The QSE Index rose 1.0% to close at 10,356.6

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.0% to close at 10,356.6. Gains were led by the Telecoms and
Real Estate indices, gaining 3.2% and 1.5%, respectively. Top gainers were Doha
Insurance Group and Qatar Oman Investment Company, rising 6.7% and 6.4%,
respectively. Among the top losers, Al Meera Consumer Goods Company fell 1.3%,
while Widam Food Company was down 0.8%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.2% to close at 7,528.9. Gains were led by the
Energy and Capital Goods indices, rising 0.7% and 0.5%, respectively. Saudi
Industrial Export Co. rose 9.9%, while Saudi Arabia Refineries Co. was up 5.1%.
Dubai: The DFM General Index declined 0.4% to close at 2,727.4. The Invest. & Fin.
Services and Insurance indices declined 2.9% each. Gulf General Investments
Company fell 8.9%, while Khaleeji Commercial Bank was down 6.3%.
Abu Dhabi: The ADX General Index rose 0.5% to close at 4,971.4. The Investment &
Financial Services index gained 3.6%, while the Consumer Staples index rose 1.7%.
Methaq Takaful Insurance Co. gained 9.6%, while Waha Capital Co. was up 3.9%.
Kuwait: The Kuwait Main Market Index rose 0.1% to close at 4,736.1. The Basic
Materials and Consumer Goods indices rose 1.6% each. Al Masaken International
Real Estate Dev. gained 30.0%, while Kuwait Remal Real Estate Co. was up 15.8%.
Oman: The MSM 30 Index fell 0.7% to close at 4,393.1. Losses were led by the
Financial and Industrial indices, falling 1.1% and 1.0%, respectively. Al Anwar
Holding fell 8.0%, while Oman Fisheries was down 5.4%.
Bahrain: The BHB Index gained 0.5% to close at 1,326.9. The Investment index rose
2.1%, while the other indices end flat or in red. United Gulf Holding Company rose
9.8%, while Arab Banking Corporation was up 1.3%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Doha Insurance Group 13.37 6.7 0.9 (4.5)
Qatar Oman Investment Company 6.19 6.4 30.4 (21.6)
Al Khalij Commercial Bank 11.45 3.5 91.4 (19.4)
Ooredoo 76.40 3.5 219.4 (15.8)
Al Khaleej Takaful Insurance Co. 8.37 3.3 61.4 (36.8)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Doha Bank 20.92 1.0 1,400.2 (26.6)
Barwa Real Estate Company 39.45 0.6 1,267.5 23.3
Mazaya Qatar Real Estate Dev. 7.85 2.7 1,118.5 (12.8)
Masraf Al Rayan 39.97 1.2 897.0 5.9
Vodafone Qatar 8.37 2.6 795.3 4.4
Market Indicators 26 Nov 18 25 Nov 18 %Chg.
Value Traded (QR mn) 289.0 82.1 252.0
Exch. Market Cap. (QR mn) 584,769.6 577,932.7 1.2
Volume (mn) 9.1 2.9 214.9
Number of Transactions 6,676 2,130 213.4
Companies Traded 42 43 (2.3)
Market Breadth 29:8 15:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,247.21 1.0 0.3 27.7 15.3
All Share Index 3,078.32 1.1 0.3 25.5 15.6
Banks 3,838.11 1.4 0.2 43.1 14.4
Industrials 3,270.38 0.3 (0.2) 24.8 15.5
Transportation 2,096.61 0.2 (0.1) 18.6 12.2
Real Estate 2,064.15 1.5 0.2 7.8 18.6
Insurance 3,054.74 0.6 1.7 (12.2) 18.2
Telecoms 1,025.24 3.2 1.7 (6.7) 41.6
Consumer 6,805.89 0.8 0.2 37.1 13.9
Al Rayan Islamic Index 3,899.91 0.6 0.2 14.0 15.3
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Al Ahli Bank of Kuwait Kuwait 0.31 5.1 325.0 6.9
Saudi Arabian Fertilizer Saudi Arabia 79.00 3.9 259.9 21.4
Ooredoo Qatar 76.40 3.5 219.4 (15.8)
Banque Saudi Fransi Saudi Arabia 32.55 2.7 216.4 13.8
Boubyan Petrochem. Co. Kuwait 1.02 2.2 720.1 52.5
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Dubai Investments Dubai 1.40 (3.4) 18,032.5 (41.9)
GFH Financial Group Dubai 1.16 (3.3) 11,846.6 (22.7)
National Bank of Oman Oman 0.18 (2.7) 272.1 (5.5)
Saudi Arabian Mining Co. Saudi Arabia 45.65 (2.6) 311.5 (12.0)
HSBC Bank Oman Oman 0.12 (2.5) 55.2 (8.6)
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%
Al Meera Consumer Goods Co. 148.00 (1.3) 4.6 2.1
Widam Food Company 67.77 (0.8) 22.4 8.4
Gulf International Services 18.18 (0.6) 268.8 2.7
Qatar Islamic Insurance Company 52.71 (0.6) 41.8 (4.1)
Mesaieed Petrochemical Holding 16.23 (0.4) 239.4 28.9
