The QSE Index declined 0.1% to close at 10,144.4

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.1% to close at 10,144.4. Losses were led by the
Transportation and Telecoms indices, falling 0.9% and 0.5%, respectively. Top losers
were The Commercial Bank and Qatar Navigation, falling 3.7% and 2.7%,
respectively. Among the top gainers, Qatar National Cement Company gained 3.2%,
while Qatari German Company for Medical Devices was up 3.0%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.4% to close at 7,802.7. Losses were led by the
Banks and Pharma, Biotech. indices, falling 1.5% and 1.3%, respectively. Allied
Cooperative Ins. declined 2.9%, while Swicorp Wabel REIT Fund was down 2.8%.
Dubai: The DFM General Index declined 0.4% to close at 2,724.8. Consumer Staples
and Discretionary index fell 2.0%, while the Real Estate & Const. index declined
1.2%. DXB Entertainments fell 2.2%, while Emaar Properties was down 2.0%.
Abu Dhabi: The ADX General Index rose 0.3% to close at 4,897.6. The Banks index
gained 0.6%, while the Investment & Financial Services index rose 0.5%. Reem
Investments gained 15.0%, while Ras Al Khaimah Cement Co. was up 8.0%.
Kuwait: The Kuwait Main Market Index rose marginally to close at 4,698.9. The
Technology index gained 7.8%, while Real Estate index rose 0.5%. Sultan Center
Food Products Co. gained 13.5%, while Tamdeen Real Estate Co. was up 8.4%.
Oman: The MSM 30 Index rose marginally to close at 4,454.0. The Industrial index
gained 0.1%, while the other indices ended in red. Raysut Cement rose 3.1%, while
Al Madina Investment was up 2.6%.
Bahrain: The BHB Index gained 0.3% to close at 1,318.9. The Commercial Banks
index rose 0.5%, while the Investment index gained 0.3%. Khaleeji Commercial
Bank rose 7.1%, while GFH Financial Group was up 1.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar National Cement Company 62.50 3.2 10.0 (0.6)
Qatari German Co for Med. Devices 4.88 3.0 1.6 (24.5)
Al Khaleej Takaful Insurance Co. 9.16 1.8 38.5 (30.8)
Mesaieed Petrochemical Holding 17.17 1.5 108.7 36.4
Mannai Corporation 59.00 1.2 2.5 (0.8)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 7.46 (1.8) 437.7 (17.1)
Qatar Gas Transport Company Ltd. 17.70 0.0 429.3 9.9
Investment Holding Group 5.38 0.6 310.1 (11.8)
Vodafone Qatar 8.35 (0.6) 263.9 4.1
Qatar First Bank 4.41 0.5 238.1 (32.5)
Market Indicators 28 Oct 18 25 Oct 18 %Chg.
Value Traded (QR mn) 72.0 163.1 (55.8)
Exch. Market Cap. (QR mn) 570,412.7 570,123.5 0.1
Volume (mn) 2.9 5.4 (46.6)
Number of Transactions 1,711 3,163 (45.9)
Companies Traded 41 42 (2.4)
Market Breadth 19:17 17:21 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,873.24 (0.1) (0.1) 25.0 15.0
All Share Index 2,994.52 (0.1) (0.1) 22.1 15.0
Banks 3,654.57 (0.3) (0.3) 36.3 13.7
Industrials 3,392.58 0.6 0.6 29.5 16.1
Transportation 2,143.33 (0.9) (0.9) 21.2 12.6
Real Estate 1,895.19 (0.1) (0.1) (1.1) 15.7
Insurance 3,069.67 (0.0) (0.0) (11.8) 18.7
Telecoms 943.20 (0.5) (0.5) (14.2) 36.0
Consumer 6,985.02 0.5 0.5 40.7 13.8
Al Rayan Islamic Index 3,877.34 0.3 0.3 13.3 15.2
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Middle East Healthcare Saudi Arabia 35.25 10.0 1,112.8 (34.6)
Al Hammadi Dev. & Inv. Saudi Arabia 23.88 9.9 779.2 (35.6)
Dallah Healthcare Co. Saudi Arabia 56.50 7.2 516.0 (44.1)
Nat. Shipping Company. Saudi Arabia 33.35 5.2 3,260.6 5.9
F. A. Al Hokair Saudi Arabia 20.74 5.1 664.9 (31.8)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
The Commercial Bank Qatar 40.00 (3.7) 235.4 38.4
DP World Dubai 18.25 (3.7) 76.0 (27.0)
Qurain Petrochemical Ind. Kuwait 0.39 (3.0) 739.3 19.8
Riyad Bank Saudi Arabia 17.02 (2.6) 1,060.3 36.2
Mouwasat Medical Serv. Saudi Arabia 75.10 (2.6) 135.1 (0.8)
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%
The Commercial Bank 40.00 (3.7) 235.4 38.4
Qatar Navigation 73.00 (2.7) 26.3 30.5
Dlala Brokerage & Inv. Holding 10.46 (2.2) 3.9 (28.8)
Mazaya Qatar Real Estate Dev. 7.46 (1.8) 437.7 (17.1)
Alijarah Holding 8.50 (1.2) 30.0 (20.6)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
The Commercial Bank 40.00 (3.7) 9,484.9 38.4
Qatar Gas Transport Company Ltd 17.70 0.0 7,599.1 9.9
