The QSE Index declined 0.3% to close at 9,819.7

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.3% to close at 9,819.7. Losses were led by the Banks &
Financial Services and Insurance indices, falling 0.8% and 0.5%, respectively. Top
losers were Salam International Investment Limited and Qatari Investors Group,
falling 1.6% each. Among the top gainers, Gulf International Services gained 6.1%,
while Qatar Islamic Insurance Company was up 2.9%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.6% to close at 7,939.2. Gains were led by the
Retailing and Banks indices, rising 1.7% and 1.3%, respectively. Dar Al Arkan Real
Estate Development Co. rose 3.8%, while Nama Chemicals Co. was up 3.4%.
Dubai: The DFM General Index declined 0.6% to close at 2,774.6. The Invest. & Fin.
Services index fell 2.2%, while the Consumer Staples and Dis. index declined 1.2%.
Al Ramz Corporation Inv. fell 6.1%, while Dubai Investments was down 2.7%.
Abu Dhabi: The ADX General Index rose 0.3% to close at 5,003.4. The Consumer
Staples index gained 7.3%, while the Banks index rose 0.5%. Emirates FoodStuff &
Mineral Water Co. gained 11.5%, while Ras Al-Khaimah Cement Co. was up 6.2%.
Kuwait: The Kuwait Main Market Index declined 0.2% to close at 4,729.3. The
Insurance index fell 0.9%, while the Industrials index declined 0.6%. Wethaq
Takaful Insurance Company fell 10.0%, while Warba Insurance Co. was down 8.5%.
Oman: The MSM 30 Index fell 0.2% to close at 4,505.4. Losses were led by the
Financial and Industrial indices, falling 0.5% and 0.3%, respectively. Ominvest fell
3.2%, while Oman Fisheries was down 2.3%.
Bahrain: The BHB Index gained 0.1% to close at 1,325.3. The Commercial Banks
index rose 0.4%, while the other indices ended flat or in red. Ahli United Bank rose
0.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Gulf International Services 21.00 6.1 676.8 18.6
Qatar Islamic Insurance Company 52.00 2.9 10.9 (5.4)
Qatar Fuel Company 167.03 1.2 98.5 63.7
Qatari German Co for Med. Devices 4.93 1.2 7.4 (23.7)
Mesaieed Petrochemical Holding 17.10 1.2 373.3 35.8
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Gulf International Services 21.00 6.1 676.8 18.6
Qatar First Bank 4.80 (0.4) 562.0 (26.5)
Vodafone Qatar 8.69 0.2 383.5 8.4
Mesaieed Petrochemical Holding 17.10 1.2 373.3 35.8
Doha Bank 21.55 (1.5) 360.5 (24.4)
Market Indicators 08 Oct 18 07 Oct 18 %Chg.
Value Traded (QR mn) 131.6 67.9 93.7
Exch. Market Cap. (QR mn) 548,534.4 550,661.8 (0.4)
Volume (mn) 4.2 2.0 111.2
Number of Transactions 2,442 1,383 76.6
Companies Traded 41 40 2.5
Market Breadth 19:20 5:28 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,301.29 (0.3) (0.8) 21.0 15.2
All Share Index 2,893.75 (0.3) (0.9) 18.0 15.0
Banks 3,505.89 (0.8) (1.5) 30.7 13.5
Industrials 3,243.77 (0.0) (0.3) 23.8 16.0
Transportation 2,084.73 (0.2) (0.4) 17.9 12.3
Real Estate 1,821.90 0.1 (0.5) (4.9) 15.0
Insurance 3,122.88 (0.5) (0.6) (10.3) 28.0
Telecoms 956.26 0.2 (0.8) (13.0) 36.5
Consumer 6,872.23 0.7 0.3 38.5 13.9
Al Rayan Islamic Index 3,790.23 (0.2) (0.6) 10.8 15.0
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Dar Al Arkan Real Estate Saudi Arabia 10.02 3.8 18,363.1 (30.4)
Riyad Bank Saudi Arabia 16.96 2.4 1,440.0 35.7
Qurain Petrochem. Ind. Kuwait 0.37 2.2 1,050.2 12.2
Jarir Marketing Co. Saudi Arabia 188.00 2.2 160.2 28.1
Alawwal Bank Saudi Arabia 14.64 1.9 398.6 23.6
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Ominvest Oman 0.36 (3.2) 561.3 (14.1)
Almarai Co. Saudi Arabia 45.45 (2.9) 743.9 (15.4)
Dubai Investments Dubai 1.79 (2.7) 2,575.2 (25.7)
Saudi Int. Petrochemical Saudi Arabia 21.28 (2.4) 775.3 21.9
Etihad Etisalat Co. Saudi Arabia 17.70 (2.3) 2,092.0 19.4
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%
Salam International Inv. Ltd. 4.90 (1.6) 13.5 (28.9)
Qatari Investors Group 29.83 (1.6) 41.0 (18.5)
