The QSE Index rose 0.9% led by gains in the Consumer Goods & Services and Transportation indices. Alijarah Holding and Mannai Corporation were the top gainers rising 4.7% and 4.6% respectively. Regional indices were mixed with Saudi Arabia down 0.6% while Abu Dhabi and Bahrain rose 0.2% and 0.5% respectively. Vodafone Qatar and Aamal Company were the most active stocks on the QSE.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.9% to close at 8,730.1. Gains were led by the Consumer Goods &
Services and Transportation indices, gaining 3.0% and 2.6%, respectively. Top
gainers were Alijarah Holding and Mannai Corporation, rising 4.7% and 4.6%,
respectively. Among the top losers, Qatar Insurance Company fell 3.6%, while
Ooredoo was down 1.1%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.6% to close at 7,368.9. Losses were led by the
Comm. & Prof. Svc and Health Care Equip. & Svc indices, falling 3.7% and 1.5%,
respectively. Musharaka REIT Fund 5.4%, while Saudi Ceramic Co. was down 4.4%.
Dubai: The DFM Index gained 0.1% to close at 3,212.0. The Consumer Staples index
rose 1.3%, while the Financial and Investment Services index gained 0.6%. Ithmaar
Holding rose 6.5%, while Khaleeji Commercial Bank was up 5.6%.
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 4,604.5. The Industrial
index gained 2.9%, while the Investment & Financial Services index rose 0.9%. Gulf
Pharmaceutical Industries gained 8.6%, while Green Crescent Ins. was up 8.0%.
Kuwait: The KSE Index declined 0.6% to close at 6,767.5. The Financial Services
index fell 2.1%, while the Technology index declined 1.7%. Gulf Investment House
fell 20.0%, while National International Holding Co. was down 13.0%.
Oman: The MSM Index fell 0.2% to close at 5,003.2. The Services index declined
marginally, while the other indices ended in green. Oman Qatar Insurance fell 2.1%,
while Sembcorp Salalah was down 1.8%.
Bahrain: The BHB Index gained 0.5% to close at 1,380.2. The Commercial Banks
index rose 1.1%, while the other indices ended flat or in red. Khaleeji Commercial
Bank rose 4.4%, while Al Salam Bank - Bahrain was up 3.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Alijarah Holding 10.55 4.7 61.0 (1.5)
Mannai Corporation 62.00 4.6 4.7 4.2
Qatar Fuel Company 117.01 4.4 176.6 14.6
Aamal Company 9.23 3.9 1,470.9 6.3
Qatar Navigation 65.00 3.8 139.4 16.2
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 8.90 2.3 3,154.9 11.0
Aamal Company 9.23 3.9 1,470.9 6.3
Mesaieed Petrochemical Holding 14.96 3.3 1,085.8 18.8
United Development Company 16.52 0.1 845.6 14.9
Ezdan Holding Group 9.25 1.6 575.8 (23.4)
Market Indicators 01 Mar 18 28 Feb 18 %Chg.
Value Traded (QR mn) 248.1 350.7 (29.3)
Exch. Market Cap. (QR mn) 467,574.7 461,208.0 1.4
Volume (mn) 11.0 14.8 (25.8)
Number of Transactions 3,936 5,235 (24.8)
Companies Traded 40 41 (2.4)
Market Breadth 29:10 6:34 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,006.32 0.9 (2.8) 5.0 13.5
All Share Index 2,472.26 1.0 (3.2) 0.8 13.1
Banks 2,754.65 0.7 (4.4) 2.7 11.7
Industrials 2,754.51 1.6 (2.1) 5.1 15.9
Transportation 1,932.20 2.6 (0.2) 9.3 12.7
Real Estate 1,720.25 1.2 (5.5) (10.2) 11.4
Insurance 3,101.57 (2.4) (6.9) (10.9) 23.3
Telecoms 1,100.75 0.1 5.0 0.2 24.5
Consumer 5,360.43 3.0 (0.8) 8.0 12.2
Al Rayan Islamic Index 3,616.02 0.8 (1.7) 5.7 15.5
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Al Salam Bank-Bahrain Bahrain 0.14 3.8 310.0 21.1
Al Tayyar Travel Group Saudi Arabia 29.38 3.1 4,680.3 8.7
Saudi Telecom Co. Saudi Arabia 77.43 1.9 499.2 12.9
Emaar Malls Dubai 2.17 1.9 205.1 1.9
Qurain Petrochemical Ind. Kuwait 0.34 1.5 28.3 3.3
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Airlines Catering Saudi Arabia 80.98 (4.4) 612.1 0.9
