The QE Index rose 0.3% to close at 10,226.7. Gains were led by the Real Estate and Banks & Financial Services indices, gaining 4.8% and 0.7%, respectively.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QE Index rose 0.3% to close at 10,226.7. Gains were led by the Real Estate and
Banks & Financial Services indices, gaining 4.8% and 0.7%, respectively. Top gainers
were Ezdan Holding Group and Qatar Navigation, rising 8.1% and 1.8%, respectively.
Among the top losers, Mannai Corporation fell 5.4%, while Qatar Islamic Insurance
Company was down 2.9%.
GCC Commentary
Saudi Arabia: The TASI Index gained 0.3% to close at 9,038.0. Gains were led by the
Food & Beverages and Insurance indices, rising 2.7% and 0.9%, respectively. Saudi
Enaya Cooperative Ins. rose 5.7%, while Gulf Union Cooperative Ins. was up 5.5%.
Dubai: The DFM Index gained 0.6% to close at 2,797.1. The Invest. & Fin. Services
index rose 2.2%, while the Services index gained 1.7%. International Financial
Advisors rose 6.6%, while Amlak Finance was up 4.3%.
Abu Dhabi: The ADX General Index gained 0.5% to close at 5,075.5. The Services
index rose 2.1%, while the Energy index gained 1.9%. National Marine Dredging Co.
rose 14.3%, while Ras Al Khaimah Company for White Cement was up 12.2%.
Kuwait: The Kuwait Main Market Index gained marginally to close at 4,978.0. The
Technology index rose 1.4%, while the Industrials index gained 0.8%. Kuwait
Portland Cement Co. rose 8.5%, while Gulf Investment House was up 8.4%.
Oman: The MSM 30 Index gained marginally to close at 3,971.6. Gains were led by
the Industrial and Services indices, rising 0.7% and 0.4%, respectively. Raysut
Cement rose 5.1%, while Oman Fisheries was up 4.2%.
Bahrain: The BHB Index gained 0.4% to close at 1,446.5. The Services index rose
1.4%, while the Investment index gained 0.5%. BMMI rose 7.1%, while Arab
Insurance Group was up 6.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 11.50 8.1 4,334.6 (11.4)
Qatar Navigation 67.70 1.8 14.0 2.6
Islamic Holding Group 24.85 1.4 98.3 13.7
Ooredoo 65.48 1.2 385.4 (12.7)
QNB Group 181.00 1.2 143.7 (7.2)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 11.50 8.1 4,334.6 (11.4)
Mazaya Qatar Real Estate Dev. 9.11 0.8 2,247.2 16.8
Qatar First Bank 4.45 0.0 1,270.0 9.1
Aamal Company 9.95 0.7 1,023.0 12.6
Vodafone Qatar 7.68 (0.3) 947.2 (1.7)
Market Indicators 08 April 19 07 April 19 %Chg.
