Qatar stock exchange

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.2% to close at 10,830.3. Losses were led by the Real Estate and
Consumer Goods & Services indices, falling 2.1% and 1.0%, respectively. Top losers were
Medicare Group and Widam Food Co., falling 7.2% and 3.4%, respectively. Among the top
gainers, Doha Insurance Co. gained 8.8%, while Qatar German Co. for Medical Devices
was up 4.0%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.6% to close at 7,083.4. Losses were led by the Media
& Publishing and Industrial Inv. indices, falling 6.3% and 2.0%, respectively. Saudi
Research & Market. Group fell 8.5%, while Amana Insurance was down 4.5%.
Dubai: The DFM Index declined 1.5% to close at 3,265.3. The Real Estate & Construction
index fell 3.4%, while the Services index declined 2.0%. Arab Insurance Group fell 9.9%,
while Amlak Finance was down 9.8%.
Abu Dhabi: The ADX benchmark index fell 0.3% to close at 4,200.2. The Real Estate
index declined 2.5%, while the Energy index fell 1.0%. Al Khazna Insurance and Ras Al
Khaimah Company for White Cement & Const. Materials were down 10.0% each.
Kuwait: The KSE Index rose marginally to close at 5,766.4. The Technology index gained
1.1%, while the Banks index rose 0.6%. Mashaer Holding Co. gained 7.6%, while United
Foodstuff Industries Group Co. was up 7.1%.
Oman: The MSM Index fell 0.3% to close at 5,848.4. Losses were led by the Financial
and Industrial indices, falling 0.3% and 0.2%, respectively. Port Services Corporation
fell 9.6%, while Oman Fisheries was down 3.5%.
Bahrain: The BHB Index gained 0.1% to close at 1,233.9. The Commercial Bank index
rose 1.1%, while the other indices ended flat or in red. National Bank of Bahrain and
Nass Corporation were up 2.9% each.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Doha Insurance Co. 23.40 8.8 33.2 (19.3)
Qatar German Co. for Medical Dev. 15.49 4.0 368.4 52.6
Qatar General Ins. & Reinsur. Co. 57.00 3.1 23.5 11.1
Al Meera Consumer Goods Co. 225.00 2.3 17.9 12.5
Qatar National Cement Co. 104.00 1.9 0.2 (21.2)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 12.62 (2.4) 1,226.0 (23.3)
United Development Co. 22.60 (0.4) 600.1 (4.2)
QNB Group 174.00 1.5 415.9 (18.3)
Qatar Gas Transport Co. 24.45 0.0 373.6 5.8
Qatar German Co. for Medical Dev. 15.49 4.0 368.4 52.6
Market Indicators 12 Nov 15 11 Nov 15 %Chg.
Value Traded (QR mn) 289.6 279.3 3.7
Exch. Market Cap. (QR mn) 570,360.6 570,438.5 (0.0)
Volume (mn) 6.1 6.0 1.8
Number of Transactions 4,066 4,126 (1.5)
Companies Traded 39 39 0.0
Market Breadth 15:19 15:21 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,834.19 (0.2) (5.3) (8.1) 11.2
All Share Index 2,892.16 (0.1) (5.0) (8.2) 11.4
Banks 2,935.96 0.6 (4.2) (8.4) 11.9
Industrials 3,218.51 (0.2) (4.7) (20.3) 12.3
Transportation 2,514.69 (0.1) (2.5) 8.5 12.0
Real Estate 2,512.86 (2.1) (7.8) 12.0 8.1
Insurance 4,344.20 1.8 (5.3) 9.7 12.1
Telecoms 944.44 0.2 (7.4) (36.4) 20.7
Consumer 6,413.77 (1.0) (4.3) (7.1) 13.6
Al Rayan Islamic Index 4,068.26 (1.0) (6.0) (0.8) 11.9
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Ajman Bank Dubai 1.99 10.6 5,195.2 (25.4)
Nat. Marine Dredging Abu Dhabi 4.75 5.3 1.1 (31.2)
Invest Bank Abu Dhabi 2.10 5.0 1,500.0 (18.4)
Gulf Bank Kuwait 0.29 3.6 744.4 5.0
Qatar Gen. Ins. & Rein. Qatar 57.00 3.1 23.5 11.1
