Qatar stock exchange

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QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.6% to close at 11,277.7. Losses were led by the Consumer
Goods & Services and Transportation indices, falling 1.4% each. Top losers were Doha
Insurance Co. and Widam Food Co., falling 3.2% and 2.9%, respectively. Among the top
gainers, Al Khalij Commercial Bank gained 4.6%, while Qatar General Insurance &
Reinsurance Co. was up 1.8%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.6% to close at 7,428.8. Gains were led by the Hotel
& Tourism and Insurance indices, rising 2.0% and 1.9%, respectively. SABB Takaful Co.
and Wataniya Insurance Co. were up 9.8% each.
Dubai: The DFM Index declined 0.8% to close at 3,542.1. The Telecommunication index
fell 1.6%, while the Real Estate & Construction index declined 1.2%. National Industries
Group fell 9.8%, while National Central Cooling Co. was down 4.8%.
Abu Dhabi: The ADX benchmark index rose 0.7% to close at 4,409.0. The
Telecommunication index gained 4.3%, while the Consumer index rose 1.5%. Methaq
Takaful Insur. gained 5.8%, while Emirates Telecom. Group was up 4.3%.
Kuwait: The KSE Index fell 1.6% to close at 5,666.2. The Telecommunication and Basic
Material indices declined 2.6% each. Gulf Glass Manufacturing Co. and Kuwait Building
Materials Manufacturing Co. were down 9.1% each.
Oman: The MSM Index declined 0.1% to close at 5,746.3. Losses were led by the
Industrial and Financial indices, falling 0.4% and 0.3%, respectively. Construction
Materials Ind. declined 5.6%, while Voltamp Energy was down 2.8%.
Bahrain: The BHB Index fell 0.2% to close at 1,296.8. The Insurance index declined
0.6%, while the Commercial Bank index fell 0.4%. Khaleeji Commercial Bank declined
3.4%, while Arab Insurance Group was down 2.3%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khalij Commercial Bank 21.97 4.6 3.8 (0.4)
Qatar General Ins. & Reinsur. Co. 56.00 1.8 7.0 9.2
Qatar Islamic Bank 112.00 0.8 460.3 9.6
United Development Co. 23.00 0.7 53.2 (2.5)
Islamic Holding Group 115.20 0.6 2.4 (7.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Gas Transport Co. 21.00 (1.5) 605.1 (9.1)
Vodafone Qatar 13.51 (1.9) 492.4 (17.9)
Barwa Real Estate Co. 41.85 (1.4) 474.7 (0.1)
Qatar Islamic Bank 112.00 0.8 460.3 9.6
Masraf Al Rayan 42.50 (0.1) 385.2 (3.8)
Market Indicators 6 Sep 15 3 Sep 15 %Chg.
Value Traded (QR mn) 221.8 218.3 1.6
Exch. Market Cap. (QR mn) 595,839.2 598,911.7 (0.5)
Volume (mn) 4.9 5.7 (14.4)
Number of Transactions 3,364 3,490 (3.6)
Companies Traded 41 40 2.5
Market Breadth 6:32 15:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,529.50 (0.6) (0.6) (4.3) 11.6
All Share Index 3,001.89 (0.6) (0.6) (4.7) 12.2
Banks 3,077.35 0.0 0.0 (4.0) 13.1
Industrials 3,426.58 (0.8) (0.8) (15.2) 11.9
