The QE Index declined 1.2% to close at 10,136.0. Losses were led by the Real Estate and Insurance indices, falling 3.8% and 1.4%, respectively.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QE Index declined 1.2% to close at 10,136.0. Losses were led by the Real Estate
and Insurance indices, falling 3.8% and 1.4%, respectively. Top losers were Widam
Food Company and Mannai Corporation, falling 10.0% each. Among the top gainers,
Salam International Investment Limited and Aamal Company were up 3.1% each.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.2% to close at 8,472.5. Gains were led by the
Consumer Services and Telecommunication Services indices, rising 2.6% and 1.0%,
respectively. Leejam Sports Co. rose 6.2%, while Etihad Etisalat Co. was up 5.1%.
Dubai: The DFM Index declined 0.3% to close at 2,675.8. The Services index fell
1.6%, while the Real Estate & Const. index declined 0.5%. Emaar Development fell
3.8%, while Deyaar Development was down 3.5%.
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 5,152.0. The Energy
index gained 2.0%, while the Real Estate index rose 0.5%. Manazel Real Estate
gained 3.5%, while Dana Gas was up 3.4%.
Kuwait: The KSE Index rose marginally to close at 4,791.3. The Consumer Goods
index gained 2.4%, while the Telecommunications index rose 1.5%. Shuaiba
Industrial Co. gained 8.7%, while National International Co. was up 6.2%.
Oman: The MSM Index rose 0.6% to close at 4,112.3. Gains were led by the Financial
and Services indices, rising 0.8% and 0.5% respectively. Al Madina Investment rose
6.7%, while Gulf Invest Services Holding was up 6.6%.
Bahrain: The BHB Index gained 0.3% to close at 1,418.5. The Investment index rose
0.6%, while the Industrial index gained 0.5%. Bahrain Commercial Facilities
Company rose 7.7%, while Al Baraka Banking Group was up 1.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Salam International Inv. Ltd. 4.60 3.1 15.4 6.2
Aamal Company 9.79 3.1 869.1 10.7
Al Khaleej Takaful Insurance Co. 9.04 2.4 0.4 5.2
QNB Group 188.90 1.0 272.8 (3.1)
Al Khalij Commercial Bank 10.80 0.9 325.1 (6.4)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
United Development Company 13.75 (9.5) 4,542.9 (6.8)
Qatar Aluminium Manufacturing 11.68 (1.5) 1,040.6 (12.5)
Aamal Company 9.79 3.1 869.1 10.7
Mesaieed Petrochemical Holding 17.66 (0.2) 597.7 17.5
Ezdan Holding Group 13.25 (4.6) 391.6 2.1
Market Indicators 27 Feb 19 26 Feb 19 %Chg.
Value Traded (QR mn) 277.8 420.8 (34.0)
Exch. Market Cap. (QR mn) 580,303.7 585,149.9 (0.8)
Volume (mn) 11.5 11.1 3.8
Number of Transactions 7,057 6,860 2.9
Companies Traded 43 46 (6.5)
Market Breadth 11:29 21:19 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,155.46 (0.9) 0.3 0.1 14.2
All Share Index 3,091.00 (1.0) 0.5 0.4 15.0
Banks 3,799.68 (0.2) 2.2 (0.8) 14.1
Industrials 3,260.76 (0.5) (0.5) 1.4 15.6
Transportation 2,216.54 (0.6) 2.4 7.6 12.8
Real Estate 2,197.67 (3.8) (1.8) 0.5 17.6
Insurance 2,886.16 (1.4) (0.6) (4.1) 15.9
Telecoms 938.05 (1.2) (0.9) (5.0) 19.8
Consumer 7,304.60 (1.3) (2.7) 8.2 15.2
Al Rayan Islamic Index 3,953.01 (0.9) (0.6) 1.8 14.1
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Shell Oman Marketing Co. Oman 1.16 5.5 13.5 (21.9)
Etihad Etisalat Co. Saudi Arabia 19.02 5.1 10,272.8 14.7
Al Tayyar Travel Group Saudi Arabia 23.92 3.5 3,126.2 19.6
Mobile Telecom. Co. Saudi Arabia 9.57 3.3 10,651.4 15.7
Burgan Bank Kuwait 0.31 3.3 11,791.1 12.2
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Qatar Insurance Co. Qatar 33.10 (1.8) 113.0 (7.8)
Ooredoo Qatar 67.00 (2.2) 140.2 (10.7)
Barwa Real Estate Co. Qatar 39.00 (2.2) 275.6 (2.3)
Kuwait Projects Co Hold. Kuwait 0.19 (2.1) 317.0 (8.7)
Qatar Islamic Bank Qatar 146.50 (2.0) 79.6 (3.6)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Widam Food Company 63.81 (10.0) 155.9 (8.8)
Mannai Corporation 51.17 (10.0) 31.2 (6.9)
United Development Company 13.75 (9.5) 4,542.9 (6.8)
Qatar Cinema & Film Distribution 17.94 (7.4) 41.0 (5.7)
Qatar Insurance Company 33.10 (6.0) 113.0 (7.8)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
United Development Company 13.75 (9.5) 62,502.3 (6.8)
QNB Group 188.90 1.0 51,260.3 (3.1)
Masraf Al Rayan 37.20 (1.1) 12,803.8 (10.7)
Qatar Aluminium Manufacturing 11.68 (1.5) 12,223.1 (12.5)
Qatar Islamic Bank 146.50 (2.0) 11,686.5 (3.6)
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* 10,136.00 (1.2) (0.5) (5.5) (1.6) 76.19 159,409.4 14.2 1.5 4.3