Doha Bank 21.55 (1.5) 360.5 (24.4)
The Commercial Bank 39.00 (1.4) 19.9 34.9
Gulf Warehousing Company 40.20 (1.2) 1.6 (8.6)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Fuel Company 167.03 1.2 16,410.9 63.7
Industries Qatar 128.43 (0.3) 15,511.1 32.4
Gulf International Services 21.00 6.1 14,024.3 18.6
QNB Group 177.00 (1.1) 13,900.9 40.5
Doha Bank 21.55 (1.5) 7,799.5 (24.4)
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* 9,819.74 (0.3) (0.8) 0.1 15.2 35.99 150,682.4 15.2 1.5 4.5
Dubai 2,774.62 (0.6) (0.6) (2.1) (17.7) 45.20 99,237.9 7.4 1.0 6.1
Abu Dhabi 5,003.38 0.3 (0.1) 1.4 13.8 34.12 134,951.4 13.2 1.5 4.8
Saudi Arabia 7,939.17 0.6 (0.7) (0.8) 9.9 755.60 501,465.5 16.8 1.8 3.5
Kuwait 4,729.31 (0.2) (0.3) (0.1) (2.0) 34.04 32,359.9 14.6 0.9 4.4
Oman 4,505.35 (0.2) (0.5) (0.8) (11.6) 3.52 19,397.8 11.1 0.8 6.1
Bahrain 1,325.26 0.1 0.0 (1.0) (0.5) 6.64 20,439.5 8.9 0.8 6.2
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,800
9,820
9,840
9,860
9,880
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 0.3% to close at 9,819.7. The Banks & Financial
Services and Insurance indices led the losses. The index fell on the back
of selling pressure from GCC and non-Qatari shareholders despite buying
support from Qatari shareholders.
 Salam International Investment Limited and Qatari Investors Group
were the top losers, falling 1.6% each. Among the top gainers, Gulf
International Services gained 6.1%, while Qatar Islamic Insurance
Company was up 2.9%.
 Volume of shares traded on Monday rose by 111.2% to 4.2mn from
2.0mn on Sunday. However, as compared to the 30-day moving average
of 6.1mn, volume for the day was 30.2% lower. Gulf International
Services and Qatar First Bank were the most active stocks, contributing
16.0% and 13.3% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data 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
United Electronics Company Saudi Arabia SR 895.0 15.0% 34.1 21.4% 30.9 18.4%
Oman Cable Industry* Oman OMR 185.3 3.4% – – 5.5 -21.7%
Al Batinah Hotels* Oman OMR 0.8 22.2% – – -0.3 N/A
Celebrity National Financial
Services*# Oman OMR 98.4 23.1% – – -195.3 N/A
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for 9M2018,
#
Values in ‘000)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
10/08 EU Sentix Behavioral Indices Sentix Investor Confidence October 11.4 11.6 12.0
10/08 Germany Deutsche Bundesbank Industrial Production SA MoM August -0.3% 0.3% -1.1%
10/08 Germany Bundesministerium fur Wirtschaft Industrial Production WDA YoY August -0.1% -0.1% 1.5%
10/08 China Markit Caixin China PMI Composite September 52.1 – 52.0
10/08 China Markit Caixin China PMI Services September 53.1 51.4 51.5
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 1 Due
MARK Masraf Al Rayan 15-Oct-18 6 Due
DBIS Dlala Brokerage & Investment Holding Company 15-Oct-18 6 Due
MCGS Medicare Group 16-Oct-18 7 Due
QNCD Qatar National Cement Company 17-Oct-18 8 Due
QEWS Qatar Electricity & Water Company 17-Oct-18 8 Due
QIBK Qatar Islamic Bank 17-Oct-18 8 Due
DHBK Doha Bank 17-Oct-18 8 Due
UDCD United Development Company 17-Oct-18 8 Due
NLCS Alijarah Holding 18-Oct-18 9 Due
QISI The Group Islamic Insurance Company 21-Oct-18 12 Due
ABQK Ahli Bank 21-Oct-18 12 Due
QIGD Qatari Investors Group 21-Oct-18 12 Due
GWCS Gulf Warehousing Company 22-Oct-18 13 Due
IHGS Islamic Holding Group 22-Oct-18 13 Due
VFQS Vodafone Qatar 22-Oct-18 13 Due
QATI Qatar Insurance Company 23-Oct-18 14 Due
KCBK Al Khalij Commercial Bank 23-Oct-18 14 Due
CBQK The Commercial Bank 23-Oct-18 14 Due
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 39.08% 31.58% 9,879,671.68
Qatari Institutions 17.69% 18.38% (910,897.01)
Qatari 56.77% 49.96% 8,968,774.67
GCC Individuals 0.83% 0.35% 630,701.20
GCC Institutions 4.75% 7.94% (4,194,596.11)
GCC 5.58% 8.29% (3,563,894.91)
