The QE Index declined 0.1% to close at 10,451.1. Losses were led by the Real Estate and Industrials indices, falling 1.6% and 1.1%, respectively.

1. Page 1 of 10
QSE Intra-Day Movement
Qatar Commentary
The QE Index declined 0.1% to close at 10,451.1. Losses were led by the Real Estate
and Industrials indices, falling 1.6% and 1.1%, respectively. Top losers were Al
Khaleej Takaful Insurance Company and Mazaya Qatar Real Estate Development,
falling 6.7% and 3.3%, respectively. Among the top gainers, Ahli Bank gained 5.0%,
while Qatari German Company for Medical Devices was up 3.2%.
GCC Commentary
Saudi Arabia: The TASI Index gained 0.4% to close at 9,275.5. Gains were led by the
Consumer Durables and Food & Bev. indices, rising 1.9% and 1.7%, respectively.
Saudia Dairy & Foodstuff Co. rose 6.6%, while Lazurde Co. for Jewelry was up 5.7%.
Dubai: The DFM Index fell 0.5% to close at 2,787.4. The Investment & Financial
Services index declined 7.5%, while the Transportation index fell 0.7%. Dubai
Investments declined 9.8%, while Deyaar Development was down 1.8%.
Abu Dhabi: The ADX General Index fell 0.1% to close at 5,391.9. The Energy index
declined 3.7%, while the Consumer Staples index fell 1.6%. Dana Gas declined 6.6%,
while Abu Dhabi Aviation Company was down 5.4%.
Kuwait: The Kuwait Main Market Index fell 0.4% to close at 4,875.2. The
Technology index declined 6.5%, while the Consumer Goods index fell 1.9%. Hilal
Cement Co. declined 9.5%, while Livestock Transport & Trading was down 9.1%.
Oman: The MSM 30 Index fell 0.3% to close at 3,940.4. Losses were led by the
Services and Financial indices, falling 0.4% and 0.2%, respectively. United Finance
fell 6.3%, while Voltamp Energy was down 5.9%.
Bahrain: The BHB Index gained 0.3% to close at 1,442.2. The Commercial Banks
index rose 0.5%, while the Investment index gained marginally. Inovest Company
rose 3.9%, while Al Salam Bank - Bahrain was up 1.2%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 30.65 5.0 10.1 20.4
Qatari German Co for Med. Devices 6.46 3.2 40.3 14.1
The Commercial Bank 50.50 2.1 388.6 28.2
Doha Bank 21.67 2.1 375.8 (2.4)
Qatar Oman Investment Company 6.18 1.1 25.0 15.7
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 5.33 1.1 3,673.6 30.6
Mazaya Qatar Real Estate Dev. 7.82 (3.3) 1,420.3 0.3
United Development Company 13.95 (1.6) 1,123.8 (5.4)
Qatar Aluminium Manufacturing 11.25 (1.1) 1,042.8 (15.7)
Investment Holding Group 5.38 0.2 742.0 10.0
Market Indicators 25 April 19 24 April 19 %Chg.
Value Traded (QR mn) 264.1 292.5 (9.7)
Exch. Market Cap. (QR mn) 588,110.2 588,746.7 (0.1)
Volume (mn) 13.4 9.7 38.3
Number of Transactions 5,433 5,146 5.6
Companies Traded 44 42 4.8
Market Breadth 21:23 19:22 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,230.96 (0.1) 1.0 6.0 14.7
All Share Index 3,189.36 (0.2) 1.1 3.6 15.1
Banks 4,105.17 0.5 4.6 7.1 14.3
Industrials 3,215.86 (1.1) (3.4) 0.0 16.1
Transportation 2,514.42 0.5 3.5 22.1 13.6
Real Estate 1,898.83 (1.6) (3.3) (13.2) 15.9
Insurance 3,375.22 0.1 0.9 12.2 20.3
Telecoms 932.50 (0.1) (1.4) (5.6) 19.0
Consumer 7,813.60 (0.4) (1.3) 15.7 15.2
Al Rayan Islamic Index 4,026.41 (0.7) (1.9) 3.6 13.8
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Riyad Bank Saudi Arabia 28.95 4.5 1,478.1 46.1
Savola Group Saudi Arabia 34.00 3.2 498.2 26.9
Co. for Cooperative Ins. Saudi Arabia 70.00 2.5 490.1 16.1
Saudi Cement Co. Saudi Arabia 61.90 2.3 194.6 27.5
Arab National Bank Saudi Arabia 26.70 2.3 1,829.6 25.5
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Dubai Investments Dubai 1.47 (9.8) 24,841.0 16.7
Boubyan Bank Kuwait 0.58 (2.4) 659.7 15.4
Saudi Ind. Inv. Group Saudi Arabia 26.20 (1.9) 917.3 14.5
Comm. Bank of Kuwait Kuwait 0.55 (1.8) 5.1 20.6
Saudi Telecom Co. Saudi Arabia 112.60 (1.7) 605.9 24.8
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%
Al Khaleej Takaful Insurance Co. 14.00 (6.7) 237.4 63.0
Mazaya Qatar Real Estate Dev. 7.82 (3.3) 1,420.3 0.3
Mesaieed Petrochemical Holding 20.00 (2.9) 599.3 33.1
Aamal Company 9.17 (2.1) 655.7 3.7
Ezdan Holding Group 10.55 (2.1) 379.0 (18.7)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 197.67 0.6 49,854.6 1.4
Qatar First Bank 5.33 1.1 19,731.6 30.6
The Commercial Bank 50.50 2.1 19,503.9 28.2
Industries Qatar 120.00 (0.8) 16,864.0 (10.2)
United Development Company 13.95 (1.6) 15,654.8 (5.4)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 10,451.13 (0.1) 1.0 3.4 1.5 72.33 161,553.9 14.7 1.6 4.2
Dubai 2,787.44 (0.5) (0.9) 5.8 10.2 55.54 99,268.3 12.1 1.0 4.8
Abu Dhabi 5,391.88 (0.1) 1.9 6.3 9.7 41.81 147,934.8 15.0 1.5 4.6
Saudi Arabia 9,275.54 0.4 0.9 5.2 18.5 1,332.83 579,664.1 21.0 2.1 3.2
Kuwait 4,875.22 (0.4) (1.8) (0.9) 2.9 48.77 33,520.4 14.6 0.9 4.1
Oman 3,940.37 (0.3) (1.0) (1.1) (8.9) 3.46 17,137.1 8.2 0.8 7.0
Bahrain 1,442.23 0.3 (0.3) 2.0 7.8 31.70 22,113.4 9.4 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)
10,350
10,400
10,450
10,500
10,550
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 10
Qatar Market Commentary
 The QE Index declined 0.1% to close at 10,451.1. The Real Estate and
Industrials indices led the losses. The index fell on the back of selling
pressure from Qatari shareholders despite buying support from GCC and
non-Qatari shareholders.
