The document summarizes daily market activity and commentary for the Qatari, GCC and regional stock markets. Key points include: - The QSE Index declined 0.4% led by declines in the Telecom and Transportation indices. Doha Insurance and Ooredoo were the top losers. - Saudi Arabia's TASI index rose 0.1% while Dubai's DFM index fell 1.1%. Abu Dhabi and Kuwait indexes rose slightly. - Trading activity on the QSE rose compared to the previous day but was lower than the 30-day average. Vodafone Qatar and Dlala Brokerage were the most active by volume.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.4% to close at 10,153.8. Losses were led by the Telecoms
and Transportation indices, falling 1.9% and 1.6%, respectively. Top losers were
Doha Insurance Co. and Ooredoo, falling 4.8% and 2.3%, respectively. Among the top
gainers, Qatar Cinema & Film Distribution Co. rose 10.0%, while Al Khaleej Takaful
Group was up 7.0%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.1% to close at 6,977.5. Gains were led by the
Retailing and Insurance indices, rising 2.1% and 2.0%, respectively. Fawaz
Abdulaziz Alhokair Co. rose 10.0%, while CHUBB Arabia Coop. Ins. was up 9.7%.
Dubai: The DFM Index declined 1.1% to close at 3,430.9. The Financial &
Investment Services and Real Estate & Construction indices declined 1.7% each.
Marka fell 7.0%, while Al Salam Group Holding was down 6.6%.
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 4,530.8. The Energy
index gained 0.9%, while the Industrial index rose 0.7%. Ooredoo gained 12.2%,
while Commercial Bank International was up 10.8%.
Kuwait: The KSE Index rose 0.2% to close at 6,831.1. The Oil & Gas index gained
3.5%, while the Technology index rose 2.8%. Yiaco Medical Co. gained 10.2%, while
Real Estate Asset Management Company was up 10.0%.
Oman: The MSM Index fell 0.1% to close at 5,466.6. Losses were led by the
Industrial and Services indices, falling 0.6% and 0.1%, respectively. Sohar Power
fell 8.1%, while United Power was down 4.4%.
Bahrain: The BHB Index fell 0.1% to close at 1,335.6. The Hotel & Tourism index
declined 3.1%, while the Commercial Banks index fell 0.1%. Banader Hotels
Company declined 7.1%, while Bahrain Family Leisure was down 4.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distribution 36.30 10.0 0.8 32.2
Al Khaleej Takaful Group 20.50 7.0 0.0 (2.8)
Dlala Brokerage & Inv. Holding Co. 23.90 4.1 1,317.5 11.2
Doha Bank 31.15 1.0 100.5 (7.6)
Qatar German Co. for Med. Devices 9.55 1.0 48.5 (5.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 9.51 (0.2) 1,854.1 1.5
Dlala Brokerage & Inv. Holding Co. 23.90 4.1 1,317.5 11.2
Ezdan Holding Group 15.33 (0.1) 1,097.2 1.5
Qatar Gas Transport Co. Ltd 20.10 (2.0) 920.8 (12.9)
Mazaya Qatar Real Estate Dev. 13.35 (0.8) 465.8 (2.6)
Market Indicators 24 Apr 17 23 Apr 17 %Chg.