Non-Qatari Individuals 12.90% 11.68% 1,602,791.49
Non-Qatari Institutions 24.75% 30.08% (7,007,671.25)
Non-Qatari 37.65% 41.76% (5,404,879.76)

3. Page 3 of 8
QFLS Qatar Fuel Company 25-Oct-18 16 Due
QIMD Qatar Industrial Manufacturing Company 25-Oct-18 16 Due
QOIS Qatar Oman Investment Company 28-Oct-18 19 Due
MERS Al Meera Consumer Goods Company 28-Oct-18 19 Due
QGMD Qatari German Company for Medical Devices 28-Oct-18 19 Due
AKHI Al Khaleej Takaful Insurance Company 28-Oct-18 19 Due
QGRI Qatar General Insurance & Reinsurance Company 29-Oct-18 20 Due
DOHI Doha Insurance Group 29-Oct-18 20 Due
ERES Ezdan Holding Group 29-Oct-18 20 Due
Source: QSE
News
Qatar
 QNB Group’s CEO: Moody’s outlook upgrade reflects confidence
in Qatar’s banking sector – Qatar’s banking sector, which was
upgraded recently to ‘Stable’ from ‘Negative’ by global credit
rating agency, Moody’s, remains ‘the best’ performing in the
region, QNB Group’s CEO, Ali Ahmed Al-Kuwari said. The latest
outlook shows ‘confidence in the local system’, which had also
witnessed a ‘12% YoY’ growth, according to Al-Kuwari, who
was among the panelists in the discussion ‘Strategies and
Initiatives towards National Vision 2030’ held at the
International Products Exhibition and Conference 2018 (IPEC).
“In terms of non-performing loans (NPLs), Qatar’s banking
system is one of the best in the world- 1.8% in aggregate. The
capital adequacy of the local banks is north of 16.5%, which is
higher than the Basel III requirement of 12.5%, so this reflects,
how strong the banking system is in Qatar,” Al-Kuwari said.
Earlier, Moody’s stated the upgrade of Qatar’s banking sector
outlook to ‘Stable’ from ‘Negative’ reflects the resilience of the
country’s economy and banking system to the ongoing
economic and diplomatic blockade. It also noted that Qatar’s
banking sector profitability will remain ‘stable’ with capital
buffers remaining ‘strong’. (Gulf-Times.com)
 Qatar to see bigger spending in next fiscal – Minister of Finance,
HE Ali Shareef Al Emadi announced that the national budget
2019 will see increase in budgetary allocations for capital
expenditure and spending in several key sectors, including
infrastructure and social sectors. Al Emadi, speaking at a panel
discussion with other ministers and dignitaries on the opening
day of the first International Products Exhibition and
Conference 2018 (IPEC), noted that the moderate rise in the
prices of oil & gas has further strengthened Qatar’s position,
especially in terms of the international balance. Powered by
more trade surplus and improved balance of payment position,
the government will further expand its developmental
activities and continue implementing infrastructure projects, in
line with the Qatar National Vision 2030. The Minister stressed
the continued focus of the budget on capital expenditure,
explaining that spending in general, especially in the health,
education and infrastructure projects, will see a rise, and
revenues will also see a recovery in 2019. The national budget
for 2018 was prepared at an assumed oil price of $45 per barrel,
while prices of oil now hover around $80 per barrel. Al Emadi
said that the growth in Qatar is largely driven by the
performance of the private sector, where the growth rate
reached more than 4%, which exceeded the official
expectations, adding that it is expected to continue. (Peninsula
Qatar)
 MoJ, RICS sign deal to regulate real estate market – The
Ministry of Justice (MoJ) and Royal Institution of Chartered
Surveyors (RICS) signed a significant Memorandum of
Understanding (MoU) to improve market transparency and
investor confidence by regulating the real estate market in
accordance with international standards. As part of the
partnership, competency-based training will be provided to the
public to support the professional development of the sector.