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Arabtec Holding Co. Dubai 1.18 (9.9) 42,512.6 (57.7)
Saudi Res. & Marketing Saudi Arabia 22.65 (8.5) 1,499.1 36.3
Drake & Scull Int. Dubai 0.46 (5.2) 15,943.7 (48.6)
Dubai Financial Market Dubai 1.16 (4.9) 8,291.8 (42.3)
Abu Dhabi Nat. Energy Abu Dhabi 0.40 (4.8) 2,663.5 (50.0)
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%
Medicare Group 140.10 (7.2) 18.9 19.7
Widam Food Co 48.70 (3.4) 1.5 (19.4)
Dlala Brokerage & Inv Holding Co. 20.00 (3.3) 12.0 (53.3)
Al Khaleej Takaful Group 31.00 (3.0) 8.4 (39.0)
Ezdan Holding Group 17.30 (2.9) 364.1 16.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 174.00 1.5 72,305.8 (18.3)
Industries Qatar 111.00 (1.0) 31,260.4 (33.9)
Gulf International Services 57.80 1.2 18,274.2 (40.5)
Qatar Electricity & Water Co. 207.00 0.5 16,555.0 10.4
Qatar Islamic Bank 116.50 0.0 16,448.2 14.0
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* 10,830.33 (0.2) (5.3) (6.7) (11.8) 79.55 156,678.1 11.2 1.6 4.7
Dubai 3,265.28 (1.5) (5.4) (6.8) (13.5) 86.94 88,220.8 11.9 1.2 7.6
Abu Dhabi 4,200.16 (0.3) (1.5) (2.8) (7.3) 61.95 116,094.0 11.8 1.3 5.4
Saudi Arabia 7,083.43 (0.6) 1.8 (0.6) (15.0) 1,368.44 431,365.6 16.0 1.7 3.6
Kuwait 5,766.37 0.0 (0.1) (0.2) (11.8) 47.83 90,801.9 14.6 1.0 4.5
Oman 5,848.41 (0.3) (1.2) (1.3) (7.8) 5.03 23,692.1 10.5 1.2 4.5
Bahrain 1,233.92 0.1 (1.3) (1.3) (13.5) 1.87 19,344.5 1.5 0.8 5.6
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)
10,750
10,800
10,850
10,900
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 declined 0.2% to close at 10,830.3. The Real Estate and
Consumer Goods & Services indices led the losses. The index fell on the
back of selling pressure from GCC and non-Qatari shareholders despite
buying support from Qatari shareholders.
 Medicare Group and Widam Food Co. were the top losers, falling 7.2% and
3.4%, respectively. Among the top gainers, Doha Insurance Co. gained 8.8%,
while Qatar German Co. for Medical Devices was up 4.0%.
 Volume of shares traded on Thursday rose by 1.8% to 6.1mn from 6.0mn on
Wednesday. However, as compared to the 30-day moving average of 7.4mn,
volume for the day was 17.8% lower. Vodafone Qatar and United
Development Co. were the most active stocks, contributing 20.0% and 9.8%
to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Global Economic Data
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2015
% Change
YoY
Operating Profit
(mn) 3Q2015
% Change
YoY
Net Profit (mn)
3Q2015
% Change
YoY
Emaar Properties Dubai AED 3,329.3 67.5% – – 843.4 20.3%
Ekttitab Holding Co. Dubai KD – – – – -0.1 NA
Al Salam Group Holding Co. Dubai KD 0.4 -82.1% – – -0.1 NA
Dubai Islamic Insurance &
Reinsurance Co. (AMAN)
Dubai AED – – – – -1.4 NA
Hits Telecom Holding Co. Dubai KD 37.1 -10.6% – – 0.2 NA
Al-Madina for Finance &
Investment Co.
Dubai KD 0.0 -82.0% -1.1 NA 2.4 NA
United Foods Co. (UFC) Dubai AED 87.9 -11.1% 0.0 NA 4.4 405.7%
Emirates Refreshments Dubai AED 19.3 1.7% 3.0 1,125.4% 2.5 739.6%
Dubai Refreshment Dubai AED 273.0 2.6% 0.0 NA 41.9 10.7%
Marka Dubai AED 84.1 NA -9.4 NA -14.7 NA
Oman Insurance Co. Dubai AED 344.2 -0.9% 17.4 -41.1% 27.5 -22.0%
Gulf Cement Co. Abu Dhabi AED 175.6 17.3% 0.0 NA 16.0 -46.9%
Al Ain Ahlia Insurance Co. Abu Dhabi AED 50.7 12.4% 12.8 32.0% 1.0 -64.8%
Al Fujairah National
Insurance Co.
