The QSE Index rose 1.4% to close at 10,602.8

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QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.4% to close at 10,602.8. Gains were led by the Real Estate and
Banks & Financial Services indices, gaining 1.9% and 1.1%, respectively. Top gainers
were Masraf Al Rayan and Doha Bank, rising 5.2% and 4.5%, respectively. Among
the top losers, Qatar Oman Investment Company fell 2.5%, while Qatar Islamic
Insurance Company was down 1.6%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.1% to close at 7,905.1. Losses were led by the
Health Care Equip. and Real Estate indices, declined 0.7% each. MEFIC REIT Fund
declined 3.9%, while Al Alamiya for Cooperative Insurance Co. was down 2.5%.
Dubai: The DFM General Index gained 0.3% to close at 2,675.9. The Consumer
Staples and Discretionary index rose 4.5%, while the Services index gained 1.8%.
Ithmaar Holding rose 5.3%, while DXB Entertainments was up 5.1%.
Abu Dhabi: The ADX General Index rose 2.7% to close at 4,898.2. The
Telecommunication index gained 3.4%, while the Banks index rose 3.1%. National
Bank of Fujairah gained 15%, while Abu Dhabi National Co. for Building Materials
was up 10.2%.
Kuwait: The Kuwait Main Market Index declined 0.1% to close at 4,725.8. The
Consumer Services index fell 4.4%, while the Health Care index declined 0.6%. IFA
Hotels & Resorts Co. fell 35.7%, while Yiaco Medical Co. was down 12.7%.
Oman: The MSM 30 Index rose 1.9% to close at 4,534.6. Gains were led by the
Financial and Services indices, rising 2.4% and 0.7%, respectively. OMINVEST rose
6.6%, while Bank Dhofar was up 4.8%.
Bahrain: The BHB Index rose marginally to close at 1,325.9. The Services index
gained marginally, while other indices ended flat or in red. BBK rose 0.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 41.98 5.2 969.3 11.2
Doha Bank 22.89 4.5 751.9 (19.7)
Vodafone Qatar 8.53 3.5 2,442.6 6.4
Qatar Islamic Bank 156.80 3.0 112.6 61.6
Barwa Real Estate Company 39.50 2.9 1,125.7 23.4
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 8.53 3.5 2,442.6 6.4
Barwa Real Estate Company 39.50 2.9 1,125.7 23.4
Masraf Al Rayan 41.98 5.2 969.3 11.2
Qatar Gas Transport Company Ltd. 18.48 0.7 855.5 14.8
Doha Bank 22.89 4.5 751.9 (19.7)
Market Indicators 04 Dec 18 03 Dec 18 %Chg.
Value Traded (QR mn) 373.4 301.2 23.9
Exch. Market Cap. (QR mn) 595,592.7 590,796.6 0.8
Volume (mn) 11.4 7.7 47.4
Number of Transactions 6,445 5,106 26.2
Companies Traded 40 43 (7.0)
Market Breadth 25:12 28:12 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,681.03 1.4 2.3 30.7 15.7
All Share Index 3,143.25 1.1 1.4 28.2 15.9
Banks 3,918.88 1.1 1.5 46.1 14.7
Industrials 3,330.67 0.9 2.0 27.1 15.8
Transportation 2,141.65 0.7 1.1 21.1 12.4
Real Estate 2,121.89 1.9 (0.2) 10.8 19.1
Insurance 3,050.28 0.1 1.2 (12.3) 18.2
Telecoms 1,070.87 0.9 2.7 (2.5) 43.4
Consumer 6,883.80 0.5 1.5 38.7 14.1
Al Rayan Islamic Index 3,979.40 1.8 2.4 16.3 15.6
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
DP World Dubai 17.70 8.2 596.1 (29.2)
Bupa Arabia for Coop. Ins. Saudi Arabia 77.80 7.6 704.4 25.5
Ominvest Oman 0.36 6.5 2,425.5 (15.5)
Masraf Al Rayan Qatar 41.98 5.2 969.3 11.2
Bank Dhofar Oman 0.17 4.8 1,413.0 (14.6)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Dubai Investments Dubai 1.29 (4.4) 26,520.2 (46.5)
Banque Saudi Fransi Saudi Arabia 33.00 (1.9) 584.0 15.4
Saudi British Bank Saudi Arabia 33.50 (1.9) 69.7 24.1
Samba Financial Group Saudi Arabia 31.10 (1.9) 620.3 32.3
Mouwasat Med. Services Saudi Arabia 78.40 (1.9) 130.1 3.6
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. 5.79 (2.5) 113.7 (26.7)
Qatar Islamic Insurance Company 54.10 (1.6) 0.8 (1.6)
Qatar National Cement Company 58.51 (1.2) 36.4 (7.0)
Mannai Corporation 57.01 (1.0) 1.1 (4.2)
QNB Group 199.00 (0.7) 237.8 57.9
