The QE Index declined 0.2% to close at 10,235.8. Losses were led by the Insurance and Industrials indices, falling 0.9% and 0.8%, respectively.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QE Index declined 0.2% to close at 10,235.8. Losses were led by the Insurance
and Industrials indices, falling 0.9% and 0.8%, respectively. Top losers were Widam
Food Company and Qatar National Cement Company, falling 2.5% and 2.4%,
respectively. Among the top gainers, Al Khaleej Takaful Insurance Company gained
10.0%, while Qatar First Bank was up 4.5%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.4% to close at 9,055.3. Losses were led by the
Pharma, Biotech & Life Science and Diversified Financials indices, falling 1.1%
each. Allied Coop. Ins. declined 5.9%, while Al-Baha Invest. & Dev. was down 3.5%.
Dubai: The DFM Index fell 0.1% to close at 2,787.6. The Real Estate & Const. index
declined 1.5%, while the Services index fell 0.7%. Al Salam Sudan declined 8.4%,
while Emaar Malls was down 4.0%.
Abu Dhabi: The ADX General Index gained 2.4% to close at 5,174.0. The Banks
index rose 3.7%, while the Energy index gained 3.4%. Ras Al Khaimah Cement
Company rose 8.5%, while Dana Gas was up 6.5%.
Kuwait: The Kuwait Main Market Index gained 0.7% to close at 5,046.3. The
Consumer Goods index rose 1.4%, while the Insurance index gained 1.1%.
Specialities Group Holding Co. rose 9.0%, while First Takaful Ins. Co. was up 7.9%.
Oman: The MSM 30 Index gained 0.2% to close at 3,990.7. Gains were led by the
Industrial and Services indices, rising 1.8% and 1.0%, respectively. Dhofar Cattle
Feed rose 10.0%, while Voltamp Energy was up 9.3%.
Bahrain: The BHB Index gained 0.5% to close at 1,445.0. The Commercial Banks
index rose 0.8%, while the Industrial index gained 0.4%. Ithmaar Holding rose 7.1%,
while BMMI was up 4.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Insurance Co. 16.45 10.0 198.0 91.5
Qatar First Bank 5.09 4.5 5,720.1 24.8
Alijarah Holding 8.68 3.6 438.7 (1.3)
Ezdan Holding Group 11.37 3.2 1,009.4 (12.4)
Dlala Brokerage & Inv. Holding Co. 10.70 2.2 123.0 7.0
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 5.09 4.5 5,720.1 24.8
Mazaya Qatar Real Estate Dev. 8.90 0.3 1,696.8 14.1
Doha Bank 21.41 0.0 1,619.7 (3.6)
Ezdan Holding Group 11.37 3.2 1,009.4 (12.4)
Investment Holding Group 5.35 0.4 960.5 9.4
Market Indicators 14 April 19 11 April 19 %Chg.
Value Traded (QR mn) 245.3 257.8 (4.9)
Exch. Market Cap. (QR mn) 574,730.6 574,844.3 (0.0)
Volume (mn) 16.6 19.2 (13.6)
Number of Transactions 4,666 6,464 (27.8)
Companies Traded 41 45 (8.9)
Market Breadth 22:19 30:14 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,834.67 (0.2) (0.2) 3.8 14.2
All Share Index 3,132.33 0.1 0.1 1.7 14.7
Banks 3,871.60 0.2 0.2 1.1 13.6
Industrials 3,302.96 (0.8) (0.8) 2.7 15.1
Transportation 2,408.59 (0.3) (0.3) 16.9 13.3
Real Estate 2,000.95 1.8 1.8 (8.5) 16.5
Insurance 3,299.20 (0.9) (0.9) 9.7 19.9
Telecoms 936.77 (0.5) (0.5) (5.2) 19.1
Consumer 7,910.10 (0.1) (0.1) 17.1 15.4
Al Rayan Islamic Index 4,081.57 (0.3) (0.3) 5.1 13.6
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
First Abu Dhabi Bank Abu Dhabi 15.58 5.0 10,179.4 10.5
Comm. Bank of Kuwait Kuwait 0.70 4.2 625.5 39.8
Bank Sohar Oman 0.11 1.8 113.9 0.0
Advanced Petrochem. Co. Saudi Arabia 58.20 1.7 395.0 15.2
HSBC Bank Oman 0.12 1.7 24.0 0.8
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Ominvest Oman 0.31 (5.5) 964.4 (10.0)
Emaar Malls Dubai 1.67 (4.0) 11,558.6 (6.7)
Bank Dhofar Oman 0.14 (2.9) 13.8 (13.0)
Bank Al Bilad Saudi Arabia 25.90 (2.4) 1,342.4 18.8
DAMAC Properties Dubai 1.28 (2.3) 2,914.4 (15.2)
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%
Widam Food Company 59.85 (2.5) 63.5 (14.5)
Qatar National Cement Company 70.90 (2.4) 17.3 19.2
The Commercial Bank 45.12 (1.9) 54.6 14.5
Medicare Group 63.50 (1.8) 10.0 0.6
Qatar Insurance Company 38.10 (1.3) 8.9 6.1
