The QSE Index rose 0.1% to close at 9,902.5.

1. Page 1 of 9
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.1% to close at 9,902.5. Gains were led by the Consumer Goods &
Services and Banks & Financial Services indices, gaining 0.9% and 0.3%,
respectively. Top gainers were Qatar Fuel Company and Doha Bank, rising 1.8% and
1.5%, respectively. Among the top losers, Dlala Brokerage & Investment Holding
Company fell 3.3%, while Mesaieed Petrochemical Holding Co. was down 1.7%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.1% to close at 7,997.6. Losses were led by the
Consumer Services and Food & Staples Retailing indices, falling 0.6% each. Alujain
Corp. declined 2.8%, while Samba Financial Group was down 2.5%.
Dubai: The DFM General Index declined 0.8% to close at 2,791.7. Real Estate &
Const. index fell 1.8%, while the Transportation index declined 0.7%. Ekttitab
Holding Company fell 5.9%, while Arabtec Holding was down 3.6%.
Abu Dhabi: The ADX General Index rose 0.1% to close at 5,007.1. The Investment &
Financial Services index gained 1.5%, while the Telecom. index rose 0.4%. Reem
Investments gained 15.0%, while Sharjah Cement & Indus Dev. was up 2.0%.
Kuwait: The Kuwait Main Market Index declined marginally to close at 4,741.5. The
Telecom. index fell 0.6%, while the Real Estate index declined 0.5%. Amar Finance
& Leasing Co. fell 10.0%, while Credit Rating & Collection was down 9.8%.
Oman: The MSM 30 Index rose 0.2% to close at 4,525.8. The Financial index gained
0.7%, while the other indices ended in red. Alizz Islamic Bank rose 5.9%, while Bank
Nizwa was up 2.3%.
Bahrain: The BHB Index fell 0.4% to close at 1,325.0. The Industrial index declined
1.6%, while the Investment index fell 1.2%. United Gulf Holding Company declined
5.6%, while Aluminium Bahrain was down 1.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Fuel Company 166.99 1.8 111.5 63.6
Doha Bank 21.83 1.5 387.7 (23.4)
Zad Holding Company 99.50 0.9 1.0 35.1
Qatar Islamic Insurance Company 51.00 0.9 1.8 (7.2)
Industries Qatar 129.39 0.7 85.9 33.4
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Company Ltd. 17.85 0.3 950.5 10.9
Gulf International Services 20.00 (1.4) 422.7 13.0
Doha Bank 21.83 1.5 387.7 (23.4)
Mesaieed Petrochemical Holding 16.90 (1.7) 334.6 34.2
Qatar First Bank 4.84 0.2 316.6 (25.9)
Market Indicators 04 Oct 18 03 Oct 18 %Chg.
Value Traded (QR mn) 177.9 178.3 (0.2)
Exch. Market Cap. (QR mn) 553,667.8 552,715.9 0.2
Volume (mn) 4.7 5.2 (9.1)
Number of Transactions 2,617 2,843 (7.9)
Companies Traded 40 43 (7.0)
Market Breadth 16:19 27:10 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,447.07 0.1 1.2 22.1 15.3
All Share Index 2,919.54 0.2 1.0 19.0 15.1
Banks 3,559.29 0.3 1.1 32.7 13.7
Industrials 3,254.60 (0.1) 2.6 24.2 16.1
Transportation 2,092.41 0.1 3.8 18.3 12.4
Real Estate 1,830.71 0.2 (1.3) (4.4) 15.1
Insurance 3,140.96 (0.5) (0.9) (9.7) 28.2
Telecoms 964.32 0.1 (0.8) (12.2) 36.8
Consumer 6,854.95 0.9 1.2 38.1 13.9
Al Rayan Islamic Index 3,813.11 (0.0) 0.7 11.4 15.1
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Rabigh Refining & Petro. Saudi Arabia 24.42 3.5 2,709.4 48.5
Savola Group Saudi Arabia 30.00 3.1 1,851.2 (24.0)
Mobile Telecom. Co. Saudi Arabia 6.50 3.0 5,293.2 (11.1)
Alawwal Bank Saudi Arabia 14.62 3.0 4,125.6 23.5
Jarir Marketing Co. Saudi Arabia 183.60 2.0 47.2 25.1
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Emaar Properties Dubai 4.88 (3.0) 4,489.8 (25.4)
Samba Financial Group Saudi Arabia 31.45 (2.5) 735.1 33.8
GFH Financial Group Dubai 1.35 (2.2) 4,872.9 (10.0)
National Petrochemical Saudi Arabia 26.75 (2.0) 234.0 44.4
Bupa Arabia for Coop. Ins. Saudi Arabia 106.80 (1.8) 77.7 14.8
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%
Dlala Brokerage & Inv. Holding 11.21 (3.3) 78.7 (23.7)
Mesaieed Petrochemical Holding 16.90 (1.7) 334.6 34.2
Gulf International Services 20.00 (1.4) 422.7 13.0
Qatar Electricity & Water Co. 191.25 (1.4) 21.9 7.4
Mannai Corporation 57.00 (1.4) 78.4 (4.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 179.98 0.5 53,483.7 42.8
Qatar Fuel Company 166.99 1.8 18,575.6 63.6
Qatar Gas Transport Co. Ltd. 17.85 0.3 16,999.4 10.9
Industries Qatar 129.39 0.7 11,092.0 33.4
Gulf International Services 20.00 (1.4) 8,458.2 13.0
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* 9,902.48 0.1 1.2 0.9 16.2 48.68 152,092.6 15.3 1.5 4.4
Dubai 2,791.71 (0.8) (1.2) (1.5) (17.2) 35.04 99,646.5 7.4 1.0 6.1
Abu Dhabi 5,007.12 0.1 1.2 1.5 13.8 31.21 135,315.8 13.2 1.5 4.8
Saudi Arabia 7,997.61 (0.1) 1.3 (0.0) 10.7 692.50 505,923.7 16.9 1.8 3.5
Kuwait 4,741.54 (0.0) (0.4) 0.1 (1.8) 55.32 32,477.9 14.6 0.9 4.4
Oman 4,525.78 0.2 0.0 (0.4) (11.2) 8.17 19,436.6 11.1 0.8 6.0
Bahrain 1,324.95 (0.4) (1.8) (1.0) (0.5) 14.63 20,434.3 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)
9,860
9,880
9,900
9,920
9,940
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 9
Qatar Market Commentary
 The QSE Index rose 0.1% to close at 9,902.5. The Consumer Goods &
Services and Banks & Financial Services indices led the gains. The index
rose on the back of buying support from GCC and non-Qatari
shareholders despite selling pressure from Qatari shareholders.
