The QSE Index rose 0.5% to close at 10,331.1

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.5% to close at 10,331.1. Gains were led by the Banks &
Financial Services and Industrials indices, gaining 0.8% and 0.5%, respectively. Top
gainers were Industries Qatar and Qatar International Islamic Bank, rising 1.4% and
1.3%, respectively. Among the top losers, Ahli Bank fell 8.4%, while Doha Insurance
Group was down 6.0%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.4% to close at 7,846.9. Losses were led by the
Pharma, Biotech. and Transportation indices, falling 4.2% and 1.9%, respectively.
Saudi Ground Services declined 6.0%, while Nama Chemicals Co. was down 5.4%.
Dubai: The DFM General Index declined 0.4% to close at 2,795.0. The Services index
fell 3.4%, while the Real Estate & Const. index declined 0.7%. Amanat Holdings fell
4.3%, while Gulf General Investments Company was down 2.4%.
Abu Dhabi: The ADX General Index fell marginally to close at 4,919.8. The Real
Estate index declined 2.5%, while the Telecommunication index fell 0.6%. Gulf
Cement Co. declined 8.5%, while Aldar Properties was down 2.8%.
Kuwait: The Kuwait Main Market Index declined 0.1% to close at 4,715.2. The
Technology index fell 16.0%, while the Consumer Goods index declined 0.7%.
Automated Systems Co. fell 16.0%, while Salbookh Trading Co. was down 10.3%.
Oman: The MSM 30 Index rose 0.1% to close at 4,424.9. Gains were led by the
Financial and Services indices, rising 0.1% each. Nat. Pharmaceutical Ind. rose
1.6%, while Ahli Bank was up 1.3%.
Bahrain: The BHB Index gained 0.1% to close at 1,315.2. The Services index rose
1.3%, while the Investment index gained 0.4%. Bahrain Telecommunication Co.
rose 2.4%, while GFH Financial Group was up 1.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Industries Qatar 142.00 1.4 52.5 46.4
Qatar International Islamic Bank 62.99 1.3 94.0 15.4
The Commercial Bank 41.00 1.2 52.7 41.9
Qatar Islamic Bank 156.00 1.1 42.5 60.8
United Development Company 14.03 0.8 225.6 (2.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 8.10 (1.0) 362.5 1.0
Zad Holding Company 99.00 (1.0) 309.6 34.4
Mazaya Qatar Real Estate Dev. 7.53 (0.9) 263.5 (16.3)
Qatar Gas Transport Company Ltd. 17.65 (0.8) 236.6 9.6
United Development Company 14.03 0.8 225.6 (2.4)
Market Indicators 04 Nov 18 01 Nov 18 %Chg.
Value Traded (QR mn) 140.2 135.7 3.3
Exch. Market Cap. (QR mn) 580,500.8 578,520.7 0.3
Volume (mn) 3.5 4.1 (12.9)
Number of Transactions 2,306 3,129 (26.3)
Companies Traded 43 39 10.3
Market Breadth 12:30 16:20 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,202.31 0.5 0.5 27.3 15.3
All Share Index 3,043.50 0.3 0.3 24.1 15.4
Banks 3,802.06 0.8 0.8 41.8 14.3
Industrials 3,364.94 0.5 0.5 28.4 16.0
Transportation 2,089.99 (1.0) (1.0) 18.2 12.1
Real Estate 1,909.70 (0.5) (0.5) (0.3) 17.2
Insurance 3,060.53 (0.6) (0.6) (12.0) 18.2
Telecoms 953.91 (0.1) (0.1) (13.2) 38.7
Consumer 6,942.41 (0.5) (0.5) 39.9 14.2
Al Rayan Islamic Index 3,906.43 0.3 0.3 14.2 15.3
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Cement Co. Saudi Arabia 44.45 3.4 270.6 (6.3)
Bahrain Telecom. Co. Bahrain 0.26 2.4 430.0 25.5
Yanbu Cement Co. Saudi Arabia 22.30 2.4 365.4 (34.1)
Makkah Const. & Dev. Co. Saudi Arabia 84.00 2.2 44.0 10.9
Mobile Telecom. Co. Saudi Arabia 6.40 1.7 4,853.0 (12.4)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Ground Serv. Co. Saudi Arabia 33.65 (6.0) 2,197.8 (14.4)
National Petrochem. Co. Saudi Arabia 28.65 (3.0) 307.6 54.6
Aldar Properties Abu Dhabi 1.72 (2.8) 1,785.5 (21.8)
Saudi Arabian Fertilizer Saudi Arabia 80.00 (2.6) 149.8 22.9