Value Traded (QR mn) 289.0 236.8 22.0
Exch. Market Cap. (QR mn) 576,062.8 571,055.5 0.9
Volume (mn) 15.4 15.1 2.1
Number of Transactions 6,526 5,364 21.7
Companies Traded 45 46 (2.2)
Market Breadth 27:14 22:21 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,817.96 0.3 0.4 3.7 14.2
All Share Index 3,133.14 1.0 1.9 1.8 14.9
Banks 3,829.80 0.7 1.2 (0.0) 13.6
Industrials 3,342.26 0.2 0.4 4.0 15.3
Transportation 2,481.45 0.3 0.6 20.5 13.7
Real Estate 2,020.77 4.8 11.0 (7.6) 17.6
Insurance 3,313.63 (1.3) (3.4) 10.1 20.0
Telecoms 934.77 0.6 0.8 (5.4) 19.0
Consumer 7,888.47 (0.2) (0.4) 16.8 15.4
Al Rayan Islamic Index 4,061.46 0.2 0.2 4.5 13.6
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
National Industrialization Saudi Arabia 19.90 3.4 4,937.9 31.6
Savola Group Saudi Arabia 32.70 3.3 824.0 22.0
Almarai Co. Saudi Arabia 57.70 3.2 900.0 20.2
Dubai Investments Dubai 1.47 2.8 16,101.5 16.7
Abu Dhabi Comm. Bank Abu Dhabi 9.07 2.5 1,484.9 11.2
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
HSBC Bank Oman Oman 0.12 (2.5) 335.6 (3.4)
Bank Dhofar Oman 0.14 (2.2) 50.2 (12.3)
Gulf Bank Kuwait 0.32 (2.1) 12,583.2 27.0
Alawwal Bank Saudi Arabia 17.92 (1.9) 529.5 18.7
VIVA Kuwait Telecom Co. Kuwait 0.87 (1.7) 18.0 8.1
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%
Mannai Corporation 45.43 (5.4) 12.5 (17.3)
Qatar Islamic Insurance Company 57.18 (2.9) 20.6 6.5
Alijarah Holding 8.44 (1.6) 129.7 (4.0)
Gulf International Services 15.43 (1.4) 630.9 (9.2)
Qatar Industrial Manufacturing 38.50 (1.3) 13.8 (9.8)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 11.50 8.1 48,583.0 (11.4)
QNB Group 181.00 1.2 25,923.7 (7.2)
Ooredoo 65.48 1.2 25,202.7 (12.7)
Industries Qatar 124.20 0.2 21,666.0 (7.0)
Mazaya Qatar Real Estate Dev. 9.11 0.8 20,495.2 16.8
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* 10,226.68 0.3 0.4 1.2 (0.7) 78.98 158,244.4 14.2 1.5 4.3
Dubai 2,797.08 0.6 0.7 6.2 10.6 61.54 99,329.3 10.0 1.0 4.8
Abu Dhabi 5,075.47 0.5 0.9 0.0 3.3 43.80 139,750.4 14.2 1.5 4.8
Saudi Arabia 9,037.97 0.3 (0.3) 2.5 15.5 806.20 569,412.3 20.3 2.0 3.2
Kuwait 4,978.00 0.0 0.4 1.2 5.1 164.99 34,153.9 14.8 0.9 4.0
Oman 3,971.59 0.0 0.8 (0.3) (8.1) 8.37 17,356.1 8.4 0.8 7.0
Bahrain 1,446.48 0.4 1.9 2.3 8.2 9.71 22,184.5 9.5 0.9 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)
10,160
10,180
10,200
10,220
10,240
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 QE Index rose 0.3% to close at 10,226.7. The Real Estate and Banks
& Financial Services 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.
 Ezdan Holding Group and Qatar Navigation were the top gainers, rising
8.1% and 1.8%, respectively. Among the top losers, Mannai Corporation
fell 5.4%, while Qatar Islamic Insurance Company was down 2.9%.
 Volume of shares traded on Monday rose by 2.1% to 15.4mn from
15.1mn on Sunday. Further, as compared to the 30-day moving average
of 11.7mn, volume for the day was 31.8% higher. Ezdan Holding Group
and Mazaya Qatar Real Estate Development were the most active
stocks, contributing 28.1% and 14.6% 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)
1Q2019
% Change
YoY
Operating Profit
(mn) 1Q2019
% Change
YoY
Net Profit
(mn) 1Q2019
% Change
YoY
United Wire Factories Co. Saudi Arabia SR 192.8 33.0% 13.4 20.7% 10.1 31.2%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/08 EU Sentix Behavioral Indices Sentix Investor Confidence April -0.3 -2.0 -2.2
04/08 Japan Economic and Social Research Institute Consumer Confidence Index March 40.5 41.5 41.5
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 1Q2019 results No. of days remaining Status
QNBK QNB Group 9-Apr-19 0 Due
ERES Ezdan Holding Group 11-Apr-19 2 Due
QEWS Qatar Electricity & Water Company 14-Apr-19 5 Due
IHGS Islamic Holding Group 15-Apr-19 6 Due
MARK Masraf Al Rayan 17-Apr-19 8 Due
QIBK Qatar Islamic Bank 17-Apr-19 8 Due
CBQK The Commercial Bank 17-Apr-19 8 Due
ABQK Ahli Bank 18-Apr-19 9 Due
NLCS Alijarah Holding 18-Apr-19 9 Due
QISI Qatar Islamic Insurance Company 21-Apr-19 12 Due
GWCS Gulf Warehousing Company 21-Apr-19 12 Due
