1

September 27, 2021

GLOBAL MARKETS

Indices Closing

Level Change Performance

Value (%) MTD (%) YTD (%) Global

S&P 500 4,455.5 6.5 0.1 (1.5) 18.6 Dow Jones Ind. Average 34,798.0 33.2 0.1 (1.5) 15.1 Nasdaq 100 15,329.7 13.1 0.1 (1.6) 18.9 FTSE 100 7,051.5 (26.9) (0.4) (1.0) 9.1 DAX 30 15,531.8 (112.2) (0.7) (1.9) 13.2 CAC 40 6,638.5 (63.5) (0.9) (0.6) 19.6 BIST 100 1,384.7 (16.8) (1.2) (5.9) (6.2) Nikkei 30,248.8 609.4 2.1 6.3 11.0 Hang Seng 24,192.2 (318.8) (1.3) (6.5) (11.2) Shanghai Composite 3,613.1 (29.2) (0.8) 2.0 4.0 BSE Sensex 60,048.5 163.1 0.3 4.3 25.8 GCC QE Index 11,313.5 73.0 0.6 2.0 8.4 Saudi Arabia (TASI) 11,352.9 82.3 0.7 0.3 30.6 UAE (ADX) 7,774.8 (50.0) (0.6) 1.2 54.1 UAE (DFM) 2,832.0 (7.6) (0.3) (2.4) 13.6 Kuwait (KSE) 6,878.0 2.0 0.0 1.3 24.0 Oman (MSM) 3,928.5 1.4 0.0 (1.0) 7.4 Bahrain (BAX) 1,698.1 (4.4) (0.3) 3.2 14.0 MSCI GCC 718.0 (0.0) (0.0) 0.5 27.1 Dow Jones Islamic 6,195.6 (16.9) (0.3) (2.0) 13.7 Commodity Brent (USD/bbl) 78.1 0.8 1.1 9.1 52.8 WTI (USD/bbl) 74.0 0.0 0.0 0.1 52.5 Natural Gas (USD/mmBTU) 5.1 0.0 0.0 0.1 102.4 Gold Spot (USD/t oz.) 1,749.7 0.0 0.0 (0.0) (7.6) Copper (USD/lb) 4.3 0.0 0.0 0.0 22.0 Source: Refinitiv Eikon

MARKET COMMENTARY

Global The S&P 500 posted a slim gain on Friday while major European markets slumped as investors weighed potential fallout from debt-laden China Evergrande. The S&P 500 gained 6.5 points, or 0.1% to 4,456 and the Nasdaq Composite dropped 4.55 points, or 0.03%, to 15,048. Energy and financial companies were amongst the biggest gainers Friday. Weak German business confidence data weighed down the pan-European STOXX 600 index which lost 0.9%. The weakness across European markets could also be attributed to the German federal elections, which is scheduled to take place today. Chinese equities fell on Friday as losses in Materials companies more-than-offset the gains in Consumer Staples while the Property sector fell after beleaguered developer China Evergrande Group’s bondholders reported not receiving an interest payment that was due. In India, the benchmark Sensex scaled the 60,000 mark for the first time, driven by gains in Property and Tech stocks. GCC Stock markets in the Gulf witnessed a mixed performance yesterday as they await cues from global markets today. While KSA’s TASI inched higher, buoyed by petrochemical and financial stocks, the Dubai and Abu Dhabi indices went the other way. Dubai’s Emaar Properties and Emaar Malls shed 1.2% and 1.6% respectively. The indices in Kuwait and Oman ended the day on a flattish note as the Bahraini index closed 0.3% lower. Qatar The Qatari benchmark index rose 0.6% as Qatar Aluminum Manufacturing and Mesaieed Petrochemical Holding Co. were the top gainers of the day, rising 3.1% and 2.3% respectively. Out of the total 47 traded stocks, 32 advanced, 10 declined and 5 remained unchanged. Total traded volume on the market was higher than the previous trading session. The Industrial index advanced 1.8%, the Telecom index rise 1.1% while the Transportation index ended marginally lower.

