The QSE Index declined 0.3% to close at 10,458.9. Losses were led by the Banks & Financial Services and Insurance indices, falling 0.9% and 0.2%, respectively.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.3% to close at 10,458.9. Losses were led by the Banks &
Financial Services and Insurance indices, falling 0.9% and 0.2%, respectively. Top
losers were Qatar Industrial Manufacturing Company and Qatar Oman Investment
Co., falling 2.0% and 1.8%, respectively. Among the top gainers, Qatari German Co.
for Medical Devices gained 7.9%, while Ezdan Holding Group was up 5.9%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.1% to close at 8,057.0. Gains were led by the
Real Estate Mgmt and Div. Financials indices, rising 1.9% and 0.5%, respectively.
Dar Alarkan Real Estate rose 4.4%, while Nama Chemicals Co. was up 3.7%.
Dubai: The DFM General Index declined 0.2% to close at 2,528.7. The
Transportation index fell 1.4%, while the Real Estate & Const. index declined 0.9%.
Dubai Islamic Ins. and Reins. Co fell 9.8% while Khaleeji Comm. Bank fell 7.5%.
Abu Dhabi: The ADX General index fell 0.1% to close at 4,927.1. The Consumer
Staples index declined 3.3%, while the Energy index fell 1.8%. Abu Dhabi National
Energy Company declined 9.2%, while AGTHIA Group was down 4.8%.
Kuwait: The Kuwait Main Market Index rose 0.2% to close at 4,773.9. The Consumer
Goods index gained 5.6%, while Consumer Services index rose 1.0%. Real Estate
Trade Centers Co. gained 19.1%, while International Resorts Co. was up 13.1%.
Oman: The MSM 30 Index fell marginally to close at 4,310.9. Losses were led by the
Industrial and Services indices, falling 0.4% and 0.2%, respectively. Al Madina
Investment fell 5.4%, while Sohar Power was down 4.4%.
Bahrain: The BHB Index gained 0.1% to close at 1,332.3. The Commercial Bank
index rose 0.8%, while the other indices remained flat or ended in the red. Ahli
United Bank rose 1.5%, while National Bank of Bahrain was up 0.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari German Co for Med. Devices 6.70 7.9 791.7 18.4
Ezdan Holding Group 15.03 5.9 836.0 15.8
Salam International Inv. Ltd. 5.10 4.5 333.3 17.8
Zad Holding Company 107.00 2.9 10.9 2.9
Qatari Investors Group 29.00 2.8 105.0 4.3
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 4.43 (0.2) 3,716.3 8.6
Investment Holding Group 5.41 2.5 2,239.3 10.6
Qatar Aluminium Manufacturing 13.13 (0.6) 2,112.1 (1.6)
Vodafone Qatar 8.27 1.5 1,841.5 5.9
United Development Company 15.33 1.5 1,630.9 3.9
Market Indicators 08 Jan 19 07 Jan 19 %Chg.
Value Traded (QR mn) 301.2 333.4 (9.7)
Exch. Market Cap. (QR mn) 602,173.9 601,977.1 0.0
Volume (mn) 17.8 18.5 (3.8)
Number of Transactions 7,849 8,590 (8.6)
Companies Traded 44 42 4.8
Market Breadth 23:19 33:8 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,427.33 (0.3) 1.0 1.6 15.5
All Share Index 3,171.04 0.3 2.4 3.0 16.0
Banks 3,859.71 (0.9) 0.8 0.7 14.5
Industrials 3,299.18 0.3 2.3 2.6 15.7
Transportation 2,120.70 (0.1) 2.4 3.0 12.3
Real Estate 2,401.61 3.9 8.4 9.8 21.6
Insurance 3,259.24 (0.2) 3.3 8.3 19.4
Telecoms 1,017.21 0.9 0.9 3.0 41.2
Consumer 6,823.92 0.0 0.7 1.1 14.0
Al Rayan Islamic Index 3,975.29 0.1 1.5 2.3 15.5
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Dar Al Arkan Real Estate Saudi Arabia 9.58 4.4 31,208.6 6.2
Jabal Omar Dev. Co. Saudi Arabia 32.35 2.5 1,726.4 (6.0)
Savola Group Saudi Arabia 28.40 2.3 1,048.8 6.0
Bank Al Bilad Saudi Arabia 29.45 2.3 883.1 8.1
Arab National Bank Saudi Arabia 33.70 2.1 374.6 5.6
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Almarai Co. Saudi Arabia 50.40 (2.5) 345.5 5.0
Al Salam Bank-Bahrain Bahrain 0.09 (2.1) 70.0 (8.0)
GFH Financial Group Dubai 0.92 (2.0) 15,306.2 2.1
DAMAC Properties Dubai 1.54 (1.9) 783.5 2.0
Aldar Properties Abu Dhabi 1.59 (1.9) 5,921.1 (0.6)
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%
Qatar Ind. Manufacturing Co. 42.35 (2.0) 141.3 (0.8)
Qatar Oman Investment Co. 5.45 (1.8) 55.0 2.1
Qatar Islamic Bank 154.30 (1.7) 75.0 1.5
Alijarah Holding 9.06 (1.5) 45.2 3.1
Qatar Fuel Company 165.08 (1.1) 40.3 (0.5)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 195.00 (1.0) 45,612.2 0.0
Qatar Aluminium Manufacturing 13.13 (0.6) 27,841.4 (1.6)
United Development Company 15.33 1.5 25,065.4 3.9
Industries Qatar 137.90 0.7 17,803.4 3.2
Qatar First Bank 4.43 (0.2) 16,665.1 8.6
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* 10,458.85 (0.3) 1.0 1.6 1.6 82.40 165,417.2 15.5 1.6 4.2