QGTS Qatar Gas Transport Company Limited (Nakilat) 21-Apr-19 12 Due
QIGD Qatari Investors Group 23-Apr-19 14 Due
UDCD United Development Company 24-Apr-19 15 Due
MERS Al Meera Consumer Goods Company 28-Apr-19 19 Due
KCBK Al Khalij Commercial Bank 29-Apr-19 20 Due
DHBK Doha Bank 30-Apr-19 21 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 36.64% 46.40% (28,209,554.98)
Qatari Institutions 18.67% 24.03% (15,487,762.06)
Qatari 55.31% 70.43% (43,697,317.04)
GCC Individuals 1.39% 1.03% 1,038,526.77
GCC Institutions 2.35% 4.60% (6,475,103.35)
GCC 3.74% 5.63% (5,436,576.58)
Non-Qatari Individuals 11.61% 10.69% 2,635,809.86
Non-Qatari Institutions 29.34% 13.25% 46,498,083.76
Non-Qatari 40.95% 23.94% 49,133,893.62

3. Page 3 of 7
News
Qatar
 QFMA: QSE announces to enforce stock split from June 9 –
Qatar Financial Markets Authority (QFMA) announced that the
enforcement date of the decision of stock split of the companies
listed at Qatar Stock Exchange (QSE) is on June 9, 2019, so that
the nominal value of a share in all listed companies shall
become one Riyal per share. The same decision shall apply to
investment funds’ units listed in QSE. QFMA stated in a
statement issued that the decision of the stock split shall be
enforced during the period of June 9 to July 7, 2019, in a
scheduled manner in coordination with QSE, Qatar Central
Securities Depository (QCSD) and other concerned parties.
QFMA confirmed that a detailed schedule, of the stock split
date of each of the listed companies subject to stock splitting,
shall be published later on the websites of the QSE and QCSD.
QSE listed companies held extraordinary meetings of their
general assemblies, in parallel with their ordinary annual
meetings, in order to amend their articles of association in
preparation for the decision’s enforcement. QFMA, in
coordination with QSE, QCSD and the financial services
companies, has held several workshops and coordination
meetings to equip the existing systems and rules with the
required through task forces formed to coordinate and prepare
for the splitting process. In addition to that, QFMA organized
last October a workshop on stock split, at the end of the second
Corporate Governance Conference, and invited listed
companies and all related parties to enhance awareness about
the stock split processes. (Peninsula Qatar)
 675 building permits issued in February 2019 – Building and
construction activities in Qatar gained momentum in the month
of February 2019 compared to the corresponding month last
year. 675 building permits were issued in February 2019,
showing YoY growth of 5.5% compared to 640 permits issued in
February 2018, latest official data showed. This annual rise in
the construction activities reaffirms the resilience of the Qatari
economy in general and the real estate sector in particular,
despite the challenging environment. Al Rayyan Municipality
continued to remain on top in terms of the number of building
permits issued. The municipality, which is witnessing major
construction and developmental works, received 192 permits
(over 28% of the total), showing YoY growth of over 41%,
according to the monthly statistics bulletin for March released
by the Ministry of Development Planning and Statistics. Doha
Municipality stood at the second position bagging 149 (22%)
building permits in February, up 35.5% against 110 permits
issued in the same month last year. Al Khor and Al Thakhira
municipalities, with 51 permits issued in the month, witnessed
the highest growth, on both YoY (+41.7%) as well as MoM
(+21.4%) basis. When compared on monthly basis, the total
number of building permits issued in February across all the
municipalities showed a decline of 14.6% compared to 790 new
building permits issued in January 2019. However, if compared
with December 2018 (677 permits), it reflects that the
construction activities in Qatar are stable. (Peninsula Qatar)
 OBG: New wave of spending seen on Qatar free zones, logistics
centers – A new wave of spending is expected on the
development of Qatar’s free zones and logistics centers to
