The Qatar Stock Exchange (QSE) Index increased 195.12 points or 1.99% during the trading week to close at 10,021.96.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.6% to close at 9,990.2. Gains were led by the Transportation
and Consumer Goods & Services indices, gaining 1.7% each. Top gainers were
Mannai Corporation and Qatari Investors Group, rising 6.4% and 3.1%, respectively.
Among the top losers, Doha Insurance Group fell 6.5%, while Al Khaleej Takaful
Insurance Company was down 1.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.7% to close at 7,635.4. Losses were led by the
Food & Beverages and Consumer Serv. indices, falling 1.9% and 1.7%, respectively.
United Int. Transport. declined 6.4%, while Gulf Union Coop. Ins. was down 6.2%.
Dubai: The DFM General Index declined 0.8% to close at 2,809.9. The
Telecommunication index fell 2.1%, while the Insurance index declined 1.9%.
Drake & Scull International fell 10.0%, while Deyaar Development was down 6.2%.
Abu Dhabi: The ADX General Index fell 1.2% to close at 4,934.4. The Real Estate
index declined 1.8%, while the Banks index fell 1.5%. National Marine Dredging Co.
declined 5.9%, while Sudan Telecommunication Co. was down 5.8%.
Kuwait: The Kuwait Main market Index declined 0.3% to close at 4,756.9. The
Technology index fell 5.5%, while the Consumer Services index declined 2.8%.
Kuwait National Cinema Co. fell 9.5%, while Sanam Real Estate was down 7.7%.
Oman: The MSM 30 Index rose 1.0% to close at 4,530.6. Gains were led by the
Services and Industrial indices, rising 1.2% and 0.9%, respectively. Muscat Gases
rose 8.2%, while Raysut Cement was up 7.9%.
Bahrain: The BHB Index fell 0.2% to close at 1,340.5. The Industrial index declined
0.8%, while the Commercial Banks index fell 0.2%. Ithmaar Holding declined 4.6%,
while Al Baraka Banking Group was down 1.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Mannai Corporation 57.00 6.4 70.1 (4.2)
Qatari Investors Group 31.90 3.1 126.6 (12.8)
Qatar International Islamic Bank 58.15 2.9 218.5 6.5
Qatar Navigation 67.00 2.6 73.1 19.8
Qatar Fuel Company 147.00 1.8 176.3 44.0
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
United Development Company 14.60 0.6 992.8 1.5
Qatar Gas Transport Company Ltd. 17.62 1.5 619.1 9.4
Vodafone Qatar 8.96 0.4 591.6 11.7
Mesaieed Petrochemical Holding 16.05 1.6 485.9 27.5
Masraf Al Rayan 38.50 1.3 480.8 2.0
Market Indicators 12 Sep 18 11 Sep 18 %Chg.
Value Traded (QR mn) 288.7 187.2 54.2
Exch. Market Cap. (QR mn) 551,678.0 548,582.2 0.6
Volume (mn) 7.6 5.2 44.8
Number of Transactions 4,367 3,157 38.3
Companies Traded 43 41 4.9
Market Breadth 28:12 24:14 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,601.58 0.6 1.7 23.1 14.8
All Share Index 2,914.18 0.6 1.5 18.8 15.1
Banks 3,586.77 0.5 1.3 33.7 14.6
Industrials 3,210.26 0.6 2.3 22.5 15.9
Transportation 2,063.41 1.7 2.7 16.7 12.9
Real Estate 1,840.22 0.3 0.5 (3.9) 15.6
Insurance 3,134.24 (0.2) 0.6 (9.9) 29.3
Telecoms 1,002.73 0.2 0.9 (8.7) 39.3
Consumer 6,389.69 1.7 2.8 28.7 13.9
Al Rayan Islamic Index 3,876.44 0.7 1.9 13.3 16.7
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Raysut Cement Oman 0.46 7.9 142.3 (40.8)
Oman Telecomm. Co. Oman 0.88 5.7 437.0 (26.6)
Qatar Int. Islamic Bank Qatar 58.15 2.9 218.5 6.5
National Bank of Oman Oman 0.19 2.8 616.0 (2.9)
Qatar Navigation Qatar 67.00 2.6 73.1 19.8
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Gulf Bank Kuwait 0.24 (5.1) 12,233.7 0.8
Middle East Healthcare Saudi Arabia 37.50 (3.4) 493.3 (30.4)
Nat. Industrialization Co Saudi Arabia 18.14 (2.9) 1,684.8 10.6
GFH Financial Group Dubai 1.40 (2.8) 14,570.1 (6.7)
Co. for Cooperative Ins. Saudi Arabia 53.50 (2.7) 422.6 (43.3)