The signing of this agreement supports the efforts of the MoJ to
organize and develop the real estate market in Qatar and to
benefit from the advanced professional, technical and ethical
standards promoted by RICS. (Peninsula Qatar)
 PM: Qatar has entered new phase of sustainable development –
Prime Minister and Interior Minister HE Sheikh Abdullah bin
Nasser bin Khalifa Al Thani said that Qatar has entered a new
phase in its journey of sustainable development. The Prime
Minister was speaking after inaugurating the International
Products Exhibition and Conference 2018 (IPEC) at Doha
Exhibition and Convention Center. “Qatar received high
rankings in the global economic and development indicators in
the past few years, and today it commences a new chapter to
achieve sustainable development on economic, social,
environmental and other levels, through executing many
development projects and programs across various sectors, and
it also witnesses a significant phase of implementing major
development projects, in addition to the 2022 FIFA World Cup
related projects,” the Prime Minister said. (Peninsula Qatar)
 GWCS postpones disclosure of the 3Q2018 financial statements
to October 22 – Gulf Warehousing Company (GWCS)
announced that the company will postpone its board meeting
from October 21, 2018 to October 22, 2018 to discuss financials
of the company for 3Q2018 for the period ended September 30,
2018. (QSE)
 QOIS to disclose 3Q2018 financial statements on October 28 –
Qatar Oman Investment Company (QOIS) announced its intent
to disclose 3Q2018 financial statements for the period ended
September 30, 2018, on October 28, 2018. (QSE)
 QGRI to disclose 3Q2018 financial statements on October 29 –
Qatar General Insurance & Reinsurance Company (QGRI)
announced its intent to disclose 3Q2018 financial statements
for the period ended September 30, 2018, on October 29, 2018.
(Peninsula Qatar)
 SIIS to disclose 3Q2018 financial statements on October 29 –
Salam International Investment Limited (SIIS) announced its
intent to disclose 3Q2018 financial statements for the period
ended September 30, 2018, on October 29, 2018. (QSE)

4. Page 4 of 8
 QCFS to disclose 3Q2018 financial statements on October 25 –
Qatar Cinema & Film Distribution Company (QCFS) announced
its intent to disclose 3Q2018 financial statements for the period
ended September 30, 2018, on October 25, 2018. (QSE)
 Qatar sets aside $2bn to attract MNCs – Qatar has allocated
$2bn to attract multi-national companies (MNCs) to its
financial center. Companies that set up a hub in Doha will be
provided free offices and tax incentives, as well as seed capital
to cover five years of operating expenses in return for a
commitment of at least a decade, Qatar Financial Centre
Authority’s CEO, Yousuf Al Jaida said. Qatar’s financial hub is
targeting to launch the incentive plan in the first quarter once
all the governance structures have been put in place. (Peninsula
Qatar)
 Milaha achieves five-star grading in the British Safety Council’s
occupational health and safety audit – Qatar Navigation
(Milaha) has successfully completed a best practice ‘Five Star
Occupational Health and Safety Audit’ conducted by the British
Safety Council, making it one of the very few companies in
Qatar to hold the coveted five-star grading. The achievement
demonstrates Milaha’s commitment towards the continuous
improvement of its health and safety management systems and
associated arrangements. (QSE)
 QFC plans to build ‘mutual recognition frameworks’ in Islamic
finance with other bourses worldwide – Underscoring the
significant role of government-to-government (G2G) relations,
the Qatar Financial Centre (QFC) plans to build ‘mutual
recognition frameworks’ with other bourses worldwide in the
area of Islamic finance, QFC’s CEO, Yousuf Mohamed Al-Jaida
said. Speaking at a panel discussion at the International
Products Exhibition and Conference 2018 (IPEC) titled
‘Strategies and Initiatives towards National Vision 2030’, Al-
Jaida said that Qatar has forged “stronger” relationships with
many “friendly nations,” especially after the 2017 economic
blockade on Qatar. “Friendly nations have formed stronger
relations with the state of Qatar, as a financial center, we think
there is an opportunity on these G2G relations,” Al-Jaida
pointed out during the discussion. “One area that we are
currently looking at very closely is the financial centers in
friendly nations, and we’re trying to form mutual recognition
frameworks in the area of Islamic finance, meaning if you are a
financial institution, these nations can build similar legal
frameworks and mutually recognize each other, which means
entry to those markets without any restrictions,” he continued.