 Al Khaleej Takaful Insurance Company and Mazaya Qatar Real Estate
Development were the top losers, falling 6.7% and 3.3%, respectively.
Among the top gainers, Ahli Bank gained 5.0%, while Qatari German
Company for Medical Devices was up 3.2%.
 Volume of shares traded on Thursday rose by 38.3% to 13.4mn from
9.7mn on Wednesday. Further, as compared to the 30-day moving
average of 12.5mn, volume for the day was 7.3% higher. Qatar First
Bank and Mazaya Qatar Real Estate Development were the most active
stocks, contributing 27.3% and 10.6% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2019
% Change
YoY
Operating Profit
(mn) 1Q2019
% Change
YoY
Net Profit
(mn) 1Q2019
% Change
YoY
Knowledge Economic City Saudi Arabia SR 82.1 1,031.5% 19.8 N/A 19.6 N/A
Dallah Healthcare Co. Saudi Arabia SR 321.1 4.1% 41.2 -30.6% 35.2 -39.4%
National Industrialization Company Saudi Arabia SR 2,571.5 -8.8% 529.1 -23.6% 159.5 -55.9%
Saudia Dairy and Foodstuff Co. Saudi Arabia SR 1,813.0 7.1% 221.6 -19.1% 216.1 -17.0%
Saudi Ceramic Co. Saudi Arabia SR 309.6 20.7% -9.8 N/A -25.0 N/A
Zamil Industrial Investment Co. Saudi Arabia SR 1,021.0 5.3% -8.8 N/A -47.2 N/A
United International Transportation Saudi Arabia SR 259.4 -4.0% 43.8 1.1% 41.6 5.1%
Drake and Scull International Dubai AED 798.3 -69.7% -4,433.5 N/A -4,501.3 N/A
United Fidelity Insurance Company Abu Dhabi AED 58.6 97.5% – – 0.2 N/A
Emirates Driving Company Abu Dhabi AED 48.9 -11.5% – – 31.7 -6.8%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/25 US Department of Labor Initial Jobless Claims 20-April 230k 200k 193k
04/25 US Department of Labor Continuing Claims 13- April 1,655k 1,682k 1,654k
04/26 US Bureau of Economic Analysis GDP Annualized QoQ 1Q2019 3.2% 2.3% 2.2%
04/26 US Bureau of Economic Analysis GDP Price Index 1Q2019 0.9% 1.2% 1.7%
04/26 France INSEE National Statistics Office Consumer Confidence April 96.0 97.0 96.0
04/26 Japan Ministry of Internal Affairs and Communications Tokyo CPI YoY April 1.4% 1.1% 0.9%
04/26 Japan Ministry of Economy Trade and Industry Industrial Production MoM March -0.9% 0.0% 0.7%
04/26 Japan Ministry of Economy Trade and Industry Industrial Production YoY March -4.6% -3.8% -1.1%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status
QATI Qatar Insurance Company 28-Apr-19 0 Due
QAMC Qatar Aluminum Manufacturing Company 28-Apr-19 0 Due
QNNS Qatar Navigation (Milaha) 28-Apr-19 0 Due
IGRD Investment Holding Group 28-Apr-19 0 Due
QFLS Qatar Fuel Company 28-Apr-19 0 Due
MERS Al Meera Consumer Goods Company 28-Apr-19 0 Due
GISS Gulf International Services 29-Apr-19 1 Due
BRES Barwa Real Estate Company 29-Apr-19 1 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 38.03% 40.34% (6,090,770.49)
Qatari Institutions 19.25% 26.07% (17,997,387.60)
Qatari 57.28% 66.41% (24,088,158.09)
GCC Individuals 0.98% 0.95% 81,080.84
GCC Institutions 4.19% 3.21% 2,571,953.98
GCC 5.17% 4.16% 2,653,034.82
Non-Qatari Individuals 11.34% 12.41% (2,815,684.06)
Non-Qatari Institutions 26.20% 17.02% 24,250,807.33
Non-Qatari 37.54% 29.43% 21,435,123.27

3. Page 3 of 10
Earnings Calendar
Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status
AHCS Aamal Company 29-Apr-19 1 Due
SIIS Salam International Investment Limited 29-Apr-19 1 Due
ZHCD Zad Holding Company 29-Apr-19 1 Due
QGRI Qatar General Insurance & Reinsurance Company 29-Apr-19 1 Due
AKHI Al Khaleej Takaful Insurance Company 29-Apr-19 1 Due
MCCS Mannai Corporation 29-Apr-19 1 Due
QOIS Qatar Oman Investment Company 29-Apr-19 1 Due
DOHI Doha Insurance Group 29-Apr-19 1 Due
ORDS Ooredoo 29-Apr-19 1 Due
KCBK Al Khalij Commercial Bank 29-Apr-19 1 Due
VFQS Vodafone Qatar 30-Apr-19 2 Due
QGMD Qatari German Company for Medical Devices 30-Apr-19 2 Due
DHBK Doha Bank 30-Apr-19 2 Due
Source: QSE
Stock Split Dates for Listed Qatari Companies
Source: QSE

4. Page 4 of 10
News
Qatar
 MPHC's net profit declines 21.2% YoY and 23.3% QoQ in
1Q2019 – Mesaieed Petrochemical Holding Company's (MPHC)
net profit declined 21.2% YoY (-23.3% QoQ) to QR281.1mn in
1Q2019. The company's share of profit from joint ventures
came in at QR234.6mn in 1Q2019, which represents a decrease
of 26.1% YoY (-16.4% QoQ). EPS amounted to QR0.22 in
1Q2019 as compared to QR0.28 in 1Q2018. MPHC is one of the
region’s premier diversified petrochemical conglomerates with
interests in the production of olefins, polyolefins, alpha olefins
and chlor-alkali products. The decrease in profit is primarily due
to reduction in sales volumes and selling prices. The group’s
profit was also aided by the recognition of a tax refund of
approximately QR33mn for the quarter. The group continued to
benefit from the supply of competitively priced ethane
feedstock and fuel gas under long-term supply agreements.
