The QSE Index declined 0.7% to close at 9,091.3. Losses were led by the Insurance and Real Estate indices, falling 2.8% and 1.5%, respectively.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.7% to close at 9,091.3. Losses were led by the Insurance
and Real Estate indices, falling 2.8% and 1.5%, respectively. Top losers were Gulf
International Services and Qatar Insurance Company, falling 5.9% and 3.7%,
respectively. Among the top gainers, Aamal Company gained 6.5%, while Qatar Fuel
Company was up 6.1%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.2% to close at 8,315.4. Losses were led by the
Food & Bev. and Health Care Equip. indices, falling 1.5% and 1.1%, respectively.
Arabian Cement Co. declined 8.3%, while Saudia Dairy & Foodstuff was down 3.8%.
Dubai: The DFM General Index declined 0.9% to close at 3,034.3. The Consumer
Staples and Discretionary index fell 4.9%, while the Real Estate & Const. index
declined 1.3%. Drake & Scull International fell 9.7%, while Marka was down 6.8%.
Abu Dhabi: The ADX General Index index fell 0.1% to close at 4,689.2. The Energy
index declined 1.2%, while the Real Estate index fell 0.9%. Qatar Telecom declined
10.0%, while Ras Al Khaimah White Cement was down 8.3%.
Kuwait: The Kuwait Main Market Index fell 0.3% to close at 4,780.2. The Consumer
Goods index fell 1.6%, while the Technology index declined 0.8%. Al-Massaleh Real
Estate Co. fell 14.2%, while International Resorts Co. was down 11.3%.
Oman: The MSM 30 Index rose 0.1% to close at 4,762.0. The Services index gained
0.1%, while the other indices ended in red. National Gas rose 6.7%, while Ominvest
was up 2.7%.
Bahrain: The BHB Index fell 1.2% to close at 1,282.4. The Industrial index declined
4.6%, while the Investment index fell 1.7%. GFH Financial Group declined 7.0%,
while Aluminum Bahrain was down 4.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Aamal Company 11.28 6.5 563.9 30.0
Qatar Fuel Company 140.00 6.1 213.8 37.2
Doha Insurance Group 12.55 2.0 1.5 (10.4)
Qatar Oman Investment Company 7.25 2.0 45.8 (8.2)
Qatar Navigation 53.00 1.9 39.5 (5.3)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding 17.01 1.0 2,401.9 35.1
Vodafone Qatar 9.63 0.7 1,274.3 20.1
Masraf Al Rayan 35.51 (0.5) 754.6 (5.9)
Aamal Company 11.28 6.5 563.9 30.0
Qatar Gas Transport Company Ltd. 14.42 (0.8) 499.4 (10.4)
Market Indicators 24 April 18 23 April 18 %Chg.
Value Traded (QR mn) 282.0 318.3 (11.4)
Exch. Market Cap. (QR mn) 508,254.7 511,970.1 (0.7)
Volume (mn) 10.0 14.2 (29.4)
Number of Transactions 4,022 4,200 (4.2)
Companies Traded 43 41 4.9
Market Breadth 15:25 17:18 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,017.91 (0.7) (1.1) 12.1 13.2
All Share Index 2,708.43 (0.7) (1.1) 10.4 13.5
Banks 3,094.27 (1.0) (1.7) 15.4 12.6
Industrials 3,090.21 (0.3) (0.4) 18.0 15.4
Transportation 1,720.08 0.2 (0.2) (2.7) 11.0
Real Estate 1,944.48 (1.5) (4.1) 1.5 12.9
Insurance 3,048.51 (2.8) (3.0) (12.4) 23.0
Telecoms 1,138.41 (0.5) 1.4 3.6 31.2
Consumer 5,922.59 3.0 6.4 19.3 13.7
Al Rayan Islamic Index 3,699.87 0.1 (0.3) 8.1 14.9
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Kuwait Projects Co. Kuwait 0.27 7.4 88.6 (15.7)
Dar Al Arkan Real Estate Saudi Arabia 14.17 3.0 61,177.3 (1.6)
Emaar Economic City Saudi Arabia 14.02 2.9 4,116.1 3.9
Ominvest Oman 0.38 2.7 24.9 (10.3)
Qatar Navigation Qatar 53.00 1.9 39.5 (5.3)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Aluminium Bahrain Bahrain 0.62 (4.7) 98.8 0.0
Dallah Healthcare Co. Saudi Arabia 99.73 (3.7) 165.6 (1.3)
Qatar Insurance Co. Qatar 36.31 (3.7) 257.4 (19.7)
Bupa Arabia for Coop. Ins. Saudi Arabia 105.44 (3.4) 514.2 13.4
Yanbu Cement Co. Saudi Arabia 29.51 (3.2) 1,142.5 (12.7)
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%
Gulf International Services 20.00 (5.9) 496.2 13.0
Qatar Insurance Company 36.31 (3.7) 257.4 (19.7)
Islamic Holding Group 27.64 (3.0) 10.9 (26.3)
Ezdan Holding Group 11.32 (2.6) 213.5 (6.3)
Widam Food Company 63.35 (2.5) 218.0 1.4
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Mesaieed Petrochemical Holding 17.01 1.0 40,739.7 35.1
Qatar Fuel Company 140.00 6.1 29,463.9 37.2
Industries Qatar 110.50 (0.5) 28,608.9 13.9
Masraf Al Rayan 35.51 (0.5) 26,868.2 (5.9)
QNB Group 150.62 (1.5) 23,919.9 19.5
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* 9,091.33 (0.7) (1.1) 6.0 6.7 80.32 139,617.6 13.2 1.4 4.8
Dubai 3,034.27 (0.9) (1.6) (2.4) (10.0) 65.79 104,103.9 10.5 1.1 6.0
Abu Dhabi 4,689.20 (0.1) (0.4) 2.3 6.6 26.44 129,538.5 12.2 1.3 5.1
Saudi Arabia 8,315.42 (0.2) 0.5 5.6 15.1 1,616.01 523,802.9 18.3 1.8 3.2
Kuwait 4,780.24 (0.3) (1.2) (4.4) (4.4) 40.36 33,671.4 15.0 0.9 6.3
Oman 4,762.01 0.1 0.0 (0.2) (6.6) 7.34 19,869.7 11.9 1.0 5.1
Bahrain 1,282.43 (1.2) (1.5) (2.7) (3.7) 2.28 19,622.4 8.7 0.8 6.4
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,080
9,100
9,120
9,140
9,160
9,180
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 QSE Index declined 0.7% to close at 9,091.3. The Insurance and Real
Estate indices led the losses. The index fell on the back of selling
pressure from GCC shareholders despite buying support from Qatari and
non-Qatari shareholders.