QATAR MARKET OVERVIEW

GCC Fundamentals P/E (x)

P/B (x)

Dividend Yield (%)

Value Traded (USD mn)

Qatar All share 16.3 1.5 2.7 112.5

DSM 20 16.3 1.5 2.7 73.8

Saudi Arabia (TASI) 23.4 2.7 2.4 1,612.4

UAE (ADX) 21.7 2.3 2.9 309.7

UAE (DFM) 14.3 0.9 2.8 21.4

Kuwait (KSE) 21.1 1.6 2.0 145.8

Oman (MSM) 10.3 0.7 3.7 2.1

Bahrain (BAX) 13.2 1.0 1.9 1.3 Source: Refinitiv Eikon

Qatar Trading Activity Close Price

1D Change Performance Vol. (‘000)

P/E TTM Value (%) YTD

(%) YoY (%)

Top Gainers QATAR ALUMINIU 1.9 0.1 3.1 94.0 87.0 31,180.9 28.4 MESAIEED PETRO 2.3 0.1 2.3 11.0 9.9 20,229.0 21.8 INDUSTRIES QAT 14.5 0.3 2.1 33.2 45.4 1,535.3 17.4 GULF INTR SERV 1.6 0.0 2.1 (8.5) 0.3 25,832.4 0.0 ZAD HOLDING 15.9 0.3 1.7 17.1 14.2 5.9 20.8 Top Losers QA CINEMA & FI 3.7 (0.2) (6.2) (6.6) 0.5 51.6 63.1 QA ISLAMIC INS 7.8 (0.0) (0.5) 13.3 24.6 0.2 15.8 AL KHALIJI BK 2.2 (0.0) (0.5) 19.7 37.7 361.8 11.4 QATAR FIRST BA 1.8 (0.0) (0.4) 6.8 43.4 1,133.0 15.9 QNB 19.0 (0.1) (0.4) 6.7 9.7 2,102.3 15.4 Source: Refinitiv Eikon; Note: Prices are in local currency.

Qatar DSM Index

Source: Refinitiv Eikon

QE Sector Indices Closing Level 1D Change (%) Banks & Financial Services 4,735.6 0.1 Consumer Goods & Services 8,222.8 0.3 Industrials 3,927.6 1.8 Insurance 2,573.1 0.1 Real Estate 1,798.7 0.4 Telecoms 1,065.9 1.1 Transportation 3,397.9 (0.0) Source: Refinitiv Eikon

Qatar Trading Summary Buy (%) Sell (%)

Qatari Individuals 53.3 51.2 Qatari Institutions 22.0 25.4 Qatari – Total 75.3 76.5 Foreign Individuals 15.4 15.9 Foreign Institutions 9.3 7.5 Foreign – Total 24.7 23.5 Source: Qatar Exchange

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September 27, 2021

Oil prices rose for a third week in a row to a near three-year high on

Friday as global output disruptions have forced energy companies to pull large amounts of crude out of inventories. (Source: Reuters)

House Democratic leaders said on Friday they intended to forge ahead next week with US President Joe Biden's USD 3.5 tn social agenda as well as a USD 1 tn bipartisan infrastructure bill. (Source: Reuters)

European Central Bank President Christine Lagarde believes Europe’s direct exposure to the embattled Chinese property company Evergrande would be “limited”. Lagarde said on Thursday that the ECB was keeping tabs on the debt-laden property developer. (Source: CNBC)

A potential lurch to the left in Germany's election on Sunday is scaring millionaires into moving assets into Switzerland, bankers and tax lawyers say. (Source: Reuters)

Japan on Friday welcomed Taiwan's application to join a trans-Pacific trade pact, citing shared democratic values with the island, which China claims as its own. (Source: Reuters)

China's most powerful regulators on Friday intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks. (Source: Reuters)

Turkey's central bank unexpectedly cut its policy rate by 100 bps to 18% on Thursday, delivering stimulus long sought by President Tayyip Erdogan despite high inflation, and sending the TRY to near a record low. The central bank was widely expected to hold interest rates steady at 19%, where they had been since March, given inflation reached 19.25% last month. (Source: Reuters)

