The QSE Index declined 0.8% to close at 10,376.9

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.8% to close at 10,376.9. Losses were led by the Banks &
Financial Services and Industrials indices, falling 2.1% and 0.5%, respectively. Top
losers were QNB Group and Qatar Islamic Bank, falling 3.7% and 1.8%, respectively.
Among the top gainers, Islamic Holding Group gained 6.4%, while Ooredoo was up
2.7%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.1% to close at 7,812.3. Gains were led by the
Capital Goods and Media & Entertainment indices, rising 2.4% and 1.4%,
respectively. Saudi Industrial Export Co. rose 10.0%, while Saudi Vitrified Clay Pipe
Co. was up 8.3%.
Dubai: The DFM General Index gained 0.7% to close at 2,815.6. The Transportation
index rose 2.5%, while the Invest. & Fin. Services index gained 1.7%. Gulfa Mineral
Water & Processing Industries Co. rose 14.9%, while Arabtec Holding was up 8.1%.
Abu Dhabi: The ADX General Index rose 0.6% to close at 5,003.6. The Industrial
index gained 3.0%, while the Real Estate index rose 2.4%. Commercial Bank
International gained 15.0%, while Ooredoo was up 11.1%.
Kuwait: Market was closed on November 6, 2018.
Oman: The MSM 30 Index rose 0.1% to close at 4,421.1. Gains were led by the
Services and Financial indices, rising 0.1% each. Majan College rose 7.4%, while
Construction Materials Ind. was up 3.5%.
Bahrain: The BHB Index fell 0.1% to close at 1,313.9. The Investment index
declined 0.2%, while the Commercial Banks index fell 0.1%. Arab Banking
Corporation declined 1.3%, while National Bank of Bahrain was down 0.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 24.69 6.4 38.8 (34.2)
Ooredoo 73.50 2.7 212.5 (19.0)
Ezdan Holding Group 11.25 2.3 406.3 (6.9)
Qatar National Cement Company 58.98 2.0 8.1 (6.2)
Gulf International Services 18.35 0.9 94.0 3.7
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 8.07 0.9 737.3 0.6
Qatar First Bank 4.27 0.2 711.2 (34.6)
Mazaya Qatar Real Estate Dev. 7.60 0.0 616.0 (15.6)
Barwa Real Estate Company 38.49 0.4 522.9 20.3
Qatar Gas Transport Company Ltd. 17.96 0.9 425.2 11.6
Market Indicators 06 Nov 18 05 Nov 18 %Chg.
Value Traded (QR mn) 203.7 330.0 (38.3)
Exch. Market Cap. (QR mn) 582,220.9 589,040.3 (1.2)
Volume (mn) 6.4 8.4 (23.6)
Number of Transactions 4,231 5,205 (18.7)
Companies Traded 42 41 2.4
Market Breadth 21:15 27:7 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,283.02 (0.8) 0.9 27.9 15.3
All Share Index 3,061.14 (0.8) 0.9 24.8 15.5
Banks 3,787.85 (2.1) 0.4 41.2 14.2
Industrials 3,357.82 (0.5) 0.3 28.2 16.0
Transportation 2,107.84 (0.2) (0.1) 19.2 12.3
Real Estate 1,981.40 1.3 3.2 3.4 17.8
Insurance 3,056.22 (0.3) (0.8) (12.2) 18.2
Telecoms 987.13 2.0 3.4 (10.2) 40.0
Consumer 7,072.74 0.1 1.4 42.5 14.5
Al Rayan Islamic Index 3,933.53 (0.3) 1.0 15.0 15.4
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Mobile Telecom. Co. Saudi Arabia 6.75 5.6 16,802.2 (7.7)
Emaar Malls Dubai 1.92 4.3 18,149.9 (9.9)
Yanbu Cement Co. Saudi Arabia 23.70 3.5 451.8 (29.9)
Aldar Properties Abu Dhabi 1.78 2.9 6,824.2 (19.1)
Southern Prov. Cement Saudi Arabia 36.25 2.8 214.6 (25.1)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Middle East Healthcare Saudi Arabia 32.30 (7.1) 3,053.0 (40.0)
QNB Group Qatar 192.50 (3.7) 267.7 52.8
DAMAC Properties Dubai 2.02 (2.9) 392.6 (38.8)
Mouwasat Medical Serv. Saudi Arabia 72.30 (2.3) 94.2 (4.5)
Qatar Islamic Bank Qatar 156.97 (1.8) 79.6 61.8
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
QNB Group 192.50 (3.7) 267.7 52.8
Qatar Islamic Bank 156.97 (1.8) 79.6 61.8
Qatar Navigation 68.75 (1.8) 12.2 22.9
Dlala Brokerage & Inv. Holding 10.10 (1.5) 115.7 (31.3)
Qatar Electricity & Water Co. 182.30 (1.5) 21.2 2.4