Co. for Cooperative Ins. Saudi Arabia 64.08 (2.9) 409.4 (32.1)
Sahara Petrochemical Co. Saudi Arabia 16.20 (2.9) 3,266.9 (1.8)
Gulf Bank Kuwait 0.25 (2.7) 5,519.5 5.0
Taiba Holding Co. Saudi Arabia 30.56 (2.4) 317.8 (12.1)
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%
Qatar Insurance Company 37.35 (3.6) 396.6 (17.4)
Ooredoo 86.00 (1.1) 55.1 (5.2)
Gulf International Services 17.41 (1.0) 45.3 (1.6)
Qatari German Co for Med. Dev. 6.03 (0.8) 51.7 (6.7)
Dlala Brokerage & Inv. Holding Co 12.00 (0.5) 137.8 (18.4)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Industries Qatar 104.08 0.8 31,402.3 7.3
Vodafone Qatar 8.90 2.3 28,290.3 11.0
Qatar Fuel Company 117.01 4.4 20,633.4 14.6
Mesaieed Petrochemical Holding 14.96 3.3 15,887.0 18.8
Qatar Insurance Company 37.35 (3.6) 14,795.0 (17.4)
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*#
8,730.06 0.9 (4.0) 0.9 2.4 67.78 128,442.8 13.5 1.3 4.8
Dubai 3,212.03 0.1 0.1 (1.0) (4.7) 34.14 106,067.8 11.3 1.2 5.5
Abu Dhabi 4,604.46 0.2 0.2 0.1 4.7 20.37 127,764.2 11.6 1.3 4.4
Saudi Arabia 7,368.85 (0.6) (0.6) (0.7) 2.0 865.78 462,868.6 16.3 1.6 3.3
Kuwait 6,767.54 (0.6) (0.6) (0.1) 5.6 37.83 94,692.9 15.5 1.0 5.6
Oman 5,003.19 (0.2) (0.2) (0.0) (1.9) 9.34 20,904.0 12.2 1.0 5.2
Bahrain 1,380.22 0.5 0.5 0.8 3.6 1.49 21,459.4 9.2 0.8 5.7
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any;
#
Data as of March 1, 2018)
8,600
8,650
8,700
8,750
8,800
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 rose 0.9% to close at 8,730.1. The Consumer Goods &
Services and Transportation indices led the gains. The index rose on the
back of buying support from Qatari and GCC shareholders despite selling
pressure from non-Qatari shareholders.
 Alijarah Holding and Mannai Corporation were the top gainers, rising
4.7% and 4.6%, respectively. Among the top losers, Qatar Insurance
Company fell 3.6%, while Ooredoo was down 1.1%.
 Volume of shares traded on Thursday fell by 25.8% to 11.0mn from
14.8mn on Wednesday. However, as compared to the 30-day moving
average of 9.4mn, volume for the day was 17.3% higher. Vodafone Qatar
and Aamal Company were the most active stocks, contributing 28.7%
and 13.4% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
4Q2017
% Change
YoY
Operating Profit
(mn) 4Q2017
% Change
YoY
Net Profit
(mn) 4Q2017
% Change
YoY
Middle East Paper Co.* Saudi Arabia SR – – 95.8 182.8% 68.1 -28.2%
Saudi Industrial Development Co.* Saudi Arabia SR – – -22.7 N/A -10.2 N/A
Arriyadh Development Co. Saudi Arabia SR – – 81.7 73.8% 75.8 101.1%
Bawan Co.* Saudi Arabia SR – – 107.3 -33.4% 71.0 -37.9%
Sahara Petrochemical Co.* Saudi Arabia SR – – – – 444.5 3.0%
Yanbu National Petrochemical Co.* Saudi Arabia SR – – 2,414.1 -0.4% 2,376.4 1.4%
Sharjah Cement and Industrial
Development Co.*
Abu Dhabi AED 650.0 6.1% – – 64.8 1.2%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Values for FY2017)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/01 US Department of Labor Initial Jobless Claims 24-February 210k 225k 220k
03/01 US Department of Labor Continuing Claims 17-February 1,931k 1,925k 1,874k
03/01 EU Eurostat Unemployment Rate January 8.6% 8.6% 8.6%
03/02 EU Eurostat PPI MoM January 0.4% 0.4% 0.1%
03/02 EU Eurostat PPI YoY January 1.5% 1.6% 2.2%
03/02 Germany German Federal Statistical Office Retail Sales MoM January -0.7% 0.7% -1.1%
03/02 Germany German Federal Statistical Office Retail Sales YoY January 2.3% 3.0% -0.2%
03/02 Germany German Federal Statistical Office Import Price Index MoM January 0.5% 0.4% 0.3%
03/02 Germany German Federal Statistical Office Import Price Index YoY January 0.7% 0.7% 1.1%
03/01 Japan Economic and Social Research Institute Consumer Confidence Index February 44.3 44.8 44.7
