The QSE Index rose 0.3% to close at 10,022.0.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.3% to close at 10,022.0. Gains were led by the Transportation
and Real Estate indices, gaining 1.8% and 1.5%, respectively. Top gainers were Qatar
Navigation and Mannai Corporation, rising 4.2% and 2.6%, respectively. Among the
top losers, Qatari Investors Group fell 2.0%, while Qatar First Bank was down 1.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.6% to close at 7,590.7. Losses were led by the
Retailing and Commercial & Professional Svc indices, falling 1.6% and 1.4%,
respectively. Mediterranean & Gulf Insurance & Reinsurance Co. declined 7.4%,
while Saudi Fisheries Co. was down 3.6%.
Dubai: Market was closed on September 13, 2018.
Abu Dhabi: Market was closed on September 13, 2018.
Kuwait: The Kuwait Main market Index rose 0.1% to close at 4,759.3. The Consumer
Services index gained 2.3%, while Banks index rose 0.6%. Credit Rating &
Collection gained 12.8%, while Kuwait National Cinema Co. was up 10.4%.
Oman: The MSM 30 Index rose 0.6% to close at 4,558.5. Gains were led by the
Services and Industrial indices, rising 1.4% and 1.2%, respectively. Oman National
Engine. Invt. rose 8.6%, while Almaha Petroleum Products Mar. was up 8.1%.
Bahrain: The BHB Index gained 0.3% to close at 1,345.0. The Industrial index rose
0.8%, while the Commercial Banks index gained 0.4%. Bahrain Cinema Co. rose
5.1%, while Al Baraka Banking Group was up 1.9%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Navigation 69.79 4.2 133.5 24.8
Mannai Corporation 58.50 2.6 70.2 (1.7)
Ezdan Holding Group 10.36 2.1 495.4 (14.2)
Islamic Holding Group 27.35 1.3 1.0 (27.1)
Mesaieed Petrochemical Holding 16.25 1.2 503.7 29.1
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 9.00 0.4 532.0 12.2
Mesaieed Petrochemical Holding 16.25 1.2 503.7 29.1
Ezdan Holding Group 10.36 2.1 495.4 (14.2)
Qatar First Bank 5.17 (1.9) 489.1 (20.8)
Masraf Al Rayan 38.60 0.3 404.5 2.3
Market Indicators 13 Sep 18 12 Sep 18 %Chg.
Value Traded (QR mn) 185.4 288.7 (35.8)
Exch. Market Cap. (QR mn) 553,879.9 551,678.0 0.4
Volume (mn) 5.3 7.6 (30.0)
Number of Transactions 3,280 4,367 (24.9)
Companies Traded 41 43 (4.7)
Market Breadth 23:16 28:12 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,657.58 0.3 2.0 23.5 14.9
All Share Index 2,927.52 0.5 2.0 19.4 15.2
Banks 3,594.11 0.2 1.5 34.0 14.6
Industrials 3,210.94 0.0 2.4 22.6 15.9
Transportation 2,101.02 1.8 4.6 18.8 13.1
Real Estate 1,867.48 1.5 2.0 (2.5) 15.8
Insurance 3,152.73 0.6 1.2 (9.4) 29.5
Telecoms 1,003.06 0.0 0.9 (8.7) 39.4
Consumer 6,435.87 0.7 3.5 29.7 14.0
Al Rayan Islamic Index 3,880.15 0.1 2.0 13.4 16.8
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Qatar Navigation Qatar 69.79 4.2 133.5 24.8
Raysut Cement Oman 0.48 3.9 182.4 (38.5)
Nat. Shipping Company Saudi Arabia 31.00 3.0 1,002.5 (1.5)
Gulf Bank Kuwait 0.25 2.5 2,076.0 3.4
Ominvest Oman 0.35 2.4 13.0 (18.3)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Dallah Healthcare Co. Saudi Arabia 70.20 (2.9) 44.3 (30.5)
Jarir Marketing Co. Saudi Arabia 176.80 (2.3) 37.9 20.5
National Bank of Oman Oman 0.18 (2.2) 34.5 (5.0)
Savola Group Saudi Arabia 29.40 (2.0) 278.2 (25.6)
Middle East Healthcare. Saudi Arabia 36.80 (1.9) 839.5 (31.7)
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%
Qatari Investors Group 31.26 (2.0) 48.9 (14.6)
Qatar First Bank 5.17 (1.9) 489.1 (20.8)
Mazaya Qatar Real Estate Dev. 7.01 (1.3) 49.9 (22.1)
Investment Holding Group 5.68 (1.2) 220.0 (6.9)
Qatar National Cement Company 56.12 (1.1) 5.1 (10.8)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 180.50 0.3 47,660.8 43.2
Industries Qatar 127.99 0.2 23,726.8 31.9
Masraf Al Rayan 38.60 0.3 15,594.5 2.3
Barwa Real Estate Company 37.00 0.8 11,382.6 15.6
Qatar Navigation 69.79 4.2 9,123.7 24.8
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* 10,021.96 0.3 2.0 1.4 17.6 50.76 152,150.8 14.9 1.5 4.4