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Company 39.45 0.6 49,969.5 23.3
QNB Group 197.89 1.8 38,578.2 57.0
Masraf Al Rayan 39.97 1.2 35,765.6 5.9
Doha Bank 20.92 1.0 29,366.0 (26.6)
Industries Qatar 135.60 0.7 17,805.8 39.8
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* 10,356.62 1.0 0.3 0.5 21.5 79.12 160,636.2 15.3 1.5 4.2
Dubai 2,727.41 (0.4) (1.0) (2.1) (19.1) 43.04 98,426.8 9.2 1.0 6.5
Abu Dhabi 4,971.43 0.5 (0.3) 1.4 13.0 69.00 135,519.1 13.5 1.4 4.8
Saudi Arabia 7,528.90 0.2 (1.0) (4.8) 4.2 736.96 474,719.3 16.2 1.7 3.7
Kuwait 4,736.05 0.1 (0.3) 0.9 (1.9) 59.02 32,362.9 17.0 0.9 4.4
Oman 4,393.06 (0.7) (1.4) (0.7) (13.8) 5.03 19,094.8 10.4 0.8 5.9
Bahrain 1,326.86 0.5 0.3 0.9 (0.4) 12.19 20,213.6 9.0 0.8 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)
10,200
10,250
10,300
10,350
10,400
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index rose 1.0% to close at 10,356.6. The Telecoms 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.
 Doha Insurance Group and Qatar Oman Investment Company were the
top gainers, rising 6.7% and 6.4%, respectively. Among the top losers, Al
Meera Consumer Goods Company fell 1.3%, while Widam Food
Company was down 0.8%.
 Volume of shares traded on Monday rose by 214.9% to 9.1mn from
2.9mn on Sunday. Further, as compared to the 30-day moving average of
5.8mn, volume for the day was 58.2% higher. Doha Bank and Barwa
Real Estate Company were the most active stocks, contributing 15.3%
and 13.9% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Walaa Cooperative
Insurance Co
Moody's
Saudi
Arabia
IFS – A3 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, IFS- Insurance Financial Strength)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
11/26 Germany IFO Institute IFO Business Climate November 102.0 102.3 102.9
11/26 Germany IFO Institute IFO Expectations November 98.7 99.2 99.7
11/26 Japan Markit Nikkei Japan PMI Mfg November 51.8 – 52.9
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Qatar to open up more sectors for 100% foreign ownership –
Qatar is set to further expand its investment ecosystem
allowing foreign investors for 100% ownership in more sectors.
Opening the Qatar-France Business and Investment Forum
yesterday, Ministry of Commerce and Industry’s Assistant
Undersecretary for Commerce Affairs, Yahya bin Saeed Al
Nuaimi said the country is working towards the issuance of a
new investment law that will represent an important step in
the journey to attract foreign investors. The Forum, which was
organized by the French Embassy in Doha, in partnership with
the Ministry of Commerce and Industry, the Qatar Businessmen
Association and Qatar Financial Centre (QFC), kicked off
yesterday. The forum aims at enhancing economic, trade and
investment cooperation between Qatar and France and building
communication channels between representatives of the Qatari
and French private sectors to establish joint investment
projects that serve the interests of both countries. (Peninsula
Qatar)
 Foreign firms urged to take advantage of Qatar’s commercial
reforms – Qatar is marking an important milestone in its
journey towards achieving sustainable development through
the implementation of Qatar National Vision 2030 strategies
and programs aimed at reducing dependence on oil and gas and
supporting the country’s transition towards a knowledge-based
economy, Ministry of Commerce and Industry’s
Undersecretary, Sultan Bin Rashid Al Khater said. Delivering
the opening speech at the 6th Global Economic Development
Forum, titled ‘Global Mindset for Connecting with pearl of the
Middle East-Qatar’, Al Khater said Qatar has managed to
strengthen its national economy, with the GDP rising to $222bn
in 2017 compared to $218bn in 2016, an annual growth rate of
1.6% at constant prices. Quoting the latest World Bank report,
Al Khater said Qatar’s economy will grow by another 2.8% in
2018 and by an average 3% during 2019-2020, as the
government seeks to further promote foreign investments.
