The QSE Index declined 0.4% with losses led by the Transportation and Insurance indices. Qatar General Insurance and Ahli Bank were the top losers falling 7.0% and 5.5% respectively. Meanwhile, Qatar Oman Investment Company gained 6.6%. Regionally, indices were mixed with Saudi Arabia up 0.2% while Dubai fell 0.6% and Abu Dhabi declined 0.4%. Earnings news included Masraf Al Rayan posting a 7% rise in net profit for 4Q2018 and recommending a dividend of QR2 per share.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.4% to close at 10,722.1. Losses were led by the
Transportation and Insurance indices, falling 2.2% and 1.7%, respectively. Top losers
were Qatar General Insurance & Reinsurance Company and Ahli Bank, falling 7.0%
and 5.5%, respectively. Among the top gainers, Qatar Oman Investment Company
gained 6.6%, while Qatar Islamic Insurance Company was up 2.3%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.2% to close at 8,402.0. Gains were led by the
Telecom. Services and Banks indices, rising 1.5% and 1.1%, respectively. Mobile
Telecom. Company Saudi Arabia rose 7.4%, while Samba Fin. Group was up 2.9%.
Dubai: The DFM General Index declined 0.6% to close at 2,498.8. The Consumer
Staples & Disc. index fell 1.7%, while the Real Estate & Const. index declined 1.3%.
Almadina for Fin. and Investment fell 5.4% while Damac Properties Dubai fell 4.1%.
Abu Dhabi: The ADX General index fell 0.4% to close at 4,955.7. The Real Estate
index declined 1.0%, while the Insurance index fell 0.6%. Methaq Takaful Insurance
Compnay declined 7.1%, while International Holdings Company was down 4.5%.
Kuwait: The Kuwait Main Market Index rose 0.1% to close at 4,807.9. The Basic
Materials index gained 1.2%, while Consumer Services index rose 0.9%. Al-
Massaleh Real Estate gained 9.0%, while Real Estate Trade Centers was up 6.1%.
Oman: The MSM 30 Index fell 0.6% to close at 4,179.1. Losses were led by the
Services index, falling 0.9%, while the Financial index declined 0.5%. Shell Oman
Marketing fell 6.1% while United Power was down 3.9%.
Bahrain: The BHB Index gained 0.2% to close at 1,349.9. The Commercial Bank
Index gained 0.5% while the Services index gained 0.1%. Seef Properties rose 1.0%,
while National Bank of Bahrain was up 0.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Oman Investment Company 6.50 6.6 479.5 21.7
Qatar Islamic Insurance Company 57.00 2.3 0.2 6.1
Ezdan Holding Group 14.94 1.1 165.0 15.1
Widam Food Company 76.20 0.9 6.7 8.9
Vodafone Qatar 8.17 0.2 93.5 4.6
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Al Khalij Commercial Bank 11.79 (1.8) 1,131.1 2.2
Qatar Aluminium Manufacturing 12.32 (0.6) 962.6 (7.7)
Masraf Al Rayan 41.79 0.1 651.4 0.3
Doha Bank 21.80 (0.3) 551.1 (1.8)
Qatar Oman Investment Company 6.50 6.6 479.5 21.7
Market Indicators 21 Jan 19 20 Jan 19 %Chg.