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 180.40 0.2 38,186.1 (7.5)
Doha Bank 21.41 0.0 34,661.2 (3.6)
Qatar First Bank 5.09 4.5 28,767.6 24.8
Qatar Fuel Company 201.54 0.3 17,284.1 21.4
Mazaya Qatar Real Estate Dev. 8.90 0.3 15,063.8 14.1
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* 10,235.76 (0.2) (0.2) 1.3 (0.6) 67.03 157,878.5 14.2 1.5 4.3
Dubai 2,787.64 (0.1) (0.1) 5.8 10.2 49.67 98,910.1 10.0 1.0 4.9
Abu Dhabi 5,174.02 2.4 2.4 2.0 5.3 75.29 141,861.2 14.5 1.5 4.7
Saudi Arabia 9,055.34 (0.4) (0.4) 2.7 15.7 666.56 568,022.5 20.4 2.0 3.2
Kuwait 5,046.34 0.7 0.7 2.6 6.5 95.99 34,539.6 15.1 0.9 4.0
Oman 3,990.71 0.2 0.2 0.2 (7.7) 7.94 17,353.9 8.3 0.8 6.9
Bahrain 1,444.97 0.5 0.5 2.2 8.1 2.11 22,159.4 9.6 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)
10,200
10,220
10,240
10,260
10,280
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QE Index declined 0.2% to close at 10,235.8. The Insurance and
Industrials indices led the losses. The index fell on the back of selling
pressure from non-Qatari shareholders despite buying support from
Qatari and GCC shareholders.
 Widam Food Company and Qatar National Cement Company were the
top losers, falling 2.5% and 2.4%, respectively. Among the top gainers,
Al Khaleej Takaful Insurance Company gained 10.0%, while Qatar First
Bank was up 4.5%.
 Volume of shares traded on Sunday fell by 13.6% to 16.6mn from
19.2mn on Thursday. However, as compared to the 30-day moving
average of 12.3mn, volume for the day was 35.1% higher. Qatar First
Bank and Mazaya Qatar Real Estate Development were the most active
stocks, contributing 34.4% and 10.2% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases 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
Phoenix Power Oman OMR 18.1 13.1% 0.3 67.5% 4.9 N/A
Oman Flour Mills Company Oman OMR 25.2 13.3% – – 2.5 -24.3%
Al Suwadi Power Oman OMR 12.0 -1.4% – – -2.5 N/A
Computer Stationery Ind.# Oman OMR 460.1 3.4% – – 43.0 429.1%
Renaissance Services Oman OMR 70.3 36.2% 19.8 132.5% 7.8 793.7%
Dhofar Tourism# Oman OMR 150.6 -84.3% – – 221.8 N/A
Packaging Co. Ltd Oman OMR 2.6 5.8% – – 0.1 69.5%
Gulf Hotels Oman OMR 2.7 2.8% – – 0.7 -15.3%
Muscat City Desalination#
Oman OMR 3,809.0 -3.6% – – 365.0 3.4%
Oman Chromite# Oman OMR 630.2 60.6% – – 86.1 -39.9%
Ubar Hotels and Resorts#
Oman OMR 1,488.3 -2.5% 402.8 10.4% 303.7 14.0%
Al Kamil Power# Oman OMR 1,909.0 -3.0% 523.0 4.0% 1,798.0 321.1%
Oman Packaging Oman OMR 3.2 -2.6% – – 0.2 80.9%
Al Fajar Al Alamia Oman OMR 16.3 4.3% – – 1.3 7.4%
Gulf Mushroom Products Oman OMR 2.0 8.1% – – 0.2 48.8%
Dhofar Int.Dev.and Inv. Hold. Oman OMR 8.3 -17.1% – – -2.9 N/A
Al Hassan Engineering Oman OMR 8.6 57.1% – – 0.5 N/A
Oman Ceramic Company # Oman OMR 639.5 31.6% – – -199.2 N/A
Oman Chlorine Oman OMR 3.4 10.5% 0.7 46.0% 0.3 8.7%
Raysut Cement Oman OMR 23.0 9.8% 0.7 -39.2% 0.2 -46.0%
Majan Glass Oman OMR 2.8 69.5% – – 0.3 N/A
Sweets of Oman Oman OMR 2.4 -11.4% – – 0.2 N/A
Al Batinah Power Oman OMR 12.7 26.0% – – -2.4 N/A
Sharqiyah Desalination Oman OMR 3.5 5.9% – – 0.8 220.5%
United Finance# Oman OMR 2,286.0 -9.6% – – 261.0 -5.1%
United Power#
Oman OMR 1,046.0 -16.5% – – 30.0 -75.6%
Al Anwar Holding# Oman OMR 1,030.0 -73.9% – – 534.0 -86.2%
Al Ahlia Insurance Oman OMR 7.4 -7.5% – – 1.7 2.2%
Al Jazeera Steel Products Co. Oman OMR 27.7 -10.5% – – 0.3 -79.8%
National Finance Oman OMR 423.8 4.9% – – 2.1 -20.5%
Salalah Mills#
Oman OMR 14,762.4 9.7% – – 995.6 4.4%
Shell Oman Marketing Oman OMR 120.6 -2.4% – – 1.8 -29.3%
Al Madina Investment# Oman OMR 273.2 -46.4% – – -1.6 N/A
Construction Materials Ind.# Oman OMR 853.7 -5.4% – – 58.1 46.7%
Muscat Thread Mills#
Oman OMR 953.4 9.9% – – 21.6 -45.8%
Al Sharqia Investment Holding# Oman OMR 607.6 -7.5% – – 399.4 -7.9%
Al Jazeera Services Oman OMR 1.8 -1.2% – – 0.4 -43.0%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (#