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 199.00 (0.7) 47,449.5 57.9
Barwa Real Estate Company 39.50 2.9 44,051.5 23.4
Industries Qatar 139.00 1.5 41,908.8 43.3
Masraf Al Rayan 41.98 5.2 39,912.6 11.2
Qatar International Islamic Bank 66.38 1.9 26,065.5 21.6
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* 10,602.84 1.4 2.3 2.3 24.4 102.34 163,609.3 15.7 1.6 4.1
Dubai 2,675.87 0.3 0.3 0.3 (20.6) 63.39 97,048.0 9.0 1.0 6.6
Abu Dhabi 4,898.15 2.7 2.7 2.7 11.4 240.17 134,333.3 13.3 1.4 4.9
Saudi Arabia 7,905.12 (0.1) 2.6 2.6 9.4 1,120.37 499,184.2 17.1 1.8 3.5
Kuwait 4,725.77 (0.1) (0.1) (0.1) (2.1) 74.42 32,319.1 16.8 0.9 4.4
Oman 4,534.63 1.9 2.8 2.8 (11.1) 9.12 19,558.3 10.7 0.8 5.7
Bahrain 1,325.93 0.0 (0.2) (0.2) (0.4) 29.69 20,197.2 9.0 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)
10,400
10,450
10,500
10,550
10,600
10,650
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 1.4% to close at 10,602.8. The Real Estate and Banks
& Financial 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.
 Masraf Al Rayan and Doha Bank were the top gainers, rising 5.2% and
4.5%, respectively. Among the top losers, Qatar Oman Investment
Company fell 2.5%, while Qatar Islamic Insurance Company was down
1.6%.
 Volume of shares traded on Tuesday rose by 47.4% to 11.4mn from
7.7mn on Monday. Further, as compared to the 30-day moving average
of 6.8mn, volume for the day was 67.2% higher. Vodafone Qatar and
Barwa Real Estate Company were the most active stocks, contributing
21.4% and 9.9% 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
12/04 UK Markit Markit/CIPS UK Construction PMI November 53.4 52.5 53.2
12/04 EU Eurostat PPI MoM October 0.8% 0.5% 0.6%
12/04 EU Eurostat PPI YoY October 4.9% 4.5% 4.6%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar’s Amir receives Saudi Arabian King’s invite for GCC
summit – HH the Amir Sheikh Tamim Bin Hamad Al-Thani
received a written message from Saudi Arabia’s King, Salman
Bin Abdulaziz Al Saud, that invites HH the Amir to attend the
39th Summit of the Supreme Council of the GCC that will be
hosted by the Kingdom on December 9. (Peninsula Qatar)
 QCSD registers T-bills worth QR2.65bn with three-year
maturity – Qatar Central Securities Depository (QCSD)
registered several treasury bills (T-bills), issued by Qatar
Central Bank (QCB), for the fourth quarter of 2018. These T-bills
are of different values with varying maturity periods, which
include a T-bill with a nominal value of QR2.65bn and a three-
year maturity period. The T-bills worth QR2.65bn registered on
November 11, 2018 by QCSD will have a number of 265,000
issues, which will mature on November 11, 2021, reported QNA.
In addition, the T-bills included three-month treasury bills with
nominal value of QR400mn. The total number of T-bills issued
was 40,000 with maturity date of February 5, 2019. It also
included six-month T-bills issued with nominal value of
QR200mn. The total number of T-bills issued was 20,000 with
maturity date of May 1, 2019. QCSD also registered nine-month
T-bills issued by QCB with nominal value QR200mn. The total
number of T-bills issued was 20,000 with maturity date of
August 6, 2019. (Peninsula Qatar)
 QCSD announces availability of QAMCO subscribers data –
Qatar Central Securities Depository (QCSD) announced the
availability of subscribers data of the individuals subscribed in
the shares of Qatar Aluminum Manufacturing Company
(QAMCO) at all financial services companies operating in the
market (practicing securities buying and selling activities for
third parties) in order to facilitate the opening of accounts and
transfer of shares. Accordingly, any subscriber may approach
the concerned financial services company directly without the
need to visit QCSD for this matter or to obtain any documents
thereof for this purpose, Qatar Stock Exchange (QSE) stated.