Ooredoo 66.74 (0.4) 5,693.8 (26.5)
Industries Qatar 140.85 1.0 5,608.5 45.2
QNB Group 188.02 0.0 5,282.7 49.2
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* 10,144.37 (0.1) (0.1) 3.4 19.0 19.70 156,692.4 15.0 1.5 4.3
Dubai 2,724.83 (0.4) (0.4) (3.9) (19.1) 47.30 97,952.9 7.3 1.0 6.5
Abu Dhabi 4,897.57 0.3 0.3 (0.8) 11.3 28.07 132,890.0 13.0 1.4 4.9
Saudi Arabia 7,802.65 (0.4) (0.4) (2.5) 8.0 793.80 496,548.7 16.1 1.7 3.6
Kuwait 4,698.87 0.0 0.0 (0.8) (2.7) 44.56 32,176.0 14.8 0.9 4.4
Oman 4,453.97 0.0 0.0 (2.0) (12.7) 3.30 19,218.0 10.2 0.8 6.1
Bahrain 1,318.87 0.3 0.3 (1.5) (1.0) 1.15 20,411.1 8.8 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)
10,120
10,140
10,160
10,180
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QSE Index declined 0.1% to close at 10,144.4. The Transportation
and Telecoms 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.
 The Commercial Bank and Qatar Navigation were the top losers, falling
3.7% and 2.7%, respectively. Among the top gainers, Qatar National
Cement Company gained 3.2%, while Qatari German Company for
Medical Devices was up 3.0%.
 Volume of shares traded on Sunday fell by 46.6% to 2.9mn from 5.4mn
on Thursday. Further, as compared to the 30-day moving average of
6.0mn, volume for the day was 51.7% lower. Mazaya Qatar Real Estate
Development and Qatar Gas Transport Company Limited were the most
active stocks, contributing 15.1% and 14.8% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2018
% Change
YoY
Operating Profit
(mn) 3Q2018
% Change
YoY
Net Profit
(mn) 3Q2018
% Change
YoY
National Metal Manufacturing and
Casting Co.
Saudi Arabia SR 101.6 49.1% 2.4 3,900.0% -0.6 N/A
Saudi Industrial Services Co. Saudi Arabia SR 149.3 21.1% 17.7 75.2% 11.1 94.7%
Mouwasat Medical Services Co. Saudi Arabia SR 416.9 16.0% 90.5 5.4% 80.9 5.4%
Saudi Research and Marketing
Group
Saudi Arabia SR 559.8 39.8% 56.1 72.6% 37.4 46.7%
Southern Province Cement Co. Saudi Arabia SR 196.0 -9.3% 10.0 -82.5% 5.3 -90.7%
Methanol Chemicals Co. Saudi Arabia SR 187.2 11.6% 35.9 1,810.1% 22.5 N/A
Leejam Sports Co. Saudi Arabia SR 210.3 13.8% 61.0 25.6% 53.8 24.5%
Al Hammadi Company for
Development and Investment
Saudi Arabia SR 250.4 53.6% 35.5 3.5% 21.3 -9.6%
Saudi Basic Industries Corp.* Saudi Arabia SR 43.7 13.0% 10.0 17.2% 6.1 5.4%
Basic Chemical Industries Co. Saudi Arabia SR 143.3 -0.6% 17.5 -6.9% 9.3 12.5%
Saudi Public Transport Co. Saudi Arabia SR 464.8 20.6% 103.9 33.1% 95.3 50.6%
AGTHIA Group Abu Dhabi AED 476.9 -4.4% 50.7 5.4% 49.5 6.5%
RAK Properties Abu Dhabi AED 3.7 -93.6% -7.9 N/A -22.8 N/A
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Values in Billions)
Earnings Calendar
Tickers Company Name Date of reporting 3Q2018 results No. of days remaining Status
ORDS Ooredoo 29-Oct-18 0 Due
MPHC Mesaieed Petrochemical Holding Company 29-Oct-18 0 Due
QFBQ Qatar First Bank 29-Oct-18 0 Due
SIIS Salam International Investment Limited 29-Oct-18 0 Due
QGRI Qatar General Insurance & Reinsurance Company 29-Oct-18 0 Due
DOHI Doha Insurance Group 29-Oct-18 0 Due
ERES Ezdan Holding Group 29-Oct-18 0 Due
ZHCD Zad Holding Company 30-Oct-18 1 Due
QNNS Qatar Navigation (Milaha) 30-Oct-18 1 Due
MCCS Mannai Corporation 30-Oct-18 1 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 37.44% 30.77% 4,800,538.39
Qatari Institutions 13.69% 33.84% (14,518,680.69)
Qatari 51.13% 64.61% (9,718,142.30)
GCC Individuals 0.94% 0.32% 446,487.52
GCC Institutions 3.75% 4.94% (856,341.20)
GCC 4.69% 5.26% (409,853.68)
Non-Qatari Individuals 15.00% 16.92% (1,379,597.82)
Non-Qatari Institutions 29.17% 13.20% 11,507,593.80
Non-Qatari 44.17% 30.12% 10,127,995.98

3. Page 3 of 8
News
Qatar
 QGTS posts 8.1% YoY increase but 6.0% QoQ decline in net
profit in 3Q2018 missing our estimate; Maintain Outperform
with a QR21 price target – Nakilat’s 3Q2018 net profit of
QR214.1mn fell short of our estimate of QR238.3mn (variation
of -10.2%). The wholly-owned LNG shipping business was bang
in-line with our estimates with revenue of QR774.3mn (+0.5%
YoY, +0.7% QoQ) vs. our estimate of QR777.3mn (divergence of
-0.4%) and EBITDA of QR579.4mn (+1.4% YoY, +1.1% QoQ) vs.
