The QSE Index declined marginally to close at 10,355.7

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined marginally to close at 10,355.7. Losses were led by the
Consumer Goods & Services and Industrials indices, falling 0.7% and 0.4%,
respectively. Top losers were Qatar Oman Investment Co. and Al Khalij Commercial
Bank, falling 2.9% and 2.8%, respectively. Among the top gainers, Qatari German
Company for Medical Devices gained 2.5%, while Ezdan Holding Group was up 2.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.6% to close at 7,573.5. Gains were led by the
Media & Entertainment and Pharma, Biotech. indices, rising 5.6% and 3.0%,
respectively. Ash-Sharqiyah Dev. rose 10.0%, while Saudi Cable Co. was up 9.9%.
Dubai: The DFM General Index declined 1.0% to close at 2,699.6. The Consumer
Staples and Discretionary index fell 4.0%, while the Real Estate & Const. index
declined 1.9%. Dar Al Takaful fell 9.1%, while Ithmaar Holding was down 5.9%.
Abu Dhabi: The ADX General index fell 0.2% to close at 4,960.0. The Investment &
Financial services index declined 3.0%, while the Energy index fell 2.5%. Manazel
Real Estate declined 3.7%, while Dana Gas was down 3.4%.
Kuwait: The Kuwait Main Market Index declined 0.1% to close at 4,732.9. The
Technology index fell 10.0%, while the Insurance index declined 1.4%. Burgan
Company for Well Drilling. fell 13.6%, while Gulf Cement Company was down 8.5%.
Oman: The MSM 30 Index fell 0.1% to close at 4,386.9. The Services index declined
marginally, while the other indices ended in green. Global Financial Investment fell
4.6%, while Oman National Engine. Invt. was down 2.9%.
Bahrain: The BHB Index fell 0.5% to close at 1,320.3. The Hotels & Tourism index
declined 4.1%, while the Investment index fell 1.4%. Gulf Hotel Group declined
6.1%, while GFH Financial Group was down 4.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari German Co for Med. Devices 4.49 2.5 59.5 (30.5)
Ezdan Holding Group 12.20 2.4 286.7 1.0
Qatar Islamic Insurance Company 53.64 1.8 0.9 (2.4)
Ooredoo 77.70 1.7 101.5 (14.4)
Islamic Holding Group 23.30 1.3 5.3 (37.9)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 7.77 (1.0) 1,603.2 (13.7)
Barwa Real Estate Company 39.43 (0.1) 1,323.8 23.2
Doha Bank 21.08 0.8 1,277.5 (26.0)
Qatar First Bank 4.36 0.7 995.0 (33.2)
Masraf Al Rayan 40.30 0.8 733.1 6.8
Market Indicators 27 Nov 18 26 Nov 18 %Chg.
Value Traded (QR mn) 313.9 289.0 8.6
Exch. Market Cap. (QR mn) 585,160.6 584,769.6 0.1
Volume (mn) 9.3 9.1 1.6
Number of Transactions 7,024 6,676 5.2
Companies Traded 42 42 0.0
Market Breadth 17:24 29:8 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,245.54 (0.0) 0.3 27.7 15.3
All Share Index 3,082.43 0.1 0.4 25.7 15.6
Banks 3,841.88 0.1 0.3 43.2 14.4
Industrials 3,255.68 (0.4) (0.7) 24.3 15.5
Transportation 2,110.61 0.7 0.6 19.4 12.3
Real Estate 2,091.57 1.3 1.5 9.2 18.8
Insurance 3,041.71 (0.4) 1.2 (12.6) 18.1
Telecoms 1,029.74 0.4 2.1 (6.3) 41.8
Consumer 6,756.37 (0.7) (0.5) 36.1 13.8
Al Rayan Islamic Index 3,889.19 (0.3) (0.1) 13.7 15.2
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
National Petrochem. Co. Saudi Arabia 25.00 3.6 1,246.6 34.9
National Shipping Co. Saudi Arabia 32.75 3.5 893.2 4.0
Saudi Industrial Inv. Saudi Arabia 24.90 3.1 506.2 30.0
Nat. Industrialization Co Saudi Arabia 16.60 3.0 746.4 1.2
Advanced Petrochem. Co. Saudi Arabia 51.30 2.8 314.2 11.8
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
GFH Financial Group Dubai 1.11 (4.3) 24,293.9 (26.0)
Al Ahli Bank of Kuwait Kuwait 0.30 (3.2) 175.0 3.4
Emaar Properties Dubai 4.59 (3.2) 10,190.4 (29.8)
Al Salam Bank-Bahrain Bahrain 0.09 (2.2) 405.4 (21.1)
DP World Dubai 17.50 (2.1) 109.0 (30.0)
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 Oman Investment Co. 6.01 (2.9) 12.0 (23.9)
Al Khalij Commercial Bank 11.13 (2.8) 1.6 (21.6)