(Peninsula Qatar)
 Welltower gets $300mn investment from Qatar Investment
Authority – US-based Welltower stated that an affiliate of
Qatar Investment Authority has established an interest in its
common stock through a $300mn investment with an option to
acquire interest in a development pipeline of urban senior living
communities. QInvest acted as financial advisor to Qatar
Investment Authority. (Bloomberg)
 QCB’s Governor calls for diversifying Waqf investments – Qatar
Central Bank’s (QCB) Governor, HE Sheikh Abdullah Bin Saoud
Al Thani has stressed the need for conducting proper feasibility
studies and research works before launching Waqf
investments. Waqf investments should be done in accordance
with the real needs of the society, he said. Addressing the
opening session of the Global Conference on Waqf QCB’s
Governor noted the need to adopt modern methods to invest in
the endowments and apply advanced systems and modern
technology. He also called for diversifying Waqf investments to
cover different sectors, reported QNA. Ahead of launching the
Waqf investments, there is a need to study the economic and
social conditions of the designated society and to make sure the
projects are free from risks and getting better returns.
Transparency is key to Waqf investments, the QCB’s Governor
noted. The Waqf, an investment that seeks to benefit those
targeted by its revenues, does not achieve its full benefit except
when its revenues were increased by developing methods of
investment in accordance with the provisions of Shari’ah. He
noted that the methods of the Waqf varied since its inception.
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 21.27% 43.23% (81,976,347.93)
Qatari Institutions 14.45% 17.05% (9,674,788.95)
Qatari 35.72% 60.28% (91,651,136.88)
GCC Individuals 0.55% 1.38% (3,075,308.48)
GCC Institutions 1.99% 7.46% (20,407,673.48)
GCC 2.54% 8.84% (23,482,981.96)
Non-Qatari Individuals 8.61% 10.19% (5,908,935.81)
Non-Qatari Institutions 53.12% 20.70% 121,043,054.65
Non-Qatari 61.73% 30.89% 115,134,118.84

3. Page 3 of 6
They have been developed to include investment in Murabaha
financing, founding Waqf companies, investment in trust funds
and others, he added. (Peninsula Qatar)
 CEO: QFC committed to Islamic finance development – Qatar
Financial Centre’s (QFC) CEO, Yousuf Mohamed Al-Jaida
affirmed that the Centre recognizes the importance of
endowments and Islamic finance in general and is committed to
supporting the development of these two sectors through the
QFC platform. He said in a speech at the opening session of the
global conference on Waqf that the prestigious position of
Qatar qualifies it to become a leading country in the field of
Islamic finance and the management of Waqf institutions,
which correspond to the pillars of economic and social
development in the Qatar National Vision 2030. He pointed out
that the Waqf institutions have a historic part in the ancient
Islamic heritage, in addition to the possibilities and capabilities
made them envisage a future of greater success and prosperity,
indicating that the need now is urgent for the existence of
active and effective Waqf institutions. (Gulf-Times.com)
 Ooredoo testing its 5G network reach in the desert – Ooredoo
announced that customers will be able to enjoy the ‘life-
changing speeds’ of 5G across Qatar’s desert, as soon as
commercial devices are available in Qatar. “The company has
invested heavily in the launch of the 5G desert project to ensure
the best coverage during the camping season for Qatar’s people
when 5G devices become available,” Ooredoo stated. (Gulf-
Times.com)
 UK firms signing deals worth GBP1.5bn with Qatar for World
Cup – British firms are signing GBP1.5bn worth of contracts
with Qatar for work on the next World Cup, more than ten
times what they made at the tournament in Brazil four years
ago. The huge trade bonanza was announced by the
government on the back of deals with Doha to build new
stadiums, cut the grass and provide pitch-side security guards.
