Qatar stock market

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QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.3% to close at 11,385.9. Losses were led by the Consumer
Goods & Services and Industrials indices, falling 2.2% and 1.4%, respectively. Top losers
were Qatar Islamic Insurance Co. and Qatari Investors Group, falling 6.3% and 5.9%,
respectively. Among the top gainers, Qatar Insurance Co. gained 2.3%, while Al Khalij
Commercial Bank was up 2.2%.
GCC Commentary
Saudi Arabia: The TASI Index fell 1.0% to close at 7,367.6. Losses were led by the Media
& Pub. and Insurance indices, falling 4.4% and 1.6%, respectively. Tihama Advertising
& Publ. Relations fell 9.8%, while Knowledge Eco. City was down 4.1%.
Dubai: The DFM Index declined 2.0% to close at 3,514.0. The Financial & Invest.
Services index fell 3.1%, while the Real Estate & Construction index declined 2.9%.
Dubai Islamic Ins. & Reinsurance fell 7.9%, while Ekttitab Holding was down 5.5%.
Abu Dhabi: The ADX benchmark index fell 0.5% to close at 4,352.2. The Invest. &
Financial Ser. index declined 1.3%, while the Energy index fell 1.1%. International Fish
Farming declined 9.1%, while the Abu Dhabi Ship Building was down 5.7%.
Kuwait: The KSE Index declined 0.6% to close at 5,763.3. The Telecommunication index
fell 1.9%, while the Financial Services index declined 1.6%. Sultan Center Food
Products Co. fell 7.3%, while National International Co. was down 6.9%.
Oman: The MSM Index declined 0.9% to close at 5,750.9. Losses were led by the
Financial and Industrial indices, falling 1.3% and 1.1%, respectively. United Power fell
9.9%, while Galfar Engineering & Contracting was down 4.9%.
Bahrain: The BHB Index declined marginally to close at 1,299.0. The Commercial Bank
index fell 0.2%, while the Services index declined 0.1%. National Bank of Bahrain fell
0.7%, while Bahrain Duty Free Complex was down 0.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Insurance Co. 97.70 2.3 27.7 24.0
Al Khalij Commercial Bank 21.20 2.2 3.6 (3.9)
QNB Group 185.90 2.1 296.2 (12.7)
Islamic Holding Group 114.60 1.3 154.4 (8.0)
Qatar Electricity & Water Co. 216.00 1.1 21.2 15.2
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 18.40 (0.5) 1,017.0 23.3
Barwa Real Estate Co. 42.50 (2.7) 960.8 1.4
Mazaya Qatar Real Estate Dev. 15.55 (1.6) 958.0 (14.7)
Vodafone Qatar 13.83 (1.3) 793.2 (15.9)
Gulf International Services 58.70 (0.5) 651.3 (39.5)
Market Indicators 2 Sep 15 1 Sep 15 %Chg.
Value Traded (QR mn) 340.2 407.7 (16.6)
Exch. Market Cap. (QR mn) 601,717.1 602,910.6 (0.2)
Volume (mn) 7.6 9.2 (17.4)
Number of Transactions 5,549 5,417 2.4
Companies Traded 40 41 (2.4)
Market Breadth 10:29 9:31 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,697.75 (0.3) 0.8 (3.4) N/A
All Share Index 3,031.06 (0.3) 0.6 (3.8) 12.5
Banks 3,097.10 0.7 1.9 (3.3) 13.7
Industrials 3,478.27 (1.4) 0.2 (13.9) 12.2
Transportation 2,332.27 (0.8) (3.0) 0.6 12.0
Real Estate 2,625.28 (1.1) 0.7 17.0 8.7
Insurance 4,688.05 1.1 1.0 18.4 22.1
Telecoms 925.59 (0.3) (3.0) (37.7) 24.4
Consumer 6,669.71 (2.2) (1.4) (3.4) 25.7
Al Rayan Islamic Index 4,306.04 (1.6) (1.0) 5.0 12.6
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Fisheries Saudi Arabia 16.28 8.3 1,769.7 (41.0)
Nat. Bank of Abu Dhabi Abu Dhabi 9.95 3.4 787.7 (21.8)
Qatar Insurance Co. Qatar 97.70 2.3 27.7 24.0