Qatar’s foreign trade also grew by 16% last year, he said, noting
that this growth was driven by an 18% increase in Qatari
exports, which resulted in a trade surplus of 49.9% in 2017.
(Peninsula Qatar)
 QCB’s Governor: Blockade was like a real stress test for the
economy – Qatar Central Bank’s (QCB) Governor, HE Sheikh
Abdulla bin Saoud Al Thani has said the blockade imposed on
Qatar was like a real stress test for the economy. The resilience
of the Qatari economy and the strong confidence of the
investors were realized during the blockade. Speaking to The
Euromoney, ahead of The Euromoney Qatar Conference in
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 23.03% 33.07% (29,024,773.34)
Qatari Institutions 11.39% 26.25% (42,936,668.05)
Qatari 34.42% 59.32% (71,961,441.39)
GCC Individuals 0.23% 0.48% (718,497.25)
GCC Institutions 1.99% 2.80% (2,321,697.78)
GCC 2.22% 3.28% (3,040,195.03)
Non-Qatari Individuals 6.09% 7.80% (4,950,130.94)
Non-Qatari Institutions 57.27% 29.60% 79,951,767.36
Non-Qatari 63.36% 37.40% 75,001,636.42

3. Page 3 of 7
December, the QCB Governor said 10 years since the financial
crisis, the global economy appeared to have moved out of the
danger zone, even though downside risk still exists. Efforts by
the central banks and other authorities across the globe enabled
this positive development in the face of many uncertainties and
risks. (Peninsula Qatar)
 Blockade has no impact on major infrastructure projects in
Qatar – Balanced economic policies and its robust relations with
various countries across the globe have helped Qatar to tackle
the ongoing diplomatic embargo by the Saudi Arabia-led
quartet. The blockade has no impact on projects related to 2022
FIFA World Cup, which are progressing ahead of schedule,
according to a top official of Qatar Chamber (QC). “The siege did
not affect the major construction and infrastructure projects in
Qatar, as all the construction projects related to the 2022 World
Cup and infrastructure projects are proceeding well ahead of
schedule,” QC’s first Vice Chairman Mohamed bin Towar Al-
Kuwari told an international conference organized by the
Ministry of Commerce and Industry and China-based Global
Economic Development Forum. A recent International
Monetary Fund (IMF) report noted Qatar has contained the
effect of the blockade, thus enabling it to grow faster this year
and helping the overall Gulf Co-operation Council economies to
expand faster. Appreciative of the role played by the private
sector amidst the blockade, Al-Kuwari said Qatari businessmen
have made great efforts to find alternative sources to ensure
the continued flow of goods without interruption. (Gulf-
Times.com)
 Qatar seen playing a key role in China's Belt and Road plan –
Qatar, which has a pre-eminent position in the Middle East, has
a key role to play in the Belt and Road Initiative, a development
strategy adopted by the Chinese government involving
infrastructure development and investments in Europe, Asia
and Africa. "Qatar's position in the region helps it to play an
important role in the Belt and Road Initiative, especially with
its economic and geographical components," said Gui Hanfeng,
Chairman of Global Economic Development Forum (GEDF), a
global platform to bolster cooperation as well as economic,
trade and cultural coordination among nations. The statement
assumes significance considering that the Qatar Chamber (QC)
last year signed a memorandum of understanding with the
China Council for the Promotion of International Trade to join
the Silk Road Business Council. The presence of shipping lines
between the two countries contributes to the growth of
economic relations, and also supports investment opportunities
between them, he said, adding the 2022 FIFA World Cup and
the Qatar National Vision 2030 make it an ideal environment
for attracting investment, which is expected to see progress and
prosperity under these incentives. (Gulf-Times.com)
 QCSD provides new services for Qamco’s listing – Qatar Central
Securities Depository (QCSD) has announced that it has
provided a number of electronic services as part of the ongoing
preparations to list Qatar Aluminum Manufacturing Company
(Qamco). The aim is to allow the shareholders to inquire about
the shares allocated to them, thereby saving time and energy.