Values in ‘000)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 56.05% 50.95% 12,500,316.37
Qatari Institutions 17.40% 21.99% (11,261,537.67)
Qatari 73.45% 72.94% 1,238,778.70
GCC Individuals 0.86% 1.57% (1,755,838.54)
GCC Institutions 5.37% 2.70% 6,552,841.24
GCC 6.23% 4.27% 4,797,002.70
Non-Qatari Individuals 13.15% 13.28% (326,165.62)
Non-Qatari Institutions 7.18% 9.50% (5,709,615.78)
Non-Qatari 20.33% 22.78% (6,035,781.40)

3. Page 3 of 8
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2019
% Change
YoY
Operating Profit
(mn) 1Q2019
% Change
YoY
Net Profit
(mn) 1Q2019
% Change
YoY
Muscat Finance# Oman OMR 3,442.0 0.7% 1,386.0 -17.7% 370.0 -60.1%
The Financial Corporation Oman OMR 0.9 36.9% – – 0.6 71.9%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (#
Values in ‘000)
Earnings Calendar
Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status
IHGS Islamic Holding Group 15-Apr-19 0 Due
QNCD Qatar National Cement Company 16-Apr-19 1 Due
MARK Masraf Al Rayan 17-Apr-19 2 Due
QIBK Qatar Islamic Bank 17-Apr-19 2 Due
CBQK The Commercial Bank 17-Apr-19 2 Due
ABQK Ahli Bank 18-Apr-19 3 Due
NLCS Alijarah Holding 18-Apr-19 3 Due
QIIK Qatar International Islamic Bank 21-Apr-19 6 Due
QISI Qatar Islamic Insurance Company 21-Apr-19 6 Due
GWCS Gulf Warehousing Company 21-Apr-19 6 Due
QGTS Qatar Gas Transport Company Limited (Nakilat) 21-Apr-19 6 Due
DBIS Dlala Brokerage & Investment Holding Company 23-Apr-19 8 Due
QFBQ Qatar First Bank 23-Apr-19 8 Due
QIGD Qatari Investors Group 23-Apr-19 8 Due
QIMD Qatar Industrial Manufacturing Company 24-Apr-19 9 Due
UDCD United Development Company 24-Apr-19 9 Due
QCFS Qatar Cinema & Film Distribution Company 25-Apr-19 10 Due
QAMC Qatar Aluminum Manufacturing Company 28-Apr-19 13 Due
QNNS Qatar Navigation (Milaha) 28-Apr-19 13 Due
IGRD Investment Holding Group 28-Apr-19 13 Due
QFLS Qatar Fuel Company 28-Apr-19 13 Due
MERS Al Meera Consumer Goods Company 28-Apr-19 13 Due
ZHCD Zad Holding Company 29-Apr-19 14 Due
QGRI Qatar General Insurance & Reinsurance Company 29-Apr-19 14 Due
AKHI Al Khaleej Takaful Insurance Company 29-Apr-19 14 Due
MCCS Mannai Corporation 29-Apr-19 14 Due
QOIS Qatar Oman Investment Company 29-Apr-19 14 Due
DOHI Doha Insurance Group 29-Apr-19 14 Due
ORDS Ooredoo 29-Apr-19 14 Due
KCBK Al Khalij Commercial Bank 29-Apr-19 14 Due
VFQS Vodafone Qatar 30-Apr-19 15 Due
QGMD Qatari German Company for Medical Devices 30-Apr-19 15 Due
DHBK Doha Bank 30-Apr-19 15 Due
Source: QSE

4. Page 4 of 8
Stock Split Dates for Listed Qatari Companies
Source: QSE
News
Qatar
 QSE announced stock split days for listed Qatari companies –
Please refer to the table above (QSE)
 QEWS reports weak 1Q2019 results; Maintain Accumulate with
QR204 price target – QEWS' net profit declines 22% YoY and 19%
QoQ in 1Q2019 to QR309mn in 1Q2019, missing our estimate of
QR362mn (variation of 15%). Overall performance was weak
driven by seasonality and impact of lower tariff structures at key
plants with QEWS’ top-line declining 18% YoY and 8% QoQ to
QR539mn, 10% below our forecast of QR598mn. The company
attributed the decline to seasonality along with tariff impact
from RAF B, RAF B1 and RAF B2. This is evident in gross margin
of 50.6% in 1Q2019, which dropped from 59.6% in 1Q2018 but
improved slightly from 50.2% in 4Q2018. We will provide more
color on results and could adjust our full year estimates once we
speak to management. We continue to like the company as a
solid long-term play with a defensive business model. QEWS
enjoys a solid long-term growth profile with attractive EBITDA
margins and compelling dividend/FCF yields. LT catalysts
(which we have not yet factored into our estimates) abound,
including additional expansions domestically (like Facility E; the
Siraj solar project, etc.). Beyond Paiton (Indonesia), we do not
have color on other Nebras projects, which could lead to growth
relative to our model. Given that seasonality alone implies an