The Department for International Trade stated that UK-based
companies have already signed deals for GBP940mn in Qatar
and a further GBP500mn is lined up before the tournament
kicks off in 2022. This compares with just GBP150mn worth of
trade which British firms made in Brazil around the World Cup
there in 2014, where UK-based firm, Blue Cube provided the
seating in the stadiums. The World Cup deals between Britain
and Qatar are part of a rise in trade between the two countries
which totaled GBP3.39bn in 2017, an increase of 70% over the
last five years. UK’s Minister for International Trade, George
Hollingbery visited Qatar this week for the second meeting of
the Joint Ministerial Economic Commercial and Technical
Committee. (Gulf-Times.com)
International
 UK’s construction PMI growth edges up to four-month high –
British construction activity grew at the fastest pace in four
months in November, spurred by house-building and
commercial work, though Brexit worries weighed on firms’
outlook for the coming year, a survey showed. The IHS
Markit/CIPS UK Construction Purchasing Managers’ Index
(PMI) rose to 53.4 from 53.2 in October, confounding the
consensus forecast for a fall to 52.5 in a Reuters poll of
economists. A similar survey on manufacturers on Monday also
beat expectations, despite a warning from the Bank of England
last week that in a worst-case scenario, a no-deal Brexit could
lead to a sharper recession than after the 2008 financial crisis.
(Reuters)
 UK’s consumer spending slows in run-up to Brexit – British
consumer spending grew last month at its slowest pace in more
than a year, with online Black Friday sales failing to offset a
lack of confidence about the economy ahead of Brexit, industry
data showed. Total retail spending was up 0.5% in November
compared with the same month last year, slowing sharply from
a rise of 1.3% in October, the British Retail Consortium stated.
(Reuters)
 Eurozone’s producer prices rise more than expected on energy –
Eurozone’s producer prices rose more than expected in October
on the back of rising energy costs, fresh data from Eurostat, the
EU’s statistics agency, showed. Prices at factory gates in the 19
countries sharing the Euro rose 0.8% MoM in October against
market expectations for 0.5% rise, in a Reuters poll of
economists. On YoY basis, producer prices rose by 4.9% in
October, against market expectations for a 4.5% gain. Energy
prices rose 2.7% on the month and 14.6% on the year as crude
prices rose. Still, the increase is unlikely to worry European
Central Bank’s (ECB) policymakers as crude oil prices have
fallen by about a third since early October, suggesting that
energy prices pressures may ease in the months ahead. Without
volatile energy, producer prices were unchanged on the month
and rose 1.5% YoY. (Reuters)
 China confident it can clinch US trade deal – China expressed
confidence that it can reach a trade deal with the US, despite
fresh warnings from US President, Donald Trump that he would
revert to more tariffs if the two sides cannot resolve their
differences. The remarks by the Chinese Commerce Ministry
follow a period of relative quiet from Beijing after Trump and
Chinese leader, Xi Jinping reached a temporary truce in their
trade war at a meeting. In a brief statement on its website, the
ministry stated China would try to work quickly to implement
specific issues already agreed upon, as both sides actively
promote the work of negotiations within 90 days in accordance
with a clear timetable and road map. (Reuters)
Regional
 MENA’s beauty and personal care industry to grow twice as
fast as rest of the world – The beauty and personal care
industry in the MENA region, valued at $15.9bn, is poised to
grow twice as fast as the rest of the world, with a staggering
CAGR of 8.5% in the next three years, while the global industry,
which is worth $444bn, is estimated to grow at 4.2% per
annum. These findings were revealed in the Millennial Capital’s
latest MENA Beauty Care Report, citing reasons of high
spending per capita, affordable prices, strong consumer
confidence, high literacy rates, young population with a high
social media exposure and on top of that new entrants with the
aim to fill the gap. (GulfBase.com)
 GCC’s F&B market valued has witnessed robust growth over
the past years – The GCC’s Food & Beverage (F&B) and flight
catering market, valued at $130bn, has witnessed robust
growth over the past years, driven by a youthful population,
burgeoning middle class, high disposable incomes and rising
inbound tourist numbers. With the region seeking to diversify
its revenue streams away from oil and gas, the food and

4. Page 4 of 6
beverage industry has emerged as one of the most promising
sectors that significantly contribute to sustainable economic
development. To maintain a sustainable supply of food, Kuwait
has prioritized diversification of food sources and works
relentlessly to improve domestic productivity. Rising
population, predominantly urban lifestyle and high per capita
income have fueled food consumption in the country, where
almost a quarter of the population is 14 years old or younger,
creating solid prospects for F&B companies eager to benefit
from the increasing demand. Enjoying strong bilateral relations
with the UAE in the field of agriculture, Bahrain’s F&B sector
has remained robust due to a surge in food demand, driven by
rising population with a high proportion of expatriates, and
steady growth of the tourism and hospitality sectors.