Transportation 2,312.25 (1.4) (1.4) (0.3) 11.8
Real Estate 2,604.17 (0.9) (0.9) 16.0 8.6
Insurance 4,573.73 (0.5) (0.5) 15.5 12.0
Telecoms 928.49 (1.3) (1.3) (37.5) 27.0
Consumer 6,601.16 (1.4) (1.4) (4.4) 15.4
Al Rayan Islamic Index 4,279.54 (0.7) (0.7) 4.3 12.5
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Saudi Fisheries Saudi Arabia 18.17 7.3 3,074.9 (34.2)
Al Khalij Comm. Bank Qatar 21.97 4.6 3.8 (0.4)
Emirates Telecom Group Abu Dhabi 13.25 4.3 4,996.3 33.1
Saudi Enaya Coop. Ins. Saudi Arabia 17.68 4.1 736.1 (31.8)
Al Tayyar Travel Group Saudi Arabia 76.53 2.8 371.1 (14.2)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Marine Dredging Co. Abu Dhabi 4.73 (9.9) 4.6 (31.4)
Boubyan Petrochemicals Kuwait 0.47 (5.1) 35.3 (24.1)
National Investments Co. Kuwait 0.10 (4.8) 846.7 (34.9)
Kuwait Food Co. Kuwait 2.14 (4.5) 13.4 (23.6)
F. A. Alhokair & Co. Saudi Arabia 74.48 (4.1) 201.2 (24.8)
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%
Doha Insurance Co. 24.00 (3.2) 16.0 (17.2)
Widam Food Co. 51.00 (2.9) 24.2 (15.6)
National Leasing 16.53 (2.8) 195.4 (17.4)
Qatar International Islamic Bank 72.60 (2.4) 43.8 (11.1)
Qatar Islamic Insurance Co. 73.10 (2.4) 5.6 (7.5)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Islamic Bank 112.00 0.8 51,492.8 9.6
Barwa Real Estate Co. 41.85 (1.4) 19,886.1 (0.1)
Gulf International Services 57.50 (1.4) 19,676.2 (40.8)
Masraf Al Rayan 42.50 (0.1) 16,216.2 (3.8)
Qatar Gas Transport Co. 21.00 (1.5) 12,788.8 (9.1)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded ($
mn)
Exchange Mkt. Cap.
($ mn)
P/E** P/B**
Dividend
Yield
Qatar 11,277.66 (0.6) (0.6) (2.5) (8.2) 60.92 163,677.0 11.6 1.7 4.5
Dubai 3,542.14 (0.8) (0.8) (3.3) (6.1) 56.14 92,812.2 11.4 1.1 7.3
Abu Dhabi 4,408.98 0.7 0.7 (1.9) (2.6) 45.57 119,739.4 11.8 1.4 5.1
Saudi Arabia 7,428.78 0.6 0.6 (1.2) (10.9) 991.03 445,693.5 15.6 1.7 3.6
Kuwait 5,666.20 (1.6) (1.6) (2.7) (13.3) 36.72 87,744.9 14.5 1.0 4.5
Oman 5,746.30 (0.1) (0.1) (2.1) (9.4) 4.42 23,396.3 10.5 1.3 4.5
Bahrain 1,296.81 (0.2) (0.2) (0.2) (9.1) 0.33 20,283.7 8.2 0.8 5.3
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,200
11,250
11,300
11,350
11,400
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

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Qatar Market Commentary
 The QSE Index declined 0.6% to close at 11,277.7. The Consumer Goods &
Services and Transportation indices led the losses. The index fell on the
back of selling pressure from GCC shareholders despite buying support
from Qatari and non-Qatari shareholders.
 Doha Insurance Co. and Widam Food Co. were the top losers, falling 3.2%
and 2.9%, respectively. Among the top gainers, Al Khalij Commercial Bank
gained 4.6%, while Qatar General Insurance & Reinsurance Co. was up
1.8%.