improvement in 2Q and 3Q performance, we would be buyers
into any weakness. (Company financials, QNB FS Research)
 GISS announces Gulf Helicopters acquires a 49% stake in Air
Ocean Maroc – Gulf International Services (GISS) announced
that Gulf Helicopters Company, a fully owned subsidiary of
GISS, acquired a 49% stake for an amount of $1mn in Air Ocean
Maroc, a Moroccan company specialized in aviation and
medical evacuation in Morocco. Gulf Helicopters’ CEO,
Mohamed Ibrahim Al Mohannadi said, "This 49% acquisition of
Air Ocean Maroc represents a new important milestone in our
roadmap to expand our global presence and to serve the North-
West Africa and Southern Europe." The acquisition comes in
line with GISS' strategy to enter new and profitable
international markets, such as North-West Africa and Southern
Europe that have greater potential. This international
expansion will undoubtedly support the company in its efforts
to increase sources of income and utilize its assets more
efficiently, while establishing itself as a leading global aviation
service provider. Gulf Helicopters will continue to explore
further opportunities and areas to strengthen its global
footprint by engaging in effective partnerships with key
players in various promising markets. Air Ocean Maroc
currently holds an Air Operator Certificate for the Fixed Wing
and is also in the process of obtaining an Air Operator
Certificate for Helicopters. (QSE)

5. Page 5 of 8
 BRES to disclose 1Q2019 financial statements on April 29 –
Barwa Real Estate Company (BRES) announced its intent to
disclose 1Q2019 financial statements for the period ended
March 31, 2019, on April 29, 2019. (QSE)
 WDAM to disclose 1Q2019 financial statements on April 22 –
Widam Food Company (WDAM) announced its intent to
disclose 1Q2019 financial statements for the period ended
March 31, 2019, on April 22, 2019. (QSE)
 SIIS to disclose 1Q2019 financial statements on April 29 –
Salam International Investment Limited (SIIS) announced its
intent to disclose 1Q2019 financial statements for the period
ended March 31, 2019, on April 29, 2019. (QSE)
 ZHCD to disclose 1Q2019 financial statements on April 29 – Zad
Holding Company (ZHCD) announced its intent to disclose its
1Q2019 financial statements for the period ended March 31,
2019, on April 29, 2019. (QSE)
 DBIS to disclose 1Q2019 financial statements on April 23 –
Dlala Brokerage & Investment Holding Company (DBIS)
announced its intent to disclose 1Q2019 financial statements
for the period ended March 31, 2019, on April 23, 2019. (QSE)
 QAMC to disclose 1Q2019 financial statements on April 28 –
Qatar Aluminium Manufacturing Company (QAMC) announced
its intent to disclose 1Q2019 financial statements for the period
ended March 31, 2019, on April 28, 2019. (QSE)
 MRDS postpones its AGM and EGM to April 16 – Mazaya Qatar
Real Estate Development (MRDS) announced that its Ordinary
General Meeting (AGM) and Extra Ordinary General Assembly
Meeting (EGM) has been postponed, after the number of
shareholders in attendance did not reach the quorum on April
14, 2019. The next meeting will be held on April 16, 2019. (QSE)
 Qatar’s hospitality sector records strong growth; hotel
occupancy rate up 7% YoY – Collective efforts in boosting
Qatar’s hospitality and tourism industry have witnessed
positive results. Despite the ongoing blockade for more than 21
months, the occupancy of hotels across all categories witnessed
solid YoY growth in February 2019. The average occupancy of
hotels (all categories put together) jumped to 67% in February
2019 registering 7 percentage points improvement in YoY
growth against 60% recorded in the corresponding month last
year, official data showed. The average revenue per available
room has increased by QR10 to QR246 in February 2019 from
QR236 in February 2018. This remarkable improvement in the