Value Traded (QR mn) 216.6 153.5 41.2
Exch. Market Cap. (QR mn) 546,821.9 549,607.9 (0.5)
Volume (mn) 7.9 6.8 16.8
Number of Transactions 3,036 2,299 32.1
Companies Traded 41 41 0.0
Market Breadth 13:25 11:26 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,027.25 (0.4) (0.9) 0.8 15.2
All Share Index 2,893.43 (0.4) (0.8) 0.8 14.9
Banks 3,009.96 (0.2) (0.5) 3.4 13.2
Industrials 3,181.94 (0.6) (1.2) (3.8) 19.4
Transportation 2,197.10 (1.6) (1.7) (13.8) 12.2
Real Estate 2,361.88 (0.1) (0.5) 5.2 15.6
Insurance 4,276.46 0.0 (0.5) (3.6) 17.1
Telecoms 1,257.10 (1.9) (2.1) 4.2 21.1
Consumer 6,331.67 (0.5) (0.7) 7.4 13.2
Al Rayan Islamic Index 4,082.25 (0.3) (0.7) 5.1 18.4
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
F. A. Alhokair & Co. Saudi Arabia 32.00 10.0 652.5 (13.0)
Co. for Cooperative Ins. Saudi Arabia 95.97 3.9 171.6 10.6
Abu Dhabi Nat. Energy Abu Dhabi 0.62 3.3 7,369.9 17.0
Gulf Pharma. Ind. Abu Dhabi 2.50 3.3 102.2 15.2
Ithmaar Holding Bahrain 0.16 3.2 164.0 28.0
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 4.05 (10.0) 3.0 (5.8)
Etihad Etisalat Co. Saudi Arabia 21.01 (6.1) 5,023.2 (12.4)
Aseer Trading Tourism. Saudi Arabia 17.49 (3.7) 300.0 (2.6)
Combined Group Cont. Kuwait 0.56 (3.4) 1,127.6 (6.7)
Kuwait Int. Bank Kuwait 0.25 (2.7) 3,553.4 20.4
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Doha Insurance Co. 16.55 (4.8) 0.4 (9.1)
Ooredoo 103.10 (2.3) 88.5 1.3
Islamic Holding Group 63.40 (2.2) 18.9 3.9
Widam Food Co. 64.00 (2.1) 81.8 (5.9)
Medicare Group 98.00 (2.0) 92.8 55.8
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Dlala Brokerage & Inv. Holding 23.90 4.1 31,305.1 11.2
Industries Qatar 105.40 (1.1) 26,592.0 (10.3)
Qatar Gas Transport Co. Ltd 20.10 (2.0) 18,482.5 (12.9)
Vodafone Qatar 9.51 (0.2) 17,682.1 1.5
Ezdan Holding Group 15.33 (0.1) 16,789.4 1.5
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* 10,153.76 (0.4) (0.9) (2.3) (2.7) 59.49 150,212.0 15.2 1.5 3.7
Dubai 3,430.88 (1.1) (1.1) (1.4) (2.8) 60.32 100,833.3 14.8 1.3 4.0
Abu Dhabi 4,530.81 0.2 0.2 2.0 (0.3) 39.91 118,657.6 17.0 1.3 4.4
Saudi Arabia 6,977.54 0.1 1.1 (0.3) (3.2) 624.15 436,632.4 17.2 1.6 3.3
Kuwait 6,831.07 0.2 0.3 (2.8) 18.8 61.01 92,542.7 23.5 1.3 3.5
Oman 5,466.61 (0.1) (0.1) (1.5) (5.5) 6.10 21,948.3 12.0 1.1 5.3
Bahrain 1,335.56 (0.1) 0.1 (1.5) 9.4 1.46 21,361.0 8.1 0.8 5.9
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,120
10,140
10,160
10,180
10,200
10,220
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index declined 0.4% to close at 10,153.8. The Telecoms and
Transportation 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.
 Doha Insurance Co. and Ooredoo were the top losers, falling 4.8% and
2.3%, respectively. Among the top gainers, Qatar Cinema & Film
Distribution Co. rose 10.0%, while Al Khaleej Takaful Group was up
7.0%.