further boost inflows of foreign capital, according to the Oxford
Business Group (OBG). Commenting ahead of the launch of
OBG’s 'The Report: Qatar 2019', Editor-in-Chief, Oliver Cornock
said while Qatar’s status as the world’s biggest gas exporter has
helped it to become the richest country in terms of GDP per
capita income, additional strong gains by the non-oil sector are
underpinning broader, solid economic growth. “A sharp focus
on industrial diversification has helped to insulate the
economy, while also creating important new linkages despite
the blockade,” he said. Qatar’s efforts to move towards a
knowledge-based economy and support the development of
emerging sectors is mapped out in the new report from the
global research and consultancy firm. (Gulf-Times.com)
 Qatar is among global leaders in digitalization initiatives, says
expert – Qatar’s investments in digital infrastructure and
similar programs have made it a forerunner in global
digitalization initiatives, an industry expert said during the
‘HSBC Digital Innovation Summit’. ICT Qatar’s Managing
Partner, Abdul Salam Knio said that the country has proven
over the years to be ambitious and capable of applying digital
initiatives and technologies. Due to its geographical size, it is
easier for Qatar to implement various technological
developments. Knio said Qatar is continuously revising its
guidelines for digital economy, cyber-security compliance, and
its set of standards and regulations, which is helping and
enabling the digital economy to become more viable. He noted
that Qatar is investing more on initiatives that will help enable
governments and private organizations to have more cloud
adoption. (Gulf-Times.com)
 IDC: Smartphone shipments to Qatar rise 9.8% QoQ in 4Q2018 –
Even as fragile consumer confidence tempered enthusiasm for
smartphones in most of the GCC countries in the fourth quarter
of 2018, Qatar saw a robust 9.8% QoQ growth in their
shipments, according to figures from global market research
firm, International Data Corporation (IDC). IDC’s newly
released Quarterly Mobile Phone Tracker reveals that Qatar is
the only GCC market where shipments of smartphones grew
QoQ. Saudi Arabia, which is the biggest market in the GCC with
54% share of the region’s mobile phone shipments, declined
2.3% QoQ and 8.2% YoY in 4Q2018, IDC stated. (Qatar Tribune)
 ORDS to disclose 1Q2019 financial statements on April 29 –
Ooredoo (ORDS) announced its intent to disclose 1Q2019
financial statements for the period ended March 31, 2019, on
April 29, 2019. (QSE)
 DOHI to disclose 1Q2019 financial statements on April 29 –
Doha Insurance Group (DOHI) announced its intent to disclose
1Q2019 financial statements for the period ended March 31,
2019, on April 29, 2019. (QSE)
International
 US factory orders fall modestly, shipments increase – New
orders for US-made goods fell modestly in February and
shipments rose after four straight monthly declines, but the
manufacturing sector is slowing amid rising inventories.
Factory goods orders dropped 0.5%, the Commerce Department
stated, pulled down by weak orders for machinery,
transportation equipment and computers and electronic
products. Data for January was revised down to show factory

4. Page 4 of 7
orders unchanged instead of edging up 0.1% as previously
reported. Economists polled by Reuters had forecasted factory
orders falling 0.6% in February. Factory orders rose 2.4%
compared to February 2018. Shipments of factory goods rose
0.4% in February after dropping 0.3% in January. They had
declined for four straight months. With unfilled orders falling
0.3% and inventories rising 0.3% in February, factory orders are
likely to remain sluggish. In February, orders for machinery fell
0.6% after rising 2.1% in the prior month. Orders for industrial
machinery declined 2.6% after surging 15.5% in January. Orders
for electrical equipment, appliances and components rose 1.0%
after increasing 1.1% in January. Computers and electronic
products orders fell 0.5% after dropping 1.9% in January.