Jazeera Airways Co. Kuwait 0.47 2.2 69.2 5.7
Al Khalij Comm. Bank Qatar 21.20 2.2 3.6 (3.9)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Tihama Adv. & Public Saudi Arabia 38.60 (9.8) 5,502.3 (57.4)
Combined Group Cont. Kuwait 0.73 (6.4) 0.9 (12.7)
Qatari Investors Group Qatar 44.50 (5.9) 51.7 7.5
Emaar Properties Dubai 6.19 (5.1) 15,096.5 (14.7)
Bank Nizwa Oman 0.06 (4.6) 1,883.9 (22.5)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200
Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Islamic Insurance Co. 73.10 (6.3) 27.7 (7.5)
Qatari Investors Group 44.50 (5.9) 51.7 7.5
Qatar German Co for Medical Dev. 13.50 (4.6) 18.2 33.0
Zad Holding Co. 91.50 (4.1) 2.7 8.9
Qatar Fuel 152.60 (3.1) 29.1 (25.3)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 185.90 2.1 54,986.2 (12.7)
Barwa Real Estate Co. 42.50 (2.7) 41,112.9 1.4
Gulf International Services 58.70 (0.5) 37,934.3 (39.5)
Masraf Al Rayan 42.60 (1.4) 25,860.0 (3.6)
Industries Qatar 129.50 (1.7) 24,793.6 (22.9)
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 11,385.90 (0.3) 0.8 (1.5) (7.3) 93.46 165,291.7 11.7 1.7 4.4
Dubai 3,513.95 (2.0) (3.7) (4.1) (6.9) 128.00 92,382.1 11.3 1.1 7.4
Abu Dhabi 4,352.21 (0.5) (2.4) (3.2) (3.9) 42.43 118,193.4 11.6 1.3 5.2
Saudi Arabia 7,367.55 (1.0) (3.1) (2.1) (11.6) 1,435.15 441,432.8 15.5 1.7 3.6
Kuwait 5,763.31 (0.6) (1.9) (1.0) (11.8) 27.78 88,366.3 15.0 1.0 4.5
Oman 5,750.88 (0.9) (1.1) (2.1) (9.3) 9.04 23,397.0 10.5 1.3 4.5
Bahrain 1,298.98 (0.0) (0.3) (0.0) (8.9) 0.24 20,317.5 8.2 0.8 5.3
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,200
11,250
11,300
11,350
11,400
11,450
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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Qatar Market Commentary
 The QSE Index declined 0.3% to close at 11,385.9. The Consumer Goods &
Services and Industrials 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.
 Qatar Islamic Insurance Co. and Qatari Investors Group were the top losers,
falling 6.3% and 5.9%, respectively. Among the top gainers, Qatar Insurance
Co. gained 2.3%, while Al Khalij Commercial Bank was up 2.2%.
 Volume of shares traded on Wednesday fell by 17.4% to 7.6mn from 9.2mn
on Tuesday. However, as compared to the 30-day moving average of 6.2mn,
volume for the day was 21.4% higher. Ezdan Holding Group and Barwa Real
Estate Co. were the most active stocks, contributing 13.4% and 12.7% to the
total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
09/02 US Mortgage Bankers Association MBA Mortgage Applications 28-August 11.30% – 0.20%
09/02 US Automatic Data Processing, Inc ADP Employment Change August 190K 200K 177K
09/02 EU Eurostat PPI MoM July -0.10% -0.10% 0.00%
09/02 EU Eurostat PPI YoY July -2.10% -2.10% -2.10%
09/02 UK Markit Markit/CIPS UK Construction PMI August 57.3 57.5 57.1
09/02 Spain Spanish Labour Ministry Unemployment MoM Net ('000s) August 21.7 – -74.0
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar issued QR15bn of bonds on September 1 – Qatar issued
QR15bn of bonds on September 1, 2015 as the country takes
advantage of low borrowing costs to deepen the market. The Qatar
Central Bank Governor HE Sheikh Abdulla Bin Saoud Al-Thani said
that the sale was intended to boost the local capital markets and
was part of the coordination between fiscal and monetary policies.
