futures should smooth an
influx of money from overseas, its Chief Executive said. The
Saudi Arabian market, with a capitalization of about $500bn, is
bracing for heavy inflows of foreign funds in 2019, analysts
predict $20bn or more, as it joins emerging market indexes
compiled by MSCI and FTSE Russell. Absorbing that amount of
money without destabilizing stock prices may be difficult.
However, Khalid Al Hussan said authorities were working on
several initiatives to deepen the market with initial public
offers (IPO) of equity, helping to make it more stable. A package
of incentives will soon be offered to local companies that list, he
said; the firms could expect regulatory benefits within their
industries. This may persuade family-controlled groups to take
some of their operations public. (Reuters)
 Saudi Arabia raises October crude prices to Europe, cuts Asian
prices – Saudi Aramco raised the European price for its Arab
Light crude grade for October, the state oil producer stated, as
Russian Urals prices rally and European refiners seek to replace

5. Page 5 of 7
Iranian oil supplies ahead of the November US sanctions
deadline. Saudi Aramco has raised the official selling price
(OSP) to Northwest Europe by $1.45 a barrel from the previous
month, putting it at a discount of $1.80 per barrel to ICE Brent.
Saudi Aramco cut its October OSP for Arab Light to Asia by
$0.10 a barrel versus September, putting it at a premium of
$1.10 a barrel to the Oman/Dubai average. (Reuters)
 Saudi Arabia aims to keep crude in $70-80 band – Saudi Arabia
wants oil to stay between $70 and $80 a barrel for now, as the
world’s biggest crude exporter strikes a balance between
maximizing revenue and keeping a lid on prices until US
congressional elections, OPEC and industry sources said. After
announcing the flotation of Saudi Aramco in 2016, the Kingdom
began pushing for higher crude prices partly to help maximize
the valuation of the state oil company ahead of an initial public
offering (IPO), originally scheduled for 2018. (Reuters)
 CMA approves capital increase request for Bupa Arabia – The
Capital Market Authority (CMA) issued its resolution approving
Bupa Arabia for Cooperative Insurance Company's (Bupa
Arabia) request to increase its capital from SR800,000,000 to
SR1,200,000,000 through issuing one bonus share for every two
existing shares owned by the shareholders. The increased
capital will be paid by transferring an amount of SR400,000,000
from the retained earnings to the company's capital. The
company's outstanding shares increased from 80,000,000 to
120,000,000. (Tadawul)
 Saudi Arabia’s textile printing industry’s tech migration on the
rise – The textile printing industry has come of age and is
rapidly growing across the globe and the Middle East region.
Saudi Arabia houses thousands of retail destinations, including
several high-end furniture brands and these numbers are on the
rise. According to Smithers Pira, the UK-based market
intelligence, testing and consulting firm, this industry is slated
to grow to $2.66bn by 2021. (GulfBase.com)
 Saudi Aramco awards major Marjan field deal to BHGE – Saudi
Aramco awarded the first large-scope integrated services
contract for its Marjan oilfield, the first of three major offshore
expansions in Saudi Arabia, and the company’s largest
upstream development project this year, to Baker Hughes, a GE
Company (BHGE). Under the contract’s terms, BHGE will
provide drilling services, coiled tubing services and drilling
fluids engineering services in Marjan. (GulfBase.com)
 The UAE, Britain discuss trade cooperation – Sheikh Abdullah
Bin Zayed Al Nahyan, Minister of Foreign Affairs and
International Cooperation, has met with UK Secretary of State
for International Trade, Liam Fox, to discuss ways of expanding
the scope of trade cooperation. Sheikh Abdullah, currently on a
state visit to the UK, underlined the importance of the strategic
relations between the two countries and their leadership’s
determination to propel ties to the higher good of the two
peoples. (GulfBase.com)
 S&P cuts credit ratings on two Dubai firms, cites weaker
economy – S&P Global Ratings (S&P) cut its credit ratings for
two Dubai state-owned companies, saying a weakening
economy in the Emirate was hurting the government’s ability
to extend emergency support to the firms if needed. The
downgrades were a fresh sign of pressure on Dubai’s economy,
where the real estate and equity markets are slumping. The
Emirate does not have a sovereign credit rating, so analysts
often look at state firms as indicators of its financial health. “In
our view, credit conditions in Dubai have deteriorated, which
we believe affects the government’s likely ability to provide
extraordinary financial support to its government-related
entities (GREs) if needed,” S&P stated. S&P lowered its rating
on utility Dubai Electricity and Water Authority (DEWA) to
‘BBB’ from ‘BBB-plus’, assigning it a ‘Negative’ outlook, which
indicates a significant chance of a further downgrade in future.
