The QSE Index declined 1.1% to close at 10,089.9.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.1% to close at 10,089.9. Losses were led by the Consumer
Goods & Services and Industrials indices, falling 2.0% each. Top losers were Zad
Holding Co. and Mazaya Qatar Real Estate Development, falling 6.8% and 5.4%,
respectively. Among the top gainers, Al Khaleej Takaful Group rose 4.7%, while Dlala
Brokerage & Investments Holding Co. was up 2.8%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.4% to close at 6,945.7. Gains were led by the
REITs and Capital Goods indices, rising 5.0% and 1.2%, respectively. AlJazira
Mawten REIT rose 6.3%, while Al Rajhi Co. for Cooperative Insurance was up 5.4%.
Dubai: The DFM Index declined 0.6% to close at 3,416.7. The Financial &
Investment Services index fell 1.8%, while the Services index declined 1.5%.
International Financial Advisors fell 7.6%, while Emaar Malls was down 4.8%.
Abu Dhabi: The ADX benchmark index fell 0.6% to close at 4,512.9. The
Telecommunication index declined 2.2%, while the Consumer Staples index fell
1.1%. National Bank of Fujairah declined 9.3%, while Al Khazna Insurance Co. was
down 2.4%.
Kuwait: Market was closed on April 27, 2017.
Oman: The MSM Index rose 0.3% to close at 5,525.4. Gains were led by the
Industrial and Services indices, rising 0.5% and 0.4%, respectively. Al Jazeera
Services rose 3.1%, while Oman Fisheries was up 2.9%.
Bahrain: The BHB Index fell 0.1% to close at 1,332.2. The Insurance index declined
1.6%, while the Industrial index fell 0.5%. Bahrain National Holding Company
declined 5.3%, while Khaleeji Commercial Bank was down 2.4%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Group 20.00 4.7 0.7 (5.2)
Dlala Brokerage & Inv. Holding Co. 25.00 2.8 658.0 16.3
Qatar Islamic Insurance Co. 60.90 1.5 0.3 20.4
Doha Insurance Co. 16.84 1.4 1.0 (7.5)
Qatar German Co. for Medical Dev. 9.39 1.4 78.9 (7.0)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 9.43 (1.2) 2,030.7 0.6
Ezdan Holding Group 15.30 (0.6) 1,394.4 1.3
Mazaya Qatar Real Estate Dev. 12.65 (5.4) 1,237.3 (7.7)
National Leasing 17.22 (0.6) 802.1 12.4
Dlala Brokerage & Inv. Holding Co. 25.00 2.8 658.0 16.3
Market Indicators 27 Apr 17 26 Apr 17 %Chg.
Value Traded (QR mn) 276.7 232.8 18.9
Exch. Market Cap. (QR mn) 542,725.5 549,932.7 (1.3)
Volume (mn) 9.9 8.9 11.4
Number of Transactions 3,679 3,575 2.9
Companies Traded 41 41 0.0
Market Breadth 11:26 23:16 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,920.10 (1.1) (1.5) 0.2 15.4
All Share Index 2,871.97 (1.1) (1.5) 0.1 15.1
Banks 2,993.84 (1.0) (1.0) 2.8 13.1