Dubai 2,675.80 (0.3) 1.6 4.2 5.8 63.29 96,277.5 8.5 1.0 5.2
Abu Dhabi 5,152.02 0.2 1.1 2.1 4.8 44.38 140,583.7 14.4 1.5 4.7
Saudi Arabia 8,472.50 0.2 (0.9) (1.0) 8.3 573.81 535,112.5 18.5 1.9 3.3
Kuwait 4,791.25 0.0 0.0 (0.1) 1.1 85.92 33,005.0 15.7 0.9 4.3
Oman 4,112.31 0.6 1.4 (1.3) (4.9) 8.38 17,859.5 8.5 0.8 6.3
Bahrain 1,418.53 0.3 1.0 1.9 6.1 6.64 21,719.7 9.1 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)
10,100
10,150
10,200
10,250
10,300
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QE Index declined 1.2% to close at 10,136.0. The Real Estate and
Insurance indices led the losses. The index fell on the back of selling
pressure from Qatari and GCC shareholders despite buying support from
non-Qatari shareholders.
 Widam Food Company and Mannai Corporation were the top losers,
falling 10.0% each. Among the top gainers, Salam International
Investment Limited and Aamal Company were up 3.1% each.
 Volume of shares traded on Wednesday rose by 3.8% to 11.5mn from
11.1mn on Tuesday. Further, as compared to the 30-day moving average
of 8.8mn, volume for the day was 30.6% higher. United Development
Company and Qatar Aluminium Manufacturing Company were the most
active stocks, contributing 39.5% and 9.1% 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)
4Q2018
% Change
YoY
Operating Profit
(mn) 4Q2018
% Change
YoY
Net Profit
(mn) 4Q2018
% Change
YoY
AlTayyar Travel Holding Co. * Saudi Arabia SR 1,948.0 -7.5% 613.0 -24.1% -142.0 –
Leejam Sports Co.* Saudi Arabia SR 800.0 9.2% 203.1 3.7% 180.1 3.4%
Saudi Airlines Catering Co. * Saudi Arabia SR 2,035.8 4.3% 505.6 -5.6% 459.3 -4.7%
Saudi Industrial Inv. Group * Saudi Arabia SR 8,930.0 21.3% 2,310.0 6.5% 865.0 -13.8%
Gulf Cement Co.* Abu Dhabi AED 475.7 -18.4% – – -33.0 –
Emirates Insurance Co.* Abu Dhabi AED 1,043.3 -3.2% – – 114.1 4.1%
Nass Corporation* Bahrain BHD 182.8 5.4% – – 4.3 20.9%
Bahrain Commercial Facilities Co. * Bahrain BHD 25.5 6.9% 46.3 8.3% 22.9 10.5%
United Gulf Holding Company* Bahrain USD – – – – 18.6 313.3%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
02/27 US Mortgage Bankers Association MBA Mortgage Applications 22-February 5.3% – 3.6%
02/27 EU European Commission Economic Confidence February 106.1 106 106.3
02/27 EU European Commission Industrial Confidence February -0.4 0.1 0.6
02/27 EU European Commission Services Confidence February 12.1 10.9 11
02/27 EU European Commission Consumer Confidence February -7.4 -7.4 -7.4
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 4Q2018 results No. of days remaining Status
QGRI Qatar General Insurance & Reinsurance Company 4-Mar-19 4 Due
AKHI Al Khaleej Takaful Insurance Company 5-Mar-19 5 Due
SIIS Salam International Investment Limited 6-Mar-19 6 Due
ERES Ezdan Holding Group 10-Mar-19 10 Due
IGRD Investment Holding Group 12-Mar-19 12 Due
DBIS Dlala Brokerage & Investment Holding Company 13-Mar-19 13 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 34.16% 28.48% 15,781,394.95
Qatari Institutions 22.98% 32.30% (25,894,723.05)
Qatari 57.14% 60.78% (10,113,328.10)
GCC Individuals 0.96% 0.58% 1,068,928.09
GCC Institutions 3.40% 5.12% (4,784,341.18)
GCC 4.36% 5.70% (3,715,413.09)
Non-Qatari Individuals 10.38% 9.65% 2,039,836.26
Non-Qatari Institutions 28.12% 23.87% 11,788,904.93
Non-Qatari 38.50% 33.52% 13,828,741.19

3. Page 3 of 8
News
Qatar
 AHCS posts 26.4% YoY decrease but 1.4% QoQ increase in net
profit in 4Q2018 – Aamal Company's (AHCS) net profit declined
26.4% YoY (but rose 1.4% on QoQ basis) to QR109.0mn in
4Q2018. The company's revenue came in at QR333.4mn in
4Q2018, which represents a decrease of 5.9% YoY. However, on
QoQ basis, revenue rose 11.0%. EPS decreased to QR0.71 in
FY2018 from QR0.80 in FY2017. In FY2018, AHCS reported net
profit of QR445.3mn on revenue of QR1.29bn and recommended
6% cash dividend. Net underlying profit margin increased by
0.7 percentage points to 27% (2017: 26.3%), a company
spokesman said. AHCS’ Chairman, HE Sheikh Faisal bin Qassim
Al-Thani said, “While the year saw a decline in revenue and net
profit compared to 2017, our performance was in line with
expectations and impacted by pre-identified, short to medium-
term factors.” AHCS continues to feel the impact of the
reclassification of two business entities within the industrial
manufacturing segment from subsidiaries to joint ventures,
with a consequent change in their accounting presentation.