 Volume of shares traded on Sunday fell by 14.4% to 4.9mn from 5.7mn on
Thursday. Further, as compared to the 30-day moving average of 6.5mn,
volume for the day was 24.9% lower. Qatar Gas Transport Co. and Vodafone
Qatar were the most active stocks, contributing 12.5% and 10.1% to the
total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
News
Qatar
 QSE suspends trading of QGTS shares on September 7 – The Qatar
Stock Exchange (QSE) has suspended trading of Qatar Gas
Transport Company’s (QGTS) shares on September 7, 2015 due to
the company’s EGM being held during the day. (QSE)
 A.M. Best ranks Qatar Re among 50 top reinsurers – Credit rating
agency, A.M. Best has ranked Qatar Reinsurance Company (Qatar
Re) among the top fifty reinsurers. Qatar Re is a global multi-line
reinsurer and a reinsurance subsidiary of Qatar Insurance
Company (QATI). Authorized and regulated by the Qatar Financial
Centre Regulatory Authority (QFCRA), Qatar Re is backed by full
parental guarantee from QATI and had net shareholders’ equity of
$287mn as of June 30, 2015. The company is ranked among the
top 50 global reinsurers on the basis of unaffiliated gross written
premium in 2014. Besides having a strong track record of
operational performance and robust underwriting, the company
had also wrote non-life reinsurance premiums worth $536mn in
2014. The ranking primarily reflects Qatar Re’s strong capital base
and well diversified portfolio, which coupled with global business
diversification are serving the global reinsurance markets. (QSE)
 Qatar proposes joint-stock food company with Bulgaria – According
to a statement issued by the Bulgarian government, Qatar’s
Environment Minister Ahmed Amer Mohamed al Humaidi has
proposed Sofia and Doha setting up a joint venture involving
leading food producers. A Qatari delegation led by Humaidi is on a
visit to Sofia until September 8, 2015. A preliminary agreement
was reportedly reached and as per the agreement the joint-stock
company will include 15-20 of the best Bulgarian companies
producing meat, fruit and vegetables. (Qatar Tribune)
 New Ericsson technology for CRA initiative – Ericsson has been
selected by Qatar’s Communications Regulatory Authority (CRA)
to provide the required solution and services to support the
implementation and management of the new telecommunication
ducts infrastructure in the country in line with an agreement that
was signed recently. The main scope of the partnership is to
implement Ericsson Network Engineer Solution and to provide the
related services to the CRA. Established as the independent
regulatory body in 2014, CRA regulates the communications
sector, postal services, and access to digital media. (Gulf-
Times.com)
 Msheireb Properties launches QA Msheireb in Downtown Doha –
Msheireb Properties launched its first building in the QR20bn
Msheireb Downtown Doha (MDD), the world’s first sustainable
downtown project designed to regenerate and preserve the
historical heart of Doha. The opening of Qatar Academy Msheireb
(QA Msheireb) marks a significant milestone in the development
of MDD, and reflects Msheireb Properties’ objective of creating an
environment that caters to the needs of all its residents. Both
Msheireb Properties and Qatar Academy are establishments
functioning under Qatar Foundation for Education, Science &
Community Development (QF). (Gulf-Times.com)
 ORDS offers cash back on money transfers – Ooredoo (ORDS) said
that its Mobile Money service will give QR10 cash back on all
international transfers to a host of African countries including
Ghana, Uganda, Nigeria, Cameroon and Kenya. ORDS said that the
QR1 MoneyGram Money Transfer Fee promotion will be continued
for rest of the African, Arab, South Asian countries and the
Philippines until September 30, 2015. With the offer, all customers
transferring money to Ghana, Uganda, Nigeria, Cameroon and
Kenya will receive QR10 instantly into their mobile wallet after
completion of the successful transfer. (Peninsula Qatar)
International
 Trade association: Germany to achieve export record despite China
worries – German trade association said the Europe's largest
economy will set another export record in 2015 despite recent
worries of an economic slowdown in China. China is Germany’s
fourth biggest export market, accounting for 6.6% of its exports.