 Volume of shares traded on Monday rose by 16.8% to 7.9mn from 6.8mn
on Sunday. However, as compared to the 30-day moving average of
10.9mn, volume for the day was 27.1% lower. Vodafone Qatar and Dlala
Brokerage & Investments Holding Co. were the most active stocks,
contributing 23.3% and 16.6% 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)
1Q2017
% Change
YoY
Operating Profit
(mn) 1Q2017
% Change
YoY
Net Profit
(mn) 1Q2017
% Change
YoY
The Co. for Cooperative Insurance Saudi Arabia SR 2,028.4 19.2% – – 36.1 N/A
Malath Cooperative Insurance Co. Saudi Arabia SR 447.8 -62.3% – – -77.0 N/A
Arabian Shield Cooperative Ins. Co. Saudi Arabia SR 239.9 -11.2% – – 1.4 35.0%
SABB Takaful Co. Saudi Arabia SR 47.2 2.1% – – 2.2 16.1%
Aldrees Petro. & Transport Serv. Co. Saudi Arabia SR – – 17.5 -43.9% 14.6 -47.5%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Earnings Calendar
Tickers Company Name Date of reporting 1Q2017 results No. of days remaining Status
QATI Qatar Insurance Company 25-Apr-17 0 Due
QOIS Qatar & Oman Investment 25-Apr-17 0 Due
MCGS Medicare Group 25-Apr-17 0 Due
QISI Qatar Islamic Insurance 25-Apr-17 0 Due
BRES Barwa Real Estate Company 25-Apr-17 0 Due
IQCD Industries Qatar 25-Apr-17 0 Due
QIIK Qatar International Islamic Bank 25-Apr-17 0 Due
MCCS Mannai Corp. 25-Apr-17 0 Due
QFLS Qatar Fuel Company 26-Apr-17 1 Due
ORDS Ooredoo 26-Apr-17 1 Due
AHCS Aamal Company 26-Apr-17 1 Due
MERS Al Meera Consumer Goods Company 26-Apr-17 1 Due
QCFS Qatar Cinema & Film Distribution Company 26-Apr-17 1 Due
WDAM Widam Food Company 26-Apr-17 1 Due
QFBQ Qatar First Bank 26-Apr-17 1 Due
DBIS Dlala Brokerage & Investment Holding Company 26-Apr-17 1 Due
MRDS Mazaya Qatar 26-Apr-17 1 Due
QGMD Qatar German Company for Medical Devices 26-Apr-17 1 Due
AKHI Al Khaleej Takaful Insurance 27-Apr-17 2 Due
NLCS National Leasing (Alijarah) 27-Apr-17 2 Due
SIIS Salam International Investment 29-Apr-17 4 Due
QIMD Qatar Industrial Manufacturing Company 30-Apr-17 5 Due
ERES Ezdan Real Estate Company 30-Apr-17 5 Due
MPHC Mesaieed Petrochemical Holding Company 30-Apr-17 5 Due
ZHCD Zad Holding Company 30-Apr-17 5 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 46.79% 34.87% 25,814,320.65
Qatari Institutions 21.50% 20.37% 2,437,271.17
Qatari 68.29% 55.24% 28,251,591.82
GCC Individuals 1.37% 1.72% (755,688.39)
GCC Institutions 8.51% 7.33% 2,556,402.46
GCC 9.88% 9.05% 1,800,714.07
Non-Qatari Individuals 8.03% 10.13% (4,553,135.26)
Non-Qatari Institutions 13.80% 25.57% (25,499,170.63)
Non-Qatari 21.83% 35.70% (30,052,305.89)

3. Page 3 of 6
News
Qatar
 MARK’s reports flattish net profit QoQ in 1Q2017, in-line with
our estimate – Masraf Al Rayan (MARK) reported flattish QoQ
(-6.5% YoY) net profit of QR510.25mn (in-line with our
estimate of QR512.76mn). MARK’s bottom-line was impacted
by a surge in opex and week non-funded income. Excluding one-
off item (QR46.54mn) in 1Q2016, net profit increased by 2.3%
YoY. The bank’s total assets stood at QR94.38bn at the end of
March 31, 2017, up 3.1% YTD (+8.2% YoY). The bank’s
financing assets were largely flat YTD (-0.2%) at QR67.51bn,
while customer deposits stood at QR63.07bn, up 8.7% YTD
(+12.4% YoY), at the end of March 31, 2017. As such, the bank’s
LDR improved, dropping to 107% vs. 117% at the end of 2016.