03/02 Japan Economic and Social Research Institute Jobless Rate January 2.4% 2.8% 2.7%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 4Q2017 results No. of days remaining Status
ZHCD Zad Holding Company 8-Mar-18 3 Due
IGRD Investment Holding Group 12-Mar-18 7 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 47.91% 42.79% 12,715,167.26
Qatari Institutions 27.57% 24.97% 6,459,332.52
Qatari 75.48% 67.76% 19,174,499.78
GCC Individuals 1.15% 0.66% 1,215,342.30
GCC Institutions 3.11% 1.34% 4,389,747.12
GCC 4.26% 2.00% 5,605,089.42
Non-Qatari Individuals 13.08% 13.19% (265,854.17)
Non-Qatari Institutions 7.17% 17.05% (24,513,735.03)
Non-Qatari 20.25% 30.24% (24,779,589.20)

3. Page 3 of 7
News
Qatar
 The Commercial Bank extends talks with Tabarak on United
Arab Bank – The Commercial Bank agreed to extend the
exclusivity period granted to Abu Dhabi’s Tabarak on potential
purchase of its 40% stake in Abu Dhabi listed United Arab Bank
to April 2, 2018. (QSE)
 Ezdan Holding Group accepts the resignation of the group CEO –
Ezdan Holding Group’s board of directors accepted the
resignation of the group’s CEO, Ali Mohammed Al Obaidli on
February 28, 2018. (QSE)
 Medicare Group to hold its AGM on March 20 – Medicare Group
announced that it will convene an Ordinary General Assembly
Meeting (AGM) on March 20, 2018. In case of lack of quorum, a
second meeting will be held on April 1, 2018. (QSE)
 Vodafone Qatar to hold its AGM and EGM on March 19 –
Vodafone Qatar announced that it will convene an Ordinary
General Assembly Meeting (AGM) and Extraordinary General
Assembly Meeting (EGM) on March 19, 2018. In case of lack of
quorum, second meeting will be held on March 25, 2018. (QSE)
 QGTS expands joint venture partnership with Maran Ventures –
Qatar Gas Transport Company Limited (QGTS) expanded its
joint venture partnership with Greek shipping company Maran
Ventures to include two additional LNG vessels. Maran Nakilat
Co. was first established in 2005 with four jointly-owned LNG
vessels, and was further expanded on several occasions. This
new agreement increases the number of vessels jointly-owned
by QGTS and Maran Gas Maritime from 13 to 15 vessels. QGTS’
CEO, Abdullah Al Sulaiti said, “QGTS is extremely pleased that
our strong partnership with Maran Gas continues to flourish
since the first agreement signed in 2005. Strategic alliance with
renowned partners has been fundamental to our success, and
we are always looking for opportunities to grow our
international presence. QGTS now has ownership interest in 69
vessels, affirming our global leadership in energy
transportation with the world’s largest LNG fleet. The
company’s growth is a testament of our robust financial
performance and strategic planning, which has allowed us to
further increase our fleet size and strengthen our international
portfolio. This expansion comes as part of our efforts to
maximize returns for our shareholders and support Qatar’s
industry leading position as the world’s top LNG exporter.”
(Gulf-Times.com)
 QEWS: Foreign investments key asset for future – Qatar
Electricity and Water Company (QEWS) stated it was
considering its foreign investments as very important asset for
the future, as the foreign investments shall constitute the
major portion of the company profits through foreign projects in
which the company participates through Nebras Power
Company, where in QEWS owns 60% of the shares. QEWS’s
2017 annual report explains that Nebras Power Company’s
board of directors had agreed on purchasing the shares of
Carthage Powers, Rades, Tunisia for $10mn and it is currently
negotiating with the liquidator of BTU about the price and the
completion of the purchase process. The aim is to acquire 60%
of the Carthage plant with a production capacity of 471MW.