These contracting arrangements are an important value driver
for the group’s profitability in a competitive market
environment. The petrochemical segment’s profit for the
quarter as compared to the corresponding period of previous
year was impacted primarily by the drop in selling prices. While
the production and sales volumes marginally increased by 1%,
the selling prices dropped by 12%. The Chlor-Alkali segment’s
profit reduced from previous year primarily due to decrease in
sales revenue and other income. Sales revenue was impacted by
the decrease in sales volumes by 10% and decrease in selling
prices by 14%. Production was marginally lower by 2% from
previous year. The closing cash position after the first three
months of operations was a robust QR1.3bn as at March 31,
2019. The total assets at March 31, 2019 stood at QR14.6bn,
compared to QR15.3bn as at December 31, 2018. (Company
financials, Peninsula Qatar)
 UDCD launches sale of 10 tower plots in Floresta Gardens at
Pearl-Qatar – United Development Company (UDCD) has
launched the sales for ten tower plots in Floresta Gardens
precinct, the master developer of The Pearl-Qatar and Gewan
Islands. UDCD stated the land plots on sale in Floresta Gardens
cover medium-rise residential towers, each consisting of 15
floors and approximately 125 to 140 residential units for each
tower. Each land plot spans an area of 3,500 square meters with
built-up areas ranging between 37,000 square meters and
41,000 square meters per plot. (Qatar Tribune)
 GISS to disclose 1Q2019 financial statements on April 29 – Gulf
International Services (GISS) announced its intent to disclose
1Q2019 financial statements for the period ended March 31,
2019, on April 29, 2019. (QSE)
 QFBQ eyes US, Europe and other new markets – Qatar First
Bank’s (QFBQ) efforts to achieve sustainable growth and
turnaround its financial and business performance have started
bearing positive results. The QSE-listed bank, under its newly
adopted strategy, is working on shifting its operating model
from asset management to fee income on structured products
and diversifying its investments and operations to new
markets, including the US, Europe and other promising
markets, according to QFBQ’s Vice-Chairman, Abdulla bin
Fahad bin Ghorab Al Marri. Al Marri said, “The new strategy
which was approved about a few months ago, is all about
strengthening the bank’s performance and profitability for its
shareholders, which is going to turnaround the bank’s
performance.” Al Marri added QFBQ is also trying to provide
some financial advisory services to some of its investors for
certain requirements for investment outside the region,
including the Western Europe and the US. On the possibility of
QFBQ entering new sectors to have new stream of revenues, he
said that QFBQ is entering new sectors geographically as the
bank in the past had concentrated its operations within the
region aiming to tap the high growth potential. (Peninsula
Qatar)
 Qatar expected to add 30 MTPA to global LNG production in
2025-26 – The year 2018 witnessed an important change of
direction in the commissioning of new LNG projects. Stronger
global market conditions led to new LNG projects getting
approval in the past year. A larger volume of new proposed
production received FID (final investment decisions) in 2018
than in the prior three years combined, MENA Advisors noted
in its latest report. According to the report, Qatar is expected to
add 30 MTPA (million tons per annum) to the global LNG
production in 2025-26, taking the global production to over 500
MTPA, up by over 60% from 2008. A total of 21.5 MTPA (6% of
existing capacity) received FID in 2018 and a further 15.6 MTPA
reached FID in February 2019 with a number of other large US
projects expected to reach FID this year. According to MENA
Advisor, the global LNG market had a good year in 2018. LNG
trade grew 10%, following on from strong growth of 12% in
2017. (Peninsula Qatar)
 Qatar to bring QR6.43bn to F&B sector in 2022 – Hosting of the
FIFA World Cup in 2022 is likely to bring a one-time boost of
QR6.43bn to Qatar’s Food & Beverage (F&B) sector, according
to the latest sector analysis by the Middle East Credit Rating
Agency (MERatings). Citing the food and beverage services
sector in Qatar 2018 study which was conducted by the Qatar
Development Bank (QDB), MERatings stated that hosting of the
mega sporting event in 2022 will bring an estimated additional
tourists of 3.1mn to the country with an average spending of
QR288 per person per day spent on F&B for a stay ranging from
three to eleven days. In its food and beverage services sector in
Qatar 2018 study, the QDB also stated that the total revenue of
F&B outlets in the country is estimated to increase to
QR14.26bn in 2026 from QR6.99bn in 2016, at a compound
annual growth rate (CAGR) of 7.4%. This growth is largely in
line with the projected growth of the population and annual
increase in tourist arrivals during this period. (Peninsula Qatar)
 Qatar Financial Centre Authority’s CEO sees a lot of demand for
FDI program – Qatar Financial Centre Authority’s CEO, Yousuf
Mohammed Al Jaida said that many companies from all over
the world are showing interest in the $2bn incentive program
the country is implementing in order to attract overseas
investments. Qatar's strategy is focused on building out
clusters for activities ranging from sports to media.
(Bloomberg)
 Qatar’s retail space set to see huge expansion – Qatar’s retail
space will be bolstered by nearly 519,300 square meters under
development, thus providing new opportunities for the sector to
grow, Alpen Capital stated in a report. With several new malls

5. Page 5 of 10
opening, majority of the prime retail destinations in Qatar
continue to enjoy high levels of occupancy and attract
significant footfall. Retail rents at prime malls and key high-
street destinations have been rising, Alpen Capital stated in its
report on ‘GCC Retail Industry’. Doha’s organized retail market
accounted for approximately 1.4mn square meters of gross
leasable area (GLA) spread across 21 retail malls as of 2018.