Saudi Kayan Petrochem. Saudi Arabia 15.02 (2.3) 7,350.4 40.6
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%
Ahli Bank 29.04 (8.4) 0.7 (21.8)
Doha Insurance Group 12.57 (6.0) 0.3 (10.2)
Qatar Islamic Insurance Company 52.61 (3.3) 4.9 (4.3)
Mannai Corporation 57.10 (3.2) 3.2 (4.0)
Qatari German Co for Med. Dev. 4.55 (3.0) 34.4 (29.6)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Zad Holding Company 99.00 (1.0) 30,647.2 34.4
QNB Group 195.50 0.8 19,580.5 55.1
Masraf Al Rayan 37.94 0.6 7,730.3 0.5
Barwa Real Estate Company 37.85 (0.4) 7,431.4 18.3
Industries Qatar 142.00 1.4 7,425.6 46.4
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 10,331.14 0.5 0.5 0.3 21.2 38.45 159,463.6 15.3 1.5 4.2
Dubai 2,794.98 (0.4) (0.4) 0.4 (17.1) 24.40 99,510.1 7.5 1.0 6.3
Abu Dhabi 4,919.84 (0.0) (0.0) 0.4 11.9 10.30 134,448.2 13.1 1.4 4.9
Saudi Arabia 7,846.93 (0.4) (0.4) (0.8) 8.6 652.90 497,417.1 16.3 1.8 3.6
Kuwait 4,715.21 (0.1) (0.1) 0.5 (2.3) 46.98 32,257.2 14.8 0.9 4.4
Oman 4,424.86 0.1 0.1 0.0 (13.2) 1.83 19,125.6 10.5 0.8 5.9
Bahrain 1,315.18 0.1 0.1 0.0 (1.2) 1.18 20,351.6 8.9 0.8 6.2
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
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 0.5% to close at 10,331.1. The Banks & Financial
Services and Industrials indices led the gains. The index rose on the back
of buying support from GCC and non-Qatari shareholders despite selling
pressure from Qatari shareholders.
 Industries Qatar and Qatar International Islamic Bank were the top
gainers, rising 1.4% and 1.3%, respectively. Among the top losers, Ahli
Bank fell 8.4%, while Doha Insurance Group was down 6.0%.
 Volume of shares traded on Sunday fell by 12.9% to 3.5mn from 4.1mn
on Thursday. Further, as compared to the 30-day moving average of
5.6mn, volume for the day was 37.4% lower. Vodafone Qatar and Zad
Holding Company were the most active stocks, contributing 10.3% and
8.8% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2018
% Change
YoY
Operating Profit
(mn) 3Q2018
% Change
YoY
Net Profit
(mn) 3Q2018
% Change
YoY
Saudi Arabian Amiantit Co. Saudi Arabia SR 270.1 103.4% 18.7 N/A 0.7 -87.8%
Qassim Cement Co. Saudi Arabia SR 74.4 -43.1% 3.3 -93.0% 5.7 -88.9%
Saudi Ground Services Co. Saudi Arabia SR 700.7 0.5% 85.5 -46.2% 92.7 -42.1%
Jarir Marketing Co. Saudi Arabia SR 1.9 17.0% 0.3 17.6% 0.3 16.8%
Saudi Pharmaceutical Industries
and Medical Appliances Corp.
Saudi Arabia SR 213.7 -23.0% 3.6 -68.2% -3.4 N/A
Kingdom Holding Co. Saudi Arabia SR 481.6 -12.5% 423.1 -18.1% 248.6 0.4%
Al Mazaya Holding Company Kuwait KD 5.2 -67.0% 3.6 -5.4% 1.9 -29.0%
Emaar Malls Dubai AED 1,129.0 28.9% – – 537.0 10.5%
National General Insurance
Company
Dubai AED 169.4 13.5% – – 22.0 155.4%
Emirates Driving Company Abu Dhabi AED 49.7 -14.0% – – 27.3 2.4%
Umm Al Qaiwain General
Investment Co.
Abu Dhabi AED – – – – 16.2 -3.8%
Bahrain Telecommunication
Company
Bahrain BHD 101.5 5.1% – – 19.7 130.5%
Inovest Bahrain USD 4.6 16.3% – – 2.1 30.8%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
News
Qatar
 Amiri order reshuffles Qatar’s Cabinet – HH the Amir Sheikh
Tamim bin Hamad al-Thani issued yesterday the Amiri Order
No 7 of 2018, reshuffling the Cabinet. The Amiri Order appoints
HE Issa bin Saad Al-Jafali Al-Nuaimi as Minister of Justice, HE
Abdullah bin Abdulaziz bin Turki Al-Subaie as Minister of
Municipality and Environment, HE Ali bin Ahmed Al-Kuwari as
Minister of Commerce and Industry, HE Yousef bin Mohamed
Al-Othman Fakhro as Minister of Administrative Development,
Labor and Social Affairs and HE Saad bin Sharida Al-Kaabi as
Minister of State for Energy Affairs and member of the Cabinet.