Abu Dhabi AED 27.7 -5.2% 3.7 -50.8% 0.5 -95.1%
Fujairah Cement Industries
(FCI)
Abu Dhabi AED 138.9 -7.0% – – 7.8 41.0%
Umm Alqaiwain Cement
Industries Co. (UCIC)
Abu Dhabi AED 0.1 -97.2% – – 0.0 NA
Sharjah Insurance Co. Abu Dhabi AED – – – – -6.9 NA
Green Crescent Insurance Co. Abu Dhabi AED – – – – -4.3 NA
United Insurance Co. Abu Dhabi AED 11.4 -52.8% -18.7 NA -18.6 NA
Arab Insurance Group (Arig) Bahrain USD 26.5 -56.7% – – -4.8 NA
Aluminium Bahrain (Alba) Bahrain BHD 184.4 -17.4% – – 8.7 -70.6%
Al Ahlia Insurance Co. Bahrain BHD 1.4 13.8% 0.6 23.1% -1.1 NA
Bahrain National Holding Co. Bahrain BHD 3.7 8.7% 0.9 3.3% 1.1 -13.0%
Bahrain Tourism Co. (BTC) Bahrain BHD 1.6 18.7% – – 0.4 62.6%
GFH Financial Group (GFH) Bahrain USD 23.3 12.6% – – 0.8 -87.4%
Source: Company data, DFM, ADX, MSM
Overall Activity Buy %* Sell %* Net (QR)
Qatari 72.61% 43.65% 83,894,756.91
GCC 4.99% 9.86% (14,084,609.42)
Non-Qatari 22.39% 46.49% (69,810,147.49)

3. Page 3 of 7
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
11/12 US Department of Labor Initial Jobless Claims 7-November 276k 270k 276k
11/12 US Department of Labor Continuing Claims 31-October 2,174k 2,155k 2,169k
11/12 US Bloomberg Bloomberg Consumer Comfort 8-November 41.6 – 41.1
11/12 US US Treasury Monthly Budget Statement October -$136.5bn -$131.5bn $121.7bn
11/13 US Bureau of Labor Statistics PPI Ex Food, Energy, Trade MoM October -0.10% 0.10% -0.30%
11/13 US Bureau of Labor Statistics PPI Ex Food, Energy, Trade YoY October 0.40% 0.50% 0.50%
11/13 US Bureau of Labor Statistics PPI Final Demand YoY October -1.60% -1.20% -1.10%
11/13 US U.S. Census Bureau Business Inventories September 0.30% 0.00% 0.10%
11/13 EU Eurostat Trade Balance SA September 20.1bn 19.3bn 19.0bn
11/13 EU Eurostat Trade Balance NSA September 20.5bn 16.0bn 11.2bn
11/13 EU Eurostat GDP SA QoQ 3Q2015 0.30% 0.40% 0.40%
11/13 EU Eurostat GDP SA YoY 3Q2015 1.60% 1.70% 1.50%
11/12 EU Eurostat Industrial Production SA MoM September -0.30% -0.10% -0.40%
11/12 EU Eurostat Industrial Production WDA YoY September 1.70% 1.30% 2.20%
11/12 France Banque De France Current Account Balance September 0.5bn – -0.1bn
11/12 France INSEE CPI EU Harmonized MoM October 0.10% 0.10% -0.40%
11/12 France INSEE CPI EU Harmonized YoY October 0.20% 0.10% 0.10%
11/12 France INSEE CPI MoM October 0.10% 0.10% -0.40%
11/12 France INSEE CPI YoY October 0.10% 0.10% 0.00%
11/12 France INSEE CPI Ex-Tobacco Index October 126.0 126.0 125.9
11/13 France INSEE GDP YoY 3Q2015 1.20% 1.10% 1.10%
11/13 France INSEE GDP QoQ 3Q2015 0.30% 0.30% 0.00%
11/13 France INSEE Non-Farm Payrolls QoQ 3Q2015 0.10% 0.10% 0.20%
11/13 France French Labor Office Wages QoQ 3Q2015 0.20% – 0.30%
11/13 Germany Destatis GDP SA QoQ 3Q2015 0.30% 0.30% 0.40%
11/13 Germany Destatis GDP WDA YoY 3Q2015 1.70% 1.80% 1.60%
11/13 Germany Destatis GDP NSA YoY 3Q2015 1.80% 1.80% 1.60%
11/12 UK Royal Institution of Chartered RICS House Price Balance October 49% 45% 44%
11/13 UK ONS Construction Output SA MoM September -0.20% 1.50% -3.40%
11/13 UK ONS Construction Output SA YoY September -1.60% -0.40% -0.60%
11/13 Spain INE CPI Core MoM October 0.90% – 0.10%
11/13 Spain INE CPI Core YoY October 0.90% 0.90% 0.80%
11/13 Italy ISTAT GDP WDA QoQ 3Q2015 0.20% 0.30% 0.30%
11/13 Italy ISTAT GDP WDA YoY 3Q2015 0.90% 1.00% 0.60%
11/13 Italy Banca D'Italia General Government Debt September 2,191.7bn – 2,184.7bn
11/12 China National Bureau of Statistics New Yuan Loans CNY October 513.6bn 800.0bn 1,050.0bn
11/12 China The People's Bank of China Money Supply M2 YoY October 13.50% 13.20% 13.10%
11/12 China National Bureau of Statistics Aggregate Financing CNY October 476.7bn 1,050.0bn 1,300.0bn
11/12 China The People's Bank of China Money Supply M0 YoY October 3.80% 3.60% 3.70%
11/12 China The People's Bank of China Money Supply M1 YoY October 1.70% 1.80% 1.60%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)

4. Page 4 of 7
News
Qatar
 VFQS September Q In Line with QNBFS Est.; Growth Expected in 2H;
Reduce with QR11 Price Target – Vodafone Qatar’s
revenue/earnings bang in line with our estimate but miss
consensus. VFQS reported a net loss of QR113.6mn for the quarter
ended September 2015, which included a QR10mn loss on
property disposal. Excluding this item, net loss for the quarter
came in at QR103.3mn, right in line with our estimate of
QR102.2mn. Net loss, however, missed Bloomberg consensus
(QR82mn). Reported revenue was also in line with our model at
QR528.1mn (QNBFS estimate of QR532.3mn; Bloomberg mean of
QR552.0mn). Operating trends as expected. ARPU for the quarter
came in sequentially flat at QR111, with mobile subs at 1.486mn
(~+5% QoQ). EBITDA margin for the quarter stood at 19.1% vs.
