The QSE Index declined 0.3% to close at 10,329.6

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.3% to close at 10,329.6. Losses were led by the Telecoms
and Insurance indices, falling 1.3% and 0.9%, respectively. Top losers were Islamic
Holding Group and Ooredoo, falling 2.9% and 1.9%, respectively. Among the top
gainers, Ezdan Holding Group gained 4.1%, while Qatar National Cement Company
was up 2.2%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.8% to close at 7,632.5. Gains were led by the
Consumer Durables. and Telecom. Serv. indices, rising 2.0% and 1.7%, respectively.
Takween Advanced Ind. rose 8.9%, while Zahrat Al Waha for Trading was up 8.4%.
Dubai: The DFM General Index declined 0.5% to close at 2,685.1. The Consumer
Staples and Discretionary index fell 2.7%, while the Insurance index declined 1.7%.
Union Properties fell 5.4%, while Aan Digital Services Holding Co. was down 5.0%.
Abu Dhabi: The ADX General Index fell 1.6% to close at 4,881.0. The Investment &
Financial Services index declined 5.2%, while the Real Estate index fell 2.5%.
Fujairah Building Industries declined 9.5%, while Waha Capital was down 5.6%.
Kuwait: The Kuwait Main Market Index rose 0.2% to close at 4,740.2. The Oil & Gas
index gained 0.4%, while Banks index rose 0.3%. Amar Finance & Leasing Co.
gained 23.1%, while Al Masaken International Real Estate Dev. was up 21.0%.
Oman: The MSM 30 Index rose 0.2% to close at 4,395.9. Gains were led by the
Industrial and Services indices, rising 0.2% and 0.1%, respectively. Al Omaniya
Financial Ser. gained 9.8%, while Gulf Invest Services Holding was up 5.3%.
Bahrain: The BHB Index gained 0.3% to close at 1,324.9. The Hotels & Tourism
index rose 4.3%, while the Industrial index gained 0.8%. Gulf Hotel Group rose
6.4%, while Investcorp Bank was up 3.2%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 12.70 4.1 439.7 5.1
Qatar National Cement Company 57.99 2.2 2.1 (7.8)
Aamal Company 9.28 2.1 165.0 6.9
Medicare Group 63.25 1.8 20.5 (9.4)
Qatar First Bank 4.41 1.1 820.6 (32.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Barwa Real Estate Company 39.16 (0.7) 1,401.2 22.4
Doha Bank 21.11 0.1 1,112.1 (25.9)
Qatar First Bank 4.41 1.1 820.6 (32.5)
United Development Company 14.12 (0.7) 628.3 (1.8)
Vodafone Qatar 8.21 (0.2) 607.3 2.4
Market Indicators 28 Nov 18 27 Nov 18 %Chg.
Value Traded (QR mn) 243.5 313.9 (22.4)
Exch. Market Cap. (QR mn) 585,731.5 585,160.6 0.1
Volume (mn) 7.6 9.3 (18.2)
Number of Transactions 6,986 7,024 (0.5)
Companies Traded 42 42 0.0
Market Breadth 15:21 17:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,199.63 (0.3) 0.0 27.3 15.3
All Share Index 3,088.88 0.2 0.6 25.9 15.6
Banks 3,839.56 (0.1) 0.3 43.2 14.4
Industrials 3,264.44 0.3 (0.4) 24.6 15.5
Transportation 2,106.56 (0.2) 0.4 19.1 12.2
Real Estate 2,137.99 2.2 3.7 11.6 19.3
Insurance 3,013.76 (0.9) 0.3 (13.4) 17.9
Telecoms 1,016.39 (1.3) 0.8 (7.5) 41.2
Consumer 6,745.21 (0.2) (0.7) 35.9 13.8
Al Rayan Islamic Index 3,891.04 0.0 (0.0) 13.7 15.2
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Co. for Cooperative Ins. Saudi Arabia 58.00 3.6 355.6 (38.6)
Mobile Telecom. Co. Saudi Arabia 6.74 3.2 10,858.4 (7.8)
Ahli United Bank Kuwait 0.30 3.1 406.1 (9.1)
Advanced Petrochem. Co. Saudi Arabia 52.70 2.7 173.7 14.8
National Petrochemical Saudi Arabia 25.65 2.6 468.5 38.4
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