HE Al-Nuaimi will assume the duties of the Minister of State for
Cabinet Affairs in addition to the duties of his post. (Gulf-
Times.com)
 Qatar appoints QNB Group’s CEO as Trade and Industry
Minister – Qatar appointed the CEO of QNB Group as Qatar's
Trade and Industry Minister. Ali Ahmed Al-Kuwari was named
to the post in a cabinet reshuffle that included changes to the
justice, labor and social affairs ministries. (Zawya)
 Amir issues decision restructuring Qatar Petroleum’s board of
directors – HH the Amir Sheikh Tamim bin Hamad Al-Thani
issued decision No 73 of 2018, on restructuring the board of
directors of Qatar Petroleum. The decision stipulated that the
board of directors of Qatar Petroleum be restructured with HH
the Deputy Amir Sheikh Abdullah bin Hamad Al-Thani as
Chairman and HE the Minister of State for Energy Affairs as
Vice-Chairman and Managing Director. The members of the
board will include HE the Minister of Finance, HE the Minister
of Commerce and Industry, Nasser Khalil Al-Jaidah, Sheikh
Khalid bin Khalifa bin Jassim Al-Thani and Saeed Mubarak Al-
Muhannadi. (Gulf-Times.com)
 Amir appoints QFMA board of directors – HH the Amir Sheikh
Tamim bin Hamad Al-Thani issued decision No 76 of 2018,
appointing the board of directors of Qatar Financial Markets
Authority (QFMA). The decision stipulated that the board of
directors of the QFMA will comprises HE Sheikh Mohamed bin
Hamad bin Qassim Al-Abdullah Al-Thani as Chairman, Yahya
Saeed Al-Nuaimi as Vice-Chairman, and the memberships will
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 26.96% 51.00% (33,712,009.49)
Qatari Institutions 31.68% 36.13% (6,239,969.00)
Qatari 58.64% 87.13% (39,951,978.49)
GCC Individuals 0.24% 0.13% 157,498.92
GCC Institutions 4.47% 0.76% 5,210,262.43
GCC 4.71% 0.89% 5,367,761.35
Non-Qatari Individuals 10.94% 6.92% 5,634,197.61
Non-Qatari Institutions 25.71% 5.06% 28,950,019.53
Non-Qatari 36.65% 11.98% 34,584,217.14

3. Page 3 of 7
comprise of Sheikh Khalid bin Saud bin Fahad Al-Thani,
Abdulrahman Mohamed Yousuf Jolo, Michael Rayan, Khalid
Nasser Al-Khater and Mohamed Abdulaziz Saleh Al-Khulaif.
(Gulf-Times.com)
 Qatar Investment Authority’s board of directors revamped –
HH the Amir Sheikh Tamim bin Hamad Al-Thani issued
decision No 72 of 2018, restructuring Qatar Investment
Authority’s board. The decision stipulated that the board of
directors of Qatar Investment Authority is restructured as
follows: HE Sheikh Mohamed bin Abdulrahman Al-Thani as
President, HE Mohamed bin Hamad bin Khalifa Al-Thani as
Deputy President, HE Ali Sherif Al-Emadi, HE Ali bin Ahmed Al-
Kuwari, HE Saad bin Sherida Al-Kaabi, HE Sheikh Abdulla bin
Saoud Al-Thani, HE Hussain Ali Al-Abdulla and HE Nasser bin
Ghanim Al-Khulaifi as members. (Gulf-Times.com)
 Amir establishes National Tourism Council – HH the Amir
Sheikh Tamim bin Hamad Al-Thani issued decision No 74 of
2018, establishing the National Tourism Council. The council
shall have a legal identity and a budget to be attached to the
general budget of the State. It shall pertain to the cabinet and
have its headquarters within the country, and can also have
offices outside the State. The council aims to provide suitable
circumstances to implement the national strategy for tourism
and related programs in a way that sustains the comprehensive
development plans for tourism. It will also be engaged in the
regulation of the sector and promotion of tourism both within
and outside the country. The tenure of the board of directors of
the council is set at four years, which is renewable for a similar
period. The new law cancels Qatar Tourism Authority and the
government committee to coordinate conferences and events.