(Reuters)
 US consumer inflation expectations stable for the next year –
US consumers expect stable inflation over the next year even as
they anticipate higher wages and gas prices, Federal Reserve
Bank of New York data showed. People polled in the New York
Fed’s survey of consumer expectations are aligned with US
monetary policymakers who see prices as stable near their 2%
annual goal. The survey showed one-year ahead inflation
expectations were unchanged at 2.8% last month, while a
three-year inflation figure ticked up 0.1 percentage point to
2.9%. People forecasted earnings to rise 2.6% over the coming
year, the largest figure since September. They also see gas
prices rising 4.7%, the most since June. US crude oil prices have
shot up 40% this year. (Reuters)
 BoE: UK’s public inflation expectations hold at highest since
2013 – The British public’s expectations for the level of inflation
over the coming year remained at their highest in five years,
while the proportion expecting interest rates to rise has fallen,
Bank of England’s (BoE) data showed. British people surveyed
in February expect inflation to average 3.2% over the next 12
months, unchanged from November’s survey which was the
highest reading since November 2013, according to the
quarterly BoE survey. Some 47% of the more than 4,000 people
surveyed expect BoE to raise interest rates over the next 12
months, down from 53% in November. British consumer price
inflation edged up to 1.9% in February after touching a two-
year low of 1.8% in January, and the BoE forecasted in February
that inflation is likely to rise slightly above its 2% target this
year. However, the BoE has warned that a disruptive, no-deal
Brexit would likely weaken sterling and push inflation sharply
higher. (Reuters)
 BRC: UK’s high-street spending falls for first time in 11 months
– British shoppers cut back spending for the first time in almost
a year last month, reflecting a mix of seasonal pressures and
Brexit worries, the British Retail Consortium (BRC) stated.
Consumer spending has until now been a relative bright spot for
the British economy at a time when business investment has
fallen due to uncertainty about when and how Britain will leave
the European Union (EU). The BRC stated total sales at its
members - mostly major high-street retailers and supermarkets
- had dropped by 0.5% YoY in March, after a 0.5% rise the
month before, the first fall since April 2018. (Reuters)
 Eurozone’s investor morale rises in April on China hopes –
Investor morale in the Eurozone improved in April to hit its
highest level since November, helped by signs of an upswing in
China, a survey showed. The Sentix research group said its
investor sentiment index for the Eurozone rose to -0.3 from -2.2
in March. Analysts had expected a reading of -2.1. A sub-index
of expectations improved for the straight third month, reaching
-4.3, its highest level since May last year. However, the current
situation weakened for the eighth month in a row, slumping to
3.8, its weakest level since February 2015. The economic
situation in the Eurozone remains fragile, stated Sentix, but
with expectations rising, the momentum of the decline is
slowing. A separate index measuring investor morale in
Germany fell to 2.1, its lowest level since August 2012.
Expectations for Germany rose for the third straight month to -
6.0. A sub-index measuring current conditions fell for the sixth
month to 10.5 - a development that Huebner described as
worrying. (Reuters)
 German exports, imports drop more than expected in February –
German exports and imports both fell more than expected in
February, data showed, in the latest sign that Europe’s largest
economy is likely to post meager growth in the first quarter.
The Federal Statistics Office stated seasonally adjusted exports
dropped by 1.3% on the month, while imports were down 1.6%.
