The QSE Index rose 0.2% to close at 7,873.8. Gains were led by the Insurance and Telecoms indices, gaining 3.9% and 1.1%, respectively.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.2% to close at 7,873.8. Gains were led by the Insurance and
Telecoms indices, gaining 3.9% and 1.1%, respectively. Top gainers were Al Khaleej
Takaful Group and Qatar Cinema & Film Distribution Co., rising 6.7% and 5.8%,
respectively. Among the top losers, Medicare Group fell 7.0%, while Salam
International Investment Ltd. was down 5.3%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.3% to close at 6,979.3. Gains were led by the
Consumer Durables & Apparel and Health Care Equip. indices, rising 3.2% and 1.3%,
respectively. Anaam Int. Holding Group and Methanol Chem. were up 10.0% each.
Dubai: The DFM Index gained 0.3% to close at 3,489.0. The Financial & Investment
Services index rose 3.3%, while the Insurance index gained 1.8%. Al Salam Group
Holding gained 4.7%, while GFH Financial Group was up 4.6%.
Abu Dhabi: The ADX benchmark index fell 0.1% to close at 4,366.4. The Industrial
index declined 2.5%, while the Services index fell 2.0%. Abu Dhabi National
Insurance Co. declined 10.0%, while Abu Dhabi Shipbuilding Co. was down 9.8%.
Kuwait: The KSE Index declined marginally to close at 6,250.1. The Real Estate
index fell 1.0%, while the Consumer Serv. index declined 0.7%. Real Estate Asset
Manag. fell 20.0%, while Burgan Co. for Well Drilling, Trading was down 13.6%.
Oman: The MSM Index rose 0.6% to close at 5,114.7. The Services Index gained
0.4%, while the other indices ended in red. Oman Telecommunication rose 5.3%,
while Ooredoo was up 2.3%.
Bahrain: The BHB Index fell 0.2% to close at 1,259.9. The Commercial Bank index
fell 1.4%, while the Hotel & Tourism index declined 0.7%. Ithmaar Holding declined
5.0%, while Ahli United Bank was down 2.3%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Group 11.20 6.7 239.1 (46.9)
Qatar Cinema & Film Distribution 26.45 5.8 14.8 (3.6)
Qatar Insurance Co. 40.68 5.2 292.6 (44.8)
Qatar Islamic Insurance Co. 47.79 5.1 0.5 (5.6)
Dlala Brokerage & Inv. Holding Co. 15.75 4.3 184.8 (26.7)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Masraf Al Rayan 34.75 (0.7) 678.9 (7.6)
Vodafone Qatar 6.13 0.5 530.8 (34.6)
Ezdan Holding Group 7.80 (2.3) 466.9 (48.4)
QNB Group 120.80 0.1 363.9 (18.4)
Qatar Insurance Co. 40.68 5.2 292.6 (44.8)
Market Indicators 14 Nov 17 13 Nov 17 %Chg.
Value Traded (QR mn) 203.1 167.3 21.4
Exch. Market Cap. (QR mn) 424,491.4 423,275.2 0.3
Volume (mn) 5.7 5.5 4.5
Number of Transactions 3,107 2,626 18.3
Companies Traded 41 39 5.1
Market Breadth 21:16 8:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 13,203.97 0.2 (0.1) (21.8) 12.6
All Share Index 2,166.78 0.2 (0.6) (24.5) 12.1
Banks 2,521.75 0.1 0.1 (13.4) 13.0
Industrials 2,415.70 0.4 (0.1) (26.9) 16.1
Transportation 1,513.62 0.1 (1.0) (40.6) 11.3
Real Estate 1,396.49 (1.2) (4.4) (37.8) 9.7
Insurance 2,788.88 3.9 3.0 (37.1) 18.8