“With a strong pipeline of upcoming malls and expansion of the
retail sector, Qatar is expected to witness a rise in tourist
spending, going forward,” Alpen Capital stated. In terms of
growth drivers, Alpen Capital stated the country’s population
was expected to grow at a compound annual growth rate
(CAGR) of 0.4% between 2018 and 2023. The country's high
level of national wealth has attracted several foreign workers
driving optimism among international retailers to establish
their presence across the nation, offering high-quality luxury
brands. (Gulf-Times.com)
 Qatar Mining Company’s steel plant in Algeria to open by
4Q2019 – Qatar Mining Company’s board of directors held a
meeting and discussed the progress of the company’s important
developmental projects and growth strategy, including the
company’s upcoming steel plant in Algeria, which is set to
become operational before the end of this year. The board also
issued needful recommendations and took important decisions
with regard to the company’s activities. Qatar Mining
Company’s CEO, Khalid bin Ahmed Al Obaidli, revealed the
accelerated pace of construction work on its project, the Belara
Steel and Steel Plant currently being implemented in Algeria,
which is being implemented in partnership with the Algerian
government for the establishment of the Algerian Qatari Steel
Company. The factory is about 96% complete. (Peninsula
Qatar)
 Baladna appoints Saba Al-Fadala as public relations,
communications director – Baladna Food Industries (Baladna)
appointed Saba Al-Fadala as its public relations and
communications director. With her extensive experience in the
food industry, Al-Fadala’s primary responsibility at Baladna
will be in sustaining relations with key stakeholders and the
local media, while also building a strong corporate social
responsibility strategy for the brand. (Gulf-Times.com)
 Ooredoo showcases Qatar’s digital business future in IoT
conference – Ooredoo saw strong turnout at its mega event
showcasing Qatar’s Internet of Things (IoT) present and future,
with hundreds of C-suite executives experiencing how the IoT
can accelerate digital transformation. Attendees from the
public, private, and academic sectors experienced how
Ooredoo’s end-to-end IoT solutions and services can transform
industry verticals – such as agriculture, manufacturing,
construction, government, healthcare, tourism and hospitality,
smart cities, and transportation. Ooredoo Qatar’s Chief
Operating Officer, Yousuf Abdulla Al-Kubaisi said, “Strong
turnout at our IoT Conference and Exhibition where we
showcased how Ooredoo, with 5G-enabled Supernet, is the
preferred partner for Internet of Things solutions that can
enable digitalization. The IoT is a key transformation agent for
Qatar’s organizations, and during the IoT conference we
demonstrated how our solutions can enable them to gain real-
time insights that can drive business competitiveness,
transform customer experience, and enrich their daily business
lives.” (Gulf-Times.com)
 Qatar emerges as front-runner for long-term LNG deal for
Pakistan – Qatar has emerged as the front-runner for a long-
term gas supply deal to Pakistan, a senior Pakistani official said,
with the cabinet of Prime Minister Imran Khan set to decide in
the coming weeks on an agreement. Qatar is already Pakistan’s
biggest gas supplier after signing a 15-year agreement to export
up to 3.75mn tons of LNG a year to the South Asian country.
That 2016 deal supplied Pakistan’s first LNG terminal.
Emerging as one of the world’s fastest growing LNG markets,
Pakistan is looking to secure a long-term supply contracts for
its second LNG terminal, which can receive 600mn cubic feet
per day of natural gas. (Reuters)
 Silk Road to make Qatar a strategic hub in the region – Qatar is
among the very first countries to have supported the Belt and
Road Initiative that aims for wider links between Asia, Africa
and Europe, HE the Minister of Transport and Communications
Jassim Seif Ahmed Al-Sulaiti said. Al-Sulaiti said, “Qatar signed
several agreements and MoUs that support that initiative. This
returns positively on Qatar’s economy and supports its plan to
becoming a key strategic and economic hub in the region and
the world. In Qatar we look at the Belt and Road Initiative or
the 'Silk Road' from a strategic standpoint to link it with all our
infrastructure such as ports and airports. This helps reduce time
and cost for transporting goods. At the same time, it will be the
road for the passage of such goods from China to all countries
around the world.” He added, “The Belt and Road Initiative,
best known as Silk Road, which China launched in 2013, will
contribute to creating new industrial cities and communities in
a way that supports growth and common benefits for countries
on its path.” (Gulf-Times.com)
 ‘IBD 2019’ summit to help boost FDI inflows to Qatar – Over 250
delegates are expected to participate in the ‘International
Business Delegation (IBD) Summit 2019’, which opens Sunday
and will run until May 1. According to IBD Summit’s Chairman,
Yousuf Al-Jaber, the event aims to support government's efforts
to increase foreign direct investment (FDI) inflows to Qatar by
showcasing the country’s investment climate to international
investors. Al-Jaber said, “Our team held a series of roadshows in
various countries to market the investment potentials Qatar
has to offer, and we also wanted to attract international
companies wanting to participate in major projects related to
Qatar’s hosting of the FIFA World Cup in 2022, as well as in the
Qatar National Vision 2030.” Earlier, Al-Jaber emphasized that
the summit is a first-of-its-kind event that would gather
entrepreneurs, decision makers, and investors from 15 major
cities worldwide to connect them with their counterparts in
Doha and explore investment, partnership, and business
opportunities in Doha and abroad. (Gulf-Times.com)
 Qatar, UK sign bilateral agreements on occasion of London's
hosting of Qatar Day – Qatar and the UK have signed a number
of bilateral agreements, including the Qatar Central Bank's
donation agreement to the UK's King's College to establish a
Qatar Centre for Global Banking & Finance within King's
Business School. Both the sides also signed a membership
agreement between Qatar Development Bank (QDB) and
Innovate Finance's international hub, the first of its kind. Under

6. Page 6 of 10
the agreement, Innovate Finance renews its commitment to
supporting the development of the FinTech ecosystem in Qatar,
as well as the approval of QDB's membership of the Financial
Conduct Authority's (FCA) Global Financial Innovation
Network (GFIN). The signing ceremony was held on the
occasion of London's hosting of Qatar Day with the support of
the British Department for International Trade and the City of
London, in partnership with the City of London Corp, in which
the UK reiterated its commitment to enhancing trade and
investment ties, and support Qatar to develop its financial
services sector. British Department for International Trade and
the Qatar Central Bank affirmed their commitment to bilateral
cooperation in cyber-security and achieving the objectives set
out in the memorandum of understanding signed between the
two countries last year. (Gulf-Times.com)
International
 US economy expands 3.2% in the first quarter; growth details
weak – US economic growth accelerated in the first quarter, but
the burst in growth was driven by a smaller trade deficit and
the largest accumulation of unsold merchandise since 2015,
temporary boosters that are seen weighing on the economy
later this year. The rise in growth reported by the Commerce
Department put to rest fears of a recession, that were stoked by
a brief inversion of the US Treasury yield curve in March.