Value Traded (QR mn) 252.7 169.0 49.6
Exch. Market Cap. (QR mn) 614,901.9 617,048.9 (0.3)
Volume (mn) 7.6 7.8 (2.0)
Number of Transactions 5,661 4,512 25.5
Companies Traded 44 43 2.3
Market Breadth 10:31 20:20 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,891.23 (0.4) (0.6) 4.1 15.7
All Share Index 3,230.04 (0.3) (0.3) 4.9 16.2
Banks 3,916.54 0.0 (0.1) 2.2 14.5
Industrials 3,427.61 (0.7) (1.0) 6.6 16.3
Transportation 2,199.64 (2.2) (2.4) 6.8 12.7
Real Estate 2,410.86 0.7 1.7 10.2 21.7
Insurance 3,218.12 (1.7) (2.1) 7.0 19.2
Telecoms 1,012.21 (0.1) (0.6) 2.5 41.0
Consumer 7,151.68 (0.9) (1.2) 5.9 14.6
Al Rayan Islamic Index 4,085.91 (0.4) (0.5) 5.2 15.8
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Mobile Telecom. Co. Saudi Arabia 9.48 7.4 14,791.5 14.6
Samba Financial Group Saudi Arabia 36.65 2.9 1,507.1 16.7
Banque Saudi Fransi Saudi Arabia 37.90 2.7 524.0 20.7
Almarai Co. Saudi Arabia 53.90 2.5 542.4 12.3
Saudi British Bank Saudi Arabia 38.00 2.2 246.3 16.4
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Shell Oman Marketing Co. Oman 1.30 (6.1) 530.2 (12.5)
Saudi Kayan Petrochem. Saudi Arabia 13.42 (5.4) 33,305.7 1.7
DAMAC Properties Dubai 1.16 (4.1) 4,624.3 (23.2)
VIVA Kuwait Telecom Co. Kuwait 0.82 (3.8) 27.9 2.6
Sahara Petrochemical Co. Saudi Arabia 15.58 (3.5) 2,710.8 3.0
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%
Qatar General Ins. & Reins. Co. 44.60 (7.0) 5.0 (0.6)
Ahli Bank 31.00 (5.5) 45.4 10.7
Islamic Holding Group 21.10 (3.7) 30.2 (3.4)
Qatar Navigation 68.55 (2.8) 29.8 3.8
Qatar Gas Transport Company 19.21 (2.0) 246.0 7.1
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 197.99 0.0 46,415.1 1.5
Masraf Al Rayan 41.79 0.1 27,171.5 0.3
Qatar Islamic Bank 158.00 0.0 22,688.0 3.9
Barwa Real Estate Company 40.00 0.1 16,823.4 0.2
Al Khalij Commercial Bank 11.79 (1.8) 13,201.3 2.2
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* 10,722.14 (0.4) (0.6) 4.1 4.1 69.26 168,913.5 15.7 1.6 4.1
Dubai 2,498.82 (0.6) (0.7) (1.2) (1.2) 30.24 92,213.3 7.5 0.9 7.3
Abu Dhabi 4,955.74 (0.4) (0.6) 0.8 0.8 54.48 135,465.0 13.3 1.4 4.9
Saudi Arabia 8,402.04 0.2 (0.5) 7.4 7.4 996.69 531,230.0 18.1 1.9 3.4
Kuwait 4,807.92 0.1 0.3 1.5 1.5 60.26 33,217.6 16.9 0.8 4.3
Oman 4,179.08 (0.6) (1.4) (3.3) (3.3) 5.24 18,159.1 8.3 0.7 6.2
Bahrain 1,349.86 0.2 0.6 0.9 0.9 11.45 20,597.3 8.8 0.8 6.0
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,700
10,720
10,740
10,760
10,780
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 0.4% to close at 10,722.1. The Transportation
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.
 Qatar General Insurance & Reinsurance Company and Ahli Bank were
the top losers, falling 7.0% and 5.5%, respectively. Among the top
gainers, Qatar Oman Investment Company gained 6.6%, while Qatar
Islamic Insurance Company was up 2.3%.