Telecoms 978.25 1.1 (1.3) (18.9) 18.1
Consumer 4,299.32 (0.2) (1.6) (27.1) 10.3
Al Rayan Islamic Index 2,989.87 (0.0) (1.2) (23.0) 13.4
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Oman Telecom. Co. Oman 1.29 5.3 290.2 (15.2)
Qatar Insurance Co. Qatar 40.68 5.2 292.6 (44.8)
GFH Financial Group Dubai 1.60 4.6 126,347.0 (13.3)
Dubai Investments Dubai 2.49 4.2 36,210.3 9.9
Saudi Arabian Mining Co Saudi Arabia 56.03 3.8 1,865.6 43.7
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Dar Al Arkan Real Estate Saudi Arabia 8.99 (3.3) 40,949.6 45.9
Ahli United Bank Bahrain 0.65 (2.3) 100.0 10.9
Emaar Malls Dubai 2.19 (1.8) 1,025.9 (16.4)
Savola Group Saudi Arabia 38.48 (1.8) 343.5 (4.1)
Nat. Mobile Telecom. Kuwait 1.09 (1.5) 8.3 (9.3)
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%
Medicare Group 50.68 (7.0) 59.9 (19.4)
Salam International Inv. Ltd. 6.11 (5.3) 3.3 (44.7)
Islamic Holding Group 25.98 (5.2) 15.4 (57.4)
Ezdan Holding Group 7.80 (2.3) 466.9 (48.4)
Qatari Investors Group 24.30 (2.1) 21.9 (58.5)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 120.80 0.1 43,760.0 (18.4)
Industries Qatar 95.80 0.9 25,199.2 (18.5)
Masraf Al Rayan 34.75 (0.7) 23,499.7 (7.6)
Qatar Electricity & Water Co. 175.70 0.2 13,820.5 (22.6)
Ooredoo 83.00 1.2 12,263.0 (18.5)
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* 7,873.84 0.2 (0.1) (3.6) (24.6) 52.88 116,607.8 12.6 1.2 5.0
Dubai 3,488.99 0.3 1.1 (4.0) (1.2) 182.51 100,657.7 21.0 1.3 4.1
Abu Dhabi 4,366.41 (0.1) (0.2) (2.5) (4.0) 33.78 114,039.0 15.7 1.3 4.6
Saudi Arabia 6,979.28 0.3 0.4 0.6 (3.2) 870.19 442,633.6 16.4 1.6 3.4
Kuwait 6,250.06 (0.0) (0.1) (4.0) 8.7 37.17 91,053.3 15.3 1.0 5.5
Oman 5,114.67 0.6 1.2 2.1 (11.6) 4.06 20,935.5 11.6 1.0 5.1
Bahrain 1,259.87 (0.2) (0.6) (1.3) 3.2 4.21 19,776.9 7.0 0.8 6.2
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)
7,800
7,820
7,840
7,860
7,880
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index rose 0.2% to close at 7,873.8. The Insurance and
Telecoms indices led the gains. The index rose on the back of buying
support from non-Qatari shareholders despite selling pressure from
Qatari and GCC shareholders.
 Al Khaleej Takaful Group and Qatar Cinema & Film Distribution Co.
were the top gainers, rising 6.7% and 5.8%, respectively. Among the top
losers, Medicare Group fell 7.0%, while Salam International Investment
Ltd. was down 5.3%.
 Volume of shares traded on Tuesday rose by 4.5% to 5.7mn from 5.5mn
on Monday. However, as compared to the 30-day moving average of
6.7mn, volume for the day was 14.7% lower. Masraf Al Rayan and
Vodafone Qatar were the most active stocks, contributing 11.9% and
9.3% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings Releases and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Oman Power & Water
Procurement Co.
S&P Oman LT-LIC/LT-FIC BB+/BB+ BB/BB  Stable –
Oman
Telecommunications
Co.
S&P Oman LT-LIC/LT-FIC BB+/BB+ BB/BB  Stable –
Oman Electricity
Transmission Co.