 Gulf International Services and Qatar Insurance Company were the top
losers, falling 5.9% and 3.7%, respectively. Among the top gainers,
Aamal Company gained 6.5%, while Qatar Fuel Company was up 6.1%.
 Volume of shares traded on Tuesday fell by 29.4% to 10.0mn from
14.2mn on Monday. Further, as compared to the 30-day moving average
of 12.6mn, volume for the day was 20.4% lower. Mesaieed
Petrochemical Holding Company and Vodafone Qatar were the most
active stocks, contributing 24.0% and 12.7% 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)
1Q2018
% Change
YoY
Operating Profit
(mn) 1Q2018
% Change
YoY
Net Profit
(mn) 1Q2018
% Change
YoY
National Industrialization Co. Saudi Arabia SR – – 692.3 103.4% 361.4 249.9%
Dallah Healthcare Co. Saudi Arabia SR – – 59.4 -30.8% 58.1 -31.6%
Dur Hospitality Co. Saudi Arabia SR – – 20.2 -21.3% 18.1 -27.2%
Herfy Food Services Co. Saudi Arabia SR – – 52.0 -7.7% 47.7 -9.4%
Arabian Cement Company Saudi Arabia SR – – -6.1 N/A -6.1 N/A
Deyaar Development Dubai AED 176.5 24.4% – – 40.1 25.9%
Deyaar Development Dubai AED 176.5 24.4% – – 40.1 25.9%
Umm Al Qaiwain General Inv. Abu Dhabi AED – – – – 13.7 -4.2%
Emirates Telecommunication
Group Company
Abu Dhabi AED 13,104.4 5.1% – – 21,12.3 0.4%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/24 France INSEE Business Confidence April 108 108 109
04/24 France INSEE Manufacturing Confidence April 109 110 110
04/24 France INSEE Production Outlook Indicator April 24 25 26
04/24 Japan Bank of Japan PPI Services YoY March 0.5% 0.5% 0.7%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 1Q2018 results No. of days remaining Status
QGRI Qatar General Insurance & Reinsurance Company 25-Apr-18 0 Due
QIMD Qatar Industrial Manufacturing Company 25-Apr-18 0 Due
ORDS Ooredoo 25-Apr-18 0 Due
IQCD Industries Qatar 26-Apr-18 1 Due
ZHCD Zad Holding Company 26-Apr-18 1 Due
IGRD Investment Holding Group 28-Apr-18 3 Due
MRDS Mazaya Qatar Real Estate Development 29-Apr-18 4 Due
QGMD Qatari German Company for Medical Devices 29-Apr-18 4 Due
QFBQ Qatar First Bank 29-Apr-18 4 Due
MCCS Mannai Corporation 29-Apr-18 4 Due
QNNS Qatar Navigation (Milaha) 29-Apr-18 4 Due
QCFS Qatar Cinema & Film Distribution Company 29-Apr-18 4 Due
UDCD United Development Company 29-Apr-18 4 Due
MERS Al Meera Consumer Goods Company 29-Apr-18 4 Due
QOIS Qatar Oman Investment Company 29-Apr-18 4 Due
AKHI Al Khaleej Takaful Insurance Company 29-Apr-18 4 Due
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 46.23% 38.67% 21,312,203.15
Qatari Institutions 21.51% 28.78% (20,523,521.06)
Qatari 67.74% 67.45% 788,682.09
GCC Individuals 1.05% 0.89% 434,885.59
GCC Institutions 1.90% 4.31% (6,804,294.25)
GCC 2.95% 5.20% (6,369,408.66)
Non-Qatari Individuals 10.22% 10.27% (133,391.69)
Non-Qatari Institutions 19.10% 17.07% 5,714,118.26
Non-Qatari 29.32% 27.34% 5,580,726.57

3. Page 3 of 8
QFLS Qatar Fuel Company 29-Apr-18 4 Due
MPHC Mesaieed Petrochemical Holding Company 30-Apr-18 5 Due
VFQS Vodafone Qatar 30-Apr-18 5 Due
AHCS Aamal Company 30-Apr-18 5 Due
ERES Ezdan Holding Group 30-Apr-18 5 Due
Source: QSE
News
Qatar
 GISS posts in-line revenue but net profit misses our estimate;
Market Perform – Gulf International Services (GISS) reported a
net profit of QR9.5mn in 1Q2018 as compared to QR62.8mn in
4Q2017, missing our estimate of QR46.4mn EPS amounted to
QR0.05 in 1Q2018 as compared to QR0.34/QR0.08 in
4Q2017/1Q2017. Reported revenue of QR625mn (+3% QoQ &
YoY) was right in-line with our estimate of QR628mn. The
company does not provide segment details for 1Q/3Q but in its
trading statement stated that insurance revenue improved
significantly versus last year, while the drilling segment posted
a more moderate growth in revenue. Aviation and catering
segments were moderately down YoY. According to GISS,
insurance uptick was based on growth in both the energy and
medical lines of business, while better rig utilization rates
helped the drilling segment. The helicopter business was
affected by reduction in Qatar aviation operations, and Amwaj
was impacted by the demobilization of major catering
contracts. GISS’ gross margins at 15% was up relative to the
14.4% posted in 1Q2017 but down significantly vs. GM of 26.1%
in 4Q2017. Higher finance charges also caused net margin to