QNBFS estimate of 19.2%. Quarterly mobile revenue market share
finally improved sequentially to 29.6% (vs. 28.7% in the June
quarter) after declining for the previous four quarters. More
details on the results vs. our estimates/previous comparables are
available on page 2. 2H guidance calls for improvement given
traction in postpaid and relative stability in prepaid. VFQS
management witnessed positive trends in the September quarter
and forecasts stronger results in 2HFY2016. Longer-term, the
company also expects some regulatory relief on the fixed-line
front. For FY2016, the company guided to QR2.2-2.24bn in
revenue, which implies a 5-3% decline on a FY basis but a 6-10%
increase over 1HFY2016. VFQS now expects an EBITDA margin of
23.5% for FY2016 (24.6% in FY2015 and 19.8% in 1HFY2016).
Capex intensity is expected to come in at 17% for FY2016 vs.
~25% in FY2015. Recommendation: We rate VFQS a Reduce with a
QR11 price target. Key metrics remain weak across the board and
the stock remains expensive. We would need to see evidence of a
recovery to become more constructive on the name. (QNBFS
Research, Company Financials)
 MSCI to include QGTS, Etisalat Group in EM Index – Equity index
compiler MSCI will add Qatar Gas Transport Company/Nakilat
(QGTS) and Emirates Telecommunications Group Company
(Etisalat Group) to its emerging markets index (EM Index).
Meanwhile, MSCI said it will remove Gulf International Services
(GISS) from EM Index, while adding Bahrain’s Ahli United Bank to
its frontier markets index. The changes will take effect at the end
of November 2015. (Reuters)
 QCB announces results of govt Sukuk, bonds auction – The Qatar
Central Bank (QCB) has announced results of government Sukuk
and bonds’ auction conducted on November 11, 2015. The QCB
issued government Sukuk worth QR3.125bn and bonds worth
QR3.375bn with a maturity period of three, five, seven and 10
years. Sukuk worth QR200mn (3 yrs), QR450mn (5 yrs), QR1.2bn
(7 yrs) and QR1.275bn (10 yrs) were issued at yields of 2.25%,
2.75%, 3.25% and 3.75%, respectively. Government bonds worth
QR1.4bn (3 yrs), QR1.425bn (5 yrs), QR300mn (7 yrs) and
QR250mn (10 yrs) were issued at yields of 2.25%, 2.75%, 3.25%
and 3.75%, respectively. The Sukuks and bonds were auctioned at
similar yields fetched in earlier auction on September 2, 2015.
(QCB)
 Fitch rates IBQ’s debt program ‘A+’ – Fitch Ratings has assigned
International Bank of Qatar’s (IBQ) new $2bn-euro medium-term
note (EMTN) program a long-term rating of ‘A+’ and a short-term
rating of ‘F1’. Notes issued under this program are unconditionally
and irrevocably guaranteed by IBQ. The guarantee constitutes
direct, unconditional, unsubordinated and unsecured obligation of
IBQ. The notes will be issued by IBQ Finance Limited in the
Cayman Islands. IBQ Finance is a wholly owned subsidiary of IBQ
that was set up solely to act as the issuer of debt funding.