DAMAC Properties Dubai 1.94 (3.5) 1,329.7 (41.2)
First Abu Dhabi Bank Abu Dhabi 14.02 (2.6) 9,300.0 36.8
Aldar Properties Abu Dhabi 1.62 (2.4) 6,041.1 (26.4)
Abu Dhabi Comm. Bank Abu Dhabi 8.04 (2.2) 1,788.6 18.2
Phoenix Power Co. Oman 0.10 (1.9) 59.2 (26.8)
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%
Islamic Holding Group 22.62 (2.9) 6.0 (39.7)
Ooredoo 76.22 (1.9) 95.1 (16.0)
Qatar Oman Investment Co. 5.91 (1.7) 0.8 (25.2)
Qatar Ind. Manufacturing Co 43.00 (1.1) 8.0 (1.6)
Qatar Electricity & Water Co. 182.20 (1.1) 26.7 2.4
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Company 39.16 (0.7) 54,859.1 22.4
QNB Group 198.00 0.0 52,732.4 57.1
Doha Bank 21.11 0.1 23,455.2 (25.9)
Masraf Al Rayan 40.09 (0.5) 19,527.7 6.2
Industries Qatar 135.00 0.4 9,596.1 39.2
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* 10,329.61 (0.3) 0.0 0.3 21.2 66.67 160,900.4 15.3 1.5 4.2
Dubai 2,685.13 (0.5) (2.5) (3.6) (20.3) 81.28 97,348.5 9.1 1.0 6.6
Abu Dhabi 4,881.04 (1.6) (2.1) (0.4) 11.0 64.30 133,569.1 13.2 1.4 4.9
Saudi Arabia 7,632.50 0.8 0.3 (3.5) 5.6 984.30 481,439.6 16.5 1.7 3.6
Kuwait 4,740.20 0.2 (0.2) 1.0 (1.8) 65.17 32,413.4 16.9 0.9 4.4
Oman 4,395.94 0.2 (1.3) (0.6) (13.8) 8.40 19,096.2 10.4 0.8 5.9
Bahrain 1,324.87 0.3 0.1 0.8 (0.5) 4.78 20,181.3 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)
10,300
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 7
Qatar Market Commentary
 The QSE Index declined 0.3% to close at 10,329.6. The Telecoms and
Insurance 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.
 Islamic Holding Group and Ooredoo were the top losers, falling 2.9% and
1.9%, respectively. Among the top gainers, Ezdan Holding Group gained
4.1%, while Qatar National Cement Company was up 2.2%.
 Volume of shares traded on Wednesday fell by 18.2% to 7.6mn from
9.3mn on Tuesday. However, as compared to the 30-day moving average
of 5.8mn, volume for the day was 31.3% higher. Barwa Real Estate
Company and Doha Bank were the most active stocks, contributing
18.5% and 14.7% 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
11/28 US Mortgage Bankers Association MBA Mortgage Applications 23-November 5.5% – -0.1%
11/28 US Bureau of Economic Analysis GDP Annualized QoQ 3Q2018 3.5% 3.5% 3.5%
11/28 EU European Central Bank M3 Money Supply YoY October 3.9% 3.5% 3.6%
11/28 Germany GfK AG GfK Consumer Confidence December 10.4 10.5 10.6
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 FocusEconomics: Qatar’s GDP to exceed $220bn by 2023 –
Qatar’s GDP is expected to exceed $220bn by 2023, according to
a report by FocusEconomics. By year-end, Qatar’s GDP will total
$172bn, FocusEconomics noted in its latest country report. The
country’s GDP per capita in Dollar terms will account for
$77,422 in 2023 compared with $61,963 by end-2018, it stated.
Qatar’s economic growth in terms of nominal GDP will reach
5% in 2023 from 3.1% by the year-end. The report showed that
Qatar’s international reserves will total $35.5bn in 2023
compared with $25.9bn this year. This, according to
FocusEconomics, will cover 8.2 months of imports in place of
9.4 months this year. Qatar’s fiscal balance (as a percentage of
the country’s GDP) will be 4.8% in 2023 compared to -0.3% this
year. The country’s public debt (as a percentage of GDP) is
expected to fall to 43.2% in 2023 in place of 53.4% in end-2018.