our estimate of QR580.0mn (difference of -0.1%). The miss vs.
our estimates came from two sources, (1) a weaker-than-
expected JV income number of QR101.4mn (+11% YoY, -5%
QoQ) vs. our forecast of QR113.7mn (delta of -10.8%) and (2)
higher-than-expected finance charges of QR305.5mn (+3.2%
YoY, +4.6% QoQ) vs. our estimate of QR292.1mn (divergence of
+4.6%). EPS amounted to QR1.19 in 9M2018 as compared to
QR1.09 in 9M2017. Notwithstanding some quarterly variability,
QGTS’ wholly-owned business remains steady and predictable.
We continue to recommend an Outperform rating on the stock
with a QR21 price target. In terms of catalysts, we believe
expansion of Qatar’s LNG output from 77 MTPA to 100 MTPA is
a significant driver (potentially another 30 conventional
vessels). Also, QGTS is targeting FSRUs with one vessel already
added to the fleet. We note that the company’s ships have 40-
years of life vs. maximum debt life of 25 years (last debt
maturing 2033), creating refinancing opportunities to increase
fleet size. Medium-term, we believe the shipyard business could
further improve. (QNBFS Research, Gulf-Times.com)
 GISS' net profit declines 18.1% YoY and 78.9% QoQ in 3Q2018
and misses our estimate; stock is up 18% since our upgrade
(Sep. 18) and has reached our price target of QR20 – GISS’
earnings of QR5.2mn in 3Q2018 fell short of our estimate of
QR20.4mn. With no segment details provided, the miss came
from lower GMs, higher finance charges and an impairment of
QR8.5mn. The company's revenue came in at QR650.7mn in
3Q2018, which represents an increase of 4.9% YoY. However,
on a QoQ basis, revenue fell 4.7%. Revenue was more in line
with our estimate of QR672.5mn (delta of -3.3%). EPS
amounted to QR0.21 in 9M2018 as compared to QR0.12 in
9M2017. According to a statement published by the company,
in 9M2018, GISS’ net profit increased 77.8% YoY to QR 39.5mn,
with the help of cost optimization and selective growth
initiatives across verticals. The company stated the
improvement realized in drilling was somewhat offset by lower
profit in aviation. The group revenue of GISS - the holding
entity of Gulf Drilling International, Gulf Helicopters, Al Koot
and Amwaj - for 9M2018 was QR1.96bn, up 4.5% on the
previous year. Revenue in the insurance segment improved
significantly vs. last year primarily due to capturing of new
business in the energy/general insurance segment, along with
moving the underwriting of the medical business in-house. The
drilling segment reported a slight growth in revenue due to
increased rig deployments vs. last year. Revenue in the aviation
segment was slightly up on last year, despite reduction in
revenue from Qatar’s aviation operations, which was offset by
the increase in the other revenue streams. Catering revenue
was moderately down on last year. Project demobilization and
reduced camps occupancy were the main reason for this
reduction. The reduction was somewhat offset by other
revenue streams. GISS’ quarterly results continue to remain
fairly volatile especially given its razor-thin margins. Our
previous call on GISS has worked very well and we will reassess
our rating on the company after we speak to management.