Qatar National Cement Company 56.73 (2.2) 0.8 (9.8)
Qatar General Ins. & Reins. Co. 45.90 (2.1) 0.3 (6.3)
Vodafone Qatar 8.23 (1.7) 611.8 2.6
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 198.00 0.1 64,796.5 57.1
Barwa Real Estate Company 39.43 (0.1) 51,935.9 23.2
Qatar Fuel Company 166.92 (1.1) 43,838.9 63.6
Masraf Al Rayan 40.30 0.8 29,364.6 6.8
Doha Bank 21.08 0.8 27,007.0 (26.0)
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* 10,355.67 (0.0) 0.3 0.5 21.5 85.93 160,743.6 15.3 1.5 4.2
Dubai 2,699.60 (1.0) (2.0) (3.1) (19.9) 48.76 97,693.7 9.1 1.0 6.5
Abu Dhabi 4,960.04 (0.2) (0.5) 1.2 12.8 57.54 135,449.7 13.5 1.4 4.9
Saudi Arabia 7,573.48 0.6 (0.4) (4.2) 4.8 661.64 477,128.4 16.3 1.7 3.7
Kuwait 4,732.89 (0.1) (0.3) 0.8 (2.0) 89.40 32,352.6 16.8 0.9 4.4
Oman 4,386.87 (0.1) (1.5) (0.8) (14.0) 6.39 19,048.1 10.3 0.8 5.9
Bahrain 1,320.33 (0.5) (0.2) 0.4 (0.9) 15.37 20,107.5 8.9 0.8 6.2
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,320
10,340
10,360
10,380
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index declined marginally to close at 10,355.7. The Consumer
Goods & 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.
 Qatar Oman Investment Company and Al Khalij Commercial Bank were
the top losers, falling 2.9% and 2.8%, respectively. Among the top
gainers, Qatari German Company for Medical Devices gained 2.5%,
while Ezdan Holding Group was up 2.4%.
 Volume of shares traded on Tuesday rose by 1.6% to 9.3mn from 9.1mn
on Monday. Further, as compared to the 30-day moving average of
5.8mn, volume for the day was 60.3% higher. Mazaya Qatar Real Estate
Development and Barwa Real Estate Company were the most active
stocks, contributing 17.3% and 14.3% 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
11/27 France INSEE National Statistics Office Consumer Confidence November 92 94 95
11/27 Japan Bank of Japan PPI Services YoY October 1.3% 1.2% 1.1%
11/27 China National Bureau of Statistics Industrial Profits YoY October 3.6% – 4.1%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar’s trade surplus rises to QR18.99bn YoY in October –
Robust rise in the shipments of crude and non-crude helped
Qatar more than double its trade surplus YoY to QR18.99bn in
October 2018, according to official figures. The country's trade
surplus registered a healthy 22.9% increase on monthly basis,
showed the figures released by the Ministry of Development
Planning and Statistics. In absolute terms, South Korea, Japan,
India, China and Singapore were among the largest export
markets of Qatar. Imports mainly came from the US, China, the
UK, Germany and India in the review period. The exports of
non-crude shot up 71% YoY to QR2.44bn, petroleum gases and
other gaseous hydrocarbons rose by 48% to QR17.8bn,
petroleum oils and oils obtained from bituminous minerals rose
by 10.5% to QR4.56bn and other commodities increased by
3.8% to QR3.01bn. (Gulf-Times.com)
 GWCS well positioned to meet expectations of every demand –
Gulf Warehousing Company (GWCS) has put forward every
effort possible in order to provide logistics, supply chain
services and solutions that serve every industrial and economic
sector of Qatari economy. The company proactively enhanced
its services and efficiency, especially after the blockade, to
serve its clients better and more effectively. “GWCS is in-step
with the needs and requirements of the market and its clients,
and prides itself on its client focus and readiness to respond to
any new opportunity or service gap. It accomplishes this
through its widespread bespoke infrastructure that offers the
end-to-end supply chain solutions and the technological
foundation to meet and exceed the expectations of every
demand”, GWCS’ CEO, Ranjeev Menon said. (Peninsula Qatar)
 QTerminals gets approval for Phase II expansion of Hamad Port