The company stated that it will provide electronic screens at
the offices of financial services companies (brokerages) to
inquire about the shareholders’ numbers (NIN) and shares
allocated to them in Qamco’s offer, using their ID card numbers.
The allocated shares will be available in the shareholders’
statement once they are listed. The electronic statement can be
printed through the company’s electronic services portal
through and the shareholder can obtain a daily, weekly or
monthly statement. The company stated that if a shareholder
does not have a registered NIN number, a new shareholder’s
number will be defined based on the information in the IPO
application, and an SMS message will be sent to the
shareholder. SMS messages will be sent to each shareholder,
whose shares are listed in Qamco’s systems, as well as to
update shareholders’ data by adding the IBAN according to the
data in Qamco’s shareholder register. (Gulf-Times.com)
 QFC plans partnership with largest startup incubator in France
– A partnership between Qatar Financial Centre (QFC) and
Station F, the world’s biggest startup campus based Paris, is
underway for the development of Qatar’s startup ecosystem,
according to France-Qatar Business Council’s Chairman,
Guillaume Pepy. He said, “There are more than 1,000 digital
companies and startups, and they are all gathered in the same
place so they can develop their own projects; and also, there is a
cross-fertilization process between the different startups so
that they could accelerate their development and the time to
market. No less than €2.6bn has been invested in France to
have startups. It’s much more than in any other European
country, and this is the kind of showcase that we would like to
share with our Qatari friends.” Asked which sectors would
benefit from the partnership, Pepy said digital transformation
and digital business has value for all the different sectors of the
Qatari and French economies. (Gulf-Times.com)
 Qatar Chamber’s Chairman joins GCC trade ministers, chambers
meeting – Qatar Chamber’s Chairman, Sheikh Khalifa bin
Jassim Al-Thani participated in the ‘4th Consultative Meeting
of GCC Ministers of Commerce and Industry and Chairmen of
Federations and Chambers’ held in Kuwait on Wednesday. The
meeting reviewed ways of increasing the public-private
partnership, the development SMEs, and strengthening
cooperation between GCC ministries of trade and industry. It
also discussed facilitating custom procedures and combating
obstacles facing the GCC joint market. Kuwait’s Amir, Sabah Al-
Ahmad Al-Jaber Al-Sabah hosted the GCC ministers of
commerce and industry, as well as presidents of chambers of
commerce and industry at the Bayan Palace on the sidelines of
the ‘56th Meeting of the GCC Trade and Industrial Co-operation
Committee of the General Secretariat’ also held in Kuwait.
(Gulf-Times.com)
 QFC to French investors: Qatar offers access to a bloc with
$2.1tn GDP, $1.13tn trade – Qatar could offer French investors
access to four emerging regional markets with a combined GDP
of $2.1tn and international trade worth $1.13tn, an official of
Qatar Financial Centre (QFC) said during the first ‘Qatar-France
Business and Investment Forum’. “Initiatives like today’s event
are at the essence of QFC’s mission. This mission is to
contribute toward our country’s vision of building, developing,
and diversifying our economic environment. Attracting FDI is a
national priority for us and QFC’s platform is the best option for
your company, when it comes to doing business in Qatar,”
QFC’s Managing Director for Business Development, Sheikha

4. Page 4 of 7
Alanoud bint Hamad Al-Thani said. Sheikha Alanoud also
stressed that French investors could consider Qatar as a hub to
a region that has 40 countries. “Combine Qatar with four other
emerging regional markets – to highlight a few examples –
Turkey, Kuwait, Oman, and Pakistan. This provides you access
to an economic bloc with a combined GDP of $2.1tn and $1.13tn
in trade,” she pointed out. (Gulf-Times.com)
 WOQOD opens petrol station in Rawdat Al Hamama-2 – Qatar
Fuel Company (WOQOD) opened Rawdat Al Hamama-2 raising
its total count of petrol stations to 79. Rawdat Al Hamama-2
petrol station is spread over an area of 10,000 square meters and
has three lanes with six dispensers that will serve Rawdat Al
Hamama and its neighborhood. (Peninsula Qatar)
 Qatar Airways expands operations in Iran with new routes,
more flights – Qatar Airways announced that it will expand its
operations in Iran with the launch of a new twice-weekly direct
service to Isfahan International Airport from February 4, 2019,
as well as introducing increased services to Shiraz and Tehran,
from early January 2019. (Gulf-Times.com)
 Qatar, Turkey sign pacts to cement ties – Further strengthening
bilateral ties, Qatar and Turkey signed an agreement and a
number of Memorandums of Understanding (MoU) in the
presence of HH the Amir, Sheikh Tamim bin Hamad Al-Thani
and Turkish President, Recep Tayyip Erdogan. This followed
the fourth meeting of Qatar-Turkey Supreme Strategic
Committee. A MoU was signed between Qatar Civil Aviation
Authority and Turkey’s Directorate General of Civil Aviation.