(GulfBase.com)
 Islamic finance back on solid growth track – The newly released
Islamic Finance Development Report 2018, compiled by
Thomson Reuters and the Islamic Corp. for the Development of
the Private Sector, shows buoyant figures for the Islamic
Finance industry and is positive for further growth in the near
future. According to the study, the global Islamic finance
industry grew by 11% in 2017 compared to the previous year to
$2.4tn in assets and showed CAGR of 6% since 2012. These
figures are based on data collected from 56 countries with
Islamic finance industries, mostly in the Middle East and South
and Southeast Asia, and from a total of 1,389 fully fledged
Shari’ah-compliant financial institutions and windows. (Gulf-
Times.com)
 Fitch raises Saudi Arabia’s 2018 GDP growth forecast – Fitch
Ratings has increased Saudi Arabia’s 2018 GDP growth forecast
to 2.2% from 1.8% estimated earlier, in line with the
International Monetary Fund’s (IMF) estimate of the Kingdom’s
growth (2.2% for 2018) released last month, a report stated.
Further, Fitch Ratings has affirmed Saudi Arabia’ s credit rating
at ‘A+’ with a ‘Stable’ outlook, on the back of strong fiscal and
external balance sheets, reflecting the confidence in the
Kingdom’s economy, Al Rajhi Capital mentioned in its monthly
Economic Report. Meanwhile, recent data released by Saudi
Arabian Monetary Authority (SAMA) also indicates a
consistent improvement in the Kingdom’s economy. Credit to
the private sector continued to increase for the seventh
consecutive month (+1.7% YoY; +0.2% MoM) in October, while
credit to the public sector also registered a rise (+19.7% YoY;
+1.3% MoM). Further, consumer spending has continued its
march north in October, as reflected by the POS transactions
(+17.3% YoY; -0.1% MoM) and ATM cash withdrawals (+1.5%
YoY; +7.7% MoM). Moreover, SAMA foreign reserves continued
to rise for the seventh straight month (+2.3% YoY; -0.5% MoM)
in October. (GulfBase.com)
 ACWA Power signs a partnership deal for giant renewable
energy project – Acwa Power, a leading developer, owner, and
operator of power generation and water desalination plants
based in Saudi Arabia, stated that it has signed a partnership
deal with three international groups - Spanish company
Abengoa and Chinese firms Industrial and Commercial Bank of
China Limited (ICBC), Shanghai Electric Group Company
(SEGC) - to set up the world's largest renewable energy project
in Dubai. As per the deal, ACWA Power is the lead developer on
the project, while ICBC has established its role as an
international lender for Noor Energy 1. (GulfBase.com)
 Ma'aden launches commercial operations at new Saudi plant –
Saudi Arabian Mining Company (Ma’aden) stated that one of its
subsidiaries, Waad Al Shamal Phosphate, has started
commercial operation of its diammonium phosphate plant
located at Ras Al Khair city. Waad Al Shamal Phosphate is 60%
owned by Maaden, while 25% of the stake lies with the Mosaic
Company and the rest with Saudi Basic Industries Corporation
(SABIC). Announcing the launch of its commercial operation,
Ma’aden stated that it will work towards gradually boosting the
plant's annual production capacity. The plant’s financial impact
will start to appear in Ma’aden's financial results in the fourth
quarter of 2018, it added. (GulfBase.com)
 SABIC may raise stake in Clariant but will not take over the
company – SABIC is not targeting a full takeover of Clariant,
SABIC CEO, Yousef Abdullah Al Benyan said in an interview
with Neue Zuercher Zeitung, but mentioned that it may
increase its 25.7% stake after the integration of its specialty
chemicals business with Clariant’s. (Bloomberg)
 SABIC to raise stake in Saudi Methanol for $150mn – Saudi
Basic Industries Corp. (SABIC) will buy 25% of Saudi Methanol
Co. from Japan for $150mn, according to a statement. SABIC
will now own 75% of Saudi Methanol, also known as Arrazi,
and the rest held by Japan Saudi Arabia Methanol. SABIC
extended it partnership with Japan Saudi Arabia Methanol on
Arrazi for 20 years. Japan Saudi Arabia Methanol will pay
SABIC $1.35bn for the extension. SABIC will use some or all of
the above proceeds to finance the refurbishment of or
replacement of Arrazi’s existing methanol plants. Japan Saudi
Arabia Methanol has the right at any time prior to March 31,
2019 to sell its remaining 25% shares in Arrazi to SABIC for
$150mn. The transaction is expected to be completed in 2019.