S&P Oman LT-LIC/LT-FIC BB+/BB+ BB/BB  Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, LIC – Local Issuer Credit, FIC – Foreign Issuer Credit)
Earnings Releases
Company Market Currency
Revenue (mn)
3Q2017
% Change
YoY
Operating Profit
(mn) 3Q2017
% Change
YoY
Net Profit
(mn) 3Q2017
% Change
YoY
Al Kathiri Holding Co. Saudi Arabia SR – – 4.1 N/A 3.3 N/A
Al-Samaani Factory for Metal Ind. Co. Saudi Arabia SR – – 1.3 N/A 1.1 N/A
Al Sagr National Insurance Co. Dubai AED 91.0 30.2% – – 4.7 N/A
Dar Al Takaful Dubai AED 23.8 113.0% – – 3.9 41.6%
United Foods Company Dubai AED 99.6 8.9% – – 2.4 -35.0%
Union Properties Dubai AED 76.7 37.6% – – -2,288.8 N/A
Union Insurance Company Abu Dhabi AED 273.8 26.5% – – 6.0 N/A
Ras Al Khaimah National Ins. Co. Abu Dhabi AED 155.6 58.0% – – 5.8 37.3%
Gulf Pharmaceutical Industries Abu Dhabi AED 353.4 15.4% – – 22.1 -11.6%
Al Ain Al Ahlia Insurance Co. Abu Dhabi AED 244.5 -13.5% – – 19.9 80.8%
Al Buhaira National Insurance Co. Abu Dhabi AED 140.2 -20.3% – – 7.5 -45.1%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
11/14 UK UK Office for National Statistics CPI MoM October 0.1% 0.2% 0.3%
11/14 UK UK Office for National Statistics CPI YoY October 3.0% 3.1% 3.0%
11/14 UK UK Office for National Statistics RPI MoM October 0.1% 0.2% 0.1%
11/14 UK UK Office for National Statistics RPI YoY October 4.0% 4.1% 3.9%
11/14 Germany German Federal Statistical Office CPI MoM October F 0.0% 0.0% 0.0%
11/14 Germany German Federal Statistical Office CPI YoY October F 1.6% 1.6% 1.6%
11/14 India Directorate General of Commerce Exports YoY October -1.1% – 25.7%
11/14 India Directorate General of Commerce Imports YoY October 7.6% – 18.1%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 21.15% 29.94% (17,844,380.52)
Qatari Institutions 25.55% 22.85% 5,476,375.86
Qatari 46.70% 52.79% (12,368,004.66)
GCC Individuals 0.67% 1.29% (1,261,901.24)
GCC Institutions 4.18% 14.02% (19,982,268.22)
GCC 4.85% 15.31% (21,244,169.46)
Non-Qatari Individuals 6.22% 5.85% 756,671.76
Non-Qatari Institutions 42.22% 26.04% 32,855,502.36
Non-Qatari 48.44% 31.89% 33,612,174.12

3. Page 3 of 6
News
Qatar
 Emir: Qatar moving ahead irrespective of blockade – Qatar has
successfully met the challenges posed by the blockade and is
continuing its journey steadily toward the goals of all round
development and self-sufficiency, HH the Emir Sheikh Tamim
Bin Hamad Al-Thani said. Delivering a speech on the opening of
the Advisory Council's 46th Ordinary Session, the Emir said the
blockading countries have breached all norms of international
relations and their actions have made it now evident that they
did not want to reach a negotiated settlement. Sheikh Tamim
said in the face of grave provocations, Qatar has pursued a
policy of self-restraint out of “our keenness to maintain the
fraternal relations among the Gulf peoples.” He said Qatar's
approach has gained the respect of the whole world. The Emir
said the siege nations have erred in their judgment and are now
themselves embroiled in the crisis. For the charges leveled
against Qatar, they have failed to produce any evidence he said
and added that Qatar has a well-documented counterterrorism
record. (Gulf-Times.com)
 Qatar First Bank’s subsidiary sells its shares in Amanat Holding
– Qatar First Bank announced that the Astro AD Cayman Ltd, a
fully-owned subsidiary of Qatar First Bank founded in Cayman
Islands, has sold all its shares in Amanat Holding, founded in
the UAE and listed in Dubai Financial Market. The sale amount
is AED150mn. The deal amount does not represent more than
10% of the total assets of the bank. Moreover, conclusion of this
deal will not negatively affect in any way on financial position
of the bank, and the deal has been concluded in full accordance
with the standard common commercial practices. (QSE)
 Qatar Petroleum signs deal for Block 52 in offshore Oman –
Qatar Petroleum entered into an agreement to acquire a 30%
participating interest in the contractor’s interest under the
exploration and production sharing agreement (EPSA) for Block
52 offshore, Sultanate of Oman. The parties under the EPSA are
the Government of the Sultanate of Oman and the contractor,
which - upon satisfaction of all Omani Governmental approvals
will comprise of Qatar Petroleum with a participating interest of
30%, Eni with a participating interest of 55%, and Oman Oil
Company with a participating interest of 15%. Block 52, which
is largely underexplored, has an area of more than 90,000 km2
(square kilometers) and is located in water depths ranging from
10 meters to over 2,000 meters. The contractor parties will soon
embark upon executing an exploration program involving the
acquisition and processing of 3D seismic, which will be followed
by exploration drilling. Eni is the designated Operator of the
block, through its subsidiary Eni Oman B.V, Qatar Petroleum
stated. (Gulf-Times.com)
 Qatar’s inflation edges up; housing slips – Qatar’s CPI-based
inflation has edged up 0.3% in October, from a month ago. The
inflation rate, with a 2013 base year calculation, also inched up
to 0.2% in October on YoY. On MoM, restaurants and hotels
group increased the most by 2.0%. Furniture and household
equipment; and Health groups were costlier by 1.0% each in
October, while food and beverages group rose 0.9%. Clothing
and Footwear and Transport increased 0.8% and 0.5%,
respectively. Housing, water, electricity and gas group; and
miscellaneous goods and services group became cheaper by
0.4% each. Tobacco, Communication, and Education group
have remained flat at the last month’s price level. The YoY
increase was mainly driven by transport (7.8%), food and
beverages (4.9%), health (3.6%) and education (0.4%).