performance of the hotel industry can be attributed to increase
in the number of tourists. In February 2019 some 376,106
people visited Qatar, which is about 8.2% more than the same
month last year. When compared on monthly basis, the number
of visitors saw a sharp jump of over 90% compared to 196,594
visitors in January 2019. (Peninsula Qatar)
 Qatar Chamber lauds role of exhibitions sector in economic
development – Qatar’s growing trade and exhibitions industry
is playing a substantial role in the development of various
sectors of the country, and is serving as a platform for the
private sector to expand to other markets, according to Qatar
Chamber’s Director General, Saleh bin Hamad Al Sharqi. The
global exhibitions industry has helped promote local and
international economic sectors, as well as spur foreign direct
investment (FDI) inflow and tourism activities. “In Qatar, the
exhibitions sector plays a substantial role in enhancing
economic development, investments, and tourism, as well as it
activates the hospitality sector and its related activities and
helps in developing the industrial sector, which is the backbone
of any developed economy,” Al Sharqi said in the latest issue of
Al Moltaqa, Qatar Chamber’s monthly economic magazine. He
added, “Qatar has successfully managed to prove its position as
a regional and global hub for major fairs, exhibitions, and
economic events, thanks to the provision of a well-developed
infrastructure and mega centers set to host trade exhibitions of
all types.” (Gulf-Time.com)
 Qatargas’ COO: Cases of mishaps in Qatar’s energy industry
much below than global average – Instances of mishaps in
Qatar’s energy sector are much lower than the global average,
Qatargas’ Health Safety Environment and Quality Chief
Operating Officer (COO), Khalid Al Hemaidi said. Qatargas has
been supplying LNG and other hydrocarbon products to the
global market safely and reliably on a regular basis over the
years. “We have maintained very high standard of safety as we
care for and value both people and process safety above all else.
This is a core value, a value which has been instrumental in our
journey to becoming a premier LNG company in the world,” he
said on the sidelines of 2019 Qatar Process Safety Symposium
in Doha. He added, “Since the company was established in
1984, Qatargas has grown into the largest liquefied natural gas
producer in the world. Today, Qatargas operates 14 LNG trains
with a total annual production capacity of 77mn tons. None of
this would be possible without an enduring commitment to
process safety.” (Qatar Tribune)
 JRE expands its UK portfolio by introducing two ultimate
luxury properties – For Just Real Estate (JRE), the leading
property service provider in Qatar, there’s no looking back in
the already established and ever-expanding luxury projects
portfolio in Qatar as well as overseas. Adding projects year-
after-year and gaining muscle in every territory it is operation,
JRE has fast gained the prime position of being the most sought-
after real estate player from Qatar. JRE announced newer
additions in its already flourishing UK portfolio by introducing
Beaufort Park and Sovereign Court. (Zawya)
 Qatar and Russia agree to enhance mutual investments – The
Qatar-Russian Business Council has organized a meeting in
Moscow to discuss strengthening cooperation relations
between businessmen of both countries. The Qatari side was
headed by Qatar Chamber’s board member, Ali Abdul Latif Al
Misnad, and the Russian side by Ahmed Blancoev. The meeting
witnessed signing of a MoU to strengthen their cooperation
relations, Qatar Chamber stated. The Qatari delegation visited
many official institutions and held meetings with
representatives of the Russian Federation business community.
The meeting touched on reviewing bilateral relations and ways
of enhancing them, especially in trade and investment aspects.