The asset quality (both financing and investments) continues
to be one of the highest in the region and globally, maintaining
a non–performing financing ratio of 0.16%, a bank spokesman
said. On the profitability indicators, MARK continued to
maintain its leading position with annualized return on average
assets at 2.20% and annualized return on average equity at
16.72%, despite the depositors’ share of profits increasing by
45.1% due to higher cost of customer deposits at local and
international levels. The lender’s capital adequacy ratio, using
Basel III standards and the Qatar Central Bank regulations,
reached 19.46% at the end of March 31, 2017 compared to
18.41% at the end of March 31, 2016. MARK continues to lead
the banking sector with one of the best operational efficiency
ratio (cost-to-income ratio) of 21.64% against its peers in the
market. (QNBFS Research, QSE, Gulf-Times.com)
 QNNS reports ~QR236mn net profit in 1Q2017; bang in-line
with our estimate – Qatar Navigation (QNNS) reported net
profit of ~QR236mn in 1Q2017, bang in line with our estimate of
QR236.06mn. The company had reported a net loss of
QR47.27mn in 4Q2016 and net profit of QR351.79mn in 1Q2016.
Operating revenues stood at QR648mn in 1Q2017 as compared
to QR767mn in 1Q2016. Operating profit came in at QR185mn in
1Q2017 as compared to QR256mn in 1Q2016. EPS declined to
QR2.08 in 1Q2017 (from QR3.10 in 1Q2016), in line with our
estimate of QR2.06. QNNS, which also goes by the name
‘Milaha’, said its Maritime & Logistics’ net profit declined by
QR14mn, mainly as a result of continued rate pressure in the
container shipping unit. Milaha Gas & Petrochem’s net profit
declined by QR46mn as a result of a global downturn in
shipping rates that impacted all major sectors the company
operates in. Milaha Offshore’s net profit decreased by QR25mn,
with QR22mn of that related to impairments. Milaha Capital’s
net profit decreased by QR21mn, mainly due to impairments in
available for sale investments. “We are continuing to face the
same market challenges as in 2016, but we remain confident in
our ability to drive growth and capitalize on new opportunities
while exercising financial discipline,” Sheikh Ali bin Jassim Al
Thani, Chairman of QNNS’ Board of Directors, stated. QNNS’
President and CEO Abdulrahman Essa Al-Mannai said “Given
the difficult environment we are working in, we posted solid
operational results. We will continue moving ahead with our
multi-year growth strategy to build a stronger and more
sustainable business.” (QNBFS Research, QSE, Peninsula Qatar)
 QNCD’s net profit declines 29.1% QoQ in 1Q2017 – Qatar
National Cement Company’s (QNCD) net profit declined 29.1%
QoQ (-31.5% YoY) to QR84.84mn in 1Q2017. Earnings per share
(EPS) declined to QR1.30 in 1Q2017 from QR1.89 in 1Q2016.
(QSE)
 MCCS changes the disclosure date of 1Q2017 financial
statements to April 25 – Mannai Corporation (MCCS)
announced the change of the disclosure date of 1Q2017
financial statements results to April 25, 2017 instead of April
26, 2017. (QSE)
 VAT expected to lift Qatar's revenue from 1 to 2% of GDP –
Qatar, along with other GCC countries, expects that the
introduction of Value Added Tax (VAT) would help grow the
revenues of the respective countries at a significant rate. Gulf
countries are working towards introducing a harmonized VAT
in 2018. In a statement at the just concluded International
Monetary and Financial Committee’s (IMFC) 35th meeting in
Washington, the 13-member Qatar Group Countries said VAT
could raise revenues anywhere from 1 to 2% of GDP.