Qatar’s public debt will fall gradually until 2023, the report
noted. Next year, it will be 50.6% (as a percentage of the
country’s GDP) and in the following years, it will be 47.5%
(2020), 47.5% (2021) and 45.4% (2022). The current account
balance (as a percentage of the country’s GDP) will be 8.2% in
2023 compared with 8.1% in 2018. (Gulf-Times.com)
 QNCD announces the production of white cement – Qatar
National Cement Company (QNCD) has announced the
production of white cement after it has obtained the necessary
licenses for the product. The product is available in the form of
bags weighing 50 kg at a price of QR25 per bag, and also
available in bulk at a price of QR500 per ton. Previously the
company has announced production of Slag as well to meet the
local market demand in accordance with the Qatar Vision 2030.
The company has also obtained the ISO certification (Quality
Management Systems ISO 9001: 2015), (Environmental
Management Systems 14001: 2015) and (Occupational Health
& Safety Management Systems OHSAS 18001: 2007). (QSE)
 QGRI announces completion of all procedures related to
granting shares in the share capital of Trust Investment
Holding Algeria to the benefit of the latter’s CEO – Further to
the previous disclosure of Qatar General Insurance and
Reinsurance Company (QGRI) related to the approval at the
company’s shareholders general assembly meeting (held on
March 12, 2018) to grant the CEO of Trust Investment Holding
Algeria, Fatiha Khellal, a percentage (0.2%) of QGRI’s shares in
the share capital of Trust Investment Holding Algeria, in
alignment with the granting of all the shareholders of Trust
Investment Holding Algeria a percentage (1%) of their
shareholding in this company to the benefit of Khellal. QGRI
announced the completion of all the relevant procedures of the
granting of the aforementioned percentage (0.2%) to Khellal,
and accordingly, QGRI’s ownership percentage in the share
capital of Trust Investment Holding Algeria is now 19.8%.
(Peninsula Qatar)
 PM opens four new Manateq warehousing parks – The four new
Manateq warehousing parks inaugurated by HE the Prime
Minister (PM) and Interior Minister, Sheikh Abdullah bin
Nasser bin Khalifa Al-Thani, celebrates another milestone in
the government’s drive to stimulate more economic and
commercial activities in Qatar, an official said. The PM
inaugurated the Bu Sulba, Bu Fesseela, Umm Shaharaine 1 and
Umm Shaharaine 2 warehousing parks developed by Gulf
Warehousing Company (GWCS), Al Asmakh Real Estate
Development, Dohatna Logistics Parks, and Barwa Real Estate
Group, respectively. (Gulf-Times.com)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 14.77% 26.52% (28,606,349.62)
Qatari Institutions 11.15% 18.01% (16,696,159.32)
Qatari 25.92% 44.53% (45,302,508.94)
GCC Individuals 0.82% 0.44% 915,776.42
GCC Institutions 0.81% 2.80% (4,850,257.01)
GCC 1.63% 3.24% (3,934,480.59)
Non-Qatari Individuals 6.26% 6.95% (1,693,335.20)
Non-Qatari Institutions 66.19% 45.28% 50,930,324.73
Non-Qatari 72.45% 52.23% 49,236,989.53

3. Page 3 of 7
 GWCS Marine Services receives MSC Lirica’s maiden call at
Doha Port – GWCS Marine Services received the MSC Lirica’s
maiden call at the Doha Port yesterday. MSC Lirica, a giant
cruise ship owned and operated by MSC Cruises, holds a
maximum capacity of 1,560 passengers and a crew compliment
of approximately 732 members. It docked at Doha Port for the
first time, as the country promotes the growing tourism
industry and maritime transport. “We are glad to have this
opportunity to further entrench the developing trust of major
cruise lines such as MSC Cruises have in Doha Port,” GWCS
Group’s CEO, Ranjeev Menon said. (Gulf-Times.com)
 S’hail Shipping adds fifth ship to its dry bulk carrier fleet –
S’hail Shipping has added a fifth ship to its fleet of dry bulk
carriers and is strengthening its capital base through rights
issue as part of its expansion strategy. The latest ship, S’hail Al
Wajbah, is a 2005 Japanese-built gearless bulk carrier of about
77,000dwt (deadweight tonnage). (Gulf-Times.com)
 Qatar should open its banking system to fintechs, says expert –
Qatar should open its banking system to fintechs and