narrow to 1.5% in 1Q2018 vs. 10.3% in 4Q2017 and 2.5% in
1Q2017. The company ended the quarter with cash of
QR882mn. We continue to rate GISS a Market Perform. (QNBFS
Research, QSE, Peninsula Qatar)
 QGTS' net profit declines 9.8% QoQ in 1Q2018, in-line with our
estimate – Qatar Gas Transport Company Limited's (QGTS) net
profit declined 9.8% QoQ to QR216.38mn in 1Q2018, in line with
our estimate of QR200.95mn (variation of +7.7%). However, on
YoY basis net profit rose 13.2%. The company's total income
came in at QR890.3mn in 1Q2018, which represents a decrease
of 4.9% QoQ. However, on YoY basis total income rose 1.5%.
EPS amounted to QR0.39 in 1Q2018 as compared to QR0.34 in
1Q2017. The company has managed to achieve positive results
across its operations through rationalization of operational
costs, enhanced operational efficiency, and growth of
international portfolio through the recent expansion with
Maran Gas Ventures to include two additional liquefied natural
gas (LNG) carriers. This most recent strategic alliance further
strengthens QGTS’ fleet to a total of 69 vessels. QGTS’ board
attributed this robust performance as a reflection of the
company’s strength and resilience supported by cost-effective
and reliable business operations. QGTS has managed to
maintain a steady cash flow and generate positive value for its
shareholders, by capitalizing on profitable business growth.
During the first quarter, QGTS successfully deployed the
company’s strategic plans towards maintaining its global
leadership in LNG transportation and the integral role it plays in
Qatar’s LNG supply chain. (QNBFS Research, QSE, Gulf-
Times.com)
 BRES net profit narrows to ~QR405mn in 1Q2018, above our
estimate – Barwa Real Estate Company (BRES) reported net
profit of ~QR405mn in 1Q2018 as compared to QR482.5mn in
4Q2017, beating our estimate of QR251.7mn. However, adjusted
net income (QR196.4mn) fell short of our estimates by 22%. It
should be noted that fair value gains on investment properties
contributed 52% to the bottom-line. EPS amounted to QR1.04 in
1Q2018 as compared to QR1.23 in 1Q2017. The Group
successfully enhanced its operating revenues through
increasing its net rental income by QR34mn representing an
increase of 11%, despite the decrease in net profit for the period
compared to the same period in 2017, resulting from the
decrease in profits of non-recurring items such as property
valuation gains and other income. The Group aims to increase
its operating revenues with the start of the operations of the
projects currently under construction that are expected to be
completed in 2018, such as the Labor Accommodation Project
on Salwa Road, Phase 2 of Madinat Al-Mawater, the Barwa
Village extension project and the Dara A project. BRES is
finalizing plans to start the development of the Dara B-F
project, the Barwa Al Doha Project and the development of
BRES’ land in Lusail City, which extends over an area of 3.4mn
square meters. During the first quarter, BRES accomplished a
number of key achievements, including increasing of the rental
income, completion of the construction of Mustawdaat Project.
The Board of Directors of BRES announced their intention to
convene an extraordinary general assembly to look into the
board’s proposal to approve increasing the Non-Qatari
shareholding limit from 25% to 49%, in view of Qatar
Exchange’s vision to enhance Qatar’s financial market to
become a regional financial center attractive to international
investments. (QNBFS Research, QSE, Gulf-Times.com)
 BRES intends to make a recommendation to its EGM to approve
the raising of non-Qatari ownership to 49% – Barwa Real Estate
Company’s (BRES) Board of Directors intends to invite the
company’s shareholders to attend an Extraordinary General
Assembly Meeting (EGM) to approve increasing the percentage
of non-Qatari ownership in the company’s capital to 49%
instead of 25% as per the related laws and regulations and
subject to the approval of the Ministry of Economy and
Commerce. (QSE)
 QATI reports ~QR230mn net profit in 1Q2018 – Qatar Insurance
Company (QATI) reported net profit of ~QR230mn in 1Q2018 as
compared to QR113.5mn in 4Q2017. EPS amounted to QR0.66
in 1Q2018 as compared to QR0.95 in 1Q2017. The group posted
gross written premium (GWP) at 15% of QR3.5bn in 1Q2018.