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%
Doha Insurance Group 12.74 (6.5) 3.3 (9.0)
Al Khaleej Takaful Insurance Co. 9.81 (1.9) 85.1 (25.9)
Dlala Brokerage & Inv. Holding 12.27 (1.4) 336.4 (16.5)
Islamic Holding Group 27.00 (1.3) 10.8 (28.0)
Investment Holding Group 5.75 (0.9) 148.9 (5.7)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 180.01 0.5 72,562.1 42.9
Qatar Fuel Company 147.00 1.8 25,705.0 44.0
Industries Qatar 127.70 0.6 18,543.3 31.6
Masraf Al Rayan 38.50 1.3 18,492.6 2.0
Barwa Real Estate Company 36.70 0.5 17,558.2 14.7
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* 9,990.17 0.6 1.7 1.0 17.2 79.02 151,545.9 14.8 1.5 4.4
Dubai 2,809.87 (0.8) (0.6) (1.1) (16.6) 55.43 100,338.4 7.5 1.0 6.0
Abu Dhabi 4,934.44 (1.2) 0.3 (1.1) 12.2 84.09 133,184.3 13.0 1.5 4.9
Saudi Arabia 7,635.38 (0.7) (0.7) (3.9) 5.7 615.82 485,191.0 16.8 1.7 3.7
Kuwait 4,756.91 (0.3) (2.3) (2.9) (1.5) 77.00 32,887.0 14.7 0.9 4.4
Oman 4,530.55 1.0 2.2 2.5 (11.2) 9.75 19,358.7 11.1 0.8 6.0
Bahrain 1,340.51 (0.2) 0.0 0.2 0.7 4.98 20,577.3 9.1 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)
9,900
9,950
10,000
10,050
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 0.6% to close at 9,990.2. The Transportation 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.
 Mannai Corporation and Qatari Investors Group were the top gainers,
rising 6.4% and 3.1%, respectively. Among the top losers, Doha
Insurance Group fell 6.5%, while Al Khaleej Takaful Insurance Company
was down 1.9%.
 Volume of shares traded on Wednesday rose by 44.8% to 7.6mn from
5.2mn on Tuesday. Further, as compared to the 30-day moving average
of 6.3mn, volume for the day was 19.8% higher. United Development
Company and Qatar Gas Transport Company Limited were the most
active stocks, contributing 13.1% and 8.2% 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
09/12 US Mortgage Bankers Association MBA Mortgage Applications 7-September -1.8% – -0.1%
09/12 EU Eurostat Industrial Production SA MoM July -0.8% -0.5% -0.8%
09/12 EU Eurostat Industrial Production WDA YoY July -0.1% 1.0% 2.3%
09/12 China The People's Bank of China Money Supply M0 YoY August 3.3% 3.9% 3.6%
09/12 China The People's Bank of China Money Supply M1 YoY August 3.9% 5.3% 5.1%
09/12 China The People's Bank of China Money Supply M2 YoY August 8.2% 8.6% 8.5%
09/12 India India Central Statistical Organization CPI YoY August 3.7% 3.8% 4.2%
09/12 India India Central Statistical Organization Industrial Production YoY July 6.6% 6.5% 6.9%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QE Index, QE Al Rayan Islamic Index and QE All Share Index
components and weightings to be modified effective October 1
– The Qatar Stock Exchange (QE) Index will witness the
addition of Mesaieed Petrochemical Holding (MPHC), Qatar
Fuel (QFLS) and Qatar Insurance Co. (QATI) in its flagship 20-
stock QE Index from October 1, 2018. The three stocks will
replace Al Meera Consumer Goods & Services Co. Company
(MERS), Investment Holding Group (IGRD) and Qatari Investors
Group (QIGD) in the QE Index. Any qualifying component
exceeding 15% weight in the index as of market close
September 26, 2018 will have its weight capped at the 15% level
and excess weight allocated to remaining stocks
proportionately. Indicative weightings based on September 11,
2018 closing prices and free float shares figures (which are
subject to change due to price movement and corporate actions)
point to some of the key modifications to the QE Index
weightings to be as follows: QNB Group (QNBK) to have
weighting of 15.00% (vs. initial weight of 27.62%), Industries
Qatar (IQCD) to be at 14.75% (vs. initial weight of 12.56%),
Qatar Islamic Bank (QIBK) will have weighting of 10.57% vs.