All functions of these entities shall be allocated to the new
council. (Gulf-Times.com)
 Amir issues decision establishing Planning and Statistics
Authority – HH the Amir Sheikh Tamim bin Hamad Al-Thani
issued Decree No 70 of 2018, establishing the Planning and
Statistics Authority. The Amir also issued Decree No 71 of 2018
appointing HE Saleh Mohamed Salem Al-Nabit as Chairman of
the Planning and Statistics Authority. The authority shall have
a legal identity and a budget to be attached to the cabinet
budget. It shall pertain to the cabinet with headquarters in
Doha. The authority will aim to follow up on the
implementation of the comprehensive development vision and
establishing a statistics system in the State with all relevant
tasks. The Planning and Statistics Authority shall be the
official source for all official data and statistical operations in
the country. The chairman of the authority shall be appointed
by an Amiri decision and have the necessary authority to run it
and achieve its targets in accordance with applicable laws and
regulations within the approved annual budget. The new decree
details all the departments and sections of the Planning and
Statistics Authority as well as the jurisdiction and tasks of
each. Starting from the date the decision is applicable, the new
authority shall take over all the rights, liabilities and financial
allocations of the Ministry of Development Planning and
Statistics. (Gulf-Times.com)
 Amir appoints adviser to Deputy Amir’s Office – HH the Amir
Sheikh Tamim bin Hamad Al-Thani issued Amiri Order No 6 of
2018, appointing HE Masoud bin Mohamed Al-Amri as Adviser
at HH the Deputy Amir’s Office. (Gulf-Times.com)
 Hamad Port records robust 76% YoY jump in net tonnage in
September – Qatar’s maritime sector has remained strong,
despite the continuing economic and trade embargo, as Hamad
Port witnessed a robust 76% YoY growth in net tonnage to
2.53mn tons in September. The number of vessels calling on
Hamad Port stood at 146, which, however saw an about 3% YoY
dip, according to figures released by the Ministry of
Development Planning and Statistics in its monthly statistics
bulletin. On a MoM basis, net tonnage through Hamad Port
witnessed more than 7% growth driven by more than 7%
increase in the vessels calling on the port. Hamad Port covers
28.5 square kilometers and will have the yearly capacity for
1.7mn tons of general freight and 1mn tons of grain, with a
specialist terminal supporting the entry of around 500,000
vehicles per year. (Gulf-Times.com)
 Qatar’s ties with emerging markets in Asia seen strengthening
– Growth in the emerging market and the developing
economies’ group is set to remain steady at 4.7% in 2018 and
2019. Among the emerging market and the developing
economies, the growth prospects of many energy exporters
have been lifted by higher oil prices, but growth was revised
down for certain countries, reflecting country-specific factors,
tighter financial conditions, geopolitical tensions, and higher oil
import bills. Qatar and China mark the 30th anniversary of the
official establishment of diplomatic relations between the two
friendly countries. Trade volume between Qatar and China was
at $10.6bn in 2017 on the strength of energy exports- namely
natural gas from Qatar, as well as Chinese shipments of
electronics and building materials to Qatar. Qatar is already the
second largest supplier of LNG to China. The volume of LNG
imports from Qatar is expected to rise substantially in the near
future as the demand for energy is growing at a rapid pace in
China. Chinese companies are looking to enter the Qatari
market to tap the growing demand for various products and
services. The bilateral trade between Qatar and India during in
2017-18 was close to $10bn. Qatar’s major exports to India
include petrochemicals, LNG, fertilizers, sulphur and iron
pyrites. Qatar’s major imports from India include accessories,
manmade yarn, fabrics, made-ups, cotton yarn, transport
equipment, machinery and instruments, metals, ores and
minerals etc (Gulf-Times.com)
 GCC tourism to leap on sport events in Qatar – Three major
sport events that Qatar is hosting - World Athletics
Championships in 2019, FIFA World Cup 2022 and the World
Aquatics Championships (2023), are expected to generate
significant demand for the GCC tourism and hospitality
industry, a new report showed. Qatar is expected to witness
highest revenue growth in five years up to 2022 on account of
significant investment activities in the tourism and hospitality
sector for the upcoming FIFA World Cup 2022 event, which is
expected to attract over 1.5mn tourist arrivals, Alpen Capital
said in a recent report. The country is witnessing an increase in
hotel supply on account of FIFA World Cup 2022, the report
noted. Qatar’s hotel supply stood at 22,461 hotel rooms and
2,706 service apartments in 2017. Qatar is expected to have a
hotel supply of 46,000 rooms by 2022, Alpen Capital stated.