The consent of the shareholders has been obtained and
TAPCO’s board of directors decided to transfer the ownership of
its shares to Nebras Power Company. (Peninsula Qatar)
 ETFs set gain traction with QSE debut of Doha Bank ‘QETF’ –
Exchange traded funds (ETFs) are set to gain traction in Qatar
with Doha witnessing the launch of first such instrument
‘QETF’, which is sponsored by Doha Bank. The market is
expected to give a rousing welcome to the fund, which comes
about six years after the Qatar Financial Market Authority
outlined the broad legislative contours. The debut of QETF,
which tracks the 20-stock Qatar Index, comes at a time when
global fund houses are increasingly showing interests in the
country’s capital markets in view of the macroeconomic
potential and despite the economic blockade. Doha Bank’s CEO,
R Seetharaman had last year said Qatar has the potential for
$10bn to $15bn overseas funds inflow since its upgrade into
emerging market. The country’s decision to lift the moratorium
on North Field as well as faster growth in the non-hydrocarbons
sector, especially multi-billion dollar infrastructure
development, all augur well for the growth, sources said. (Gulf-
Times.com)
 Qatar’s fiscal deficit expected to narrow on hydrocarbon gains –
Qatar’s fiscal deficit is expected to gradually narrow over the
coming quarters on substantial gains in hydrocarbon revenues.
However, the government will continue to cover its budget
shortfalls through debt issuance, but faces little risk of any
credit event, given a still-low debt-to-GDP ratio and vast
financial buffers, BMI Research stated in a report. “Overall, we
forecast the deficit to come in at 3.1% of GDP in 2018 and 2.2%
in 2019, from an estimated 5.5% in 2017,” it said, adding this
compares favorably to the government’s 2018 budget, which,
based on a highly conservative hydrocarbon price assumption
of $45 per barrel, envisions a shortfall of about 4%. As the
government continues to borrow to cover its deficits, debt is
slated to rise from an estimated 55.8% of GDP in 2017 to 57.1%
in 2018, peaking at 57.4% in 2019 before slowly reducing. The
debt-to-GDP ratio is still small on a global comparison, which,
coupled with Qatar’s vast financial buffers, means that Doha is
at little risk of experiencing a credit event, BMI Research stated.
(Gulf-Times.com)
 Qatar Stock Exchange’s CEO participates in world exchange
congress in Muscat – Qatar Stock Exchange’s CEO, Rashid Bin
Ali Al Mansoori participated in the 13th World Exchange
Congress, which was held in Muscat, Oman, with the
participation of more than 250 experts and decision makers
from 60 countries. Al Mansoori participated in a panel
discussion entitled ‘New technology, data and analytics
services: How are exchanges reinventing themselves for
tomorrow?’ and stressed on the importance of new technologies
and FinTech as positive enablers for capital markets
infrastructure. (QSE)
 Qatari banks’ private sector credit at QR463.4bn – Qatari banks’
assets increased QR3.1bn to QR1.366tn by the end of January
2018, compared to previous month; and recorded 8.3% growth
or QR104.8bn increase on YoY. A reading of the banks’
consolidated balance sheet figures by The Group analysts has
noted that the total domestic private sector deposit at local
banks was increased by QR2.1bn to QR358.6bn, by the end of

4. Page 4 of 7
January. The banks’ total loans and credit facilities to local
private sector increased QR1.9bn to QR463.4bn. The credit
facilities to the real estate sector stood at QR146.7bn in
January, while individual consumer loans amounted to
QR123.4bn. The credit facilities to the trade stood at QR67.5bn
and services at QR62.6bn. The loans and facilities amounting to
QR17.4bn went for the non-banking financial sector. Qatari
banks’ witnessed a decrease in government and public sector
deposits in January. The deposits from these sectors were
decreased by QR18.9bn to QR296.5bn. Government deposits
recorded QR82bn, while the deposits of government
institutions settled at QR183.8bn. (Peninsula Qatar)
 Qatari real estate sector steady and consistent despite siege –
Field studies conducted by SAK Holding Group’s Market Watch
Office have revealed that the country’s real estate sector
demonstrated unparalleled steadiness against the unjust siege
imposed on against Qatar. The report stated, “Construction
works maintained its pace and was not affected by
ramifications of the siege despite closure of sea, air, and land
ports. It quickly overcame the crisis that threatened the flow of
real estate sector imports, including raw materials and other
related items. Since the early days of the siege, the construction
sector received greater attention from decision makers as part
of the procedures, plans, and alternative strategies under taken
by the government to avert the crisis.” SAK’s Market Watch
Office also applauded concerned authorities in charge of Qatar’s
real estate portfolio for their sustained policy in injecting
liquidity to finance infrastructure investments. This boosted
confidence in the real estate sector, enabling it to maintain its
desirability by a large segment of local and foreign investors
who are looking for promising investments opportunities, the
report continued. This was in parallel to the property market’s
traditional position for savers and small investors who see real
estate investment as a safe haven protecting their assets and
money, which justifies the increase in the percentage of
building permits. (Gulf-Times.com)
 OBG: Qatar’s proposed PPP law aims to incentivize, mobilize
private investment – The proposed public-private partnership
(PPP) law aims to further incentivize and mobilize private
investment in Qatar. The proposed PPP law is currently passing
through the final stage of the legislatorial process, with
government figures hopeful it will pass into law by early 2018,
Oxford Business Group (OBG) stated in its ‘The Report: Qatar
2017’. With Qatar increasingly looking to engage the private
sector in undertaking national infrastructure projects, efforts
are under way to introduce new legal framework governing
public-private partnerships (PPPs) in the country, OBG stated.