– QTerminals announced that it has received approval to
design, develop and operate Phase II (Container Terminal 2) of
Hamad Port. The announcement comes as a major boost for the
expansion of Hamad Port, which has become Qatar’s gateway
to the world trade in a short span of time. QTerminals is a
terminal operating company jointly established by Qatar Ports
Management Company (Mwani) and Qatar Navigation
(Milaha). The company provides container, general cargo,
RORO (roll-on rolloff), livestock and offshore supply services in
Phase 1 of Hamad Port. (Peninsula Qatar)
 Qatar Chamber signs agreement for report on the country’s
energy business environment – Qatar Chamber has signed a
strategic partnership with The Oil & Gas Year (TOGY) to launch
the ‘TOGYiN’ platform report on Qatar’s attractive business
environment in the field of energy and the local industry’s
expansion plans. Both sides will partner for the upcoming
‘TOGY Qatar 2019’ edition, which will provide a thorough and
comprehensive overview of Qatar’s hydrocarbon industry and
related sectors. In a statement, Qatar Chamber stated it is
honored to partner with TOGY in producing the ‘TOGY Qatar
2019’ edition, which gathers the opinions and views of the oil
and gas elite in Qatar, as well as private-sector leaders. It noted
that the report will promote Qatar as an oil and gas hub and an
attractive investment destination worldwide, underscoring
that the edition will have a vast readership of energy industry
executives, decision makers and investors. Qatar Chamber
added that the report aims to showcase the wealth of
opportunities available in Qatar by featuring its friendly
investment climate, economic strategies, and mega-projects
and industries. (Gulf-Times.com)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 26.74% 38.21% (36,027,772.51)
Qatari Institutions 8.74% 25.09% (51,322,643.46)
Qatari 35.48% 63.30% (87,350,415.97)
GCC Individuals 0.36% 0.59% (714,788.77)
GCC Institutions 0.15% 0.74% (1,836,189.41)
GCC 0.51% 1.33% (2,550,978.18)
Non-Qatari Individuals 6.13% 4.60% 4,800,536.70
Non-Qatari Institutions 57.88% 30.77% 85,100,857.45
Non-Qatari 64.01% 35.37% 89,901,394.15

3. Page 3 of 6
 NTC to promote Qatar in Australian, Scandinavian markets –
The National Tourism Council (NTC) is planning to promote
Qatar in Australia and Scandinavian countries including
Denmark, Finland, Iceland, Norway and Sweden by next year,
as its next prospective target markets. NTC’s representative,
Rashed Al Qurese mentioned the plan, while speaking at the
official launch of ‘Qatar.Qurated for you’ — Qatar’s first global
destination campaign, in which he underlined achievements in
promoting Qatar since the easing of visa policies and the launch
of ‘The Next Chapter of the National Tourism Sector Strategy’
last year. “After the launch of the strategy in 2017 we opened
three of the world’s most important markets including China,
India, and Russia. Next year we are going to work with our
partners in order to venture in the Australian and Scandinavian
markets,” Al Qurese said. Granting visa-free entry to citizens of
more than 80 countries had made Qatar one of the most open
countries in the Middle East and eighth worldwide according to
UNWTO, which two-thirds of world population can visit visa-
free, he stressed. (Peninsula Qatar)
 Malaysia offers Qatar opportunities in food processing,
healthcare – Malaysia, which is expanding its halal industry,
wants Qatar to participate in investment opportunities in the
Southeast Asian country’s food processing sector, according to
Deputy Prime Minister, Dato' Seri Dr Wan Azizah binti Wan
Ismail. Ismail made the announcement during a high-level
meeting organized by the Qatari Businessmen Association
(QBA), where she and her accompanying delegation met with
QBA’s Chairman, HE Sheikh Fasial bin Qassim Al-Thani and