(QNBFS Research, Company financials, Gulf-Times.com)
 BRES' net profit declines 10.0% YoY and 29.9% QoQ in 3Q2018
– Barwa Real Estate Company's (BRES) net profit declined
10.0% YoY (-29.9% QoQ) to QR279.5mn in 3Q2018. The
company's rental income came in at QR320.9mn in 3Q2018,
which represents an increase of 6.5% YoY. However, on QoQ
basis, rental income declined 0.1%. EPS fell to QR0.71 in
3Q2018 from QR0.80 in 3Q2017 and QR1.03 in 2Q2018. In
9M2018, BRES posted net profit of QR1.08bn as compared to
QR1.22bn in 9M2017. BRES ‘successfully enhanced’ its
operating revenues by increasing rental income by QR70mn in
9M2018, which represents an increase of 7.7% compared to the
same period in 2017. BRES stated it “aims to increase its
operating revenues by improving the efficiency of existing
operational projects, in addition to supporting its operational
real estate portfolio through new projects.” During the period,
BRES stated that it completed the construction work of the
second phase of Madinat Al Mawater project and the Barwa
Village extension project. This is in addition to finalizing the
development work of the ‘affordable housing’ project for
laborers at Salwa Road, Dara A project and the ongoing
development work of the other projects such as the
Warehouses Project of Barwa Al Baraha and Al Khor Recreation
Extension project. BRES added it “continues to study its
available land bank in order to identify the optimal utilization,
thus helping to support the development of sustainable
revenues, where it is expected to award the construction
contracts of Phase Three of Barwa Al Baraha project and the
Phase Three of Madinat Al Mawater project before the end of
the year.” BRES stated it is “also keen on enhancing the
partnership with the Government to create real estate
development projects that contribute to meet the needs of
citizens and residents in order to fulfill the role of the Group as
the largest real estate developer in the country.” (QSE, Gulf-
Times.com, Peninsula Qatar)
 MERS' net profit declines 18.3% YoY and 43.8% QoQ in 3Q2018
– Al Meera Consumer Goods Company's (MERS) net profit
declined 18.3% YoY (-43.8% QoQ) to QR28.1mn in 3Q2018. The
company's sales came in at QR691.0mn in 3Q2018, which
represents an increase of 1.4% YoY. However, on QoQ basis,
sales fell 16.6%. EPS amounted to QR6.07 in 9M2018 as
compared to QR6.84 in 9M2017. (QSE, Gulf-Times.com)
 IGRD's net profit declines 13.1% YoY and 7.2% QoQ in 3Q2018 –
Investment Holding Group’s (IGRD) net profit declined 13.1%
YoY (-7.2% QoQ) to QR8.2mn in 3Q2018. In 9M2018, IGRD
reported net profit of QR31.6mn as compared to QR30.5mn in
9M2017. EPS amounted to QR0.38 in 9M2018 as compared to
QR0.37 in 9M2017. (QSE)
 AKHI posts YoY surge but 32.8% QoQ decline in net profit in
3Q2018 – Al Khaleej Takaful Insurance Company's (AKHI) net
profit surged YoY (but declined 32.8% on QoQ basis) to
QR1.3mn in 3Q2018.The company's total investment and other

4. Page 4 of 8
income came in at QR8.9mn in 3Q2018, which represents an
increase of 8.8% YoY. However, on QoQ basis, total investment
and other income fell 17.8%. EPS amounted to QR0.05 in
3Q2018 as compared to QR0.01 in 3Q2017 and QR0.08 in
2Q2018. (QSE)
 QGMD reports net loss of QR1.1mn in 3Q2018 – Qatari German
Company for Medical Devices (QGMD) reported net loss of
QR1.1mn in 3Q2018 as compared to net loss of QR2.0mn in
3Q2017 and QR2.2mn in 2Q2018. The company’s revenue came
in at QR3.7mn in 3Q2018, which represents an increase of
88.7% YoY (+44.8% on QoQ basis). In 9M2018, QGMD reported
net loss of QR5.5mn as compared to QR6.3mn in 9M2017. Loss
per share amounted to QR0.48 in 9M2018 as compared to
QR0.55 in 9M2017. (QSE)
 AHCS' net profit declines 4.5% YoY and 4.9% QoQ in 3Q2018 –
Aamal Company's (AHCS) net profit declined 4.5% YoY (-4.9%
QoQ) to QR107.4mn in 3Q2018. The company's revenue came in
at QR300.4mn in 3Q2018, which represents an increase of 9.2%
YoY. However, on QoQ basis, revenue fell 12.8%. In 9M2018,
AHCS reported net profit of QR336.3mn as compared to
QR352.9mn in 9M2017. EPS amounted to QR0.53 in 9M2018 as
compared to QR0.56 in 9M2017. (QSE)
 QOIS reports net loss of QR0.275mn in 3Q2018 – Qatar Oman
Investment Company (QOIS) reported net loss of QR0.275mn in
3Q2018 as compared to net profit of QR0.004mn in 3Q2017 and
net profit of QR0.039mn in 2Q2018. The company's net
investment and interest income came in at QR0.917mn in
3Q2018, which represents a decrease of 16.8% YoY (-26.0%
QoQ). EPS amounted to QR0.164 in 9M2018 as compared to
QR0.335 in 9M2017. (QSE)
 QNB Group set to finance 65% of Qamco IPO subscriptions of
its Qatari customers – QNB Group will finance subscriptions to
the QR2.73bn Initial Public Offering (IPO) of Qatar Aluminium
Manufacturing Company (Qamco). “The bank will finance 65%
of the total value of shares that Qatari QNB Group customers
wish to purchase, with the capability of providing them at zero
percent interest, until the surplus shares are allocated,” its
spokesman said. The lender offers a simple subscription process
by visiting the website qnb.com/ipo, downloading the form,
filling it out, signing it, and sending it to the bank along with
the required documents. After registering online, customers can
easily subscribe to the IPO online or through SMS anytime.