4. Page 4 of 7
Qatar National Tourism Strategy 2030 aims to increase the
tourism spending up to QR40bn and tourism’s contribution to
4% of the country’s GDP in 2023 from 2.3% in 2016. Qatar’s
hospitality market is expected to register CAGR of 12.1% (2017-
2022) to $1.4bn by 2022. (Gulf-Times.com)
 Dell EMC underscores commitment to digital transformation in
Qatar – Dell EMC’s President for Europe, Middle East, and
Africa, Aongus Hegarty said that the transformation initiatives
of the Qatari government and agenda laid down by the
leadership is driving significant opportunity for technology-
driven transformation across sectors. Annually, Dell EMC
invests more than $4bn in research & development globally, to
streamline transformation initiatives and achieve more
impactful results in markets around the world. Hegarty also
announced that Dell EMC will be investing in bringing the Dell
Technologies Forum to Doha in early 2019. This event, held in
multiple cities around the world each year, brings together the
Dell EMC customer and partner community, and showcases
advances in technology that have a direct impact on human
progress, Hegarty said during his recent visit to Qatar. Dell EMC
leaders stressed on the growing roster of customers that the
company is working with in Qatar, which spans across public
and private and industry sectors. (Peninsula Qatar)
International
 BEA data: Private goods-producing industries’ share of the US
economy rose to the highest level in eleven quarters – The
share of the US economy from private goods-producing
industries increased to the highest level in 11 quarters,
according to data released from the Bureau of Economic
Analysis (BEA). The private goods-producing sector, which
consists of agriculture, forestry, fishing, and hunting; mining;
construction; and manufacturing for durable and nondurable
goods, increased its contribution to almost 18% of overall GDP,
as of the end of the second quarter this year, up from a record
low of 17.1% at the end of 2016. Private goods-producing
industries make up a greater share of US GDP, among the
sectors with the largest growth in gross output by industry
being mining, and in particular, support activities for mining,
petroleum and coal product manufacturing and primary metal
manufacturing. Among the service-producing industries, the
fastest growth was seen in the data processing, internet
publishing, and other information services field. (Bloomberg)
 Japan invests in service industry, reshaping its legendary
hospitality – Japan’s capital expenditure boom is shifting to the
services sector, stirring fears that self-checkout systems and
software will take the human touch out of omotenashi, the
country’s vaunted commitment to hospitality. The economic
forces at work are undeniable. The working-age population is
forecast to shrink by about a third in the next half century, and
companies simply cannot hire enough workers. Turning to
automation raises productivity and removes a bottleneck to
economic growth, but marks a retreat from a services-oriented
culture, where the customer is king. Capital expenditure in the
services sector, which started to accelerate in the last quarter of
2016, rose 9.2% in the first half of this year, the fastest increase
in almost three years. The investment could pay off in Japan,
which has the lowest productivity among the Group of Seven
countries. (Reuters)
Regional
 Almarai Company announces full compliance in importing
100% of its Alfalfa and Green Forage requirements – Almarai
Company has stopped the production of alfalfa and green forage
in Saudi Arabia. Almarai Company has reached full compliance
with the resolution by securing 100% of the supply of all forage
outside Saudi Arabia, to support its dairy and poultry
businesses. These imports originate from different locations,
including US, Argentina, Spain and Eastern Europe, from
selected third party suppliers or from the company run farms.
The total investments realized in these countries for this
purpose amounts to approximately $500mn over the period
2014 to 2018. Since the resolution announcement, the company
has gradually increased the imported percentage of its alfalfa
and green forage requirement from 52% in 2016, to more than
75% in 2017 to reach 100% in 2018 and be fully compliant. The
full annual cost impact of this new sourcing model consisting of
the importation of forage versus local production is estimated
at SR350mn. This adverse effect is anticipated to take place
over a period of two years due to the large forage stock.
(GulfBase.com)
 Jarir Marketing Company announces the distribution of cash
dividend for third quarter – Jarir Marketing Company’s board of
directors has recommended the distribution of SR2.35 per share
to the shareholders for 3Q2018. Total amount of dividend
distributed is SR282mn. The eligibility of dividends shall be for
the shareholders who own shares on maturity date which is on
November 12, 2018 and registered with the Securities
Depository Center Company (Depository Center) at the end of
the second trading day following the date of maturity.
(GulfBase.com)
 Saudi Arabia to boost supplies over Iran oil sanctions – With
the US poised to curtail Iran’s oil exports, OPEC member Saudi
Arabia and its partners stand ready to ramp up supplies even as
market conditions remain uncertain, analysts said. The renewal
of sanctions on the Islamic republic comes at a time of major
supply disruptions in several producer nations and as US
President, Donald Trump aims to prevent an oil price hike.