Industrials 3,132.97 (2.0) (2.7) (5.3) 18.8
Transportation 2,188.58 (0.3) (2.1) (14.1) 12.9
Real Estate 2,348.45 (0.9) (1.0) 4.6 16.3
Insurance 4,303.21 0.2 0.1 (3.0) 18.2
Telecoms 1,262.43 (1.4) (1.7) 4.7 25.2
Consumer 6,156.54 (2.0) (3.5) 4.4 13.5
Al Rayan Islamic Index 4,045.89 (1.1) (1.6) 4.2 18.6
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 4.50 11.1 0.7 4.7
Saudi Int. Petrochem. Saudi Arabia 17.33 2.8 1,830.5 (8.3)
Southern Prov. Cement Saudi Arabia 56.48 2.7 61.6 (31.4)
Alawwal Bank Saudi Arabia 11.64 2.6 2,435.6 (16.5)
National Ind. Co. Saudi Arabia 16.39 2.3 673.8 (6.1)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Nat. Bank of Fujairah Abu Dhabi 2.91 (9.3) 14.5 (34.6)
Aamal Co. Qatar 13.26 (3.6) 37.6 (2.7)
United Electronics Co. Saudi Arabia 36.86 (3.1) 627.7 39.8
Qatar Fuel Qatar 128.00 (3.0) 147.9 (4.0)
Industries Qatar Qatar 104.30 (3.0) 173.0 (11.2)
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Zad Holding Co. 74.60 (6.8) 1.6 (16.4)
Mazaya Qatar Real Estate Dev. 12.65 (5.4) 1,237.3 (7.7)
Aamal Co. 13.26 (3.6) 37.6 (2.7)
Qatar Fuel 128.00 (3.0) 147.9 (4.0)
Industries Qatar 104.30 (3.0) 173.0 (11.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 143.80 (2.2) 45,267.5 (2.9)
Ezdan Holding Group 15.30 (0.6) 21,370.4 1.3
Vodafone Qatar 9.43 (1.2) 19,207.5 0.6
Qatar Fuel 128.00 (3.0) 19,124.4 (4.0)
Industries Qatar 104.30 (3.0) 18,177.7 (11.2)
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* 10,089.86 (1.1) (1.5) (2.9) (3.3) 75.98 149,086.7 15.4 1.5 3.8
Dubai 3,416.71 (0.6) (1.5) (1.8) (3.2) 93.79 99,291.7 14.7 1.3 4.2
Abu Dhabi 4,512.91 (0.6) (0.2) 1.6 (0.7) 44.76 117,886.0 16.8 1.3 4.4
Saudi Arabia 6,945.74 0.4 0.7 (0.8) (3.7) 949.98 433,947.7 16.9 1.6 3.3
Kuwait#
6,854.27 0.3 0.6 (2.5) 19.2 80.84 92,114.8 23.3 1.3 3.5
Oman 5,525.43 0.3 0.9 (0.5) (4.4) 10.10 22,136.1 11.3 1.1 5.3
Bahrain 1,332.16 (0.1) (0.2) (1.8) 9.2 5.31 21,302.3 8.1 0.8 5.9
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, DFM and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any;
#
Data as of April 26, 2017)
10,050
10,100
10,150
10,200
10,250
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index declined 1.1% to close at 10,089.9. The Consumer Goods
& Services and Industrials indices led the losses. The index fell on the
back of selling pressure from non-Qatari shareholders despite buying
support from Qatari and GCC shareholders.
 Zad Holding Co. and Mazaya Qatar Real Estate Development were the
top losers, falling 6.8% and 5.4%, respectively. Among the top gainers,
Al Khaleej Takaful Group rose 4.7%, while Dlala Brokerage &
Investments Holding Co. was up 2.8%.