 Volume of shares traded on Monday fell by 2% to 7.6mn from 7.8mn on
Sunday. However, as compared to the 30-day moving average of 7.3mn,
volume for the day was 4.9% higher. Al Khalij Commercial Bank and
Qatar Aluminium Manufacturing Company were the most active stocks,
contributing 14.8% and 12.6% 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)
4Q2018
% Change
YoY
Operating Profit
(mn) 4Q2018
% Change
YoY
Net Profit
(mn) 4Q2018
% Change
YoY
Saudi Kayan Petrochemical Co. * Saudi Arabia SR 12,263.2 22.8% 2,660.6 63.2% 1,702.2 154.8%
Saudi Steel Pipe Co.* Saudi Arabia SR 646.2 -7.2% -49.1 – -166.7 –
Saudi Arabian Fertilizer Co.* Saudi Arabia SR 3,859.8 39.9% 1,692.2 105.2% 1,738.4 97.9%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
01/21 Germany German Federal Statistical Off PPI MoM December -0.40% -0.10% 0.10%
01/21 Germany German Federal Statistical Off PPI YoY December 2.70% 2.90% 3.30%
01/21 China National Bureau of Statistics Industrial Production YoY December 5.70% 5.30% 5.40%
01/21 China National Bureau of Statistics Industrial Production YTD YoY December 6.20% 6.20% 6.30%
01/21 China National Bureau of Statistics GDP YoY 4Q 6.40% 6.40% 6.50%
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
QNCD Qatar National Cement Company 23-Jan-19 1 Due
NLCS Alijarah Holding 24-Jan-19 2 Due
DHBK Doha Bank 27-Jan-19 5 Due
WDAM Widam Food Company 27-Jan-19 5 Due
QIIK Qatar International Islamic Bank 27-Jan-19 5 Due
IHGS Islamic Holding Group 28-Jan-19 6 Due
MCGS Medicare Group 30-Jan-19 8 Due
QIGD Qatari Investors Group 30-Jan-19 8 Due
QATI Qatar Insurance Company 3-Feb-19 12 Due
CBQK The Commercial Bank 4-Feb-19 13 Due
UDCD United Development Company 6-Feb-19 15 Due
QEWS Qatar Electricity & Water Company 10-Feb-19 19 Due
QIMD Qatar Industrial Manufacturing Company 10-Feb-19 19 Due
DOHI Doha Insurance Group 13-Feb-19 22 Due
ORDS Ooredoo 13-Feb-19 22 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 20.97% 35.67% (37,158,699.51)
Qatari Institutions 13.63% 16.59% (7,471,563.82)
Qatari 34.60% 52.26% (44,630,263.33)
GCC Individuals 0.82% 0.86% (102,207.20)
GCC Institutions 4.07% 9.51% (13,727,399.42)
GCC 4.89% 10.37% (13,829,606.62)
Non-Qatari Individuals 6.33% 8.24% (4,833,298.96)
Non-Qatari Institutions 54.17% 29.13% 63,293,168.91
Non-Qatari 60.50% 37.37% 58,459,869.95

3. Page 3 of 7
News
Qatar
 MARK posts ~7% YoY increase (~12% QoQ decline) in net profit
in 4Q2018, in-line with our estimate; Announces DPS QR2.00 –
Masraf Al Rayan's (MARK) net profit rose ~7% YoY (but
declined ~12% on QoQ basis) to ~QR498mn in 4Q2018, in line
with our estimate of QR497mn. EPS increased to QR2.841 in
FY2018 from QR2.704 in FY2017. In FY2018, MARK posted a
net profit of QR2.13bn as compared to QR2.03bn in FY2017. The
bank’s board of directors recommended a cash dividend
distribution of QR2 per share, in line with our estimate. MARK’s
CEO, Adel Mustafawi said that the “results achieved were
decent” with the increase in net profit. He said the bank’s total
assets reached QR97.2bn in December 2018 compared to
QR102.9bn in December 2017. Financing activities reached
QR72.1bn in end-2018 compared to QR72bn in December last
year, while investments amounted to QR19.5bn compared to
QR23.9bn. Customers' deposits totaled QR61.5bn in end-2018
compared to QR62.5bn in December 2017. Shareholders' equity
before distribution reached QR13.2bn compared to QR13.1bn in
December 2017. MARK stated its return on average assets
continues to be one of the highest in the market at 2.13%.
Return on average shareholders' equity of the bank, before
distribution, was 16.1%. Book value per share, before
distribution was QR17.7 compared to QR17.59 in December
2017. Capital adequacy ratio reached 19.23% compared to
19.32% in 2017. Non-performing financing (NPF) – analogous
to non-performing loans – ratio of 0.83% continues to be one of
the lowest in the banking industry, reflecting very strong and
prudent credit risk management policies and procedures.
Moody's Global Investors Services has reaffirmed the outlook
for MARK at ‘Stable’, and therefore, the current rating of MARK
is ‘A1 / Prime-1’ with a ‘Stable’ outlook. This rating reflects the
bank’s strong government-linked position in Qatar, its ability to
diversify sources of income, stability in asset quality and a low
NPF ratio. (QNBFS Research, QSE, Gulf-Times.com)
 UDCD opens nominations for its board membership – United
Development Company (UDCD) announced that the
nominations for its board membership will be opened for two
weeks starting from January 23, 2019 until February 5, 2019.