Qatar Chamber’s first Vice Chairman, Mohamed bin Towar Al-
Kuwari, as well as other QBA officials and members. Aside from
food processing, Ismail also encouraged Qatar to participate in
the Southeast Asian country’s projects in the tourism and
hospitality, aerospace, agriculture, healthcare, and industrial
and manufacturing sectors. (Gulf-Times.com)
 SBCQ becomes official Chamber of Commerce of Spain in Qatar
– An Extraordinary Assembly of the Spanish Business Council
in Qatar (SBCQ) was convened at Doha Exhibition and
Convention Center (DECC) in the past week to vote the
approval of the changes in its Articles of Association to be
established as the official Chamber of Commerce of Spain in
Qatar. The Assembly was chaired by SBCQ’s Chairman, Jose
Vicente and Ambassador of Spain to Qatar, Belen Alfaro
Hernandez (Honorary Member). SBCQ was founded in 2009
with 7 Members. On the edge of its 10th birthday, the
association has 56 members representing a wide spectrum of
sectors including engineering Water Treatment companies,
construction companies, naval construction, geotechnical
works, facilities management and maintenance, management
consultancy services, trading and contracting, law firms, and
education, among others. It is now registered under the Qatar
Financial Centre (QFC) umbrella. Although SBCQ has already
been making incredible progress over years in promoting its
business members and stretching ties between Spain and Qatar,
a more powerful platform to keep on doing it was needed. On
this regard Belen Alfaro pointed that “the SBCQ was now in
position to be recognized as a Chamber of Commerce.”
(Peninsula Qatar)
International
 IEA: Global LNG trade projected to grow double in size by 2030 –
Natural gas is set to become the second-largest fuel in the
global energy mix, overtaking coal in 2030. Industrial
consumers are expected to make the largest contribution to a
45% increase in worldwide gas use. Trade in liquefied natural
gas (LNG) is expected to more than double in response to rising
demand from developing economies, led by China. The ‘World
Energy Outlook 2018’ released by International Energy Agency
(IEA) noted the movement towards a more interconnected
global gas market, as a result of growing trade in LNG, will
intensify competition among suppliers while changing the way
that countries need to think about managing potential
shortfalls in supply. In the new policies scenario, rising incomes
and an extra 1.7bn people, mostly added to urban areas in
developing economies, will push up global energy demand by
more than a quarter to 2040. The increase would be around
twice as large if it were not for continued improvements in
energy efficiency, a powerful policy tool to address energy
security and sustainability concerns. All the growth is expected
to come from developing economies, led by India. (Peninsula
Qatar)
 UK’s retail sales improve in November – British retail sales
perked up in November by more than expected, but stores’
confidence for the coming months deteriorated ahead of Brexit,
an industry survey showed. The Confederation of British
Industry’s (CBI) monthly retail sales balance rose to +19 from
+5 in October. A Reuters poll of economists had pointed to a
reading of +10. The survey was conducted before last week’s
Black Friday promotions. While November’s pick-up was
stronger than expected, other parts of the survey were less
promising. Business expectations for the next three months
cooled to their lowest level since May 2017. (Reuters)
 The UK government, BoE to spell out no-deal Brexit risks for
economy – The British government and the Bank of England
(BoE) are likely to step up their warnings of a hit to the
economy from a no-deal Brexit, potentially helping Prime
Minister, Theresa May to tackle deep opposition to her plan.