It also reviewed the investment climate in both countries and
business opportunities available for both sides, Qatar Chamber
stated. (Qatar Tribune)
International
 Deloitte: British businesses stash cash as Brexit gloom deepens
– A growing number of large British-based businesses are
prioritizing cash-flow, fearing a downturn, as their view of the
long-term economic impact of Brexit has darkened to its most

6. Page 6 of 8
negative so far, accountancy firm Deloitte stated. Some 81% of
Chief Financial Officers (CFO) surveyed expect Brexit to lead to
a long-term deterioration in Britain’s business environment, the
highest since the question was first asked at the time of June
2016’s referendum on leaving the European Union. This was up
from 78% at the end of last year in the quarterly survey of 89
companies, including 15 in the FTSE 100 and 33 in the FTSE 250
share indices, plus smaller firms and subsidiaries of major
foreign companies. Deloitte carried out the survey between
March 26 and April 7, just after it became certain Britain would
not leave on the long-planned date of March 29, and before
British Prime Minister Theresa May secured a delay of up to six
months. The Deloitte survey showed the proportion of CFOs
expecting one or more interest rate rises in the next 12 months
dropped to 40% from 58% at the end of 2018. Deloitte’s long-
running gauge of corporate risk appetite remained close to lows
last seen after 2016’s Brexit referendum and during the depths
of the financial crisis, and more than half of firms said
increasing cash-flow was a priority, the highest proportion in
nine years. (Reuters)
 OECD: Japan should rely on sales tax to generate extra revenue
– Japan should rely primarily on raising the sales tax to generate
extra revenue, and may need to raise this tax to as high as 26%
to achieve a large primary surplus, Organisation for Economic
Cooperation and Development (OECD) stated. The national
sales tax is scheduled to rise to 10% in October, from 8% now.
The Bank of Japan should remain focused on achieving its 2%
inflation target, but there are signs its purchases of exchange-
traded funds (ETFs) are distorting the stock market, OECD
stated in an economic survey of Japan. (Reuters)
Regional
 Petrochemicals, industrials to weigh on 1Q2019 earnings –
Weighed by petrochemicals and industrials, the aggregate
earnings of GCC companies are projected to decline for 1Q2019.
Qatari banks are expected to report flattish earnings growth as
strong balance sheet performance gets offset by higher
provisioning charges and lower non-interest income, according
to SICO Research. On an aggregate level, the SICO forecasted
that the earnings of petrochemicals to decline by 11% YoY, led
by lower product prices. Average petrochemical product prices
for a basket of major products declined 16% YoY, and 8% QoQ
during the first quarter of this year. Feed stock prices declined
as well as Naptha plunged 10% YoY and 7% QoQ. Spot prices
for petrochemicals during March exhibited a downtrend YoY.
The YoY contraction in commodity prices will drive the
earnings of industrials sector lower. The core earnings of the
real estate sector is expected to be weak YoY on weak mall
rental/hospitality segment performance. The SICO analysts
projected another muted quarter for consumers sector despite
modest revenue growth of 5% YoY. Cost pressures are expected
to affect earnings. (Peninsula Qatar)
 Putin keeps options open on possible extension of OPEC+ oil
cuts – President Vladimir Putin kept his options open on
whether to extend Russia’s joint oil-production cuts with OPEC
beyond June, saying that he wanted to continue cooperation
with the group, but also highlighting the many uncertainties in
the market. Russia is comfortable with current oil prices, he
said. He also said that he does not support an uncontrollable
increase in the cost of crude that could hurt his country’s other
industries. “We’ll coordinate with OPEC and take a decision
depending on the market situation,” at the next meeting in
June, he added. (Gulf-Times.com)
 Saudi Arabia seeks to boost alliance in Indonesia's energy
industry – Saudi Arabia seeks to boost alliance with Indonesia
by discussing partnership opportunities in energy, including in
oil and petrochemical, according to a statement by Indonesian
President’s office. President Joko Widodo met with Saudi
Arabian King Salman Bin Abdulaziz and Crown Prince
Mohammed Bin Salman. Joko Widodo and King Salman
discussed the possibility of Saudi Aramco and Indonesia’s
Pertamina partnering in Cilacap refinery, Indonesia’s Foreign
Minister, Retno Marsudi said. Asset valuation issue will be
resolved to allow partnership. Indonesia and Saudi Arabia have
also agreed to set up a leaders’ consultation forum and to hold
annual meeting. (Bloomberg)
 SAMA Governor: Zakat calculations for banks will be between
12%-14% in 2018 – Zakat calculations for most of the banks as
per 2018 financial results show that Zakat will be between
12%-14% of profit, Governor of Saudi Arabian Monetary
Authority (SAMA), Ahmed Alkholifey said. He said that it is
difficult to imagine any bank’s Zakat reaching 20% of profit in
2019. (Bloomberg)
 Consolidation in UAE's insurance sector on cards – Mergers and
acquisitions (M&As) will inevitably happen in the UAE's
overcrowded insurance and Takaful industry however
individuals holding larger stakes in the companies are willing to
sell at a much higher price which is not attractive for the
buyers, according to industry executives and analysts. "M&As
are inevitable to happen in the UAE and the GCC. Usually,
banks start - which has already happened in the GCC - and then
the insurance sector follows. We have already seen some
mergers and acquisitions taking place recently in Bahrain,"
Secretary-General, Emirates Insurance Association, Fareed
Lutfi said. He disclosed that there are rumors that some M&As
are in the pipeline. General Manager, Market Development for
MENA, South and Central Asia, AM Best, Vasilis Katsipis said
that there are several reasons that hamper local insurers and
Takaful firms from consolidation. "Firstly, all the insurance
companies, or majority of them, belong to individuals who have
many other businesses. Insurance is only a small part of what
they do. Therefore, it is not a high priority for them either in
terms of liquidating assets or in terms of spending time.