This was achieved, despite difficulties encountered by the
insurance industry locally, regionally, and globally, as well as
the dominating decrease in insurance rates, QATI stated. After
the catastrophic events in 2017, and in order to follow up the
vision of QATI to become a leading player in the international

4. Page 4 of 8
insurance industry, the group has taken a number of significant
strategic decisions to put the company on the right track and
find the best solutions for improving the profitability and
enhancing the operational efficiency, according to the
statement. Group President & CEO Khalifa Abdulla Turki al-
Subaey said, “The first-quarter results for 2018, representing
55% of the full-year 2017 profits, demonstrate the capacity of
the group to adapt to the variables of the economic
environment.” He said the group intends to continue its efforts
to realize the highest levels of efficiency in managing its
operations, which will contribute to the increase of profitability
and development of risk management process to be more
effective. (QSE, Gulf-Times.com)
 ‘QNB-Simplify e-commerce’ product looks to support SME
digitization program – QNB Group has launched its ‘QNB-
Simplify e-commerce’ product for small and medium enterprises
(SMEs) as part of efforts to support the government’s initiative
of Digital Transformation of SME program (DTSME). The bank
rolled out the product at the recently concluded exhibition,
organized by Ministry of Transport and Communications. The
‘QNB-Simplify e-commerce’ product, which is powered by
MasterCard Payment Gateway Services, is the latest and most
innovative entry in QNB Group’s SME offering, which features
a wide range of products and services offered to this important
sector, which is considered a driver of the Qatari economy. The
product is an innovative cloud based e-commerce platform, the
first of its kind in Qatar, that allows merchants to create an
online shop, upload their products, and publish them for sale on
the web. Customers do not need their own servers, IT
infrastructure or developers to do so, as they can rely on the
cloud resources for all their needs and can set up their online
shop and start selling their products with ease. (Gulf-
Times.com)
 QP discusses energy cooperation with Poland – A high-level
delegation from Qatar Petroleum (QP) discussed ways to
strengthen and expand energy cooperation with Poland. The
President and CEO of QP Engineer Saad Sherida al-Kaabi met
with Polish Energy Minister Krzysztof Tchorzewski. The two
sides discussed cooperation in the field of energy and means of
enhancing them in the future, especially in the field of LNG
sector. (Gulf-Times.com)
 Sheikh Ahmed meets Arab-German Chamber President – HE the
Minister of Economy and Commerce Sheikh Ahmed bin Jassim
bin Mohamed al-Thani met with Peter Ramsauer, President of
the Arab-German Chamber of Commerce and Industry and
chairman of the Committee on Economic Affairs and Energy in
the German Bundestag. The meeting was attended by Qatar’s
Ambassador to Germany Sheikh Saud bin Abdulrahman al-
Thani. During the meeting, HE the Minister discussed with the
German official bilateral relations between the two friendly
countries and related issues of common interest. The
advantages of investing in Qatar were also discussed along
with the incentives offered to make the country attractive for
foreign investors and German companies. HE the Minister
stressed the importance of the Qatar-Germany Business Forum,
which will be held in Germany and focus on support for and
enhancement of small- and mid-size companies, as well as the
importance of making joint Qatari-German partnerships in
various fields. (Gulf-Times.com)
 SC offers over QR700mn to local firms for 2022 involvement –
The Supreme Committee for Delivery & Legacy (SC), the
organization responsible for delivering the infrastructure
required to host the 2022 FIFA World Cup, has pledged more
than QR700mn exclusively for local small and medium-sized
enterprises (SMEs) to enable them to be involved in the
country’s tournament preparations, staging and legacy plans.
The announcement was made at the ongoing third edition of
the Government Procurement & Contracting Conference and
Exhibition – Moushtarayat, held under the patronage of HE the
Prime Minister and Interior Minister Sheikh Abdullah bin
Nasser bin Khalifa al-Thani. (Gulf-Times.com)
International
 US consumer confidence, housing data highlight economy's
strength – US consumer confidence rebounded in April and new
home sales increased more than expected in March, pointing to
underlying strength in the economy despite signs that growth
slowed in the first quarter. Other data on Tuesday also showed
house prices increasing solidly in February. Strong consumer
confidence and rising house prices should underpin consumer
spending, which appears to have braked sharply at the start of
the year. The Conference Board said its consumer confidence
index increased to a reading of 128.7 this month from a
downwardly revised 127.0 in March. The index was previously
reported at 127.7 in March. Confidence raced to more than a 17-
year high of 130.0 in February. Consumers’ short-term
expectations also improved in April, with the share of those
expecting their incomes to decline over the coming months
reaching its lowest level since December 2000. But the survey’s
so-called labor market differential, derived from data on
respondents’ views on whether jobs are plentiful or hard to get,
fell to 22.9 from 23.8 in March. That measure closely correlates
to the unemployment rate in the Labor Department’s
employment report. The jobless rate has been stuck at 4.1% for
six straight months. (Reuters)
 US business borrowing for equipment rises 2% in March –
Borrowing by US businesses for capital goods rose 2% in March
from a year earlier, the Equipment Leasing and Finance
Association (ELFA), a Washington-based trade body, said.