Barely four months before Britain is due to leave the European
Union (EU), May has failed to get much of her own
Conservative Party behind the agreement sealed with EU
leaders, leaving open the possibility of a no-deal Brexit. BoE’s
Governor, Mark Carney and Finance Minister, Philip Hammond
have both previously stressed the importance of a transition
period, as included in May’s plan, to ease Britain out of its four-
decade membership of the EU. (Reuters)
 French consumer confidence falls in November to lowest since
February 2015 – French consumer confidence fell in November
to its lowest level since February 2015, according to data from
the official statistics agency, INSEE, another sign of
sluggishness in the Eurozone’s second-biggest economy. The
November reading for consumer confidence fell to 92 points
from 95 in October. A Reuters poll of 8 economists had an
average forecast of 94 points for the November level. (Reuters)
Regional
 Islamic finance sees mixed growth, buoyed by capital market –
The Islamic finance industry grew 11% YoY in 2017 and is set to
sustain double-digit growth buoyed by capital market products
and the adoption of financial technology, according to a

4. Page 4 of 6
Thomson Reuters study. The industry is now represented in 56
countries by 1,389 Shari’ah-compliant financial firms, worth a
combined $2.4tn in assets, the study estimated. Islamic banks
still retain the lion’s share of the industry, accounting for 71%
of total assets, but their growth remained muted at 5%, with
consolidation pressures mounting in its core markets of the Gulf
and Southeast Asia. In contrast, capital market products such
as Islamic bonds and investment funds fared better, posting 9%
and 16% growth, respectively. (Reuters)
 Bloomberg survey: OPEC expected to cut production despite
pressure from Trump – OPEC and its allies will announce
production cuts to check a slump in oil prices when they meet
next week, defying pressure from US President, Donald Trump,
according to a Bloomberg survey. Thirty-one of 36 analysts and
traders in a global poll predicted that the coalition of producers
known as OPEC+, led by Saudi Arabia and Russia, will
announce output curbs when it gathers on December 6 to 7. The
average estimate for the size of the cut was 1.1mn bpd. Oil
prices have collapsed 30% in less than two months on concern
that booming US shale production and faltering demand -
combined with unprecedented output from Saudi Arabia and
Russia - will trigger a new surplus next year. (Gulf-Times.com)
 EY: MENA corporates seen cautious amid revenue, liquidity
concerns and market uncertainties – A modest growth in
revenues and a drop in liquidity position, driven largely by
ongoing regional market uncertainties, led the Middle East and
North African (MENA) corporates to adopt a cautious approach,
according to Ernst and Young (EY). “While deal values are
higher than 2017, the results of the latest EY Capital Confidence
Barometer (CCB) show that one-third (33%) of MENA
companies expect to pursue M&A (Mergers and Acquisitions) in
the next 12 months, a 32% -point drop from a year ago. In the
coming year we may see subdued deal activity and values,”
MENA Transaction Advisory Services Leader, EY, Phil Gandier
said. The value of the announced deals with disclosed value in
the MENA region more than doubled YoY to $10bn in 3Q2018,
according to the EY 3Q Mena M&A report. Deal value remained
consistent; 107 deals were announced in 3Q2018 against 110
deals in 3Q2017, a decrease of 3%. The GCC deals represented
79% ($7.9bn) of the total MENA’s deal value, and 73% of the
deal volume. (Gulf-Times.com)
 Saudi Aramco aims to become gas exporter with $150bn
investment drive – Saudi Aramco’s gas expansion strategy
needs $150bn worth of investments over the next decade as the
company plans to increase output and become an exporter, its
CEO, Amin Nasser said. Saudi Aramco is pushing ahead with its
conventional and unconventional gas exploration and
production program to feed its fast growing industries, freeing
up more crude oil to export or turn into chemicals. Saudi
Aramco plans to boost its gas production to 23bn standard cubic
feet (scf) a day from 14bn scf now, he said. (Reuters)
 SABIC has team scouting for M&A deals – Saudi Basic
Industries Corporation (SABIC) is targeting acquisitions and
partnerships with oil majors as the petrochemicals giant seeks
to expand in faster-growing markets such as China and India,
according to CEO, Yousef Abdullah Al Benyan. The CEO has a
team scouting for potential M&A targets and SABIC is regularly
in talks with companies such as Royal Dutch Shell Plc about
investing in joint ventures, he said in an interview. The plan
builds on SABIC’s acquisition of 25% stake in Switzerland’s
Clariant AG earlier this year, and Al Benyan plans to use the
alliance to further develop a portfolio of specialty chemicals.