initial weight of 9.00% and Masraf Al Rayan (MARK) to be at
9.84% (vs. initial weight of 8.38%). The bourse also announced
that MPHC, QFLS and Zad Holding (ZHCD) will join the QE Al
Rayan Islamic Index. Mazaya Qatar (MRDS) and Qatar Islamic
Insurance Company (QISI) will leave the index. The basket is
re-structured based on the ranking of a company’s liquidity
adjusted capitalization, with the top two components being
IQCD with a weighting of 15.00%, and MARK a weighting of
12.00%. Qatar Cinema and Film Distribution Company (QCFS)
will leave both the QE All Share Index and QE Consumer Goods
and Services index. The bourse has seven sectoral indices:
Banks and Financial Services (with 12 constituents), Insurance
(five), Industrials (nine), Real Estate (four), Telecoms (two),
Transportation (three) and Consumer Goods and Services
(eight). The indicative weighting of QNB Group in the QE All
Share Index and the Banks and Financial Services index is
22.84% and 49.79%, respectively, based on September 11, 2018
closing prices. (QSE press release)
 QCB’s foreign exchange reserves rise to $45.4bn in July – Qatar
Central Bank’s (QCB) foreign exchange reserves rose 0.3% MoM
to reach $45.4bn in July, equating to 7 months of import cover,
according to QNB Group’s Monthly Monitor chart. The
country’s real GDP growth slowed in 1Q2018, due to a further
fall in hydrocarbon output. Non-hydrocarbon GDP growth was
a solid 4.9% YoY. Booming construction output, up 17.2%,
remained the key driver of activity in the non-hydrocarbon
sector. Manufacturing gained 3%. CPI inflation was broadly flat
at 0.6% in August; food inflation moderated, while housing
inflation slightly picked up. Qatar’s fiscal account turned to a
surplus in 1Q2018, as revenue rose in line with higher oil prices.
The current account surplus widened to 7.3% of GDP in 1Q2018,
while the financial account deficit narrowed. Exports grew
45.3% YoY in July as a result of higher oil prices, while imports
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 28.53% 44.78% (46,915,647.22)
Qatari Institutions 16.25% 27.30% (31,884,922.04)
Qatari 44.78% 72.08% (78,800,569.26)
GCC Individuals 0.79% 0.66% 384,483.36
GCC Institutions 0.54% 1.71% (3,363,965.47)
GCC 1.33% 2.37% (2,979,482.11)
Non-Qatari Individuals 9.04% 7.79% 3,619,963.04
Non-Qatari Institutions 44.84% 17.77% 78,160,088.33
Non-Qatari 53.88% 25.56% 81,780,051.37

3. Page 3 of 7
grew 50% YoY, due to the base effect from last year. (Peninsula
Qatar)
 Qatar records rare trade surplus with US in July – Braving the
ongoing blockade and other economic challenges, Qatar has
recorded a trade surplus with the US in July this year, for the
first time in past three years and one of the very rarest in the
recent history of bilateral trade. Qatar has also witnessed a rise
(MoM) in its exports to the world’s largest economy. Qatar’s
trade surplus with the US in July was a remarkably positive
development as its trade balance (the difference between the
value of exports and imports) has always been skewed in favor
of the US, the economic giant being one of the largest import
sources for Qatar. The Qatar-US bilateral trade volume in goods
in July 2018 stood at QR1.25bn ($346mn), witnessing a sharp
jump of over 105% YoY compared to QR611.77mn ($168mn) for
the corresponding month last year, according to the recently
released data available at the US Census Bureau official
website. Qatar’s exports of goods to the US in July increased
(YoY) to $174.6mn, while its imports from the US declined to
$171.4m (YoY), enabling Qatar to register a trade surplus of
$3.2mn (QR11.65mn) in July 2018, for the first time in several
years. Qatar’s annual trade balance with the US has
traditionally been in deficit since the year 2003. The last annual
trade surplus of Qatar with the US was $170.7mn in 2002.