Dubai#
2,809.87 (0.8) (0.6) (1.1) (16.6) 55.43 100,338.4 7.5 1.0 6.0
Abu Dhabi#
4,934.44 (1.2) 0.3 (1.1) 12.2 84.09 133,184.3 13.0 1.5 4.9
Saudi Arabia 7,590.65 (0.6) (1.3) (4.5) 5.0 536.66 481,747.4 16.7 1.7 3.7
Kuwait 4,759.29 0.1 (2.2) (2.8) (1.4) 52.59 32,916.4 14.7 0.9 4.4
Oman 4,558.51 0.6 2.8 3.2 (10.6) 11.08 19,444.2 11.2 0.8 6.0
Bahrain 1,345.04 0.3 0.4 0.5 1.0 7.97 20,644.7 9.1 0.9 6.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any;
#
Data as of September 12, 2018)
9,960
9,980
10,000
10,020
10,040
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index rose 0.3% to close at 10,022.0. The Transportation and
Real Estate indices led the gains. The index rose on the back of buying
support from non-Qatari shareholders despite selling pressure from
Qatari and GCC shareholders.
 Qatar Navigation and Mannai Corporation were the top gainers, rising
4.2% and 2.6%, respectively. Among the top losers, Qatari Investors
Group fell 2.0%, while Qatar First Bank was down 1.9%.
 Volume of shares traded on Thursday fell by 30.0% to 5.3mn from 7.6mn
on Wednesday. Further, as compared to the 30-day moving average of
6.3mn, volume for the day was 15.7% lower. Vodafone Qatar and
Mesaieed Petrochemical Holding Company were the most active stocks,
contributing 10.0% and 9.5% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09/13 US Bureau of Labor Statistics CPI MoM August 0.2% 0.3% 0.2%
09/13 US Bureau of Labor Statistics CPI YoY August 2.7% 2.8% 2.9%
09/13 US Department of Labor Initial Jobless Claims 8-September 204k 210k 205k
09/13 US Department of Labor Continuing Claims 1-September 1,696k 1,710k 1,711k
09/14 US Federal Reserve Industrial Production MoM August 0.4% 0.3% 0.4%
09/13 Germany German Federal Statistical Office CPI MoM August F 0.1% 0.1% 0.1%
09/13 Germany German Federal Statistical Office CPI YoY August F 2.0% 2.0% 2.0%
09/13 France INSEE CPI MoM August F 0.5% 0.5% 0.5%
09/13 France INSEE CPI YoY August F 2.3% 2.3% 2.3%
09/13 Japan Bank of Japan PPI YoY August 3.0% 3.1% 3.0%
09/13 Japan Bank of Japan PPI MoM August 0.0% 0.1% 0.4%
09/14 India Directorate General of Commerce Trade Balance August -$17,394.5mn -$17,307.5mn -$18,020.0mn
09/14 India Directorate General of Commerce Exports YoY August 19.2% – 14.3%
09/14 India Directorate General of Commerce Imports YoY August 25.4% – 28.8%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Germany could help boost Qatar SME sector – As a country
whose economy is mostly driven by its small- and medium-
sized enterprises (SMEs), Germany could play a significant role
in helping Qatar further develop its SME ecosystem, a top bank
executive said. “Germany has always been a leader or one of the
leading economies in the world. Interestingly, Germany has a
strong SME sector in areas like manufacturing and robotics
with world leadership position,” The Commercial Bank’s CEO,
Joseph Abraham told Gulf Times on the sidelines of a recently-
held forum in Berlin. “And that’s where Qatar can tap into the
expertise of Germany to collaborate and help build its own
businesses. Qatar is building its own capabilities in the fields of
self-sufficiency and technology, and I think there’s a lot of
scope; and it’s at the SME level where there is a lot of scope
beyond just the big companies,” he continued. According to
Abraham, banks in Qatar, including The Commercial Bank, are
working in partnership with Qatar Development Bank (QDB) to
help support SMEs through QDB’s indirect loan facility program
called ‘Al Dhameen’. (Gulf-Times.com)
 Qatar, Spain to step up cooperation in investment field – Qatar
and Spain have agreed to establish an institutional framework
for cooperation to achieve common objectives. This came in a
joint statement issued in Madrid on cooperation in the field of
investment between Qatar and Spain after talks by HE the
Deputy Prime Minister and Minister of Foreign Affairs Sheikh