Addressing the Washington meet on behalf of the 13-member
Group, the UAE Minister of State for Finance, Obaid Humaid Al
Tayer said despite the recent price pick up in oil prices has
provided some relief, oil-exporting countries have intensified
their efforts to adjust their economies to persistently low oil
prices. These efforts have typically involved a mix of higher
taxes with cuts in public expenditure, including to the subsidy
bill, prioritized investments geared toward diversification, and
financing to allow a gradual adjustment path. (Peninsula Qatar)
 ZHCD to lift flour mill capacity to 890mtpd by June – ZAD
Holding Company (ZHCD) is in the process of expanding the
capacity of its flour mill by 70 metric tons per day (mtpd) by
June 2017 to bring the company’s total milling capacity by
around 890mtpd, an official has announced. In his report to
shareholders during the company’s annual general meeting at
the Sharq Village & Spa, Managing Director Sheikh Nawaf bin
Mohamed bin Jabor al-Thani also said the company is in the
process of building a cold storage facility at the Industrial Area
slated to be completed in 4Q2017. Speaking to Gulf Times on
the sidelines of the meeting, ZHCD CEO Tarique Mohamed said
the company plans to build another cold storage facility at
Manateq’s Um Alhoul Special Economic Zone near the Hamad
Port. (Gulf-Times.com)
 Qatar Airways plans 12 new routes in 2018 – Qatar Airways will
launch 12 new destinations in 2018, finalize in the next few
days an agreement to buy 49% of Italy’s second biggest airline
Meridiana, and soon apply with Qatar’s sovereign wealth fund
to start an Indian airline. The announcements, highlighting the
rapid strides of Qatar’s flag-carrier, were made by Group Chief
Executive Akbar al-Baker on the opening day of Arabian Travel
Market in Dubai, agencies reported. The 12 new routes of Qatar
Airways, including San Francisco as its 15th US destination, are
in addition to the 14 announced earlier for 2017-18. (Gulf-
Times.com)
 Minister: Non-oil sectors diversify economy – Qatar has
gradually managed to move from oil-based economy to a
diversified economy and the contribution of non-oil sectors has
increased despite the decline in oil prices, the Minister of

4. Page 4 of 6
Economy and Commerce, HE Sheikh Ahmed bin Jassim Al
Thani said. The growth of non-oil sectors has jumped from 21%
in the previous years to 61%, he added. Addressing the opening
session of the 4th International Conference on
Entrepreneurship in Economic Development 2017 at Qatar
University (QU), the Minister said small and medium
enterprises have become main partner in the comprehensive
development, where limited liability companies representing
82% of the total commercial activities in the country witnessed
a growth by 12% in 2016 comparing to 2015. (Peninsula Qatar)
 ZHCD AGM and EGM endorses items on its agenda and
approves the distribution of 45% cash dividend – Zad Holding
Company (ZHCD) held its Annual General Meeting (AGM) and
Extraordinary General Meeting (EGM) on April 24, 2017. The
AGM approved the board of director’s recommendation for a
distribution of 45% cash dividends to the shareholders of the
company. (QSE)
International
 CBI: UK factories upbeat on exports, but worried about inflation
– British factories are seeing their strongest export orders in
more than six years, helped by the fall in the value of sterling
after last year's Brexit vote, but they are also scaling back on
investment plans, a survey showed. The Confederation of
British Industry's quarterly measure of manufacturing showed
the biggest increase on record in the competitiveness of UK
producers in non-European Union markets. However, the weak
pound was pushing up prices and unit costs rose at their
strongest rate in six years. The CBI also said companies
reported their weakest plans for investment in plant and
machinery since mid-2011, when Britain's economy was still
struggling with the hangover from the global financial crisis.
The world's fifth-biggest economy looks set to slow this year as
high inflation eats into the spending power of consumers.
Furthermore, companies are expected to hold back on
investment while the country's future relationship with the EU
is negotiated over the next two years. (Reuters)
 German business morale near 6-year high – German business
morale brightened more than expected in April, hitting its
highest in nearly six years, suggesting Europe's largest
economy is set to carry its robust upswing into the second
quarter despite political risks. The surprisingly strong data,
published by the Munich-based Ifo institute, added to signs that
the German economy is firing on all cylinders as the European
Central Bank's loose monetary policy supports a vibrant
domestic economy and a rise in foreign demand helps exporters.