This change will continue to impact the financial results until
the first quarter of 2019, at which point the change will have
fully annualized, he said. The industrial manufacturing division
saw 60.4% and 39.5% decline in revenue and net profit,
respectively, attributable to a change in accounting treatment
for Senyar Industries and Advanced Pipes and Casts Company,
both of which are now accounted for as joint ventures having
both previously been consolidated as subsidiaries. Aside from
this, 2018 was a year of heightened competition and increased
market sensitivity towards price, AHCS stated, adding to
mitigate these factors and maintain its competitive advantage,
industrial manufacturing has identified several new
opportunities for the incremental revenue streams and
profitability. Trading and distribution segment saw 7.8% and
9.9% increase in net profit and revenue respectively, on Ebn
Sina Medical – the largest business in the trading and
distribution segment – which enjoyed a particularly successful
year as it saw increases in both revenue and net profit. In
response to the ongoing Qatar border blockade, it sourced
pharmaceutical products directly from the countries of origin
(Europe). The property segment reported an 8% fall in revenue
and 10% in net profit. As a result of the ongoing upgrade and
redevelopment work on Aamal’s flagship City Center Doha
shopping mall in the West Bay, the subsidiary saw an 18%
decline in net profit. Renovation work, which is progressing on
schedule, is being undertaken to keep abreast of competition
and cement its status as the country’s premier retail
destination. Despite declining rents in the retail sector, Aamal
Real Estate reported an 8% YoY increase in revenue and a 7% in
net profit as it focused on expanding its residential portfolio
through several acquisitions and completing the construction
of 63 apartments. Revenues in the managed services segment
increased marginally by 1.5%, net profit soared 17.1% with
significant achievements across several subsidiaries. Aamal
Services, which primarily serves the business sector and is the
largest of the subsidiaries in this segment, saw an 11% fall in
revenue, but a 58% jump in net profit. This significant increase
in net profit is the result of a detailed expenditure review
undertaken in early 2018, which led to the successful
renegotiation of contract rates with suppliers. (QSE, Gulf-
Times.com)
 BRES signs financing agreement worth QR800mn with a Qatari
local bank – Barwa Real Estate Company (BRES) announced
signing of a new financing agreement with a Qatari local bank
worth QR800mn. The purpose of the agreement is to finance a
part of the company’s capital expenditures during the year
2019. The new facility period is seven years from the date of the
drawdown. It should be noted that there is no conflict of
interest between the contracting parties to this agreement.