Mohamed bin Abdulrahman Al-Thani and Spanish Prime
Minister Pedro Sanchez. The Qatar Investment Authority (QIA)
and Compania Espanola de Financiacion del Desarrollo (the
Spanish development finance company) will also submit a
memorandum of understanding that will set guidelines and
operational procedures to promote business and joint
investment, the statement added. (Gulf-Times.com)
 Qatar-based company plans to make electric cars – A Qatar-
based company is planning to manufacture and market electric
cars of different sizes and capacities, using technologies from a
Japanese partner. "We will make a formal announcement of our
project on September 19 in Doha," Qatar Quality Trading
Company’s Managing Director, Musa Ramadan told Gulf Times.
The Japanese company's (ARM) Chairman, Takayuki Hirayama
is to make a presentation of the project on the occasion.
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 17.28% 34.68% (32,263,326.57)
Qatari Institutions 27.90% 40.64% (23,615,799.57)
Qatari 45.18% 75.32% (55,879,126.14)
GCC Individuals 0.50% 1.41% (1,691,094.62)
GCC Institutions 1.53% 2.17% (1,175,817.29)
GCC 2.03% 3.58% (2,866,911.91)
Non-Qatari Individuals 7.29% 8.39% (2,042,410.71)
Non-Qatari Institutions 45.50% 12.72% 60,788,448.76
Non-Qatari 52.79% 21.11% 58,746,038.05

3. Page 3 of 6
Ramadan said once their plan is announced, they would proceed
to secure necessary clearance from concerned departments to
produce environment-friendly cars. "If everything goes well, we
may be able to start its commercial production in about a year
from now, from a plant to be set up somewhere on the outskirts
of New Industrial Area," explained Ramadan. (Gulf-Times.com)
 Qatar expands economic zones to encourage SMEs – Qatar
announced a major expansion of the economic zone for small
and medium enterprises (SMEs) by developing an additional
area of 825,000 square meters and providing the necessary
infrastructure and basic services for industrial projects.
Addressing a meeting organized by the Ministry of Energy and
Industry at the Sheraton, HE the Minister of Energy and
Industry, Mohamed bin Saleh Al-Sada said the expansion would
be completed in the first quarter of 2019. With this, the total
area of economic zones will exceed 11mn square meters, Al-
Sada said at the event, which was attended among other
dignitaries by HE the Prime Minister and Minister of Interior,
Sheikh Abdullah bin Nasser bin Khalifa Al-Thani. (Gulf-
Times.com)
 First Finance opens latest branch at Mawater City – First
Finance Company (FFC), a subsidiary of Barwa Bank Group, has
opened its newest branch at Mawater City. The objective of the
branch (located at Area 1, opposite Aqua Park, Building number
5) is to facilitate car purchases and easy access of finance for
individuals, First Finance stated. Aimed to be a one-stop-shop,
this branch would assist ease to customers in buying and
financing for cars. (Gulf-Times.com)
 MoI: Workers can complete RP process in home countries – The
Visa Support Services Department at the Ministry of Interior
(MoI), in collaboration with the Ministry of Administration
Development, Labor and Social Affairs, has held a seminar to
explain the details of an initiative that allows expatriate
workers to complete Qatar residency permit (RP) procedures in
their home countries. The project covers procedures such as
fingerprinting and biometric data processing, medical
examination and the signing of work contracts for expatriates
abroad, the MoI said. The initiative was first announced in
November last year, with the MoI signing an agreement with a
Singapore-based company to carry out the procedures. Major
Abdullah Khalifa Al-Mohannadi, Director of the Visa Support
Services Department, explained the procedures for bringing
expatriate workers from eight nations by completing all
procedures in their home countries while the employer in Qatar
can initiate the procedures electronically via the MoI website.