That meant the trade surplus edged up to EUR18.7bn from a
revised EUR18.6bn the previous month. A Reuters poll of
economists had pointed to a 0.5% decrease in exports and a
0.7% decline in imports. The trade surplus was expected to
narrow to EUR18.0bn. (Reuters)
 China to relax residency curbs, boost infrastructure in new
urbanization push – China will relax residency curbs in many of
its smaller cities this year and increase infrastructure spending,
the state planner said, in a fresh push to boost the urban
population and revive slowing economic growth. The National
Development and Reform Commission (NDRC) stated it aims to
increase China’s urbanization rate by at least 1 percentage
point by the end of this year. The latest push is part of its
longer-term goal of bringing 100mn people into the cities over
the five years to 2020. In 2018, 59.6% of China’s population
lived in urban areas. (Reuters)
Regional
 S&P: GCC capital market issuance should bounce back – Despite
strong interest in credit ratings from previously unrated GCC-
based corporates in new industries such as consumer goods,
health care, and education, uncertainty and volatility in the
global capital market have kept issuance volumes low so far in
2019. Nevertheless, S&P Global Ratings expects capital market
volumes to pick up strongly in the remainder of the year. The
S&P has seen visibly lower issuance by GCC corporates in the
first months of the year. Total bond and Sukuk issuance in the
year-to-date is around $1.1bn. This situation is likely to change
in the coming days and months. With average yields on GCC
bonds and Sukuk having falling in recent weeks to levels not
seen since 2017, issuers see an opportunity to lock in lower
rates on long-term borrowings. (Peninsula Qatar)
 Russia signals OPEC and allies could raise oil output from June –
One of the key Russian officials to foster a supply pact with
OPEC, Kirill Dmitriev, signaled that Russia wanted to raise oil
output when it meets with OPEC in June because of improving
market conditions and falling stockpiles. Head of Russian
sovereign wealth fund RDIF, Dmitriev was the first Russian

5. Page 5 of 7
official to predict a deal with OPEC in 2016 and since then has
become a key defender of the pact despite pressure from
domestic oil firms to drop the agreement. Dmitriev, an envoy
for Moscow in the Middle East in general and Saudi Arabia in
particular, had in recent months said it was still too early to
terminate output cuts, echoing the position of OPEC’s de facto
leader, Saudi Arabia. However, in an apparent change of
position, Dmitriev said that supply cuts may not be required
after June. “It is quite possible that given the improving market
situation and falling stocks, (OPEC and its allies) could decide in
June this year to abandon supply cuts and subsequently
increase output,” he told a conference in Moscow. (Reuters)
 Demand for Saudi Aramco's debut bonds at over $50bn – Saudi
Aramco has received over $50bn in bids for its debut
international bond sale, which had been expected to be in the
$10bn region, sources familiar with the matter said. The state-
owned oil giant is marketing a US Dollar-denominated debt
issue split into six tranches with maturities ranging from three
to 30 years. One of the sources said demand had gone up to
$60bn. That will be the highest order book value since a record
issuance by Qatar last year, which attracted around $52bn in
orders. Before opening the books earlier on Monday, the Saudi
Aramco issue - which will be priced today - has already
attracted over $30bn in demand, Saudi Arabian Energy
Minister, Khalid Al-Falih said. (Reuters)
 Saudi Aramco gives initial guidance for six-tranche debut
Dollar bond – Saudi Aramco has given initial price guidance for
its six-tranche debut international bond, which is split into
tranches ranging from three to 30 years, a document issued by
one of the banks leading the deal showed. Saudi Aramco is
offering around 75 basis points (bps) over US Treasuries for a
three year bond, around 95bps over the same benchmark for a
five-year tranche, 125bps for 10-year, 160bps for 20-year and
175bps for 30-year notes. It is also offering a three-year floating
rate tranche. (Reuters)
 Saudi Arabia says May will be key to decide on extending oil
supply cuts – The Saudi Arabian Energy Minister, Khalid Al-
Falih said it was premature to say whether a consensus existed
among OPEC and its allies to extend oil supply cuts but a
meeting next month would be key. A joint OPEC and non-OPEC
ministerial committee known as the JMMC is due to meet in
May. Saudi Arabia and Russia are members of the panel, which
includes other major oil producers that took part in a global
supply-cutting agreement last year, such as Iraq, the UAE,
Kuwait, Nigeria and Kazakhstan. “JMMC will be a key decision
point because we will certainly by then know where the
consensus view is and, more importantly, before we ask for
consensus, we will know where the fundamentals are
pointing,” he said. “I think May is going to be key,” he added.