Companies signed up for $9.1bn in new loans, leases and lines
of credit last month, up from $8.9bn a year earlier. Borrowing
rose 18% from February. Michael Romanowski, President of
Farm Credit Leasing Services Corp, said customers continue to
analyze the impact of tax reform, and in some cases, decided to
delay investment or pay cash for capital expenditures. ELFA,
which reports economic activity for the $1tn equipment finance
sector, said credit approvals totaled 75.2% in March, up from
74.2% in February. ELFA’s leasing and finance index measures
the volume of commercial equipment financed in the US. It is
designed to complement the US Commerce Department’s
durable goods orders report, which it typically precedes by a
few days. (Reuters)
 Eurozone banks see rising loan demand in second quarter –
Banks in the Eurozone expect demand for corporate loans,
consumer credit and mortgages to grow in the second quarter
with credit standards also easing, the European Central Bank

5. Page 5 of 8
said in its quarterly lending survey. By buying trillions of Euros
worth of public and private bonds over the past three years, the
ECB has kept borrowing costs low, hoping to stimulate
borrowing and spending, all with the aim of boosting inflation.
Although the scheme worked more slowly than expected,
household and corporate lending are near their post-crisis high
and the Eurozone economy has been expanding for 20 straight
quarters, raising the prospect that the ECB will continue to
withdraw its stimulus. In the first three months of 2018, banks
saw increased demand for all types of loans. Credit standards -
internal guidelines or loan approval criteria - eased for
corporate, housing and consumer loans, the ECB said. (Reuters)
 UK finance minister Hammond beats target as deficit hits 16-
year low – British public borrowing fell to a 16-year low during
the financial year just ended, according to official data which
may increase pressure on Finance Minister Philip Hammond to
relax his grip on public spending. The budget deficit for the
financial year which ended in March dropped to 2.1% of gross
domestic product from 2016/17’s 2.3%, the lowest since
2001/02. In cash terms, borrowing was 8% lower than a year
before at 42.6bn Pounds ($59.4bn), below the 45.2bn Pounds
forecast by Britain’s budget watchdog last month. It was also
comfortably under the watchdog’s previous forecast of just
under 50bn Pounds, set in November. Hammond has made
fixing the public finances his priority, although he has taken a
slower approach than previous Finance Minister George
Osborne who inherited a deficit equivalent to just under 10% of
GDP in 2010. Hammond has made more progress than expected
on improving the public finances because Britain’s economy
slowed less than feared after the 2016 Brexit referendum shock.
(Reuters)
 UK inflation expectations for year ahead steady in April –
Inflation expectations among people in Britain for the year
ahead remained unchanged at 2.4% in April, according to a
survey published by financial services firm Citi and polling firm
YouGov. Expectations for annual inflation five to 10 years
ahead rose to 3.1% in April, up from 3.0%, interrupting a recent
series of small declines, Citi said. The Bank of England is due to
announce its next interest rate decision on May 10. Last week
BoE Governor Mark Carney cast doubt on widely held
expectations that the central bank would raise rates in May.
(Reuters)
 Germany lowers growth forecast as business morale weakens –
The German government has lowered its economic growth
forecast for this year, a source familiar with the decision said on
Tuesday, reflecting expectations that an upswing in Europe’s
largest economy was losing some momentum. The government,
which will unveil the new growth forecast on Wednesday,
expects an expansion of 2.3% this year, down from a previous
estimate of 2.4%. This would still be the highest growth rate
since 2011. A spokeswoman for the Economy Ministry could
not be reached to comment on the figure. Sentiment surveys
published earlier showed that business morale in Germany,
France and Italy - the Eurozone’s three biggest economies -
deteriorated in April as a stronger currency and capacity
constraints limited output, signaling that growth in the
currency bloc has reached its peak. The Eurozone was
unexpectedly one of the best performers among major
economies last year. But surveys suggest that growth has
steadily slowed since January on Euro strength and fears of a
trade war between China and the United States. (Reuters)
 French industry morale edges lower in April, Euro weighs –
French industrial morale dipped in April, reflecting concerns
elsewhere in the euro zone that growth in the bloc is weakening
as the impact of a stronger currency starts to bite. Data from
the INSEE national statistics body showed that industrial
morale in France, the Eurozone’s second-biggest economy, fell
to 109 points in April, down from a revised figure of 110 points
for March. A Reuters poll of 18 economists had given an
average forecast of 110 points. (Reuters)
Regional
 Kuwait, Oman to see fastest growth in 2019 – IMF kept global
growth estimates for the current year and next year stable in its
World Economic Outlook (WEO) released in April 18, from its
last update in January 18. Higher oil prices are expected to
result in better current account balances in the GCC over 2018
and 2019. In terms of country upgrades, IMF expects stronger
momentum in domestic demand and structural reforms to result
in higher growth for Egypt in 2018 (5.2%) and 2019 (5.5%), as
estimates were revised upwards by 70bps and 20bps from
October 17 estimates. For Saudi Arabia, the higher oil output is
forecasted to be more than offset by the ongoing fiscal
consolidation measures in 2019, as GDP growth was brought
down by 30bps to 1.9%. In 2018, stronger oil prices are expected
to aid a recovery in domestic demand, and contribute to a GDP
growth of 1.7% (+10 bps). However for 2018, barring Saudi
Arabia and Bahrain (+130bps), the IMF revised GDP forecasts
for other GCC countries downwards as compared to Oct-17
estimates. For 2019, GDP forecasts of Oman (4.2%), Kuwait
(3.8%) and Bahrain (2.3%) were raised, while the GDP growth
for the UAE was brought down by 10 bps to 3.0%. IMF expects
Kuwait’s current account surplus in GDP terms to be the highest
in the region at 5.8% of GDP in 2018, improving by 720bps from
their Oct-18 update, while 2019 current account surplus in GDP
terms is forecasted to improve by 500 bps (3.6%).