The issuance was four times oversubscribed. Meanwhile, the QCB
Governor has stressed the need for GCC countries to take adequate
measures to deal with any possible aftershocks of the current
volatile global economic conditions. (Bloomberg, Peninsula Qatar)
 QGTS clarifies purpose of amending Article 6 and postpones its EGM
to Sep. 7, 2015 due lack of Legal Quorum; doubling of FOL to 49%
from 25% is the key item on the agenda – Qatar Gas Transport
Company (QGTS or Nakilat) will now hold its extraordinary
general meeting (EGM) on September 7, 2015 at the same venue,
Sharq Village Resort and Spa, at 6:30 p.m., at Al Sonbok Ballroom.
As we have stated before, a key item on the agenda is a proposed
increased of its FOL to 49% from 25% currently. QGTS has also
clarified the purpose of the proposed amendment to Article (6) of
the Article of Association. QGTS said that the amendment is aimed
at correcting information pertaining to the number of issued share
capital, of which 5,973,640 shares were wrongly underwritten at
the time of the initial public offering (IPO). The proposed
amendment is consistent with the presented share capital in the
company’s financial statements, with no change in the previously
reported share capital. We note as we have stated before that the
company currently has and will continue to maintain an
authorized share capital of 560mn shares and an issued share
capital of 554mn shares. We maintain our Accumulate rating on
QGTS with a price target of QR24.70. (QNBFS Research, QSE)
 IHGS secures MoEC nod for 50% capital increase – Islamic Holding
Group (IHGS) said that the Corporate Supervision Department of
the Ministry of Economy & Commerce (MoEC) has approved IHGS
board’s proposal to increase the company’s capital by 50%, which
is equivalent to 2mn shares at a nominal value of QR10 per share
and an issuing premium of QR40 per share (therefore amounting
to a total of QR50 per share). The company also said that it was in
the process of getting the MoEC to approve a date to convene an
extraordinary general assembly meeting in order to adopt and
ratify this transaction. (QSE)
 GPCA: Qatar's fertilizer market nearly triples in a decade –
According to the Gulf Petrochemicals & Chemicals Association
(GPCA), Qatar's fertilizer market has nearly tripled in the last ten
years. Qatar accounts for the second largest share of fertilizer
production at 10.7mn tons in the GCC region. Qatari fertilizer
producers have grown at an average of 9.4% for the 2004- 2014
period. This is higher than the regional average growth rate for
fertilizers, which rose by 7.1% over the same decade. Fertilizer
production in the Arabian Gulf grew to 40.8mn tons in 2014,
reflecting a 3.8% YoY increase, earning revenues of $6.5bn. (QNA)
 QA unveils next-gen global cargo management system – Qatar
Airways (QA) has designed and implemented a next generation
cargo management system named CROAMIS to manage its end-to-
end airline cargo business processes. CROAMIS, QA’s cargo
reservations, operations, accounting and management information
system, is a single platform serving the airline’s entire global cargo
network, designed to scale with the future expected growth.
CROAMIS has been developed in-house through an innovative co-
funded model with global IT services provider Wipro. The
integrated system enables comprehensive automation of the
airline’s core business functions and supports collaborative
operations across the airline’s cargo supply chain. It incorporates
the latest practices in business functions including sales, pricing,
cargo ground handling, and ULD (unit load device) management.
(Gulf-Times.com)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 47.90% 60.72% (43,599,007.37)
GCC 9.14% 10.58% (4,893,288.42)
Non-Qatari 42.96% 28.71% 48,492,295.79

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 High-profile committees formed to settle real estate disputes –
High-profile committees are being formed that would look into
disputes between owners of building and other real estate projects
and contractors to ensure the disputes are settled quickly.