Despite the absence of a specific legal framework to date, the
government has long worked alongside the private sector in
various industry projects. The most developed example of this
cooperation is in the oil and gas sector, where state-owned
Qatar Petroleum (QP) is participating in a number of long-term
joint ventures with foreign players, particularly in gas-to-
liquids production. QP’s joint ventures include partnerships
with Shell and Sasol Chevron, OBG noted. (Gulf-Times.com)
 Ooredoo targets 5G lead to sustain data edge – Revenue from
data and digital services are soon expected to overtake those
from voice and SMS, making it imperative to take a lead in 5G
services, according to Ooredoo. Ooredoo’s Chairman, Sheikh
Abdulla Bin Mohamed Bin Saud Al Thani said, “Years ago, we
recognized that data and digital services were the future – we
are now reaching the point where these services will surpass
the revenue that the group generates from voice and SMS. To
sustain this growth, we will continue to build our global
network and take a lead in 5G services.” (Gulf-Times.com)
 Blockade impact on Industries Qatar operations negligible – The
illegal economic blockade imposed on Qatar in June 2017 had no
major financial and operational impact on Industries Qatar,
which was able to exceed its financial performance last year,
according to Industries Qatar’s Chairman and Managing
Director, Saad Sherida Al Kaabi. Al Kaabi announced the
group’s expansion plans as part of its five-year business
strategy, as well as the evaluation of Industries Qatar’s capital
expenditure (Capex) opportunities. Al Kaabi said, “The blockade
and other challenges like low oil prices presented increased
opportunities and created renewed optimism for the group’s
petrochemical segment. The overall performance of the group
was noteworthy despite the challenges exerted by a number of
exogenous factors, including the regional geopolitical
instability, a general rise in the supply, muted demand in
certain end markets, and an increase in the uncontrollable
operating costs.” (Gulf-Times.com)
 GECF sees natural gas demand growing in key global markets –
Qatar based Gas Exporting Countries Forum (GECF) sees the
demand of natural gas growing in key global markets including
some emerging markets, particularly in Asia. The demand
growth, according to GECF’s Secretary General, Yury Sentyurin,
is supported by the economic, technical and environmental
advantages of natural gas. “Environmental policies aimed at
restricting pollution and CO2 emissions are important drivers
for increasing demand for natural gas, especially in power
generation,” Sentyurin said. He said the GECF expects
increased demand for natural gas in power generation by more
than 100 bcm between 2016 and 2020. This increase is
supported by the penetration of natural gas over coal. The GECF
also expects that natural gas will benefit from its ability to
provide needed flexibility for power systems, particularly with
the increasing penetration of intermittent renewables.