standardize its regulations to facilitate fintech set-ups,
operation and mobility, a leading expert in the field said. Samer
Mahfouz, who is leading the applied innovation at Thomson
Reuters for the Middle East and North Africa (MENA) region,
made this observation considering the country’s absorptive
capacity for disruptive technologies. It assumes significance
considering that Qatar’s Second Strategic Plan (SSP) for
Financial Sector Regulation 2017-22 had said fintech will play
an important role in driving financial services in the near future
due to the expected boom in e-commerce and increasing focus
on cost-efficient delivery. Addressing a seminar organized by
the International Chamber of Commerce, he said in the first half
of 2018, global investments in fintech companies have hit $6bn
across 875 deals. Highlighting that block-chain is changing the
future of transaction-based industries, Mahfouz said last year,
global remittances reached $600bn, of which $30bn (5%) were
transfer fees. He said the innovation concept is the application
of technologies to improve productivity of goods and services.
It aims to achieve four goals; higher productivity, greater
output, more improved goods, services, and economic growth,
he noted. Fast-growing and tech-savvy Qatar aims to leverage
fintech to address pressing social, technological and financial
services challenges. Under the strategic goal 2 of the SSP, the
country will develop and implement a fintech strategy. (Gulf-
Times.com)
 Qatar doubled agricultural and industrial projects after
blockade – Qatar has confirmed that it doubled the agricultural
and industrial projects in the country, achieved self-sufficiency
and produced food locally and will start exporting the surplus
soon despite the blockade imposed on it. This came in a
statement delivered by Abdullah bin Nasser Al Fahid, Acting
Charge d'Affaires of the State of Qatar in Vienna, to the 46th
United Nations Industrial Development Organization (UNIDO)
Industrial Development Board. Qatar has doubled the number of
factories during the past year and has given special attention to
the food sector by focusing on local production. In his speech,
Abdullah bin Nasser Al Fahid said that after relying mainly on
imports, a year after the siege, Qatar is producing a lot of food
locally, adding that by the end of this year, 90% of dairy
products would be produced locally, and there is a plan to
export surplus in the near future. The statement stressed that
Qatar has managed to decrease its economic dependence on the
export of oil & gas from 86% to 54%, and is planning to reduce
more, according to Qatar National Vision 2030. The statement
pointed out that structural changes have been made to the
Qatari economy in order to diversify it, focusing on
industrialization, diversification of employment opportunities,
the involvement of youth in industrial development, and
development of the industrial sector in order to achieve self-
sufficiency and meet market needs. (Peninsula Qatar)
 Nakilat showcases Qatar’s LNG transport feats at SIGTTO
meeting – Qatar hosted the Society of International Gas Tanker
and Terminal Operators’ (SIGTTO) board and annual general
meeting with Qatar Gas Transport Company Limited (Nakilat)
sponsoring the session. SIGTTO is a global organization
established to promote shipping and terminal operations for
liquefied gases, which are safe. Nakilat’s CEO, Abdullah Al-
Sulaiti is a director of SIGTTO. Qatar has made significant
enhancements in the LNG transportation industry, with Nakilat
contributing to the improvements and supporting increasing
exports of LNG shipments, ensuring compliance with the
highest levels of safety, in accordance with international
standards. (Gulf-Times.com)
 Wataniya Mobile becomes Ooredoo Palestine – Wataniya
Mobile has officially been rebranded as Ooredoo Palestine,
marking another important step forward for the global brand
that launched in 2013. The rebrand of Wataniya Mobile is part
of Ooredoo Group’s strategy to evolve its business and create a
foundation for new opportunities for customers across its
footprint in the Middle East, North Africa and Southeast Asia.