Pakistan will pursue individual trade deals with the UAE, Saudi Arabia

and Oman, a Pakistani official said on Sunday as talks with the GCC remain stalled. The GCC started free trade talks with Pakistan in 2004 but it has not implemented a free trade deal since 2015. (Source: Reuters)

The UAE and India commenced their discussions on a Comprehensive Economic Partnership Agreement with Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, meeting Piyush Goyal, India's Minister of Commerce and Industry, to outline how the two nations can accelerate bilateral trade, investment and economic opportunity. (Source: Emirates News Agency)

Dubai non-oil foreign trade grew 31% YoY in the first half of 2021 to AED 722.3bn (USD 196.66bn), the emirate's media office said on Sunday. Exports grew 45% to AED 109.8bn while imports rose 29.3% to AED 414bn. (Source: Bloomberg)

Abu Dhabi Chamber of Commerce and Industry has discussed increasing trade cooperation and promoting economic relations with the Embassy of Slovakia in Abu Dhabi. (Source: Zawya)

Wealth funds in Abu Dhabi are scouting for billions of dollars in investments in Turkey. Among funds eyeing Turkish investments in recent weeks are Abu Dhabi Investment Authority, or ADIA, the emirate’s biggest wealth fund that’s amassed assets estimated at USD 686bn, and ADQ. (Source: Bloomberg)

Dubai is one of the world’s best cities to visit, work, live and invest in this year according to a new study. The World Best Cities 2021 study by Resonance Consultancy ranks 100 cities based on several factors ranging from physical experience, airport connectivity and diversity to income. (Source: Zawya)

The Intellectual Property Rights Department at Dubai Customs has recycled 113,000 counterfeit items for 13 brands with a market value

of AED 750,000. The move is part of their efforts in combating piracy and supporting sustainable development. (Source: Khaleej Times)

The Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX) will be held this year from September 27 to October 3, 2021. Being the largest exhibition of its kind in MENA region, more than 1.6mn visitors have visited ADIHEX since 2003 with more than 115,000 visitors from 120 nationalities visiting the last edition in 2019 (Source: Emirates News Agency)

Saudi Arabia’s strong digital infrastructure has enabled the public and private sectors to meet the devastating challenges of the COVID-19 pandemic, the Kingdom’s envoy to the UN has said. (Source: Arab News)

The first edition of KPMG’s Future of NBFI Financing looks into the performance of Non-Bank Financial Institutions in Saudi Arabia. The publications provide a directional view on the SAR 54 bn (USD 14.5bn) NBFI industry covering real estate, automotive, commercial equipment and other consumer financing. (Source: Zawya)

Public services company Serco has appointed KSA national Nawara Al Osaimi to lead ExperienceLab in KSA as part of its plan to expand within the Kingdom and support the public sector in providing the best customer and user experience to both citizens and residents. (Source: Zawya)

Oman crude continued its surge nearing USD 75 a barrel, paving the way for fiscal consolidation with a narrowing deficit and expected surplus in 2022. According to experts, from a fiscal balance perspective, oil price above USD 75 per barrel is a huge relief to the government of Oman as the Budget 2021 was prepared with an average oil price of USD 45 barrel per day. (Source: Zawya)

State carrier Oman Air said on Sunday it wanted to join oneworld, the alliance of 14 airlines including Qantas, American Airlines, British Airways and Cathay Pacific, and that it had asked fellow Gulf airline and member Qatar Airways to help it apply. (Source: Reuters)

Bahrain will double its value-added tax rate to 10% in an effort to boost revenue and curb one of the Gulf’s widest budget deficits as the economy begins to recover from the pandemic. The Gulf’s smallest economy is seeking ways to bring its budget back into balance by 2024 without undermining a fragile recovery. (Source: Bloomberg)

First Dubai Real Estate Development Company KSCP, a subsidiary of Kuwait's Al Mazaya Holding, said its board of directors has approved the sale of its full stake in a Saudi Arabian subsidiary for KWD 15.5mn (USD 51.4mn). (Source: Zawya)