Oil inventories remain higher than average but the market is on
its way toward rebalancing, he said. (Reuters)
 Saudi Arabia says no change to policy of trading oil in Dollars –
Saudi Arabian Energy Minister, Khalid Al-Falih said that there
is no change to the Kingdom’s long-standing policy of trading
oil in US Dollars. “Absolutely not. There is no change
whatsoever to our long-standing policy,” he said. (Reuters)
 Saudi Arabian cement makers ‘suffocating’ as weak demand
hits earnings – Cement producers in Saudi Arabia could be in for
another year of low profits as major construction work
announced by the government proves slow to get off the
ground. Combined net income for 15 listed cement companies in
Saudi Arabia was $185.7mn last year, almost 90% lower than
the $1.6bn posted as recently as 2014, according to data
compiled by Bloomberg. There are few clear indications of an
improvement this year, according to analysts. The sector is
bedeviled by weak demand and increased competition,
especially among producers based in western and central Saudi
Arabia, leading to ‘suffocation’ among the cement makers. A
reduction in energy subsidies has added to their woes by raising
transportation costs. (Gulf-Times.com)
 Saudi Arabia said to delay planned power price increase – The
Saudi Arabian government has decided to delay power price
increases that had been planned for 2019, according to sources.
Price increases will take place from next year at the earliest.
The timeline to reach international price levels by 2025 remains
in place. (Bloomberg)
 Saudi Arabia to export natural gas by 2025-26 – Saudi Arabia
plans to boost natural gas production which could free up 600k-
800k bpd of crude used for power, Energy Minister, Khalid Al-
Falih said. Saudi Aramco is looking to develop unconventional
and shale gas. Saudi Arabia sees an opportunity to be a large
exporter of natural gas by 2025-26. The Kingdom is in talks with
neighbors to build a regional gas pipeline, which could include
Iraq. (Bloomberg)
 UAE says changing oil trading currency from Dollar cannot be
done overnight – The UAE’s Energy Minister, Suhail bin
Mohammed Al-Mazroui said that the use of the US Dollar as the
main oil trading currency could not be changed overnight.
“Trading with the US Dollar is something you don’t change
overnight. Let’s not jump into some of those ideas,” he said
when asked about the possibility that OPEC members may
move away from trading oil in Dollars. “OPEC did not say that,
OPEC did not claim that they will change the currency in the
trading and I have no views on the do ability of that,” he said at
an energy conference in Dubai. He added that compliance with
a supply-cutting agreement between the OPEC and non-OPEC
members, an alliance known as OPEC+, was expected to be good
in April. (Reuters)
 UAE's Finablr set to launch London IPO today – UAE-based
payments and foreign exchange company Finablr is set to
launch its IPO in London today in a deal that could raise about
$500mn, sources said. The plan comes after its rival firm
Network International’s IPO drew strong demand from
investors in a potential deal that could value the company at
$3bn. Finablr, the holding company for businesses including
UAE Exchange, Travelex Holdings and Xpress Money, plans to
sell between 25% and 30% of its shares, which could raise
around $500mn, sources said. Investor meetings will be held in
the US and Europe, they added. JPMorgan, Barclays and
Goldman Sachs are the global coordinators for the deal.
Bookrunners include Bank of America Merrill Lynch, EFG
Hermes and Numis. (Reuters)
 Invest Bank shareholder meeting could set scene for another
UAE bank merger – Shareholders of Invest Bank will meet this
week to approve a government bailout of the lender in a move
that sources said could set the stage for another bank merger in

6. Page 6 of 7
the UAE. The government of Sharjah, the Emirate where Invest
Bank is based, stepped in late last year to promise to support
the bank after it was hit by high levels of bad loans, partly due
to its exposure to the troubled real estate and construction
sectors. The government of Sharjah agreed to invest up to
$517mn in new shares of the struggling lender, one of the
smaller banks in the UAE. Investors will finally vote on the plan
on April 10, in a meeting originally set in early January. Before
the need for the bailout became clear, the Sharjah government
is weighing a merger of Invest Bank with Bank of Sharjah and
United Arab Bank, sources told Reuters. After a brief hiatus,
preliminary talks have been revived, sources said, though it
was unclear whether any deal would be restricted to Bank of
Sharjah and Invest Bank, or the two would be joined by UAB.