(QSE)
 BRES to hold its AGM and EGM on March 20, 2019 – Barwa Real
Estate Company’s (BRES) board of directors invited its
shareholders to attend the Ordinary General Meeting (AGM)
and Extraordinary General Assembly Meeting (EGM) of the
company to be held on March 20, 2019. In case of lack of
quorum, the next meeting will be held on March 27, 2019. (QSE)
 Qatar’s CPI edges down 0.3% YoY in 4Q2018 – Qatar’s
consumer price index (CPI) decreased by 0.3% YoY in 4Q2018,
according to data released by the Planning and Statistics
Authority (PSA). PSA stated the overall CPI amounted to 108.5
points in 4Q2018, a decrease of 0.4% compared to 3Q2018. The
index for food and beverages reached 101.4 points, an increase
of 0.6% compared to the previous quarter, and a decrease of
2.8% YoY. The CPI of housing, water, electricity, gas and other
fuels group reached 106.4 points, a decrease of 0.8% compared
to the previous quarter, and 2.7% when compared to its
corresponding quarter of 2017. (Qatar Tribune)
 QCB’s foreign exchange reserves at $49.3bn in December 2018 –
Qatar Central Bank’s (QCB) foreign exchange reserves rose
1.8% MoM to reach $49.3bn in December 2018, equating to 8.8
months of import cover. Qatar’s bank assets growth was 1.8%
YoY in January. QNB Group’s monthly report noted credit
growth was 3.1% YoY in January. Bank deposit growth was
down 1.7% YoY in January. Private sector, public sector and
non-resident deposits declined 0.3%, 4.3% and 4.4% MoM,
respectively, in January. Broad money supply (M2) declined
6.5% YoY in December. Interbank rates remained stable. Qatar’s
real GDP growth accelerated in 3Q2018 on the back of
stabilization in hydrocarbon output. Construction as well as
finance & real estate led the way for 4.3% growth in non-
hydrocarbon GDP over 3Q2018. Industrial production was
broadly flat at 0.3% in December. The real estate price index is
signaling prices are stabilizing. The fiscal account remained in
surplus at 1.0% of GDP in 3Q2018. The trade balance was
marginally up 0.8% YoY in January. The current account
surplus has widened further in 3Q2018. Qatar’s Sovereign 5-
year CDS Spreads remained stable at around 75 bps. QIBOR 3-
month interest rates remained stable, while LIBOR 3-month
interest rates declined. (Peninsula Qatar)
 UDCD eyes agriculture and industrial projects – United
Development Company (UDCD), the developer of The Pearl-
Qatar and Gewan Island, is studying plans to venture into the
agriculture and industrial sectors in line with the country’s
diversification plans. UDCD’s Chairman, Turki bin Mohamed
Al-Khater said the company is looking for potential partners
and experts in agriculture technologies, such as hydroponics,

4. Page 4 of 8
among others. The Chairman said, “We are also considering
going into the agriculture type production, as well as industrial,
but that’s still in the initial discussions. The facilities would be
farms, as well as the production of some vegetables. But we are
now trying to solicit some partner institutions for the proper
technology to be used because we don’t want to go back 100
years ago. We are looking at people and countries that have
experience in these fields; hopefully we could announce it at the
proper time.” Al-Khater added, “UDCD’s business strategy
remains focused on creating opportunities and partnerships,
achieving growth, minimizing risks, and sustaining progress.
UDCD also stands committed to the continued improvement of
the community services that support The Pearl-Qatar, while
nurturing developments and partnerships that further
contribute to Qatar’s economic diversification, in line with
Qatar National Vision 2030.” (Gulf-Times.com)
 Qatar looks to worldwide growth in LNG, says Al-Kaabi – Qatar
is firm in its plans to expand its Liquefied Natural Gas (LNG)
industry to global markets, according to HE the Minister of
State for Energy Affairs, Saad bin Sherida Al-Kaabi. “Natural
gas remains the cleanest and most environmentally friendly
fossil fuel and it will dominate the future of energy,” Al-Kaabi
said. Al-Kaabi, who is also President and CEO of Qatar
Petroleum, visited GU-Q to discuss the future of Qatar’s energy
sector, including the decision to withdraw from OPEC, and
plans to increase annual capacity, explore untapped markets,
and acquire new gas fields. “We are blessed to have a lot of gas
and we are looking at worldwide growth and economic gains
through increased capacity and a larger market share. We are in
the right business,” Al-Kaabi pointed out. (Gulf-Times.com)
 Ooredoo accelerates 5G transformation with Artificial
Intelligence in MENA and South East Asia – Ooredoo Group
announced at the Mobile World Congress that it is accelerating
its 5G network transformation across the MENA region and
South East Asia with Artificial Intelligence (AI) solutions from
P.I. Works. Following the successful deployment of P.I. Works’
Centralised Self-Organising Network (C-SON) solutions in
Indonesia and Myanmar, which delivered strong results in
optimizing network efficiency and costs in a short amount of
time, Ooredoo Group has rolled out the technology across all
operations. With the roll-out, hundreds of millions of Ooredoo
customers in the company’s operations in Middle East, North
Africa, and South East Asia are now experiencing significantly
enhanced network coverage and connectivity, more advanced
mobile apps, enhanced capacity during mega-events, and the
enablement of 5G-based Internet of Things (IoT) innovations.