 Qatar Fuel Company and Doha Bank were the top gainers, rising 1.8%
and 1.5%, respectively. Among the top losers, Dlala Brokerage &
Investment Holding Company fell 3.3%, while Mesaieed Petrochemical
Holding Company was down 1.7%.
 Volume of shares traded on Thursday fell by 9.1% to 4.7mn from 5.2mn
on Wednesday. Further, as compared to the 30-day moving average of
6.2mn, volume for the day was 23.8% lower. Qatar Gas Transport
Company Limited and Gulf International Services were the most active
stocks, contributing 20.2% and 9.0% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data and Earnings Calendar
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
10/04 US Department of Labor Initial Jobless Claims 29-September 207k 215k 215k
10/04 US Department of Labor Continuing Claims 22-September 1,650k 1,665k 1,663k
10/05 US US Census Bureau Trade Balance August -$53.2bn -$53.6bn -$50.0bn
10/05 France Ministry of the Economy Trade Balance August -5,632mn -4,848mn -3,427mn
10/05 Germany German Federal Statistical Office PPI MoM August 0.3% 0.2% 0.2%
10/05 Germany German Federal Statistical Office PPI YoY August 3.1% 2.9% 3.0%
10/04 India Markit Nikkei India PMI Services September 50.9 – 51.5
10/04 India Markit Nikkei India PMI Composite September 51.6 – 51.9
10/05 India Reserve Bank of India RBI Repurchase Rate 5-October 6.5% 6.8% 6.5%
10/05 India Reserve Bank of India RBI Reverse Repo Rate 5-October 6.3% 6.5% 6.3%
10/05 India Reserve Bank of India RBI Cash Reserve Ratio 5-October 4.0% 4.0% 4.0%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 3Q2018 results No. of days remaining Status
QNBK QNB Group 10-Oct-18 3 Due
MARK Masraf Al Rayan 15-Oct-18 8 Due
DBIS Dlala Brokerage & Investment Holding Company 15-Oct-18 8 Due
MCGS Medicare Group 16-Oct-18 9 Due
QNCD Qatar National Cement Company 17-Oct-18 10 Due
QEWS Qatar Electricity & Water Company 17-Oct-18 10 Due
QIBK Qatar Islamic Bank 17-Oct-18 10 Due
DHBK Doha Bank 17-Oct-18 10 Due
UDCD United Development Company 17-Oct-18 10 Due
NLCS Alijarah Holding 18-Oct-18 11 Due
QISI The Group Islamic Insurance Company 21-Oct-18 14 Due
GWCS Gulf Warehousing Company 21-Oct-18 14 Due
ABQK Ahli Bank 21-Oct-18 14 Due
QIGD Qatari Investors Group 21-Oct-18 14 Due
IHGS Islamic Holding Group 22-Oct-18 15 Due
VFQS Vodafone Qatar 22-Oct-18 15 Due
KCBK Al Khalij Commercial Bank 23-Oct-18 16 Due
CBQK The Commercial Bank 23-Oct-18 16 Due
QGMD Qatari German Company for Medical Devices 28-Oct-18 21 Due
AKHI Al Khaleej Takaful Insurance Company 28-Oct-18 21 Due
DOHI Doha Insurance Group 29-Oct-18 22 Due
ERES Ezdan Holding Group 29-Oct-18 22 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 27.76% 44.71% (30,167,006.66)
Qatari Institutions 15.79% 21.98% (11,023,410.64)
Qatari 43.55% 66.69% (41,190,417.30)
GCC Individuals 0.59% 0.84% (435,352.30)
GCC Institutions 9.68% 3.55% 10,904,096.31
GCC 10.27% 4.39% 10,468,744.01
Non-Qatari Individuals 7.10% 10.12% (5,373,842.57)
Non-Qatari Institutions 39.09% 18.80% 36,095,515.86
Non-Qatari 46.19% 28.92% 30,721,673.29

3. Page 3 of 9
News
Qatar
 Moody’s upgrades Qatar’s banking sector outlook to ‘Stable’ –
Credit rating agency, Moody’s Investors Service upgraded the
outlook for Qatar’s banking system to ‘Stable’ from ‘Negative’,
reflecting the resilience of the country’s economy and banking
system to the ongoing regional dispute, as well as the ‘Stable’
outlook on the Government of Qatar’s ‘Aa3’ long-term issuer
rating. Qatar has been able to rebalance the country’s economy
following the regional dispute, which began in June 2017, and
the high level of government spending on infrastructure in
preparation for the FIFA World Cup in 2022 has been
unaffected. Moody’s expects average real GDP growth of 2.8%
during 2018-2022, up from 1.6% in 2017. “The Qatari economy
has rebalanced as supply chain disruptions recovered rapidly
following the blockade from other Gulf states and Egypt,”
Moody’s Vice-President and Senior Credit Officer, Nitish
Bhojnagarwala said. “Likewise, the banking system rebalanced
its funding profile with the reduced liquidity from GCC sources
offset by inflows from government and related entities,” Nitish
Bhojnagarwala added. (Peninsula Qatar)
 Reduction in stocks’ face value to impact market positively –
Qatar Stock Exchange’s move to lower stock’s face value of
listed companies to QR1 from QR10 will have a positive impact
on the stock market, according to experts. They stressed that it
was important to raise awareness among investors in the stock
market, whether inside or outside the country, on the goal and
the nature of the new system. Dean of Qatar University’s
College Of Business and Economics, Khalid Al Abdulqader said
that the new system will have a very positive impact,
especially that the Qatari economy is a very attractive and
promising one. He added that there are many benefits to
implementing the new system, most notably allowing a bigger
number of small investors to gain access to shares, QNA
reported. Al Abdulqader pointed out that there is a need to
educate investors on the new system, as some could be led to
believe that the value of their holdings will decrease, something
that is not true. This is because the total number of shares held
will increase, making up for the decline in per share value and
leaving the total value of holdings unchanged. (Peninsula
Qatar)
 QIGD appoints CEO for the group – Qatari Investors Group
(QIGD) announced the appointment of Raja Victor Assili as CEO
of the Group with effect from October 3, 2018. (QSE)