"Secondly, there are lot of businesses where owners want to sell
them however their selling price is not meeting the buyers'
requirements. That has been the case for several year. Since it
is not a burning issue for majority shareholders, M&A doesn't
materialize," he said. (Zawya)
 Dubai economy still struggling to find its footing – Dubai’s
$108bn economy is still eking out growth, however distress is
increasingly felt far beyond its bellwether property industry.
Despite the Emirate’s standing as a commercial hub, businesses
are pulling up stakes and private schools are suffering from
tepid growth in student numbers. Dubai’s GDP last year
expanded at the weakest clip since 2010. Figures published on
Dubai’s statistics centre website paint a picture of an economy

7. Page 7 of 8
still struggling to find its footing last year despite an improving
outlook for crude. (Gulf-Times.com)
 Dubai Islamic Bank looking at acquisitions among expansion
plans – Dubai Islamic Bank, the UAE’s biggest Islamic lender,
has stated that it regularly looks at expansion opportunities,
including acquisitions. "Dubai Islamic Bank regularly looks at
opportunities to support expansion of its activities, including
acquiring other financial institutions," according to a
statement. The statement followed Bloomberg reporting earlier
this month that Dubai Islamic Bank is considering buying its
smaller rival Noor Bank, according to sources. (Bloomberg)
 Dubai's DAMAC gets $229mn loan to develop tower in London –
DAMAC International has obtained $229mn loan to develop
Damac Tower at Nine Elms, London, the developer has stated.
Barclays, Burgan Bank, Emirates NBD have arranged the
facility. The package has been matched by significant equity
commitment from Damac. It has made private residential pre-
sales of about 55% of Nine Elms project. It has also designed a
50-storey tower in partnership with Versace Home.
(Bloomberg)
 Abu Dhabi's pension fund joins KKR and BlackRock in ADNOC
pipeline deal – Abu Dhabi National Oil Company (ADNOC)
stated that Abu Dhabi Retirement Pensions and Benefits Fund
(ADRPBF) has signed a deal to invest in a pipeline
infrastructure entity that ADNOC is setting up with BlackRock
and KKR. ADRPBF will invest $300mn and will acquire a 3%
stake in the newly formed entity, ADNOC Oil Pipelines, with
BlackRock and KKR together holding 40% and ADNOC the
remaining 57%, ADNOC stated. In February, ADNOC sealed a
$4bn midstream pipeline infrastructure deal with US
investment firms KKR and BlackRock. (Zawya)
 National Bank of Kuwait 1Q2019 net profit up 15.1%, beats
forecasts – National Bank of Kuwait (NBK) reported a 15.1%
rise in 1Q2019 profit, helped by higher net interest income and
lower provisioning charges, beating analysts’ forecasts. The
bank stated that the net profit totaled KD107.7mn during the
January to March period, up from KD93.6mn a year earlier. EFG
Hermes had made a net profit projection for NBK of KD100mn
for the period, while SICO Bahrain had an estimate of KD96mn.
Operating revenue came in at KD225.6mn as compared to
KD213.4mn in 1Q2018. Operating profit came in at KD154.4mn
as compared to KD148.9mn in 1Q2018. The bank stated that the
increase in net interest income reflected strong growth in
business volumes. Big Kuwaiti lenders such as NBK have
benefited from increased spending on government-backed
projects, supported by higher oil prices. Analysts expect
corporate borrowing appetite will continue to improve in
Kuwait amid higher oil prices. (Reuters)
 Boubyan Bank’s 1Q2019 net income at KD14.6mn – Boubyan
Bank reported 1Q2019 net income of KD14.6mn as compared to
KD12.6mn in 1Q2018. Operating revenue came in at KD37.2mn
in 1Q2019 as compared to KD34.2mn in 1Q2018. Operating
profit came in at KD22.9mn in 1Q2019. Total assets for 1Q2019
stood at KD4.55bn. The bank stated that the rise in operating
income is mainly due to increase in net investment income and
growth in net fees and commissions income. (Bloomberg)
 HBMO posts net profit of OMR8.1mn in 1Q2019 – HSBC Bank
Oman (HBMO) recorded net profit of OMR8.1mn in 1Q2019 as
compared to OMR8.1mn in 1Q2018, remaining flat YoY.