Analysts expect that Iran’s oil exports, which reach around
2.5mn bpd in normal times, to plunge by 1mn to 2mn bpd when
the sanctions come into effect. That is expected to strain an
already tight market. Outages in Libya, Venezuela, Nigeria,
Mexico, Angola and others forced OPEC and non-OPEC
producers in June to abandon an agreed cut in output and boost
supplies. (Gulf-Times.com)
 SAFCO announces signing non-binding MoU with SABIC –
Saudi Arabian Fertilizer Company (SAFCO) announced signing
a non-binding memorandum of understanding (MoU) with
SABIC. The MoU defines the principles of cooperation between
the two parties regarding SAFCO acquisition of SABIC's
investments in the affiliates that produce agri-nutrients and
some relevant products. (Tadawul)
 AW Rostamani acquires stake in UK car retailer – The UAE
based conglomerate AW Rostamani announced that it has
acquired a majority stake in car retailer Brayleys, marking the
company’s first investment in the UK’s motor retail sector. The
privately owned company, well known for its car retailer
subsidiary Arabian Automobiles that sells Nissan, Infinity and

5. Page 5 of 7
Renualt in the UAE, did not disclose the amount it paid for the
stake. The statement from AW Rostamani further indicated
that the company’s acquisition of Brayleys is part of its efforts
to improve its global footprint through strategic acquisitions. It
did not reveal its next target but implied that it is looking
closely at the UK market. “The acquisition of a majority stake in
Brayleys is underlined by our strategy to expand and build our
business in the UK, a key automotive market,” said Khalid Al
Rostamani, Chairman of AW Rostamani. (GulfBase.com)
 New law enhances discretionary powers of UAE’s central bank
– The new Central Bank Law (Federal Law No. 14 of 2018),
entrusts the Central Bank of the UAE with the responsibility of
licensing and regulation of all kinds of financial services
activities in the UAE. The law expands on previous provisions
and confirms that no financial activities may be carried out in
or from the UAE without a license. “The law reconfirms the
jurisdiction of the UAE Central Bank over banking activities in
the UAE as the relevant licensing authority, which now also
includes the activity of promoting financial products. It
introduces more prescriptive licensing requirements and
processes for financial institutions, both for existing and any
new entrants,” Jody Waugh, Partner, Head of Banking &
Finance, Al Tamimi & Company said. While the law gives a new
set of powers to the central bank in setting conditions for
issuance, cancellation and renewal of licenses for financial
services activities, it incorporates a long list of financial service
activities - ranging from taking deposits, provision of credit,
currency exchange, payment services and other financial
products - that requires a license from the central bank within
the UAE. (GulfBase.com)
 Higher loan yields lift profitability of UAE banks – Year-to-date
bank results showed that the UAE banks have benefited from
rising interest rates, after the three rate hikes by the Federal
Reserve. It is important to maintain interest rates at par or in
close range with US rates, to prevent capital flight in the event
of higher rates offered on Dollar deposits. Analysts said that
banks in the UAE continue to hold significantly large low cost
deposits in current and savings accounts (CASA), the pricing of
which is not hugely impacted by the Fed rate hike because of
the comfortable liquidity situation and relatively modest credit
growth. On the lending side, banks have more flexibility on the
pricing, leading to better yield and net interest margins.
(GulfBase.com)
 EIBank reports net profits narrowing to AED32.77mn in
9M2018 – Emirates Investment Bank (EIBank) reported net
profit of AED32.77mn in 9M2018 as compared to AED44.38mn
reported in the same period in 2017. Operating income stood at
AED108.39mn for the nine-month period ended 30 September
2018 as compared to AED132.27mn reported in the same period
last year. Total assets under EIBank’s management amounted
to AED10.77bn as compared to AED10.53bn at year-end 2017.
EIBank’s CEO, Khaled Sifri said, “We entered the second half of
the year knowing that it will be a period of challenging market
conditions, underpinned by higher interest rates and continued
volatility in the regional and global markets. While this has
resulted in a period of slower activity for EIBank, our assets
under management continued to grow over the course of the
third quarter.” (GulfBase.com)
 DEWA raises solar power purchase deal with ACWA Power –
Dubai Electricity and Water Authority (DEWA) stated that it
had agreed to increase the amount of electricity it would
purchase from a solar park being built by a consortium led by
Saudi Arabia's ACWA Power. As a result of the increased
purchases by DEWA, the park's capacity would increase to 950
megawatts (MW) from 700 MW, the Dubai government stated.
"Following the amendment, the total investment for the
ambitious project has reached $4.4bn," it stated. The project's
cost before the capacity increase was estimated at $3.9bn. The
project would feature a 260-meter tower receiving focused
sunlight, the world’s tallest tower, the Dubai government
stated. The first stage of the project is due to be commissioned
in late 2020. (GulfBase.com)
 October brings some cheer for Dubai’s property market –
Property sales in Dubai crossed 1,500 units in October for the
first time since May (when it totaled 2,006 units sold). In the
year to end October, off-plan transactions are down by 28% -
14,475 units compared to 20,235 units in the first 10 months of
2017. The difference between end October and last year is a
marginal 134 units. Deals involving ready homes totaled 9,865
units from January till end of October, while 2017 saw 10,099.