For customers in Palestine, the fresh new brand is set to support
a wave of exciting new initiatives and connect them to
Ooredoo’s global community. (Gulf-Times.com)
 Qatar Airways could establish a new alliance – Qatar Airways’
threats to withdraw from the oneworld alliance as ‘ongoing
attacks’ from partner airlines (including American Airlines) are
strengthening. American Airlines has taken issue with Qatar
Airways being a state-owned airline, and has accused the
Qatari carrier of ‘receiving massive subsidies to support its
operating costs and expansion efforts’. Qatar has denied unfair
subsidies and stated that US airlines have absolutely benefited
from government assistance (despite being private companies),
as well as benefiting from bankruptcy laws that wiped out
debts and pension obligations at American Airlines, among
other US carriers. Qatar Airways’ CEO, Akbar Al-Baker
repeated, “Qatar’s commitment to the oneworld alliance has
diminished as we are constantly being attacked by a oneworld
partner.” However, since this statement, the ‘dispute’ among
oneworld members has intensified. Australian flag carrier and
oneworld alliance member airline, Qantas, has internally
criticized Qatar Airways for wanting to expand into Australia.
(Gulf-Times.com)
International
 US third-quarter growth unrevised, headwinds increasing – The
US economy slowed in the third quarter as previously reported,
but the pace was likely strong enough to keep growth on track
to hit the Trump administration’s 3% target this year, even as

4. Page 4 of 7
momentum appears to have moderated further early in the
fourth quarter. Gross domestic product increased at a 3.5%
annualized rate, the Commerce Department stated in its second
estimate of third-quarter GDP growth. That was unchanged
from its estimate in October and well above the economy’s
growth potential, which economists estimate to be about 2%.
The unrevised third-quarter GDP reading reflected a faster pace
of inventory accumulation and more business spending on
equipment than initially thought that was offset by downward
revisions to consumer spending and exports. The economy
grew at a 4.2% pace in the April-June quarter. (Reuters)
 CBI: Mood in UK services firms sours ahead of Brexit – Gloom
deepened across the services companies that dominate Britain’s
economy in November and firms continued to hold back on
investment ahead of Brexit, a survey showed. Business
optimism fell to its lowest level in two years for business and
professional services firms, which represent the biggest chunk
of the services sector, the Confederation of British Industry
(CBI) stated. Confidence at consumer-facing firms such as
hotels and restaurants also declined, the CBI’s quarterly survey
showed. Britain’s economy grew strongly over the summer,
fuelled by consumer spending during a hot summer and the
soccer World Cup, but the CBI’s report fits with other gauges
that suggest the economy is slowing through the final months
of 2018. (Reuters)
 British banks withstand disorderly Brexit in Bank of England
test – All seven British banks and building societies in this
year’s Bank of England (BoE) stress test passed, indicating they
could withstand a disorderly Brexit without having to curb
lending. The BoE’s Financial Policy Committee (FPC) stated
that it has reviewed a scenario whereby Britain crashes out of
the European Union in March with no deal or transition period.
“The FPC judges that the UK banking system is strong enough
to continue to serve UK households and businesses even in the
event of a disorderly Brexit, No bank needs to strengthen its
capital position as a result of the stress test. The stress test was
tougher on banks than the disorderly Brexit scenario,” it said in
its twice-yearly Financial Stability Report. (Reuters)
 Japan’s retail sales rise most in 10 months, signal economic
rebound – Japan’s retail sales grew the fastest in 10 months in
October, as consumers shelled out more on fuel, cars, medicines
and cosmetics, in a sign the world’s third-largest economy is
likely returning to growth after a summer stumble. Japanese
policymakers are counting on stronger private consumption to
help accelerate inflation to the central bank’s 2% target, which
has remained elusive despite more than five years of massive
monetary stimulus. The 3.5% annual gain in retail sales in
October from a year earlier handily beat the median estimate
for 2.6% increase and follows a revised 2.2% rise in September.
It was the fastest annual gain since last December. Retail sales
are a key barometer for the strength of private consumption,
which accounts for roughly 60% of the Japanese economy. The
data confirmed they have risen for a full straight year,
reflecting a tight labor market and gradual wage growth.