(Gulf-Times.com)
International
 QNB Group: World trade volume rebound weakens – After more
than four years in the doldrums, world trade volumes have
rebounded strongly over the last two years. However, recently,
important cyclical indicators and gauges for trade momentum
are starting to weaken, QNB Group noted in its ‘weekly
economic commentary’. In fact, according to data from the
Dutch Bureau for Economic Policy Analysis (CPB), a leading
agency in the monitoring of world trade, the three-month
average YoY growth in world trade volumes jumped from 2.1%
over April 2012-April 2016 to 5.2% in January 2018; followed by
a slow down to 3.7% in June. According to QNB Group analysts
there are two main reasons for the recovery. Firstly, IMF data
showed that global growth had strengthened from an average
of 3.5% YoY in 2012-2016 to 3.8% in 2017, with a degree of
synchronization not seen since 2010. In 2017, the Euro Area and
Japan had accelerated to 2.3% and 1.7% from sluggish growth
rates of 0.8% and 1.2%, between 2012 and 2016. The US
economy regained momentum to grow 2.3% after its industrial
sector endured a shallow recession in 2015-2016, while
emerging markets (EM) were able to grow faster at 4.8%. China
managed to control capital outflows and avoid a deeper
deceleration or new bouts of disorderly devaluation. Secondly,
commodity prices have also rebounded after the 2014-2016
weakness. According to the World Bank, both energy and non-
energy commodities slumped by 69% and 25%, respectively,
from June 2014 to their through in January 2016. Subsequently,
they grew by 123% and 12% in the 32 months to August 2018;
this is key to world trade volumes as commodities are one of the
largest and most volatile portions of tradable goods. (Peninsula
Qatar)
 US retail sales slow, but exhibit underlying strength – US retail
sales recorded their smallest gain in six months in August, as
consumers cut back on purchases of motor vehicles and
clothing, but upward revisions to July data kept intact
expectations of strong economic growth in the third quarter.
Other data showed the biggest drop in import prices in more
than 1-1/2 years in August, amid a decline in the cost of fuels
and a range of other goods. The weak import price data came on
the heels of soft inflation readings in August. Signs of cooling
consumer spending and inflation did not change views that the
Federal Reserve will raise interest rates later this month. The
US central bank has increased borrowing costs twice this year.
The Commerce Department stated retail sales edged up 0.1%
last month, the smallest rise since February. Data for July was
revised higher to show sales rising 0.7% instead of the
previously reported 0.5% gain. Economists polled by Reuters
had forecasted retail sales increasing 0.4% in August. Retail
sales in August advanced 6.6% from a year ago. Excluding
automobiles, gasoline, building materials and food services,
retail sales nudged up 0.1% last month after an upwardly
revised 0.8% jump in July. These so-called core retail sales
correspond most closely with the consumer spending
component of gross domestic product. Core retail sales were
previously reported to have increased 0.5% in July. Despite the
slowdown in core retail sales in August, consumer spending
remains supported by a tightening labor market, which is
steadily pushing up wages. (Reuters)
 Eurozone’s labor costs rise at fastest pace in nearly six years –
Eurozone’s labor costs rose at their steepest rate in almost six
years in the second quarter of 2018, data released showed
supporting the European Central Bank (ECB), as it curbs
economic stimulus. Labor costs in the 19 countries sharing the
Eurozone rose by 2.2% YoY, EU statistics agency Eurostat
stated, up from 2.1% in the first quarter. The increase was the
highest rate since the third quarter of 2012. The ECB is on track
to end bond purchases this year and raise interest rates next
autumn, with inflation rebounding and growth leveling off at a
relatively healthy pace. Eurozone’s wage costs rose by 1.9%,
the steepest increase in a year, while non-wage labor costs were
up 2.9%. Among the larger countries, labor costs rose by 3.6%

4. Page 4 of 6
in Italy, 2.4% in France, 2.0% in Germany and just 0.7% in
Spain. (Reuters)
 Reuters Poll: Japan's August exports seen rising modestly, core
CPI ticking up – Japan likely posted another month of only
modest export gains in August amid rising worries over global
trade friction, a Reuters poll showed. Exports were seen rising
5.6% in August from a year earlier, the poll of 16 economists
found, after a gain of 3.9% in July. Imports likely grew 14.9%
last month due to higher oil prices, which would result in a
trade deficit of 468.7bn Yen ($4.19bn) for the month, the poll
showed. In July, imports grew 14.6%, and the trade deficit was
231.2bn Yen. In July, Japan’s export growth slowed with
shipments of cars to the US sinking. Total export orders shrank
slightly in August due to weaker demand from China, a
business survey showed. Japan and the US will likely hold a