However, on monthly basis, when Qatar registered trade
surpluses in the recent years was in January 2015 and May
2012, at $11.7mn and $13mn, respectively. (Peninsula Qatar)
 QNB Group: Qatar’s banking sector sees 3.5% growth in credit
in July – In a clear sign of increasing economic activities in the
country, Qatar’s banking sector has seen a 3.5% YoY credit
growth in July. According to QNB Group, bank deposits have
seen a 5.3% YoY growth in July. Deposits from non-residents
and private sector grew 6.1% and 2.2% MoM respectively, in
July, QNB Group stated in its ‘Qatar Monthly Monitor –
September’. However, public sector deposits with local banks
have seen a 6.9% MoM decline in July. The report showed that
broad money supply (M2) grew 10.3% YoY in the country in
July. Key inter-bank rates continued to hold steady, while
Qatar’s 5-year credit default swap (CDS) spread edged down to
82bps, its lowest since March, ‘Qatar Monthly Monitor’ showed.
Favorable oil prices have had a positive impact on Qatar’s fiscal
and external balances, according to the QNB Group report.
(Gulf-Times.com)
 Qatar Petroleum signs three-year naphtha feedstock deal with
India’s Haldia Petrochemicals – Qatar Petroleum (QP) has
signed a three-year sale agreement to supply India’s Haldia
Petrochemicals (HPL) in West Bengal, with a total of 600,000
tons of Light Naphtha starting in 2018. The long-term supply
agreement, signed by QP for and on behalf of Qatar Petroleum
for the Sale of Petroleum Products Company (QPSPP), is the
first QPSPP naphtha feedstock sale to an end-user in India,
highlighting the company's push for more direct sales with
established end-users. HPL is one of the largest petrochemical
companies in India. It has a competitive modern naphtha-based
petrochemical complex located 125 kilometers from Kolkata,
West Bengal, with a total capacity equivalent to 700,000 tons
per annual of ethylene. (Peninsula Qatar)
 QISI postpones its EGM to October 14, 2018 – The Group Islamic
Insurance Company (QISI) announced that due to non-legal
quorum for the second Extraordinary General Assembly
Meeting (EGM) on September 11, 2018, it has been decided to
postpone the meeting to the third (substitute) on October 14,
2018. (QSE)
 Qatar Chamber issues the country’s first ATA Carnet to Sheikh
Faisal museum – Qatar Chamber issued the country’s first ATA
Carnet to Sheikh Faisal Bin Qassim Al Thani Museum after the
system entered into force in Qatar on August 1, according to a
statement. Last month, the chamber revealed that the system
came into force, allowing Qatar to officially implement the ATA
Carnet, a temporary export-import document system used in
the admission of goods to a country. Qatar now joins 77 other
countries that employ the system. The system is being
implemented by Qatar Chamber, in cooperation with
International Chamber of Commerce (ICC) Qatar and the
General Authority of Customs. The chamber said the first
carnet was issued to Sheikh Faisal Bin Qassim Al Thani
Museum because it will participate in an international fair in
Malta and France titled ‘Dialogue of Cultures’, organized by
UNESCO’s bureau in Doha, Qatar Museum Authority, and Qatar
National Commission for Education, Culture and Science. (Gulf-
Times.com)
International
 US producer prices post first drop in 1-1/2 years – US producer
prices unexpectedly fell in August, recording their first drop in
1-1/2 years, as declines in the prices of food and a range of trade
services offset an increase in the cost of energy products.
Despite the surprise weakness in producer prices reported by
the Labor Department, overall inflation is steadily rising, driven
by a tightening labor market and robust economy. The Federal
Reserve is expected to raise interest rates later this month for
the third time this year. The producer price index (PPI) for final
demand slipped 0.1% last month after being unchanged in July.