However, it also exaggerates the health of the economy as
consumer and business spending slowed sharply and
investment in homebuilding contracted for a fifth straight
quarter. GDP increased at a 3.2% annualized rate in the first
quarter, the government stated in its advance GDP report.
Growth was also driven by increased investment in roads by
local and state governments. The economy grew at a 2.2% pace
in the October-December period. Economists polled by Reuters
had forecasted GDP increasing at a 2.0% rate in the first three
months of the year. The economy will mark 10 years of
expansion in July, the longest on record. (Reuters)
 US capital goods orders hit record high; weekly jobless claims
rise – New orders for US-made capital goods increased by the
most in eight months in March, hitting their highest level on
record and brightening the outlook for manufacturing and the
economy. The Commerce Department stated orders for non-
defense capital goods excluding aircraft, a closely watched
proxy for business spending plans, increased 1.3% to an all-time
high of $70.0bn, powered by a jump in demand for computers
and electronic products. In March, orders for machinery rose
0.3% after declining 0.7% in February. Orders for computers
and electronic products soared 2.2%. The increase in these so-
called core capital goods orders was the biggest since last July
and followed a 0.1% gain in February. Economists polled by
Reuters had forecasted core capital goods orders only nudging
up 0.1% in March. They increased 2.8% on a YoY basis. In a
separate report, the Labor Department stated initial claims for
state unemployment benefits jumped 37,000 to a seasonally
adjusted 230,000 for the week ended April 20. The increase was
the largest since early September 2017. Claims dropped to
193,000 in the week prior, which was the lowest level since
September 1969. Economists had forecasted claims rising to
only 200,000 in the latest week. Claims tend to be volatile
around this time of the year because of the different timings of
Easter and Passover holidays, as well as spring breaks for
schools and universities. (Reuters)
 CBI: UK’s factories stockpile for Brexit at fastest pace in at least
60 years – With Brexit looming, British factories stockpiled over
the last three months at the fastest pace since records began in
the 1950s, and they’re increasingly downbeat about their
prospects, a survey showed. Confederation of British Industry’s
(CBI) quarterly survey added to signs that Brexit and a
slowdown in the global economy has lumbered manufacturers,
who account for 10% of the British economy, with a headache.
Expectations for export orders in the next three months fell to
their lowest level since mid-2009, when Britain was reeling
from the global financial crisis. The CBI’s monthly gauge of
manufacturing orders fell unexpectedly to -5 in April from +1 in
March, marking the weakest reading since October 2018. A
Reuters poll of economists had pointed to a rise to +3. (Reuters)
 UK banks' mortgage approvals hit nine-month high in March –
British banks last month approved the greatest number of
mortgages since June 2018, a tentative sign that the worst of
the housing market’s slowdown ahead of Brexit may have
passed, data showed. Seasonally-adjusted data from the UK
Finance industry body showed banks approved 39,980
mortgages in March, up 6% on a year ago and compared with
39,207 in February. The survey added to some early signs that
the housing market may be picking up a little after slowing
markedly last year. UK Finance stated lending to consumers
expanded by 4.1% in March, the strongest growth rate since
June and up from 3.5% in February. (Reuters)
 UK retailers report first rise in sales for five months – British
retail sales rose for the first time in five months in April, a
leading employers’ group stated, adding to signs that
consumers have recovered their appetite for spending even as
the country’s Brexit impasse drags on. Confederation of British
Industry (CBI) stated the later timing of Easter this year
probably helped to push its monthly sales balance up to +13,
meaning more retailers reported rising sales than falling sales.
The index suffered its biggest fall in 17 months in March when
it sank to -18. Economists polled by Reuters had expected a
reading of zero for April. Official data published last week
showed retail sales volumes surged by the most in nearly two-
and-a-half years in annual terms, leaping by 6.7%. CBI stated
retailers were more optimistic about sales in the month ahead
than they had been in March. (Reuters)
 Britain and China to hold new round of financial talks in
London in June – Britain and China will hold the next round of
their Economic and Financial Dialogue (EFD) in mid-June in
London, Finance Minister Philip Hammond said, after months
of reports that talks had been delayed by diplomatic tension.
The EFD has been used in the past to announce closer
cooperation on trade and banking initiatives, and to sign
commercial contracts. However, relations between London and
Beijing have been strained in recent years, most notably after a
British warship sailed close to islands claimed by China last
August. (Reuters)
 Japan's March factory output decline flags risk of GDP
contraction – Japan’s industrial output fell in January-March at
the fastest pace in almost five years, suggesting the economy
may post a mild contraction in the first quarter as

7. Page 7 of 10
manufacturers struggle with the US-Sino trade war. Industrial
output in January-March tumbled 2.6%, the biggest decline
since April-June 2014, data from the Ministry of Economy,
Trade and Industry (METI) showed. That followed a 1.4%
expansion in the previous quarter. On a monthly basis, output
fell 0.9% in March, more than a median estimate for a 0.1%
decline in a Reuters poll of economists, and versus a 0.7% rise in
February. The mounting pressure on Japan’s economy from
weak external demand has hurt exports and threatens
corporate profits, which could weigh on capital expenditure in
the first quarter, analysts said. March industrial output fell due
to a 3.4% decline in car output and a 6.7% drop in the
production of machines used to make semiconductors and flat-
panel displays, the data showed. (Reuters)
 Japan resists US pressure on forex in trade talks ahead of Abe-
Trump summit – Japan is resisting increasing US pressure to
link trade with currency issues as leaders of the two close allies
are set to hold a summit in Washington, with trade and North
Korea high on the agenda. Japanese ministers discussed trade
and currency issues with their US counterparts in Washington
ahead of the summit between Prime Minister Shinzo Abe and
President Donald Trump, in a last-minute bid to keep
Washington from linking the issues. Trump has made clear he is
unhappy with Japan’s trade surplus with the US - much of it
from auto exports - and wants a two-way deal to fix it. US
Treasury Secretary, Steven Mnuchin had said that in future
trade deals, including one with Japan, the US would like to
include a provision to deter forex manipulation. Japan has
resisted the idea, out of fear that it could tie its hands in
monetary policy and any future attempts to keep an
unwelcome yen spike in check. (Reuters)
 China's industrial profits pick up in March with 13.9% rise –
Profits at China’s industrial firms grew in March, rebounding
from four months of contraction, adding to optimism the
world’s second-largest economy may be starting to stabilize.