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 192.50 (3.7) 52,274.5 52.8
Barwa Real Estate Company 38.49 0.4 20,085.6 20.3
Ooredoo 73.50 2.7 15,537.4 (19.0)
Qatar Islamic Bank 156.97 (1.8) 12,556.1 61.8
Qatar Fuel Company 177.99 (0.0) 12,182.9 74.4
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 10,376.94 (0.8) 0.9 0.7 21.7 56.13 159,936.1 15.3 1.6 4.2
Dubai 2,815.60 0.7 0.4 1.1 (16.5) 98.93 100,293.9 7.5 1.0 6.3
Abu Dhabi 5,003.63 0.6 1.7 2.1 13.8 35.13 136,283.6 13.3 1.5 4.8
Saudi Arabia 7,812.34 0.1 (0.9) (1.2) 8.1 677.97 494,467.6 16.5 1.7 3.6
Kuwait#
4,670.23 (1.0) (1.0) (0.5) (3.3) 37.62 31,940.4 15.0 0.9 4.4
Oman 4,421.12 0.1 (0.0) (0.0) (13.3) 2.35 19,092.1 10.4 0.8 5.9
Bahrain 1,313.91 (0.1) 0.1 (0.1) (1.3) 2.48 20,339.9 8.9 0.8 6.2
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and DFM (** TTM; * Value traded ($ mn) do not include special trades, if any;
#
Data as of November 5, 2018)
10,300
10,350
10,400
10,450
10,500
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 declined 0.8% to close at 10,376.9. The Banks & Financial
Services and Industrials indices led the losses. The index fell on the back
of selling pressure from Qatari and GCC shareholders despite buying
support from non-Qatari shareholders.
 QNB Group and Qatar Islamic Bank were the top losers, falling 3.7% and
1.8%, respectively. Among the top gainers, Islamic Holding Group
gained 6.4%, while Ooredoo was up 2.7%.
 Volume of shares traded on Tuesday fell by 23.6% to 6.4mn from 8.4mn
on Monday. However, as compared to the 30-day moving average of
5.7mn, volume for the day was 11.6% higher. Vodafone Qatar and Qatar
First Bank were the most active stocks, contributing 11.5% and 11.1% to
the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Global Economic Data
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2018
% Change
YoY
Operating Profit
(mn) 3Q2018
% Change
YoY
Net Profit
(mn) 3Q2018
% Change
YoY
Rabigh Refining and Petrochem. Co Saudi Arabia SR 12,041.0 31.7% 353.0 -57.3% 243.0 -65.6%
Arabian Cement Co. Saudi Arabia SR 117.9 -27.7% 25.9 -39.8% 14.4 -51.2%
Middle East Healthcare Company Saudi Arabia SR 338.8 -4.0% 21.3 -61.8% 20.2 -68.9%
Umm Al-Qura Cement Co. Saudi Arabia SR 33.7 -23.5% 2.1 -80.3% -3.9 N/A
Al Hassan Ghazi Ibrahim Shaker Co. Saudi Arabia SR 174.0 -14.2% -31.2 N/A -44.9 N/A
DXB Entertainments Dubai AED 102.6 -10.9% – – -271.4 N/A
SHUAA Capital Dubai AED 41.1 39.0% – – 30.1 31.1%
Dubai Insurance Co Dubai AED 71.8 -17.9% – – 6.3 128.5%
Dubai Financial Market Dubai AED 26.3 -31.6% – – 20.9 -24.6%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
11/06 EU Markit Markit Eurozone Services PMI October 53.7 53.3 53.3
11/06 EU Markit Markit Eurozone Composite PMI October 53.1 52.7 52.7
11/06 EU Eurostat PPI MoM September 0.5% 0.4% 0.4%
11/06 EU Eurostat PPI YoY September 4.5% 4.3% 4.3%
11/06 Germany Markit Markit Germany Services PMI October 54.7 53.6 53.6
11/06 Germany Markit Markit/BME Germany Composite PMI October 53.4 52.7 52.7
11/06 France Markit Markit France Services PMI October 55.3 55.6 55.6
11/06 France Markit Markit France Composite PMI October 54.1 54.3 54.3
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 32.67% 57.16% (49,892,025.90)
Qatari Institutions 8.33% 13.65% (10,824,122.49)
Qatari 41.00% 70.81% (60,716,148.39)
GCC Individuals 0.63% 1.18% (1,125,742.80)
GCC Institutions 1.81% 1.28% 1,071,825.28
GCC 2.44% 2.46% (53,917.52)
Non-Qatari Individuals 13.21% 11.09% 4,323,783.49
Non-Qatari Institutions 43.35% 15.64% 56,446,282.42
Non-Qatari 56.56% 26.73% 60,770,065.91

3. Page 3 of 7
News
Qatar
 The Amir: Qatar has been able to overcome blockade’s impacts
– HH the Amir Sheikh Tamim bin Hamad al-Thani inaugurated
the 47th ordinary session of the Advisory Council yesterday.