(Reuters)
 Management reshuffle at ORDS – Ooredoo (ORDS) has appointed
HE Sheikh Saud bin Nasser Al Thani as the Group Chief Executive
Officer (CEO). He succeeds Dr. Nasser Marafih, who has been made
a member of the company’s board of directors. Marafih will be an
adviser to the chairman of the ORDS BoD. The company has also
appointed Waleed Mohamed al-Sayed as the Deputy Group CEO, as
well as CEO of Ooredoo Qatar. Yousuf Abdulla Al Kubaisi has
replaced Al Sayed as the Chief Operations Officer (COO) of
Ooredoo Qatar. (Gulftimes.com)
 VFQS invests QR150mn in network infrastructure – Vodafone Qatar
(VFQS) Chairman Sheikh Dr. Khalid bin Thani Al Thani has said
that they had invested over QR150mn in its network
infrastructure in six months up to September 2015, which
included the continued upgradation of all of its network sites,
reaching them at the forefront of technology. He said VFQS has
improved its 3G and 4G coverage and capacity, which has
produced a significantly better customer experience on both voice
and data services. He added that the company is committed to
continually investing in Qatar’s ICT (Information and
communications technology) sector, which would play a key role
in realizing the Qatar National Vision 2030. (Gulf-Times.com)
 QATI offers insurance solutions for ‘safe and secure sailing’ – Qatar
Insurance Company (QATI), as official insurer of the Qatar
International Boat Show (QIBS), offered a number of solutions to
ensure “safe and secure sailing” at the event. The QIBS 2015 was
held at Mourjan Marinas - Lusail City during November 10-14,
2015. QATI showcased its experience and expertise in insuring
boats and yachts with tailor-made solutions. (Gulf-Times.com)
 QNNS facility repairs over 6,600 ships – Qatar Navigation (QNNS)
has said that its ship repair facility at Mesaieed, which is a
preferred yard of major yacht owners in Qatar, has repaired over
6,600 ships over the past 37 years. The Qatar-based marine
transport and logistics conglomerate, demonstrated its core
marine services, particularly in ship repairs, to business visitors
during the Qatar International Boat Show 2015 (QIBS). The
shipyard has received multiple accreditations over the years and
has expanded its comprehensive line of services for yachts and
traditional dhows, including covered air-conditioned facilities for
hull repairs & painting, machinery & piping repairs, electrical
repairs, HVAC services, refits & conversion, traditional wooden
boats repairs & outfitting, among others. (Peninsula Qatar)
International
 US retail sales edge up lower than expected in Oct – US retail sales
rose less than expected in October 2015 amid a surprise decline in
automobile purchases, suggesting a slowdown in consumer
spending that could temper expectations of a strong pickup in
4Q2015 economic growth. The Commerce Department said retail
sales edged up 0.1% in October after being unchanged in both
September and August. Economists had forecasted sales increasing
by 0.3%. Retail sales excluding automobiles, gasoline, building
materials and food services rose 0.2% after a 0.1% gain in
September. Meanwhile, a report from the Labor Department
showed its producer price index (PPI) fell 0.4% in October after
dropping 0.5% in September. In the 12 months through October,
the PPI fell 1.6%, the largest decline since the revamped series
started in 2009 and following on the heels of a 1.1% drop in
September. However, the weak spending and inflation data did not
significantly shift expectations that the Fed will raise rates next
month in the wake of October’s robust employment report.
(Reuters)
 Eurozone economic growth slowed in 3Q2015 as exports weaken –
The Eurozone economy had slowed in 3Q2015 as exports to large
developing economies weakened, a development that may hasten

5. Page 5 of 7
the European Central Bank’s expansion of its stimulus programs in
December 2015. The European Union’s statistics agency said GDP
in the 19 countries that share the euro was 0.3% higher QoQ and
1.6% higher YoY in 3Q2015. The QoQ growth rate was down from
0.4% in 2Q2015, and translates into an annualized growth rate of
1.2%, the weakest since 3Q2014. The slowdown underlines the
tepid nature of the Eurozone’s economic recovery, which began in
mid-2013 but has now eased for the second straight quarter. The
slowdown was led by Germany and Italian economic growth also
eased. There were fresh contractions in Greece, Finland and
Estonia, while Portugal’s economy stagnated. By contrast, France’s
economy returned to growth, having stalled in 2Q2015. (WSJ)
 IMF staff recommends yuan inclusion into its currency basket –
According to the judgment of the International Monetary Fund
(IMF), China’s yuan is poised to enter the big league of global
currencies. IMF Managing Director Christine Lagarde said the IMF
staff has recommended the yuan to be included in the fund’s
Special Drawing Rights (SDR) reserve-currency basket, alongside
the US dollar, euro, pound and yen. The staff nod makes approval
by the fund’s board in November 2015 all but certain, as major
IMF shareholders including the US have said they will support
inclusion if the yuan meets the IMF criteria. This would be the first
change in the SDR’s currency composition since 2001, when the
euro replaced the German deutsche mark and French franc. The
IMF approval probably will make more countries comfortable
including the currency in their foreign-exchange holdings, while
boosting President Xi Jinping’s drive to open up the world’s
second-biggest economy. (Bloomberg)
 Russian economic contraction eased in 3Q2015 – According to
preliminary data released by the Federal Statistics Service, Russian
GDP had fallen 4.1% in 3Q2015, a slight improvement from the
4.6% decline recorded in 2Q2015. Analysts said the shallower
decline suggests a deep economic slump in Russia is abating, but
any recovery is expected to be slow. Russia’s economy has been hit
by falling global commodity prices and is under stress from
sanctions imposed on it by mainly Western nations angry over
what they see as Russia’s aggressive policy towards Ukraine.
Recovery prospects have been dimmed by signs that a global glut
of oil will continue for the foreseeable future, keeping the price of
Russia’s main export depressed. (Reuters)
 India inflation rises in October led by higher food prices – Rising
prices for some food products and firm demand during the festival
season pushed up India’s retail inflation to a four-month high in
October, indicating that the central bank would not cut interest
rates at its policy review in December 2015. India's annual
consumer price inflation edged up to 5.0% in October, up for the
third straight month, and as compared to 4.41% in September.