Housing, Water, Electricity and other Fuel group was cheaper
by 5.4% compared to October 2016. While recreation and
culture group slipped by 2.0%, communications and
miscellaneous goods and services group declined by 1.1%, each.
Clothing and footwear group was cheaper by 0.5% and furniture
and household group declined by 0.3%. No changes recorded in
tobacco and restaurants & hotels groups. (Peninsula Qatar)
 Ezdan Holding Group's Sukuk yields spike after S&P downgrade
to junk – Yields on $500mn of Islamic bonds issued by Ezdan
Holding Group and maturing in 2021 have jumped by about 2
percentage points after Standard & Poor's (S&P) downgraded
the company to junk. S&P cut the Qatari company by two
notches to ‘BB’ from ‘BBB-’minus and revised its outlook to
‘Negative’ from ‘Stable’. The rating agency cited a weakening of
the company's financial risk profile. (Zawya)
 US to diversify its exports to Qatar – The US is working on a
trade plan that would focus on diversifying its exports to Qatar.
Currently, majority of the US exports to Qatar are concentrated
in a few industries, William Grant, Charge d’Affaires, US
embassy in Qatar, said. “The majority of US exports are
currently concentrated in transportation and heavy equipment,
particularly in aviation; vehicles; electronics and
communication. We want to expand that into energy, financial
services and other fields”, Grant said while delivering a key
note address at the ‘Doing business and investing in US & Qatar
Forum’. The relationship between the US and Qatar is strong
and getting even stronger. (Peninsula Qatar)
 Hassad hands over food supply task to private sector – Hassad,
Qatar’s premier investor in food and agri-business sectors
announced the handover of the food supply mission to the
private sector, and the arrival of the company’s last shipment.
Since the start of the blockade until the arrival of Hassad’s final
shipment, the company supplied significant quantities of
strategic products to the local market, via air freight on a daily
basis, and through land-sea routes. Hassad also played a major
role in opening a new land-sea route from Turkey and
Azerbaijan though Bushehr port in Iran. The amounts of
strategic products supplied by Hassad were always in line with
the local market needs. The company supplied poultry products,
milk, dairy products, table eggs, fresh vegetables and fruits,
juices and many other products that were needed for local
market consumption. (Peninsula Qatar)
 Campaign highlights Qatar Airways’ $91.8bn investment in the
US – Qatar Airways’ $91.8bn investment in the American
economy through its 332 American-made aircraft is highlighted
in its latest TV commercial and social media campaign.
Highlighting Qatar Airways’ contribution to the US economy,
the campaign takes its message directly to the American
people, “Our success is also America’s shared success.” The
campaign, seen by more than 8mn people on social media, cites
independently gathered data that clearly demonstrates the
airline’s robust $91.8bn investment in the American economy
through its 332 American-made aircraft. Qatar’s national carrier

4. Page 4 of 6
also directly supports nearly 123,000 American jobs and flies
3.1mn visitors to the US annually, visitors who helped pump an
extra $4bn into the US economy in 2016 alone. Qatar Airways
Group’s CEO, Akbar Al Baker said, “This commercial expresses
how tremendously proud we are of the investment we have
made, and continue to make every year, in the US economy.
Our 332 American-made aircraft are testament to the faith we
have in America, and in American made products.” (Gulf-
Times.com)
 The Commercial Bank to handle NU-Q’s cash management
services – The Commercial Bank’s Transaction Banking
Department has been awarded the exclusive cash management
mandate for Northwestern University in Qatar (NU-Q)
following a competitive tender process with other Qatari banks.