Also, Al-Jaida said the QFC has signed 21 memoranda of
understanding (MoUs) with several European countries in the
area of asset management. The MoUs, he noted, would provide
Qatar-based asset managers “easy access” to other markets in
Europe. QFC is targeting to attract more than 1,000 companies
and create more than 10,000 jobs in the financial and non-
financial sectors in the country by 2022. (Gulf-Times.com,
Peninsula Qatar)
 Qatar, Turkey trade set to reach $2bn by 2018-end – Trade
exchange between Ankara and Doha is expected to reach about
$2bn by the end of this year, up from around $1.5bn in the first
eight months of 2018, Turkish Deputy Minister of Trade, Gonca
Yilmaz Batur said. During the opening session of the
International Products Exhibition and Conference 2018 (IPEC),
Batur called for deepening economic relations between Qatar
and Turkey and promoting them towards having stronger and
more resilient prospects. She said this would positively impact
the volume of trade exchange between the two countries,
which had “already grown remarkably” and amounted to
$1.3bn in 2017, driven by several bilateral agreements and
partnerships. She pointed to a new agreement to be signed
between Qatar and Turkey in December in this regard. Batur
praised the strategic ties between her country and Qatar that
have been developed into a fraternal relationship, praising in
this regard the $15bn investment package announced by Qatar.
(Gulf-Times.com)
 Spain urges Qatar to play key role in final push to Doha Round
of WTO – Spain has urged Qatar to shoulder more responsibility
in bringing the global leaders to Doha to give a final push to
Doha Round in the WTO (World Trade Organization) as part of
strategies to achieve meaningful and effective multilateralism.
“Qatar has a role to play, it has the responsibility and the
friends of Qatar have to support the country in achieving
multilateralism,” Spain’s former Foreign Minister, Miguel Angel
Moratinos told the International Products and Exhibition
Conference 2018 (IPEC). He said it is going to be 20 years in
2021 after the ministerial conference of WTO launched the
Doha Round, which aims to achieve major reform of the
international trading system through the introduction of lower
trade barriers and revised trade rules. The round was officially
launched at the WTO’s fourth Ministerial Conference in Doha,
in November 2001. The Doha Ministerial Declaration provided
the mandate for the negotiations, including on agriculture,
services and an intellectual property topic, which began earlier.
(Gulf-Times.com)
 Qatar Airways sees 39% increase in stopover passengers –
Qatar Airways has seen 39% increase in the number of stopover
passengers “by promoting Qatar to the world as a tourism and
stopover destination” through its subsidiaries, Qatar Airways’
CEO, Akbar Al-Baker said. “Through our commitment to
excellence, we bring Qatar to the world, hoping to earn the right
to bring the world to Qatar, and our strategy is working,” Al-
Baker said during his special address at the International
Products Exhibition and Conference 2018 (IPEC). Meanwhile,
Qatar Airways Cargo undertook a massive airlift of food and
other essential items, when the illegal blockade on the country
was first initiated in June last year, according to Al-Baker.
These undertakings, arranged entirely by Qatar Airways Cargo,
lasted several weeks and used own fleet, as well as other leased
aircraft. Al-Baker said, “Thanks to our excellent team, world-
class facilities and modern fleet, Qatar Airways helped to
ensure residents did not go without essential supplies.” Qatar
Airways Cargo is the world’s second largest cargo carrier flying
a young and modern fleet of 23 freighters to more than 60
dedicated cargo destinations. (Gulf-Times.com)
International
 IMF cuts world economic growth forecasts as import tariffs,
emerging market issues bite – The International Monetary Fund
(IMF) cut its global economic growth forecasts for 2018 and
2019, saying that trade policy tensions and the imposition of
import tariffs were taking a toll on commerce, while emerging
markets struggle with tighter financial conditions and capital

5. Page 5 of 8
outflows. The new forecasts, released on the Indonesian resort
island of Bali, where the IMF and World Bank annual meetings
are getting underway, showed that a burst of strong growth,
fueled partly by US tax cuts and rising demand for imports, was
starting to wane. IMF stated in an update to its World Economic
Outlook stated it was now predicting 3.7% global growth in
both 2018 and 2019, down from its July forecast of 3.9% growth
for both years. (Reuters)
 UK's summer spending spree cools in September – British
consumers turned more cautious about their spending in
September, after going on a summer spree, two surveys
showed, suggesting the overall economy can no longer cope on
them quite as much to soften the drag of Brexit. Shops reported
total spending edged up by an annual 0.7% last month, the
slowest rise since October last year apart from a slump in April,
which was distorted by the timing of the Easter holiday, the
British Retail Consortium stated. A broader measure of
consumer spending by Barclaycard increased by the smallest
amount in five months, rising by an annual 3.9%. Household
consumption accounts for about 60% of Britain’s economy. The
Bank of England and other forecasters have been surprised by
its strength since the Brexit vote in 2016, even as pay growth
has lagged behind inflation. The propensity of consumers to
spend has helped to soften a slowdown in the overall economy.