Operating income rose 6.7% YoY to OMR22.2mn in 1Q2019.
Total assets stood at OMR2.36bn at the end of March 31, 2019
as compared to OMR2.41bn at the end of March 31, 2018. Net
loans and advances to customers stood at OMR1.3bn, while
customers’ deposits stood at OMR1.9bn at the end of March 31,
2019. (MSM)
 BKNZ posts 103% YoY rise in net profit to OMR2.1mn in
1Q2019 – Bank Nizwa (BKNZ) recorded net profit of OMR2.1mn
in 1Q2019, an increase of 103% YoY. Operating profit before
provision and tax rose 107% YoY to OMR3.8mn in 1Q2019.
Operating income rose 35% YoY to OMR8.1mn in 1Q2019. Total
assets stood at OMR895.3mn at the end of March 31, 2019 as
compared to OMR775.5mn at the end of March 31, 2018.
Financing to customers stood at OMR742.9mn, while
customers’ deposits stood at OMR710.9mn at the end of March
31, 2019. (MSM)
 Bank of America recommends Bahrain's 2029 bonds on oil,
reforms – Spread on Bahrain government’s 2029 Dollar bonds is
expected to decline to 300bps over US treasuries as compared to
330bps now, as market conditions in the near-term should
support high yield issues, particularly oil names, Bank of
America Merrill Lynch (BofAML) stated in a research report.
Bahrain benefits from oil, reform momentum and explicit GCC
support, unlike past years. Bahrain’s Sukuk have
underperformed Eurobonds, however BofAML prefers
Eurobonds given generally higher Emerging Market Bond Index
(EMBI) inclusion demand from investors, 10 year maturities
benefit from both local and external demand. Risks to the bonds
are lower because of oil, emerging markets weakness and
treasury rally. Technicals for Bahrain are also among the
strongest in emerging markets and have potential to squeeze
bonds tighter than fundamentals might imply; locals have been
forced to move from lower-yielding GCC sovereigns into higher-
yield bonds such as Bahrain, which still has a zero percent risk
weighting. (Bloomberg)

8. 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
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Page 8 of 8
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
(0.4%) (0.2%)
0.7% 0.5% 0.2%
2.4%
(0.1%)(1.0%)
0.0%
1.0%
2.0%
3.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,290.35 (0.2) (0.1) 0.6 MSCI World Index 2,159.39 0.5 0.4 14.6
Silver/Ounce 14.97 0.0 (0.9) (3.4) DJ Industrial 26,412.30 1.0 (0.0) 13.2
Crude Oil (Brent)/Barrel (FM Future) 71.55 1.0 1.7 33.0 S&P 500 2,907.41 0.7 0.5 16.0
Crude Oil (WTI)/Barrel (FM Future) 63.89 0.5 1.3 40.7 NASDAQ 100 7,984.16 0.5 0.6 20.3
Natural Gas (Henry Hub)/MMBtu 2.75 0.4 5.4 (13.7) STOXX 600 387.53 0.5 0.6 13.2
LPG Propane (Arab Gulf)/Ton 66.00 (1.5) 6.9 3.9 DAX 11,999.93 0.9 0.7 12.2
LPG Butane (Arab Gulf)/Ton 66.87 (3.4) 11.0 (4.5) FTSE 100 7,437.06 0.4 0.4 13.5
Euro 1.13 0.4 0.7 (1.5) CAC 40 5,502.70 0.7 1.2 14.8
Yen 112.02 0.3 0.3 2.1 Nikkei 21,870.56 0.3 0.0 7.7
GBP 1.31 0.1 0.3 2.5 MSCI EM 1,089.09 0.1 0.4 12.8
CHF 1.00 0.1 (0.2) (2.1) SHANGHAI SE Composite 3,188.63 0.2 (1.6) 31.2
AUD 0.72 0.7 1.0 1.8 HANG SENG 29,909.76 0.2 (0.0) 15.6
USD Index 96.97 (0.2) (0.4) 0.8 BSE SENSEX 38,767.11 0.1 (0.3) 8.2
RUB 64.35 (0.4) (1.5) (7.7) Bovespa 92,875.00 (3.1) (5.2) 5.0
BRL 0.26 (0.6) (0.2) 0.0 RTS 1,253.44 0.7 2.3 17.3
101.8
95.3
82.2