(QSE)
 Qatar to invest $500mn in Lebanese government bonds – Qatar
plans to invest $500mn in Lebanese government bonds to
support Lebanon's economy, HE the Deputy Prime Minister and
Minister of Foreign Affairs, Sheikh Mohamed Bin Abdulrahman
Al-Thani said. The decision was made after a meeting between
the HH the Amir Sheikh Tamim Bin Hamad Al-Thani and
Lebanese President, Michel Aoun in Beirut. In a statement to
Qatar News Agency, Sheikh Mohamed said the move will
strengthen the Lebanese economy, adding that Qatar has
always been committed to supporting Lebanese people in light
of the great challenges they face. (Gulf-Times.com)
 MEEZA, Vodafone Qatar renew partnership agreement for
another 10 years – MEEZA, Qatar’s prominent end-to-end
Managed IT Services & Solutions Provider, renewed its existing
contract with Vodafone Qatar to host the telecommunications
operator’s IT infrastructure in MEEZA’s state-of-the-art data
centers for another 10 years. Since Vodafone Qatar’s
establishment in 2008, MEEZA has been providing data suite, IT
equipment hosting and co-location services with tier three
service level agreements. (Qatar Tribune)
 Mali offers Qatar investment opportunities in infrastructure,
agriculture sectors – West African country, Mali has invited
Qatari investors to participate in major projects in the fields of
infrastructure and agriculture, private sector leader Qatar
Chamber announced. The Chamber’s First Vice Chairman,
Mohamed Bin Towar Al-Kuwari, held a meeting with a
delegation from Mali headed by Sedou Coulibaly, the President
of CIRA.SA and Vice President of the patronat of Mali, as well
as the Ambassador of the Republic of Mali to Qatar, Cheick
Ahmed Tidiany. During the meeting, Coulibaly delivered a
presentation on five investment projects in the fields of
infrastructure and agriculture, as well as other sectors.
Coulibaly called on Qatari investors to invest in these projects,
which include the development of a 550 kilometer road linking
Bamako and Senegal’s capital of Dakar with investments worth
EUR185mn. (Gulf-Times.com)
 Alfardan Properties close to unveiling iconic tower in Lusail –
Alfardan Properties, Qatar’s leading luxury real estate
developer known for its portfolio of products and services, is
months away from launching an iconic new tower in Marina
District, Lusail, the award-winning city of the future. Plans are
in place to present Burj Alfardan to the nation in 2Q2019,
according to a statement. Burj Alfardan fits into Qatar National
Vision 2030, which calls for prudent strategies and plans that
help to increase competition, attract more investments, and
stimulate growth in Qatar’s economy. (Gulf-Times.com)
 QFC’s CEO to represent ICC Qatar in Davos meeting – Qatar
Financial Centre’s (QFC) CEO, Yousuf Mohamed Al-Jaida will
represent the International Chamber of Commerce Qatar (ICC
Qatar) in an annual meeting that takes place within the World
Economic Forum (WEF) in Davos, Switzerland from January 22-
25. Al-Jaida will participate in the closed roundtable discussion
on international trade and climate, titled ‘Global Dialogue on
Trade’. (Gulf-Times.com)
International
 UNCTAD: Global FDI skids 19% on Trump tax reform, may
rebound in 2019 – Global foreign direct investment (FDI) fell
19% last year to an estimated $1.2tn, largely caused by US
President, Donald Trump’s tax reforms, the United Nations
trade and development agency, UNCTAD stated. FDI,
comprising cross-border mergers and acquisitions (M&A), intra-
company loans and investment in start-up projects abroad, is a
bellwether of globalization and a potential sign of growth of
corporate supply chains and future trade ties. However it can
also go into reverse as companies pull investments out of
foreign projects or repatriate earnings. The lowest net global
FDI since 2009 was the result of US firms repatriating $300bn or
more in accumulated earnings to take advantage of Trump’s tax
break. Net investment flows into Europe slumped by an
unprecedented 73% to $100bn, a level not seen since the 1990s,
as US firms pulled years of profits out of affiliates in Ireland,
Switzerland and elsewhere. UNCTAD Investment’s Chief,
James Zhan told reporters that US repatriation of profits had
slowed down and an FDI rebound was possible this year, but

4. Page 4 of 7
there were also growing risks. Zhan said, “It’s what we call the
potential trade-investment-technology war that will affect
global investment, and we see that the rising protectionist
measures of a number of countries and the prospects for global
economic growth are worsening.” The US remained the top
destination for FDI in 2018, attracting $226bn, 18% less than in
2017. Second was China, up 3% to $142bn, and third was