Anton Boerner, Head of the BGA trade association said that
German exports to China might grow at a slower pace, but would
not decline. Boerner expects German companies to trump 2014’s
record trade performance. Germany exported €1.13tn worth of
goods and services in 2014, indicating a 3.7% increase over 2013,
despite sluggish global growth and the sanctions imposed on
Russia over the Ukraine crisis. However, weaker demand from
abroad was reflected in a sharper-than-expected drop in industrial
orders in July. Fresh data for July industrial output is due to come
on Monday. (Reuters)
 Italy urges banks to grow, strengthen capital – Italy’s Economy
Minister, Pier Carlo Padoan urged the country’s banks to grow and
strengthen their capital, hoping to see the sort of mergers that a
government reform of the sector has so far failed to produce. In a
bid to counter the fragmented nature of Italy’s banking system,
where most banks are small and local, the government passed a
law in March to make it easier for large cooperative lenders to be
taken over. As a result, banks have begun discussing defensive
mergers but fears of losing local influence and top jobs have so far
hindered progress. Padoan said banks should see as “opportunities
and not problems” the need for capital-raising and consolidation
brought about by deeper global financial integration and the
European Central Bank’s (ECB) new role as the Eurozone’s
banking supervisor. Italian banks have raised around €15bn from
shareholders since early 2014 to strengthen their balance sheets,
Overall Activity Buy %* Sell %* Net (QR)
Qatari 65.01% 62.39% 5,824,387.16
GCC 5.63% 13.23% (16,853,552.10)
Non-Qatari 29.36% 24.38% 11,029,164.94

3. Page 3 of 6
but bankers say new cash calls may be needed due to individual
capital requirements the ECB will communicate in the coming
weeks. Padoan said Italy was still trying to win the European
Union's approval for measures to help banks shed problematic
loans, which are nearly a fifth of the total after a three-year
recession. (Reuters)
 CSRC plans to deepen reforms, says markets more stable – The
China Securities Regulatory Commission (CSRC) said it plans to
deepen reforms and bolster supervision of the market, including
looking into a stock index “circuit breaker” system that would halt
trading in response to substantial drops. The stocks regulator said
that the country’s markets were more stable and risks associated
with high levels of leverage have eased following a period of high
volatility. The CSRC added that state margin lender China
Securities Finance Corp. would continue to support market
stability through various means. Meanwhile, the National
Development & Reform Commission (NDRC) said the country’s
power usage, train freight and property market have all shown
improvement since August, indicating that the economy is
stabilizing. The state planner said it expects China’s economy will
continue to grow steadily, and meet the government’s annual
growth target, as the effects of supportive policies, including local
government debt swaps, rate cuts and real estate market stimulus
feeds into the economy over the next few months. The National
Bureau of Statistics on Monday revised China’s annual economic
growth rate in 2014 to 7.3% from the previously released figure of
7.4%. (Reuters)
 Presidential Chief of Staff: Brazil needs temporary tax hike – Brazil’s
Presidential Chief of Staff, Aloizio Mercadante said the nation
needs a temporary tax increase to reduce a budget deficit that
threatens the country’s debt rating. Mercadante said a tax hike
would help the government avoid the reais 30.5bn deficit penciled
in next year’s budget bill. Other measures should include passing
bills to reduce earmarked expenditures and simplify sales taxes.
President Dilma Rousseff said on Friday the government has been
discussing alternative sources of revenue to avoid a budget deficit
in 2016. Failure to run a budget surplus could convince ratings
agencies to strip Brazil of its investment-grade rating, worsening
the political and economic crisis. Brazil is headed to its worst
recession in 25 years in 2015, with economic growth expected to
return only in 2017. (Reuters)
Regional
 IATA: Middle East and Africa buck trend of fall in air freight volumes
– According to the International Air Transport Association (IATA),
the Middle East and Africa bucked a global trend for air freight
decline in July 2015. Overall air freight volumes measured in
freight ton kilometers (FTK) fell 0.6% in July 2014, in line with
weaker global economic growth. However, Middle East carriers
experienced the strongest growth with demand expanding by
10.8% and capacity rising 18.3%. (GulfBase.com)
 Tadawul deposits new ATMC shares – The Saudi Stock Exchange
(Tadawul) has deposited new shares of the Alinma Tokio Marine
Company (ATMC) into the shareholders’ portfolios on September
6, 2015, based on their allocation. (Tadawul)
 Ma’aden’s MPC resumes operations at ammonia plant in Ras Al
Khair city – Saudi Arabian Mining Company (Ma’aden) has
announced that its subsidiary Ma’aden Phosphate Company (MPC)
has completed technical repairs of the heat exchanger and
successfully resumed operations at the ammonia plant located in
the Ma’aden complex at Ras Al Khair city as of September 4, 2015.
The shutdown had no impact on production at the DAP plant due
to the availability of sufficient inventory of ammonia.