(Reuters)
 Total and Oman sign agreement for exploration license on block
12 – Total and Oman aim to finalize a definitive agreement in
coming months that will give Total 100% of the exploration
block 12 in Central Oman, the company stated. Total plans to
drill a first well in 2020. (Bloomberg)
 Investcorp targets credit expansion in push toward $50bn –
Investcorp Bank, the alternative investor backed by wealthy
Middle Eastern families, wants to deepen its push into global
credit markets and may make another acquisition as it seeks to
double assets under management to $50bn in the coming years.
The group’s credit operations could “easily be around the
$25bn” mark by the time it reaches that milestone, Executive
Chairman, Mohammed Alardhi said, noting that “credit is much
more scalable than any other business.” Investcorp’s exposure
to the credit market has to date primarily been in the form of
collateralized loan obligations (CLO), a type of securitization
whereby business loans are pooled, repackaged and sold to
different classes of owners in various tranches. He said
Investcorp’s credit expansion could be achieved via acquisition,
as well as organically. “We are only in the CLOs business, we
are not in the distressed credit, we are not in all kinds of credit,”
he said. “Because we are in a growth mode, we are always on
the lookout” for acquisitions. While private equity investments
are still the largest chunk of Investcorp’s assets, CLOs are
among its fastest growing, accounting for around 12% of the
total as of December 31. Investcorp completed the acquisition
of 3i Group’s debt management business in early 2017, having
set a new growth charter in 2015. In that same vein, Investcorp
bought a 40% stake in Swiss private bank Banque Paris
Bertrand Sturdza in September. (Bloomberg)

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
Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mehmet.aksoy@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS 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 QNB FS 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
financial advice. QNB FS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of
the investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment
decision. Although the information in this report has been obtained from sources that QNB FS believes to be reliable, we have not independently verified such information and it may not be
accurate or complete. QNB FS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect.
For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNB FS Fundamental Research as a
result of depending solely on the historical technical data (price and volume). QNB FS reserves the right to amend the views and opinions expressed in this publication at any time. It may also
express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in
part without permission from QNB FS.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNB FS.
Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
QSE Index S&P Pan Arab S&P GCC
0.3% 0.3%
0.0%
0.4%
0.0%
0.5%
0.6%
(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 1,297.48 0.4 0.4 1.2 MSCI World Index 2,152.89 0.1 0.1 14.3
Silver/Ounce 15.25 0.9 0.9 (1.6) DJ Industrial 26,341.02 (0.3) (0.3) 12.9
Crude Oil (Brent)/Barrel (FM Future) 71.10 1.1 1.1 32.2 S&P 500 2,895.77 0.1 0.1 15.5
Crude Oil (WTI)/Barrel (FM Future) 64.40 2.1 2.1 41.8 NASDAQ 100 7,953.88 0.2 0.2 19.9
Natural Gas (Henry Hub)/MMBtu 2.72 4.2 4.2 (14.7) STOXX 600 387.51 0.3 0.3 12.9
LPG Propane (Arab Gulf)/Ton 63.63 3.0 3.0 (0.6) DAX 11,963.40 0.1 0.1 11.6
LPG Butane (Arab Gulf)/Ton 65.50 2.1 2.1 (5.8) FTSE 100 7,451.89 0.4 0.4 13.5
Euro 1.13 0.4 0.4 (1.8) CAC 40 5,471.78 0.4 0.4 13.8
Yen 111.48 (0.2) (0.2) 1.6 Nikkei 21,761.65 0.0 0.0 7.7
GBP 1.31 0.2 0.2 2.4 MSCI EM 1,088.50 0.3 0.3 12.7
CHF 1.00 0.1 0.1 (1.7) SHANGHAI SE Composite 3,244.81 (0.0) (0.0) 33.2
AUD 0.71 0.3 0.3 1.1 HANG SENG 30,077.15 0.5 0.5 16.2
USD Index 97.05 (0.4) (0.4) 0.9 BSE SENSEX 38,700.53 (1.0) (1.0) 7.4
RUB 64.88 (0.7) (0.7) (6.9) Bovespa 97,369.29 0.6 0.6 11.5
BRL 0.26 0.6 0.6 0.8 RTS 1,240.16 1.2 1.2 16.0
101.7
95.1
82.2