Britain, which saw 20% jump to $122bn, mainly due to a
doubling of reinvested earnings and a tripling in the value of
M&A deals. (Reuters)
 IMF fears trade war and weak Europe could trigger sharp global
slowdown – The International Monetary Fund (IMF) cut its
world economic growth forecasts for 2019 and 2020, due to
weakness in Europe and some emerging markets, and stated
failure to resolve trade tensions could further destabilize a
slowing global economy. In its second downgrade in three
months, the global lender also cited a bigger-than-expected
slowdown in China’s economy and a possible ‘No Deal’ Brexit as
risks to its outlook, saying these could worsen market
turbulence in financial markets. The IMF predicted the global
economy to grow at 3.5% in 2019 and 3.6% in 2020, down 0.2
and 0.1 percentage point respectively from last October’s
forecasts. The new forecasts, released on the eve of this week’s
gathering of world leaders and business executives in the Swiss
ski resort of Davos, show that policymakers may need to come
up with plans to deal with an end to years of solid global
growth. The downgrades reflected signs of weakness in Europe,
with its export powerhouse Germany hurt by new fuel emission
standards for cars and with Italy under market pressure due to
Rome’s recent budget standoff with the European Union.
Growth in the Eurozone is set to moderate from 1.8% in 2018 to
1.6% in 2019, 0.3 percentage point lower than projected three
months ago, IMF stated. IMF also cut its 2019 growth forecast
for developing countries to 4.5%, down 0.2 percentage points
from the previous projection and a slowdown from 4.7% in
2018. (Reuters)
 UK’s households gloomy for 2019, lower inflation eases near-
term worries – British households’ hopes for their finances over
the year ahead remain near a five-year low, due to growing
concern about job security ahead of Brexit, though easing
inflation pressures have offered some short-term cheer. IHS
Markit stated its monthly Household Finances Index picked up
to a three-month high in January, on the back of households’
perception that their living costs were rising at the slowest rate
since October 2016. The official measure of consumer price
inflation dropped to its lowest in nearly two years in December
at 2.1%. However, households’ expectations for their finances
over the year to come, when Britain is due to leave the
European Union, remained close to their lowest level since early
2014. (Reuters)
 Japan’s firms wary of boosting investment amid intensifying
trade war – Over a third of Japanese firms aim to raise capital
expenditure in the fiscal year starting April, with many others
worried about the impact on spending plans of a trade war
between major markets China and the US, a Reuters survey
showed. Tit-for-tat import tariffs and ensuing uncertainty have
started to drag on global growth and hurt Japanese firms,
particularly those with business in China. This has made many
nervous about corporate investment, which before the trade
war began last year had been a bright spot in Japan’s economy.
Some 52% of respondents said they would not change their
capital spending amounts next fiscal year versus this year,
whereas 12% said they would cut. Meanwhile, 22% planned to
increase investment, and 14% said they would do likewise, but
only moderately. (Reuters)
Regional
 MENA private equity set for another slow year despite positive
long-term outlook – As the private equity industry in the MENA
region closes a year of consolidation and slow fundraising in
2018, the alternative investment asset class is not expected to
record many transactions in 2019, either. Amidst rising interest
rates and tough global macro-economic conditions, corporate
governance-related concerns mean the industry is bracing for
more scrutiny by investors, according to analysts. However, the
rising potential of fintech in the GCC and a likely economic
recovery in both Saudi Arabia and the UAE are expected to give
the industry a much-needed boost, with long-term prospects of
the industry remaining positive, according to industry figures
who have spoken to Zawya. “Regarding the MENA PE industry
as a whole, we do not expect many more transactions (in 2019)
given the lack of dry powder and the scarcity of new funds
launched over the last few years,” Co-founder and CEO of Gulf
Capital, Karim El Solh said. According to Preqin, which tracks
data for alternative asset classes, there were 17 private equity-
backed buyout deals in MENA region in 2018, which was the
same number as in 2017, but considerably lower than
completion numbers in 2016, 2015, and 2014, when 32, 31, and
46 deals were completed, respectively. Yet aggregate deal
values jumped last year to $743mn, up from $350mn in 2017.