The Commercial Bank Group’s CEO, Joseph Abraham said,
“Commercial Bank’s wholesale banking department is
delivering technology-based innovative new services to
customers that not only improve the client experience but they
enhance their business operations too.” (Gulf-Times.com)
 Qatar & Turkey to sign 14 agreements, MoUs – Emir HH Sheikh
Tamim Bin Hamad Al Thani and President the sisterly Republic
of Turkey, Recep Tayyip Erdogan, will hold the meeting of the
third session of the Qatar-Turkey Supreme Strategic
Committee. The Turkish President arrived in Doha for an
official visit to the State of Qatar. The Emir and the Turkish
President will also discuss means of enhancing strategic
bilateral cooperation between the two countries as well as
reviewing the latest developments in the region. During the
meetings, the two countries are expected to sign about 14
agreements and memorandums of understandings (MoUs) to
reach a total of signed agreements between the two sides to
about 40 agreements covering all areas of vital cooperation
between the two countries ranging between economic, cultural,
defense, banking and cyber security as well as food and
agricultural security. (Peninsula Qatar)
International
 Services boost US producer prices; underlying inflation firming
– US producer prices rose more than expected in October, driven
by a increase in the cost of services, leading to the biggest
annual increase in wholesale inflation in more than five and
half years. Report from the Labor Department also showed
steady gains in underlying producer prices, which supported
expectations of a gradual increase in inflation and keep the
Federal Reserve on track to raise interest rates in December.
The producer price index for final demand increased 0.4% last
month after a similar gain in September. That lifted the YoY
increase in the PPI to 2.8%, the largest rise since February 2012,
from 2.6% in September. Economists had forecast the PPI
edging up 0.1% last month and increasing 2.4% from a year ago.
Last month’s rise in prices received by the nation’s farms,
factories and refineries reflected a 0.5% increase in the cost of
services, mostly margins received by wholesalers and retailers.
(Reuters)
 Eurozone’s growth, eclipsing US economy, set to be best in
decade – Eurozone’s annual economic growth rate outstripped
that of the US in the third quarter setting up 2017 as the best
year for the currency area since financial markets crashed a
decade ago. Germany was a major factor, but even some of the
bloc’s laggards, such as Italy, showed signs of revival. Eurostat,
the European Union statistics office, confirmed a preliminary
estimate that Eurozone’s GDP grew 0.6% from July to
September from the previous quarter and on YoY basis was
2.5% higher. This was higher than 2.3% YoY rate for the US
economy, which had been growing faster than the Eurozone.
The U.S. quarterly numbers were slightly better than the
Eurozones at 0.7%, however. (Reuters)
 German investor morale rises to 18.7 points in November – The
mood among German investors improved further in November,
a survey showed, suggesting that markets expect Europe’s
biggest economy to continue its solid upswing in coming
months. The Mannheim-based ZEW research institute said its
monthly survey showed its economic sentiment index rose to
18.7 from 17.6 in October. This undershot a Reuters consensus
forecast for an increase to 20.0. A separate gauge measuring
investors’ assessment of the economy’s current conditions shot
up to 88.8 from 87.0 last month. This compared with the
Reuters consensus forecast predicting an increase to 88.0.