Profits in March rose 13.9% YoY to 589.52bn Yuan, the National
Bureau of Statistics (NBS) stated, recovering from a 14% fall in
the first two months. That marked the biggest monthly
increase since July 2018. For the first quarter of the year, profits
notched up by industrial companies dropped 3.3% to 1.3tn Yuan
compared with a year earlier, according to the NBS. The growth
in March mainly came from acceleration in production and
sales, as well as a recovery of profits in key industrial sectors,
Zhu Hong of the statistics bureau said in a statement
accompanying the data. (Reuters)
Regional
 MENA power projects to grab chunk of energy investment –
Power projects in the MENA region are expected to receive the
largest share of investments, $348bn of almost $1tn worth of
investments set to be made in the region’s energy sector over
the next five years as electricity consumption spirals higher,
driven by burgeoning populations, urbanization and rising
income levels. According to a new outlook from the Arab
Petroleum Investments Corporation (APICORP), a multilateral
development financial institution, this accounts for 36% of the
$961bn worth of planned and committed investments for the
sector in 2019-23. Saudi Arabia has the largest committed and
planned investments in the medium term. While the estimate
marks a 5% increase on APICORP’s 2018 outlook, total
investment in the GCC, however, has shrunk 11% YoY, marking
the second consecutive year of decline. The UAE is the only
country in the GCC with committed investments up on year, the
report added. In the power sector, where $90bn worth of
projects is currently being executed, renewables make up for
34% of the investment. Saudi Arabia has set a target of 27.3
gigawatts (GW) of renewable energy by 2023, rising up to 58.7
GW by 2030. In the oil sector, of the $304bn of total investment,
$166bn worth of projects are at the planning stage, while
$138bn has been committed. (Zawya)
 Countries in OPEC+ deal are abiding by agreement to limit oil
output – OPEC+ states including Saudi Arabia are complying
with the terms of the agreement to limit oil output, Russian
President, Vladimir Putin said. “We have agreements within
the OPEC+. We fulfill our agreements and we do not have any
news, any information, from our Saudi partners and any other
OPEC member, that they are ready to exit these agreements,”
he said. US President, Donald Trump said that he spoke to Saudi
Arabia and others about increasing oil flow and said that all are
in agreement after the administration announced that it would
not extend waivers for buyers of Iranian crude that had allowed
them to continue purchases despite American sanctions. (Gulf-
Times.com)
 Saudi Arabia’s PIF on track to manage $400bn assets in 2020 –
Saudi Arabia’s sovereign wealth fund, Public Investment Fund
(PIF) is on track to manage $400bn of assets by the end of 2020,
according to its Head of Corporate Finance and Treasury,
Alireza Zaimi. Alireza Zaimi said, “We are going to become one
of the largest and most impactful sovereign wealth funds in the
world. We are growing our assets faster on the international
pool as we are trying to diversify, and increase the size and
proportion of our international assets.” Saudi Arabia is seeking
to transform the PIF from a domestic holding company into the
world’s largest sovereign fund. It’s already made a series of
investments in companies such as Tesla Inc. and Uber
Technologies Inc. as well as a $45bn commitment to SoftBank
Group Corp.’s Vision Fund. The wealth fund currently has an
AUM of $290bn, according to Sovereign Wealth Fund Institute
(SWFI), making it the 11th largest globally. (Bloomberg)
 Saudi Arabia raises SR11.619bn from Riyal Sukuk offering –
Saudi Arabia has raised SR11.619bn from its local Sukuk
offering for the month of April, the finance ministry stated. The
size of the first tranche is SR0.768bn and it will become
SR2.768bn at the final size and will mature in 2024. The size of
the second tranche is of SR0.918bn and it will become
SR2.043bn at the final size maturing in 2028. The size of the
third tranche is of SR0.686bn and it will become SR4.366bn at
the final size maturing in 2034. The size of the fourth tranche is
of SR9.247bn and it will mature in 2049. (Bloomberg)
 Saudi Arabia sells 30-year local currency Sukuk for the first
time – Saudi Arabia has issued local currency Islamic bonds
with 30-year maturity for the first time, raising $2.47bn. The
longer maturity sale will be valuable for long-term financing
pricing in the Kingdom and will support developmental and
infrastructure projects, the ministry of finance stated. The
issuance is also expected to be a reference point to price

8. Page 8 of 10
mortgage and savings products by having it as a risk-free point
on which price models are based on. (Bloomberg)
 Saudi Arabia makes it easier for investors to buy local Sukuk –
Saudi Arabia is making it much easier for investors to buy local
currency Islamic bonds as the Kingdom seeks to deepen its debt
market. The Public Debt Management of the Ministry of
Finance is slashing the minimum amount required for investors
to buy Sukuk to SR1,000 from SR1mn, state-run Saudi Press
Agency reported. (Bloomberg)
 Saudi Telecom Company hires banks for its first Dollar Islamic
bond sale – Saudi Telecom Company, majority owned by the
Kingdom’s Public Investment Fund (PIF), appointed HSBC
Holdings, JPMorgan Chase & Co., Standard Chartered, Samba
Capital, First Abu Dhabi Bank, and KFH Capital Investment to
manage the sale of its first Dollar Islamic bond sale of a total
amount not exceeding $5bn and issue Sukuk thereunder in
tranches through a series of issuances either directly or through
an offshore special purpose vehicle to be established for this
purpose. The company last month set up a $5bn Sukuk
program. (Tadawul, Bloomberg)
 Saudi Arabia says China has not yet asked for more oil amid
tighter Iran sanctions – Saudi Arabia’s Energy Minister, Khalid
Al-Falih said that China has not yet asked for more crude oil
after the US decided to end sanction waivers on Iranian oil
imports that has permitted China to keep buying from Iran. The
US re-imposed sanctions against Iran’s oil exports last
November, however US initially allowed the eight biggest
buyers of Iranian oil - China is number one - to keep purchasing
limited imports for six months ending April. (Reuters)
 Saudi Aramco looking at potential gas JVs, sells first LNG cargo
– Saudi Aramco’s CEO, Amin Nasser said that the company is in
discussions with many partners around the world regarding
potential joint ventures in gas, and that it has sold its first LNG
cargo. Saudi Aramco wants to become a major player in gas and
is eyeing projects around the world to help it gain a firm
foothold in international gas business, he said. “There is a lot of
potential to grow in gas. We are currently in discussion with a
lot of partners around the world for growing our international
gas position. For the time being we are looking at potential JV or
partnership,” Amin Nasser said, adding that Saudi Aramco will
also be looking at potentially exporting gas through both
pipelines and as liquefied natural gas (LNG). Saudi Aramco’s
trading arm has sold its first LNG from Singapore, he said.