(Reuters)
Regional
 IRTI & IsDB: Strengthening regulatory system urged to
optimize potential of Islamic finance – The Islamic Research
and Training Institute (IRTI) of the Islamic Development Bank
(IsDB) Group has published the second edition of the global
report on Islamic finance, which highlights steps for unleashing
the potential of Islamic finance to help harness the much-
needed funds for long-term investment in development
programs. The report noted that by unleashing the potential of
Islamic finance, funding could be harnessed for programs aimed
to eradicate extreme poverty, develop infrastructure, provide
education, ensure access to clean water, and fight climate
change. It therefore proposes incentivizing risk sharing and
asset-backed finance as the potential mechanism to attract
financing for long-term investments. However, the report
found that in order to optimally tap the potential of Islamic
finance in this regard, there is the need to develop the enabling
legal, regulatory, and financial ecosystem. The report made two
major recommendations, namely to strengthen the financial
system through developing the regulatory environment, and to
enhance the institutional framework and diversity of
instruments for long-term financing. (GulfBase.com)
 GCC chemical industry’s performance improving on all fronts –
The GCC chemical industry’s performance has improved on all
fronts, including in revenue, employment, production capacity
and export, marking a key step in its journey towards
transformation. This was revealed in the annual Gulf
Petrochemicals and Chemicals Association (GPCA) Facts and
Figures report. The report’s findings reflect on this year’s forum
theme ‘Executing Transformation and Investing in Growth’, it
stated. During the forum, Secretary General of GPCA,
Abdulwahab Al Sadoun, announced that production capacity in
2017 reached 166.8mn tons, up by 7% YoY, with expectations of
further growth in 2018 to 170.9mn tons. GCC’s overseas
production capacity reached 18.6mn tons with facilities in
North America, Europe and Asia. The GCC chemical industry’s
revenue grew by 17% YoY in 2017, reaching $84.2bn, the
fastest rate since 2011, indicating the industry’s move towards
higher value products. Saudi Arabia and the UAE significantly
lifted the region, posting 19% and 17% increase in revenue,
respectively. (GulfBase.com)
 PwC: Middle East continues to be least demanding tax system –
The Middle East continued to be the least demanding tax
system even as the regional governments plan to do more to
unlock the potential of technology to facilitate tax compliance,
according to a PricewaterhouseCoopers (PwC) and World Bank
report. The annual ‘Paying Taxes’ report found that the Middle
East region has the lowest average time to comply (144 hours),
number of payments (17.1), total tax and contribution rate or
TTCR (24.4%), and post-filing index (44.6 out of 100). “This
region has the lowest TTCR and time to comply, but these may
increase as new taxes are introduced in several economies to
reduce reliance on revenues from hydrocarbons,” the report
stated. (Gulf-Times.com)
 ICAEW: Middle East economies still dominated by oil sector
development – Economic recovery in the Middle East is
gathering momentum after last year’s slump, when economic
growth slowed to an eight-year low at only 0.9%. Overall, the
Middle East’s GDP is expected to grow to 2.3% in 2018, though
growth remains below the 2010- 2016 average of 3.9%, the
accountancy and finance body ICAEW stated in its ‘Economic

5. Page 5 of 7
Insight’ report. ICAEW stated that oil continues to dominate
and shape the macroeconomic outlook for Middle Eastern
economies, despite major economic diversification efforts.