The Amir said, “Qatar has been able to overcome the impacts of
the blockade to a large extent. Economic institutions and
financial markets share optimism with us. The World Bank
expects Qatar’s economic growth rate to reach 2.8% in 2018,
and will rise to around 3% in the following years. Global credit
rating agencies also revised their outlook for Qatar’s economy
from ‘Negative’, immediately after the blockade, to currently
‘Stable’, thus reflecting their favorable expectations for the
financial and economic performance of the State of Qatar in the
future. Confidence of the international financial institutions in
the future performance of Qatar’s economy was evident when
Qatar raised $12bn in a sovereign bond issue in the
international financial markets. The volume of subscription for
the Initial Public Offering has reached $53bn, at moderate
interest rates.” HH the Amir added, “Qatar National Vision
goals to achieve economic diversification and reduce
dependence on oil and gas never mean, as I mentioned to you
before, neglecting the oil and gas sector, the basic source of our
wealth.” (Gulf-Times.com)
 Rosneft says Qatari fund to pay $4.23bn for 14.16% stake –
Russian oil giant Rosneft stated that Qatar’s sovereign wealth
fund, Qatar Investment Authority (QIA) would pay around
$4.23bn for 14.16% stake in the company. QIA would become
the third-largest Rosneft shareholder as a result of the deal
after the Russian government and British oil major BP, the
company added. Trader Glencore would retain 0.6% stake.
(Zawya)
 QSE readies electronic system to support unified disclosure
format – The Qatar Stock Exchange (QSE) is in the process of
introducing a new electronic system to assist listed companies
in producing a unified disclosure format. This was announced
by QSE’s CEO, Rashid bin Ali al-Mansoori at the annual meeting
on disclosure practices where the listed companies witnessed
the prototype of the system that will assist them in
consolidating their disclosure through QSE’s website. The new
electronic system is expected to be up and running by 2019. He
pointed out that the QSE considers environmental and social
sustainability and corporate governance (ESG) as one of the
fundamentals that support disclosure and transparency in the
market. The companies listed on the QSE have made great
strides in the implementation of international standards in
terms of disclosure and transparency and the development of
dedicated investor relations departments and websites, al-
Mansoori said. Such measures have great impact on the
companies' success in gaining investors' confidence and
ensuring healthy, transparent and fair trading environment. Al-
Mansoori stressed the importance of disclosure and
transparency in the financial market and considered them a
vital necessity on which investors build their investment
decisions. He depicted transparency and adequate disclosure as
a key element in the success of any financial market to gain the
confidence of both individuals and institutional investors.