Moreover, Ooredoo announced a new partnership with Google
to become the MENA region’s first telecommunications
company to launch a data plan management system. (Gulf-
Times.com, Qatar Tribune)
 Al-Baker calls for increased liberalization of African aviation
market – Qatar Airways group’s CEO, HE Akbar Al-Baker has
highlighted the need for a global repositioning of Africa’s
aviation industry as well as the changing political approach to
aviation in the region at the Aviation Africa Summit &
Exhibition, now taking place at Kigali, Rwanda. Speaking to an
audience that included the President of the Republic of Rwanda,
Paul Kagame as well as senior ministers, aviation industry
executives and guests of honor, Al-Baker addressed the need for
liberalization of aviation regulations in Africa to bring improved
connectivity to travelers, as well as significant benefits in
trade, tourism and employment. Al-Baker noted that although
Africa makes up 16% of the world’s population, it only captures
approximately 3.1% of the world’s air travelers. (Gulf-
Times.com)
 Semi-government firms can process visas at centers abroad –
The Visa Support Services Department at the General
Directorate of Passports organized a seminar for semi-
governmental companies to introduce their work visa
procedures through Qatar Visa Centers abroad. During the
seminar, Major General Abdullah Khalifa Al Mohannadi,
Director of Visa Support Services Department, provided an
explanation to the representatives of the semi-governmental
companies about the Qatar Visa Center abroad and the
procedures related to recruitment. He also said that the QVCs
abroad, come within the framework of the keenness of Qatar to
protect the rights of expatriates and facilitate their work
procedures in a simplified and effective manner. (Peninsula
Qatar)
 QETF discloses its financial statements for the year 2018 –
Qatar Exchange Traded Fund (QETF) disclosed its financial
statements for the period from February 12, 2018 to December
31, 2018. The statements showed that the net asset value as of
December 31, 2018 amounted to QR364,278,852 representing
QR101.93 per unit. In addition, QETF is expected to pay
dividends during the second quarter of 2019. (QSE)
 Milaha to hold its AGM and EGM on March 18, 2019 – Qatar
Navigation’s (Milaha) board of directors invited its
shareholders to attend the AGM and EGM of the company to be
held on March 18, 2019. In case of lack of quorum, the next
meeting will be held on March 24, 2019. (QSE)
 Qatar Stock Exchange announces official holiday on March 3,
2019 – In implementation of the council of minister’s decision
No.(33) of 2009 in respect to the state’s official holidays,
considering the first Sunday of March every year as an official
holiday to Qatar Central Bank, Banks and Financial Institution
regulated by Qatar Central Bank and Qatar Financial Markets
Authority and Qatar Stock Exchange.(QSE)
International
 The global economy may have bottomed out already, Goldman
says – The global economy may have already bottomed out,
according to Goldman Sachs Group’s (Goldman) Chief
Economist, Jan Hatzius. While growth remains soft, Goldman’s
current activity indicator in February is slightly above the
downwardly-revised December and January numbers. "Some
green shoots are emerging that suggest that sequential growth
will pick up from here," Hatzius and Sven Jari Stehn wrote in a
note dated February 26. Still, the risk to Goldman’s global GDP
forecast of 3.5% for 2019 is probably still on the downside. The
case for a pickup from the current pace is strongest in the US as
the drag from a tightening of financial conditions eases,
according to Hatzius. Goldman also sees tentative signs of a
turnaround in Chinese growth. That’s in line with Bloomberg’s
snapshot of early indicators of activity. (Bloomberg)
 US goods trade deficit deteriorates; factory orders edge up – The
US goods trade deficit widened sharply in December as slowing

5. Page 5 of 8
global demand and a strong Dollar weighed on exports, another
sign that economic growth slowed in the fourth quarter. Other
data from the Commerce Department showed new orders for
US-made goods barely rose in December and business spending
on equipment was much weaker than previously thought,
pointing to a softening in manufacturing activity. The reports,
which added to weak December data on retail sales and housing
starts, could prompt economists to cut fourth-quarter GDP
estimates. However some of the drag on growth from the goods
trade gap and weak business spending on equipment could be
offset by a strong increase in inventories in December. The
goods trade deficit jumped 12.8% to $79.5bn in December,
boosted also by an increase in imports. Exports fell 2.8% amid
steep declines in shipments of foods, industrial supplies and
capital goods. Imports increased 2.4% driven by food and
capital and consumer goods. Retail inventories increased 0.9%
in December after falling 0.4% in the prior month. In another
report, the Commerce Department stated factory goods orders
edged up 0.1% in December amid declining demand for
machinery and electrical equipment, appliances and
components. Data for November was revised slightly up to
show factory orders falling 0.5% instead of the previously
reported 0.6% drop. Economists polled by Reuters had
forecasted factory orders rising 0.5% in December. (Reuters)
 US Trade Chief sees long-term China challenges, continued
tariff threat – The US will need to maintain the threat of
imposing tariffs on Chinese goods for years even if Washington
and Beijing strike a deal to end a costly trade war, US Trade
Representative, Robert Lighthizer told lawmakers. The US and
China still have hard work ahead to secure a pact not only to
end the dispute, but to ensure any agreements are met, the top
US trade negotiator told the House Ways and Means Committee
at a hearing on US-China issues. In his first public comments
since President Donald Trump delayed a deadline to more than
double tariffs on $200bn in Chinese goods, Lighthizer detailed a
long road ahead to overhaul trade dealings between the world’s
two biggest economies. “The reality is this is a challenge that
will go on for a long, long time,” Lighthizer said. He earlier said
he “is not foolish enough” to believe that a single negotiation
will change the increasingly sour bilateral trade relationship.
(Reuters)
 UK approved to rejoin $1.7tn WTO procurement deal – The UK
won approval to remain in a key World Trade Organization
(WTO) agreement that governs $1.7tn worth of annual public
procurement opportunities. A group of 46 nations, including the
US and Japan, has agreed to let Britain stay in the Government
Procurement Agreement, according to a WTO statement.