Currently, such disputes are taken to court which are saddled with
large numbers of different types of litigations, which obviously
takes time to dispense justice. The State Cabinet approved a draft
decision to set up the above-mentioned committee. The draft talks
of procedures for examining requests to settle disputes related to
real estate development. (Peninsula Qatar)
 Cabinet approves law that prohibits laborers from living in family
residential areas – Qatar News Agency (QNA) has reported that the
Cabinet has approved a draft law that prohibits laborers from
residing in areas inhabited by families. The Cabinet also approved
draft decisions on regulations and procedures for special
committees that would be set up to settle real estate development
disputes. Under the provisions of the housing draft law, it is
prohibited to rent, lease or allocate places and parts of places of all
types in family residential areas for the accommodation of
laborers. However, HE the Minister of Municipality and Urban
Planning may exclude some areas or categories of workers from
the purview of this law. (Gulf-Times.com)
International
 Fed: Tight US labor markets fuel wage gains; China impact looms –
The Federal Reserve said that US labor markets were tight enough
to fuel small wage gains in some professions in recent weeks,
though some companies already were feeling a chill from an
economic slowdown in China. In its Beige Book report of anecdotal
information on business activity collected from contacts
nationwide, the Fed said that overall the US economic activity
continued to expand across most regions and sectors from July to
mid-August. The combination of a healing labor market and
worries about Chinese economic growth underscored the
challenge faced by the US central bank as it mulls raising interest
rates in this month. While many Fed policy makers think the US
labor market is close to full strength, China is casting a long
shadow on the global economy. Prospects of slower global growth
are weighing on oil prices, making it likely the Fed will undershoot
its 2% inflation target for some time. Some companies contacted
by the Boston Fed, which compiled data from other regional Fed
banks, said China was weighing on their performance. Meanwhile,
US non-farm productivity increased at its strongest pace in 1-1/2
years in 2Q2015, keeping wage inflation subdued for now. The
Labor Department revised productivity to show it rising at a 3.3%
annual rate, the quickest since 4Q2013, instead of the 1.3% pace
reported in August. (Reuters)
 PMI: Eurozone factory growth eases in August despite modest price
hikes – According to a recent survey, Eurozone manufacturing
growth eased in August, despite factories barely raising prices,
adding to the European Central Bank's (ECB) woes as it battles to
spur expansion and inflation. Tuesday's disappointing readings
come almost half a year after the ECB began pumping €60bn a
month of fresh cash into the economy and a day after official data
showed inflation in the Eurozone at just 0.2%. With inflation so far
below the ECB's 2% target ceiling there is a growing chance the
ECB will have to extend its stimulus program beyond the planned
completion in September 2016. Markit's final manufacturing
Purchasing Managers' Index (PMI) was 52.3 in August, below an
earlier flash reading that suggested it had held steady at July's
52.4. It has, however, been above the 50 mark for over two years.
An index measuring output that feeds into a composite PMI, due
shortly and seen as a good guide to growth, rose to 53.9 from 53.6,
above the preliminary 53.8 reading. (Reuters)
 PMI: Japanese service sector expands at fastest pace in almost two
years – According to a survey, activity in Japan's services sector
expanded at the fastest pace in almost two years in August as
companies turned more optimistic on business conditions in a sign
the economy may be bouncing back. The Markit/Nikkei Japan
Services Purchasing Managers Index (PMI) rose to a seasonally
adjusted 53.7 from 51.2 in July to reach the highest since October
2013. The index remained above the 50 threshold for the fifth
consecutive month. The index for business expectations rose to
56.0 from 54.8 in August to reach the highest since September
2013. The index for new business eased slightly to 52.9 from 53.2
in July but still signaled solid demand. The reading on the services
sector could ease concerns about the economy after disappointing
industrial production and household spending data for July.
(Reuters)
 China eases rules on multinationals' foreign debt management –
China's foreign exchange regulator issued new rules relaxing
restrictions on multinational companies' management of their
foreign currency-denominated debt in China, allowing them to
pool debt from all their subsidiaries for central management. The
State Administration of Foreign Exchange said the rules, which
take effect immediately on a trial basis, permit these companies to
use the local currency yuan liquidity derived from their sales of
foreign currency debt to pay back yuan loans and conduct equity
investment. The rules come after Reuters reported that the central
bank was tightening regulations on trade in yuan derivatives, in
efforts to curb speculation and volatility after a shock devaluation
of the yuan in August. Meanwhile, The International Monetary
Fund (IMF) said it was speaking with Chinese authorities about
the country's "very significant" economic transition, which it
hoped would be managed in an "orderly fashion". IMF Managing
Director Christine Lagarde said IMF is talking to the Chinese
authorities about their transition to a more market-determined
economy, to an internationalization of their currency. (Reuters)
Regional
 Reuters: OPEC output in August declines to 31.71mn bpd –
According to a Reuters survey, OPEC oil output fell in August 2015
from the highest monthly level in recent history, as disruptions to
flows on Iraq’s northern pipeline halted supply growth from the
group’s second-largest producer. Largely stable output from Saudi
Arabia and other Gulf members of the OPEC indicated they are not
wavering in their focus on defending their market share instead of
prices. As per the survey, OPEC supply fell in August to 31.71mn
barrels per day (bpd) from a revised 31.88mn bpd in July. (Gulf-
Times.com)