(Gulf-Times.com, QSE)
 QC’s Chairman: Amir's speech places great responsibility on the
private sector – HH the Amir Sheikh Tamim bin Hamad al-
Thani's appreciation of the role played by the private sector in
Qatar places great responsibility on those responsible for this
sector who should continue work to enhance its role in the
economic and investment process and encourage businessmen
to increase investment in industrial projects needed by the local
market, Qatar Chamber’s (QC) Chairman, HE Sheikh Khalifa bin
Jassim al-Thani said. QC’s Chairman hailed HH the Amir's
remarks on the pivotal role played by the private sector in the
development of the industrial sector and in achieving a great
deal of self-sufficiency in some food products and some
consumer necessities as the number of factories operating in
the country increased after the siege by 14%, calling on the
private sector to develop its direct investment and to pursue
bolder initiatives. (Gulf-Times.com)
 Ashghal’s Chief hails HH the Amir, reaffirms commitment to
support local firms – The Public Works Authority (Ashghal) is
committed to support both the public and private
manufacturing companies, producing materials for the
country's construction industry, according to Ashghal’s
President, Saad bin Ahmed al-Muhannadi. While reaffirming
Ashghal's commitment to support the local manufacturing
companies, al-Muhannadi specifically lauded their efforts and
capacities, which he said had helped the authority complete
several infrastructure, health and educational projects ahead of
schedule. Ashghal’s Chief also mentioned that there has been a
three-fold increase in the number of construction materials
produced in the country after the blockade started. "While only
55 materials were produced in Qatar before the blockade, now
more than 160 materials are locally made," he said. Similarly
there has been substantial increase in the number of local
companies producing construction materials. "There were only
48 such companies earlier while their number has shot up to 160
now," he added. (Gulf-Times.com)
 DOHI’s President: Cyber insurance gaining ground as internet-
based risks rise – Cyber insurance is gradually gaining ground in
view of increasing internet-based risks, mainly impacting
corporates including major energy companies, according to
Doha Insurance Group’s (DOHI) President, Bassam Hussein.
Cyber risk insurance or cyber liability insurance coverage is
available in Europe and the Americas and many companies are
probably buying it. Hussein said, “But in our region, I don’t
think this (cyber insurance) is being used extensively. But there
is a real need for the cover, given the heightened risks posed by
cyber criminals. It is not a joke anymore. For example, in the
energy industry a significant number of energy installations
have been hacked the world over. It is a very serious issue that
needs to be tackled.” He added, “Cyber insurance is fairly new.
It has been around may be only for five or six years now.
Realistically, I have not heard many companies in our area that
have bought cyber insurance. That’s what we are working on.
We are trying to say this is a real threat. And we should look at
it and we should not look at it the other way.” (Gulf-Times.com)
 Kahramaa committed to deliver major projects on schedule –
Qatar General Electricity and Water Corporation (Kahramaa) is

4. Page 4 of 7
working round-the-clock to ensure the completion of many of
its ongoing projects way ahead of the schedule, Kahramaa’s
President, Issa bin Hilal al-Kuwari stated while hailing the
speech of HH the Amir Sheikh Tamim bin Hamad al-Thani at
the Advisory Council. Kahraama’s Chief said that the
corporation is sparing no efforts to ensure water and energy
security for the country and all its development plans are going
on as usual. (Gulf-Times.com)
 Qatar’s hospitality sector ‘among best in the region’ – The vast
opportunities offered by Qatar’s hospitality market makes the
country one of the best in the region, according to Katara
Hospitality’s Chairman, Sheikh Nawaf bin Jassim bin Jabor al-
Thani, who inaugurated ‘Hospitality Qatar 2018’ being held
until tomorrow. Sheikh Nawaf said, “The event is growing in
stature year after year, as reflected by the rising number of
local, regional, and international exhibitors who are drawn to
the opportunities offered by Qatar’s hospitality market.”
Hospitality Qatar 2018 has attracted 188 exhibitors from 20
countries. He noted that Qatar’s hospitality industry will
witness a boom in 2022, as part of the country’s efforts to
develop the hospitality sector in line with the Qatar National
Vision 2030 and the FIFA World Cup. “Due to these efforts,
Qatar’s hospitality sector has become one of the best in the
region, especially with the development of hotel projects and
high-end tourism destinations like resorts and entertainment
venues, to host diverse events that promote Qatar’s position as
leading tourism and hospitality destination at the regional and
international levels,” Sheikh Nawaf stressed. (Gulf-Times.com)
International
 UK’s consumer spending edges up after sluggish September –
British consumers perked up slightly last month but gave little
sign they were returning to their free-spending ways of the past
summer, due to a lack of confidence about the economic
outlook, industry data showed. The British Retail Consortium
stated total retail spending in October was up 1.3% compared
with a year earlier after growing by 0.7% in September, its
slowest rate for almost a year. Barclaycard stated it estimated
that the broader measure of consumer spending was up by an
annual 4.4% last month after September’s slowdown to a five-
month low of 3.9%. (Reuters)
 Eurozone’s economy slowing, but not as much as feared –
Eurozone’s business growth slumped to a two-year low in
October as growing trade tensions and tariffs, alongside rising
political uncertainty, put a dent in exports and optimism, a
survey showed. However, while survey and official figures
showed the slowdown is relatively widespread, the clouds over
the Eurozone are not as dark as recently feared. Any positive
signs will be welcomed by policymakers at the European
Central Bank as they look to halt their EUR 2.6tn asset purchase
program by the end of the year, shutting off one of the main
sources of stimulus to the Eurozone’s economy. IHS Markit’s
Euro Zone Composite Final Purchasing Managers’ Index (PMI),
seen as a good guide to economic health, fell to 53.1 in October
from September’s 54.1, its lowest since September 2016.