Additionally, it sees opportunities for natural gas in the
transportation sector, specifically in LNG bunkering and for
heavy trucks, with the development of many projects to supply
LNG as a fuel, particularly in Europe. (Gulf-Times.com)
 Qatar, France companies to boost ties in key sectors – Medef
International, an entity that represents the French private
sector, wants to build on the very strong political relationship
between France and Qatar and take the business relationship to
the next level, considering that the Gulf crisis has opened up
opportunities for cooperation in key sectors in Qatar. The new
situation experienced by Qatar opens fields of opportunities for
Qatari-French cooperation in key sectors such as agribusiness,
logistics along with the usual strong sectors of cooperation
such as energy, defense infrastructure and transportation,
according to Guillaume Pepy, Chairman of the Qatari-French
Committee. Pepy, who is also CEO of the French Railway
Company, said the French companies are more determined than
ever to engage with Qatari counterparts and contribute to the

5. Page 5 of 7
economic diversification of the country and the expansion of its
local private sector in line with its the Qatar National Vision
2030. (Gulf-Times.com)
International
 US monthly inflation picks up in January; jobless claims at 48-
year low – US consumer prices increased in January, with a
gauge of underlying inflation posting its largest gain in 12
months, bolstering views that price pressures will accelerate
this year. Those expectations were underscored by other data
showing the number of Americans filing for unemployment
benefits fell last week to a 48-year low as the labor market
tightens. Another survey showed prices paid by manufacturers
for raw materials hit a more than six-year high in February. The
combination of rising inflation and a robust labor market could
force the Federal Reserve to raise interest rates a bit more
aggressively this year than currently anticipated as it worries
about the economy overheating. Federal Reserve has forecasted
three rate hikes in 2018. The first rate increase is expected later
this month. (Reuters)
 PMI: Eurozone’s factory boom slowed again in February but
stayed strong – Eurozone’s manufacturing boom slowed a little
further last month but factories across the bloc still appear to be
enjoying their best growth spell in almost two decades. The
recovery remains robust and widespread, alongside price
pressures at a near seven-year high, will be welcomed by
policymakers at the European Central Bank as they move closer
to unwinding their ultra-easy monetary policy. IHS Markit’s
final manufacturing Purchasing Managers’ Index for the
Eurozone fell to 58.6 in February from 59.6, just piping an earlier
flash estimate of 58.5 and comfortably above the 50 mark that
separates growth from contraction. An index measuring output,
which feeds into a composite PMI fell to 59.6 from 61.1, but was
also above its flash estimate. (Reuters)
 Eurozone’s producer price inflation slows YoY in January –
Eurozone’s prices at factory gates slowed in January because of
a sharp deceleration of energy price growth, data from the
European Union’s statistics office Eurostat showed. Eurostat
stated industrial producer prices grew 0.4% MoM in January, as
expected by economists polled by Reuters, for 1.5% YoY gain,
against market expectations of 1.6% increase. The annual rate
compares to 2.2% in December and 2.8% in November, as
energy prices grew only 0.5% YoY in January, against 2.7% in
December and 5.1% in November. Without the volatile energy
prices, producer price inflation was 1.9% YoY in January, the
same as in December. (Reuters)
 Eurozone’s unemployment drops to lowest level since
December 2008 – Eurozone’s unemployment fell to its lowest
level in more than nine years in January thanks to strong
economic growth, official estimates showed, although large
differences in jobless rates remained among the 19 countries of
the single currency bloc. Eurostat stated the unemployment
rate in Eurozone was 8.6% in January. Eurostat revised down to
8.6% its data for December from a previously estimated 8.7%. It
stated that the January’s reading was the lowest recorded in
Eurozone since December 2008. The number of unemployed fell
to 14.111mn people in January from 14.121mn a month earlier.
In January last year, the unemployment rate stood at 9.6%,
meaning 15.540mn people were jobless. The steady drop in
unemployment levels in Eurozone coincides with a firm
economic recovery which reached last year its fastest pace in a
decade. (Reuters)
 German monthly retail sales unexpectedly drop in January –
German monthly retail sales unexpectedly declined in January,
data showed, in a sign that private consumption may remain
weak in early 2018 after failing to make any contribution to
growth in Europe’s biggest economy in the fourth quarter. The
volatile indicator, which is often subject to revision, showed
retail sales, fell by 0.7% on the month in real terms, according
to the Federal Statistics Office. That missed the Reuters
consensus forecast for 0.9% rise and came after an upwardly
revised drop of 1.1% in December. Private consumption has
been a key growth driver in recent years as consumers benefit
from rising wages, record-high employment and strong job
security but data published last week showed foreign trade
propelled Germany’s fourth-quarter expansion of 0.6%. On the
year, retail sales increased by 2.3%, missing a Reuters
consensus forecast for 3.5% increase. (Reuters)
 China’s February factory growth picks up to six-month high –
Growth in China’s manufacturing sector unexpectedly picked
up to a six-month high in February as factories rushed to
replenish inventories to meet rising new orders. The findings
were largely at odds with a downbeat official factory activity
reading, which raised concerns of a sharper-than-expected
slowdown in the world’s second biggest economy this year. The
Caixin/Markit Manufacturing Purchasing Manager’s Index
(PMI) edged up to 51.6 last month, from 51.5 in January, and
countering economists’ expectations for a slight dip to 51.3. The
50-mark divides expansion from contraction on a monthly
basis. (Reuters)
Regional
 Saudi Arabia expands $10bn loan refinancing to $16bn – Saudi
Arabia is expanding the refinancing of a $10bn international
loan to raise $16bn due to strong demand, its Debt Management
Office (DMO) stated. The DMO said it would introduce an
Islamic tranche to the transaction, supporting Saudi Arabia’s
goal of becoming the leading centre for Islamic finance, and
intended to close the deal by mid-March. A $16bn facility would
be one of the largest syndicated loans ever extended in
emerging markets, underlining Saudi Arabia’s growing clout as
an international debt issuer. The Kingdom raised the original
$10bn loan from 14 core banks in 2016, in what was its first
jumbo transaction after a slump in international oil prices
forced it to begin borrowing to cover a huge state budget deficit.