 GCC healthcare IT spending to hit $550mn in 2015 – Industry
experts have said that healthcare providers must anticipate the
next wave of healthcare technology to enhance patient care and
reduce costs as GCC healthcare IT spending is set to top $550mn in
2015. They were speaking at the GITEX Technology Week 2015.
According to a recent report from Alpen Capital, healthcare IT
spending in the GCC region is set to grow by 24% from $444mn in
2011 to $551mn in 2015, with features such as e-health and
mobile health tools driving efficiency, reducing costs, and meeting
increasing demands from patients. (GulfBase.com)
 GGI secures SAMA’s temporary approval for insurance products –
Gulf General Cooperative Insurance Company (GGI) has obtained
the Saudi Arabian Monetary Agency’s (SAMA) temporary approval
to use insurance products for three months, starting September 1,
2015. GGI received approval for motor comprehensive -
commercial insurance, motor – comprehensive and motor – third
party liability insurance products. (Tadawul)
 Al Alamiya obtains SAMA’s temporary nod for insurance products –
Al Alamiya for Cooperative Insurance Company has obtained

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extension of the temporary approval from the Saudi Arabian
Monetary Agency (SAMA) for using its insurance products for
three months, starting September 1, 2015 for the Comprehensive
motor insurance and motor third party liability insurance
products. (Tadawul)
 SAICO receives SAMA’s temporary approval for motor TPL
insurance product – Saudi Arabian Cooperative Insurance
Company (SAICO) has obtained the Saudi Arabian Monetary
Agency’s (SAMA) temporary approval for the motor third party
liability (TPL) insurance product for three month, starting
September 1, 2015. (Tadawul)
 India-based L&T wins $162mn Riyadh Metro contract – India-based
Larsen & Toubro (L&T) has won a contract worth $162mn in
Saudi Arabia to construct key facilities for Riyadh Metro lines. As
per the deal awarded by BACS consortium (Bechtel, Almabani,
CCC, Siemens), L&T will be constructing ballastless tracks for
Riyadh Metro Lines -1 & 2 on a design & build basis. The project
involves the construction of 62.86 kilometers of double ballastless
tracks in tunnels, viaducts, at grade sections and three depots and
is scheduled to be completed in 40 months. (GulfBase.com)
 DGSI: KSA GDP growth accelerates to 3.79% – According to a report
by the Department of General Statistics and Information (DGSI),
Saudi Arabia’s GDP grew at its fastest pace in over a year at 3.79%
during 2Q2015, reaching SR617.88bn as compared to SR595.31bn
in 2Q2014. However, the GDP value fell by 11.93% to SR631.03bn
at current prices but the figure is still up from a revised 2.3% in
1Q2015. As per the report, the Saudi private sector recorded a rise
in its value in real terms by 3.09%, and at current prices traded
higher in value by 5.28%, rising to SR293.19bn in 2Q2015 as
compared to SR278.49bn in 2Q2014. (GulfBase.com)
 Jadwa Investment: Saudi housing segment major source of
inflationary pressure – According to Jadwa Investment, economic
activity in Saudi Arabia recorded a seasonal slowdown in July
2015, in line with the usual pattern around the Eid Al-Fitr holidays.