August’s fall in the PPI was the first since February 2017. That
further lowered the annual increase in the PPI to 2.8% from
3.3% in July. Economists polled by Reuters had forecast the PPI
increasing 0.2% in August and advancing 3.2% YoY. A key
gauge of underlying producer price pressures that excludes
food, energy and trade services edged up 0.1% last month. The
core PPI gained 0.3% in July. In the 12 months through August,
the core PPI increased 2.9% after rising 2.8% in July. (Reuters)
 BoE to keep rates steady after August rise – Britain’s central
bank looks set to keep interest rates on hold, giving the
economy time to digest August’s increase in borrowing costs,
which was only the second such move by the Bank of England
(BoE) in the decade since the financial crisis. Economists polled
by Reuters unanimously expect the BoE’s Monetary Policy
Committee (MPC) to vote 9-0 to leave interest rates at 0.75%.
Most do not predict a further rate rise until after Britain leaves
the European Union (EU) in March 2019. Britain’s economy has
slowed since June 2016’s Brexit vote, with consumers under
pressure from a jump in inflation driven by the weaker Pound
and some businesses’ reluctance to invest, while the terms of a
future EU trading relationship remain unclear. BoE’s Governor,
Mark Carney warned last week that if Britain left the EU

4. Page 4 of 7
without a trade deal, economic difficulties could squeeze British
households’ incomes for years more. (Reuters)
 Eurozone’s industry output in surprise fall due to Germany,
Italy – Production at factories in the Eurozone dropped in July
for a second consecutive month and by more than expected, in
what could herald a possible slowdown of the bloc’s economy in
the third quarter, official data released showed. The fall was
mostly caused by bad data from Germany, the bloc’s largest
economy, and Italy, which has gone through a stormy summer
with market jitters over large spending plans of its new
euroskeptic government. The European Union statistics agency
Eurostat stated industry output in the 19-country currency bloc
fell in July by 0.8% during the month and by 0.1% YoY. The
numbers are a negative surprise after economists polled by
Reuters had forecasted a smaller 0.5% MoM drop and 1.0% rise
from a year earlier. Eurostat also revised its figures for June,
saying industrial production fell 0.8% on the month, a bigger
fall than the previous estimate of 0.7%. The YoY data, for June
was also revised down to 2.3% rise from 2.5%. Both Germany
and Italy, the third biggest economy in the bloc, recorded a
1.8% monthly drop in their July industrial production, which
was only partly offset by 0.7% increase in the output of France,
the bloc’s second largest country. (Reuters)
 Reuters Tankan: Japan manufacturers' mood slips amid global
trade tensions – Confidence among Japanese manufacturers
slipped in September from August’s seven-month high, a
Reuters poll showed, a sign the escalating trade war between
Washington and Beijing is keeping exporters on edge. The
monthly poll, which tracks the Bank of Japan’s (BoJ) tankan
quarterly survey, found the service sector’s mood rebounding in
September from a two-year low recorded in August as summer
bonuses and heat waves boosted retail spending. Compared
with three months ago, manufacturers’ mood was unchanged
and service-sector sentiment was slightly lower, suggesting
that the BoJ tankan due on October 1, is likely to show business
morale holding largely steady. The Reuters Tankan follows
government data out showed Japan’s economy expanded at its
fastest pace since 2016, underscoring the view that capital
expenditure continues to back the economy even in the face of
trade tensions and natural disasters. The Reuters poll found
manufacturers’ sentiment was expected to bounce over the
coming three months, while service-sector morale was seen
slipping slightly. (Reuters)
 China’s August new loans fall to 1.28tn Yuan, below forecasts –
Chinese banks made fewer new loans in August than expected,
highlighting problems facing the central bank as it tries to boost
credit to smaller companies facing weaker demand at home and
shrinking export orders. With US trade duties threatening to
ratchet up pressure on China’s already slowing economy, its
policymakers have shifted focus in recent months to growth-
boosting measures, pushing banks to lend more and reducing
corporate financing costs. Chinese banks extended 1.28tn Yuan
($186.40bn) in net new Yuan loans in August, according to
China’s central bank data. Analysts polled by Reuters had
predicted an August tally of 1.3tn Yuan, down from July’s
1.45tn Yuan, but nearly 20% more than the same month last
year. Corporate lending fell from July, while household loans