(Reuters)
 Eurozone’s investor morale falls on Italy, car industry worries –
Investor morale in the Eurozone fell more than expected in
October, a survey showed, as concerns about Italy’s fiscal
policies and tighter scrutiny of the car industry’s compliance
with emissions rules weighed on sentiment. Sentix’s index for
the Eurozone fell to 11.4 from 12 points in September. The
Reuters consensus forecast was for a dip to 11.7. A sub-index
measuring expectations rose slightly to -8.3 from -8.8. A sub-
index on current conditions fell to 33 from 35, hitting its lowest
level since April 2017. German carmakers and the government
hashed out a compromise deal to cut pollution from diesel
vehicles last week after environmental groups won a victory in
February, which allowed cities to ban older diesel cars. The
government has asked carmakers to offer owners trade-in
incentives and hardware fixes. Not all carmakers committed to
the retrofits, as the hardware fixes are known, which would
cost billions of Euros and eat into profit margins. Investors also
worry about Italy, where the government is so far defying the
European Commission’s calls to bring the planned budget
deficits down, in line with EU rules. (Reuters)
 China’s central bank lends ¥441.50bn via medium-term facility
in September – China's central bank lent ¥441.50bn to financial
institutions via its medium-term lending facility (MLF) in
September. Outstanding MLF was ¥5,383.00bn at the end of
September compared with ¥5,118.00bn at the end of August, it
said. The People's Bank of China uses the MLF and the standing
lending facility as tools for managing short- and medium-term
liquidity in the country’s banking system. (Reuters)
Regional
 Riyad Bank announces the redemption of its SR4bn Sukuk due
2020 – Riyad Bank announced that its intention to redeem its
SR4bn Sukuk due 2020, in full, at their face value (100% of issue
price) at the end of year five. The Sukuk were issued on
November 11, 2013 for an aggregate value of SR4bn with an
original maturity of seven years due on November 11, 2020 and
are callable on or nearest to November 11, 2018. Regulatory
approval has already been obtained in this regard. (Tadawul)
 Saudi Arabia invests SR500bn in industrial, service projects to
diversify economy – Saudi Arabia has invested SR500bn in
industrial, service and logistics projects and contracts, which
will go a long way in cutting dependence on oil, and in
diversifying the national economy. The Kingdom is also
witnessing a remarkable demand in industrial investment after
intensified efforts by the Saudi Industrial Property Authority
(MODON) and other government agencies. More than SR500bn
has been invested in 6,271 industrial, service and logistics
projects and contracts in the Kingdom. MODON has established
35 industrial cities with total industrial land exceeding 196mn
square meters on October 8. (GulfBase.com)
 No new taxes in Saudi Arabia till 2030 says the Crown Prince –
Saudi Arabia will not impose any new taxes until 2030 and the
unemployment rate in the Kingdom will begin to decline from
2019, Crown Prince Mohammed bin Salman bin Abdulaziz said.
In an interview with Bloomberg, he said that the Kingdom is
moving in the right direction, and a major deal will be
announced in two weeks. (GulfBase.com)
 Almarai plans to sell Sukuk by year end, CFO says – Almarai,
the Saudi Arabian dairy company, expects to issue a new Sukuk
before the end of 2018 as part of an ongoing debt refinancing
strategy, according to Almarai’s CFO, Paul Gay. He said, “We
have no plans to grow our debt facilities – on the contrary, we
are working on a process to refinance our existing debt, and are
considering options for a new Sukuk which we plan to issue
before the end of the year.” Banks have yet to be appointed and
Paul Gay declined to disclose the size of the issue.
(GulfBase.com)
 Exotix partners up with Saudi Arabia's NCB Capital – Exotix
Capital, an investment bank specializing in developing markets,
has teamed up with Saudi Arabia’s NCB Capital to provide
frontier and emerging markets research and local execution
services. Exotix Capital, part owned by NEX Group’s founder
Michael Spencer, said the partnership with NCB Capital, which
has more than $37bn of assets under management, is part of an
expansion of the firm’s global research and trading capabilities.
(Reuters)
 UAE investment law to apply selectively, will not hurt locals –
A new law allowing 100% foreign ownership of companies in
the UAE will only apply to some sectors of the economy,
limiting the risk that it could disrupt existing business, Dubai
investment officials told Reuters. The UAE cabinet, chaired by
Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, said in
May that it would permit 100% foreign ownership of some
UAE-based businesses, up from the current 49% limit, by the
end of 2018. Few details of the law have been revealed so far.