 Volume of shares traded on Thursday rose by 11.4% to 9.9mn from
8.9mn on Wednesday. Further, as compared to the 30-day moving
average of 9.3mn, volume for the day was 6.0% higher. Vodafone Qatar
and Ezdan Holding Group were the most active stocks, contributing
20.5% and 14.1% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings Releases, Global Economic Data and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Al Fujairah National
Insurance Company
Moody's
Abu
Dhabi
IFSR Baa1 Baa1 – Stable 
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, IFSR–Insurance Financial Strength Rating)
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2017
% Change
YoY
Operating Profit
(mn) 1Q2017
% Change
YoY
Net Profit
(mn) 1Q2017
% Change
YoY
Saudi Kayan Petrochemical Co. Saudi Arabia SR – – 554.9 4,704.5% 265.5 N/A
Abu Dhabi Aviation Co. Abu Dhabi AED 392.1 -10.8% – – 37.6 -41.5%
BMMI Bahrain BHD 24.2 3.1% 1.5 -42.1% 2.1 -21.5%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/27 US Department of Labor Initial Jobless Claims 22-April 257k 245k 244k
04/27 US Department of Labor Continuing Claims 15-April 1,988k 2,007k 1,979k
04/28 UK UK Office for National Statistics GDP QoQ 1Q2017 0.3% 0.4% 0.7%
04/28 UK UK Office for National Statistics GDP YoY 1Q2017 2.1% 2.2% 1.9%
04/27 EU European Commission Economic Confidence April 109.6 108.2 107.9
04/27 EU European Commission Industrial Confidence April 2.6 1.3 1.2
04/27 EU European Commission Services Confidence April 14.2 12.9 12.7
04/27 EU European Commission Consumer Confidence April -3.6 -3.6 -3.6
04/28 EU Eurostat CPI Estimate YoY April 1.9% 1.8% 1.5%
04/28 EU Eurostat CPI Core YoY April 1.2% 1.0% 0.7%
04/27 Germany German Federal Statistical Office CPI MoM April 0.0% -0.1% 0.2%
04/27 Germany German Federal Statistical Office CPI YoY April 2.0% 1.9% 1.6%
04/28 France INSEE GDP QoQ 1Q2017 0.3% 0.4% 0.4%
04/28 France INSEE GDP YoY 1Q2017 0.8% 0.9% 1.1%
04/28 France INSEE CPI MoM April 0.1% 0.1% 0.6%
04/28 France INSEE CPI YoY April 1.2% 1.2% 1.1%
04/28 France INSEE PPI MoM March -0.5% – -0.2%
04/28 France INSEE PPI YoY March 2.9% – 3.9%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 42.08% 44.00% (5,313,149.76)
Qatari Institutions 24.70% 16.94% 21,473,230.70
Qatari 66.78% 60.94% 16,160,080.94
GCC Individuals 1.93% 0.77% 3,229,091.14
GCC Institutions 4.62% 1.74% 7,967,102.17
GCC 6.55% 2.51% 11,196,193.31
Non-Qatari Individuals 7.80% 8.46% (1,848,761.02)
Non-Qatari Institutions 18.87% 28.09% (25,507,513.23)
Non-Qatari 26.67% 36.55% (27,356,274.25)

3. Page 3 of 7
Earnings Calendar
Tickers Company Name Date of reporting 1Q2017 results No. of days remaining Status
QIMD Qatar Industrial Manufacturing Company 30-Apr-17 0 Due
ERES Ezdan Real Estate Company 30-Apr-17 0 Due
MPHC Mesaieed Petrochemical Holding Company 30-Apr-17 0 Due
Source: QSE
News
Qatar
 NLCS reports net profit of QR0.71mn in 1Q2017 – Alijarah
Holding (NLCS) reported sharp rise in net profit to QR0.71mn in
1Q2017 as compared to QR0.11mn in 4Q2016. However, on YoY
basis net profit fell 66.4%. The company's total Income came in
at QR38.70mn in 1Q2017, registering a decline of 19% QoQ (-
30.4% YoY). Earnings per share (EPS) fell to QR0.01 in 1Q2017
from QR0.04 in 1Q2016. (QSE)
 AKHI reports QR13.87mn net profit in 1Q2017 – Al Khaleej
Takaful Group (AKHI) recorded net profit of QR13.87mn in
1Q2017 as compared to net loss of QR5.31mn in 4Q2016. On
YoY basis, net profit fell 2.1%. Earnings per share (EPS)
amounted to QR0.54 in 1Q2017 as compared to QR0.55 in
1Q2016. (QSE)
 SIIS’ net profit declines to ~QR20.4mn in 1Q2017 – Salam
International Investment Limited’s (SIIS) net profit declined to
~QR20.4mn in 1Q2017 from QR44.0mn in 4Q2016 and
QR32.1mn in 1Q2016. EPS amounted to QR0.18 in 1Q2017 as
compared to QR0.28 in 1Q2016. (QSE)
 ZHCD reports net profit of ~QR49.25mn in 1Q2017 – Zad
Holding Company (ZHCD) reported net profit of ~QR49.25mn in
1Q2017 as compared to QR24.60mn in 4Q2016 and QR51.67mn
in 1Q2016. EPS amounted to QR2.29 in 1Q2017 as compared to
QR2.40 in 1Q2016. (QSE)
 QNB Group: Oil market likely to rebalance in 2017 – The oil
market is expected to rebalance in 2017 and oil price is likely to
be at $55 per barrel. Production cuts are likely to be extended,
but even if they are not, aggregate world oil supply will
probably remain largely unaffected, QNB Group noted in its
report. “An extension to the OPEC agreement is becoming
increasingly likely. Discussions between producers have moved
in favor of extending. The Saudi oil Minister recently said that
OPEC and non-OPEC producers were close to reaching a deal to
extend the cuts. Additionally, an extension to the agreement
would sustain prices at the current level or higher,” said the
report. However, there are also arguments against extending.