However, it was above a 52.7 flash estimate and still
comfortably higher than the 50 mark which separates growth
from contraction. (Reuters)
 Surprise rise witnessed in Germany’s industrial orders in
September – German industrial orders rose unexpectedly in
September, driven by bulk orders and higher demand from
domestic and other Eurozone clients, data showed, suggesting
Europe’s largest economy ended the third quarter on a solid
footing. Orders edged up 0.3% after an upwardly revised
increase of 2.5% in August, the Federal Statistics Office stated.
That beat market expectations for a fall of 0.6%. For the third
quarter as a whole, industrial orders fell 1.0% on weak foreign
demand, the Economy Ministry stated. This suggests
manufacturing hardly contributed to overall economic growth
in the July-September period. (Reuters)
 German economic advisors slash 2018 growth forecast to 1.6%
– Economic advisors to the German government have slashed
their forecast for growth this year to 1.6% from their previous
prediction of 2.3%, a group of newspapers reported. The NBR
group of local newspapers stated the advisors cited the weaker
global economic environment, fears about a trade war with US
and the risk of Britain quitting the EU in a disorderly fashion as
reasons for reducing their forecasts. The advisors, who are due
to present their report, also expect capacity bottlenecks like a
shortage of skilled labor to hit growth but they do not expect
slower growth to have a negative impact on labor market, NBR
stated. (Reuters)
 Japan’s third-quarter GDP seen shrinking on natural disasters,
overseas economic slowdown – Japan’s economy was expected
to shrink in the third quarter after natural disasters disrupted
production and a slowdown in overseas demand undermined
exports, a Reuters poll found. Strong typhoons in western Japan
and a powerful earthquake in the northern island of Hokkaido
forced some factories and major airports to close temporarily.
Analysts believe Japan’s economy will recover from the
setbacks caused by the quarter’s natural disasters, but see risks
to growth from declining momentum in the global economy.
Gross domestic product (GDP) grew an annualized 3.0% in
April-June on strong capital spending, the fastest growth since
2016, but was seen shrinking 0.3% QoQ in July-September, an
annualized rate of 1.0%. (Reuters)
 China's export machine to keep humming ahead of stiffer US
tariffs – China’s exports are expected to have expanded at a
healthy clip in October as businesses frontloaded orders before
higher US tariffs set in at the turn of the year, a Reuters poll
showed. Imports growth is also forecast to have been solid, as
Beijing ramps up investment and further spurs domestic
consumption to counter growing economic headwinds. But
their growth rates are forecast to remain on a gradual
decelerating trajectory, with future orders already showing
signs of cooling as businesses fret over uncertainties stemming
from a months-long trade row between Beijing and
Washington. China’s October exports likely grew 11% from a
year earlier, slower than the previous month’s 14.5% jump but
faster than August’s 9.8% gain, according to the median
estimate of 36 economists in the Reuters poll. Import growth is
expected to have eased modestly to 14% from 14.3% in
September. (Reuters)
Regional
 UAE, Saudi see strong growth in non-oil new orders – Output
growth in the non-oil private sector of the UAE and Saudi

5. Page 5 of 7
Arabia improved during October as employment and new order
growth picked up, said the latest Emirates NBD Purchasing
Managers’ Index (PMI). Commenting on the UAE PMI survey,
Khatija Haque, Head of MENA Research at Emirates NBD, said:
“Anecdotal evidence suggested that promotions and price
discounts likely contributed to the rise in new orders last
month. Indeed, new export order growth also slowed sharply
last month.” Non-oil private sector companies in the UAE
reported another increase in new business during October.