Aramco Trading Company has sold the LNG cargo on the spot
market late last month to an Indian buyer, sources said. Saudi
Aramco is pushing ahead with its conventional and
unconventional gas exploration and production program to feed
its fast growing industries, as the company plans to increase its
gas output and become an exporter. Saudi Aramco has been
looking at gas assets in Russia, Australia and Africa, Saudi
Arabian Energy Minister, Khalid Al-Falih said. (Reuters)
 Saudi wealth fund 'not in a hurry' to issue bonds, considers
funding options – Saudi Arabia’s sovereign wealth fund, Public
Investment Fund (PIF) is ‘not in a hurry’ to issue bonds
however is assessing several funding options, an executive
said. The PIF has been given the task of helping to deliver the
Vision 2030 reform plan, an ambitious economic program
announced by the government in 2016 designed to free the
Kingdom from dependence on oil exports. Last year the fund
raised an $11bn international syndicated loan, its first
commercial borrowing, and sources told Reuters this month it
has been in talks with banks to raise a short-term bridge loan
for as much as $8bn to use for new investments. (Reuters)
 Saudi Arabia reduces fees and trading commissions for local
bond market – Saudi Arabia’s Capital Market Authority (CMA),
the country’s bourse and its Debt Management Office (DMO)
announced in a joint statement that it has reduced fees and
commissions to encourage secondary market trading of debt.
The three entities stated that trading commissions for the
Tadawul, and the CMA had been reduced, while fees for new
offerings and annual registration charges for issuers have also
been reduced. In addition, Tadawul’s annual listing fees and
fees for subsequent issuances fees were also reduced. The DMO
also reduced the of par values for government issued Sukuk
from SR1mn to one thousand, the statement said, signaling
further government efforts to attempt to facilitate access to the
bond market for retail investors. (Reuters)
 PIF-backed Saudi Arabian real estate firm to buy $200mn worth
of mortgages – Saudi Real Estate Refinance Company (SRC), a
subsidiary of sovereign wealth fund Public Investment Fund
(PIF), stated that it has agreed to buy $200mn worth of
mortgages from local banks and mortgage financing companies.
The move comes after SRC recently completed a SR750mn
Sukuk issue with multiple tenors, under a program that allows
it to issue up to SR11bn of local currency denominated Islamic
bonds. SRC, formed in 2017, is trying to boost the Kingdom’s
secondary mortgage market. It aims to refinance 20% of Saudi
Arabia’s mortgage market over the next decade. The
agreements signed, included deals to buy portfolio of mortgages
from Saudi British Bank and Banque Saudi Fransi, it stated.
(Reuters)
 Saudi Aramco CEO: No more bond sales planned for 2019 –
Saudi Aramco CEO, Amin Nasser said that no more bond sales
have been planned for 2019. He also said that the company sees
healthy growth in the oil demand and not worried about the
impact of electric vehicles. The future supplies of shale oil are
good for the industry. Saudi Aramco needs to remain the
lowest-cost oil producer, at ~$3 per barrel. (Bloomberg)
 SAMBA's net profit falls 7.4% YoY to SR1,208mn in 1Q2019 –
Samba Financial Group (SAMBA) recorded net profit of
SR1,208mn in 1Q2019, registering decrease of 7.4% YoY. Total
operating profit rose 13.2% YoY to SR2,195mn in 1Q2019. Total
revenue for special commissions/investments rose 22.7% YoY
to SR2,132mn in 1Q2019. Total assets stood at SR231.1bn at the
end of March 31, 2019 as compared to SR228.9bn at the end of
March 31, 2018. Loans and advances stood at SR115.1bn (-0.8%
YoY), while customer deposits stood at SR170.2bn (-1.3% YoY)
at the end of March 31, 2019. EPS came in at SR0.60 in 1Q2019
as compared to SR0.65 in 1Q2018. (Tadawul)
 UAE's RAK Bank sees room for smaller lenders in merger wave
– National Bank of Ras Al-Khaimah’s (RAK Bank) CEO, Peter
England said that there is still room for smaller banks in the
UAE even as a consolidation wave creates bigger competitors.
The CEO said, “In our case we have a reason for being, we are
the largest small-and-medium enterprise bank in the country
and that gives us a reason for existing on our own.” Controlled

9. Page 9 of 10
by the government of Ras Al-Khaimah, RAK Bank has carved
out a niche in a country of about 50 lenders by mainly servicing
SMEs. The sector contributes about 35% of the bank’s profit, he
added. RAK Bank continuously evaluates merger possibilities
because “we would be foolish not to, we would want to merge
because it makes sense purely from a business perspective,
however doesn’t create challenges from a shareholder
perspective, and it’s not easy to find one,” he said. He expects
loan growth of 3% - 4% in 2019; lending will increase 6% - 7%
when it includes lending to financial institutions and interbank
credit. Net interest margin can be seen declining to high 4%,
very low fives by year end from 5.3% in 1Q2019, mainly due to
greater mix of lower margin loans to financial institutions,
corporates. Provisions or cost of risk, was 4% annualized in
1Q2019, that will drop to mid-threes, low threes by year end
and he added that he sees Dubai property prices declining over
next 12-18 months, mainly due to oversupply and will stabilize
at a later stage. (Bloomberg)
 China to invest $3.4bn in Dubai for trading initiative – China
plans to invest $3.4bn in two Dubai-based trading facilities,
increasing the influence of the world’s second-largest economy
in the Gulf region. The country will invest $2.4bn in a 60mn
square-feet (5.6mn square-meters) operation that will be used
to store Chinese products for shipping around the world, Dubai
ports group DP World stated, citing Sheikh Mohammed bin
Rashid Al Maktoum, ruler of Dubai. “It will include wholesale
and retail outlets that help enhance regional and international
trade,” according to the statement. DP World has also signed an
agreement with China to create a $1bn project in Dubai to
import, process, pack and export agricultural, marine and
animal products. The UAE has been seeking Chinese
investments, and companies from the Asian country invested
$300mn in Abu Dhabi’s industrial zone in 2017. China Cosco
Shipping Corp. agreed in 2016 to spend $738mn on a new port in
Abu Dhabi. (Bloomberg)
 Investors bolster oversight in emerging-market private equity
after Abraaj collapse – Investors in private equity funds that
focus on emerging markets are tightening oversight after the
collapse of a Middle East buyout firm, a survey has found. Many
investors said that they planned to put more money into such
funds over the next two years, however also to install extra
checks and balances, suggested the survey by the Emerging
Markets Private Equity Association (EMPEA). Dubai-based
Abraaj Capital Ltd has been the largest buyout fund in the
Middle East and North Africa (MENA) region until it fell apart
last year after a dispute with investors, including the Gates
Foundation, over a $1bn healthcare fund. Two of its top
executives have been arrested. “The fallout has prompted many
limited partners to expand the scope of their due diligence
processes to include a closer look at the internal operations and
governance arrangements of fund managers,” EMPEA stated.