Ifo's business climate index, based on a monthly survey of some
7,000 firms, rose to 112.9 from an upwardly revised 112.4 in
March. The reading, the highest since July 2011, came in
stronger than a Reuters consensus forecast for a value of 112.5.
(Reuters)
Regional
 S&P: GCC Islamic banks’ growth expected to moderate in 2017-
18 – According to Standard & Poor’s (S&P), the economic
slowdown experienced by the GCC countries following the oil
price decline and consequent fiscal tightening will continue to
apply pressure on asset growth and profitability of banks
including Islamic banks in 2017 and 2018. S&P forecasts oil
prices will stabilize at $50 per barrel in 2017 and 2018, with un-
weighted average GDP growth in the six GCC countries at 1.9%
in 2017 and 2.4% in 2018, after 2.3% in 2016. Asset growth
stabilized at 6.4% in 2016 for Islamic and conventional banks,
compared with 6.6% and 6.9% respectively in 2015. S&P Head
of Islamic Finance Dr. Mohammad Damak said, “In our base-
case scenario, we assume that asset growth will drop to about
5% as governments’ spending cuts and revenue-boosting
initiatives, such as tax introductions, reduce opportunities in
the corporate and retail sectors.” Analysts expect region’s
banks to become more cautious and selective in chasing high-
quality lending opportunities resulting in lower asset growth.
(GulfBase.com)
 GCC turns to China, India to boost growth in tourism – Major
tourism destinations in the GCC will increase efforts to target
Indian and Chinese inbound tourists, as regional and
international guests from Europe continue to feel the acute
financial pressures of the challenging global economy. Already
key markets for the region, China counts an average of 122mn
outbound tourists annually and India contributes 22mn, with
overseas spending calculated to be $252bn and $15.4bn
respectively in 2015. China’s outbound tourism market is
currently growing, on average, at 6.7% YoY, while India’s
market posts average annual growth of 7%. (GulfBase.com)
 CEO: HSBC wins mandate on $100bn Saudi Aramco IPO –
HSBC's Chief Executive said the company has been formally
mandated as an adviser on the initial public offering (IPO) of
Saudi Aramco IPO. Europe's biggest bank joins peers including
JPMorgan Chase & Co. and Morgan Stanley on the deal, which is
expected to raise some $100bn and is the centerpiece of the
Saudi Arabia government's ambitious strategy to diversify
away from oil. Meanwhile, Saudi Aramco has appointed
company veteran Motassim Al Maashouq to officially oversee
preparations for its initial public offering (IPO). Maashouq, who
most recently worked as Vice President of corporate planning
and is viewed by industry insiders as well connected with the
financial community, has taken up the position of Vice
President of IPO development. (Reuters)
 ACWA Power revives dollar bond plans – Saudi Arabian water
and power project developer ACWA Power plans to issue a
$600mn senior secured bond and a US dollar-denominated
Sukuk. The company mandated banks last November before
embarking on a series of meetings with fixed income investors
ahead of a potential US dollar-denominated debt sale. It then
decided to postpone the issue because of timing constraints and
requests from investors for more time to evaluate the proposed
offering. (Reuters)
 CMA approved WAFA Insurance’s request to reduce its capital
– The Capital Market Authority (CMA) has issued its resolution
approving Saudi Indian Company for Cooperative Insurance
Company's (WAFA Insurance) request to reduce its capital
from SR205mn to SR122mn, thus reducing the number of