However, Raed Safadi, Chief Economic Advisor at Dubai’s
Department of Economic Development, said that it would only
apply to strategic sectors of the economy. This means it will not
damage the interests of UAE citizens who currently benefit
from acting as silent partners in foreign-invested businesses,
Safadi said. In fact, the new law will create opportunities for
UAE citizens because they have a lot to offer in terms of

6. Page 6 of 8
knowledge of local markets, the networks and the connectivity,
he added. (Reuters)
 UAE plans initial coin offerings to boost capital markets – The
UAE plans to introduce initial coin offerings (ICOs) next year to
provide companies with a fresh way to raise money, according
to the Head of the securities regulator, Obaid Saif al-Zaabi. In
ICOs, companies issue cryptocurrency tokens to investors, in
much the same way as they issue shares in an initial public
offer of equity. “The board of the Emirates Securities &
Commodities Authority has approved considering ICOs as
securities. As per our plan we should have regulations on the
ground in the first half of 2019,” al-Zaabi said. (Reuters)
 UAE increases overall annual spend by 15.6% – The UAE
adopted a general expansionary fiscal policy during the first
quarter of 2018 and increased its overall annual spending by
15.6% due to the recovery in oil prices, which led to increased
proceeds from petroleum based products. The recovery was also
driven by a 21.7% increase in annual salaries and wages, as well
as 15.9% rise in subsidies and transfers to government
companies. Grants also increased by 15.6%, while social
benefits increased 7.5%. As part of country’s spending policy,
the purchase of goods and services recorded the highest annual
increase, jumping by 157%, compared to only a slight increase
during the same period last year. (GulfBase.com)
 Abraaj's stake in $1bn healthcare fund to be split among other
investors – AlixPartners, the interim manager of Abraaj’s $1bn
healthcare fund, has decided to redistribute the troubled private
equity firm’s stake in the fund to its other investors, according
to sources. The move reflects a desire by some of the fund’s
other investors to sever ties with Dubai based Abraaj ahead of
TPG taking over the management of the fund. However, it has
prompted local banks whose loans to Abraaj were secured
against the stake in the fund to consider legal action against
AlixPartners, as the decision leaves them facing the prospect of
no returns. TPG is in exclusive talks to add Abraaj’s healthcare
fund to its Rise Fund, according to a letter sent by AlixPartners
to employees of the fund. (Reuters)
 Baker Hughes acquires 5% of ADNOC Drilling for $550mn –
Baker Hughes, the world’s second-largest oil services company,
will take 5% stake in Abu Dhabi National Oil Company’s
(ADNOC) drilling unit for $550mn under a tie-up. Baker Hughes
(BHGE) becomes the first foreign company to take a stake in
one of state-owned ADNOC’s services companies under the
agreement, which values ADNOC Drilling at about $11bn. It will
allow Baker Hughes to cement its presence in the Middle East,
the fastest growing region for oil and gas operations, and enable
ADNOC Drilling to gain access to the know-how and technical
expertise of a global player. The transaction is expected to close
before the end of this year, with operations starting in 2019,
ADNOC and Baker Hughes stated. (Reuters)
 Wataniya Airways currently negotiating with government to
settle claims – Wataniya Airways is currently negotiating with
the government to settle claims related to the cancellation of
some flights and action taken by the executive authority for the
airways to operate charter flights, Al-Anba daily reported,
quoting sources. The financial settlement includes Wataniya
Airways’ waiver on its real estate assets, indicating the
government is calling for about KD2mn from the airways in
return for transporting passengers and the cost of settlement
will be determined in the coming days. (GulfBase.com)
 Moody's: Omani banking system outlook is ‘Negative’ on
weaker government support, softening asset quality – Moody's
maintained its ‘Negative’ outlook for Oman's banking system,
reflecting the diminishing capacity of Oman's government to
support the country's banks in case need. The ‘Negative’
outlook also reflects banks' softening asset quality and
relatively tight funding. (Moody’s)
 Oman to privatize two electricity firms in 2019 – Oman plans to
privatize two electricity companies next year to attract foreign