(GulfBase.com)
 S&P: GCC Islamic banks’ financial profile to stabilize in 2018 –
GCC Islamic banks’ financing growth will reach 4-5% in 2018-
19, supported by strategic initiatives by the regional
governments. Powered by Qatar FIFA World Cup, Dubai Expo
2020 and Saudi Vision 2030, and higher government spending
in Kuwait led by Kuwait 2035 Vision, the region’s Islamic banks
will continue to expand at a marginally faster rate, according to
the ratings agency S&P Global (S&P). The financial profiles of
Islamic banks in the six GCC countries will stabilize through
2018, in the absence of any geopolitical risks. Asset growth
should remain in the low single digits due to slow economic
growth, unless oil prices rebound significantly, the ratings
agency noted. However, Islamic banks’ cost of risk will increase
due to the adoption of International Financial Reporting
Standards (IFRS) 9, or Financial Accounting Standards (FAS)
30 for banks reporting under Accounting and Auditing
Organization for Islamic Financial Institutions’ standards.
(Peninsula Qatar)
 GCC’s high net worth individuals optimistic on 2018 – The high
net worth individuals (HNWIs) in the GCC is optimistic about

6. Page 6 of 8
the global economy and the regional economy. More regional
HNWIs are optimistic about the GCC economy in 2018 versus
2017. Growth drivers such as government supported economic
programs, adoption of transformational technologies are
examples of influences that are expected to impact growth
prospects in 2018 and beyond, an independent study conducted
by Emirates Investment Bank has revealed. Emirates
Investment Bank has a diverse range of high net worth
individual (HNWI) clients from across the GCC and around the
world. (Peninsula Qatar)
 Saudi Arabia’s inflation starts to edge down as VAT impact
lessens – Saudi Arabia’s inflation rate has started to slowly
decline as the impact of value-added tax (VAT) and subsidy
cuts introduced at the start of the year begin to lessen.
Consumer prices rose by 2.8% YoY in March, according to
official statistics released compared to a rate of 2.9% in
February. Inflation leapt to 3% YoY in the immediate aftermath
of the introduction of a 5% VAT charge in January. The new tax
was introduced by the Kingdom in an effort to boost its non-oil
revenues as well as narrow its fiscal deficit caused by lower oil
revenues. While Saudi households initially struggled with the
higher rate of inflation and started cutting back on spending,
analysts say public sector bonuses, pledged by the government,
will help boost consumer purchasing power. (GulfBase.com)
 Saudi Arabia’s air travel sector grows by 14% in 2017 – Flight
bookings in Saudi Arabia grew 14% in 2017, revealed Cleartrip,
the leading mobile and online travel company in the Middle
East, in its 2017 Travel Insights Report. The report, which
derives insights from the company's proprietary data and the
data from over 400 partner airlines, also showed that mobile
bookings in the Kingdom jumped 116% during the year, largely
driven by reservations made on Saudia and flynas.
(GulfBase.com)
 Saudi Arabia’s economy in a ‘sweet spot’, says US bank – Saudi
Arabian economy is in a ‘sweet spot’, with higher oil prices
allowing the Kingdom to boost spending while not having a
significant impact on the country’s fiscal balance, according to
Bank of America Merrill Lynch Global Research. “Our meetings
on Saudi Arabia comfort us in our view that the economy is in a
sweet spot. Higher oil prices are allowing the focus on boosting
activity not to materially impact fiscal balances,” the note
stated, published following the IMF and World Bank Spring
meetings held in Washington DC this month. “With a more
entrenched current account surplus possible this year, FX
reserves could increase this year,” the note stated.
(GulfBase.com)
 Saudi Arabia’s privatization program targets $10bn non-oil
revenues by 2020 – Saudi Arabia aims to generate $9bn-$11bn
in non-oil revenues from its privatization program by 2020 and
create up to 12,000 jobs, according to a document published by
the official news agency. The initiative targets 14 public-
private partnership investments worth SR24bn to SR28bn and
includes the corporatization of Saudi Arabian ports as well as
the privatization of the production sector at the Saudi Saline
Water Conversion Corp and the Ras Al Khair desalination and
power plant. (Reuters)
 NMC Health launches $450mn bond offering – NMC Health, the
leading UAE’s private healthcare operator, announced the
launch of an offering of senior, unsecured, guaranteed
convertible bonds due 2025 with a principal amount of $450mn,
convertible into ordinary shares of NMC Health. The company
is listed on the London Stock Exchange and is a constituent of
the FTSE 100 Index. The bonds will be issued by NMC Health
(Jersey) Limited. The net proceeds of the offering will be used in
totality to repay part of the current $1bn bridge facility put in
place at the time of the recent $2bn capital structure
refinancing at the beginning of 2018. NMC Health is in the
process of putting in place a new permanent capital structure
comprised of a mixture of unsecured bank and bond financing
that provides the required funding to achieve its growth
strategy, as well as align it to those consistent with a FTSE 100
company. (GulfBase.com)
 Emirates Global Aluminium says IPO on track for 2H2018 – The
planned initial public offering (IPO) of UAE based Emirates
Global Aluminium is on track for the second half of 2018,
according to the company’s CEO, Abdulla Jassem Kalban.
Owned by Mubadala and Investment Corporation of Dubai
(ICD), aluminum producer Emirates Global Aluminium was
created in 2013 when state-owned companies Dubai Aluminium
(Dubal) and Abu Dhabi’s Emirates Aluminium merged.