Consequently, this shutdown has neither affected the company’s
ability to meet its obligations toward its customers nor resulted in
significant financial impact. MPC is a limited liability company co-
owned by Ma’aden (70%) and Saudi Basic Industries Corporation
(SABIC) (30%). (Tadawul)
 Tadawul announces Go-Live date for X-Stream INET trading
platform – The Saudi Stock Exchange (Tadawul) has announced
that September 13, 2015 will be the ‘Go-Live’ date for the new X-
Stream INET trading platform by NASDAQ. The new platform is
NASDAQ’s latest in trading solutions and is the fastest recorded
trading engine in the world. The new platform will handle the
trading of Equities, Sukuk and Bonds and ETFs. (Tadawul)
 NCB: Saudi credit growth slows on lower deposits – The National
Commercial Bank (NCB), in its “Saudi Economic Review” for
August 2015, has said that consolidated balance sheet of Saudi
banks for June 2015 showed that the total bank credit to private
and public sectors (excluding T-bills and government bonds)
reached SR1.32bn, rising by an annualized 8.9%. This rate of
growth marks the largest deceleration since September 2011, and
is due to a single-digit growth in private sector credit, which
accounts for 96.9% of the total bank credit. Bank credit extended
to the private sector rose by 9.8% YoY in June 2015, standing at
SR1.28tn whereas public sector credit contracted by 9.2% in the
same period. The Kingdom is expected to pass a short-term
moderation phase owing to the fiscal challenges stemming from
lower oil returns. Internal dynamics related to household spending
as indicated by the value of retail loans (excluding finance leasing
and margin lending), credit card loans, and real estate loans
register moderation to 8.1% YoY in 1H2015 as compared to 10.9%
YoY in 1H2014. Retail loans, which include loans for renovation
and home improvement, vehicles and transport means, extended
by Saudi banks in 2015 totaled SR627.8bn by 2Q2015- end, up by
4.7% YoY. Bank credit classified by economic activity showed that
20.5% of credit in 1H2015 was commerce-related, while 12.5%
was related to manufacturing and processing, and 7.2% went into
building and construction. Banks loan portfolios continue to move
in response to the expansion in their depositary base, which has
been in deceleration since the beginning of 2015, falling to lower
double-digit growth. The annual growth in deposits recorded a
10.1% YoY upturn in June, below 2014 average of 13.7%. Growth
in deposits is largely influenced by growth in demand deposits,
which account for 65.8% of deposits in Saudi banks, standing at
SR1.1tn. The second largest deposit type is time and savings,
which constitute 22.7% of deposits at SR373bn. (GulfBase.com)
 Al Watan: Saudis may follow UAE and cut fuel subsidies – Local
Arabic daily ‘Al Watan’ has reported that Saudi Arabia was looking
more closely at cutting gasoline subsidies, a move it has been
studying for years, after the UAE did so in August 2015, with both
states trying to save money in an era of cheaper oil prices. Saudi
domestic gasoline prices are some of the lowest in the world.
Allowing them to rise would be one of the biggest economic
reforms in the country for years and a highly politically sensitive
one as many Saudis rely on cheap fuel. The UAE let gasoline prices
rise 24% in August 2015. (Reuters)
 Temasek joins Savola in bid for Americana – According to sources,
Singapore-based Temasek Holdings has teamed up with Saudi-
based Savola Group to bid for Kuwait Food Company (Americana)
in a deal that could be valued at $4-5bn. Reportedly, talks among
the three companies are on and a deal could be reached before
2015-end. JPMorgan Chase & Company is advising Savola on the
transaction. Americana is the franchise operator of restaurants
such as KFC, TGI Friday’s Inc. and Pizza Hut in the Middle East and
North Africa region. It posted a net income of $183mn for the fiscal
year ending 2013 on sales of $3.2bn. The Al-Kharafi family, which
has interests in the construction, telecommunications and financial
sectors, owns 66.8% of Americana. (Bloomberg)

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 Finance Minister: Saudi Arabia is trimming expenses, slowing some
projects – Saudi Arabian Finance Minister Ibrahim Alassaf has said
that the government is cutting unnecessary expenses and delaying
some projects to compensate for low oil prices, though projects
that are important for the economy would go ahead. He said Saudi
Arabia is well-prepared to cope with the plunging crude prices
since 2014 and that the Saudi policymakers are taking it seriously.