Kuwait Petroleum Corporation will soon take a decision to transfer the subordination of Kuwait Gulf Oil Company to Kuwait Oil Company, provided it continues as a subsidiary and continues to bear the same name in order to preserve its history and legal obligations in the management of joint operations in Al-Khafji and Al-Wafra. (Source: Times Kuwait)

The value of e-commerce in Qatar exceeded USD 2.2bn in 2020 compared to USD 1.5bn in 2019, showing an increase of 47%, a recent study conducted by Qatar Chamber revealed. (Source: The Peninsula)

Qatar Development Bank (QDB) plans to launch more value-added services for Small and Medium Enterprises (SMEs) as many SMEs move towards digital transformations. (Source: The Peninsula)

Qatar First Bank (QFB) has announced the acquisition of Fourteen555, a class AA office building located in the upmarket Lower Tollway Corridor in Dallas, Texas. Fourteen555 is QFB’s 8th shariah compliant real estate acquisition in the US and becomes the first multi-tenant office addition to QFB’s now eleven-asset strong portfolio. (Source: The Peninsula)

GLOBAL NEWS

GCC NEWS

QATAR NEWS

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September 27, 2021

FX RATES Currencies Value Currencies Value

EUR/USD 1.1744 USD/QAR 3.6411

USD/JPY 110.7200 EUR/QAR 4.2761

GBP/USD 1.3708 JPY/QAR 0.0329

USD/CHF 0.9239 GBP/QAR 4.9912

USD/CAD 1.2652 CHF/QAR 3.9410

AUD/USD 0.7258 CAD/QAR 2.8779

NZD/USD 0.7012 AUD/QAR 2.6427

USD/INR 73.3130 INR/QAR 0.0497

USD/TRY 8.8786 TRY/QAR 0.4101

USD/ZAR 14.9417 ZAR/QAR 0.2437

USD/BRL 5.3377 BRL/QAR 0.6821 Source: Refinitiv Eikon

INTERBANK OFFERING & US SWAP RATES Duration Overnight 1 Week 1 Month 3 Month 1 Year

LIBOR 0.07 0.07 0.09 0.13 0.23

EURIBOR (0.59) (0.57) (0.55) (0.54) (0.49)

QAIBOR 0.90 0.93 1.02 1.14 1.35

SAIBOR 0.55 0.59 0.65 0.81 0.93

EIBOR 0.17 0.17 0.19 0.45 0.44

BMIBOR 0.82 1.03 1.51 1.55 1.80

KIBOR 0.56 0.88 1.25 1.50 2.00 Source: Refinitiv Eikon

US Swap Rates

Source: Refinitiv Eikon

FX Commentary

The USD rose on Friday and was poised for its third straight week of gains against a basket of major currencies as uncertainty over beleaguered Chinese property developer Evergrande helped the greenback bounce back from a sharp decline in the previous session. The dollar index rose 0.237%, with the EUR declining 0.2% to USD 1.1713. The GBP/USD pair inched down 0.055% to 0.730. The JPY/USD weakened 0.43% versus the greenback to 110.77. The CNH (offshore Chinese yuan) weakened versus the greenback to 6.4641 per USD. The CAD reversed directions and lost ground in the Friday session with the CAD/USD pair retreating towards 0.790. The AUD/USD strengthened by 0.0145% to 1.377 as the NZD/USD edged up 0.0421% to 1.425.