 MERS to disclose 3Q2018 financial statements on October 28 –
Al Meera Consumer Goods Company (MERS) announced its
intent to disclose 3Q2018 financial statements for the period
ended September 30, 2018, on October 28, 2018. (QSE)
 QGMD to disclose 3Q2018 financial statements on October 28 –
Qatari German Company for Medical Devices (QGMD)
announced its intent to disclose 3Q2018 financial statements
for the period ended September 30, 2018, on October 28, 2018.
(QSE)
 VFQS to disclose 3Q2018 financial statements on October 22 –
Vodafone Qatar (VFQS) announced its intent to disclose
3Q2018 financial statements for the period ended September
30, 2018, on October 22, 2018. (QSE)
 IHGS to disclose 3Q2018 financial statements on October 22 –
Islamic Holding Group (IHGS) announced its intent to disclose
3Q2018 financial statements for the period ended September
30, 2018, on October 22, 2018. (QSE)
 MERS delegation visits Turkey to forge new business
opportunities – A delegation from Al Meera Consumer Goods
Company (MERS) has met with public and private sector
officials in Turkey to enhance bilateral trade relations between
the two countries. The delegation was led by MERS’ Deputy
CEO, Salah Al-Hammadi, who held meetings with Istanbul and
Samsun-based investors and businesses looking to expand in
Qatar. Meetings were also held with government officials,
including Samsun’s Governor, Osman Kaymak. The MERS
delegation visited Happy Center and its Chairman, Ismail Altun,
and CEO, Yavuz Altun, where they discussed strategic
partnerships and ways to improve mutual cooperation. Al-
Hammadi also graced the opening ceremony of Happy Center’s
135
th
outlet. The delegation also met with the Chamber of
Commerce of Istanbul, the third largest chamber in the world
with about 420,000 members. Members of the delegation were
welcomed by Vice Chairman Ahmet Uzair. During the meeting,
the two sides discussed the possibility of developing a solid
network of partners in Turkey based on the recommendation of
the chamber. (Gulf-Times.com)
 Qatar Rail to purchase 35 additional trains for Metro – Qatar
Railways Company (Qatar Rail) announced that it has signed
an agreement to procure 35 additional trains for the Doha
Metro, taking the total number of trains serving the project to
110. The additional trains will help increase the capacity of the
Metro system, especially when Qatar hosts the 2022 FIFA
World Cup that is expected to attract more than a million
visitors during the tournament, Qatar Rail stated. The trains
will also serve the future expansion of Doha Metro lines, which
Qatar Rail intends to carry out after the implementation of
Phase 1 of the Metro project. (Gulf-Times.com)
 Al Sada: Natural gas demand will grow significantly by 2030 –
Minister of Energy and Industry HE Mohammed bin Saleh Al
Sada affirmed that the demand for natural gas will achieve the
highest rate of growth among other fossil fuels during the
period between now and 2030. This came during HE Al Sada’s
speech at the session held within the Russian Energy Week
under the slogan ‘Sustainable Energy in a Changing World.’ HE
Al Sada said, at the session titled ‘The Global Gas Market in
2030’, that the Liquefied Natural Gas (LNG) share of the gas
market will grow at an average rate of 8% over the same period
to equal the market share of pipeline gas by 2030. The Minister
said that the growth in global demand for LNG will come mainly
from Asia, while Europe is expected to face major challenges in
the next phase of renewable energy sources. He added that the
total demand for LNG will reach about 450mn tons annually by
2030, equivalent to more than 50% increase over 2017’s
demand. (Peninsula Qatar)
 Manateq gives special focus to downstream SMEs – The
Economic Zones Company-Qatar (Manateq) is offering special
focus on small and medium-sized enterprises (SMEs)
particularly those related to downstream industries such as
aluminum, steel, and automotive sector, to accelerate the

4. Page 4 of 9
process of economic diversification. The efforts are part of the
initiatives of Manateq, which is working in cooperation with
other state and private agencies to diversify Qatar’s economy
through the provision of world class infrastructures within
strategically placed economic zones and logistics parks, which
are being developed in line with the country’s long-term vision,
said a top official of the company. The state-backed entity is
overseeing the developments of several economic zones, and
industrial and warehousing complexes across the country. It
also works in close coordination with the recently established
Free Zones Authority, attracting investors and SMEs from all
over the world. (Peninsula Qatar)
 Qatar has ambitious plans to invest in oil & gas sector – The
MENA region will see a number of critical energy projects
pushed through over the next five years. Around $345bn has
already been committed to projects under execution, while an
additional $574bn worth of development is planned. The MENA
energy industry investment outlook released by the Arab
Petroleum Investments Corporation (Apicorp) at the just
concluded 11
th
Arab Energy Conference being held in
Marrakech, Morocco, forecasts that with Qatar lifting the North
Field moratorium, the country is poised for higher investments
in gas development. “The majority of Qatar’s investments have
come into fruition, and with the lifting of the moratorium
recently, we expect higher investments in gas development as
the country plans to double the size of its planned expansion,