The International Monetary Fund (IMF) and private analysts have
estimated that Saudi Arabia may run a huge budget deficit of
$120bn or more in 2015 because of cheap oil. Its financial
reserves, which total over $600bn, mean it is in no danger of
running out of money for several years. (Bloomberg)
 KSA to allow full foreign ownership in businesses – The Saudi
Arabian General Investment Authority (SAGIA) has announced
that Saudi Arabia will ease restrictions on foreign investors to let
them own 100% of retail and wholesale businesses. The reform is
Kingdom’s new drive to attract investment and diversify its
economy, and is subject to conditions, which would be revealed at
a later stage. The increase in maximum foreign ownership from
the present level of up to 75% for retail and wholesale businesses
comes after tumbling oil prices have slashed Saudi government
revenues. The official added that there might also be new
opportunities for foreign banks to enter the Kingdom, as most
banks already operating there were nearing maximum credit
limits imposed by the central bank. (Reuters)
 Saudi Aramco cuts October crude pricing to US as demand falls –
State-owned Saudi Arabian Oil Company (Saudi Aramco) has cut
its pricing for all October oil sales to the US, widening the discount
on its medium grade for the first time in eight months, with
refining demand plunging after the end of the summer driving
season. The company cut its official selling price for October Arab
Medium sales to US buyers by 50 cents a barrel, to 55 cents less
than the regional benchmark. Light crude would sell at a premium
of 95 cents a barrel to the regional benchmark, 60 cents below the
differential in September. Crude demand at US plants fell below
2014 levels last week for the first time since March. Oil inventories
rose the most in four months as wells are still producing near the
highest level in 40 years. Saudi Aramco also cut all pricing to
Northwest Europe and reduced the premium on its main Light
grade to Asia by 30 cents a barrel. (Gulf-Times.com)
 Deyaar opens online registrations for Afnan District in Midtown –
Deyaar Development has opened the online registration for the
recently launched Afnan District in Midtown. The Afnan District is
the first part of the grand 1.2mn square feet (sq ft) mega Midtown
development to come on stream. Within the Midtown project,
Afnan includes seven residential developments ranging from G+6
to G+16 buildings comprising a total of 659 apartment units in
varying sizes. The property offers studio, one, two and three
bedroom apartments, and would be showcased at a launch event
on September 12-13, 2015 at its sales center, during which time
Deyaar will offer flexible payment plans and prices starting from
AED397,000. (DFM)
 DIB Pakistan plans listing on KSE by 1Q2016 – Dubai Islamic Bank
Pakistan Limited (DIB Pakistan) is planning to list its shares on the
Karachi Stock Exchange (KSE) by 1Q2016 as the Pakistan economy
is expected to sustain a positive growth trend in coming years. The
KSE is among best performing frontier markets in the world and
recorded 8.6% increase in its benchmark KSE-100 index in 2015
with market capitalization swelled to Pakistani Rupee 7.5tn. DIB
Pakistan is a wholly-owned subsidiary of Dubai Islamic Bank.
(GulfBase.com)
 DIFC reports impressive growth in 1H2015 – Dubai International
Financial Centre (DIFC) has recorded impressive growth in
1H2015. The number of active companies registered at DIFC grew
8.3%, while the number of people employed within DIFC jumped
around 5% to over 18,500. A total of 1,327 active registered
companies now operate within the Centre as compared to 1,225
firms at the end of 2014, and 1,113 in 1H2014, representing an
increase of 8.3% and 19.2%, respectively. About 140 new
companies licensed during 1H2015. DIFC’s 1H2015 results data is
further evidence of its appeal as a global financial hub, with a
majority of registered companies originating from the Middle East
(53%), followed by Europe (19%), North America (8%) and Asia
(6%), with the rest of the world accounting for 14%.
(GulfBase.com)
 Etisalat Group BoD approves foreign ownership controls – Emirates
Telecommunications Group Company’s (Etisalat Group) board of
directors (BoD) has approved the controls and procedures
governing foreign ownership based on the company’s new articles
of association. Trading in Etisalat Group’s shares on the Abu Dhabi
Securities Exchange (ADX) by non-UAE individuals (foreign
individuals, foreign corporate entities, UAE free zone entities and
UAE incorporated entities) will start on September 15, 2015.
Etisalat Group added that foreign ownership as defined by its
articles of association will be limited to 20% of the share capital.
(ADX)
 NBK: Kuwait’s non-oil economy slows in 2014 – According to a
report released by the National Bank of Kuwait (NBK), growth in
Kuwait’s non-oil economy slowed to 2.1% in real terms in 2014.