investment and reduce subsidies, a senior official said, as the
Arab oil producer seeks to boost state coffers that were depleted
by a slump in oil prices. Oman’s state-owned Electricity Holding
Co’s Vice President, Mansoor al Hinai said that the state aimed
to sell stakes in Oman Electricity Transmission and Muscat
Electricity Distribution, which have combined assets worth
$3.2bn. Hinai said, “It took us some time to move to this step
but we feel the sector is ready for privatization. We are
confidently selling these assets. We’ll be looking for big players
with a track record of actively owning such assets to come
onboard in a consortium to deliver new technology to Oman
such as electricity smart meters.” (Reuters)
 Oman could announce US Dollar Sukuk sale as early as Monday
– The government of Oman could announce a plan to issue new
US Dollar denominated Sukuk, as early as October 8, according
to sources. Oman has borrowed extensively in the international
markets over the past few years to finance state spending and
development projects at a time of lower oil prices. Its latest
foray in the foreign debt markets was a $6.5bn conventional
bond, the country’s largest ever, sold in January this year. With
that bond, Oman covered the vast majority of $7.79bn deficit
projected in its 2018 state budget. Oman’s Sukuk would be the
country’s second public Islamic bond issue in international
markets. It sold its first last year, raising $2bn with a seven-
year maturity. (Reuters)
 Alba’s production jump by 8% YoY for 9M2018 – Aluminium
Bahrain (Alba) delivered strong operational performance with
its overall sales and production volumes for 9M2018. Total sales
volume topped 750,202 metric tons (mt), an increase of 7% YoY,
versus 700,629 mt for 9M2017, while total production rose by
8% YoY to stand at 762,952 mt. For 3Q2018, the company
reported a flat growth in its sales and production volume
wherein total sales and production volume touched 248,970 mt
and 251,472 mt respectively. Alba closed the third quarter and
the nine months of 2018 with Value-Added Sales averaging
60% and 59% respectively. (Bahrain Bourse)
 Bahrain's parliament gives final approval to VAT law –
Bahrain’s upper house gave final approval to a draft law that
will see value-added tax (VAT) imposed for the first time, state
news agency BNA reported. Introducing VAT at 5% was part of
a GCC agreement in 2018, a big step for governments that have
traditionally levied little tax and relied instead on oil revenues.
(Reuters)
 GFH gets central bank’s approval for sale of real estate portfolio
– Gulf Finance House (GFH) stated it has received a conditional
approval from the Central Bank of Bahrain for sale of its real
estate portfolio. GFH also confirmed that the offer received

7. Page 7 of 8
reached $1bn, with an expected upfront payment that ranges in
between $250-$380mn, the company stated. The remaining
payment is based on joint development terms over five years.
The transaction will be subject to GFH’s shareholders approval
before the execution. (GulfBase.com)

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
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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;
#
Market closed on October 8, 2018)
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
0.6%
(0.3%) (0.2%)
0.1%
(0.2%)
0.3%
(0.6%)(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,188.16 (1.2) (1.2) (8.8) MSCI World Index 2,143.57 (0.4) (0.4) 1.9
Silver/Ounce 14.37 (1.9) (1.9) (15.2) DJ Industrial 26,486.78 0.2 0.2 7.2
Crude Oil (Brent)/Barrel (FM Future) 83.91 (0.3) (0.3) 25.5 S&P 500 2,884.43 (0.0) (0.0) 7.9
Crude Oil (WTI)/Barrel (FM Future) 74.29 (0.1) (0.1) 23.0 NASDAQ 100 7,735.95 (0.7) (0.7) 12.1
Natural Gas (Henry Hub)/MMBtu 3.31 0.9 0.9 7.1 STOXX 600 372.21 (1.4) (1.4) (8.7)
LPG Propane (Arab Gulf)/Ton 104.13 (0.1) (0.1) 5.2 DAX 11,947.16 (1.6) (1.6) (11.7)
LPG Butane (Arab Gulf)/Ton 121.00 (0.2) (0.2) 11.5 FTSE 100 7,233.33 (1.3) (1.3) (9.0)
Euro 1.15 (0.3) (0.3) (4.3) CAC 40 5,300.25 (1.4) (1.4) (4.7)
Yen 113.23 (0.4) (0.4) 0.5 Nikkei#
23,783.72 0.0 0.0 3.5
GBP 1.31 (0.2) (0.2) (3.1) MSCI EM 995.50 (0.5) (0.5) (14.1)
CHF 1.01 (0.0) (0.0) (1.8) SHANGHAI SE Composite 2,716.51 (4.6) (4.6) (22.9)
AUD 0.71 0.4 0.4 (9.4) HANG SENG 26,202.57 (1.3) (1.3) (12.6)
USD Index 95.76 0.1 0.1 3.9 BSE SENSEX 34,474.38 0.5 0.5 (12.7)
RUB 66.58 (0.0) (0.0) 15.5 Bovespa 86,083.91 7.8 7.8 (0.9)
BRL 0.26 1.7 1.7 (12.4) RTS 1,158.25 (0.1) (0.1) 0.3
76.0
73.6
71.7