The Saudi unemployment rate fell slightly to 11.6% as the
economy created new jobs at a faster rate than the expansion in
the Saudi labor force. However, the growth in the number of
Saudis outside the labor force grew at a higher rate leading to a
decline in the participation rate to 40.4%. Inflation remained
unchanged at 2.2%. In July 2015, inflation remained unchanged
YoY at 2.2%. The housing segment was a major source of
inflationary pressure in July 2015 as it rose to 3.6%, YoY. The net
withdrawals from government accounts with SAMA fell to its
lowest point in 10 months with all three main government
accounts recording small net monthly changes. This led to a
further reduction in the monthly withdrawal from the foreign
exchange reserves. Jadwa’s measure of core inflation recorded a
slowdown, pushed down mainly by a rapid deceleration in the
recreation and culture segment. (GulfBase.com)
 S&P: Oil price slump to start affecting KSA banks – According to
Standard & Poor’s (S&P), the impact of lower oil prices will soon
start to weigh on Saudi Arabian banks, which are likely to witness
bad loans edge higher by 2015-end. Lenders in the Kingdom have
so far managed to defy analysts’ expectations by posting generally
healthy results, despite the roughly 60% slide in oil prices since
June 2014. S&P’s Banking Analyst Timucin Engin said they have
seen stabilization in asset quality over the past few years. It has
been a story of declining credit losses. But now they expect to see
credit losses picking up by 2015-end. According to the Saudi
Arabian Monetary Agency, the ratio of banks’ non-performing
loans to total loans stood at 1.2% in 1Q2015, up from 1.1% in
2014. That is down from its peak of 3.3% in mid-2010 when the
Kingdom’s financial sector suffered some fallout from the global
financial crisis. S&P said historical data suggested there was a
clear link between non-performing loans and oil prices. After oil
prices sunk to a low of around $30 per barrel in late 2008, the
ratio of bad loans more than doubled in the subsequent months.
(Reuters)
 EEF to commission 3rd production line to increase capacity by
7,000 mtpa – Emirates Extrusion Factory (EEF) is planning to
commission its third extrusion line at its plant in Techno Park,
Dubai, which will increase its production capacity by another
7,000 metric tons per annum (mtpa). The company is also
planning to start a new powder coating plant with a capacity of
8,400 mtpa, as demand for aluminum products surges amidst
rampant construction projects in the UAE and region. EEF is a
leading aluminum extrusion company in the UAE, and is a
subsidiary of Masharie, the private equity arm of Dubai
Investments. EEF reported a total turnover of over 13,800 metric
tons in 2014 and is targeting growth of over 10% in 2015 with its
expansion plans into Africa, including Algeria, Angola, Morocco,
Tunisia, Kenya and Europe, besides increasing growth in volumes
from the UAE, Oman and Saudi Arabia. (DFM)
 Arabtec denies news on developing Phase I of Egypt housing project
– Arabtec Holding has announced that there is no process
regarding the housing project in Egypt. The company denied the
news published on September 1, 2015 that it would only develop
Phase I of the one million housing project. (DFM)
 KUNA: Bad weather halts operations at three Kuwait ports – Kuwait
News Agency (KUNA) reported that bad weather had halted
operations at Kuwait’s Shuweikh, Shuaiba and Doha ports on
September 2, 2015. The ports stopped operations as the country
witnessed high winds and dust, and are expected to reopen once
weather conditions and visibility improves. (Reuters)
 Brand Finance: Omantel maintains its position as most valuable
brand in country – According to a recent study published by Brand
Finance, Oman Telecommunications Company (Omantel) has
witnessed a remarkable growth to maintain its position as Oman’s
most valuable brand. Omantel moved eight positions upward to
become 33rd among the 50 most valuable brands in the Middle
East and North Africa (MENA) region. As per the annual survey
published by Gulf Marketing Review, the value of Omantel brand
stood at $479mn with a growth of over 50% as compared to 2014
when the brand value was estimated at $319mn. The growth rate
reflects the improvement in Omantel brand and its ability to be
among the top growing brands in the region. Omantel also
received (AA-) ‘very strong’ rating in terms of the brand strength.