The CEO said, “This is just the beginning, we want to be one of
the top five specialty companies in order for us to maintain
truly very strong competitive positions. We looked at different
options. We cannot grow it just organically; we have to go
through M&A activity.” (Bloomberg)
 Saudi Aramco sees chemicals deals beyond $70bn SABIC’s
stake – Saudi Aramco will seek more acquisitions to speed its
expansion in refining and petrochemicals as Saudi Arabia
pushes ahead with plans to diversify its economy from reliance
on sales of crude. The purchases will be in addition to Saudi
Aramco’s planned purchase of government-controlled
chemicals producer SABIC, according to Saudi Aramco’s CEO,
Amin Nasser. The deal to buy the chemicals producer, known as
SABIC, from the Saudi sovereign wealth fund (PIF) could be
valued at about $70bn. “Saudi Aramco will make the most of
those prospects with global investments in the chemicals space
of roughly $100bn over the next 10 years in addition to
prospective acquisitions,” Nasser said. The SABIC deal will help
fund the project of creation of jobs by shifting funds from Saudi
Aramco to the wealth fund. Nasser added, “The talk now is
about 2021, more or less. You need to at least have one year of
financial performance with SABIC shares reflected in our
financial statements before we can go to the market to list
Saudi Aramco.” (Bloomberg)
 Saudi Arabia raises SR4.78bn from three-tranche Sukuk sale –
Saudi Arabia’s Ministry of Finance (MOF) completed a second
tap offering of 2017-10 issuance under the Saudi Arabian
Government Saudi Riyal-denominated Sukuk program. The
MOF received SR10.33bn in bids for the Sukuk; it covered 216%
of the total issue size. The Sukuk has been issued in three-
tranches. The size of the first tranche was SR2.4bn maturing in
2022, the second tranche has been issued with a size of SR1.8bn
maturing in 2024 and the third tranche has been issued with an
issue size of SR475mn maturing in 2027. (Bloomberg)
 Almarai delays debut Dollar bond on Khashoggi fallout – Saudi
Arabian dairy company Almarai has postponed a sale of
international Islamic bonds because it faced having to pay a
higher interest rate after the murder of Saudi journalist Jamal
Khashoggi, according to sources. Almarai had hired banks to
arrange the issue, but the deal, which would have marked
Almarai’s debut in international debt markets, has been delayed
to next year. The company was planning to issue a benchmark
bond, which generally means upwards of $500mn, sources told
Reuters. (Reuters)
 Banks in UAE look outside of their home turf to boost loan deals
– Some of the UAE’s biggest banks are looking outside of their
home turf to make up for relatively slow loan growth in the Gulf
nation. First Abu Dhabi Bank, has participated in 51 syndicated
loan deals overseas this year. Most of them were in Asia, where
the bank is ranked 13th among foreign currency loan book
runners, according to Bloomberg League Tables, up 10 places
from this time last year. Lending by banks in the UAE, the
second-biggest Arab economy after Saudi Arabia, has risen

5. Page 5 of 6
4.2% in the 10 months through October as the country recovers
from two years of slowing economic growth. (Bloomberg)
 UAE’s rail project back on track with financing sealed – Etihad
Rail, the developer and operator of the UAE’s national rail
network, stated that the government has agreed financing for
phase two of the project which was put on hold in 2016. The
financing deal signals that the project is back on track after
delays partly due to bureaucracy, technical difficulties and
financing issues as the government slowed spending due to low
oil prices. State-owned Etihad Rail had suspended the tendering
process for phase two of the project in 2016, stating that it was
reviewing options for the timing and delivery. Etihad Rail
stated that the UAE Ministry of Finance and the Abu Dhabi
Department of Finance signed the agreement to finance the
second stage. The new railway will increase the volume of
goods transported to more than 50mn tons from 7mn tons, it
stated. (Reuters)