SOVEREIGN YIELD CURVES & CDS SPREAD Qatar vs US Treasuries Yields

Source: Refinitiv Eikon, Investing.com

5 Years CDS Spreads 6M Change 5 Years CDS Spread 6M Change

US 12.2 (1.1) Turkey 403.9 (61.9)

UK 11.6 (2.5) Brazil 191.9 (26.3)

Germany 10.1 0.0 Egypt 358.4 16.6

France 21.0 4.4 Abu Dhabi 44.6 (0.9)

Italy 72.9 (3.2) Bahrain 234.7 18.2

Greece 77.4 (3.9) Dubai 96.6 (13.3)

Russia 85.3 (27.1) Qatar 45.1 (5.4)

Japan 19.6 2.6 Saudi Arabia 57.1 (16.3) Source: Refinitiv Eikon

ECONOMIC CALENDAR Time Country Event Period Survey Prior

18:00 United States Durable Goods Aug 0.7% -0.1%

18:00 United States Durables Ex-Transport Aug 0.5% 0.8%

13:30 Euro Zone Money-M3 Annual Growth Aug 7.8% 7.6% Source: Refinitiv Eikon

GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%)

Gulf Insurance Group 57.9 1.7 1.3 6.3 (7.4) 14.7

Kuwait Cement Co 11.3 119.6 (9.5) 0.1 (101.0) (126.0)

Kuwait Investment Co 14.4 7.0 101.9 10.2 3.8 189.4

Aayan Leasing & Investment 5.7 7.6 (1.1) 1.7 (168.6) (21.8)

Heavy Engg Ind & Shipbuilding 33.1 (5.5) (9.0) 1.2 (60.8) (30.3)

Securities House/The 1.1 38.7 (77.3) 0.3 (151.9) (90.9)

A'Ayan Real Estate Co Sak 0.9 111.5 18.9 (0.1) (92.9) (85.1)

Bayan Investment Co KSCP 0.2 (22.2) 89.0 0.1 168.0 (143.4) Source: Refinitiv Eikon; Note: All figures are in local currency

0.38%

1.04%1.26%

1.46%1.72%

0.22% 0.34% 0.48%0.68%

1.06%

0.0%

1.0%

2.0%

2 Yrs 5 Yrs 7 Yrs 10 Yrs 30 YrsCurrent Last Year

0.41% 0.66%1.08%

2.01%

3.22%

0.27% 0.54%0.95% 1.45%

1.98%

0.0%

2.0%

4.0%

2 Yrs 3 Yrs 5 Yrs 10 Yrs 30 YrsQatar US

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September 27, 2021

QSE MAIN FINANCIAL INDICATORS (as on 26th September, 2021)

Company Dividend Yield (%)

P/B Ratio (x)

P/E Ratio (x)

EPS (QR)

BV/Share (QR)

Stock Price (QR)