increasing LNG capacity to 100mn t/y by the end of the outlook
or shortly after,” the Apicorp report, presented by its CEO
Attiga Ali Attiga, noted. Qatar has ambitious plans to invest in
further oil & gas development, particularly the redevelopment
of the Bul Hanine, which is expected to more than double its
existing capacity. Current committed investments in the
energy sector amount to around $13bn. Among the projects
coming on line within Apicorp’s outlook include the Barzan gas
field. (Peninsula Qatar)
 QDC to meet 100% of Qatar’s detergent demand – Qatar
Detergent Company (QDC) has recently launched a new fully-
automated factory, giving it the potential to cater to 100% of
Qatar’s laundry detergent requirements. The new facility also
enables it to exponentially increase its capacity, and further
improve the quality of its product, matching international
quality standards. QDC has been operating in Qatar since 1978,
and has always strived to provide high quality cleaning
products that are affordable to a wide cross-section of
customers, throughout the country. The vision is to make QDC
one of the country’s’ most ‘valuable’ corporations through
world class products, quality, and innovations. (Peninsula
Qatar)
 Minister of Economy and Commerce holds talks with Argentine
ministers – Minister of Economy and Commerce, HE Sheikh
Ahmed bin Jassim bin Mohammed Al Thani, met in Buenos
Aires with Minister of Foreign Affairs of the Argentine
Republic, Jorge Marcelo Faurie, and Secretary for International
Economic Relations, Horacio Reyser, in separate meetings.
They discussed bilateral relations and the means to enhance
them in all fields, particularly in the fields of electricity
generation, infrastructure, transportation, and tourism. They
also discussed ways to activate the agreements signed between
the two countries. They also followed up on the outcomes of the
Qatari-Argentinean ministerial committee’s meeting that took
place in December 2017. Trade volume between the State of
Qatar and the Argentine Republic was QR1.2bn. The two sides
have a number of bilateral agreements, including on economic,
commerce, and technical cooperation. They also have
agreements to encourage and protect investments, as well as to
avoid double taxation. The two sides also have many
Memorandums of Understanding in the sports, tourism,
scientific research, and cultural fields. (Peninsula Qatar)
 Gulf Labs launch new jack-up drilling platform ‘Ammonite’ –
Local Qatari geotechnical and material testing laboratory, Gulf
Laboratories Company, has recently added the new jack-up
drilling platform ‘Ammonite’ to its fleet of nearshore drilling
equipment. “The addition of this larger jack-up, together with
our existing jack-up ‘Nautilus’, now allows us to carry out
geotechnical drilling works from the inter-tidal area out to
water depths of 20 meters,” General Manager Andrew Slate
said. Gulf Laboratories has carried out numerous nearshore
geotechnical investigations in Qatar, including works for the
Hamad International Airport and Hamad Port, as well as other
ports, harbor, and marine reclamation and development
schemes. Fabricated in Qatar, the fully-registered vessel is
available for nearshore ground investigation projects or for
charter as a work barge. (Gulf-Times.com)
International
 US trade deficit jumps to six-month high in August – US trade
deficit increased to a six-month high in August as exports
dropped further amid declining soybean shipments and imports
hit a record high, suggesting that trade could weigh on
economic growth in the third quarter. The Commerce
Department stated the trade gap increased 6.4% to $53.2bn,
widening for a third straight month. Data for July was revised to
show a trade deficit of $50.0bn, instead of the previously
reported $50.1bn. The politically sensitive goods trade deficit
with China increased 4.7% to a record high of $38.6bn.
Economists polled by Reuters had forecasted the overall trade
deficit swelling to $53.5bn in August. The trade gap continues
to widen despite the Trump administration’s ‘America First’
policies, which have led to a bitter trade war between the US
and China. (Reuters)
 US job growth cools; unemployment rate drops to 3.7% – US job
growth slowed sharply in September, likely as Hurricane
Florence depressed restaurant and retail payrolls, but the
unemployment rate fell to near a 49-year low of 3.7%, pointing
to a further tightening in labor market conditions. The Labor
Department’s closely watched monthly employment report also
showed a steady rise in wages, suggesting moderate inflation
pressures, which could ease concerns about the economy
overheating and keep the Federal Reserve on a path of gradual
interest rate increases. Nonfarm payrolls increased by 134,000
jobs last month, the fewest in a year, as the retail and leisure
and hospitality sectors shed employment. Data for July and
August were revised to show 87,000 more jobs added than
previously reported. The economy needs to create roughly
120,000 jobs per month to keep up with growth in the working-
age population. Economists polled by Reuters had forecasted
payrolls increasing by 185,000 jobs in September and the

5. Page 5 of 9
unemployment rate falling one-tenth of a percentage point to
3.8%. (Reuters)
 QNB Group: Strong US Dollar likely as Fed set to carry on with
rate hike – A strong US Dollar is likely to stay for the
foreseeable future as the Federal Reserve (Fed) carries on with
rate hiking, QNB Group has stated in an economic commentary.