Another was for the Cultural Year 2019-2020 with regard to
cooperation in the field of culture between the two countries.
Two cooperation protocols were also signed. The first is on
cooperation and training in the field of electronic warfare, and
the second on the exchange of members of the armed forces. A
trade and economic partnership agreement too was signed
aimed at liberalizing trade in goods and services, cooperation in
electronic commerce and attracting investment between the
two sides. The ceremonies were concluded by signing the joint
statement issued by the fourth meeting of Qatar-Turkey
Supreme Strategic Committee. (Gulf-Times.com)
International
 WTO's quarterly indicator suggests trade growth slowing
further in the fourth quarter – Global growth in merchandise
trade is likely to slow further this quarter, the World Trade
Organization (WTO) stated, as it published a quarterly indicator
showing declines in all seven of the drivers of trade that it
tracks. The WTO’s quarterly trade outlook indicator showed a
reading of 98.6, the lowest since October 2016, reflecting a
further loss of momentum since August, when the index was at
100.3. A reading below 100 signals below-trend growth in trade.
In the latest reading, electronic components plunged to 93.3
from 102.2 in the previous quarter, while agricultural raw
materials slumped to 97.2 from 100.1 and export orders slid to
96.6 from 97.2 in August. (Reuters)
 ILO: Global wage growth slumps to 1.8% in 2017, lowest in a
decade – Global wages grew by 1.8% in 2017, down from 2.4%
in 2016 and the slowest rate since the global financial crisis in
2008, the International Labour Organization (ILO) said in its
two-yearly Global Wage Report. In the past 20 years, average
real wages have almost tripled in emerging and developing G20
countries, but they have risen by only 9% in advanced G20
countries. (Reuters)
 Trump says he expects to raise China’s tariffs – US President,
Donald Trump said he expects to move ahead with raising
tariffs on $200bn in Chinese imports to 25% from the current
10% and repeated his threat to slap tariffs on all remaining
imports from China. In an interview with the Wall Street
Journal, four days ahead of his high-stakes meeting with
Chinese President Xi Jinping, Trump said it was “highly
unlikely” he would accept China’s request to hold off on the
increase, which is due to take effect on January 1. (Reuters)
 UK’s mortgage approvals edge up in four months in October –
British banks approved the most mortgages for house purchase
in four months in October and consumer borrowing maintained
its steady pace of growth, industry data showed, suggesting the
economy was holding up as Brexit neared. The number of
mortgages approved for house purchase rose to 39,697 from a
five-month low of 38,712 in September but was down about 1%
compared with October last year, the seasonally adjusted
figures from UK Finance showed. (Reuters)
 ECB’s President: Eurozone’s slowdown not enough for ECB to
change course – The Eurozone has lost some growth
momentum but this was mostly normal and not enough to
derail plans by the European Central Bank (ECB) to dial back
stimulus further, ECB’s President, Mario Draghi and two of his
top lieutenants said. Eurozone’s growth has been disappointing
since the summer months, and Germany, the bloc’s biggest
economy, even contracted last quarter, raising some concern
that the ECB may be cutting support at the worst possible
moment. “A gradual slowdown is normal as expansions mature
and growth converges towards its long-run potential,” Draghi
told the European Parliament’s committee on economic affairs.