second round of trade talks on September 21, between Economy
Minister Toshimitsu Motegi and US Trade Representative
Robert Lighthizer. Japan’s core consumer inflation rate likely
ticked up in August on energy costs and prices of
accommodation as well as cellphone communication, analysts
said. The nationwide core consumer price index (CPI), which
excludes fresh food prices but includes fuel costs, likely rose
0.9% in August from a year earlier, the poll showed, slightly up
from 0.8% growth in July. (Reuters)
 G20 trade ministers say WTO reform 'urgent' as new Trump
tariffs loom – Trade and investment ministers from G20
countries meeting in Argentina said there was an “urgent need”
to improve the World Trade Organization (WTO), a joint
statement said. With US President Donald Trump readying
tariffs on another $200bn in Chinese goods, the ministers said
they were “stepping up the dialogue” on international trade
disputes, according to the statement issued at the summit. It
did not provide any details of possible WTO reforms or how
dialogue on trade was being increased. “Obviously the new
tariff measures are not positive,” Argentina’s Production and
Labor Minister, Dante Sica, said in a news conference at the end
of the one-day meeting. “But we need to see how things
evolve.” German Deputy Economy Minister Oliver Wittke said
the joint declaration sent a powerful signal about the
importance of strengthening WTO “especially in times of
‘America first’ and increasing global protectionism,” with next
steps to follow, when G20 leaders meet in Argentina at the end
of November. (Reuters)
 WSJ: Trump to announce new China tariffs as early as Monday
– US President Donald Trump plans to announce new tariffs of
about $200bn on Chinese imports as early as Monday, the Wall
Street Journal (WSJ) reported. The tariff level will likely be
about 10%, below the 25% announced, when the
administration first said it was considering this round of tariffs,
the newspaper noted. (Reuters)
 Growth in Chinese home prices accelerates to two-year high –
China’s home prices accelerated in August at the fastest pace in
nearly two years, a sign that Beijing’s efforts to boost a slowing
economy may once again be heating up frothy real estate
markets. While solid growth in the sector could cushion the
impact of a vigorous multi-year government crackdown on debt
and escalating trade tensions with the US, it could also stoke
fears of a bubble. Average new home prices in China’s 70 major
cities rose 1.4% in August from a month earlier, higher than
July’s reading of 1.1%, Reuters calculated from an official
survey published. That marks the fastest gain since September
2016, and the 40th straight month of price increases, Reuters
calculations show, despite tougher curbs designed to rein in a
near-three-year real estate boom that has spilled over from
megacities to the hinterland. In a sign of broadening market
strength, 67 out of the 70 cities surveyed by the National
Bureau of Statistics (NBS) reported a monthly price increase for
new homes, up from 65 in July. Only one city - Xiamen in the
south - had an actual price decline. Compared with a year ago,
new home prices climbed 7%, speeding up from July’s 5.8% rise,
the NBS data showed. (Reuters)
Regional
 IEA: OPEC’s output at 9-month high as Libya, Nigeria and Saudi
Arabia offset Iran – OPEC’s crude production rose to a 9-month
high of 32.63mn barrels per day (bpd) in August as a significant
decline in Iranian output ahead of US sanctions was offset by
gains in Libya, Nigeria and Saudi Arabia, the International
Energy Agency (IEA) stated in its monthly report. Iran’s
production fell by 150k bpd to 3.63mn bpd, the lowest since July
2016. (Bloomberg)
 Saudi Aramco says reports on SABIC deal are entirely
speculative – Recent media reports on the potential Saudi
Aramco-SABIC transaction are entirely speculative, Saudi
Aramco stated in a tweet. Saudi Aramco added that the
company will provide updates when appropriate. (Bloomberg)
 US, Saudi Arabia forum to study role of SMEs in boosting
bilateral trade – The US-Saudi Arabian Business Council, in
collaboration with Saudi Aramco, the Small and Medium
Enterprises General Authority, and the US Commercial Service,
announced the launch of the US-Saudi Arabia SME Forum:
Accelerating Growth and International Partnerships. Taking
place on October 1-2, 2018, the SME Forum will offer a high
level perspective on the roles of SMEs in boosting bilateral
trade, sharing of know-how, and co-innovating solutions to
benefit the US and Saudi Arabian markets. Edward Burton, CEO
of the US-Saudi Arabian Business Council, said estimates
showed that SMEs comprise 90% of businesses in Saudi Arabia
and account for 60% of total employment. (GulfBase.com)
 Emaar Properties 'among world's 10 most valuable real estate
companies' – Leading global developer Emaar Properties has
been ranked as the world's largest property company outside
China with a brand value of over $2.7bn, thus making it the first
choice for international investors seeking high-value returns.