Dubai 2,528.72 (0.2) 0.1 (0.0) (0.0) 46.57 93,588.6 7.7 0.9 7.2
Abu Dhabi 4,927.05 (0.1) 0.6 0.2 0.2 18.15 135,125.5 13.2 1.4 4.9
Saudi Arabia 8,057.04 0.1 2.9 2.9 2.9 842.26 509,217.8 17.4 1.8 3.5
Kuwait 4,773.94 0.2 0.0 0.7 0.7 120.27 32,959.4 16.8 0.8 4.3
Oman 4,310.85 (0.0) 0.8 (0.3) (0.3) 1.33 18,633.1 10.2 0.8 6.0
Bahrain 1,332.33 0.1 0.5 (0.4) (0.4) 2.40 20,312.9 8.7 0.8 6.1
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,440
10,460
10,480
10,500
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 0.3% to close at 10,458.9. The Banks & Financial
Services and Insurance indices led the losses. The index fell on the back
of selling pressure from Qatari and non-Qatari shareholders despite
buying support from GCC shareholders.
 Qatar Industrial Manufacturing Company and Qatar Oman Investment
Company were the top losers, falling 2.0% and 1.8%, respectively.
Among the top gainers, Qatari German Company for Medical Devices
gained 7.9%, while Ezdan Holding Group was up 5.9%.
 Volume of shares traded on Tuesday fell by 3.8% to 17.8mn from 18.5mn
on Monday. However, as compared to the 30-day moving average of
8.2mn, volume for the day was 116.2% higher. Qatar First Bank and
Investment Holding Group were the most active stocks, contributing
20.9% and 12.6% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data and Earnings Calendar
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
1/8 European Commission European Commission Consumer Confidence December F -6.2 -6.2 -6.2
1/8 Germany Deutsche Bundesbank Industrial Production SA MoM November -1.90% 0.30% -0.80%
1/8 Germany Bundesministerium fur Wirtschaft und Industrial Production WDA YoY November -4.70% -0.80% 0.50%
1/8 France Banque De France Current Account Balance November -2.8bn – -0.7bn
1/8 Japan Economic and Social Research Institute Consumer Confidence Index December 42.7 42.8 42.9
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
QNBK QNB Group 15-Jan-19 6 Due
GWCS Gulf Warehousing Company 16-Jan-19 7 Due
QIBK Qatar Islamic Bank 16-Jan-19 7 Due
DHBK Doha Bank 16-Jan-19 7 Due
ABQK Ahli Bank 16-Jan-19 7 Due
KCBK Al Khalij Commercial Bank 20-Jan-19 11 Due
MARK Masraf Al Rayan 21-Jan-19 12 Due
IHGS Islamic Holding Group 23-Jan-19 14 Due
QNCD Qatar National Cement Company 23-Jan-19 14 Due
NLCS Alijarah Holding 24-Jan-19 15 Due
QIGD Qatari Investors Group 30-Jan-19 21 Due
CBQK The Commercial Bank 4-Feb-19 26 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 37.99% 44.25% (18,846,271.00)
Qatari Institutions 17.38% 14.49% 8,692,073.11
Qatari 55.37% 58.74% (10,154,197.89)
GCC Individuals 0.96% 0.52% 1,332,207.08
GCC Institutions 8.84% 4.51% 13,047,196.37
GCC 9.80% 5.03% 14,379,403.45
Non-Qatari Individuals 10.49% 11.60% (3,342,652.48)
Non-Qatari Institutions 24.34% 24.63% (882,553.08)
Non-Qatari 34.83% 36.23% (4,225,205.56)

3. Page 3 of 7
News
Qatar
 QNB Group issues supplementary disclosure on issuing
revolving financial instruments – Further to the announcement
made by QNB Group on December 30, 2018, the following
salient features of the Additional Tier 1 (AT1) Perpetual bond
were highlighted: i) The Perpetual bond is an Additional Tier 1
Capital Note with no maturity date as this is treated as an item
of equity; ii) The Perpetual bond has been issued in accordance
with QCB Basel III regulations; iii) The Perpetual bond helps to
preserve bank’s total equity position to support
organic/inorganic business growth; iv) QNB Group will pay
coupon on the Perpetual bond forever until they are called up by
the issuing bank (QNB Group); and v) Payment of coupons does
not affect QNB Group’s profitability. (QSE)
 GTA orders traders to file transitional Excise Tax returns by
January 31, 2019 – The General Tax Authority (GTA) has
directed businesses importing or producing excise goods to
comply with the Excise Tax and file one-time transitional
Excise Tax return by January 31, 2019. Businesses having
excise goods in their stocks will also need to file transitional
Excise Tax returns no later than January 31, 2019, a GTA press
release noted. Besides, businesses must pay the Excise Tax no
later than 30 days after filing the transitional Excise Tax return,
it added. It added further that the GTA reserves the power to
conduct assessments on taxable persons and may subsequently
impose penalties on defaulters leading to imprisonment for a
period not exceeding one year and/or a fine not exceeding three
times the tax amount payable as per Act No (25) of 2018 on