(Bloomberg)
 UAE and India sign INR35bn currency swap agreement – India
and the UAE signed a currency swap agreement to boost
investment and enable direct trade without using Dollars or
other international currencies. The swap is for INR35bn,
depending on which central bank requests the amount, an
Indian embassy statement stated. “The bilateral currency swap
agreement between India and the UAE is expected to reduce the
dependency on hard currencies like the U.S dollar,” the
statement stated, adding that the two central banks had agreed
the deal. While giving a push to the two local currencies, the
swap deal would also reduce the transmission costs arising
from exchange rate risks, it added. (Reuters)
 Dubai property prices sink 7.4% as the UAE’s jobs growth slows
– Prices for Dubai’s residential real estate sank 7.4% in the third
quarter of 2018 from a year earlier, with the drop accelerating
from a 5.8% fall in the second quarter, the UAE’s central bank
stated in a report. Prices have been falling quarter-on-quarter
almost continually since the start of 2017 because of a
worsening supply/demand balance. The central bank quoted
the REIDIN residential sales price index, which showed prices
fell 2.5% from the previous quarter in July-September.
Residential real estate prices in neighboring Abu Dhabi, the
other big Emirate in the UAE, dropped 6.1% YoY in the third
quarter after a 6.9% slide in the second quarter. One factor

5. Page 5 of 6
weakening demand for real estate is subdued employment
growth in the UAE, particularly among white-collar workers
who might buy homes. Most jobs in the wealthy oil-exporting
country are held by foreigners. Total employment grew just
0.6% from a year ago in the third quarter — the slowest rate in
over four years — after 1.2% growth in the second quarter, the
central bank stated. In the first nine months of 2018,
employment grew at an average rate of 1.6% against a 2.6%
increase in the same period of 2017. (Reuters)
 Emirates Global Aluminium seeks multi-billion debt refinancing
– Emirates Global Aluminium (EGA) is looking to potentially
refinance up to $6.7bn of its debt, banking sources told LPC, a
fixed income news service that is part of Refinitiv. EGA, the
product of a merger between two state-owned aluminium
companies - Dubai Aluminium (Dubal) and Abu Dhabi’s
Emirates Aluminium in 2013 - is jointly owned by Abu Dhabi
investment fund, Mubadala and state company, Investment
Corporation of Dubai. EGA’s debt includes a $4.9bn seven-year
loan, which was fully underwritten by seven banks and signed
in March 2016, and a $1.8bn seven-year loan signed by Dubal in
January 2015, according to LPC data. The new deal will include
the refinancing of some or the entire 2016 loan, and extend of
some of its existing facilities and potentially some new
financing, one banker told LPC. (Reuters)
 KUNA: Kuwait says OPEC to discuss oil market conditions,
stability – OPEC ministers meeting on December 6 will discuss
market conditions, demand and supply as well as how to
stabilize oil markets, state Kuwait News Agency quoted Oil
Minister, Bakhit al-Rashidi as saying. (Reuters)
 Zain’s 5G network set to go live across strategic sites in Kuwait
– Zain Kuwait, the leading digital service provider in Kuwait
announced that its huge investment in 5G has made lots of
progress recently and the operator is ready to go live with the
state-of-the-art service across all strategic and heavily
populated areas of Kuwait. Zain will continue developing and
expanding the 5G network gradually across Kuwait until the
devices are available, expected during the course of 2019. The