QNB Group is working to provide innovative ways to enable
customers to register on all IPOs either for themselves or on
behalf of their relatives and children. (Gulf-Times.com)
 QIIK to finance subscription to Qamco IPO shares – Qatar
International Islamic Bank (QIIK) will be ‘financing the
subscriptions’ to the Initial Public Offering (IPO) of Qatar
Aluminium Manufacturing Company (Qamco), which starts on
October 30 and continues until November 12. QIIK stated it has
made all the required logistic arrangements to “welcome
subscribers” in the branches that are participating in the Qamco
IPO subscription. QIIK’s Deputy CEO, Jamal Al-Jamal said, “We
are delighted to participate in all activities, which add value to
the national economy. No doubt that the subscription in Qamco
shares clearly reflects the dynamic state of the Qatari economy,
which is able to provide development opportunities and engage
the largest possible number of citizens in the success and
evolution of the Qatari economy”. He said QIIK is participating
in the IPO subscription to Qamco shares by financing
prospective subscribers and welcoming them at 15 dedicated
branches covering all the regions in the country with flexible
subscription hours, in the morning and evening as well as at the
weekend. Al-Jamal noted, “QIIK provides the subscribers with
65% financing of the subscribed shares.” As for IPO applicants
whose salaries are not transferred to QIIK, the limit of
subscription finance has been set from 7,000 shares to an upper
limit of 50,000 shares. However, there is no limit for QIIK
customers, whose salaries have been transferred to the bank.
(Gulf-Times.com)
 QP to allocate 750 free Qamco shares to registered Qatari
beneficiaries – Qatar Petroleum (QP) stated it will allocate 750
free shares in Qatar Aluminium Manufacturing Company
(Qamco) under incorporation to all registered Qatari
beneficiaries covered by the social security law. The
beneficiaries stipulated by the law include the elderly, those
unable to work, orphans, needy families, the disabled, divorced
women, widows, prisoners’ families and other categories. In
addition to the free Qamco shares, members of the entitled
groups can subscribe to an additional number of shares if they
wish, and pay the due share price in accordance with the
offering memorandum. The details of the free share allocation
will be finalized in consultation with the various concerned
entities, QP stated. (Gulf-Times.com)
 Qatar’s inward foreign investments rise 5% YoY to QR682.3bn
in 2Q2018 – The ongoing diplomatic and trade embargo
notwithstanding, overseas investors appear to be bullish on
Qatar’s macro fundamentals, as Qatar’s inward foreign
investments reported a 5% YoY gain to QR682.3bn in 2Q2018,
according to official estimates. At the end of 2Q2018, Qatar’s
outward foreign investments amounted to QR387.3bn, which
reported about 16% decline, according to the figures released by
the Ministry of Development Planning and Statistics (MDPS).
Of the total QR682.3bn inward foreign investments, as much as
66%, or QR453.4bn, were foreign other investments; 18% or
QR125.5bn were from foreign direct investments; 15% or
QR100.7bn from foreign portfolio investments and the
remaining 1% or QR2.8bn from financial derivatives, MDPS
stated in its foreign investment survey. The objective of this
survey, conducted in collaboration with the Qatar Central Bank,
was to cover major enterprises operating in the national
economy. (Gulf-Times.com)
 Qatari Diar Real Estate Company completes Citi Tower
infrastructure project in Malaysia – Qatari Diar Real Estate
Company announced the completion of the infrastructure and
parking phase of the Citi Tower project in Malaysia’s capital,
Kuala Lumpur. The announcement was made within the
framework of the visit paid by a delegation from Qatari Diar,
headed by CEO Abdullah bin Hamad Al Attiyah, to Malaysia to
review the latest developments in the project, which cost a
total of QR5.6bn. (Peninsula Qatar)
 Middle East’s Economic Future Conference 2018 set to open
tomorrow – The 13th Enriching the Middle East’s Economic
Future Conference 2018, will kick off in Doha tomorrow with a
wide local and foreign participation. The two-day event is
organized by the Permanent Committee for Organizing

5. Page 5 of 8
Conferences at the Ministry of Foreign Affairs, in cooperation
with the Center for Middle East Development (CMED) of the
University of California-Los Angeles. As every year, the
Enriching Middle East Economic Future Conference will offer a
wide ranging overview of the key issues in the region and
around the world, bringing together a distinguished elite of
eminent economists, experts, researchers, academics, business
men and decision makers from all over the world to express
their views and exchange ideas and insights on the future
prospects of the Middle East and the Mediterranean region in
the economic field. (Peninsula Qatar)
 Prime Minister to open Milipol Qatar 2018 today – Under the
patronage of Amir HH Sheikh Tamim bin Hamad Al Thani,
Milipol Qatar 2018 is all set to kick off its 12th edition today at
Doha Exhibition and Convention Center (DECC) with the
participation of 219 exhibitors from 24 countries around the
world. The three-day show which will be inaugurated by Prime
Minister and Interior Minister, HE Sheikh Abdullah bin Nasser
bin Khalifa Al Thani, has already attracted leading industry
players from across the globe, which will showcase their latest
innovations in the world of safety and security. The leading
international exhibition, dedicated to homeland security and
Civil Defense in the Middle East region 2018, will set the agenda
for internal security and public safety with leading
international specialists bringing new products and solutions,
across a range of industries. (Peninsula Qatar)
International
 Philip Hammond warns Brexit rebels not to risk easing of
austerity – British Finance Minister Philip Hammond warned
rebels in his Conservative Party that he would have to quickly
reverse plans to ease nearly a decade of austerity if London fails
to get a Brexit deal. Hammond, who is due to announce an