Economic Insight: Middle East 4Q2018, produced by Oxford
Economics, stated that the same factors which slowed down
economic growth in 2017 are now contributing to the overall
economic recovery. Oil prices have hit their highest levels since
the end of November 2014 in recent weeks at more than $80per
barrel, oil production has been elevated in the GCC compared to
last year and the fiscal stance has been expansionary in 2018
across the GCC in contrast to 2017. (Peninsula Qatar)
 UAE's Mubadala, Saudi Arabia and Russian fund in talks on
drilling firm stake – Russia’s sovereign wealth fund, UAE’s
Mubadala and Saudi Arabia are in talks to buy 16% stake in
Russian oil drilling firm, Eurasia Drilling, according to Head of
the Russian Direct Investment Fund, Kirill Dmitriev. The deal is
awaiting approval from a government commission. (Reuters)
 Saudi Arabia wants united front on oil output; Russia and
Nigeria hold out – Saudi Arabia will not cut oil output on its own
to stabilize the market, Energy Minister, Khalid al-Falih said, as
Nigeria and Russia stated it is too early to signal whether they
would join any production curbs. OPEC and its allies, led by
Russia, meet in Vienna next week against the backdrop of
concerns over a slowing global economy and rising oil supplies
from the US, which is not involved in an existing agreement to
restrain output. The negative economic outlook helped to push
oil LCOc1 below $60 a barrel this week from as high as $85 in
October, prompting Saudi Arabia, the de facto leader of the
OPEC, to suggest significant production cuts. (Reuters)
 Saudi Arabia's construction costs up 1.9% in 3Q2018 – The
construction costs across Saudi Arabia surged by 1.9% during
the third quarter compared to the same period last year mainly
driven by key industry issues linked to workload and labor, a
report by Canadian real estate expert Colliers International
stated. The procedures implemented by Saudi Arabia to carry
out nationalization in various sectors, as well as taxes imposed
on expatriates, have contributed to raising labor’s costs in the
nation, Colliers stated in its report. It further pointed out that
over the last one year, the project pricing has been very
aggressive on the back of competition for work. As for profit
margins of contractors, the Canadian real estate expert said it
did not expect a growth in the near future until the real estate
firms fill their order books. It will take significantly more
projects to commence, to have a real impact on increasing
margins that contractors will include within their bids. A
reduced competition is predicted to have a minor impact on
tender pricing over the next 12 months, it stated. The tender
price inflation’s average for construction costs would be 1.8% in
the coming 12 months, said the expert. However, the numerous
projects that have been announced by the Saudi Arabian
government over the last 12 months would help to bring
optimism to the industry. (GulfBase.com)
 Saudi Arabia's PIF splits local investment portfolio – Saudi
Arabia’s Public Investment Fund (PIF) has made an adjustment
to the local investment portfolio by dividing it into two
portfolios, Maaal news website reported. The first is a public
investment portfolio and is managed by Rashed Sharif, a
banker, while the second is an investment in the real estate
sector, which includes investments in the city of Neom and Red
Sea projects, Amala, and other real estate projects. Real estate
portfolio was assigned to the Aiman Almudaifer, former CEO of
several companies in the real estate sector, Maaal reported.
Division is taking place because of the large volume of the local
investment portfolio - which is estimated at 90% of the PIF’s
current assets, equivalent to $324bn, compared to 10% for
international investments - and for the ease of management, it
stated. (Bloomberg)
 Saudi Arabia’s consumer prices rise 2.4% YoY and 2.1% MoM in
October – Saudi Arabia’s General Authority for Statistics and
Information published updates on cost-of-living indices for
October 2018. October’s rate of change in total index was up
2.4% YoY and 2.1% MoM. Prices for housing, fuels and water
were fell 0.8% MoM in October. (Bloomberg)
 Zain Saudi Arabia said to sell its towers for $648mn and lease
them back – Mobile Telecommunication Company Saudi Arabia
(Zain Saudi Arabia) agreed to sell its mobile telecom towers to
IHS Holding Ltd. for $648mn and lease them back. The board
accepted an offer to sell 8,100 towers and related passive