According to Brand Finance, a leading brand valuation and
strategy consultancy, Emaar Properties is also among the top
10 brands in the Middle East. The ranking underpins Emaar
Properties' appeal among high net worth global investors
seeking real estate investment opportunities in Dubai, with
Emaar Properties already serving more than 200 nationalities as
its valued customers. (GulfBase.com)
 Abu Dhabi Islamic Bank raises $750mn in Tier-1 perpetual
Sukuk – Abu Dhabi Islamic Bank stated it has raised $750mn of
additional Tier 1 through a perpetual Sukuk that complies with
the Basel III regulatory framework issued by the Central Bank
of the United Arab Emirates. Abu Dhabi Islamic Bank started
marketing the notes on September 12, 2018. (Reuters)

5. Page 5 of 6
 Abu Dhabi Financial Group offers revised bid for Abraaj's
Middle East funds – Abu Dhabi Financial Group submitted a
revised bid to acquire the management rights for the Middle
East funds of stricken Dubai-based Abraaj, according to a
document seen by Reuters. The Abu Dhabi-based alternative
investment firm is among more than a dozen bidders seeking to
buy the bulk of Abraaj’s private equity funds. However, in a
letter to investors in Abraaj Funds, Abu Dhabi Financial Group
stated that the bid is unlikely to materialize given the
convolution of the situation. To address this, Abu Dhabi
Financial Group is seeking a dedicated budget to conduct a full
forensic audit and a litigation budget. Its new offer includes up
to $6mn for the audit and litigation financing as well as $10mn
credit facility to fund the operations of the Middle East funds.
(Reuters)
 Abu Dhabi Ferrari park developer to move debt to invest firm –
Aldar Properties plans to transfer about $1.63bn of debt to an
investment firm that the Abu Dhabi Ferrari theme-park
developer set up. “As a group we’re maintaining the debt
policies and the dividend policies that we’ve had in the past.
This action doesn’t change any of that it doesn’t change our
promises to the capital market and our dividend policy,” Aldar
Properties’ Chief Financial Officer, Greg Fewer said. (Gulf-
Times.com)
 Moody's assigns ‘Ba3(hyb)’ rating to additional Tier 1 capital
securities of Al Ahli Bank of Kuwait – Moody's Investors
Service (Moody's) assigned a ‘Ba3(hyb)’ rating to the proposed
USD-denominated, perpetual, non-cumulative additional Tier 1
(AT1) capital securities to be issued by Al Ahli Bank of Kuwait.
The securities constitute direct, unconditional, subordinated
and unsecured obligations of Al Ahli Bank of Kuwait. The terms
and conditions of the capital securities incorporate Basel III-
compliant non-viability language in accordance with Central
Bank of Kuwait instructions, and will qualify as additional Tier
1 regulatory capital. The ‘Ba3(hyb)’ rating assigned to the AT1
securities is based on Al Ahli Bank of Kuwait's standalone
creditworthiness and is positioned three notches below the
bank's baseline credit assessment (BCA) and Adjusted BCA of
‘baa3’, in accordance with Moody's standard notching guidance
for contractual non-viability preferred securities with optional
non-cumulative coupon suspension. (Moody's)
 CBO issues treasury bills worth OMR10mn – The Central Bank
of Oman (CBO) raised OMR10mn by way of allotting treasury
bills last week. The treasury bills are for a maturity period of
182 days, from September 12, 2018 until March 13, 2019. The
average accepted price reached 98.795 for every OMR100, and
the minimum accepted price arrived at 98.790 per OMR100.