(Reuters)
 Greece’s January-October government budget surplus slightly
above target – Greece’s central government attained a primary
budget surplus of $6.28bn in the first ten months of the year,
slightly above target due to lower spending, finance ministry
data showed. The government’s target was for a primary
budget surplus, which excludes debt-servicing costs of 5.239bn
Euros for the January to October period, meaning the surplus
outperformed the target by 116mn Euros. (Reuters)
 Japan's GDP grows for seven straight quarters, outlook remains
solid – Japan’s economy grew faster than expected in the third
quarter due to strong exports, posting the longest period of
uninterrupted growth in more than a decade. The economy
expanded at 1.4% annualized rate in July-September, slightly
above the median estimate for annualized growth of 1.3%,
Cabinet Office data showed. That followed revised annualized
growth of 2.6% in April-June. Consumer spending fell for the
first time in seven quarters but this is expected to be temporary
because the economy is near full employment, which should
bolster domestic consumption in the future. Rising capital
expenditure and exports are also expected to keep the economy
growing, which should ease some concerns about sluggish
inflation. (Reuters)
 China's economy cools as government curbs hit factories,
property and retailers – China’s economy cooled further last
month, with industrial output, fixed asset investment and retail
sales missing expectations as the government extended a
crackdown on debt risks and factory pollution. China is already
in the second year of a campaign to reduce high levels of debt as
authorities’ worry that riskier lending practices, especially in
the real estate sector, could imperil the economy. Data
suggested policy makers are making progress in defusing
financial risks by weaning China off its years-long addiction to
cheap credit, and signaled moderating growth over the next few
quarters. Industrial output rose 6.2% YoY in October, the
National Bureau of Statistics (NBS) stated, missing analysts’
estimates of a 6.3% gain and lagging 6.6% increase in
September. Fixed-asset investment growth also slowed to 7.3%

5. Page 5 of 6
in the January-October period, from 7.5% in the first nine
months. Analysts had expected an increase of 7.4%. (Reuters)
 India's trade deficit widens to near three year high in October –
India’s trade deficit widened to its highest in nearly three years
in October, government data showed, as export growth
contracted for the first time after more than a year. The trade
deficit widened to $14.02bn last month from $8.98bn in
September, data from the Ministry of Commerce and Industry
showed. The trade deficit has widened by more $31bn in the
first seven months of the current financial year to $86.15bn,
which could put pressure on the current account deficit of
Asia’s third largest economy. (Reuters)
 Brazil’s retail sales rebound in September as spending rises –
Brazilian retail sales rebounded in September from an
unexpected drop in the prior month as lower unemployment
provided a welcome boost to consumer spending. Sales
volumes, excluding cars and building materials, rose 0.5% in
September from August after seasonal adjustments,
government statistics agency IBGE said. The reading exceeded
economists’ median forecast of a 0.40% increase in a Reuters
poll, and bucked a two-month string of underwhelming figures
that had stoked concerns over Brazil’s recovery from its worst
recession in a century. This suggests the outlook for a gradual
economic pickup, underpinned by newfound strength in the
labor market, low inflation and interest rates bound for all-time
lows, remains intact. Retail sales increased 6.40% from the year
before, compared to the median forecast of 5.20%. (Reuters)
Regional
 Construction projects worth $3.1tn in pipeline in GCC – The
GCC has one of the biggest construction pipelines in the world
with $3.1tn worth of projects planned or under way in the GCC
region. The high value of projects planned and under way is a
clear indication of how the projects industry has become a key
driver for the economic success of the GCC, laying the
foundations for the long-term, sustainable development of the
region that will support future generations. (GulfBase.com)
 Middle East needs 3,350 new airplanes valued at $730bn –
Boeing forecasts that airlines in the Middle East will need 3,350
new airplanes over the next 20 years, valued at an estimated
$730bn. Vice President of Marketing, Boeing Commercial
Airplanes, Randy Tinseth said, “Traffic growth in the Middle
East is expected to grow at 5.6% annually during the next 20
years. The fact that 85% of the world’s population lives within
an eight-hour flight of the Arabian Gulf, coupled with robust
business models and investment in infrastructure, allows
carriers in the Middle East to channel traffic through their hubs
and offer one-stop service between many cities.”
(GulfBase.com)
 Value of PIF jumps amid market turmoil – As Saudi Arabia’s
anti-corruption purge sends the shares of some if its companies
into a tailspin, the Kingdom’s sovereign wealth fund have
gained in value. Last week the market value of the Public
Investment Fund’s (PIF) portfolio of Saudi Arabian equities rose
by almost $3bn. (Reuters)
 Saudi Aramco signs contracts worth $4.5bn for mega projects –
Saudi Aramco signed agreements worth around $4.5bn with
several contractors for oil and gas mega projects. The objective
of the projects is to enhance the company’s energy
sustainability, diversify the economy, increase gas production,
and localize domestic content. A total of eight agreements were
signed, including three agreements with Spanish firm Técnicas
Reunidas under the Gas Compression Program in the southern
area. (GulfBase.com)
 Further 163,000 homes in the pipeline for Dubai – Dubai will see
a further 163,840 properties being built over the next five years
from 387 projects. Next year could account for the highest
number of these handovers, at 27,360 units, according to fäm
Properties. The year after could see 19,850 units and 17,754
further homes in 2020. So far in 2017, Dubai has seen the launch
of 90 projects consisting of 36,556 units. CEO of fäm Properties,
Firas Al Msaddi said, “We took this initiative because we want
our investors and buyers to have a more accurate picture of the
Dubai property market by being able to analyze facts and
figures in a new way.” (GulfBase.com)
 ADNOC to build 600k bpd refinery at Ruwais by 2025 – Abu
Dhabi National Oil Co. (ADNOC) will build 600k barrels per day
(bpd) refinery at Ruwais by 2025, Abdulaziz Alhajri, Director of
ADNOC downstream directorate said. Refinery project will be
integrated with chemicals production. The project will make
Abu Dhabi Emirate self-sufficient in oil products, allowing for
export. Further, ADNOC, ExxonMobil and Inpex have signed
agreement to increase production capacity from Upper Zakum
oil field to 1mn bpd by 2024. (Bloomberg)
 Mazoon Electricity issues debut Sukuk certificates – Oman’s
Mazoon Electricity Company on November 1 successfully
priced its debut Reg S/144A $500mn ten-year Sukuk offering.