(Zawya)
 IMF: Oil prices to average below $60 in 2019 & 2020 –
International Monetary Fund (IMF) has projected average oil
prices just below $60 per barrel for 2019 and 2020 in its update,
World Economic Outlook (WEO). This is down from about $69
and $66, respectively, in the last WEO. Metals prices are
expected to decrease 7.4% YoY in 2019, a deeper decline than
anticipated last October, and to remain roughly unchanged in
2020. Price forecasts for most major agricultural commodities
have been revised modestly downwards. (Peninsula Qatar)
 BofA Merrill Lynch: Non-OPEC oil supply set to keep growing in
the medium term – Non-OPEC oil supply is set to keep growing
in the medium term, BofA Merrill Lynch stated in a research
report. Following the oil market collapse in 2014, long-dated
prices reset from $90 in the earlier part of the decade to around
$60 at the moment. The persistence of these lower prices has
led to a great reduction in the amount of capital deployed in
upstream oil and gas. As a reference, 2018 CAPEX is estimated
at only 60% of the 2013 peak, BofA Merrill Lynch stated. This
sharp reduction in spending has slowed down industry activity,
with new project FIDs (final investment decision) declining
steadily in OPEC and non-OPEC countries since the 2012 peak.
Even then, project complexity, financial woes, and poor
management have delayed some of the early decade FIDs. So
production from some of these projects will now be realized
over the next six years, helping drive non-OPEC supply higher,
BofA Merrill Lynch noted. (Gulf-Times.com)

5. Page 5 of 7
 NCB posts 8.8% YoY rise in net profit to SR10,667mn in FY2018
– The National Commercial Bank (NCB) recorded net profit of
SR10,667mn in FY2018, an increase of 8.8% YoY. Total
operating profit rose 3.2% YoY to SR18,927mn in FY2018. Total
revenue for special commissions/investments rose 7.8% YoY to
SR18,306mn in FY2018. Total assets stood at SR453.4bn at the
end of December 31, 2018 as compared to SR444.8bn at the end
of December 31, 2017. Loans and advances stood at SR265.3bn
(+6.5% YoY), while customer deposits stood at SR318.7bn
(+3.2% YoY) at the end of December 31, 2018. EPS came in at
SR3.44 in FY2018 as compared to SR3.16 in FY2017. (Tadawul)
 Fawaz Alhokair Group's mall unit files for IPO, offering in
2Q2019 – Saudi Arabia’s Fawaz Alhokair Group plans to offer
shares in its shopping malls business in Riyadh in the second
quarter of this year, according to sources. Arabian Centres
Company, which has applied for an IPO with the Capital Market
Authority, is eyeing a listing between April and June, sources
added. Saudi Arabia is encouraging more family-owned
companies to list in a bid to deepen capital markets under an
economic reform push aimed at reducing the Kingdom’s reliance
on oil revenues. The deal comes more than a year after Fawaz
Alhokair, a major shareholder in Fawaz Alhokair Group, became
the subject of an anti-graft probe by Saudi Arabian authorities
under which dozens of senior officials and businessmen were
detained at Riyadh’s Ritz Carlton Hotel in late 2017. Under the
deal, Arabian Centres Company is looking to sell 30% to
investors on the Tadawul. The group is working with US
investment banks Morgan Stanley and Moelis, and Saudi
Arabian investment banks Samba Financial Group, and
National Commercial Bank, sources added. (Reuters)
 Saudi Aramco, DEWA sign MoU to collaborate on power
management – Saudi Aramco and Dubai Electricity & Water
Authority (DEWA) have signed a memorandum of
understanding (MoU) to foster collaboration in power supply
and demand management, according to an emailed statement.