Maintaining membership ensures that UK-based contractors
will retain their preferential access to foreign public
procurement opportunities if Britain leaves the European Union
without a withdrawal accord. It also ensures that the GPA’s
signatories will continue to have access to the UK’s $89bn
public procurement marketplace in the case of a no-deal Brexit.
“The agreement is another huge step in the UK establishing
itself as an independent WTO member, continuing to bang the
drum for free trade and UK business,” British International
Trade’s Secretary, Liam Fox said. (Bloomberg)
 UK’s consumer morale edges up from five-year low as Brexit
uncertainty persists – British households are showing amazing
stoicism as the country heads for Brexit, a market research
company stated as its measure of consumer confidence edged
up in February. The GfK consumer confidence index rose to -13
from -14 in January. Economists taking part in a Reuters poll
had expected a slight fall to -15. January’s reading was the joint
lowest since July 2013, but GfK stated consumer confidence
was not showing the kind of slide seen after the June 2016
Brexit referendum or at the start of the global financial crisis a
decade ago. (Reuters)
 Eurozone’s sentiment dips to new two-year low in February –
Eurozone’s economic sentiment dipped for an eighth
consecutive month to a new two-year low in February as
managers in industry became more downbeat about
inventories, order books and production expectations.
Eurozone’s economic sentiment slipped to 106.1 points in
February from an upwardly revised 106.3 in January, the
European Commission stated, marking the lowest level since
November 2016. Economists polled by Reuters had expected a
slightly sharper decline to 106.0. The survey adds to evidence
that economic prospects of the 19-member Eurozone for the
start of 2019 are muted after only modest growth of 0.2% QoQ
in the third and fourth quarters of 2018. Sentiment in industry
fell for a third consecutive month to -0.4 points in February
from 0.6 points in January, well below market expectations of
0.1. By contrast, sentiment in services, a sector which produces
two thirds of the Eurozone GDP, picked up to 12.1 from 11.0 in
January, against expectations that it would be unchanged,
although the chief cause for the improvement was the past
business situation. The mood of consumers also picked in
February up to -7.4 after January’s -7.9, while sentiment in
retail trade was less gloomy at -1.6 points in February from -2.1
in January. A separate business climate indicator, which helps
point to the phase of the business cycle, was unchanged in
February at 0.69, above the 0.60 average forecast in the Reuters
poll. For January and February, this was the lowest reading
since January 2017. (Reuters)
 Eurozone’s core inflation edges higher in January – Eurozone
headline consumer inflation slowed slightly in January because
of a sharp deceleration of energy price growth, but core
inflation watched closely by the European Central Bank in
policy decisions edged slightly higher, data showed. The
European Union’s statistics office Eurostat stated consumer
prices in the 19 countries sharing the Euro fell 1.0% MoM in
January for a 1.4% YoY rise, in line with previous estimates and
market expectations. Energy prices, which fell 0.9% on the
month and were 2.7% higher than in January 2018, has slowed
sharply from a 5.5% YoY growth in December and 9.1%
increase in November. Eurostat stated the biggest upward push
for consumer prices came from services, which contributed 0.7
percentage points to the overall YoY result, followed by food,
alcohol and tobacco with 0.36 points and energy with 0.26
percentage points. (Reuters)
 Eurozone’s business lending growth slows sharply – Corporate
lending growth in the Eurozone plunged last month, European
Central Bank (ECB) data showed, giving policymakers yet
another reason to provide banks with a fresh liquidity facility.

6. Page 6 of 8
Corporate lending expanded by 3.3% in January, well below
December’s 3.9% reading and its post-crisis peak of 4.3% hit in
September. Credit growth to households meanwhile held steady
at 3.2%, the ECB data showed. The ECB last month warned that
the growth outlook is deteriorating quickly, suggesting that the
bloc’s biggest slowdown in half a decade may be longer and
deeper than feared. The annual growth rate of the M3 measure
of money supply, which often foreshadows future activity,
slowed to 3.8% from 4.1% in December, below market
expectations for 4.0%. (Reuters)
 Japan's factory output falls by most in a year as China demand
slumps – Japan’s factory output posted the biggest decline in a
year in January in a sign slowing Chinese demand and the Sino-
US trade war were taking a toll on the country’s manufacturing
sector, a major driver of economic growth. Adding to the gloom,
retail sales in January fell short of economists’ forecast, slowing
sharply from the previous month and dashing hopes that
domestic demand may offset weakening external demand. The
batch of weak data reinforces policymakers’ concerns that
sluggish output will hit growth in the world’s third-largest
economy, with exporters curbing shipments and manufacturers
halting production as the Sino-US tariff war hits trade with
China. The 3.7% fall in output, which closely tracks broader
economic growth, was bigger than the median market forecast
for a 2.5% drop and marked the third straight month of
contraction. (Reuters)
 China’s February factory activity shrinks for third straight
month, misses forecast – Factory activity in China shrank for
the third straight month in February, with its official
manufacturing gauge falling to a three-year low, highlighting
deepening cracks in an economy facing persistently weak
demand at home and abroad. The official Purchasing Manager’s
Index (PMI) fell to 49.2 in February, data showed, the weakest
level since February 2016. The 50-point index mark separates
expansion from contraction on a monthly basis. Analysts
surveyed by Reuters had forecasted the PMI to come in at 49.5,
unchanged from January. Economic growth in China cooled to
its weakest in almost three decades in 2018, and analysts
expect a further softening in coming months before stimulus
measures start to kick in. Many fear a sharper slowdown in the
world’s second-biggest economy if current Sino-US trade talks
fail and the dispute escalates. (Reuters)
 China's services activity cools in February – Growth in China’s
services industry slowed in February after rebounding for two
straight months, an official survey showed, and analysts expect
further weakness this year as a slowing economy makes
consumers more cautious about spending. The official non-
manufacturing Purchasing Managers’ Index (PMI) fell to 54.3 in
February from 54.7 in January, but still well above the 50-point
mark that separates growth from contraction. The fast-growing
services sector accounts for more than half of China’s economy,
and has helped buffer the impact of slowing manufacturing.