Anecdotal evidence suggested that promotional activity was
partly linked to the improvement. That said, new orders from
abroad grew at the weakest pace since March. At 53.8 in
October, up from 53.4 in September, the headline seasonally
adjusted Emirates NBD Saudi Arabia PMI registered above the
neutral 50.0 threshold to indicate an improvement in business
conditions. The latest expansion was moderate and above that
recorded in September, although it remained weak in the
context of historical data. Commenting on the Saudi Arabia PMI
survey, Haque said, “The headline Emirates NBD Saudi Arabia
Purchasing Managers’ Index (PMI) rose slightly to 53.8 in
October from 53.4 in September, as employment and new order
growth picked up. New export orders also recovered after
contracting in September, reflecting increased external
demand. However, output rose at the slowest rate since April,
suggesting that the rise in new work has yet to feed through to
actual output.” (GulfBase.com)
 IATA: Middle East carriers see 1.8% YoY rise in passenger
demand in September – Middle East carriers registered a 1.8%
rise in passenger demand in September compared to the same
period last year, IATA stated in a report. As in the previous
months, the volatility in the region’s growth rate mainly
reflects the developments in 2017 such as the cabin ban on
large portable electronic devices and the proposed travel bans
to the US. Capacity rose 5.3%, and load factor fell 2.4% points
to 72.3%. IATA’s global passenger traffic results for September
showed that demand rose 5.5% compared to the same month in
2017. This was a slowdown from the 6.4% growth recorded in
August YoY. IATA estimated that impacts from severe
hurricane and typhoon activity in September shaved around
0.1%-0.2% points off expected growth. However, even after
accounting for these impacts, monthly traffic demand was
below 6.7% YTD. (Gulf-Times.com)
 SoftBank said to plan $1.2bn solar plant in Saudi Arabia –
SoftBank Group Corp. is planning to develop a $1.2bn solar
power plant in Saudi Arabia, even as it faces growing scrutiny
over its relationship with the Kingdom, according to sources.
The plant, to the north of Riyadh, would generate 1.8 gigawatts
of power a year, sources said. SoftBank has started preliminary
talks with banks and developers to gauge interest in the
facility, sources added. (Bloomberg)
 UAE Central Bank sees faster growth in 2019, no real impact
from Iran sanctions – The UAE central bank expects economic
growth to accelerate to 4.2% in 2019, with no material impact
from the renewal of US sanctions on Iran as long as banks have
prepared for the penalties, its governor, Mubarak Rashed Al
Mansoori said. “Things are starting to materialize, growth is
there, liquidity is there, a lot of government initiatives are
there. I think we are in good times,” he said. The Central Bank
stated in September that it expected the UAE’s inflation-
adjusted gross domestic product (GDP) to expand by 2.3% in
2018. But Mansoori said that the bank hoped to close the year at
2.8% growth. He later told reporters that growth forecasts for
next year were mainly driven by oil, but there would be strong
contributions from the non-oil sectors as well. (Reuters)
 UAE banking sector net profit up by 13.34% – The national
banking sector - 18 banks and finance companies listed in the
financial markets - posted a net profit growth of 13.34% YoY to
AED32.03bn in the first nine months of this year compared to
AED28.24bn in the same period last year. By this, the sector
posted net profit of AED3.56bn per month and AED118.63mn in
daily profit, a record profit for banks. First Abu Dhabi Bank was
the most profitable bank with 12.1% growth to AED9.078bn.
Emirates NBD was second on the list of the most profitable
banks with AED7.66bn, up by 24.08%. Commercial Bank
International topped the list of banks in terms of growing
profits over the first nine months of this year. The bank’s net
profits grew by 59.46% to AED142.4mn. (GulfBase.com)
 Central Bank Governor: UAE real estate slump will not impact
financial stability – A drop in real estate prices in the UAE will
not affect financial stability, the central bank governor,
Mubarak Rashed al-Mansoori said. “Quite to the contrary, real
estate prices have become more convenient than before, and
lending is continuing,” Mubarak Rashed al-Mansoori told
reporters. (Reuters)
 Central Bank Governor: Abu Dhabi banks' merger at early stage
– The merger of three banks in Abu Dhabi is at an early stage,
the UAE central bank governor, Mubarak Rashed al-Mansoori
said. Abu Dhabi Commercial Bank (ADCB), Union National
Bank (UNB) and Al Hilal Bank are in talks for a deal that could
form a lender with $113bn in assets. (Reuters)
 Masdar CEO wants to double renewable power generation
portfolio – UAE based Masdar Abu Dhabi Future Energy Co.