Food items, which accounts for around half the CPI basket, have
increased in price up to one-third, forcing the government to
import pulses and onions to offset the impact of a drought for the
second straight year in much of the country. Meanwhile, another
data showed industrial production grew at a slower than expected
pace of 3.6% in September, dampened by a slower expansion in
the mining sector. (Reuters)
Regional
 GPCA: GCC chemical exports touched $62bn in 2014 – According to
a report by Gulf Petrochemicals & Chemicals Association (GPCA),
petrochemical companies in the Gulf Cooperation Council (GCC)
region posted a record 67.2mn tons in chemical exports valued at
$62bn in 2014. As per the report, export revenues for GCC
petrochemicals in 2014 had risen from $54.6bn in 2013 and were
more than double than 10 years ago. The GCC chemical industry
registered solid recovery since 2010 with chemical exports by
volume 77% higher in 2014 than before the global economic and
financial crisis level of 2008. However, though the GCC chemical
trade quickly recovered from the effects of global crisis, it has
grown modestly since 2012. (GulfBase.com)
 Mideast printing industry to hit $20bn by 2016 – According to the
organizers of the 13th edition of Saudi Print & Pack (SP&P)
exhibition, the Middle East region’s printing industry is forecasted
to touch $20bn by 2016, while the packaging market is growing at
the rate of 5-15% YoY. (GulfBase.com)
 Tadawul appoints acting CEO – The Saudi Stock Exchange
(Tadawul) has appointed Khalid Al Hussan as its acting Chief
Executive Officer (CEO). The appointment came after Adel bin
Saleh Al Ghamdi stepped down from his position as CEO, which he
had held since July 2013. Al Hussan previously worked as the Chief
of Markets at the exchange. (Reuters)
 Raytheon signs partnership deal with Advanced Electronics – US-
based Raytheon Company has signed an agreement with Advanced
Electronics Company to explore collaboration on weapon systems,
integrated sensors, civil aviation and cyber security. The
agreement reflects Raytheon’s new focus on building partnerships
with local firms in targeted markets, and expanding into related
commercial fields, instead of focusing on single weapon programs
as it has in the past. This agreement will enable Raytheon to
expand its presence in the Gulf, as well as hike its global
commercial sales. (Reuters)
 FSB: KSA faces deposit insurance challenge – According to the
Basel-based Financial Stability Board (FSB), the Saudi Arabian
government is facing a challenge in creating a system to insure
bank deposits without shaking the confidence of depositors. The
Kingdom is now preparing to introduce a formal system, a
Depositor Protection Fund (DPF) on January 1, 2016 to insure
deposits. DPF will be set up in the central bank, obtaining its
money from premiums paid by banks and reimbursing depositors
if banks fail. FSB, in its study published in November 2015, said the
DPF had been well designed in some ways and would strengthen
Saudi Arabia’s financial safety net. But it also warned there was a
contradiction between the DPF, which would provide limited
protection of deposits subject to market discipline, and the
Economic Council’s pledge, which Saudis saw as offering full
coverage to all depositors. FSB urged the Saudi authorities to
ensure the DPF was big enough to handle a crisis by specifying a
target fund size and establishing a back-up line of credit for it. FSB
said the Kingdom is also creating a formal bank resolution
framework to rescue or wind up failing banks. This would broaden
and clarify powers which the central bank already claims in crises.
(Reuters)
 Network International: Overall market spending in UAE increased
by 10% during 9M2015 – According to a new report on consumer
spends by Network International, overall market spending in the
UAE had increased by 10% YoY during January-September 2015.
The report, based on credit and debit card transactions in the UAE,
had found that growth in tourist spends for 2015 versus 2014 had
turned positive for the first time in 3Q2015, bolstered by an
increase in spending by the top three overall spenders – the US
(15%), Saudi Arabia (29%) and the UK (17%). In terms of
nationalities, declines in overall Russian (-57%) and Chinese
spending (-20%) was balanced by a 67% growth in Qatari and
38% growth in Nigerian spends across most sectors.
(GulfBase.com)
 Fitch affirms Ras Al Khaimah at 'A', outlook stable – Fitch Ratings
has affirmed Ras Al Khaimah’s (RAK) long-term foreign and local
currency issuer default ratings (IDRs) at ‘A’. The outlook is stable.
The issue ratings on RAK Capital’s senior unsecured foreign
currency bonds have also been affirmed at ‘A’. The short-term
foreign currency IDR has been affirmed at ‘F1’. The UAE country

6. Page 6 of 7
ceiling has been affirmed at ‘AA+’; this ceiling applies to Ras al
Khaimah and Abu Dhabi. The ratings balance the benefits of RAK’s
membership of the UAE, its low debt and solid fiscal performance
against lingering weaknesses in data quality and the macro policy
framework. The Emirate derives substantial support from its
membership of the UAE federation. RAK shares the UAE monetary
and exchange-rate system with a credible US dollar peg and
absence of exchange controls. The UAE country ceiling of ‘AA+’
benefits from Abu Dhabi’s (AA/Stable) strong external finances.