The lack of compliance with last year’s deal among non-OPEC
producers might make it difficult to broker a new deal.
Furthermore, the production cuts have handed a lifeline to US
producers, which have managed to increase production in
response, grabbing market share. (Peninsula Qatar)
 QP moves to support petrochemical firms – Qatar Petroleum
(QP) recently signed agreements to supply additional quantities
of ethane, which is used as feedstock, to a number of
subsidiaries of Industries Qatar (IQCD) and Mesaieed
Petrochemical Holding Company (MPHC). The agreements for
additional ethane volumes were signed with each of Qatar
Petrochemicals Company, Q-Chem 1, Q-Chem 2, and Qatofin.
The new agreements are designed to enable these companies to
reach the maximum capacity of their respective facilities, thus
raising their efficiency and improving profitability. QP
president and CEO Saad Sherida al-Kaabi said, “This important
step was driven by Qatar Petroleum’s keenness to maximize
benefit from our natural resources, especially in the vital
petrochemical sector. It also comes in support of Qatar’s
national industry and the important role it plays in boosting the
growth and development of our national economy.” The total
additional ethane volumes that will be supplied to the four
companies will be approximately 1,000 metric tons per day,
which equates to an increase of approximately 10% compared
to the base quantities. (Gulf-Times.com)
 Qatar registers QR9.9bn trade surplus in March – Qatar
registered trade surplus of QR9.9bn in March, which represents
a YoY growth of nearly 71%, data released by the Ministry of
Development Planning and Statistics (MDPS) showed. In
March, the total exports of goods (including exports of goods of
domestic origin and re-exports) amounted to around QR19.7bn,
showing an increase of 18.4% compared to March 2016, and
increased by 0.1% compared to February 2017, MDPS said. On
the other hand, the imports of goods in March amounted to
around QR9.8bn, which indicates a drop of 9.6% compared with
March 2016. However, on MoM basis, the imports have
increased by 20%. (Gulf-Times.com)
 CEO: Vodafone invested QR1bn in last two years in Qatar –
Vodafone is deeply committed to Qatar and the company has
invested QR1bn in the past 24 months alone in “ensuring a
world-class network” in the country, said Ian Gray, the
company’s CEO. This was in addition to launching a range of
innovative products and services such as the Internet of Things
(IoT) solutions, Gray said at a Qatar British Business Forum
(QBBF) event. Gray shared his thoughts with business leaders
at the QBBF luncheon stating that Vodafone was “one of the
world’s largest” telecommunications companies, and one of the
“most recognizable, and best-known British businesses.”