 Moody's: Sharjah's credit profile supported by UAE membership
and low but rising debt burden – Sharjah's credit profile is
supported by the Emirate's membership of the UAE’s, and its
relatively high GDP per capita, as well as its low but rising
government debt burden, modest fiscal deficits and low levels
of wider public sector debt, Moody's Investors Service
(Moody's) stated in a report. Its key credit challenges include
the rise in government debt since the rating was assigned in
2014 and limited policy and data transparency. The narrow
government revenue base is also a credit weakness, while the
small size of Sharjah’s economy and close linkages with the rest
of the UAE, particularly Dubai, exposes the Emirate to
fluctuations in regional demand. (Bloomberg)
 Emaar Properties to divest stake in 5 hotels to Abu Dhabi
National Hotels – Dubai’s Emaar Properties signed an accord to
divest its interest in 5 Dubai hotels to Abu Dhabi National
Hotels (ADNH). The transaction is expected to close in late
2018 or early 2019, Emaar Properties stated. It did not provide a
value for the deal. As part of the accord, Abu Dhabi National
Hotels will enter into long-term management agreements with
Emaar Hospitality Group to continue operating the assets under
its Address Hotels + Resorts and Vida Hotels & Resorts brands.
The portfolio consists of Address Dubai Mall, Address
Boulevard, Address Dubai Marina, Vida Downtown and Manzil
Downtown. (Bloomberg)
 Emaar Properties picks Standard Chartered to advise on sale of
hotel assets – Standard Chartered has been appointed as
financial advisor by Emaar Properties on the sale of its hotel
assets, the British lender stated. “The deal helps achieve
strategic priorities and unlocks shareholder value for both
Emaar and ADNH,” CEO of Standard Chartered Bank UAE, Rola
Abu Manneh said. (Reuters)
 Dubai Aerospace authorized to buy back $300mn in bonds –
Dubai Aerospace Enterprise (DAE) stated that its board and
shareholders have authorized the repurchase of an additional
$300mn of its bonds through open market transactions. “The
current trading levels of our bonds are not consistent with our
current credit ratings, strong financial performance or our
projected ratings trajectory,” DAE’s CEO, Firoz Tarapore said.
DAE stated it had already bought back $295mn of principal
amount of its public bonds under a previous limit of $300mn.
(Reuters)
 Brookfield to be in talks to invest in Dubai's Meraas Holding –
Brookfield Asset Management Inc. (Brookfield) is in early talks
for an investment in Dubai property developer Meraas Holding,
according to sources. The Canadian firm is weighing options
that would give it control of some retail properties from Meraas
Holding, including entering into a joint venture for those
developments. Brookfield is considering taking a stake in the
state-run conglomerate as part of such a deal. The discussions
are in preliminary stages and may not result in an accord.
(Bloomberg)
 Honghua Group signs around $30mn land drilling rig contract
with Kuwait Drilling Company – Honghua Group Ltd, a leading
global land drilling rig manufacturer, announced that Honghua
Golden Coast Equipment FZE (GCE), a wholly-owned subsidiary
of the company, and Kuwait Drilling Company officially signed
around $30mn sales contract for land drilling rigs with certain
specifications. This contract is an additional sales contract
between Honghua Golden Coast and Kuwait Drilling Company
for land drilling rigs after 2016. At present, Honghua's number
of rigs in the Kuwaiti market has increased to 23 sets. The
cooperation reflects that Honghua's products have gained great
recognition from clients and the market, which will benefit the
company in expanding market share in Kuwait and
consolidating the Group's leading position in the Middle East
market. (Bloomberg)
 Oman sells OMR71mn 28-day bills at a yield of 2.283%; bid-
cover at 1.07x – Oman sold OMR71mn of bills due December 26
on November 26. Investors offered to buy 1.07 times the
amount of securities sold. The bills were sold at a price of
99.825, have a yield of 2.283% and will settle on November 28.