(GulfBase.com)
 Record slide in Saudi Arabian loans to firms poses risk to
recovery – Saudi Arabia’s bank lending to private companies
shrank for an eleventh month in January, the longest stretch in
at least two decades, underscoring the challenge facing officials
trying to boost growth in the Kingdom. Data by the Saudi
Arabian Monetary Authority showed total credit issued to
private companies fell 1% from a year earlier, compared with a
41% jump in lending to the public sector, the most in 11
months. That’s a problem for authorities looking to bolster non-
oil private industries to overhaul an economy long reliant on oil
revenue and state spending. (Gulf-Times.com)

6. Page 6 of 7
 BSFR posts 13.1% YoY rise in net profit to SR423mn in 4Q2017
– Banque Saudi Fransi (BSFR) recorded net profit of SR423mn in
4Q2017, an increase of 13.1% YoY. Total operating income rose
4.3% YoY to SR1,620mn in 4Q2017, primarily due to higher net
special commission income which was partially offset by a
reduction in fee and commission income, exchange income,
trading income, gains on non-trading investments as well as
other operating income. Total assets stood at SR192.93bn at the
end of December 31, 2017 as compared to SR203.43bn at the end
of December 31, 2016. Loans and advances portfolio stood at
SR121.94bn (-5.8% YoY), while customer deposit stood at
SR150.95bn (-4.7% YoY) at the end of December 31, 2017. EPS
came in at SR2.94 in FY2017 as compared to SR2.91 in FY2016.
(Tadawul)
 Jabal Omar Development Co. to close Umm Al Qura merger deal
in 2018 – Saudi Arabia’s Jabal Omar Development Co. is
expecting to finalize its merger deal with Umm Al Qura
Development and Construction in 2018, a senior company
executive said. The deal is a key to strengthening Jabal Omar
Development’s presence in the real estate market of the Muslim
holy city of Makkah beyond its flagship project within walking
distance of the Grand Mosque to help tap growth in tourism.
(GulfBase.com)
 UAE, Paraguay to boost trade – UAE’s Minister of Economy,
Sultan Bin Saeed Al Mansouri discussed ways to strengthen the
economic and trade relations between the UAE and Paraguay
and open wider prospects for private sector partnerships
between the two sides in fields of mutual interest. Al Mansouri
said that Paraguay is a promising economic destination among
Latin American countries and has many growth factors, due to
its excellent geographical location, natural resources, raw
materials and energy, all of which offer excellent opportunities
for promising economic and development partnerships between
the two countries. (GulfBase.com)
 UAE insurance firms’ profits hit $381mn in 2017 – The
combined annual profit of the insurance companies listed on
the UAE’s financial markets for 2017 rose to AED1.4bn from
AED900mn in 2016, a report stated. The growth is attributed to
hiking premiums resulting from the updated unified insurance
policy which went into force effective January 2017, and
strengthened the insurance companies’ financial resources.