RAK has no need for foreign exchange reserves and its rating is not
constrained by external factors, compensating for the lack of
external sector data. At an expected 21.2% of the GDP in 2015,
RAK’s debt is well below the ‘A’ median of 44.4% and Fitch expects
it to fall over its forecast horizon by 2017- end. Fitch projects a
budget surplus of 1.1% of the GDP in 2015, up from 0.8% in 2014
and better than its previous forecast of a small deficit. (Fitch
Ratings press release)
 DLD: Saudis among top Gulf investors in Dubai Property market –
According to a report issued by the Dubai Land Department (DLD),
Saudi Arabian investors in Dubai’s property market topped other
Gulf investors, except those from the UAE. As per the report, the
UAE investors maintained their position at the forefront and that
they invested nearly $4.35bn, followed by Qataris at the third
place, then Kuwaitis, Omanis and citizens of Bahrain. The report
indicated that the total value of Gulf investments in Dubai real
estate amounted to $6.5bn during 9M2015. (GulfBase.com)
 NBAD unveils new five-year strategy for Egyptian market – National
Bank of Abu Dhabi (NBAD) celebrated its 40th anniversary in the
Egyptian market on November 11, 2015, highlighting successes
and unveiled a new five-year strategy focused on a modernized
business model and directing foreign currencies into the Egyptian
market. NBAD’s strategy for the years ahead will focus on
modernizing its retail offering via alternative electronic channels,
targeting Egyptian expatriates in the Gulf as well as Egyptian
export-oriented SMEs, and enhancing its wholesale proposition,
based on a network of core clients across the West-East corridor.
(Bloomberg)
 Kuwait may issue dollar or dinar bonds – Kuwaiti Finance Minister
Anas Al-Saleh has said that Kuwait may issue US dollar- or dinar-
denominated bonds to financial institutions to help cover fiscal
deficit caused by low oil prices. Kuwait’s budget deficit during
April-August 2015 had stood at KD1.09bn, after a deduction for
the Future Generations Fund, which is part of its sovereign wealth
fund. (Reuters)
 Kuwait CMA opens door for more Sukuk issues – Kuwait’s Capital
Market Authority (CMA) has released rules covering issuance of
Islamic bonds in a move that could facilitate sale of Sukuks by both
the government and corporate organizations. The rules issued by
the CMA this week aim to provide a legal basis for issues. The rules
outline conditions that Sukuk must meet to be tradable, and
describe specific formats such as instruments with perpetual
tenures and those which can be converted into shares. As per the
rules, Sukuk issues must be approved by both the CMA and central
bank, which set out the obligations and powers of custodians of
such instruments. Kuwait Finance House CEO Mazin Al Nahedh
said the new CMA rules will encourage corporate issuance of
Sukuk within Kuwait, allowing borrowers to tap ample investor
demand inside the country. (Reuters)
 Kuveyt Turk mandates banks for Sukuk – Turkish Islamic bank
Kuveyt Turk has mandated six institutions for a Sukuk issue with a
value of up to $400mn and a maturity of 10 years. The bank has
hired KFH Capital, Dubai Islamic Bank, HSBC, Noor Bank, QInvest
and Emirates NBD as joint lead managers. Kuveyt Turk is 62%
owned by Kuwait Finance House. (Reuters)
 Oman Air to invest OMR3mn in modern air flight training center –
Oman Air will embark on a new phase in its expansion program on
November 18, when it starts construction of a state-of-the-art
Oman Air Flight Training Centre (OAFTC). The center will be
located adjacent to the Oman Air headquarters in Muscat. The
airline’s investment in this training facility will add an important
milestone in its contribution toward the development of Oman.