annual budget plan, said he would be able to show voters that
“their hard work has paid off” as long as Britain achieves a
smooth exit from the European Union (EU) in five months’
time. Hammond has angered many members of his
Conservative Party by arguing Britain should remain close to
the EU after Brexit and Prime Minister Theresa May has so far
failed to bridge the divide in her party. Many investors and
businesses are worried that the chance of a no-deal Brexit is
growing. Hammond said he was confident that London and
Brussels would settle their differences but “if we don’t get a
deal, we would need to take a different approach to the future of
Britain’s economy.” (Reuters)
 French Finance Minister: Eurozone not prepared enough to face
new crisis – There is no risk of contagion from Italy’s budget
crisis in the European Union, but the Eurozone is not prepared
enough to face a new economic crisis, French Finance Minister
Bruno Le Maire said. The European Commission rejected Italy’s
draft 2019 budget earlier, for breaking EU rules on public
spending, and asked Rome to submit a new one within three
weeks or face disciplinary action. Eurozone officials have said
that Rome’s unprecedented standoff with Brussels seems
certain to delay the reform process and probably dilute it for
good. Le Maire also said French banks with branches in Italy
had issued corporate and household loans totaling €280bn
($319bn). “This sum is manageable but substantial,” he said.
(Reuters)
 Japan’s retail sales growth slows, likely a drag on third-quarter
GDP – Japan’s retail sales rose for an 11th consecutive month in
September from a year earlier, but the pace of gains slowed
from the prior month, in a sign private consumption may not be
strong enough to avoid a wider slowdown in economic growth.
The trade ministry’s figures followed data that showed an
unexpected drop in exports in September, raising the specter of
a marked moderation in economic growth in July-September
from the previous quarter’s solid expansion. Analysts expect
the third-quarter slowdown to be temporary, caused by a string
of natural disasters that disrupted business and consumer
activity in recent months. But the softer growth will add to
wider concerns about the Japanese central bank’s ability to hit
its elusive annual inflation target of 2%. The Bank of Japan
(BoJ) will examine the data and coming indicators such as
factory output and jobless figures at its board meeting this
week, when it updates its growth and inflation projections. The
data feeds into calculations for GDP for July-September, which
is due to be out on November 14. September’s 2.1% annual
increase in retail sales beat the Reuters poll median forecast of
1.6%, trade ministry data showed, but it was slower than the
2.7% expansion in August. (Reuters)
Regional
 OPEC moves from ‘pump all you can’ to mulling output cuts in
just days – OPEC has signaled it could cut output in 2019 due to
concerns about rising oil inventories and economic uncertainty,
lurching away from a pledge made just days ago to pump flat
out. The group’s vacillations came as the sizeable crude price
gains of September vanished in an October rout. If the group
follows through, it could change the outlook of the oil market
and reignite the ire of US President, Donald Trump, who has
repeatedly demanded that OPEC keep prices low. A committee
of producers including Russia and Saudi Arabia highlighted the
need to prepare ‘options’ for how much oil they should pump
next year to prevent the market slipping back into imbalance.
The group, which has been boosting production, stated the rise
in oil inventories in recent weeks coupled with fears about an
economic slowdown ‘may require changing course’. (Gulf-
Times.com)
 SABIC optimistic on growth potential; mulling investments
overseas – Saudi Basic Industries Corp (SABIC) is evaluating
investment opportunities in Africa, China and the US,
underpinned by a positive global economic outlook, its CEO,
Yousef Al-Benyan said. The petrochemical giant reported a
5.4% rise in third quarter net profit, citing higher average
selling prices and increase in sales volumes. To boost growth,
SABIC is looking for investment opportunities in Africa, which
is a promising market for maintaining sales growth. He added
that the outlook for business in the US, Asia and China
remained positive, despite some challenges from high energy
prices. (Reuters)
 SPA: Saudi Arabia gets applications for tenth Sukuk – Saudi
Arabia got applications for the issue of its tenth Sukuk and the
total issue size is set at SR3.25bn, the state-run Saudi Press
Agency (SPA) reported. There are three tranches for this Sukuk;
the size of the first tranche which matures in 2023 is set at
SR2.33bn, the size of the second tranche which matures in 2025

6. Page 6 of 8
is set at SR0.360bn, and the size of the third tranche which
matures in 2028 is set at SR0.560bn. (Bloomberg)
 Saudi Arabia’s net foreign assets fall MoM to SR1,874.7bn in
September – Saudi Arabia’s net foreign assets fell to
SR1,874.7bn in September from SR1,883.5bn in August,
according to Saudi Arabian Monetary Authority (SAMA) data
for September. The central bank’s total reserve assets fell to
SR1,902.bn in September from SR1,910.9bn in August. Further,
foreign exchange and deposits abroad fell to SR659.6bn in
September from SR691.5bn in August. Investment in foreign
securities rose to SR1,204.8bn in September from SR1,182.1bn
in August. (Bloomberg)
 September’s bank sales of foreign exchange to non-Saudi
Arabian individuals down to SR9.8bn – Bank sales of foreign
currency to non- Saudis for personal transfers fell to SR9.8bn in
September from SR10.4bn in August, according to a summary
from SAMA. The total sales of foreign exchange for specific
purposes rose to SR27.4bn in September from SR25.1bn in
August. (Bloomberg)
 Majid Al Futtaim’s CEO says UAE’s consumer sentiment is
improving – Consumer sentiment in the UAE is starting to
improve and should rebound next year as higher oil prices
prompt more government spending, according to Majid Al
Futtaim’s CEO Alain Bejjani. “I am optimistic in a sea of
pessimism. I think the worst is behind us,” Bejjani said.