picked up sharply, suggesting banks are taking on more
exposure to relatively safer consumer loans as corporate credit
quality deteriorates along with the slowing economy. Corporate
loans fell to 612.7bn Yuan in August from 650.1bn Yuan a
month earlier. (Reuters)
Regional
 Moody’s: Kuwait, Abu Dhabi highest rated EM sovereigns –
Kuwait, Abu Dhabi and the UAE are the highest rated EM
sovereigns at ‘Aa2’, but overall, Africa and Middle East region
has the largest number of EM sovereigns rated below
investment grade. Moody’s stated in the inaugural edition of its
Emerging Markets Chartbook showcasing Moody’s-rated
coverage from 101 emerging markets and more than 1,500 rated
entities across non-financial corporates and financial
institutions released. “Our Global Emerging Markets Chartbook
is a compilation of data and insights into the universe of EM
sovereigns, non-financial corporates and financial institutions
in EMs globally, and high-yield non-financial corporates that
Moody’s rates,” Laura Acres, a Moody’s Managing Director in
the Corporate Finance Group said. (GulfBase.com)
 Crude price remains above $70 level for fourth month in a row –
The OPEC Reference Basket (ORB) ended August lower, but
remained above the $70 per barrel level for the fourth
consecutive month. On a monthly average basis, crude oil
physical benchmarks Dubai, Dated Brent and WTI spot prices
slipped by $0.62, $1.69 and $3.04, respectively, OPEC monthly
oil market report noted. ORB is a weighted average of prices for
petroleum blends produced by OPEC members. It is used as an
important benchmark for crude oil prices. (Peninsula Qatar)
 Saudi Arabia raises $2bn in Islamic bond sale – Saudi Arabia
raised $2bn through the issuance of notes due January 2029,
completing the Kingdom’s external funding requirements for
the year. The world’s biggest oil exporter mandated BNP
Paribas SA, HSBC Holdings Plc, JPMorgan Chase & Co.,
Citigroup Inc., Mizuho Bank and Samba Capital for the deal. The
Kingdom’s offering priced at 127 basis points over midswaps,
tightening from initial price guidance in the area of 145 basis
points. (Bloomberg)
 Saudi Aramco awards contract to build drilling islands to
sustain target oil capacity – Saudi Aramco, in its bid to produce
an additional 250,000 barrels per day of Arabian Light crude oil
from the Berri Oil Field to reach 500,000 barrels per day to
maintain Saudi Aramco’s maximum sustained capacity by early
2023, has awarded a contract to China Harbour Engineering
Arabia for the construction of two drilling islands under the
company’s Berri Increment Program. (GulfBase.com)
 Sahara Petrochemicals Company declares an emergency
shutdown in one of its affiliates Companies – Sahara
Petrochemical Company declared that its subsidiary Al Waha
Petrochemicals Company was affected by a technical fault
caused due to power outages from source, which led to the
interruption of production processes in all operating units. The
management of the company evaluated the status of the plant
and decided to perform some maintenance operations to raise
efficiency in addition to providing some of the regular
maintenance work of the plant before re-operation, where the
repairing process is expected to end in a period not exceeding 17
Days, which means missed opportunity for the profitability of
nearly Saudi Riyal Twenty-three million two hundred and fifty

5. Page 5 of 7
thousand based on polypropylene prices currently prevailing in
the third quarter, which will affect the expected profits in the
third quarter of this year. During the shutdown period the
company clients will be supplied from the standby reserves
available in its warehouse. There will be an update in case of
any developments in this regard. (Tadawul)
 Saudi Arabia’s construction projects deals to hit $44bn in 2019 –
The value of awarded contracts in Saudi Arabia's construction
sector is likely to rise to $44.1bn in 2019 from $26.3bn this year,
stated a new study released ahead of an upcoming industry
summit in capital Riyadh. The inaugural International
Contracting Conference and Exhibition (ICCE) will take place
from September 16 to 17, with leading experts discussing ways
to achieve a sustainable contracting sector. (GulfBase.com)
 Saudi Arabia's new retail rules to boost employment for
nationals – Saudi Arabia's decision to restrict certain retail jobs
to nationals, combined with a levy on hiring expatriates, will
help reduce unemployment among Saudi Arabians, despite
some initial costs to retailers, as the government forges ahead
with economic reforms. The move to restrict four types of retail
roles to Saudi Arabians, which came into effect, could unlock
180,000 to 200,000 jobs for nationals, according to KPMG.