(Reuters)
 Falling business morale points to weak German growth; signs of
economy cooling as Brexit, trade conflicts weigh – German
business morale fell by more than expected in November as the
country’s exporters were caught up in a trade dispute between
China and the US. Economists expressed concern about the
drop in the Ifo economic institute’s business climate index,
which followed the first quarterly contraction in German GDP
since 2015. Munich-based Ifo stated the index fell for the third
month in a row to 102.0. This was lower than a consensus
forecast of 102.3 in a Reuters poll of economists. Moreover,
there are signs that the German economy is cooling as
uncertainty related to Britain’s looming departure from the
European Union and trade conflicts cause uncertainty, an
economist at the Ifo institute stated. (Reuters)
 Italy sticks to 2019 budget goals, for now, ahead of cost review
– The Italian government stated that it was sticking to its main
2019 budget goals for now as it awaits a cost analysis of its
main spending measures but left open the possibility of
eventually cutting its deficit target. Prime Minister, Giuseppe
Conte discussed the contested financial package with his two
deputies, Matteo Salvini and Luigi Di Maio, against the
backdrop of possible disciplinary action from Brussels unless
the expansionary plans are altered. (Reuters)
 China's industrial profit growth cools again in October – Profit
growth at China’s industrial firms slumped for a sixth straight

5. Page 5 of 7
month in October as demand cooled further amid mounting
uncertainties stemming from the US-China trade war. China
and the US have slapped tariffs on billions of dollars of each
other’s goods, hurting manufacturing and casting a shadow on
the outlook for global growth. Industrial profits rose 3.6% in
October from a year earlier, slowing from September’s 4.1%
gain, the National Bureau of Statistics (NBS) stated. The
expansion was the slowest since March as the world’s second-
largest economy braced for weaker growth thanks to the trade
war plus efforts to rein in financial risks and tackle pollution
problems. (Reuters)
Regional
 Saudi Arabia targets $64bn in mining revenue by 2030 – Saudi
Arabia aims to raise the Kingdom’s mining revenues to $64bn
from $17bn by 2030, Energy Minister Khalid Al-Falih said.
Mining vast untapped reserves of bauxite, phosphate, gold,
copper and uranium is key to the Saudi Arabia’s efforts to
diversify its economy away from hydrocarbons. Studies
indicate that the level of the likely geological reserves in the
Kingdom exceed $1tn. Al-Falih said, “We are seeking to develop
the mining sector through the implementation of a
comprehensive strategy and raise its contribution to GDP from
$17bn to $64bn, with the generation of 160,000 additional jobs
by 2030.” (Reuters)
 Saudi Arabia’s daily oil output surpasses a record 11mn barrels
– Saudi Arabia is pumping as much as 11.2mn barrels of crude a
day, the most since the Kingdom extracted its first oil eight
decades ago, according to sources. The Kingdom’s production
was running at about 10.8mn to 10.9mn barrels earlier this
month. Saudi Arabia was also using crude from domestic and
overseas stockpiles to supplement supply, industry executives
said at the time. It is unclear if Saudi Arabia plans to keep
increasing production, or if it is still supplementing supply from
the inventories. (Bloomberg)
 Saudi Arabia pumps record amount of oil as Trump piles on
pressure – Saudi Arabia raised oil production to an all-time high
in November, an industry source said as US President, Donald
Trump piled pressure on the Kingdom to refrain from production
cuts at an OPEC meeting next week. The meeting, at which
OPEC members will consider how to arrest a decline in oil
prices, comes days after leaders of top global oil producers
travel to Argentina for a G20 summit this week. (Reuters)
 Saudi Aramco plans Ras Tanura refinery upgrades to make
cleaner fuels – Saudi Aramco will upgrade the processing units
at 550k bpd at the Ras Tanura refinery to produce cleaner-
burning fuels, according to a company official. The company
has already started the work on $2bn project to produce
gasoline that meets Euro V standards and burns more cleanly
fuel. Saudi Aramco will produce ultra-low sulfur diesel by 2023;
the company has conducted early engineering work to add
diesel hydrotreater, which will produce 10ppm diesel and the
cost estimates are not yet determined. (Bloomberg)
 Saudi Aramco eyes bigger market share in Asia ahead of
possible OPEC cut – Saudi Aramco will expand its market share
in Asia despite likely OPEC limits on output next year, and is
eyeing deals in China and Africa as it aims to become a global
leader in chemicals, CEO Amin Naser said. He told Reuters that
his company would abide by any OPEC agreement to cut crude
production in 2019, less than two weeks before the exporter
group meets to decide output policy. However he added that he
still sees growth opportunities in Asia - identifying China,
India, Malaysia and Indonesia - and will push ahead with
refining ventures to guarantee new outlets for Saudi Aramco’s
crude. (Reuters)
 Saudi Aramco signs 13 MoUs for projects including offshore
works – Saudi Aramco signed 13 Memorandum of
Understandings (MoUs) for projects including offshore works
with companies including Baker Hughes, Schlumberger, Sapura
Energy, Siemens, ABB, Lamprell and Boskalis, Technip,
Offshore Oil Engineering, NPCC, Sepco at the event organized
by Saudi Aramco called ‘In-Kingdom Total Value Add’ (IKTVA).