company also is awaiting approvals and spectrum allocation
from the country’s regulatory authorities. Once commercially
launched, the 5G network will empower government entities
and enterprise (B2B) digital transformation, smart city
development and the fourth industrial revolution. Fifth-
generation technology represents a quantum leap in the
operational efficiency of Zain’s network which will make it one
of the first companies in Kuwait and the region to adopt this
solution to meet the ever-growing digital needs of its individual
and enterprise customers. Telecom services are one of the most
important sectors in accelerating economic growth and
promoting trade. (GulfBase.com)
 Oman's Raysut Cement eyes acquiring Kenya's ARM Cement –
Oman’s Raysut Cement stated that it plans to acquire Kenya’s
ARM Cement, which went into administration in August, as
part of its expansion plans. Raysut has expressed its interest to
the administrators to acquire the company, it stated. “The
acquisition will complement Raysut’s revised strategy to
manufacture clinker in proximity to the markets it supplies to in
East Africa,” Raysut stated that the acquisition was estimated
to be worth more than $100mn. Raysut Cement is currently
setting up a grinding unit in Somaliland and Mogadishu,
Somalia with a Dubai-based partner. The company is also in
advanced discussions to acquire cement producers in Uganda
and Djibouti. (Reuters)
 Oman sells OMR5mn 182-day bills at yield 2.889% – Oman sold
OMR5mn of bills due on June 5, 2019 on December 3. The bills
were sold at a price of 98.58, having a yield of 2.889% and will
settle on December 5. (Bloomberg)
 GFH Properties inks mortgage finance deal with BBK – GFH
Properties, the real estate arm of Bahrain-based GFH Financial
Group, stated that it has signed a strategic partnership
agreement with BBK to provide mortgage financing services for
its Harbour Row project. A new residential and commercial
destination in the heart of capital city Manama, Harbour Row is
located on the waterfront of the iconic Bahrain Financial
Harbour. As a new destination in the heart of Bahrain’s capital
city, The Harbour Row will bring world-class amenities,
prestigious lifestyle brands and global citizens together in a
vibrant new downtown development. (GulfBase.com)

6. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
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
Nov-14 Nov-15 Nov-16 Nov-17 Nov-18
QSE Index S&P Pan Arab S&P GCC
(0.1%)
1.4%
(0.1%)
0.0%
1.9%
2.7%
0.3%
(1.0%)
0.0%
1.0%
2.0%
3.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,238.45 0.6 1.3 (5.0) MSCI World Index 2,016.89 (2.4) (1.2) (4.1)
Silver/Ounce 14.53 1.0 2.5 (14.2) DJ Industrial 25,027.07 (3.1) (2.0) 1.2
Crude Oil (Brent)/Barrel (FM Future) 62.08 0.6 5.7 (7.2) S&P 500 2,700.06 (3.2) (2.2) 1.0
Crude Oil (WTI)/Barrel (FM Future) 53.25 0.6 4.6 (11.9) NASDAQ 100 7,158.43 (3.8) (2.3) 3.7
Natural Gas (Henry Hub)/MMBtu 4.70 7.6 2.0 52.1 STOXX 600 358.43 (0.8) 0.5 (13.1)
LPG Propane (Arab Gulf)/Ton 74.00 3.9 7.4 (25.3) DAX 11,335.32 (1.2) 0.9 (17.2)
LPG Butane (Arab Gulf)/Ton 77.00 8.8 15.4 (29.0) FTSE 100 7,022.76 (0.8) 0.3 (14.1)
Euro 1.13 (0.1) 0.2 (5.5) CAC 40 5,012.66 (0.9) 0.4 (11.0)
Yen 112.77 (0.8) (0.7) 0.1 Nikkei 22,036.05 (1.6) (0.6) (3.4)
GBP 1.27 (0.0) (0.2) (5.9) MSCI EM 1,014.25 (0.3) 2.0 (12.4)
CHF 1.00 0.0 0.1 (2.3) SHANGHAI SE Composite 2,665.96 1.1 4.8 (23.3)
AUD 0.73 (0.3) 0.4 (6.0) HANG SENG 27,260.44 0.4 3.1 (8.8)
USD Index 96.97 (0.1) (0.3) 5.3 BSE SENSEX 36,134.31 (0.4) (1.4) (4.0)
RUB 66.84 0.5 (0.2) 16.0 Bovespa 88,624.45 (2.1) (0.6) (0.5)
BRL 0.26 (0.3) 0.4 (14.0) RTS 1,155.88 0.1 2.6 0.1
83.9
80.1
78.5