(Reuters)
 DP World shipping container volumes plunge in UAE in the first
quarter, flat globally – Ports operator DP World reported a sharp
drop in shipping container volumes in the UAE in the first
quarter of 2019 and flat growth globally. DP World operates 78
marine and inland terminals, supported by over 50 related
businesses in over 40 countries. Gross container volumes fell by
0.6% on a reported basis and gross like-for-like volumes
declined by 0.7%, it stated. Dubai-based company handled
3.5mn TEU (twenty-foot equivalent unit) in the UAE, down
8.8% due to the challenging macro environment and loss of
lower-margin cargo, it stated. It handled 17.5mn TEUs globally,
similar to volumes a year earlier. Consolidated volumes, at
terminals over which DP World has control, fell 3% on a like-
for-like basis to 9.2mn TEUs. DP World’s Chairman and CEO,
Sultan bin Sulayem said, “The company saw softer volumes due
to a strong prior year performance and general caution in some
markets given the current uncertainty in the macro
environment. In the UAE, volume weakness was mainly due to
a loss of low margin throughput as it focuses on profitable
cargo. While we expect the recent trends to continue into the
second quarter, we do expect an improvement in the second
half of the year.” (Gulf-Times.com)
 KKR and BlackRock raising $3bn for ADNOC pipeline deal – The
US investment firms KKR and BlackRock are raising a $3bn loan
to back the purchase of a 40% stake in ADNOC Oil Pipelines, an
entity of the Abu Dhabi state oil company, according to Project
Finance International, a news service that is part of Refinitiv.
BNP Paribas, SMBC, Mizuho, Santander and First Abu Dhabi
Bank are leading the loan, which has a 23-year maturity and is
now being syndicated to other banks, PFI reported. ADNOC Oil
Pipelines will lease the oil company’s interest in 18 pipelines
covering 350 km, transporting crude oil and condensates across
ADNOC’s upstream concessions, for 23 years. ADNOC sealed
the $4bn pipeline deal in February. (Reuters)
 Mubadala launches $1bn Abu Dhabi-based investment fund –
State-owned Mubadala Investment Company (Mubadala)
stated that it has launched a new $1bn fund, Abu Dhabi
Catalyst Partners, to explore opportunities within the UAE and
abroad. The new fund will be based in Abu Dhabi Global Market
(ADGM), the financial center of Abu Dhabi, and will make use
of Mubadala’s networks to originate investment opportunities
in the region, Mubadala stated. “The new fund will target
opportunities across asset management, specialty finance and
financial infrastructure, with investees expected to have a
presence in ADGM,” it stated. Mubadala manages more than
$225bn in assets and has committed $15bn to the $100bn
SoftBank Vision Fund. (Reuters)
 Oman’s oil exports fall to 0.829mn bpd in March – Oman’s oil
exports fell to 0.829mn bpd in March from 0.841mn bpd in
February, representing a fall of 1.4% MoM, according to data
published by National Center for Statistics & Information
(NCSI). Oman produced 0.97mn bpd of crude oil and condensate
in March, representing a rise of 0.3% YoY. The average daily
crude oil and condensate output remained little changed from
the previous month. (Bloomberg)

10. 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 10 of 10
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%
(0.1%)
(0.4%)
0.3%
(0.3%)
(0.1%)
(0.5%)(1.0%)
(0.5%)
0.0%
0.5%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,286.25 0.7 0.9 0.3 MSCI World Index 2,173.82 0.4 0.6 15.4
Silver/Ounce 15.09 0.9 0.7 (2.6) DJ Industrial 26,543.33 0.3 (0.1) 13.8
Crude Oil (Brent)/Barrel (FM Future) 72.15 (3.0) 0.3 34.1 S&P 500 2,939.88 0.5 1.2 17.3
Crude Oil (WTI)/Barrel (FM Future) 63.30 (2.9) (1.1) 39.4 NASDAQ 100 8,146.40 0.3 1.9 22.8
Natural Gas (Henry Hub)/MMBtu 2.61 2.8 2.8 (18.1) STOXX 600 391.01 0.5 (0.5) 12.9
LPG Propane (Arab Gulf)/Ton 65.50 (2.6) 5.6 3.1 DAX 12,315.18 0.5 0.2 13.8
LPG Butane (Arab Gulf)/Ton 66.37 (3.8) 1.5 (5.2) FTSE 100 7,428.19 0.2 (0.8) 12.0
Euro 1.12 0.2 (0.8) (2.8) CAC 40 5,569.36 0.4 (0.8) 14.8
Yen 111.58 (0.0) (0.3) 1.7 Nikkei 22,258.73 (0.2) 0.6 10.0
GBP 1.29 0.1 (0.6) 1.3 MSCI EM 1,078.06 0.1 (1.3) 11.6
CHF 0.98 0.1 (0.5) (3.7) SHANGHAI SE Composite 3,086.40 (1.0) (6.0) 26.5
AUD 0.70 0.4 (1.5) (0.1) HANG SENG 29,605.01 0.2 (1.2) 14.4
USD Index 98.01 (0.2) 0.6 1.9 BSE SENSEX 39,067.33 1.5 (0.7) 8.1
RUB 64.74 0.1 1.1 (7.1) Bovespa 96,236.04 0.6 2.1 8.0
BRL 0.25 0.5 0.0 (1.3) RTS 1,247.01 0.1 (1.1) 16.7
104.6
97.2
84.0