(GulfBase.com)
 UAE’s gross bank assets reach AED2.7tn – The UAE’s gross
bank assets, including bankers’ acceptances, reached
AED2.688tn at the end of January, reflecting a 0.3% fall from
AED2.695tn at the end of prior-month, figures by the UAE’s
central bank showed. Gross credit in the banking system
increased by 0.5% for the same period to AED1.588tn from
AED1.581tn in December. However, total bank deposits
decreased by AED5.2bn. (GulfBase.com)
 Ethiopia acquires 19% stake in DP World’s port – Ethiopia
became a shareholder of the Port of Berbera following the
signing of an agreement with DP World and the Somaliland Port
Authority in Dubai. DP World will hold a 51% stake in the
project, Somaliland 30% and Ethiopia the remaining 19%. The
government of Ethiopia will also invest in infrastructure to
develop the Berbera Corridor as a trade gateway for the inland
country, which is one of the fastest growing countries in the
world. (GulfBase.com)
 Omani banks achieve 6.4% credit growth – Total loans and
advances of Omani banks grew by 6.4% to OMR23.55bn in
2017, from OMR22.13bn in the previous year. The average
interest rates on the loans grew by 4.4-5% at the end of 2017
compared to 4.8% during the same period in 2016, according to
National Centre for Statistics and Information. The statistics
pointed out that as of the end of December 2017, the domestic
liquidity increased by 4.2% to OMR16.07bn compared to
OMR15.42bn at the end of December 2016. (GulfBase.com)
 Oman to raise OMR150mn in bonds – Oman’s central bank
announced issue of government development bonds to the tune
of OMR150mn. The issue, which will have a maturity of 10
years, will carry a coupon rate of 6% per annum. The issue will
open for subscription between March 7 and 15, while the
auction will be held on March 18, 2018. The issue settlement
date will be on March 21. Interest on the new bonds will be paid
semiannually on September 21 and March 21 until its maturity
on March 21, 2028. (GulfBase.com)
 Bank Muscat mandates banks for Dollar bond – Bank Muscat
mandated banks to arrange a five-year, US Dollar-denominated
benchmark bond issue, according to a document. Bank ABC,
Bank Muscat, Citigroup, Credit Agricole, Emirates NBD Capital,
First Abu Dhabi Bank, HSBC and ICBC Standard Bank will act as
joint lead managers and bookrunners for the issue, according to
the document. Ahead of the issue, the banks will arrange a
series of fixed income investor meetings in the Middle East,
Asia and Europe. (Reuters)

7. 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 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (
#
Data as of March 1, 2018)
Source: Bloomberg Source: Bloomberg (*$ adjusted returns,
#
Market closed on March 2, 2018)
60.0
80.0
100.0
120.0
140.0
160.0
Feb-14 Feb-15 Feb-16 Feb-17 Feb-18
QSE Index S&P Pan Arab S&P GCC
(0.6%)
0.9%
(0.6%)
0.5%
(0.2%)
0.2%
0.1%
(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 1,322.75 0.4 (0.5) 1.5 MSCI World Index 2,089.84 (0.0) (2.4) (0.6)
Silver/Ounce 16.52 0.3 (0.0) (2.5) DJ Industrial 24,538.06 (0.3) (3.0) (0.7)
Crude Oil (Brent)/Barrel (FM Future) 64.37 0.8 (4.4) (3.7) S&P 500 2,691.25 0.5 (2.0) 0.7
Crude Oil (WTI)/Barrel (FM Future) 61.25 0.4 (3.6) 1.4 NASDAQ 100 7,257.87 1.1 (1.1) 5.1
Natural Gas (Henry Hub)/MMBtu 2.70 1.1 4.7 (12.6) STOXX 600 367.04 (1.3) (3.7) (3.4)
LPG Propane (Arab Gulf)/Ton 75.13 0.2 (18.6) (23.1) DAX 11,913.71 (1.5) (4.5) (5.5)
LPG Butane (Arab Gulf)/Ton 73.75 (1.8) (13.7) (30.2) FTSE 100 7,069.90 (1.2) (3.9) (6.4)
Euro 1.23 0.4 0.2 2.6 CAC 40 5,136.58 (1.6) (3.4) (1.0)
Yen 105.75 (0.5) (1.1) (6.2) Nikkei 21,181.64 (1.4) (2.4) (0.8)
GBP 1.38 0.2 (1.2) 2.1 MSCI EM 1,182.06 (0.9) (2.8) 2.0
CHF 1.07 0.5 (0.1) 3.9 SHANGHAI SE Composite 3,254.53 (0.4) (1.2) 0.9
AUD 0.78 0.1 (1.1) (0.6) HANG SENG 30,583.45 (1.5) (2.3) 2.0
USD Index 89.94 (0.4) 0.1 (2.4) BSE SENSEX#
34,046.94 0.0 (0.8) (2.1)
RUB 56.82 (0.0) 0.5 (1.4) Bovespa 85,761.34 0.4 (2.3) 14.0
BRL 0.31 (0.1) (0.4) 1.8 RTS 1,261.63 (1.0) (3.0) 9.3
84.4
84.2
78.3