Oman Air will invest OMR3mn in constructing and developing the
OAFTC. (GulfBase.com)
 City Centre Muscat completes OMR35mn expansion – Dubai’s Majid
Al Futtaim (MAF) has said that it has completed the final phase of
its OMR35mn expansion project at City Centre Muscat adding 60
new retail stores, including 12 fashion lifestyle and food &
beverages brands, making their debut in Oman. Through its
expansion, City Centre Muscat has created up to 1,350 new jobs for
the community. (GulfBase.com)
 Ithmaar Bank reports $3.55mn net loss in 3Q2015 – Ithmaar Bank
reported a net loss of $3.55mn in 3Q2015 as compared to a net
profit of $1.26mn in 3Q2014. Operating income had reached
$53.65mn in 3Q2015 as compared to $61.67mn in 3Q2014. The
bank’s total assets were recorded at $8.29bn as of September 30,
2015 as compared to $7.86bn on December 31, 2014. Murabaha &
other financing had reached $3.28bn, while customers’ current
accounts and due to banks, financial & other institutions had stood
at $1.36bn and $1.73bn, respectively. Loss per share had
amounted to 0.12 US cents in 3Q2015 versus EPS of 0.04 US cents
in 3Q2014. (Bahrain Bourse)
 UGB 9M2015 net profit drops 62% YoY – United Gulf Bank (UGB)
reported $6.0mn net profit attributable to shareholders of the
parent company for 9M2015 as compared to $15.7mn in 9M2014,
representing a decline of 62% YoY. Total income had fallen to
$104.9mn in 9M2015 as compared to $117.8mn in 9M2014. UGB’s
total assets had stood at $2.6bn as of September 30, 2015 as
compared to $2.8bn on December 31, 2014. Loans & receivables
had reached at $769.0mn, while deposits from customers and due
to banks & other financial institutions had stood at $433.9mn and
$716.9mn, respectively. EPS amounted to 0.73 US cents in 9M2015
versus 1.93 US cents in 9M2014. (Bahrain Bourse)
 ASBB reports BHD4.75mn net profit in 3Q2015 – Al Salam Bank -
Bahrain (ASBB) has reported a net profit of BHD4.75mn in
3Q2015 as compared to BHD4.12mn in 3Q2014. The bank posted a
total operating income of BHD12.58mn in 3Q2015 as compared to
BHD14.27mn in 3Q2014. ASBB’s total assets stood at BHD1.78bn
at September 30, 2015-end as compared to BHD1.96bn at
December 31, 2014-end. Murabaha financing and Mudaraba
financing reached BHD365.70mn and BHD230.59mn, respectively,
while Murabaha and Wakala payables to banks & nonbanks had
stood at BHD98.80mn & BHD886.18mn. EPS amounted to 2.2 fils
in 3Q2015 versus 1.9 fils in 3Q2014. (Bahrain Bourse)
 CBB plans to establish centralized Shari’ah board by 2015-end –
The Central Bank of Bahrain (CBB) is planning to establish a
centralized Shari’ah board by 2015-end to oversee the Kingdom’s
Islamic finance sector. The board would be the second of its kind
in the Gulf region. The Bahraini central bank already has a Shari’ah
board, but its scope has been limited to vetting its own products.
The central bank’s Shari’ah board, meanwhile, will have the final
say on how the ruling is implemented, although there is a
mechanism to address differences of opinion between the two
boards. (Reuters)

7. Contacts
Saugata Sarkar Sahbi Kasraoui Shahan Keushgerian
Head of Research Manager – HNWI Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 Tel: (+974) 4476 6509
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (#Market closed on November 13, 2015) Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Oct-11 Oct-12 Oct-13 Oct-14 Oct-15
QSE Inde x S&P Pa n Ara b S&P GCC
(0.6%)
(0.2%)
0.0% 0.1%
(0.3%) (0.3%)
(1.5%)
(2.4%)
(1.6%)
(0.8%)
0.0%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,083.92 (0.1) (0.5) (8.5) MSCI World Index 1,654.30 (1.0) (2.9) (3.2)
Silver/Ounce 14.26 (0.2) (3.5) (9.2) DJ Industrial 17,245.24 (1.2) (3.7) (3.2)
Crude Oil (Brent)/Barrel (FM Future) 43.61 (1.0) (8.0) (23.9) S&P 500 2,023.04 (1.1) (3.6) (1.7)
Crude Oil (WTI)/Barrel (FM Future) 40.74 (2.4) (8.0) (23.5) NASDAQ 100 4,927.88 (1.5) (4.3) 4.1
Natural Gas (Henry Hub)/MMBtu 2.01 (0.2) (7.5) (32.9) STOXX 600 369.53 (1.3) (2.8) (4.4)
LPG Propane (Arab Gulf)/Ton 40.25 (3.6) (9.0) (17.9) DAX 10,708.40 (1.2) (2.6) (3.6)
LPG Butane (Arab Gulf)/Ton 59.50 (2.7) (6.7) (9.2) FTSE 100 6,118.28 (1.0) (2.6) (9.1)
Euro 1.08 (0.4) 0.3 (11.0) CAC 40 4,807.95 (1.5) (3.6) (0.3)
Yen# 122.61 0.0 (0.4) 2.4 Nikkei 19,596.91 (0.6) 1.9 9.1
GBP 1.52 0.0 1.2 (2.2) MSCI EM 821.12 (1.5) (3.7) (14.1)
CHF 0.99 (0.6) (0.1) (1.2) SHANGHAI SE Composite 3,580.84 (1.4) (0.6) 7.8
AUD 0.71 0.0 1.2 (12.8) HANG SENG 22,396.14 (2.2) (2.1) (5.1)
USD Index 99.00 0.4 (0.2) 9.7 BSE SENSEX 25,610.53 (0.8) (2.5) (10.9)
RUB 66.74 0.1 3.5 9.9 Bovespa 46,517.04 (2.2) (2.3) (35.7)
BRL 0.26 (2.0) (2.0) (31.1) RTS 814.93 (2.0) (4.6) 3.1
129.0
109.5
106.9