(Bloomberg)
 Saudi Electricity Company seeks shareholder’s approval to set
up power generation unit – Saudi Electricity Company stated
that it seeks shareholders’ approval to set up a power
generation unit, the company stated. (Bloomberg)
 Saudi Arabia’s funds' splurge cushions market buffeted by oil
and Jamal Khashoggi – Saudi Arabia’s funds have been buying
equities for more than two months, even in the face of
weakening oil prices and fallout from the death of columnist
Jamal Khashoggi in the country’s Istanbul consulate. That’s in
contrast with the selling by individual local investors and
foreigners. Saudi Arabian institutions bought a net $203mn of
stocks in the five days ended November 22, the 21st
consecutive week of purchases, even as Brent crude spiraled
toward its lowest level in more than a year. Meanwhile, Saudi
Arabian individuals and foreigners together sold about
SR800mn. Earlier this year, foreigners were buyers as they bet
on the world’s biggest oil exporter winning a place in emerging-
market equity benchmarks before actual inclusion in 2019.
They have been net sellers as volatility surged last month
following the killing of Jamal Khashoggi, with some traders
saying that funds tied to the government could be supporting
local equities. (Bloomberg)
 Visa reforms to give confidence to investors, entrepreneurs –
Businessmen in the UAE are expected to be more confident in
investing more as a long-term stay brings more certainty,
according to experts. The UAE relaxed norms for investors and
entrepreneurs to get a higher duration visa upon investment of
a fixed sum, a few weeks after the UAE upgraded its place in
terms of ease of doing business. “Investors and entrepreneurs
will certainly welcome the greater certainty which will
facilitate long term investment, R&D and development of new
and potentially disruptive technologies,” Chirag Shah, CEO, 1
International FinCentre Associates, an advisory firm said.
(GulfBase.com)
 UAE-Caribbean Cooperation Forum explores role of SMEs –
Small and medium-sized enterprises (SME) are playing a vital
role in expanding trade ties between the UAE and Caribbean
region, according to the heads of chambers of commerce who
spoke at the inaugural UAE-Caribbean Cooperation Forum.
During the forum, a panel discussion entitled ‘The Role of the
Private Sector in Building a Connected and Competitive Future’
evaluated bilateral business opportunities that could be availed
by SMEs in the UAE and Caribbean markets, as well as key
sectors and areas where companies on both sides can expand

6. Page 6 of 7
their cooperation. Among the issues addressed during the
session were key challenges facing SMEs in both regions, as
well as critical building blocks needed to harness productive
relationships between the UAE and Caribbean business
communities. (GulfBase.com)
 Al Hilal Bank uses blockchain to sell Sukuk in the secondary
market – Abu Dhabi’s Al Hilal Bank has executed the world’s
first Sukuk transaction using blockchain technology, it stated.
The Islamic bank used the distributed ledger technology, best
known as the underpinning of crypto-currency Bitcoin, to sell
and settle in the secondary market a small portion of its
$500mn five-year Sukuk, issued in September. “Al Hilal Bank is
aiming to transform the Sukuk market through embracing
blockchain and integrating it into their infrastructure, paving
the way for innovative digitized Islamic Sukuk,” it stated. A
bank spokeswoman said that the size of the deal was $1mn,
sold by Al Hilal to a private investor. Applied to capital raising
exercises, blockchain technology is expected to simplify
issuance and trading, and also improve regulatory oversight.
(Reuters)
 ADNOC launches new Taweelah gas compression plant – Abu
Dhabi National Oil Company (ADNOC) has inaugurated its
technologically-advanced Taweelah Gas Compression Plant
(Taweelah), which will ensure uninterrupted gas supplies to
major Abu Dhabi industries and Fujairah. The plant, located 50
km north of Abu Dhabi city, will utilize up to 450mn standard cu
ft per day (mmscfd) of sales gas. The gas will be delivered to the
facility by ADNOC Gas Processing’s recently installed Maqta-
Taweelah pipeline, ADNOC stated. Siemens AG is the main
contractor for the project. (GulfBase.com)
 Germany's Wintershall joins Italy's Eni in Abu Dhabi gas
project – Wintershall AG, the energy subsidiary of chemical
giant BASF SE, joined Italy’s Eni SpA in a 40-year concession to
develop major natural gas fields in Abu Dhabi. Wintershall is
the first German oil and gas company to join ADNOC’s
concession, ADNOC stated. The deal is the third major
agreement that ADNOC has signed this month as part of its
drive to become self-reliant in gas and export the fuel by 2030.