The next eight weeks could well see ready properties sold this
year overtaking 2017’s by a decisive margin. (GulfBase.com)
 Deutsche Bank's DWS Group to buy stake in Dubai-based
digital investment firm – DWS Group, Deutsche Bank’s asset
manager, has entered into a binding agreement to acquire an
equity stake of 15% in Dubai-based Neo Technologies, the
companies stated. The deal comes as Dubai and other cities
across the Gulf region compete to establish themselves as
regional powerhouses in financial technology or fintech. Under
the agreement, DWS Group and Neo Technologies will form a
partnership to collaborate on the development and expansion of
digital asset management services in the MENA region, sources
said. The value of the transaction was not disclosed. (Reuters)
 Abu Dhabi’s economic performance ‘positive’ in 2Q2018 – The
macroeconomic and sectoral indexes of the second quarter of
this year reflect a positive economic performance in Abu Dhabi,
particularly in non-oil activities, a report stated. This confirms
the rising levels of investor confidence and business optimism
about the Emirate's economic outlook, Wam news agency
report stated citing the second quarter economic follow-up
report issued by the Department of Economic Development -
Abu Dhabi (ADDED), based on the data produced by the
Statistics Centre - Abu Dhabi. Saif Al Hajeri, Chairman of
ADDED, said that the results are issued at the time when a
range of economic and development initiatives and associated
programs have been announced by federal and local
governments to stimulate the domestic economy, enhance
business environment and support the development drive in
the Emirate of Abu Dhabi and the UAE. He referred to the
AED50bn stimulus package for Abu Dhabi and to Abu Dhabi
Government Accelerators Program 'Ghadan 21' in addition to
the resolutions of the Federal Government on foreign
ownership, residence facilities for investors, qualified personnel
and retirees along with the other initiatives launched at the
level of national entities in the Emirate. The report expected
that the implementation of the announced economic and

6. Page 6 of 7
development initiatives and associated programs will
contribute to enhancing investor confidence and eliminating
concerns about the future. (GulfBase.com)
 ADNOC to boost oil output capacity to 4mn bpd by 2020 – Abu
Dhabi National Oil Company (ADNOC) plans to increase its oil
production capacity to 4mn bpd by the end of 2020 and 5mn bpd
by 2030 after new oil and gas finds, the company stated. Abu
Dhabi’s Supreme Petroleum Council (SPC) approved ADNOC’s
new integrated gas strategy and its plan for capital investment
in between 2019-2023. The SPC approved $132.33bn in capital
expenditure to support ADNOC’s five-year growth plan.
(Reuters)
 ADNOC announces new discoveries in oil and gas – Abu Dhabi
announced the new discovery of gas totaling 15tn standard
cubic feet that is expected to enable the UAE achieve self-
sufficiency in gas and potentially become a net gas exporter.
Currently, Abu Dhabi is tapping sour gas through the Shah gas
project in the Western region of Abu Dhabi. The project reached
its full production capacity of one billion cubic feet per day and
there are plans to increase the capacity further. The UAE also
imports gas from its neighboring countries to meet the demand
through the Dolphin gas project. “The gas strategy will sustain
LNG production to 2040 and allow ADNOC to seize incremental
LNG and gas-to-chemicals growth opportunities, where they
arise, from the UAE’s dynamic demand or supply position and
evolving energy mix,” ADNOC stated. (GulfBase.com)
 Kuwait Petroleum Corp. said to be in talks for $3.3bn loan –
Kuwait Petroleum Corp. is in talks with local banks to raise
$3.3bn revolving loan to help fund its expansion plans,
according to sources. KPC is expected to finalize the financing
by the end of the year, sources said. The company has a $105bn
investment strategy for the next five years and plans to finance
half with debt and the rest with equity, sources added. The
company will also tap international markets for loans, bonds
and Sukuk to finance its expansion, sources said. Kuwait has
earmarked around $500bn for energy projects until 2040. Oil
companies are boosting spending after crude prices rebounded
in the past two years. (Bloomberg)
 OOMCO showcases fuel bunkering capabilities – Oman Oil
Marketing Company’s ship bunker fuel supply capabilities were
showcased to industry leaders from Europe, Asia, USA, and the
Middle East at the Gas & LNG Middle East Summit 2018.