(GulfBase.com)
 NBC signs agreement to incubate GCC – The National Business
Centre (NBC), a part of the Public Establishment for Industrial
Estates (PEIE), has signed an agreement to incubate Global
Chrome Company (GCC) as the latter will benefit from NBC’s
support dedicated to the small and medium enterprises. This
agreement comes in line with the NBC’s main objective to support
entrepreneurs with unique business ideas. (GulfBase.com)
 SPF’s $170mn agro-terminal taking shape – Sohar Port and
Freezone (SPF) CEO Andre Toet has said that a major agricultural
handling terminal currently under construction at SPF, with an
investment of around $170mn, will underpin the development of a
strategic food hub designed to serve not only Oman, but the wider
GCC and Middle East region. He said that the project had
immensely beneficial implications not only for the Oman’s food
security objectives, but also in positioning SPF as a ‘food storage
and distribution hub’ for regional markets. Once completed, the
agro-terminal will be able to handle 700,000 tons of grain and
1.5mn tons of raw sugar imports every year. (GulfBase.com)
 Oman set to offer contract worth OMR100mn in November 2015 –
Business contracts worth as much as OMR100mn are expected to

5. Page 5 of 6
be signed by Oman’s corporate entities, especially small & medium
enterprises (SMEs) during the forthcoming business opportunities
forum in November 2015. These contracts, which include purchase
orders and the renewal of contracts, are mainly awarded by
leading private sector and government-owned firms as part of
their in-country value initiatives. (GulfBase.com)
 Bank ABC, HSBC arrange $106mn syndicated loan for Yapı Kredi
Leasing – Turkey-based Yapı Kredi Leasing has successfully closed
a $106mn syndicated loan arranged by Bahrain-based Bank ABC
and HSBC. Other participants in the loan include First Gulf Bank,
GarantiBank International, BBK, United Arab Bank and HBL
Istanbul. The company intends to use the proceeds for general
corporate and financing purposes. Bank ABC acted as an agent for
the transaction. (Bahrain Bourse)
 Viva Bahrain, Azadea partner to expand benefits for Elite members
– Viva Bahrain has signed a deal with Azadea Group to further
expand the range of benefits and privileges offered to Viva Elite
members. With this introduction, Viva Elite members can now
enjoy discounts at Azadea’s premier fashion retail shops. Viva
Bahrain is a leading telecom operator, while Azadea is a premier
fashion and lifestyle retail company. (GulfBase.com)

6. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial
Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or
recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any direct or indirect
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Sep-11 Sep-12 Sep-13 Sep-14 Sep-15
QSE Index S&P Pan Arab S&P GCC
(1.0%)
(0.3%)
(0.6%)
(0.0%)
(0.9%)
(0.5%)
(2.0%)
(2.4%)
(2.0%)
(1.6%)
(1.2%)
(0.8%)
(0.4%)
0.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,134.08 (0.5) 0.0 (4.3) MSCI World Index 1,615.67 0.9 (2.6) (5.5)
Silver/Ounce 14.68 0.5 0.5 (6.5) DJ Industrial 16,351.38 1.8 (1.8) (8.3)
Crude Oil (Brent)/Barrel (FM
Future)
50.50 1.9 0.9 (11.9) S&P 500 1,948.86 1.8 (2.0) (5.3)
Crude Oil (WTI)/Barrel (FM
Future)
46.25 1.8 2.3 (13.2) NASDAQ 100 4,749.98 2.5 (1.6) 0.3
Natural Gas (Henry
Hub)/MMBtu
2.72 (1.1) 2.2 (9.3) STOXX 600 353.86 (0.0) (2.1) (4.1)
LPG Propane (Arab Gulf)/Ton 43.50 4.2 7.4 (11.2) DAX 10,048.05 0.0 (2.0) (5.3)
LPG Butane (Arab Gulf)/Ton 54.00 1.9 4.6 (13.9) FTSE 100 6,083.31 0.3 (3.1) (9.0)
Euro 1.12 (0.8) 0.4 (7.2) CAC 40 4,554.92 (0.0) (2.1) (1.0)
Yen 120.33 0.8 (1.1) 0.5 Nikkei 18,095.40 (0.7) (4.5) 3.1
GBP 1.53 (0.0) (0.6) (1.8) MSCI EM 796.68 (0.6) (2.9) (16.7)
CHF 1.03 (1.1) (0.7) 2.6 SHANGHAI SE Composite 3,160.17 (0.1) (1.8) (4.6)
AUD 0.70 0.3 (1.9) (13.9) HANG SENG 20,934.94 (1.2) (3.1) (11.3)
USD Index 95.83 0.4 (0.3) 6.2 BSE SENSEX 25,453.56 (0.6) (3.5) (11.6)
RUB 66.95 0.4 2.7 10.2 Bovespa 46,463.96 0.2 (5.7) (34.3)
BRL 0.27 (1.5) (4.7) (29.5) RTS 789.39 (1.9) (4.9) (0.2)
136.3
114.1
109.9