shares from 20,500,000 shares to 12,200,000 shares. This
approval is conditional on the company’s extraordinary general
assembly approval and completion of the necessary procedures
in relation to the applicable regulations. (Tadawul)
 CMA approved Gulf Union Cooperative Insurance Company's
request to reduce its capital – The Capital Market Authority
(CMA) has issued its resolution approving Gulf Union

5. Page 5 of 6
Cooperative Insurance Company's request to reduce its capital
from SR220mn to SR150mn, thus reducing the number of
shares from 22,000,000 shares to 15,000,000 shares. This
approval is conditional on the company’s extraordinary general
assembly approval and completion of the necessary procedures
in relation to the applicable regulations. (Tadawul)
 CBD’s net profit narrows sharply to AED160.15mn in 1Q2017 –
Commercial Bank of Dubai (CBD) recorded net profit of
AED160.15mn in 1Q2017 as compared to AED240.80mn in
1Q2016. Net interest income and net income from Islamic
financing came in at AED430.10mn in 1Q2017 as compared to
AED407.05mn in 1Q2016. Operating income came in at
AED627.95mn in 1Q2017 as compared to AED576.34mn in
1Q2016. Total assets stood at AED66.78bn at the end of March
31, 2017 as compared to AED59.23bn at the end of March 31,
2016. Loans & advances and Islamic financing (net) stood at
AED44.0bn, while customers’ deposits and Islamic customer’s
deposits stood at AED45.93bn at the end of March 31, 2017. EPS
decreased to AED0.06 in 1Q2017, as compared to AED0.09 in
1Q2016. (DFM)
 INVESTB’s net profit rises to AED89.66mn in 1Q2017 – Invest
Bank (INVESTB) recorded net profit of AED89.66mn in 1Q2017
as compared to AED85.43mn in 1Q2016. Net interest income
came in at AED124.03mn in 1Q2017 as compared to
AED129.68mn in 1Q2016. Operating income came in at
AED177.76mn in 1Q2017 as compared to AED192.72mn in
1Q2016. Total assets stood at AED16.13bn at the end of March
31, 2017, largely flat compared to the level at the end of
December 31, 2016. Loans and advances to customers stood at
AED11.98bn, while customers’ deposits stood at AED12.30bn at
the end of March 31, 2017. EPS came in at AED0.06 in 1Q2017,
as compared to AED0.05 in 1Q2016. (ADX)
 NBAD shareholders approve name change post merger –
Shareholders of the National Bank of Abu Dhabi (NBAD)
approved a proposal by the bank to change its name to First
Abu Dhabi Bank. The approval comes three weeks after the
bank merged with Abu Dhabi’s First Gulf Bank. The new name
was proposed by the bank’s board of directors after the legal
completion on April 2, 2017. The bank is still, however, listed on
the Abu Dhabi bourse under the ticker name NBAD.
(GulfBase.com)
 Oman’s GDP falls 5% to OMR25.5bn – According to National
Centre for Statistics and Information (NCSI), Oman’s gross
domestic product (GDP) at market prices fell by 5.1% to
OMR25,489.8mn in 2016 from OMR26,850.3mn in the previous
year. The fall in economic activity (or the fall in value of goods
and services produced in the country) was mainly due to a
drastic drop in crude oil prices in the international markets. As a
result, petroleum activities slumped by 23.7% to
OMR6,988.8mn in 2016 from OMR9,157.3mn in the previous
year. Although there has been a strong focus on non-oil
activities, the growth in the sector was at 0.6% at
OMR19,282.3mn in 2016, against OMR19,170.7mn in the
previous year. The manufacturing sector plunged by 17.2% to
OMR2,159.1mn from OMR2,607mn, while mining and quarrying
rose by 5.4% to OMR139.6mn. Agriculture and fisheries sector
showed a smart recovery with the activities in the sector
surging ahead by 16.3% to OMR506mn from OMR435.2mn.