OOMCO's CEO, David Kalife participated in a commercial panel
entitled "From Producers to End-Users". Hosted in Muscat,
under the patronage Dr Mohammed bin Hamad Al Rumhy,
Minister of Oil and Gas, this year’s summit focused on key areas
for the development of gas infrastructure, paying special
attention to Liquefied Natural Gas (LNG) as a "future proof"
fuel. The only fuel marketing company speaking at the event,
Kalife underscored the increasing international demand for
bunker fuels within the shipping sector, highlighting the great
potential for LNG as an alternative to high-sulfur fuel due to its
environmentally friendly benefits. With mandates for cleaner
fuels coming into effect by 2020, industry experts predict that
by 2030, demand for LNG will grow from its current 1mn tons
per annum to anywhere between 20mn and 30mn tons per
annum. (GulfBase.com)
 Oman's oil output touches 265.46mn barrels in 9M2018 –
Oman’s crude oil production, including condensates, stood at
265.46mn barrels for the first nine months of 2018. This is
against an output of 264.61mn barrels for the corresponding
January-September period of 2017, according to the latest data
released by the National Centre for Statistics and Information
(NCSI). Out of the total production, crude oil production was
down by 2.2% at 236.01mn barrels, while condensates
production rose 25.8% to touch 29.46mn barrels. The Sultanate
recorded a daily average crude oil production of 972,400 barrels
during the January-September period of 2018, added the NCSI
report. The average price of Oman crude surged ahead by 32.7%
to $67.2 per barrel in the January-September period, from $50.6
per barrel in the same period last year, the NCSI report stated.
(GulfBase.com)
 ABC's net profit narrows to $46mn in 3Q2018 – Arab Banking
Corporation (ABC) recorded net profit of $46mn in 3Q2018 as
compared to $49mn in 3Q2017. The bank’s net interest income
was stable YoY at $140mn in 3Q2018. Total operating income
came in at $203mn as compared to $221mn in 3Q2017. Total
assets stood at $27.89bn at the end of September 30, 2018 as
compared to $29.50bn at the end of December 31, 2017. Loans
and advances stood at $14.42bn, while customers’ deposits
stood at $16.16bn at the end of September 30, 2018. EPS came
in at $0.01 in 3Q2018 as compared to $0.02 in 3Q2017. (Bahrain
Bourse)
 Batelco Group plans to sell its Kuwait subsidiary – Bahrain
Telecommunication Company (Batelco) has signed an initial
agreement on November 1, 2018 with Kuwait
Telecommunications Company (VIVA) to sell its 90%
shareholding of its Kuwait subsidiary, QualityNet General
Trading and Contracting Company WLL (QualityNet).
QualityNet’s shares will be transferred to VIVA Kuwait after
signing the final definitive agreements and fulfilling the terms,
conditions and covenants agreed between the parties and
obtaining the necessary regulatory approvals in the State of
Kuwait. The price consideration will be established on the
completion of the full transfer of shares and fulfillment of the
conditions agreed between the parties; thus, there is no
financial impact at this stage of the transaction. (Bahrain
Bourse)

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
(0.4%)
0.5%
(0.1%)
0.1%
0.1%
(0.0%)
(0.4%)(0.6%)
(0.3%)
0.0%
0.3%
0.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,232.95 (0.0) (0.0) (5.4) MSCI World Index 2,036.70 (0.2) 2.8 (3.2)
Silver/Ounce 14.75 0.0 0.4 (12.9) DJ Industrial 25,270.83 (0.4) 2.4 2.2
Crude Oil (Brent)/Barrel (FM Future) 72.83 (0.1) (6.2) 8.9 S&P 500 2,723.06 (0.6) 2.4 1.8
Crude Oil (WTI)/Barrel (FM Future) 63.14 (0.9) (6.6) 4.5 NASDAQ 100 7,356.99 (1.0) 2.6 6.6
Natural Gas (Henry Hub)/MMBtu 3.26 (2.7) (0.3) (7.9) STOXX 600 364.08 0.0 3.2 (11.4)
LPG Propane (Arab Gulf)/Ton 82.00 0.3 (4.7) (16.1) DAX 11,518.99 0.2 2.7 (15.6)
LPG Butane (Arab Gulf)/Ton 92.12 (0.1) 1.0 (12.8) FTSE 100 7,094.12 (0.6) 3.3 (11.6)
Euro 1.14 (0.2) (0.1) (5.1) CAC 40 5,102.13 0.1 2.6 (9.1)
Yen 113.20 0.4 1.2 0.5 Nikkei 22,243.66 2.1 3.8 (2.8)
GBP 1.30 (0.3) 1.1 (4.0) MSCI EM 996.72 2.6 6.1 (14.0)
CHF 1.00 (0.1) (0.6) (2.9) SHANGHAI SE Composite 2,676.48 3.2 3.8 (23.6)
AUD 0.72 (0.2) 1.5 (7.9) HANG SENG 26,486.35 4.4 7.4 (11.6)
USD Index 96.54 0.3 0.2 4.8 BSE SENSEX 35,011.65 1.9 5.2 (10.0)
RUB 66.20 0.7 0.7 14.9 Bovespa 88,419.05 0.0 2.7 3.7
BRL 0.27 0.1 (1.5) (10.4) RTS 1,134.80 0.3 3.3 (1.7)
77.7
75.1
74.7