S&P also lowered its rating for real estate firm DIFC
Investments (DIFCI) to ‘BBB-minus’, one step above junk
status, from ‘BBB’, but with a ‘Stable’ outlook. DIFCI owns an
office and retail complex in Dubai’s international financial
center. (Reuters)
 du shareholders approve cash dividend of 13 Fils per share in
1H2018 – Emirates Integrated Telecommunications company
(du) stated its shareholders have approved the distribution of
interim cash dividend of 13 Fils per share in 1H2018 at the
recently held general meeting. Shareholders also ratified the
appointment of Khalid Al Qubaisi as a member of the board, du
stated. (GulfBase.com)
 Abraaj Group’s fund unit that managed $14bn to get $1 bid –
Abraaj Group’s fund unit, which managed about $14bn at its
peak and was one of the most influential emerging market
investors, received a bid from private equity firm Actis for $1,
according to sources. Chicago-based Vistria Group, Rohatyn
Group, Kuwait’s Agility Public Warehousing Co. and Abu Dhabi
Financial Group also made offers for the floundering Middle
Eastern buyout firm’s business, sources said. Abraaj’s
liquidators are also getting offers for regional operations within
the unit. Colony Capital Inc., whose earlier bid for Abraaj
Group’s entire fund business was rejected, made an offer for its
Latin American operations, while Helios Capital Management is
bidding for the Africa platform, they said. NBK Capital, the
investment banking unit of National Bank of Kuwait, made an
offer for Abraaj Group’s Middle East and North Africa business.
(Bloomberg)
 OSN and Huawei sign new strategic IPTV partnership – OSN
has signed a memorandum of understanding (MoU) with
Huawei to deliver a turnkey IPTV solution that enables telecom
operators to offer a ‘state-of-the-art’ TV experience alongside
premium content. OSN is a leading entertainment network in
the region, while Huawei is a leading global provider of
information and communications technology (ICT)
infrastructure and smart devices. This new collaboration with
Huawei “forms part of OSN’s digitization strategy to enhance
product delivery and ensure that more potential OSN customers
have access to the best TV experiences by utilizing innovative
technology,” according to a press statement. (Peninsula Qatar)
 Wataniya Airways’ unpredictable circumstances force
suspension – Wataniya Airways stated unexpected
circumstances which could not be avoided have disrupted its
operations for the current travel season, forcing temporary
suspension of operations. “Wataniya Airways is committed to
complying with all decisions and regulations of the Directorate
General of Civil Aviation (DGCA), and is keen on offering its
services at highest standards,” Wataniya Airways’ Board
Chairman, Ali Al Fozan said. (GulfBase.com)

6. Page 6 of 7
 CBO issues treasury bills worth OMR6.5mn – The Central Bank
of Oman (CBO) raised OMR6.5mn by way of allotting treasury
bills on September 4, 2018. The treasury bills are for a maturity
period of 28 days, from September 5 until October 3, 2018. The
average accepted price reached 99.481 for every OMR100, and
the minimum accepted price arrived at 99.840 per OMR100.