The MoU will also create framework to assess potential
collaborations, ventures in new energy and smart grid
applications and digital transformation. (Bloomberg)
 Saudi Arabia’s crude oil exports rise to 8.235mn bpd in
November – Saudi Arabia’s crude oil exports rose 6.9% to
8.235mn bpd in November from 7.701mn bpd in October,
representing a rise of 17.4% YoY. Saudi Arabia produced
11.093mn bpd of crude oil in November. Crude oil output rose
4.2% from 10.642mn bpd in October, representing a rise of
12.2% YoY. Refinery intake rose 0.7% to 2.836mn bpd in
November, representing a rise of 2.1% YoY. Use at non-
refineries such as power plants fell 1.5% to 0.328mn bpd in
November, representing a rise of 7.9% YoY. Closing stocks fell
by 9.162mn barrels to 208.218mn barrels in November. In
January-November, crude oil output grew 3.3% from same
period year ago to 3,435.862mn barrels. In January-November,
refinery intake grew 2.4% from the same period a year ago to
881.881mn barrels. In January-November, use of crude oil at
non-refineries fell by 13.1% from same period year ago to
138.456mn barrels. Saudi Arabia exported 2,452.327mn barrels
of crude oil in January-November, representing a rise of 5.5%
YoY. (Bloomberg)
 UAE billionaire's firm raises $470mn loan – Abu Dhabi’s Bin
Butti International Holdings LLC, which has investments
spanning logistics, travel and retail, raised almost $500mn in a
dual-tranche loan. The company, which is owned by billionaire
Nasser Butti Al Muhairi, raised a $471mn seven-year
syndicated loan through its Advance Facilities Management
unit, it stated. The funds were raised in Dollars and Dirhams.
Bin Butti International, which manages more than AED5bn of
assets, consolidated and increased its existing loan facilities
and extended maturities. Noor Bank was the lead arranger and
book runner for the loan. Emirates NBD, Commercial Bank of
Dubai, National Bank of Fujairah, Al Khaliji, United Arab Bank,
HSBC Holdings and United Bank Ltd. also participated in the
financing.“Expanding the repayment structure and matching
maturities with the future cash flows will help ease the
liquidity position," Chairman, Nasser Bin Butti said.
(Bloomberg)
 Mashreqbank posts 0.4% YoY rise in net profit to AED2060.2mn
in FY2018 – Mashreqbank recorded net profit of AED2,060.2mn
in FY2018, an increase of 0.4% YoY. Net interest income and
net income from Islamic products rose 1.8% YoY to
AED3,643.1mn in FY2018. Operating income fell 1.3% YoY to
AED5,938.3mn in FY2018. Total assets stood at AED139.9bn at
the end of December 31, 2018 as compared to AED125.2bn at
the end of December 31, 2017. Loans and advances measured at
amortized cost stood at AED56.4bn (+5.5% YoY), while
customers’ deposits stood at AED72.5bn (+4.5% YoY) at the end
of December 31, 2018. EPS came in at AED11.60 in FY2018 as
compared to AED11.56 in FY2017. (DFM)
 Dubai property developers put bond plans on hold – Dubai’s
Emaar Properties and state-owned developer Nakheel have put
plans to issue US Dollar-denominated bonds on hold, Emaar
Properties and sources familiar with the bond issues stated. The
firms had planned Dollar-denominated Sukuk and would have
had to pay a yield premium to attract enough investors due to
concerns about Dubai’s property price slide and emerging
market volatility, sources said. Dubai property prices have
fallen since a mid-2014 peak hurt by weaker oil prices and
muted sales, although the slide has not come close to the more
than 50% drop in 2009-2010, which pushed Dubai close to a
debt default. Residential prices fell 6% to 10% in 2018 and are
expected to drop 5% to 10% more this year, Savills stated. This
has hit earnings, with a 29% fall in Emaar Properties’ third
quarter last year and 68% drop at Dubai’s second-largest listed
developer DAMAC. The financial sources said that Emaar
Properties and Nakheel hired banks a few months ago to issue
Islamic bonds but shelved the plans. (Reuters)
 Aldar Properties waiting for right market conditions to IPO
investment unit – Aldar Properties is ready for a public offering
of its investments unit and is waiting for the right market
conditions, its CEO, Talal Al Dhiyebi said. “Today we are
market-ready. The question is when the market will be ready
for us,” he said. Abu Dhabi’s biggest developer in September
formed Aldar Investment Properties, with $5.4bn in revenue-
generating assets. The move followed Emaar Properties spin-off
of its development unit and listing on the stock market in
Dubai. (Bloomberg)

6. Page 6 of 7
 ADNOC to plan restart for damaged RFCC unit in February –
Abu Dhabi National Oil Company (ADNOC) plans to restart
production at a residue fluid catalytic cracker in early February,
according to sources. Commissioning now in progress after
earlier plan to restart unit in November was delayed by
technical problems. (Bloomberg)
 Kuwait’s budget to boost spending to spur growth – Kuwait
announced a state budget for the year ending on March 31,
2020, projecting a 4.7% rise in spending to KD22.5bn to drive
economic growth. Kuwait’s Finance Minister, Nayef Al-Hajraf
said that he expects the average oil price to range in between
$55 to $65 per barrel, higher than the projected $50 a barrel in
its last budget. The budget deficit in the new fiscal year was
projected at KD7.7bn after accounting for a deposit of 10% of
total revenue into the sovereign wealth fund. The deficit was
2.1% lower than the 2018-2019 budget, according to the budget
statement. (Reuters)
 Kuwait crude oil exports rise to 2.07mn bpd in November –
Kuwait’s oil exports rose 0.6% MoM from 2.058m bpd in October
to 2.07mn bpd in November, representing a rise of 2.2% YoY.