The US Federal Reserve duly hiked short-term interest rates by
25bps for the third time this year, following its September 26-27
meeting. The decision comes despite the continued escalation
of trade tensions between the US and China. With the decision
to lift interest rates for an eight time since December 2016 to
2.0-2.5% a foregone conclusion, the Fed continued confident
about the need for further tightening, probably as soon as
December. Both the policy statement accompanying the
decision and Fed Chair Powell’s remarks in the post-meeting
press conference signaled that the Fed remains unusually
bullish in its assessment of the economy and for the time being
sees little impact on the economy from trade tensions, QNB
Group stated. (Gulf-Times.Com)
 UK’s productivity grows at fastest rate since late 2016 – British
workers’ productivity grew at the fastest pace since late 2016 in
the three months to June and labor cost growth slowed,
suggesting the home-grown inflation pressures that the Bank of
England (BoE) is watching closely remain muted. Output per
hour rose by 1.4% compared with a year earlier, the biggest
increase since the three months to December 2016, albeit a
fraction below an initial estimate of 1.5%, official data showed.
Britain’s chronically weak productivity has limited pay growth,
but its potential to push up inflation is why the BoE has started
to raise interest rates, despite sluggishness in the overall
economy ahead of Brexit. Workers in Britain are about 20% less
productive than their rivals in the US, Germany and France and
productivity has barely grown since the financial crisis, in
contrast to growth of more than 2% a year before. (Reuters)
 Germany reportedly lowers growth forecasts for 2018, 2019 –
The German government has revised down its economic growth
forecasts for this year and next, according to a source. The
source said the government expects the economy to grow by
around 1.7% to 1.8% this year, down from a previous estimate
of 2.3%. It expects an expansion of around 2.0% in 2019, lower
than the 2.1% forecast in April. (Reuters)
 French trade deficit widens more than expected in August –
France’s trade deficit widened more than expected in August as
aircraft exports fell and the energy bill rose, seasonally adjusted
data published by the customs office showed. France recorded a
trade deficit of €5.6bn ($6.45bn), after €3.4bn in July. A Reuters
poll of seven economists had forecasted on average a shortfall
of €4.5bn. The customs office stated that imports rose 4.9% in
August from July due mainly to an increase in France’s energy
bill, while exports dipped 0.1% as Airbus shipments pulled back
after a strong July. Separately, the central bank said the current
account showed a deficit of €1.6bn in August after a surplus of
€300mn in July owing to the larger trade deficit and a smaller
services surplus. (Reuters)
 Japan’s household spending posts biggest rise in three years,
signals steady recovery – Japan’s household spending jumped in
August at the fastest annual pace in three years as bigger
bonuses boosted consumption, suggesting that robust domestic
demand could help offset the ill effects of escalating trade
frictions. Upbeat data, published on October 5, may moderate
some analysts’ fears that the world’s third largest economy
may slow or even contract in the July-September quarter, when
Japan was hit by heat waves, heavy rain, typhoons and an
earthquake. But a separate central bank survey showed
households were gloomier about the economy than three
months ago, highlighting the fragile nature of Japan’s recovery.
Household spending rose 2.8% in August from a year earlier,
confounding market expectations for 0.1% fall and increasing
at its fastest since August 2015, government data showed. It
was the second straight month of gains following a 0.1% rise in
July. (Reuters)
 China's September new loans seen rising as policymakers seek
to underpin growth – Growth in China’s new bank loans likely
rebounded modestly in September after easing the two previous
months, as the government sought to ensure sufficient
liquidity, while keeping debt risks in check, a Reuters poll
showed. Chinese banks were estimated to have issued ¥1.35tn
($196.56bn) in net new Yuan loans in September, compared to
¥1.28tn in August, according to the poll that surveyed 26
analysts. The People’s Bank of China (PBOC) has scrambled to
boost liquidity and support lending to businesses in response to
the downward pressures on economic growth as trade disputes
with the US have worsened. Average interest rates faced by
companies have edged down since April, as a more generous
liquidity policy from the PBOC has lowered market rates, even
as benchmark lending rates remained unchanged, Oxford
Economics stated in a report. (Reuters)
Regional
 MENA’s growth set for modest rebound in 2018, new jobs vital
– Growth in the Middle East and North Africa (MENA) region is
projected to rebound to an average of 2% in 2018, up from an
average 1.4% last year, according to a recent World Bank’s
report. The modest rebound in growth is driven mostly by the
recent rise in oil prices, which has benefitted the region’s oil
exporters while putting pressure on the budgets of oil
importers. The rebound also reflects the impact of modest
reforms and stabilization efforts undertaken in some countries
in the region. The slow pace of growth, however, will not
generate enough jobs for the region’s large youth population.