Company

QNB 2.4 2.3 14.2 1.3 8.3 19.0 QNB Qatar Islamic Bank 2.2 2.3 13.3 1.4 8.0 18.1 ف المComm. Bank of Qatar 1.7 1.3 14.1 0.4 4.5 6.0 التجاري Doha Bank 2.7 0.8 10.6 0.3 3.3 2.8 بنك الدوحة Ahli Bank 3.6 1.6 14.0 0.3 2.6 4.0 الاه Intl. Islamic Bank 3.4 2.4 15.1 0.6 4.1 9.7 الدو Rayan 3.8 2.3 15.0 0.3 1.9 4.5 ان الAl khalij Commercial Bank 2.5 1.2 12.4 0.2 1.9 2.2 الخل Qatar First Bank (QFC) 0.0 2.5 (M) (س) (M) (س) الأول 1.8 0.7QFC National Leasing 2.4 0.8 (M) (س) (M) (س) الاجارة 1.0 1.4 Dlala 0.0 2.0 29.4 0.1 0.8 1.5 دلالة Qatar Oman 0.0 1.0 29.5 0.0 0.9 0.9 قطروعمان Inma 1.0 2.0 41.2 0.1 2.5 5.0 إنماء Banks & Financial Services 2.5 2.0 14.2 0.6 4.5 ة البنوك والخدمات المالZad Holding Company 4.0 2.8 20.8 0.8 5.6 15.9 زاد Qatar German Co. Med 0.0 10.9 (H) (م) ة 3.1 0.3 0.0 الطبSalam International 0.0 0.7 (M) (س) (M) (س) السلام 0.9 1.3 Baladna 3.3 1.4 20.0 0.1 1.2 1.6 لدنا Medicare 3.4 2.4 26.9 0.3 3.5 8.3 ة الرعاCinema 2.7 1.7 63.2 0.1 2.2 3.7 نما السQatar Fuel 2.6 2.1 19.9 0.9 8.5 18.0 قطر للوقود Widam 2.4 2.3 (M) (س) (M) (س) ودام 4.2 1.8 Mannai Corp. 0.3 0.8 38.9 0.1 4.7 4.0 مجمع المنا Al Meera 4.5 2.8 19.8 1.0 7.3 20.1 ة المConsumer Goods & Services 2.8 1.9 23.0 0.3 3.3 ة الخدمات والسلع الاستهلاQAMCO 1.9 1.8 96.1 0.0 1.0 1.9 قامكو Ind. Manf. Co. 3.3 0.9 13.3 0.2 3.4 3.0 ة ل التحNational Cement Co. 4.1 1.1 18.5 0.3 4.6 4.9 الاسمنت Industries Qatar 2.3 2.5 17.4 0.8 5.8 14.5 صناعات قطر The Investors 2.4 1.1 27.8 0.1 2.3 2.5 ن ثم المسElectricity & Water 3.8 1.8 14.4 1.2 9.5 16.8 اء وماء كهAamal 3.9 0.8 55.7 0.0 1.2 1.0 أعمال Gulf International 0.0 0.9 (M) (س) (M) (س) ة 1.6 1.7 الخليج الدولMesaieed 1.8 1.8 21.9 0.1 1.3 2.3 د ع مسInvestment Holding 0.0 1.4 55.2 0.0 1.0 1.4 ضة ثمار القا اسIndustrials 2.4 1.9 20.6 0.2 2.4 الصناعات Qatar Insurance 0.0 0.9 12.2 0.2 2.6 2.4 قطر Doha Insurance 5.1 0.9 14.2 0.1 2.3 2.0 الدوحة QLM 0.0 3.0 16.7 0.3 1.6 4.9 كيو إل إم General Insurance 0.0 0.4 10.7 0.2 5.8 2.1 العامة Alkhaleej Takaful 1.1 2.3 (M) (س) (M) (س) اف 4.5 1.9 الخليج التIslamic Insurance 4.2 3.0 15.8 0.5 2.6 7.8 ة الاسلامInsurance 0.8 0.9 14.2 0.2 3.0 التأم United Dev. Company 3.3 0.5 19.6 0.1 3.1 1.5 ة المتحدة للتنمBarwa 4.0 0.6 10.4 0.3 5.2 3.1 بروة Ezdan Holding 0.0 1.3 (H) (م) ضة 1.6 1.2 0.0 إزدان القاMazaya 2.9 1.0 41.5 0.0 1.1 1.0 ا مزاReal Estate 1.2 0.9 33.2 0.1 1.9 العقارات Ooredoo 3.5 1.1 (M) (س) (M) (س) 7.2 6.3 Ooredoo Vodafone Qatar 3.1 1.6 28.7 0.1 1.0 1.6 فودافون قطر Telecoms 3.4 1.2 (M) ( س) (M) ( س) الاتصالات 3.3 Qatar Navigation 4.1 0.6 42.9 0.2 12.2 7.4 الملاحة Gulf warehousing Co 2.0 1.5 12.8 0.4 3.3 5.1 مخازن Nakilat 3.6 1.7 13.6 0.2 1.8 3.1 ناقلات Transportation 3.6 1.1 16.9 0.2 3.6 النقل Exchange 2.4 1.6 18.1 0.3 3.0

Source: Qatar Exchange; Note: The above-mentioned indicators were calculated according to the latest reliable financial data.

DISCLAIMER It is understood that any opinions expressed by Commercial Bank or its affiliates as to the commentary, market information, and future direction of prices of specific securities reflects the views of the individual analyst who issued them, and not necessarily represent the views of Commercial Bank or its affiliates in any way. In no event shall CBQ or its affiliates have any liability for any direct or indirect losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material or for any delays, inaccuracies, errors in, or omissions of the said information.