Operating in some 26 countries, partners with mobile networks
in 49 more, and fixed broadband operations in 17 markets,
Vodafone Qatar draws on the strength of the Vodafone Group
to “bring the best of its global experience and most advanced
technologies” to Qatar, as it does in all the countries in which it
operates. (Gulf-Times.com)
 S'hail Shipping acquires new vessel – S’hail Shipping and
Maritime Services has acquired its second vessel. The new
vessel is 75,323 dwt at 14.167 meters draft. The company had
acquired its first vessel “S’hail Al Ruwais” in March. (Peninsula
Qatar)
International
 US first quarter growth weakest in three years as consumer
spending falters – The US economy grew at its weakest pace in

4. Page 4 of 7
three years in the first quarter as consumer spending almost
stalled, but increase in business investment and wage growth
suggested activity would regain momentum as the year
progresses. The soft patch at the start of the year is bad news
for the Trump administration's ambitions to significantly boost
growth. Gross domestic product increased at a 0.7% annual rate
also as the government further cut defense spending and
businesses spent less on inventories, the Commerce
Department said in its advance estimate. That was the weakest
performance since 1Q2014. The pedestrian first-quarter growth
pace is, however, not a true picture of the economy's health.
Wage growth in the first quarter was the fastest in 10 years as
the labor market nears full employment and business
investment on equipment was the strongest since 3Q2015. Also
underscoring the economy's underlying strength, consumer and
business confidence are near multi-year highs. First-quarter
GDP tends to underperform because of difficulties with the
calculation of data that the government has acknowledged and
is working to rectify. (Reuters)
 US labor costs accelerate in first quarter – US labor costs
recorded their biggest gain since 2007 in the first quarter,
suggesting wage growth was picking up, as the labor market
nears full employment. The Employment Cost Index, the
broadest measure of labor costs, increased 0.8%, the largest
increase since 4Q2007, after rising 0.5% in 4Q2016, the Labor
Department said. Economists polled by Reuters had forecast the
ECI rising 0.6% in the last quarter. In the 12 months through
March, labor costs increased 2.4% after rising 2.2% in the year
to December. (Reuters)
 Eurozone inflation returns to ECB target, core at three-year
high – Eurozone inflation rose by more than expected to the
European Central Bank's (ECB) target and core inflation
increased to its highest level in more than three years,
according to the first estimates from the EU's statistics agency.
Inflation in the 19 countries sharing the Euro was 1.9% YoY,
Eurostat estimated, up from 1.5% in March and just short of the
four-year high of 2.0% recorded in February. Economists polled
by Reuters had forecast April annualized inflation at 1.8%, but
estimates showing sharper-than-expected price hikes in
Germany had prepared markets for a potential stronger figure
for the bloc. The ECB has a medium-term target for inflation at
close to but just below 2%. Core inflation, which excludes
volatile prices of energy and unprocessed food and which the
European Central Bank monitors closely, also rose to 1.2% YoY
in April from 0.8% in March, above market expectations of
1.0%. (Reuters)
 British economy slows sharply as inflation hits home – Britain's
economy slowed sharply in the first three months of 2017 as
households and high streets felt the pinch from higher inflation,
which has risen sharply since last year's Brexit vote. With the
country heading for an election on June 8, there were other
signs of a slowdown as house prices fell for a second month and
a measure of consumer confidence dipped. The Office for
National Statistics said growth in the overall economy
weakened to a one-year low of 0.3% in the three months to
March from 0.7% in late 2016. That represented a bigger
slowdown in the rate of quarterly gross domestic product
growth than the drop to 0.4% economists had forecast in a
Reuters poll. (Reuters)
 French growth slows in first quarter – French growth slowed in
the first three months of the year as more households spent less
money on heating bills through a period of unusually warm
winter weather and with little obvious impact from the run-up
to an election, official data showed. Consumer sentiment has
held steady at near a 10-year high while business confidence
has been running at close to six-year records despite one of
closest and most unpredictable presidential elections in decades
which will be decided in a run-off vote on May 7. Despite the
uncertainty surrounding the election, the Eurozone's second-
biggest economy grew 0.3%, the INSEE national statistics
agency said in its first estimate for the quarter. The result
marked a slowdown from the final three months of last year
when the economy grew 0.5%, and it was marginally below
economists' average forecast for 0.4%. Though consumer
spending growth slowed nearly to a standstill, it was in large
part due to lower heating bills and weaker spending on clothes
amid unseasonably warm weather. Business investment grew
at the fastest pace in a year as companies rushed to take
advantage of a tax write-down on outlays for new equipment
before its expiration in mid April. (Reuters)
 China’s official services PMI falls to 54.0 in April – Growth in
China's services sector slowed slightly in April compared with
the previous month but remained robust, an official survey
showed. The official non-manufacturing Purchasing Managers'
Index (PMI) stood at 54.0 in April compared with the previous
month's reading of 55.1 and above the 50-point mark that
separates growth from contraction on a monthly basis. The
March reading was the highest since May 2014. The services
sector accounted for over half of China's economy last year as
rising wages give Chinese consumers the opportunity to shop,
travel and eat out more. China's policymakers are counting on
growth in services and consumption as they try to rebalance
the country's economic growth model from a heavy reliance on
investment and exports. (Reuters)
Regional
 BMI Research: Economic slowdown weighing on GCC bank
outlook – According to the BMI Research, GCC banks are facing
rising headwinds as weak prices and the concomitant cutbacks
in government spending weigh on lending opportunities. The
GCC’s banking sector is facing significant headwinds that will
weigh on lending and deposit growth over the coming quarters.