New drivers of growth are needed to reach the level of job
creation required. (GulfBase.com)
 Saudi Arabia’s Crown Prince says “we did our job” on replacing
Iranian oil – Saudi Arabia’s Crown Prince, Mohammed bin
Salman said the Kingdom has met its promise to US to make up
for Iranian crude oil supplies lost through US sanctions. “The
request that America made to Saudi Arabia and other OPEC
countries is to be sure that if there is any loss of supply from
Iran, that we will supply that. And that happened. Iran reduced
their exports by 700,000 barrels a day, if I’m not mistaken. And
Saudi Arabia and OPEC and non-OPEC countries, they’ve
produced 1.5mn barrels a day. So we export as much as 2 barrels
for any barrel that disappeared from Iran recently. So we did our
job and more,” the Crown Prince said. (Reuters)
 S&P affirms Saudi Arabia’s ‘A-/A-2’ ratings; ‘Stable’ outlook –
S&P Global Ratings (S&P) affirmed its ‘A-/A-2’ unsolicited
long- and short-term foreign and local currency sovereign credit

6. Page 6 of 9
ratings on Saudi Arabia. The outlook is ‘Stable’. The ‘Stable’
outlook is based on S&P’s expectation that moderate economic
growth will continue through 2021, supported by rising
government investment. At the same time, S&P expects that
the Saudi Arabian authorities will continue to take steps to
consolidate public finances over the next two years, while
maintaining the government's large stocks of liquid external
assets. S&P could raise the ratings if Saudi Arabia's economic
growth prospects improved markedly beyond its current
assumptions. The ratings on Saudi Arabia are supported by its
strong external and fiscal stock positions, which S&P expects it
will maintain despite ongoing central government deficits.
(Bloomberg)
 Fitch affirms Saudi Electricity Company at ‘A’; ‘Stable’ outlook
– Fitch Ratings (Fitch) affirmed Saudi Electricity Company's
long-term issuer default rating (IDR) and senior unsecured
rating at ‘A’. The outlook on the long-term IDR is ‘Stable’. The
affirmation reflects the continued strength of Saudi Electricity
Company's links with the Kingdom of Saudi Arabia under
Government-Related Entities (GRE) rating criteria. (Bloomberg)
 Saudi Arabia to invest $20bn in spare oil production capacity –
Saudi Arabia will invest $20bn in the next few years to
maintain and possibly expand its spare oil production capacity,
according to Saudi Arabia’s Energy Minister, Khalid al-Falih.
Saudi Arabia is the only oil producer with significant spare
capacity on hand to supply the market if needed. The Kingdom
has a maximum sustainable capacity of 12mn barrels per day
(bpd). Al-Falih said the country had not decided yet whether it
wanted to take its capacity up to 13mn bpd or keep it at current
levels. The Energy Minister has repeatedly called on other oil
producers to invest in capacity-building to avoid a supply shock
and spike in oil prices. (Reuters)
 Saudi Arabia doubles SoftBank bet with extra $45bn – Saudi
Arabia is preparing to double-down on its bet that SoftBank’s
CEO Masayoshi Son can pick the technology giants of the
future. The country’s sovereign fund will make another $45bn
investment in Son’s second massive Vision Fund. The Public
Investment Fund (PIF) is set to make the investment as it looks
for ways to deploy $170bn windfall it’s expecting over the next
three-to-four years. That money would come from the sale of a
stake in Saudi Basic Industries Corp. and the initial public
offering of Saudi Aramco, according to Saudi Arabia’s Crown
Prince and PIF’s Chairman, Mohammed bin Salman.
(Bloomberg)
 Saudi British Bank secures binding deal for $5bn acquisition of
Alawwal Bank – Saudi British Bank and smaller rival Alawwal
Bank are merging to create Saudi Arabia’s third-biggest lender
with a market capitalization of about $17.2bn. The deal values
the smaller Alawwal Bank, partly owned by a consortium
including Royal Bank of Scotland, at $5bn, in the largest Saudi
Arabian banking merger and acquisition deal. Alawwal Bank’s
assets and liabilities will be transferred to Saudi British Bank,
partly owned by HSBC Holdings. (Reuters)
 Sipchem and Sahara plan SR8.25bn petchem merger – Saudi
International Petrochemical Company (Sipchem) signed a non-
binding agreement to buy Sahara Petrochemicals Company
(Sahara) in a deal valued at SR8.25bn four years after merger
talks stalled. Sipchem will make an offer to buy all of Sahara's
shares and each Sahara shareholder will receive 0.8356 new
Sipchem shares. “The merger would help in increasing scale and
resilience in the evolving petrochemicals sector, both in the
Kingdom and internationally," the companies stated.
(GulfBase.com)
 Crown Prince: Saudi Arabia’s sovereign wealth fund will
surpass $600bn target by 2020 – Saudi Arabia’s Crown Prince,
Mohammed bin Salman said the Kingdom’s main sovereign
wealth fund (PIF) will surpass its target of increasing its assets
to $600bn by 2020, as part of a plan to reduce the economy’s
dependence on oil. “We are now above $300bn, we’re getting
close to $400bn. Our target in 2020 is around $600bn. I believe
we will surpass that target in 2020,” the Crown Prince said. The
fund, with more than 50% of its investments located in Saudi
Arabia, will be investing in more places next year. Further he
added his country will privatize more than 20 companies in
2019, helping the government’s strategy to diversify revenues
away from oil. Moreover, the first town in Saudi Arabia’s
planned $500bn business zone called NEOM will be ready in
2019 or 2020, with the entire site completed by 2025, the Crown
Prince said. (Reuters)
 Saudi Aramco agrees to invest in Pakistan's new oil refinery –
Saudi Aramco agreed in principle to invest in an oil refinery in
Pakistan, Saudi Arabia-owned Al Arabiya television stated,
without providing further details. State-owned Pakistan State
Oil will partner with Saudi Aramco in a new oil refinery in
Pakistan’s Chinese-funded deep-water port of Gwadar,
Pakistan’s Petroleum Minister, Ghulam Sarwar Khan said.