Whereas the average discount rate and the average yield
reached 2.07067% and 2.07397%, respectively. The interest
rate on the Repo operations with CBO is 2.61% for the period
from September 9, 2018 to September 10, 2018 while the
discount rate on the Treasury Bills Discounting Facility with
CBO is 3.36%, for the same period. (GulfBase.com)
 ODB funds OMR67.79mn projects in North Batinah – Oman
Development Bank (ODB) disbursed loans worth OMR67.79mn
to finance 7,553 projects in North Batinah governorate between
2009 and 2018. This was part of its efforts to develop all the
governorates of the Sultanate. These finances were aimed at
supporting national initiatives for investment in service and
productive economic sectors with high added value, achieving
self-sufficiency in goods and commodities, and accommodating
Omanis as employees. (GulfBase.com)
 Investcorp buys minority stake in a Swiss private bank –
Bahrain-based Investcorp has bought a minority stake in a
Swiss private bank, Banque Paris Bertrand Sturdza, as a
strategic investment. The private bank, which manages $5.4bn
in assets, provides investment advice and customized
investment solutions to over 400 high-net-worth individuals,
family offices and institutional clients mainly from Switzerland
and Europe, Investcorp stated, without giving the value of the
deal. (Reuters)
 Bahrain raises $500mn from private placement of bonds amid
aid talks – Bahrain raised $500mn from a private placement of
bonds with five regional banks, giving the island-Kingdom
much-needed relief as it negotiates crucial financial support
with its Gulf Arab allies. The bonds were placed with Bank ABC,
Emirates NBD PJSC, Kuwait Finance House KSCP, Noor Bank
PJSC and Sharjah Islamic Bank, according to sources. A sell-off
in emerging-market assets is prompting some countries to
avoid the scrutiny of international bond investors, with cash-
strapped Ukraine raising $725mn in Eurobonds from a private
placement last month. For Bahrain, the funds also give officials
time to agree on the details of the aid package with Saudi
Arabia, the UAE and Kuwait. (Bloomberg)

7. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
financial advice. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of
the investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment
decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be
accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect.
For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a
result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also
express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in
part without permission from QNBFS.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
50.0
75.0
100.0
125.0
Aug-14 Aug-15 Aug-16 Aug-17 Aug-18
QSE Index S&P Pan Arab S&P GCC
(3.1%)
0.1% 0.0%
(0.2%)
0.0%
(1.1%)
(0.7%)
(3.6%)
(2.4%)
(1.2%)
0.0%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,196.95 0.5 (0.4) (8.1) MSCI World Index 2,152.77 (0.5) (1.0) 2.3
Silver/Ounce 14.19 0.2 (2.4) (16.2) DJ Industrial 25,974.99 0.1 0.0 5.1
Crude Oil (Brent)/Barrel (FM Future) 77.27 (1.2) (0.2) 15.6 S&P 500 2,888.60 (0.3) (0.4) 8.0
Crude Oil (WTI)/Barrel (FM Future) 68.72 (1.6) (1.5) 13.7 NASDAQ 100 7,995.17 (1.2) (1.4) 15.8
Natural Gas (Henry Hub)/MMBtu 3.00 1.4 1.4 (15.2) STOXX 600 375.68 (0.7) (1.5) (6.7)
LPG Propane (Arab Gulf)/Ton 104.75 (0.2) 1.0 5.8 DAX 12,040.46 (1.0) (2.4) (9.9)
LPG Butane (Arab Gulf)/Ton 114.13 (1.0) (0.5) 5.2 FTSE 100 7,383.28 (0.6) (1.1) (8.4)
Euro 1.16 0.4 0.2 (3.1) CAC 40 5,260.22 (1.2) (2.5) (4.3)
Yen 111.53 0.1 0.5 (1.0) Nikkei 22,580.83 (0.6) (1.6) 0.2
GBP 1.29 0.4 (0.4) (4.5) MSCI EM 1,021.72 (1.8) (3.2) (11.8)
CHF 1.03 0.3 (0.3) 0.3 SHANGHAI SE Composite 2,704.34 (1.5) (0.6) (22.2)
AUD 0.72 0.2 0.1 (7.9) HANG SENG 27,243.85 (2.6) (2.3) (9.4)
USD Index 95.18 (0.3) 0.0 3.3 BSE SENSEX 38,018.31 (0.6) (2.6) (0.4)
RUB 68.26 0.2 1.1 18.5 Bovespa 75,092.27 1.5 (2.9) (21.3)
BRL 0.24 0.3 (2.3) (20.1) RTS 1,068.88 (1.2) (2.1) (7.4)
79.7
77.7
76.3