BMI Research said, “Our expectation for sustained weakness in
oil prices will ensure a continuation of weak fiscal revenues for
the six countries in the Gulf. We forecast Brent to average $57 a
barrel in 2017 and $60 in 2018.” In response, government
spending will see significant cutbacks, deposits in local banks
will continue to be drawn down, and liquidity will decline and
lead to higher funding costs. (Gulf-Times.com)
 MEED: GCC construction industry outlook to improve in 2017 –
According to the Middle East business intelligence service
(MEED), the outlook for construction companies in the GCC will
improve in 2017. MEED reports that the region still offers
‘significant opportunities’ for construction companies despite
the slowdown in project spending. But the report warns
however that a fall in the volume of new opportunities coupled

5. Page 5 of 7
with increased uncertainty about project timelines will see the
construction marketing further hardening in response to
increased competition. The report says that the region’s
strongest markets over the past 12 months were Dubai, Kuwait
and Bahrain, which saw its second-best year for awards since
2007, thanks to the financial support of its GCC partners
through the Gulf Development Fund. (Gulf-Times.com)
 Record issuance marks GCC’s shift toward bonds from loans –
The volume of international bond issues from the Gulf may hit a
record high for a second straight year in 2017 as lower oil prices
crimp the capacity of banks to finance billions of dollars of
investments and state budget deficits. Issuance data shows the
six-nation Gulf Cooperation Council’s (GCC) bond market is on
track to become more important than its syndicated loan
market in a region traditionally dominated by relationship-
driven bank lending. This historic shift is positive for economies
because it eases risks and liquidity pressures for the region’s
banking system, which has been hurt by smaller flows of
petrodollars. It is also changing the behavior of investors in the
bond market, which has long been led by local banks that buy
the bonds to hold them until maturity rather than trading them.
(GulfBase.com)
 Saudi Arabia aiming to increase FDI – Saudi Arabia is aiming to
increase the Foreign Direct Investment (FDI) from 3.8% of its
current GDP to about 5.7% in 2017, as part of its efforts to
diversify its economy and boost investment inflows into the
Kingdom. Policymakers in Riyadh are also continuing to look
for ways to cut spending in a bid to offset the impact of lower oil
prices on the biggest Arab economy. Reform and austerity are
the buzzwords in the Kingdom, which has restructured its
subsidy model to save billions of dollars annually, slashed
salaries of ministers and curbed perks of some of the
government sector employees, as it tries to bridge its fiscal gap.
These initiatives are expected to help reduce the Saudi Arabia’s
budget deficit in 2017 to $97bn from $118bn in 2016.