currently has 3 GW of renewable power generation assets in
operation and wants to double it by another 3 GW, CEO
Mohamed Jameel Al Ramahi said. He also views Saudi Arabia as
one of the largest opportunities for renewable energy in the
Middle East. (Bloomberg)
 Passenger traffic at Dubai World Central jumps 26% –
Passenger traffic at Dubai World Central, the Emirate’s second
airport, jumped 26.1% YoY in the third quarter of this year to
119,000 passengers. The figure brings total passenger numbers
in the first nine months of 2018 to 637,176, a decline of 1.9%
YoY, according to operator Dubai Airports. The operator stated
that outlook for traffic in the fourth quarter is positive on the
back of the seasonal rush of tourists typically seen in the
winter, as well as the launch of new services. (GulfBase.com)
 Dubai's Logistics firm Tristar said to weigh IPO for 2019 –
Middle Eastern logistics firm Tristar Group is preparing for an
initial public offering (IPO) in 2019 that could value the
company at as much as $1bn, according to sources. The
company is assessing both London and Dubai as potential
venues for the IPO and is working with advisors, sources added.
A year ago, Tristar sold 20% stake to Kuwait’s Gulf Investment
Corp. for $100mn amid preparations for a trading debut in three
to five years, Gulf News reported, citing founder and Chief
Executive Officer Eugene Mayne. That deal valued the

6. Page 6 of 7
company, whose biggest shareholder is Kuwaiti logistical firm
Agility, at about $500mn, and left Mayne as a minority owner.
The company operates in 18 countries within the Middle East,
Africa and Asia, offering transportation and storage services for
the petroleum and chemicals industries, according to its
website. (Bloomberg)
 Dubai's latest entertainment park may be delayed amid losses –
A strategic review at DXB Entertainments PJSC, posted its 20th
consecutive quarterly loss, which may lead to a delay in the
opening of Six Flags Dubai. The review was undertaken to
“determine scope, timeline and potential alternatives in light of
existing customer demand,” the company stated. The results
will be presented to the board before the end of the year and
“may have an impact on the target opening date of Six Flags
Dubai.” CEO Mohamed Almulla had told Bloomberg in March
that the company expects the Six Flags theme park to be
operational at the end of 2019. (Bloomberg)
 Hyperoptic sells stake to Mubadala to fund UK fiber rollout –
Hyperoptic Ltd. signed a deal to sell minority stake to Mubadala
Investment Company for “tens of millions” of pounds to fund
its UK fiber rollout, Chairman of Hyperoptic, Dana Tobak said.
Abu Dhabi sovereign wealth fund Mubadala will provide
“substantial capital and balance sheet power,” Executive
Director of its ICT division said. (Bloomberg)
 Abu Dhabi stimulus package to include credit support for SMEs
– Abu Dhabi’s stimulus package will include credit support
through banks to SMEs, said Ahmed al Sayegh, UAE Minister of
state. (Bloomberg)
 Al Arabiya TV: Kuwait Central Bank studying potential KFH-
AUB merger – Kuwait’s Central Bank is studying the “added
value” that could arise from a potential merger between Kuwait
Finance House (KFH) and Bahrain’s Ahli United Bank, Al
Arabiya TV stated. The banks have been in talks since mid-
2018, and while several other banks are in the midst of
consolidating, a merger between the two could become the first
cross-border tie-up between Gulf banks. (Reuters)
 Kuwait’s Oil Minister: Oil markets are stable – Global oil
markets are currently stable, Kuwait’s Oil Minister Bakhit al-
Rashidi said, adding that he expects such stability to continue
until the end of the year. Rashidi told reporters in Kuwait City
that the upcoming OPEC meeting next month will look at
whether the oil market needs more crude and if there is a build-
up in inventories. OPEC and its allies are set to meet in Vienna
from 6
th
-7
th
December to decide their oil supply policy and agree
on a long-term mechanism to manage the market beyond 2018.