(Reuters)
 DAMAC Hotels & Resorts targets 15,000 hotel units in
operation by 2021 – DAMAC Hotels & Resorts, the hospitality
arm of DAMAC Properties, is looking to boost its current
portfolio of around 1,700 hotel units over the next three years,
with the aim of delivering 15,000 units by 2021. DAMAC
Properties’ Chairman, Hussain Sajwani said, “Over the past four
years, DAMAC has delivered 1,700 hotel units that are in
operation currently, and we’re looking to increase that to over
5,500 rooms by year end. With Expo 2020 just around the
corner, there is much expected from Dubai’s hospitality sector,
and this global destination is all set to welcome over 20 million
visitors in the coming years. The goal of delivering 15,000 keys
by 2021 is a task that is both challenging and thrilling.”
(Reuters)
 Itqan Investments acquires Byrne Equipment Rental in $272mn
deal – Dubai-based Itqan Investments together with Tamar
VPower Energy Fund and CITIC Pacific has acquired Byrne
Equipment Rental in a deal valued at approximately $272mn.
Byrne Equipment Rental, one of the top 100 rental companies in
the world according to International Rental News, offers high
quality equipment rental solutions to a broad variety of sectors
including oil& gas, construction &infrastructure, events,
industrial &manufacturing and marine & ports, who work with
global companies throughout the GCC. (GulfBase.com)
 DIEDC partners with Nasdaq Dubai to develop new initiatives –
Dubai Islamic Economy Development Centre (DIEDC)
announced collaboration with Nasdaq Dubai to design and
implement new initiatives that complement the emirate’s
success in emerging as a leading global Sukuk-listing hub. The
announcement was made at a session to present updates on the
Dubai Gold Sukuk Centre initiative to HH Sheikh Mohammed
Bin Rashid Al Maktoum, Vice President and Prime Minister of
the UAE and Ruler of Dubai. (GulfBase.com)
 Mubadala and MIP to sell 50% stake in Abu Dhabi Terminals –
Abu Dhabi state investor Mubadala Investment Company

7. Page 7 of 8
(Mubadala) and Mubadala Infrastructure Partners (MIP), an
emerging markets infrastructure fund manager, have reached a
deal to sell their combined 50% stake in Abu Dhabi Terminals to
Abu Dhabi Ports, the remaining shareholder, for an undisclosed
amount. (Reuters)
 KOTC clinches $167mn oil tanker deal – Kuwait Oil Tanker
Company (KOTC) and South Korean shipbuilding firm Hyundai
Mipo Dockyard have cosigned a contract worth $167.6mn to
build a quartet of petroleum products tankers, as part of a major
KOTC fleet overhaul. With the addition of the four immense
tankers, with an individual weight of 48,000 tons, KOTC seeks
to beef up its diverse arsenal of oil and gas tankers. The
company revealed that the first tanker would be fully built by
February of 2020, with the remaining three to follow suit by
May of the same year. KOTC stated that its 2020 fleet
modernization plan aims for a significant increase of its gas and
petroleum product vessels based on the needs of Kuwait
Petroleum. (GulfBase.com)
 AQAR Real Estate Co says its unit sells KD3.95mn housing
tower – AQAR Real Estate Investments Co stated that its unit
completes sale of housing tower owned by it in total deal value
of KD3.95mn. (Reuters)
 Oman’s non-oil exports rises – Oman’s non-oil exports to Qatar
increased by 160.3% to OMR210.3mn at the end of December
2017, from OMR80.8mn during the same period in 2016. Among
other countries, the non-oil exports to the UAE increased by
17.6% (OMR711mn), Saud Arabia by 92.2% (OMR487.2mn),
India by 23.4% (OMR310.7mn), China by 23.5 (OMR244mn).
The re-exports (non-oil) to Iran increased by 129.1% cent
(OMR223.8mn), Pakistan by 70.7% (OMR149mn) and Yemen by
56.1% (OMR115.7mn). The (non-oil) imports to Oman from the
UAE dropped by 2.1%, at the same time it increased from the
US by 109.6%, China by 34.5% and India by 21.3%. Imports
from Japan also showed a decline of 7.5%. The value of imports
by sea increased by 19.2% while by air it increased by 55.3%. At
the same time, value of imports by land increased by just 4.7%.
(GulfBase.com)
 Oman tourism industry’s GDP share at 7.1% in 2017 – The
travel and tourism sector’s contribution to Oman’s Gross
Domestic Product (GDP) is forecast to soar to reach a value of
$8.67bn over the next ten years, representing 8.9% of GDP in
2028, according to a new report by the World Travel & Tourism
Council (WTTC), billed as the global authority on the economic
and social contribution of Travel & Tourism. This compares
with a contribution of $4.6bn (6.6% of GDP) in 2017, the UK-
based international body stated in its latest assessment of the
Sultanate’s burgeoning travel and hospitality industry. The
report envisions a further 6.3% increase in the sector’s
contribution in 2018, with an average 5.9% growth anticipated
annually over the 2019-2028 timeframe. (GulfBase.com)
 Oman seeking investors for $5bn tourism project by year-end –
Oman is seeking investors to develop a series of tourism
projects, including a $5bn scheme, as part of a strategy to triple
visitors to the country by 2040 in a push to diversify its
economy and create jobs for young nationals. The Sultanate
will tap investors to finance a mixed-use tourism project in
Salalah worth at least $5bn for the first phase, Maitha Al
Mahrouqi, Undersecretary of Oman’s tourism ministry, told The
National at the Arabian Travel Market exhibition in Dubai. The
plan will be presented to investors by year-end, marking the
first of 14 tourism destinations open to investment.