(GulfBase.com)
 Saudi Arabia eyes $200bn in revenue as privatization drive
starts up – The Saudi Arabian government believes it can raise
around $200bn in the next several years by selling stakes in
state enterprises ranging from hospitals to airports and grain
silos. Vice Minister for Economy and Planning Mohammed al-
Tuwaijri said that number was based on detailed studies of
valuations and market demand since authorities announced
plans for a privatization drive one year ago. (Reuters)
 Saudi Arabia sees 7,000 jobs coming from solar projects by 2020
– Saudi Arabia is hoping its solar power program will generate
7,000 jobs and build a local manufacturing industry that can
export products to the world, reducing domestic demand for its
crude oil in the process. The Ministry of Energy and Natural
Resources requires bidders seeking to build about 3.45
gigawatts of solar and wind plants by 2020 to spend 30% of the
capital they invest through homegrown workers and
companies, said Turki al-Shehri, Head of the renewable project
development office for the Kingdom. (Gulf-Times.com)
 UAE project awards rise 42.6% in 1Q2017 – The value of UAE
projects awarded rose by a solid 42.6% QoQ in 1Q2017, with
both Dubai and Abu Dhabi seeing significant increase. The
value of projects awarded was above the two-year trend level
and up a moderate 2.1% YoY in 1Q2017. Constructions projects
continued to dominate total UAE awards, up 25.6% YoY and
there was also a yearly increase in oil and power projects in the
first three month of the year led by led by Abu Dhabi. In the
case of Dubai, projects linked to Expo 2020, real estate and retail
continued to dominate awards in the quarter. Abu Dhabi
Commercial Bank’s Chief Economist, Monica Malik said, “The
outlook for UAE project awards for the remainder of 2017 looks
robust given the number of projects close to being awarded.
Notably, $3bn of projects has already been awarded in 2Q2017.”
(GulfBase.com)
 ADNOC to cut oil sales to customers by 10% in June – The UAE
is cutting back supplies to customers in June as part of its
agreement with the Organization of Petroleum Exporting
Countries (OPEC) to curb production. Abu Dhabi National Oil
Co. (ADNOC) will reduce sales by 10%. ADNOC cut supplies for
May by 7%. Energy Minister Suhail al-Mazrouei said that the
UAE will exceed its commitment to OPEC’s production cuts,
with maintenance scheduled on fields through May. (Gulf-
Times.com)
 Moody's affirms United Arab Bank's ‘Baa2’ long-term deposit
rating; changes outlook to negative from stable – Moody's has
affirmed United Arab Bank’s ‘Baa2’ long-term deposit ratings,
its ‘Prime-2’ short-term deposit ratings, ‘ba1’ adjusted baseline
credit assessment (BCA), ‘ba1’ BCA and ‘Baa1’(cr)/’Prime-2’(cr)
Counterparty Risk Assessment. At the same time, Moody's has
changed the outlook on the bank's long-term deposit ratings to
negative from stable. (Bloomberg)
 Al Qudra agrees to buy Al Rayan, will list shares – Abu Dhabi-
based Al Qudra Holding agreed to buy Al Rayan Investment Co.
for more than AED1bn in stock. Shareholders also approved
listing Al Qudra shares in Abu Dhabi. The acquisition will
involve issuing 210.4mn new shares and boost Al Qudra’s
assets to about AED4bn. The subscription for the new shares
will be May 1, 2017 to May 30, 2017, led by the Department of
Finance and Investment funds of First Abu Dhabi Bank.
(Bloomberg)
 Dana Gas makes first international condensate sale in Egypt –
Dana Gas has achieved an important milestone with the first
international sale of condensate in Egypt under the Gas
Production Enhancement Agreement (GPEA). The first cargo is
approximately 150,000 barrels of Wastani condensate. The
buyer has issued a letter of credit and payment amounting
$7.2mn to be made to Dana Gas directly. The cargo is the first to
be directly exported by Dana Gas under the GPEA signed with
the Egyptian government in August 2014. (GulfBase.com)
 Liquidity situation improving in Oman – The financial system
in Oman had faced a stress on bank liquidity in 2016, following
withdrawal of deposits by state-owned enterprises and debt
issues in the domestic market. According to the Central Bank of
Oman (CBO), total deposits of Omani banks registered a growth
of 7.1% to OMR20.8bn as of the end of February 2017. Private
sector deposits in the banking system registered a growth of
7.2% to OMR13.7bn as of the end of February 2017. Omani
banks, including Islamic institutions, achieved a YoY growth of
8.1% in credit to OMR22.2bn by the end of February 2017. Bank
Dhofar’s CEO, Abdul Hakeem Omar Al Ojaili said, “The liquidity
situation is improving now. We had undergone some cycles and

6. Page 6 of 7
now we are coming back to normalcy.” Al Ojaili further said the
challenges faced by financial institutions are similar to any
other business cycle. The banking sector in Oman has always
been kept under close monitoring and support from CBO in
anticipation of challenges that are expected in the market.