(Bloomberg)
 Bahrain central bank considers new guidance for Islamic banks
– Bahrain’s central bank is considering guidance covering
Islamic windows, investment accounts and whether to develop
a benchmark rate for use by Islamic banks, according to a senior
executive. Bahrain’s regulator was the first to issue rules
covering Shari’ah-compliant banking and insurance, and its
efforts are often followed by other jurisdictions seeking to
promote the sector. Bahrain’s central bank has already
tightened governance rules for Islamic banks, requiring them to
undergo independent external audits, and introduced a more
stringent framework for the Shari’ah boards that vet their
activities. (Reuters)
 Bahrain drilling two onshore wells in new gas discovery –
Bahrain’s’ Oil Minister, Mohammed bin Khalifa Al Khalifa said,
“Bahrain sees good prospects at natural gas find.” He added
Bahrain is now drilling two onshore wells in new gas discovery.
(Bloomberg)
 Ahli United Bank says talks still ongoing on merger with
Kuwait Finance House – Bahrain-based Ahli United Bank stated
to Kuwait Stock Exchange that talks are going on with respect
to its merger with Kuwait Finance House (KFH). There have
been no significant developments and consultations are still
underway regarding valuation results of studies prepared by
HSBC and Credit Suisse, the bank stated. (Bloomberg)

6. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
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 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
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
0.6%
(0.0%) (0.1%)
(0.5%)
(0.1%) (0.2%)
(1.0%)(1.4%)
(0.7%)
0.0%
0.7%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,215.00 (0.6) (0.7) (6.8) MSCI World Index 2,000.07 0.0 1.3 (4.9)
Silver/Ounce 14.14 (0.6) (1.0) (16.5) DJ Industrial 24,748.73 0.4 1.9 0.1
Crude Oil (Brent)/Barrel (FM Future) 60.21 (0.4) 2.4 (10.0) S&P 500 2,682.17 0.3 1.9 0.3
Crude Oil (WTI)/Barrel (FM Future) 51.56 (0.1) 2.3 (14.7) NASDAQ 100 7,082.70 0.0 2.1 2.6
Natural Gas (Henry Hub)/MMBtu 4.41 3.0 (6.2) 42.7 STOXX 600 357.40 (0.7) 0.5 (13.8)
LPG Propane (Arab Gulf)/Ton 68.00 (1.4) (7.5) (31.3) DAX 11,309.11 (0.9) 0.6 (17.8)
LPG Butane (Arab Gulf)/Ton 67.25 (4.6) (11.2) (38.0) FTSE 100 7,016.85 (0.9) 0.3 (14.1)
Euro 1.13 (0.3) (0.4) (6.0) CAC 40 4,983.15 (0.7) 0.3 (12.0)
Yen 113.79 0.2 0.7 1.0 Nikkei 21,952.40 0.4 0.7 (4.6)
GBP 1.27 (0.6) (0.5) (5.7) MSCI EM 980.16 0.4 1.1 (15.4)
CHF 1.00 (0.1) (0.1) (2.4) SHANGHAI SE Composite 2,574.68 (0.2) (0.2) (27.1)
AUD 0.72 0.1 (0.1) (7.5) HANG SENG 26,331.96 (0.2) 1.5 (12.2)
USD Index 97.37 0.3 0.5 5.7 BSE SENSEX 35,513.14 0.2 1.7 (6.1)
RUB 67.09 (0.0) 1.3 16.4 Bovespa 87,891.18 3.1 (0.1) (2.3)
BRL 0.26 1.7 (1.2) (14.5) RTS 1,098.59 1.3 (1.3) (4.8)
75.9
75.3
73.2