Further, service sector activities edged up 1.6% to
OMR13,644.2mn from OMR13,408.9mn during the period under
review. (GulfBase.com)
 Oman to follow Abu Dhabi with sovereign fund merger plans –
According to sources, Oman is considering a merger of its two
main sovereign wealth funds amid a slump in oil prices. The
Gulf state is seeking to combine State General Reserve Fund
with smaller peer Oman Investment Fund to create an entity
with about $25bn in assets. The discussions are preliminary and
no financial advisers are currently involved. (GulfBase.com)
 BBK’s net profit rises to BHD15.76mn in 1Q2017 – BBK recorded
net profit of BHD15.76mn in 1Q2017 as compared to
BHD14.59mn in 1Q2016. Net interest income came in at
BHD22.61mn in 1Q2017 as compared to BHD20.41mn in
1Q2016. Operating income came in at BHD35.58mn in 1Q2017
as compared to BHD31.63mn in 1Q2016. Total assets stood at
BHD3.56bn at the end of March 31, 2017 as compared to
BHD3.70bn at the end of March 31, 2016. Loans and advances to
customers stood at BHD1.77bn, while customers’ current,
savings and other deposits stood at BHD2.25bn at the end of
March 31, 2017. EPS came in at BHD0.012 in 1Q2017, as
compared to BHD0.011 in 1Q2016. (Bahrain Bourse)
 CBI posts net profit of AED20.73mn in 1Q2017 – Commercial
Bank International (CBI) recorded a net profit of AED20.73mn
in 1Q2017 as compared to AED36.54mn in 1Q2016. Total
interest income and income from Islamic financing & investing
assets came in at AED197.64mn in 1Q2017 as compared to
AED164.23mn in 1Q2016. Net operating income came in at
AED202.80mn in 1Q2017 as compared to AED186.79mn in
1Q2016. Total assets stood at AED20.86bn at the end of March
31, 2017 as compared to AED20.32bn at the end of December 31,
2016. Loans and advances to customers stood at AED13.45bn,
while customers’ deposits stood at AED13.90bn at the end of
March 31, 2017. Earnings per share came in at AED0.012 in
1Q2017 as compared to AED0.021 in 1Q2016. (ADX)

6. Contacts
Saugata Sarkar 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 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on April 24, 2017) Source: Bloomberg (*$ adjusted returns)
70.0
90.0
110.0
130.0
150.0
170.0
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
QSEIndex S&P Pan Arab S&P GCC
0.1%
(0.4%)
0.2%
(0.1%) (0.1%)
0.2%
(1.1%)
(1.2%)
(0.6%)
0.0%
0.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,276.19 (0.6) (0.6) 10.8 MSCI World Index 1,871.65 1.6 1.6 6.9
Silver/Ounce 17.94 0.0 0.0 12.7 DJ Industrial 20,763.89 1.1 1.1 5.1
Crude Oil (Brent)/Barrel (FM Future) 51.60 (0.7) (0.7) (9.2) S&P 500 2,374.15 1.1 1.1 6.0
Crude Oil (WTI)/Barrel (FM Future) 49.23 (0.8) (0.8) (8.4) NASDAQ 100 5,983.82 1.2 1.2 11.2
Natural Gas (Henry Hub)/MMBtu 2.98 (1.9) (1.9) (19.1) STOXX 600 386.09 3.5 3.5 9.8
LPG Propane (Arab Gulf)/Ton#
63.75 0.0 0.0 (11.1) DAX 12,454.98 4.8 4.8 11.5
LPG Butane (Arab Gulf)/Ton 69.75 (1.1) (1.1) (28.1) FTSE 100 7,264.68 2.0 2.0 5.3
Euro 1.09 1.3 1.3 3.3 CAC 40 5,268.85 5.6 5.6 11.4
Yen 109.77 0.6 0.6 (6.1) Nikkei 18,875.88 0.6 0.6 4.9
GBP 1.28 (0.2) (0.2) 3.7 MSCI EM 971.36 1.0 1.0 12.7
CHF 1.00 0.0 0.0 2.3 SHANGHAI SE Composite 3,129.53 (1.1) (1.1) 1.8
AUD 0.76 0.4 0.4 5.0 HANG SENG 24,139.48 0.3 0.3 9.4
USD Index 99.09 (0.9) (0.9) (3.1) BSE SENSEX 29,655.84 1.2 1.2 17.4
RUB 55.82 (1.5) (1.5) (9.3) Bovespa 64,389.02 2.0 2.0 11.1
BRL 0.32 0.6 0.6 4.0 RTS 1,116.58 3.0 3.0 (3.1)
119.1
100.8
98.8