Whereas the average discount rate and the average yield
reached 2.41662% and 2.44610%, respectively. The interest
rate on the Repo operations with CBO is 2.639% for the period
from September 11, 2018 to September 17, 2018 while the
discount rate on the Treasury Bills Discounting Facility with
CBO is 3.389%, for the same period. (GulfBase.com)
 Oman says August oil output fell to 974,500 bpd – Oman’s
production of crude oil and condensates dropped to an average
of 974,500 bdp in August, the oil ministry stated. Oman’s crude
oil and condensate production averaged 975,500 bpd in July.
(Reuters)
 Investcorp lists sports firm Leejam on Tadawul – Bahrain-based
Investcorp, a global provider and manager of alternative
investment products, announced the listing of portfolio
company Leejam Sports Company (Leejam) on Tadawul on
September 10, 2018. Leejam marks Investcorp’s second Saudi
Arabian portfolio company to successfully list on the Tadawul,
the first fitness chain to list in the region, and the first company
to list on the Saudi Arabian exchange so far this year. Leejam is
considered the largest fitness center operator in Saudi Arabia
and the MENA region, and was ranked the 17th largest
company globally by the International Health, Racquet &
Sports Club Association in its 2017 ‘Global 25’ list in terms of
number of fully owned fitness centers. (GulfBase.com)
 Bahrain's waterfront project on track for 2019 launch – Work is
in full swing at Sa’ada, a premium waterfront project being
developed by Bahrain Real Estate Investment Company
(Edamah) in the Muharraq area of the Kingdom, at an
investment of BHD45mn. With the phase one work fully
completed in July, the project is on schedule for completion by
the fourth quarter of 2019, according to the Ministry of Works,
Municipalities Affairs and Urban Planning. (GulfBase.com)

6. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (
#
Data as of December 12, 2018)
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
50.0
75.0
100.0
125.0
Aug-14 Aug-15 Aug-16 Aug-17 Aug-18
QSE Index S&P Pan Arab S&P GCC
(0.6%)
0.3%
0.1%
0.3%
0.6%
(1.2%)
(0.8%)
(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi#
Dubai#
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,193.50 (0.7) (0.2) (8.4) MSCI World Index 2,166.59 0.2 1.4 3.0
Silver/Ounce 14.06 (0.8) (0.8) (17.0) DJ Industrial 26,154.67 0.0 0.9 5.8
Crude Oil (Brent)/Barrel (FM Future) 78.09 (0.1) 1.6 16.8 S&P 500 2,904.98 0.0 1.2 8.7
Crude Oil (WTI)/Barrel (FM Future) 68.99 0.6 1.8 14.2 NASDAQ 100 8,010.04 (0.0) 1.4 16.0
Natural Gas (Henry Hub)/MMBtu 2.91 (1.7) 1.0 (17.8) STOXX 600 377.85 0.0 1.8 (6.0)
LPG Propane (Arab Gulf)/Ton 105.62 0.1 0.6 8.1 DAX 12,124.33 0.2 2.1 (9.1)
LPG Butane (Arab Gulf)/Ton 117.25 1.4 4.2 11.0 FTSE 100 7,304.04 0.0 1.5 (8.2)
Euro 1.16 (0.6) 0.6 (3.2) CAC 40 5,352.57 0.1 2.6 (2.5)
Yen 112.06 0.1 1.0 (0.6) Nikkei 23,094.67 1.1 2.6 2.0
GBP 1.31 (0.3) 1.1 (3.3) MSCI EM 1,028.53 1.1 0.5 (11.2)
CHF 1.03 (0.2) 0.2 0.7 SHANGHAI SE Composite 2,681.64 (0.4) (1.0) (23.2)
AUD 0.72 (0.6) 0.6 (8.4) HANG SENG 27,286.41 1.0 1.2 (9.2)
USD Index 94.93 0.4 (0.5) 3.0 BSE SENSEX 38,090.64 1.0 (0.7) (0.7)
RUB 68.09 (0.2) (2.6) 18.2 Bovespa 75,429.09 1.0 (2.0) (21.9)
BRL 0.24 0.8 (2.8) (20.6) RTS 1,094.73 0.9 4.2 (5.2)
79.1
77.8
77.0