(Reuters)
 Saudi Arabia’s Crown Prince insists on Saudi Aramco IPO by
2021 – Saudi Arabia’s Crown Prince insisted the stalled plan to
sell shares in Saudi Aramco will go ahead, promising an initial
public offering (IPO) by 2021 and sticking to his ambitious view
the state-run company is worth $2tn or more. (Bloomberg)
 Consultancy bids for $4bn Bahrain-Saudi Arabia causeway
soon – Consultancy bids for the King Hamad Causeway, a 25-
km-long strategic artery linking Bahrain with Saudi Arabia, to
be built at an investment of $4bn, will be issued later this year,
while the main construction work will be tendered by the end of
2020. The new causeway, which is set to run parallel to the
existing King Fahad Causeway, will carry passenger trains,
freight trains and vehicles, reported BNA. (GulfBase.com)
 Saudi Arabia sees deal with Kuwait to restart shared oil fields
soon – Saudi Arabia’s Crown Prince said he’s getting close to
striking a deal with Kuwait about two jointly owned fields that
can produce half a million barrels a day of crude. “We believe
that we are almost close to having something with Kuwait,” the
Crown Prince, Mohammed bin Salman, who met with Kuwait’s
Emir Sheikh Sabah al-Ahmed al-Sabah, said in an interview.
(Gulf-Times.com)
 UAE eyes investment law to attract expatriates – As UAE
developers unveiled another raft of projects at Cityscape Global
this week, a legal expert said more of the new homes will be
snapped up by expatriates encouraged to stay longer in the
country by changes to company ownership and visa rules. Plans
to introduce an investment law allowing 100% foreign
ownership this year, as well as a new 10-year visa for
international investors and talented professionals were

7. Page 7 of 9
announced by the UAE cabinet in May. Partner at STA Law
Firm, Zisha Rizvi, said, “There is a growing interest both from
investors around the world and expatriate professionals in
many sectors who are anxiously awaiting the government’s
draft regulations. One thing that is certain is that the new visa
rules will change the trend for the UAE’s traditionally transient
expatriate population to simply come and go. They’re saying
that they will be far more inclined to stay, contribute to the
economy on a long-term basis, and invest in property.”
(GulfBase.com)
 UAE building massive oil-storage facility – The UAE started
building a giant oil-storage facility that will be able to hold
42mn barrels in a series of underground caverns, the Daily
Telegraph reported. The Mandous facility, to be located in the
Emirate of Fujairah, is expected to provide a buffer during
periods of supply disruptions. South Korea’s SK Engineering &
Construction Co. was awarded $1.8bn contract for the work late
last year, the paper stated, adding that there was no public
contract-signing ceremony. It didn’t mention an expected date
of completion. (Bloomberg)
 Gulf Islamic Investments to hold significant stake in
Mumzworld – Gulf Islamic Investments announced a major
investment into the booming e-commerce sector with the
successful closing of an extended Series B Equity Funding
round in Mumzworld. Being the leading e-commerce vertical
player in its sector in the Middle East, Mumzworld specializes in
products related to Mothers, Babies and Children. This
investment makes Gulf Islamic Investments the largest
shareholder in Mumzworld. (GulfBase.com)
 Shuaa Capital executes share purchase scheme after approval –
Shuaa Capital stated it received a regulatory approval from
Capital Markets Authority in Kuwait and has executed a
voluntary acquisition offer of 128mn shares of Amwal
International Investments (Amwal). Shuaa Capital now owns
87% of Amwal. (GulfBase.com)
 Dubai tourism strategy targets 25mn visitors by 2025 – Dubai
has approved an ambitious tourism strategy to attract 21mn to
23mn tourists by 2022 and 25mn visitors by 2025. This is a part
of a strategy to strengthen Dubai’s position as a favored
destination and the most visited city in the world. The strategy
was approved during a meeting of the Dubai Executive Council
(DEC) chaired by Dubai’s Crown Prince and Chairman of DEC,
Shaikh Hamdan bin Mohammad bin Rashid Al Maktoum. The
strategy focuses on ensuring that Dubai is not impacted by
fundamental changes in the future, and to be a leader when it
comes to changes in the tourism sector. It also will seek to boost
growth in major tourist exporting markets and diversifying
sources from markets with high potential. (GulfBase.com)
 Dubai says FDI rose 26% in first half versus year ago – Foreign
direct investment (FDI) in Dubai rose 26% in 1H2018 compared
with the same period last year, the government stated. The
second-largest of the UAE federation received AED17.76bn in
FDI in the first half of the year. (Reuters)
 Dubai awards AED630mn road contracts ahead of Expo 2020 –
Dubai’s Road and Transport Authority stated it has awarded
construction contracts for roads, tunnels and bridges worth
AED630mn as part of the city’s infrastructure development
plan ahead of the Expo 2020 world fair it is hosting in two years.