(GulfBase.com)
 BMB’s net profit narrows to $1.41mn in 1Q2017 – Bahrain
Middle East Bank (BMB) recorded net profit of $1.41mn in
1Q2017 as compared to $1.49mn in 1Q2016. Net interest income
came in at $2.75mn in 1Q2017 as compared to $2.23mn in
1Q2016. Total operating income came in at $2.78mn in 1Q2017
as compared to $2.73mn in 1Q2016. Total assets stood at
$173.06mn at the end of March 31, 2017 as compared to
$177.35mn at the end of December 31, 2016. Loans & advances
stood at $131.73mn, while deposits from financial institutions
and customers’ deposits stood at $126.67mn and $4.20mn,
respectively, at the end of March 31, 2017. EPS decreased to
$0.0058 in 1Q2017 from $0.0061 in 1Q2016. (Bahrain Bourse)

7. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (
#
Data as of April 26, 2017)
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
70.0
90.0
110.0
130.0
150.0
170.0
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
QSEIndex S&P Pan Arab S&P GCC
0.4%
(1.1%)
0.3%
(0.1%)
0.3%
(0.6%) (0.6%)
(1.2%)
(0.6%)
0.0%
0.6%
SaudiArabia
Qatar
Kuwait#
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,268.29 0.3 (1.2) 10.1 MSCI World Index 1,878.28 (0.2) 2.0 7.3
Silver/Ounce 17.20 (0.4) (4.1) 8.1 DJ Industrial 20,940.51 (0.2) 1.9 6.0
Crude Oil (Brent)/Barrel (FM Future) 51.73 0.6 (0.4) (9.0) S&P 500 2,384.20 (0.2) 1.5 6.5
Crude Oil (WTI)/Barrel (FM Future) 49.33 0.7 (0.6) (8.2) NASDAQ 100 6,047.61 (0.0) 2.3 12.3
Natural Gas (Henry Hub)/MMBtu 3.17 3.1 4.2 (14.0) STOXX 600 387.09 0.0 4.4 10.7
LPG Propane (Arab Gulf)/Ton 64.25 1.4 0.4 (10.9) DAX 12,438.01 0.2 5.2 12.0
LPG Butane (Arab Gulf)/Ton 73.00 5.0 3.2 (37.5) FTSE 100 7,203.94 (0.1) 2.5 5.8
Euro 1.09 0.2 1.6 3.6 CAC 40 5,267.33 0.1 6.1 12.0
Yen 111.49 0.2 2.2 (4.7) Nikkei 19,196.74 (0.4) 0.8 5.1
GBP 1.30 0.4 1.0 5.0 MSCI EM 977.96 (0.2) 1.7 13.4
CHF 1.01 (0.1) 0.1 2.4 SHANGHAI SE Composite 3,154.66 0.1 (0.6) 2.3
AUD 0.75 0.3 (0.7) 3.9 HANG SENG 24,615.13 (0.3) 2.3 11.5
USD Index 99.05 (0.0) (0.9) (3.1) BSE SENSEX 29,918.40 (0.6) 2.5 18.8
RUB 56.93 (0.2) 0.5 (7.5) Bovespa 65,403.25 0.8 1.8 10.8
BRL 0.31 0.3 (0.9) 2.4 RTS 1,114.43 0.7 2.8 (3.3)
118.3
100.3
98.6