infrastructure, and lease back for 15 years with an optional
five-year extension, it stated. The plan also envisages building
1,500 towers over six years. The proceeds will be used to reduce
debt. (Bloomberg)
 Abraaj’s founder makes last-ditch rescue bid for restructuring
the debt of the company – Abraaj’s founder, Arif Naqvi has met
limited partners and creditors in a bid to win back their support
for a plan to restructure the debt of Abraaj Holdings and some of
its older funds to avert liquidation of the company, Reuters
reported. (Bloomberg)
 Petrochemical Industries Company’s US petrochemical plant to
start its operation by the end of 2019 – Kuwait-based
Petrochemical Industries Company’s Chairman, Mohammed Al-
Farhoud expected that the operation of petrochemical complex
project in the US to kick off by the end of 2019. The company’s
CEO, Al-Farhoud said the project of petrochemical plant to
produce Ethylene Glycol (EG) is currently in the engineering,
procurement and construction phase. The venture is carried out
with Equate Group, he said, noting that the production capacity
of the plant is 750,000 tons annually. He has revealed that
currently he is analyzing a number of opportunities to acquire
significant stakes in petrochemical projects in the US, South
Korea and China. (GulfBase.com)
 French Business Syndicate to explore investment options in
Duqm SEZ – Four leading French companies - CMA CGM, EDF
Renewables, Fives and SUEZ - announced the creation of a
French Business Syndicate to explore opportunities with
investment in the Special Economic Zone (SEZ) at Duqm. It
follows a recent visit to France by Yahya bin Saeed al Jabri,
Chairman of the SEZ Authority at Duqm (SEZAD). The
initiative will further strengthen the existing business
relationship between Oman and the Republic of France, the
authority stated. The French Business Syndicate has been
established with the goal of assessing various investment
possibilities in each of their respective field of activity as well
as the possibility to cooperate to bring higher value-
propositions within the guidelines defined by the SEZAD and

6. Page 6 of 7
Ithraa (Public Authority for Investment Promotion & Export
Development). (GulfBase.com)
 GFH receives approval for acquisition of treasury shares and
market making arrangement – GFH Financial House (GFH) has
informed its shareholders that it has received the Central Bank
of Bahrain’s approval for acquisition of treasury shares up to
7% of the group’s total issued shares (paid up capital) as per the
market making arrangement with SICO in Bahrain Bourse.
Further, it will continue with the current market making
arrangement with SICO in Bahrain Bourse for another six
months (until May 28, 2019). (Bloomberg)
 Investcorp buys six properties for $311mn in US – Bahrain-
based Investcorp bought six properties in the US for $311mn,
boosting its investments in the real-estate market. The
investment firm stated that it has acquired multifamily
properties, totaling 2,876 units, in Tampa, Houston and Salt
Lake City. Investcorp now owns about 13,000 multifamily units
across the US. (Bloomberg)

7. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
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Page 7 of 7
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
0.8%
(0.3%)
0.2% 0.3% 0.2%
(1.6%)
(0.5%)
(2.0%)
(1.0%)
0.0%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,221.21 0.5 (0.2) (6.3) MSCI World Index 2,029.78 1.5 2.8 (3.5)
Silver/Ounce 14.33 1.3 0.3 (15.4) DJ Industrial 25,366.43 2.5 4.4 2.6
Crude Oil (Brent)/Barrel (FM Future) 58.76 (2.4) (0.1) (12.1) S&P 500 2,743.79 2.3 4.2 2.6
Crude Oil (WTI)/Barrel (FM Future) 50.29 (2.5) (0.3) (16.8) NASDAQ 100 7,291.59 2.9 5.1 5.6
Natural Gas (Henry Hub)/MMBtu 4.50 2.0 (4.3) 45.6 STOXX 600 357.39 0.5 1.0 (13.3)
LPG Propane (Arab Gulf)/Ton 68.25 0.4 (7.1) (31.1) DAX 11,298.88 0.4 1.0 (17.5)
LPG Butane (Arab Gulf)/Ton 67.50 0.4 (10.9) (37.8) FTSE 100 7,004.52 0.4 0.7 (13.7)
Euro 1.14 0.7 0.3 (5.3) CAC 40 4,983.24 0.5 0.8 (11.5)
Yen 113.68 (0.1) 0.6 0.9 Nikkei 22,177.02 1.1 1.8 (3.5)
GBP 1.28 0.6 0.1 (5.1) MSCI EM 991.67 1.2 2.3 (14.4)
CHF 1.01 0.5 0.4 (1.9) SHANGHAI SE Composite 2,601.74 1.0 0.8 (26.4)
AUD 0.73 1.1 1.0 (6.4) HANG SENG 26,682.56 1.4 2.9 (11.0)
USD Index 96.79 (0.6) (0.1) 5.1 BSE SENSEX 35,716.95 1.2 2.9 (5.0)
RUB 66.96 (0.2) 1.1 16.2 Bovespa 89,250.82 2.8 2.7 0.4
BRL 0.26 0.8 (0.5) (13.9) RTS 1,113.46 1.4 (0.0) (3.5)
76.1
75.1
73.4