(GulfBase.com)
 Sohar Port signs OMR9.24mn pact – Sohar Port and Freezone
has signed an OMR9.24mn agreement to develop Phase 1 of the
South Construction Package I by reclaiming 50 hectares by the
last quarter of 2018. Sohar Port’s CEO, Mark Geilenkirchen said,
“This expansion is essential for Sohar Port to compete on a
larger scale, and highlights our emergence as a logistics hub of
choice within the Middle East. The development is driven by
the continued growth we have experienced YoY, and the rapid
rise of the logistics sector as a whole across Oman. The Sohar
Port South Development will support increased trade flows in
the Sultanate and will allow shipping lines to launch more
direct calls to the port, opening the doors to a greater variety of
customers coming to Sohar in the future.” (GulfBase.com)
 IMF: Oman’s fiscal deficit on markedly declining trend – The
IMF mission in its recently concluded visit has welcomed the
measures which have already been taken by the Omani
government to address the fiscal challenges and highlighted the
importance of continuing with the fiscal consolidation,
according to the Ministry of Finance. Year 2017 was recognized
as the year of consolidation where deficit has been brought
down to 12.8% of the GDP compared to 21% in 2016. The
introduction of VAT, Customs & Excise duties, combined with
tight spending limits is expected to reduce the deficit to 4% of
GDP in 2019, according the projections by the IMF. The deficit is
expected to gradually increase to 7% of the GDP in 2023.
According to most private and public sector forecasters, oil
prices will be rising, not falling, in the next decade, due to
severe supply constraints provoked by underinvestment in
exploration. (GulfBase.com)
 Bahrain’s Prime Minister vows support to real estate,
construction – Bahrain government has put in place a suitable
atmosphere, as well as a legislative and technical infrastructure
to support investment in the real estate and construction
sector, according to Prime Minister Prince Khalifa Bin Salman
Al Khalifa at a major industry event in Manama. The Prime
Minister stated that the government is implementing
development projects in accordance with a well-thought out
vision that is supported by a highly-motivated private sector,
which helped Bahrain to maintain its investment-attracting
potentials in this sector, despite the existing competition.
(GulfBase.com)
 CEO: Alba seeks exemption from US aluminum tariffs –
Aluminium Bahrain (Alba), owner of one of the world’s largest
aluminum smelters, is seeking an exemption from US tariffs,
according to Alba’s CEO, Tim Murray. “We are in the process of
doing that application. If the US did not grant an exemption,
ultimately the tariffs will be passed along in terms of the
Midwest pricing, the consumer is going to pay,” Murray said,
referring to the price of aluminum delivered, duty-paid, to
plants in the US Midwest. Alba, majority-owned by the
Bahraini government through state fund Mumtalakat, currently
exports 120,000 tons of aluminum to the US. (Reuters)

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
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
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Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
60.0
80.0
100.0
120.0
140.0
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
QSEIndex S&PPanArab S&PGCC
(0.2%)
(0.7%)
(0.3%)
(1.2%)
0.1%
(0.1%)
(0.9%)
(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,330.39 0.4 (0.4) 2.1 MSCI World Index 2,081.52 (0.7) (0.9) (1.0)
Silver/Ounce 16.73 0.6 (2.3) (1.2) DJ Industrial 24,024.13 (1.7) (1.8) (2.8)
Crude Oil (Brent)/Barrel (FM Future) 73.86 (1.1) (0.3) 10.5 S&P 500 2,634.56 (1.3) (1.3) (1.5)
Crude Oil (WTI)/Barrel (FM Future) 67.70 (1.4) (1.0) 12.0 NASDAQ 100 7,007.35 (1.7) (1.9) 1.5
Natural Gas (Henry Hub)/MMBtu 2.79 1.9 0.4 (21.2) STOXX 600 383.11 0.2 (0.1) 0.2
LPG Propane (Arab Gulf)/Ton 85.00 1.8 2.7 (14.1) DAX 12,550.82 0.0 (0.4) (1.1)
LPG Butane (Arab Gulf)/Ton 84.00 (0.3) (0.9) (22.6) FTSE 100 7,425.40 0.6 0.3 (0.2)
Euro 1.22 0.2 (0.4) 1.9 CAC 40 5,444.16 0.3 0.1 4.3
Yen 108.82 0.1 1.1 (3.4) Nikkei 22,278.12 0.8 (0.6) 1.3
GBP 1.40 0.3 (0.2) 3.4 MSCI EM 1,154.21 (0.3) (1.2) (0.4)
CHF 1.02 (0.1) (0.4) (0.4) SHANGHAI SE Composite 3,128.93 1.5 1.0 (3.0)
AUD 0.76 (0.0) (0.9) (2.6) HANG SENG 30,636.24 1.2 0.7 1.9
USD Index 90.77 (0.2) 0.5 (1.5) BSE SENSEX 34,616.64 0.7 0.2 (2.3)
RUB 61.60 (0.4) 0.3 6.9 Bovespa 85,469.08 (1.0) (1.9) 6.5
BRL 0.29 (0.6) (1.7) (4.6) RTS 1,153.83 0.8 0.7 (0.1)
88.2
87.1
77.2