Kuwait produced 2.73mn bpd of crude oil in November. Crude
oil output fell 0.1% from 2.733mn bpd in October, representing a
rise of 0.9% YoY. Refinery intake fell 2.3% to 0.65mn bpd in
November, representing a fall of 4.4% YoY. In January-
November, crude oil output grew 3.3% from same period year
ago to 1,471.390mn barrels. In January-November, refinery
intake fell 1.1% from same period year ago to 224.066mn
barrels. Kuwait exported 683.3mn barrels of crude oil in
January-November, representing a rise of 1.9% YoY.
(Bloomberg)
 Bahrain sells BHD70mn 91-day bills; bid-cover at 1.15x –
Bahrain sold BHD70mn of bills due April 24. Investors offered to
buy 1.15 times the amount of securities sold. The bills were sold
at a price of 98.938, having a yield of 4.25% and will settle on
January 23. (Bloomberg)

7. 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
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market was closed on January 21, 2019) Source: Bloomberg (*$ adjusted returns,
#
Market was closed on January 21, 2019)
45.0
70.0
95.0
120.0
Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
QSE Index S&P Pan Arab S&P GCC
0.2%
(0.4%)
0.1% 0.2%
(0.6%)
(0.4%)
(0.6%)
(1.0%)
(0.5%)
0.0%
0.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,275.90 (0.5) (0.5) (0.5) MSCI World Index 2,000.77 0.0 0.0 6.2
Silver/Ounce 15.27 (0.5) (0.5) (1.5) DJ Industrial#
24,706.35 0.0 0.0 5.9
Crude Oil (Brent)/Barrel (FM Future) 62.74 0.1 0.1 16.6 S&P 500#
2,670.71 0.0 0.0 6.5
Crude Oil (WTI)/Barrel (FM Future)#
53.80 0.0 0.0 18.5 NASDAQ 100#
7,157.23 0.0 0.0 7.9
Natural Gas (Henry Hub)/MMBtu#
3.43 0.0 0.0 7.6 STOXX 600 356.36 (0.1) (0.1) 4.8
LPG Propane (Arab Gulf)/Ton#
68.75 0.0 0.0 8.3 DAX 11,136.20 (0.5) (0.5) 4.8
LPG Butane (Arab Gulf)/Ton#
67.12 0.0 0.0 (4.1) FTSE 100 6,970.59 0.1 0.1 4.8
Euro 1.14 0.0 0.0 (0.9) CAC 40 4,867.78 (0.1) (0.1) 2.1
Yen 109.67 (0.1) (0.1) (0.0) Nikkei 20,719.33 0.4 0.4 4.2
GBP 1.29 0.2 0.2 1.1 MSCI EM 1,018.45 0.0 0.0 5.5
CHF 1.00 (0.2) (0.2) (1.6) SHANGHAI SE Composite 2,610.51 0.3 0.3 5.9
AUD 0.72 (0.1) (0.1) 1.6 HANG SENG 27,196.54 0.4 0.4 5.1
USD Index#
96.34 0.0 0.0 0.2 BSE SENSEX 36,578.96 0.6 0.6 (0.7)
RUB 66.39 0.2 0.2 (4.8) Bovespa 96,009.77 0.1 0.1 12.5
BRL#
0.27 0.0 0.0 3.4 RTS 1,171.09 (0.5) (0.5) 9.6
87.5
83.0
79.4