The Central Statistical Bureau (CSB) reported that real growth in
overall GDP declined by 1.6%, pulled down by the oil sector.
Growth in domestic demand also slowed during the year, though
to a still very decent 4.4%. As per the report, there was a notable
slowdown in investment expenditures, though this is likely to be
temporary. Private consumption growth also slowed for a second
consecutive year, as the sector has been moderating. According to
NBK, the oil output has been declining gradually since 2012, after
seeing a large hike in 2011. Meanwhile, a larger 16% decline was
recorded in refining activity during 2014. While 2014 saw oil
prices plunge, this is not reflected in the real GDP figures, which
are computed at constant 2010 prices. Oil GDP in nominal terms
was down by 10.6% during 2014, most of it a result of the decline
in oil prices. (GulfBase.com)
 NGC signs distributorship agreement with Gulf Petrochem –
National Gas Company (NGC), through its UAE-based wholly-
owned subsidiary, has signed an exclusive distributorship
agreement with Gulf Petrochem to distribute their full range of
Industrial lubricants in Oman and the UAE. Gulf Petrochem is a
Sharjah-based manufacturer of lube and grease with business
interests in the UAE, Oman, India and Western African region. The
company also has substantial presence in terminalling and
bunkering operations in the UAE. NGC aims to establish itself as a
preferred supplier of full range of quality industrial lubricants in
Oman and the UAE with able support of Gulf Petrochem. (MSM)
 Omantel appoints CFO – Oman Telecommunications Company
(Omantel) has appointed Mr. Martial Caratti as its Chief Financial
Officer (CFO) in Oman. Mr. Martial Caratti brings around 30 years
of experience, most of which as CFO for international telecom
groups. (MSM)
 TIPCO to execute $214mn Liwa City infrastructure in Oman –
Towell Infrastructure Projects Company (TIPCO) has been
awarded a contract worth around $214mn to build the
infrastructure for the new Liwa City project being established by
the Omani government in North Al Batinah Governorate. The
contract represents Phase II of an ambitious initiative to build an
integrated urban development designed to provide alternative
housing to residents displaced or impacted by the establishment of
Sohar Port and Freezone. The Ministry of Housing is investing

5. Page 5 of 6
around $1.3bn in the establishment of the landmark project. When
fully completed by early 2018, Liwa City is expected to be home to
around 30,000 people. (Zawya)
 NCSI: Real estate trade in Oman reaches OMR2.5bn in July 2015 –
According to the National Centre for Statistics and Information
(NCSI), total traded value of real estate activity in Oman reached
OMR2.5bn by July 2015-end with a 47.7% hike as compared to the
value recorded in 2014. The fees collected from all the legal
transactions reached OMR30.6mn, reflecting an increase of 20%.
The traded value of selling contracts also increased 12.1% to
record OMR782.7mn. The number of selling contracts decreased
3.4% to 47,287 as compared to 48,964 in the same period of 2014.
The traded value of mortgage contracts increased 72.6% totaling
OMR1.7bn as compared to OMR986.4mn during 2014. The number
of exchange contracts also recorded an increase of 7.7% to reach
781 by July 2015- end as compared to 725 during 2014. Statistics
also revealed that 141,814 title deeds were issued by July 2015-
end, registering an increase of 6.9% as compared to 2014, when
132,620 title deeds were registered. (GulfBase.com)
 Major dairy project in Oman to come on stream before mid-2016 –
Oman is about to witness a joint venture (JV) to produce long-shelf
life milk, yogurt and fresh juice. The 100,000-litre per day dairy
project will commence production sometime before mid-2016 to
meet growing local demand. The JV is investing OMR4mn, which
will be met by way of equity capital brought in by the promoters
and term loans from financial institutions. The JV firm, which will
sell its products under an Omani brand name, is setting up a fully-
automated project in Sumail, almost 50 kilometers from Muscat.
