Article

QNB Financial Services (QNBFS) forecasts a 20.4% year-on-year increase in Qatar Stock Exchange (QSE) earnings for Q4 2025, led by non-banking companies expected to grow earnings by 34.9%. Aggregate QSE earnings rose 2.8% YoY in Q3 2025.

Full-year growth for FY2025 is estimated at 4.9%, with a dividend yield of approximately 4.7%. Qatar's GDP is projected to grow 2.9% in 2025, accelerating to 5.1% in 2026 and 7.2% in 2027 due to LNG production increases.

Despite a 2.6% decline in the QSE in Q4 2025, it outperformed the GCC markets, which fell 5.1%. Foreign institutional investors contributed $346 million in net buying during the quarter.