Excise Tax Law Articles 16 and 18. Businesses that import or
produce excise goods or businesses that wish to operate a tax
warehouse must register with the General Tax Authority, keep
accounting books and records, file tax returns and pay the tax
due on a quarterly basis. There are no thresholds for Excise Tax
registration. Businesses that only hold a stock of excise goods
for business purposes such as hotels, convenience stores,
tobacco shops, etc. are not required to register with the General
Tax Authority for Excise Tax purposes yet are still liable to pay
a one-time transitional Excise Tax returns. (Qatar Tribune)
 MCI elaborates on law regulating investment of non-Qatari
capital in economic activity – The Ministry of Commerce and
Industry (MCI) yesterday clarified the new law (Law No. 1 of
2019) regulating the investment of non-Qatari capital in the
country’s economic activity. The Ministry highlighted the main
provisions of the law, which aims at promoting economic
development, attracting foreign investment in all economic and
commercial activities, attracting 100% of foreign capital
inflows, accomplishing economic diversification in line with the
Qatar National Vision 2030, facilitating foreign investors’
access to the market and bolstering the country’s confidence
and investment security index. The Ministry said the first
Article of the law identifies a non-Qatari investor as a person
who invests his money in any of the projects authorized for
direct investment in accordance with the provisions of this law.
Non-Qatari capital, on the other hand, is defined as money, in-
kind investments or rights held by non-Qatari investors. The
law also outlines regulations governing the investment of non-
Qatari capital, which is permitted in all sectors of the economy
across the country. Investments may be undertaken after
submitting a request to the competent department which
processes the application within 15 days. A non-Qatari investor
whose application is rejected may appeal to the Minister within
15 days and the appeal shall be considered within 30 days. A
non-Qatari investor is prohibited from investing in the banking
industry and insurance companies except for companies
excluded based on a decision of the Council of Ministers. Non-
Qatari investors are also prohibited from investing in
commercial agencies and may be prohibited from investing in
any other sector as decided by the Council of Ministers
(Peninsula Qatar)
 Qatar Chamber’s official says QR212bn infrastructure budget to
boost Qatar-Kuwait ties – The QR212bn funds allocated in the
Qatar 2019 budget for infrastructure projects will play a
significant role in enhancing the partnership between Qatar
and Kuwait, one of the state’s staunch allies amid the ongoing
economic blockade, according to a Qatar Chamber official. The
statement was made in a meeting at Qatar Chamber, which
hosted a trade and industry delegation from Kuwait. According
to Qatar Chamber’s board member, Ali bin Abdullatif Al-
Misnad, the country’s budget for 2019 allocated QR212bn for
infrastructure projects. He said, “This would pave the way for
more partnerships and cooperation between both parties.” He
stressed that Qatar has implemented various legislative
reforms and laws to increase foreign direct investment (FDI)
inflows to the country, including the recently-issued Free Zones
Law. Al-Misnad also suggested the setting up of a joint business
council to help ease procedures and enhance communication
and cooperation between businessmen from both countries. He
also proposed for the establishment of a representative office
for the PAI at Qatar Chamber to link manufacturing companies
in Qatar and Kuwait. (Gulf-Times.com)
 Qatar-Kuwait trade volume at QR3.57bn in first 10 months of
2018 – Qatar and Kuwait explored ways to enhance joint
cooperation on the commercial and industrial levels as well as
bolster bilateral trade. These were discussed threadbare at a
meeting of HE Ali bin Ahmed Al-Kuwari, Minister of Commerce
and Industry, with a Kuwaiti delegation, led by Abdulkarim
Taqi Abdulkarim, General Manager of Kuwait’s Public
Authority for Industry. The two nations’ close trade relations
are positively reflected on the volume of bilateral trade, which
approximated QR3.57bn during January-October 2018, ranking
Kuwait as Qatar’s 20th trading partner. Talks also focused on
the latest developments in terms of bilateral trade, industrial
and investment relations and efforts to further strengthen ties.