Sumail Industrial Estate has allotted 23,000 square meters of land
and orders have been placed for machinery from Turkey and the
plant design is ready. The project will be funded through 40%
equity, and the remaining 60% will be term lending from financial
institutions. (GulfBase.com)
 GFH BoD approves voluntary delisting from KSE – GFH Financial
Group’s board of directors (BoD) has decided to voluntarily delist
from the Kuwait Stock Exchange (KSE). The decision followed the
mandate granted by the GFH’s shareholders at the extraordinary
general meeting (EGM) on April 12, 2015. This delisting will
enable GFH to focus on Dubai Financial Market as the main
secondary market holding more than 85% of GFH’s traded share
as well to protect the group from falling into any violation of
directives and regulations of Kuwait’s Capital Market Authority
(CMA), which may contradict with regulation of other market
authorities, including GFH’s home market, Bahrain. This move will
reduce the cost incurred by GFH related to fees and other expenses
associated with a continued listing on the KSE. The delisting will
also allow higher market capitalization for the group by
eliminating arbitrage opportunities between Kuwait and Dubai
markets and be present in markets with higher liquidity levels.
(Bahrain Bourse)
 BBK signs deal with Naseej to finance home buyers – BBK has
confirmed the news regarding its MoU with Naseej to provide
housing loans for villas offered within the latter’s Yasmeenat Saar
project. As per the MoU, BBK will offer financing plans with special
rates to prospective home buyers wishing to purchase their homes
within the project. With an area of 17,000 square meters and
valued at BHD6mn, Yasmeenat Saar comprises 27 villas located
opposite Saar Mall and strategically situated among several retail,
commercial and services amenities within the area. Moreover, BBK
said it has partnered with Naseej’s previous project ‘Jumana’ in Al
Madina Al Shamaliya and providing financing solutions for home
buyers. The agreements are part of BBK’s ongoing business
activities to provide financing solutions. (Bahrain Bourse,
GulfBase.com)

6. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Sep-11 Sep-12 Sep-13 Sep-14 Sep-15
QSE Index S&P Pan Arab S&P GCC
0.6%
(0.6%)
(1.6%)
(0.2%)
(0.1%)
0.7%
(0.8%)
(2.0%)
(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,123.45 (0.2) (0.9) (5.2) MSCI World Index 1,595.71 (1.7) (3.8) (6.7)
Silver/Ounce 14.58 (1.0) (0.2) (7.2) DJ Industrial 16,102.38 (1.7) (3.2) (9.7)
Crude Oil (Brent)/Barrel (FM
Future)
49.61 (2.1) (0.9) (13.5) S&P 500 1,921.22 (1.5) (3.4) (6.7)
Crude Oil (WTI)/Barrel (FM
Future)
46.05 (1.5) 1.8 (13.6) NASDAQ 100 4,683.92 (1.0) (3.0) (1.1)
Natural Gas (Henry
Hub)/MMBtu
2.67 (0.1) 0.5 (10.9) STOXX 600 353.11 (2.3) (3.1) (5.1)
LPG Propane (Arab Gulf)/Ton 43.25 (2.8) 6.1 (11.7) DAX 10,038.04 (2.5) (2.9) (6.2)
LPG Butane (Arab Gulf)/Ton 56.00 (3.4) 9.8 (14.5) FTSE 100 6,042.92 (2.8) (4.5) (10.2)
Euro 1.11 0.2 (0.3) (7.8) CAC 40 4,523.08 (2.6) (3.6) (2.5)
Yen 118.99 (0.9) (2.2) (0.7) Nikkei 17,792.16 (1.2) (5.1) 2.4
GBP 1.52 (0.6) (1.4) (2.6) MSCI EM 788.59 (1.6) (3.9) (17.5)
CHF 1.03 0.2 (0.9) 2.3 SHANGHAI SE Composite 3,160.17 0.0 (1.8) (4.6)
AUD 0.69 (1.6) (3.7) (15.5) HANG SENG 20,840.61 (0.4) (3.6) (11.7)
USD Index 96.23 (0.2) 0.1 6.6 BSE SENSEX 25,201.90 (3.1) (5.3) (13.2)
RUB 68.50 3.1 5.0 12.8 Bovespa 46,497.72 (3.2) (7.9) (35.8)
BRL 0.26 (2.7) (6.8) (31.0) RTS 793.65 (1.4) (4.4) 0.4
135.0
114.7
110.5