The German company will hold a 10% stake in the Ghasha
offshore sour gas concession, which ADNOC expects to produce
more than 1.5bn cubic feet a day of gas by about the middle of
the next decade. “That would be enough gas to provide
electricity to more than two million homes,” it stated. ADNOC
also expects the project to produce more than 120,000 barrels a
day of oil and condensate. “The gas, extracted from the
concession area, at commercial rates, will make a significant
contribution to fulfilling our commitment to ensuring a
sustainable and economic gas supply and achieving our
objectives of gas self-sufficiency for the UAE,” ADNOC’s CEO,
Sultan Al Jaber said. (Bloomberg)
 Central Bank of Kuwait sets up test ground for Fintech – Central
Bank of Kuwait has issued regulatory guidelines for companies
wishing to experiment with new financial technology products
and services, it stated. Kuwait’s regulatory testing framework,
known as a ‘sandbox’, will include four phases, with
representatives from local banks joining a central bank
taskforce to assess the products and services being proposed.
Other cities across the Gulf region are competing to establish
themselves as regional powerhouses in financial technology or
Fintech. Bahrain has created a Fintech regulatory unit and Abu
Dhabi and Dubai is cultivating a financial startup scene. Saudi
Arabia has stated that Fintech is a focus of its King Abdullah
Financial District in Riyadh. (Reuters)
 Bahrain sells BHD70mn 91-day bills; bid-cover at 1.54x –
Bahrain sold BHD70mn of bills due February 27, 2019. Investors
offered to buy 1.54 times the amount of securities sold. The bills
have a yield of 4.27% and will settle on November 28.
(Bloomberg)

7. 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 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Oct-14 Oct-15 Oct-16 Oct-17 Oct-18
QSE Index S&P Pan Arab S&P GCC
0.2%
1.0%
0.1%
0.5%
(0.7%)
0.5%
(0.4%)(1.0%)
(0.5%)
0.0%
0.5%
1.0%
1.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,222.40 (0.1) (0.1) (6.2) MSCI World Index 1,999.20 1.2 1.2 (5.0)
Silver/Ounce 14.23 (0.4) (0.4) (16.0) DJ Industrial 24,640.24 1.5 1.5 (0.3)
Crude Oil (Brent)/Barrel (FM Future) 60.48 2.9 2.9 (9.6) S&P 500 2,673.45 1.6 1.6 (0.0)
Crude Oil (WTI)/Barrel (FM Future) 51.63 2.4 2.4 (14.5) NASDAQ 100 7,081.85 2.1 2.1 2.6
Natural Gas (Henry Hub)/MMBtu 4.28 (8.9) (8.9) 38.5 STOXX 600 358.33 1.3 1.3 (13.2)
LPG Propane (Arab Gulf)/Ton 69.00 (6.1) (6.1) (30.3) DAX 11,354.72 1.5 1.5 (17.1)
LPG Butane (Arab Gulf)/Ton 70.50 (6.9) (6.9) (35.0) FTSE 100 7,036.00 1.3 1.3 (13.2)
Euro 1.13 (0.1) (0.1) (5.6) CAC 40 4,994.98 1.0 1.0 (11.3)
Yen 113.58 0.5 0.5 0.8 Nikkei 21,812.00 0.3 0.3 (5.0)
GBP 1.28 0.1 0.1 (5.1) MSCI EM 976.57 0.8 0.8 (15.7)
CHF 1.00 (0.1) (0.1) (2.4) SHANGHAI SE Composite 2,575.81 (0.0) (0.0) (27.0)
AUD 0.72 (0.2) (0.2) (7.5) HANG SENG 26,376.18 1.7 1.7 (12.0)
USD Index 97.07 0.2 0.2 5.4 BSE SENSEX 35,354.08 1.4 1.4 (6.3)
RUB 67.10 1.3 1.3 16.4 Bovespa 85,546.51 (3.1) (3.1) (5.3)
BRL 0.25 (2.9) (2.9) (16.0) RTS 1,084.17 (2.6) (2.6) (6.1)
75.7
75.3
73.0