The Shari’ah-compliant Ijara structure was adopted for issue of
the Sukuk certificates and the profit rate was set 5.2%. The
issuance is rated ‘Baa2’ (Negative) by Moody’s Investor Service
and ‘BBB’ (Negative) by Fitch Ratings. (GulfBase.com)
 NBK: Bahrain’s non-oil growth to be around 3% – Bahrain’s
non-oil growth will be steady at three to four percent per year
due to elevated investment spending, particularly benefitting
the construction sector, National Bank of Kuwait (NBK) stated.
The economy will continue to register moderate growth of
around three percent per year in 2017-18, with a resilient non-
oil sector offsetting virtually stagnant output in the oil sector.
Oil production, currently around 11% of the economy, remains
depressed by capacity constraints and declining output at the
onshore Bahrain field, NBK stated. (GulfBase.com)

6. 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
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa 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 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
60.0
80.0
100.0
120.0
140.0
160.0
Oct-13 Oct-14 Oct-15 Oct-16 Oct-17
QSE Index S&P Pan Arab S&P GCC
0.3% 0.2%
(0.0%)
(0.2%)
0.6%
(0.1%)
0.3%
(0.4%)
0.0%
0.4%
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 1,280.40 0.2 0.4 11.1 MSCI World Index 2,031.88 (0.2) (0.4) 16.0
Silver/Ounce 17.02 (0.2) 0.8 6.9 DJ Industrial 23,409.47 (0.1) (0.1) 18.5
Crude Oil (Brent)/Barrel (FM Future) 62.21 (1.5) (2.1) 9.5 S&P 500 2,578.87 (0.2) (0.1) 15.2
Crude Oil (WTI)/Barrel (FM Future) 55.70 (1.9) (1.8) 3.7 NASDAQ 100 6,737.87 (0.3) (0.2) 25.2
Natural Gas (Henry Hub)/MMBtu 3.08 (1.1) (1.9) (16.3) STOXX 600 383.86 0.4 (0.2) 18.6
LPG Propane (Arab Gulf)/Ton 97.50 (1.1) 0.0 35.9 DAX 13,033.48 0.7 0.3 26.8
LPG Butane (Arab Gulf)/Ton 103.25 (1.1) (1.1) 6.4 FTSE 100 7,414.42 0.5 (0.4) 10.8
Euro 1.18 1.1 1.1 12.2 CAC 40 5,315.58 0.5 (0.2) 22.1
Yen 113.46 (0.1) (0.1) (3.0) Nikkei 22,380.01 0.2 (1.3) 20.4
GBP 1.32 0.4 (0.2) 6.7 MSCI EM 1,118.32 (0.4) (0.9) 29.7
CHF 1.01 0.7 0.7 3.0 SHANGHAI SE Composite 3,429.55 (0.3) 0.2 15.7
AUD 0.76 0.1 (0.4) 5.9 HANG SENG 29,152.12 (0.1) 0.1 31.7
USD Index 93.83 (0.7) (0.6) (8.2) BSE SENSEX 32,941.87 (0.2) (1.2) 28.6
RUB 60.46 1.8 2.2 (1.7) Bovespa 70,826.59 (2.4) (2.6) 15.8
BRL 0.30 (1.1) (1.1) (1.9) RTS 1,136.86 (1.0) (1.7) (1.3)
89.3
88.8
81.8