Factory activity has contracted for three straight months.
However services activity softened late last year amid a cooling
property market and faltering consumer demand for products
from cars to mobile phones. (Reuters)
Regional
 Saudi Aramco adds Goldman Sachs as book runner for planned
bond – Saudi Aramco has added Goldman Sachs as a book
runner for a planned bond which will help finance its purchase
of a stake in Saudi Arabian Basic Industries Corp (SABIC),
sources said. Saudi Aramco had already picked a group of banks
including JPMorgan, Morgan Stanley, Citi, HSBC and Saudi
Arabia’s National Commercial Bank (NCB) to help with the
financing. JPMorgan and Morgan Stanley were appointed as
joint global coordinators and, together with the other banks,
joint book runners. (Reuters)
 Saudi Arabian bourse reforms small-cap market before index
promotion – Saudi Arabian stock exchange (Tadawul) is making
changes to its platform for trading in small- and medium-size
companies, just before the country’s inclusion in major
emerging-market benchmarks. The Tadawul aims to increase
the number of listed companies in the segment and improve
liquidity in trading, according to a statement. The changes
include allowing companies to list without an initial public
offering (IPO) and by reducing trade thresholds. Changes to
Nomu, as the platform started in 2017 is known, are among
reforms adopted by the $530bn bourse to better align itself with
international markets and open up to foreign investors. FTSE
Russell and MSCI Inc. had announced the inclusion of the
Kingdom in their emerging-market benchmarks last year, with
the upgrade happening over several tranches, starting next
month. Investors and analysts expect billions of Dollars in
inflows as a result. The changes to Nomu are expected in the
first and second quarter. They include: i) Requirements for
issuers to report financial earnings on a six-month basis instead
of quarterly based reporting, ii) Developing a process for issuers
to transition from the parallel market to the main market,
increasing investor access by applying a minimum liquidity
threshold, iii) Reducing trade thresholds and introducing the
Nomu Capped Index, iv) Allowing closed-ended funds and real-
estate investment trusts (REITs) to list on Nomu, and v)
Introducing volatility guards and independent research.
(Bloomberg)
 EDB sets final price guidance for debut Dollar bond – Emirates
Development Bank (EDB), owned by the UAE federal
government, has set the final price guidance for its $750mn
Dollar bond issue at 98 basis points over mid swaps, a document
issued by one of the banks leading the deal showed. Orders for
the five-year senior unsecured bonds, EDB’s debut Dollar issue,
totaled almost $3.5bn. Emirates NBD Capital and Standard
Chartered Bank are coordinating the sale. EDB is rated ‘AA-’
(minus) by Fitch. The pricing for the issue has been revised
from earlier guidance of around 130 basis points over mid-
swaps. (Reuters)
 ADNOC and Korea's SK E&C to build world's largest oil storage
facility – Abu Dhabi National Oil Company (ADNOC) has signed
a deal with South Korea’s SK E&C to build the world’s largest
underground oil storage facility, at a cost of $1.2bn, in the
Emirate of Fujairah. Abu Dhabi’s Crown Prince, Mohammed bin
Zayed Al-Nahyan said that the storage project will have a
capacity of 42mn barrels. UAE’s Minister of State and ADNOC
Group CEO, Sultan Ahmed Al Jaber said, “Developing this
strategic oil storage mega facility will also support and further

7. Page 7 of 8
enable our broader trading ambitions, strengthening our ability
to respond efficiently and competitively to the needs of our
customers.” In January, ADNOC established a new trading
venture with Italy’s ENI and Austria’s OMV that is expected to
expand its trading markets. When complete in 2022, the
ADNOC Fujairah Underground Storage facility will be able to
store three different types of crude oil, providing ADNOC with
increased flexibility to export crude through Fujairah’s Arabian
Sea oil terminal, ADNOC stated. (Reuters)
 Aldar Investments acquires two properties in $327mn deal –