Consumer spending in the UAE has been hit by the introduction
of Value Added Tax (VAT) earlier this year and slowing
economic growth. It prompted the government to announce a
raft of measures, including scrapping fees to hire foreign
workers, freezing school fees and encouraging expatriates to
stay longer. (Bloomberg)
 UAE issues new law governing central bank, financial
institutions – The UAE has issued a new law governing the
central bank and the regulation of financial institutions and
activities in an effort to bolster monetary performance and
confidence in the economy. The new law, which updates old
legislation dating back more than three decades, raises the
central bank’s capital to AED20bn and allows for the
establishment of a general reserve of up to four times the paid
up capital. As well as ensuring prudent management of foreign
reserves, the new rules are designed to protect stability of the
financial system and help stability of the currency. The law,
which was issued after a decree by Sheikh Khalifa bin Zayed al-
Nahyan, President of the UAE, does not apply to financial free
zones and the financial institutions, most of them foreign, that
operate within them and are regulated by the authorities of
those zones. The new law would help establish better
regulations for monitoring credit, enabling the UAE to achieve
balanced economic growth, according to Deputy Ruler of Dubai
and Finance Minister, Sheikh Hamdan Bin Rashid. The law also
includes new provisions relating to governance of financial
institutions licensed by the central bank and penalties for
companies in breach of the rules. It also contains provisions
designed to boost consumer protection, including the
confidentiality, protection, and appropriate use of customer
financial information, as well as aiming to raise levels of
financial inclusion. (Reuters)
 Sharjah government committed to free trade – During the
participation in the World CEO Forum, Sharjah Airport
International Free Zone (SAIF Zone) Authority stated that the
achievements of SAIF Zone help in demonstrating and reflect
the Sharjah government’s commitment to free trade. The SAIF
Zone Authority also stated that the various unique services
that it offers have enabled it to develop into a leading platform
for conducting business both nationally and globally, and
helped it to transform into a business centre that houses more
than 8,000 companies from 160 countries. (GulfBase.com)
 UAE, Pakistan enhance cooperation – UAE’s Minister of State,
Sultan Bin Ahmad Sultan Al Jaber said that the UAE’s
leadership attaches great importance and particular attention
to enhancing historic ties with Pakistan, which are based on
strong pillars of respect, mutual confidence and conformity on
all regional and international issues. Al Jaber and Pakistani
officials’ discussions focused on ways to enhance cooperation
between the two countries, especially in economic
development, infrastructure, energy, agriculture fields and
ways to increase bilateral trade. The two sides agreed on a
roadmap and a practical framework for developing bilateral
economic cooperation leveraging the multiple opportunities
and advantages available to invest in various vital sectors,
especially in energy, oil, agriculture, communications,
infrastructure, housing, and urban development.