(Reuters)
 Dubai Aerospace Enterprise increases existing loan deal to
$800mn – State-owned aircraft lessor, Dubai Aerospace
Enterprise (DAE) stated it had increased an existing four-year
loan deal to $800mn. DAE stated in May it had signed $480mn
loan, which included both conventional and Islamic finance
tranches, and has a so-called accordion facility allowing it to be
increased to up to $800mn. Al Ahli Bank of Kuwait coordinated
the latest loan deal and was also the lead arranger and joint
bookrunner together with First Abu Dhabi Bank, while Noor
Bank joined the deal as lead arranger. (Reuters)
 Kuwait fund, Huawei sign deal to encourage industry – Kuwait
National Fund for Small and Medium Enterprise Development
(SMEs) signed a memorandum of understanding (MoU) with
Huawei, which aims to encourage and develop small and
medium enterprises. National SMEs fund stated that the MoU is
designed to boost development of small and medium
establishments, their competitive capacities in Kuwait, in
addition to enhancing companies’ advanced services in
information technology and communications, as part of Kuwait
2035 vision. (GulfBase.com)
 Alizz Islamic Bank, Oman Arab Bank sign MoU for potential
merger – Alizz Islamic Bank and Oman Arab Bank signed MoU
for their potential merger which will result in the formation of a
new financial entity, according to Alizz Islamic Bank. Alizz
Islamic Bank will continue operating as a dedicated Islamic
banking franchise of the merged entity, to maintain
management autonomy. Lenders have in-principal approval
from regulatory bodies. “As we are only at the early stages of
the proposed merger and due to confidentiality obligations,
only limited information can be disclosed,” the bank stated.
(Bloomberg)
 ODB funds 4,520 projects worth OMR29mn – The Oman
Development Bank (ODB) announced that it has funded 4,520
projects in the agriculture and livestock sector between January
2014 and August 2018, which was 19% of the total projects
financed by the bank during the same period. It was valued at
OMR29.06mn. (GulfBase.com)
 Bahrain promised $10bn of support from Gulf neighbors – Saudi
Arabia, Kuwait and the UAE have agreed to give Bahrain $10bn
to support the country’s funding requirements as it embarks on
a fiscal program aimed at eliminating its budget deficit by 2022.
Bahrain’s finances have been hit hard by a slump in oil prices in
2014 and help from its neighbors is needed to prevent Bahrain’s
rising public debt from triggering a financial crisis. It also makes
sense economically and politically for the three wealthy Gulf
states, which are diplomatic allies of Bahrain. Any collapse of
Bahrain’s currency or a potential credit crunch could undermine
confidence throughout the region. (Reuters)
 Bahrain’s four new laws to help investment push – Bahrain has
issued four new laws covering data protection, competition,
bankruptcy and health insurance as part of reforms that will
enhance the Kingdom’s investment ecosystem, officials said.
The laws, officially issued by HM King Hamad bin Isa Al
Khalifa, address a range of issues and will have a particularly
strong impact on the Kingdom’s economy and its growing

8. Page 8 of 9
startup ecosystem, a statement from Bahrain’s Economic
Development Board stated. (GulfBase.com)
 Gulf International Bank decides not to pursue Reg S USD bond
sale – Gulf International Bank decided not to pursue a Reg S
USD bond issue at the current time. Gulf International Bank is
stated to continue with other funding opportunities at more
favorable levels. Gulf International Bank is rated ‘BBB+’ by
Fitch and ‘Baa1’ by Moody’s, and 97.2% indirectly owned by the
Government of Saudi Arabia through the Public Investment
Fund. (Bloomberg)

9. 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
financial advice. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of
the investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment
decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be
accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect.
For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a
result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also
express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in
part without permission from QNBFS.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 9 of 9
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns,
#
Market closed on October 5, 2018)
45.0
70.0
95.0
120.0
Aug-14 Aug-15 Aug-16 Aug-17 Aug-18
QSEIndex S&P Pan Arab S&P GCC
(0.1%)
0.1%
(0.0%)
(0.4%)
0.2%
0.1%
(0.8%)(1.0%)
(0.5%)
0.0%
0.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,202.95 0.2 0.9 (7.7) MSCI World Index 2,151.42 (0.6) (1.5) 2.3
Silver/Ounce 14.65 0.4 (0.3) (13.5) DJ Industrial 26,447.05 (0.7) (0.0) 7.0
Crude Oil (Brent)/Barrel (FM Future) 84.16 (0.5) 1.7 25.9 S&P 500 2,885.57 (0.6) (1.0) 7.9
Crude Oil (WTI)/Barrel (FM Future) 74.34 0.0 1.5 23.0 NASDAQ 100 7,788.45 (1.2) (3.2) 12.8
Natural Gas (Henry Hub)/MMBtu 3.28 (3.2) 7.7 (7.3) STOXX 600 376.41 (0.8) (2.6) (7.4)
LPG Propane (Arab Gulf)/Ton 104.00 1.0 (3.7) 6.4 DAX 12,111.90 (1.0) (2.0) (10.2)
LPG Butane (Arab Gulf)/Ton 123.75 (0.4) (4.1) 17.2 FTSE 100 7,318.54 (0.7) (2.2) (7.8)
Euro 1.15 0.1 (0.7) (4.0) CAC 40 5,359.36 (0.9) (3.3) (3.4)
Yen 113.72 (0.2) 0.0 0.9 Nikkei 23,783.72 (0.7) (1.5) 3.5
GBP 1.31 0.8 0.7 (2.9) MSCI EM 1,000.76 (1.0) (4.5) (13.6)
CHF 1.01 (0.0) (1.0) (1.8) SHANGHAI SE Composite#
2,821.35 0.0 0.0 (19.2)
AUD 0.71 (0.3) (2.4) (9.7) HANG SENG 26,572.57 (0.2) (4.5) (11.5)
USD Index 95.62 (0.1) 0.5 3.8 BSE SENSEX 34,376.99 (2.7) (7.2) (13.1)
RUB 66.60 (0.6) 1.6 15.6 Bovespa 82,321.52 0.6 7.6 (8.1)
BRL 0.26 0.8 5.3 (13.8) RTS 1,159.33 (0.1) (2.7) 0.4
76.5
74.3
72.3