Retailers operating in the Kingdom said they are expecting high
demand from Saudi Arabian job seekers for the roles.
(GulfBase.com)
 Mubadala Petroleum, Gazprom Neft discusses projects in
Russia, Middle East – Russian oil producer Gazprom Neft and
UAE-based Mubadala Petroleum are discussing several possible
projects in Russia and the Middle East, according to Gazprom
Neft’s CEO, Alexander Dyukov. (Reuters)
 Drake & Scull International’s shareholders to decide whether to
dissolve firm – Shareholders of loss-making Dubai construction
company Drake & Scull International will meet on September
27 to decide whether to dissolve the company, Drake & Scull
International announced. The company, which posted a
second-quarter net loss of AED181.1mn compared to a year-
earlier loss of AED182.7mn, stated it was calling a general
assembly under an article of the UAE company law. The law
requires companies to vote on whether they should continue
operating if their accumulated losses have reached half of their
issued share capital. The board will also use the general
assembly meeting to inform shareholders of the firm’s current
situation and plans, as well as developments in an investigation
by its new management of the previous management. (Reuters)
 Crescent Petroleum raises its stake in Dana Gas to over 20% –
Crescent Petroleum has been granted permission to raise its
stake in Dana Gas to more than 20% and retain its position as
the largest founding shareholder. The Sharjah-based energy
company stated that it has permission to acquire additional
shares in Dana Gas as an insider. The purchase underscores
Crescent Petroleum’s confidence in Dana Gas and in the
continued growth of the company’s business. The share
purchase follows the dilution of Crescent Petroleum’s holding
after the conversion of Dana Gas convertible Sukuk shares.
(GulfBase.com)
 Dubai issues 1,221 new licenses in August – The Business
Registration & Licensing (BRL) section in the Department of
Economic Development (DED) in Dubai completed 17,710
transactions including 1,221 new trade licenses in August
according to the ‘Business Map’ digital platform. Renewal of
licenses accounted for 9,071 transactions while there were also
2,111 transactions related to Trade Name Reservation and
1,475 Initial Approvals. The non-oil private sector in Dubai
reported an improvement in output in August, with the
headline Dubai Economy Tracker Index (DET) gaining
marginally, to 55.2 from 54.9 in July. (GulfBase.com)
 Aldar Properties creates new subsidiary with $5.4bn assets –
Abu Dhabi’s largest developer, Aldar Properties is spinning off
its recurring-revenue assets worth $5.4bn into a new, fully-
owned subsidiary as it seeks to achieve operational efficiencies
and raise cheaper capital. The state-linked builder of Abu
Dhabi’s Formula One circuit stated the subsidiary, Aldar
Investment Properties LLC, will take ownership of some of
Aldar Properties’ highest revenue-generating assets. The new
company follows the recent Abu Dhabi decree granting full
onshore real estate ownership rights to Aldar Properties and its
subsidiaries in the capital of the UAE. (Reuters)
 Abu Dhabi Ports, KIZAD boost trade ties with China – Following
China’s President Xi Jinping’s visit to the UAE in July, senior
representatives at Abu Dhabi Ports and Khalifa Industrial Zone
Abu Dhabi (KIZAD), visited Nanjing, Jiangsu Province, to
bolster growing trade relations recently. During the China-UAE
Industrial Capacity Cooperation Demonstration Zone
Investment Promotion Conference, industry leaders,
government officials and private sector decision makers
gathered to discuss and learn more about the attractive
investment opportunities within Abu Dhabi Ports and its
subsidiaries including KIZAD, Khalifa Port Free Trade Zone and