(GulfBase.com)
 UAE, Bahrain discuss financial operations – The UAE and
Bahrain have reviewed their latest efforts in administering
government financial operations, and also expressed their
keenness to cooperate toward achieving common goals that are
aligned with their shared vision and history. This was discussed
when a delegation from the Ministry of Finance of Bahrain
visited the UAE Ministry of Finance. Saeed Rashid Al Yateem,
Assistant Under-Secretary of Resources and Budget Sector at
UAE’s Ministry of Finance reiterated the strong historical
relationship between the two countries. (GulfBase.com)
 A total of 13 transport projects will be awarded soon by Kuwaiti
authorities – Kuwait’s General Authority for Roads and Land
Transport announced that 13 transport projects would be
awarded soon, ahead of the final signature. Director General of
the Authority, Ahmad Al-Hassan said that the projects include
extension of the Seventh Ring Road, extension of Salmi
highway, northern territorial road and development of Al-
Mutla’a road, besides finishing up the second and third phases
of South Surra areas. (GulfBase.com)
 Oman’s CMA discusses unified insurance policy – Oman’s
Capital Market Authority (CMA) and its partners have devised
a comprehensive plan to provide insurance coverage to all
private sector employees beginning next year. During a recent
meeting with the health insurance committee, health insurers
and agents were briefed on the plan and its implementation
phases. Additionally, CMA offered an overview of the main
features of the new unified insurance policy that will be
launched prior to the implementation phase. An outcome of
many discussions led by CMA, this meeting ensures the
participation of concerned parties, as well as a review of their
views during project planning and setting basic standards. The
committee met representatives from private health

7. Page 7 of 8
institutions, in coordination with the Ministry of Health and
representatives from the General Federation of Oman Trade
Unions. (GulfBase.com)
 Oman Gas Company to add 500-600 kilometers of new pipeline
capacity – Oman Gas Company (OGC), the energy
infrastructure vertical of the restructured Oman Oil Company
(OOC), is ramping up its gas and liquids transportation capacity
through investments in new pipelines serving industrial and
petrochemical hubs in Suhar and Duqm. The wholly
government-owned company is also making the transition from
a national gas network operator to an independent, integrated
energy transportation and distribution services provider. In
conjunction with this transformation, OGC is poised to see its
pipeline network, the centerpiece of the nation’s gas grid, grow
by around 25%. OGC’s Acting Executive Managing Director
said, “In the coming years, we will see another 500-600
kilometer of pipelines added to OGC’s national gas transmission
network, mainly catering to the new industrial hub in Duqm, as
well as to meeting demand growth in the Suhar area. This
represents significant growth and will take the total length of
our gas network to well over 3,000 kilometers.” (GulfBase.com)
 Islamic International Rating Agency assigns investment grade
rating to Al Baraka Banking Group – Al Baraka Banking Group
(BARKA), the Bahrain-based international Islamic banking
group, announced that Islamic International Rating Agency
(IIRA) has assigned it the investment grade rating of ‘BBB+’
(Long Term) / ‘A3’ (Short Term) ratings with a ‘Stable’ Outlook.
The rating report recognized BARKA’s widely diversified
presence in MENA, Turkey, South Africa and Asia along with
strong and well-reputed local partners in its subsidiaries which
served to offset the systemic risks that some of the jurisdictions
of the group were exposed to. IIRA further added that the group
derives considerable benefits from its strong franchise in the
local deposit markets of the jurisdictions where it is present, to
provide a stable and cost effective source of liquidity. In these
times of challenging conditions, BARKA is adequately buffered
by provisions and collaterals, which have mitigated the risks to
a large extent. The Additional Tier 1 Sukuk issued last year has
further bolstered the capital of the group and enhanced its loss-
absorption capabilities. (Bahrain Bourse)

8. 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 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Aug-14 Aug-15 Aug-16 Aug-17 Aug-18
QSE Index S&P Pan Arab S&P GCC
(0.4%)
(0.1%)
0.0%
0.3%
0.0%
0.3%
(0.4%)(0.6%)
(0.3%)
0.0%
0.3%
0.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,233.13 0.1 0.5 (5.4) MSCI World Index 1,981.89 (1.2) (3.9) (5.8)
Silver/Ounce 14.69 0.3 0.8 (13.3) DJ Industrial 24,688.31 (1.2) (3.0) (0.1)
Crude Oil (Brent)/Barrel (FM Future) 77.62 0.9 (2.7) 16.1 S&P 500 2,658.69 (1.7) (3.9) (0.6)
Crude Oil (WTI)/Barrel (FM Future) 67.59 0.4 (2.2) 11.9 NASDAQ 100 7,167.21 (2.1) (3.8) 3.8
Natural Gas (Henry Hub)/MMBtu 3.27 (3.3) 1.6 (7.6) STOXX 600 352.34 (0.6) (3.5) (14.2)
LPG Propane (Arab Gulf)/Ton 86.00 (0.3) (8.0) (12.0) DAX 11,200.62 (0.7) (4.1) (17.8)
LPG Butane (Arab Gulf)/Ton 91.25 (0.7) (12.8) (13.6) FTSE 100 6,939.56 (0.9) (3.4) (14.4)
Euro 1.14 0.2 (1.0) (5.0) CAC 40 4,967.37 (1.1) (3.4) (11.4)
Yen 111.91 (0.5) (0.6) (0.7) Nikkei 21,184.60 0.2 (5.6) (6.4)
GBP 1.28 0.1 (1.9) (5.1) MSCI EM 939.55 (1.0) (3.3) (18.9)
CHF 1.00 0.2 (0.1) (2.3) SHANGHAI SE Composite 2,598.85 (0.1) 1.7 (26.4)
AUD 0.71 0.1 (0.4) (9.2) HANG SENG 24,717.63 (1.1) (3.3) (17.7)
USD Index 96.36 (0.3) 0.7 4.6 BSE SENSEX 33,349.31 (0.9) (2.4) (14.5)
RUB 65.71 0.2 0.3 14.0 Bovespa 85,719.87 2.4 2.9 1.0
BRL 0.27 1.7 1.9 (9.1) RTS 1,098.31 (2.0) (2.5) (4.9)
75.6
74.0
73.1