The OPEC and other global producers will review output levels
in line with the production cuts agreement, the oil Minister
said, according to news agency KUNA. (Reuters, Bloomberg)
 Oman sells OMR16mn 182-day bills; bid-cover 1.38 – Oman sold
OMR16mn of bills due May 8, 2019 on November 5. Investors
offered to buy 1.38 times the amount of securities sold. The bills
were sold at a price of 98.768, having a yield of 2.502% and will
settle on November 7. (Bloomberg)
 Bahrain 'offers lowest cost for doing business in the GCC –
Bahrain has the most liberalized and competitive IT sector in
the region, and it also leads on most indicators for cost of doing
business in the GCC region – a market worth $1.5tn, KPMG
stated in a new report. Crucially, the report titled “The Cost of
Doing Business in the GCC” revealed that Bahrain has lower
costs than any other GCC country for cross-border internet
connectivity, a critical metric for an Information and
Communications Technology (ICT) hub. Overall, the total
average cost of operating in Bahrain for ICT dependent
enterprises was 16% less than the GCC’s average. Key findings
from the report include: The average annual cost of operations
for cross-border internet connectivity in Bahrain is $126,000,
compared to the average for GCC which is $233,400.
Commercial rental costs for office space in Bahrain are lower,
compared to other GCC countries – $43,800 for Bahrain,
compared to an average of $86,480 for the GCC. Overall
commercial utility costs (electricity and water, internet and
telephone services) in Bahrain are 25% lower compared to the
average GCC utility costs. (GulfBase.com)
 National Bank of Bahrain weighs offer for local Islamic lender –
National Bank of Bahrain is considering a potential offer for the
issued shares of Bahrain Islamic Bank, a move that would
create a lender having about $11bn of assets, Bloomberg
reported. The bank, which was already in talks to increase its
stake in the Islamic lender to 43.5%, gave a nonbinding notice
of interest to Bahrain Islamic Bank, according to a statement.
State-controlled National Bank of Bahrain currently owns 29%
of Bahrain Islamic Bank. No formal documents have been
signed and no material terms have been agreed, it stated. The
potential voluntary offer is subject to pricing assessments,
diligence investigations, regulatory, board and shareholder
approvals. (Gulf-Times.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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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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (
#
Data as of November 5, 2018)
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Oct-14 Oct-15 Oct-16 Oct-17 Oct-18
QSE Index S&P Pan Arab S&P GCC
0.1%
(0.8%)
(1.0%)
(0.1%)
0.1%
0.6% 0.7%
(1.2%)
(0.6%)
0.0%
0.6%
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 1,227.17 (0.4) (0.5) (5.8) MSCI World Index 2,050.65 0.5 0.7 (2.5)
Silver/Ounce 14.54 (0.7) (1.4) (14.2) DJ Industrial 25,635.01 0.7 1.4 3.7
Crude Oil (Brent)/Barrel (FM Future) 72.13 (1.4) (1.0) 7.9 S&P 500 2,755.45 0.6 1.2 3.1
Crude Oil (WTI)/Barrel (FM Future) 62.21 (1.4) (1.5) 3.0 NASDAQ 100 7,375.96 0.6 0.3 6.8
Natural Gas (Henry Hub)/MMBtu 3.53 0.0 8.3 14.2 STOXX 600 362.55 (0.1) (0.2) (11.6)
LPG Propane (Arab Gulf)/Ton 80.75 (0.9) (0.9) (18.4) DAX 11,484.34 0.1 (0.0) (15.6)
LPG Butane (Arab Gulf)/Ton 91.00 (4.0) (2.4) (16.1) FTSE 100 7,040.68 (0.4) 0.2 (11.4)
Euro 1.14 0.2 0.3 (4.8) CAC 40 5,075.19 (0.4) (0.3) (9.3)
Yen 113.43 0.2 0.2 0.7 Nikkei 22,147.75 0.9 (0.7) (3.5)
GBP 1.31 0.4 1.0 (3.1) MSCI EM 992.27 (0.0) (0.4) (14.3)
CHF 1.00 0.2 0.1 (2.8) SHANGHAI SE Composite 2,659.36 (0.1) (1.1) (24.4)
AUD 0.72 0.5 0.8 (7.2) HANG SENG 26,120.96 0.7 (1.5) (12.9)
USD Index 96.32 0.0 (0.2) 4.6 BSE SENSEX 34,991.91 0.0 (0.1) (10.2)
RUB 66.12 (0.1) (0.1) 14.7 Bovespa 88,668.92 (1.8) (1.3) 2.4
BRL 0.27 (0.9) (1.7) (11.9) RTS 1,151.14 1.4 1.4 (0.3)
77.5
75.4
74.6