Aldar Investments, a subsidiary of Aldar Properties, stated that
it has acquired full ownership of Etihad Plaza and Etihad
Airways Centre for $327mn. Three properties - Etihad Plaza,
Etihad Airways Centre and Etihad Airways headquarters - had
previously been held in three, fifty-fifty joint ventures between
Aldar Properties and Etihad. Now, Etihad will take 100%
ownership of Etihad Airways HQ, while the other two
properties will be under the ownership of Aldar Investments,
Aldar stated. As part of the deal, Aldar will assume existing
debt within the Etihad Plaza and Etihad Airways Centre joint
ventures in line with Aldar Investments’ debt policy to hold
35%-40% loan to value. The deal is expected to be completed in
the second quarter of 2019. The deal adds 789 residential units,
17,940 square meters net leasable area (NLA) of office space
and 11,000 square meters, NLA of retail space to Aldar
Investments’ portfolio. The full ownership of these assets will
enable Aldar Investments to recognize annualized annual net
operating income of AED0.1bn, it stated. Aldar Investments
also stated that it has appointed Jassem Busaibe as CEO of the
company. (Reuters)
 Bahrain will reduce expenditure, increase revenue – Bahrain is
looking at reducing expenditure while increasing revenues and
will tap the market for financing needs on an opportunistic
basis, the Finance Minister, Sheikh Salman bin Khalifa Al
Khalifa said. He said that the Gulf Arab island state has a clear
medium-term fiscal balance plan that it can support thanks to a
five-year $10bn Gulf aid package. “We need to ensure three
things: that there is a reduction of operational expenditure, an
increase of revenues - non-oil revenues in particular - and
ensuring all our spending on subsidies is directed towards
citizens,” he said. The aid package pledged by Saudi Arabia, the
UAE and Kuwait covers a major part of the financing
requirement for the fiscal balance plan. “We will be going to the
markets for the rest of that financing. We will be
opportunistic,” he added. (Reuters)
 Bahrain sells BHD35mn 182-day bills; bid-cover at 4.49x –
Bahrain sold BHD35mn of bills due on September 1, 2019.
Investors offered to buy 4.49 times the amount of securities
sold. The bills were sold at a price of 97.895, having a yield of
4.25% and will settle on March 3, 2019. (Bloomberg)
 Bahrain sells BHD100mn 364-day bills; bid-cover at 3.27x –
Bahrain sold BHD100mn of bills due on February 27, 2020 on
February 26. Investors offered to buy 3.27 times the amount of
securities sold. The bills were sold at a price of 95.447, having a
yield of 4.72% and will settle on February 28, 2019. (Bloomberg)

8. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mehmet.aksoy@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNB FS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
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Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
QSEIndex S&PPanArab S&PGCC
0.2%
(1.2%)
0.0%
0.3%
0.6%
0.2%
(0.3%)
(1.5%)
(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 1,319.85 (0.7) (0.6) 2.9 MSCI World Index 2,092.12 0.0 0.2 11.1
Silver/Ounce 15.74 (1.2) (1.1) 1.6 DJ Industrial 25,985.16 (0.3) (0.2) 11.4
Crude Oil (Brent)/Barrel (FM Future) 66.39 1.8 (1.1) 23.4 S&P 500 2,792.38 (0.1) (0.0) 11.4
Crude Oil (WTI)/Barrel (FM Future) 56.94 2.6 (0.6) 25.4 NASDAQ 100 7,554.51 0.1 0.4 13.9
Natural Gas (Henry Hub)/MMBtu 2.89 (3.0) 5.5 (11.1) STOXX 600 372.58 (0.4) 0.6 9.5
LPG Propane (Arab Gulf)/Ton 69.50 0.4 (3.1) 8.6 DAX 11,487.33 (0.6) 0.5 8.1
LPG Butane (Arab Gulf)/Ton 76.00 (2.6) (6.6) 9.4 FTSE 100 7,107.20 (0.2) 0.8 10.2
Euro 1.14 (0.2) 0.3 (0.8) CAC 40 5,225.35 (0.4) 0.4 9.7
Yen 111.00 0.4 0.3 1.2 Nikkei 21,556.51 0.3 0.3 7.2
GBP 1.33 0.4 2.0 4.4 MSCI EM 1,061.26 (0.3) 0.2 9.9
CHF 1.00 (0.2) (0.1) (2.0) SHANGHAI SE Composite 2,953.82 0.6 5.8 21.8
AUD 0.71 (0.7) 0.1 1.3 HANG SENG 28,757.44 (0.1) (0.2) 11.0
USD Index 96.15 0.2 (0.4) (0.0) BSE SENSEX 35,905.43 (0.4) (0.1) (2.5)
RUB 65.78 0.1 0.6 (5.6) Bovespa 97,307.31 0.6 (0.4) 15.1
BRL 0.27 0.5 0.5 4.1 RTS 1,191.01 (0.2) (0.6) 11.4
98.1
91.9
78.8