Khalifa Port. (GulfBase.com)
 Abu Dhabi Islamic Bank sets final terms for $750mn Sukuk –
Abu Dhabi Islamic Bank is expected to complete a $750mn
fundraising through perpetual Sukuk with a profit rate of
7.125%. Abu Dhabi Islamic Bank started marketing the notes
earlier with a price guidance of around 7.5%. The Additional
Tier 1 perpetual bonds are similar to an equity instrument in the
fact that they have no maturity. Abu Dhabi Islamic Bank, HSBC
and JPMorgan coordinated the deal, which received over $2bn
in orders. (Reuters)
 Al Hilal Bank markets US Dollar Sukuk – Abu Dhabi’s Al Hilal
Bank has given initial price guidance for a five-year US Dollar-
denominated benchmark Sukuk in the area of 165 basis points
over mid-swaps, a document issued by one of the banks leading
the deal showed. Benchmark Sukuk are generally understood to
be upwards of $500mn. Al Hilal Bank, Dubai Islamic Bank,
ENBD Capital, FAB, HSBC, JP Morgan, Nomura, and Standard
Chartered Bank are the joint bookrunners. (Reuters)
 Abu Dhabi set to cash in Cepsa Investment with $11.6bn IPO –
Abu Dhabi is set to cash in significant gains as its Mubadala
Investment Co. pushes ahead with an initial public offering
(IPO) for Spanish oil firm Cepsa Investment, in what could be
the largest such deal in a decade. The state-owned investor
decided to proceed with an IPO rather than a sale after potential
bidders for the company were narrowed down to private equity
firm Carlyle Group LP, according to sources. Cepsa Investment
could announce the IPO as early as next week, pending final
approval from the Emirate’s rulers. Cepsa Investment could

6. Page 6 of 7
raise about 3bn Euros from selling a portion of its shares, the
sources said. That would make it the biggest oil IPO in about a
decade, according to data compiled by Bloomberg, and value the
whole company at as much as 10bn Euros. (Bloomberg)
 Debottlenecking to boost Oman’s LNG output – Oman LNG, the
nation’s gas liquefaction flagship, is weighing a major
debottlenecking of its Qalhat plant, a move that could
potentially boost its LNG output by 1.5mn tons per year (tpy),
according to the Middle East Economic Survey (MEES). The
weekly newsletter, focusing on Middle East Oil & Gas, among
other topics, quoted Oman’s Minister of Oil & Gas, Mohammed
Bin Hamed Al Rumhy, as stating that a serious increase in
majority-government owned Oman’s LNG output is in the
works once the plant is suitably debottlenecked.
(GulfBase.com)

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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on September 12, 2018) 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
(0.7%)
0.6%
(0.3%)
(0.2%)
1.0%
(1.2%)
(0.8%)
(1.4%)
(0.7%)
0.0%
0.7%
1.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,206.28 0.6 0.8 (7.4) MSCI World Index 2,152.70 0.2 0.7 2.3
Silver/Ounce 14.26 0.8 0.6 (15.9) DJ Industrial 25,998.92 0.1 0.3 5.2
Crude Oil (Brent)/Barrel (FM Future) 79.74 0.9 3.8 19.2 S&P 500 2,888.92 0.0 0.6 8.1
Crude Oil (WTI)/Barrel (FM Future) 70.37 1.6 3.9 16.5 NASDAQ 100 7,954.23 (0.2) 0.7 15.2
Natural Gas (Henry Hub)/MMBtu 2.98 1.4 3.5 (3.6) STOXX 600 377.08 0.8 1.5 (6.3)
LPG Propane (Arab Gulf)/Ton#
107.13 0.0 1.8 8.2 DAX 12,032.30 0.9 1.2 (9.9)
LPG Butane (Arab Gulf)/Ton 118.75 0.6 4.5 9.4 FTSE 100 7,313.36 0.9 1.5 (8.1)
Euro 1.16 0.2 0.6 (3.2) CAC 40 5,332.13 1.3 2.1 (2.9)
Yen 111.26 (0.3) 0.2 (1.3) Nikkei 22,604.61 0.0 1.1 0.4
GBP 1.30 0.1 1.0 (3.5) MSCI EM 1,004.56 0.1 (1.8) (13.3)
CHF 1.03 0.2 (0.2) 0.4 SHANGHAI SE Composite 2,656.11 (0.1) (1.9) (24.0)
AUD 0.72 0.7 0.9 (8.2) HANG SENG 26,345.04 (0.3) (2.3) (12.4)
USD Index 94.80 (0.5) (0.6) 2.9 BSE SENSEX 37,717.96 1.7 (1.7) (1.7)
RUB 69.02 (0.6) (1.3) 19.8 Bovespa 75,124.81 1.4 (1.2) (21.2)
BRL 0.24 (0.2) (2.5) (20.4) RTS 1,071.32 1.5 2.0 (7.2)
79.4
77.6
77.3