(Gulf-Times.com)
 QP’s localization program to add QR8bn of import substitutes to
local economy – Qatar Petroleum announced that it will launch
the localization program for services and industries in the
energy sector “TAWTEEN” - an initiative to enhance localizing
the sector’s supply chain and expand the small and medium
enterprises base. The program will be launched on February 18,
2019, with large participation of official bodies and entities,
energy sector companies, and a wide spectrum of service

4. Page 4 of 7
providers and supporting industries. The TAWTEEN program is
designed to enhance the resilience of the energy sector’s supply
chain. It also aims at creating around 100 new investment
opportunities within the energy sector in order to retain
economic value within Qatar, which in turn is expected to add
QR8bn of import substitutes annually and is also expected
create more than 5,000 new white collar jobs. Moreover, it will
provide valuable business opportunities for local and
international entrepreneurs in Qatar, or those planning to set
up business in Qatar, by providing technical support as part of
TAWTEEN supplier development programs, and create an
environment to participate in the sector’s supply chain and
generate high-quality job opportunities. (Peninsula Qatar)
 New law aims to safeguard local products from harmful global
trade practices – The law on supporting the competitiveness of
national products and combating harmful practices in
international trade is aimed at enhancing the position of Qatari
products in local, regional and international markets, the
Ministry of Commerce and Industry stated in a report released
on Tuesday. Highlighting the main provisions of the law, the
ministry stated that it aims to support competitiveness of
national products and combat harmful practices in
international trade, such as dumping and subsidized trade to
protect local products, and enable them to compete in the
market. The law has defined dumping as the export of a product
to the state at price below than the normal value of a similar
product in the exporting country in the normal course of trade.
The subsidy has been defined as a financial support to
manufacturing of products by the government or by a public
body or institution of the origin country that leads to subsidized
trade resulting in harmful commercial effects. (Qatar Tribune)
 EY: Qatar Inc should review their historic findings to ensure
adequate support for their WHT filing positions – With Doha
increasing attention on withholding tax (WHT), Qatar Inc
should review their historic findings to ensure adequate support
for their WHT filing positions, according to Ernst and Young
(EY), a global consultant. Businesses in Qatar should also
review their WHT policies to ensure its compliance with Qatar
WHT requirements, stated EY in its comment. “The current
focus appears to be on the question of whether the appropriate
WHT should be 5% or 7%. However, it is possible the Qatar Tax
Department’s (QTD) focus could extend to broader WHT
compliance matters in the future,” it stated. Before 2018, there
was no apparent evidence that the QTD was reviewing WHT
compliance. Recently, the QTD has started issuing
assessments, according to the global consultant. In October
2018, the QTD issued Circular No 3 of 2018, reiterating its
expectations on WHT compliance in Qatar. There has also been
a noticeable increase recently in WHT inquiries and
assessments. The penalty for WHT non-compliance is 100% of
the WHT due. Businesses should ensure they have retained
support for their historic WHT filing positions, and review their
current practices to ensure they comply with WHT
requirements. Qatar introduced WHT when the current Income
Tax Law was enacted in 2009. (Gulf-Times.com)
International
 US job openings drop, but still at lofty levels – US job openings
fell in November, pulled down by sharp declines in construction
and other services, but did little to change views that the
economy is facing a shortage of workers. Job openings, a
measure of labor demand, dropped by 243,000 to a seasonally
adjusted 6.9mn, the Labor Department stated in its monthly Job
Openings and Labor Turnover Survey, or JOLTS. Despite
November’s drop, job openings outpaced the number of
unemployed people that month by 870,000. Job openings hit a
record high of 7.3mn in August. The decline in job openings in
November was led by a 66,000 drop in the other services
category. Construction vacancies fell 45,000. The decrease in
job openings in November was concentrated in the West region.
(Reuters)
 US-China trade talks extended amid some signs of progress –
The US and China will continue trade talks in Beijing for an
unscheduled third day, US officials said amid signs of progress
on issues including purchases of US farm and energy
commodities and increased access to China’s markets. People
familiar with the talks said the world’s two largest economies
were further apart on Chinese structural reforms that the
Trump administration is demanding in order to stop alleged
theft and forced transfer of US technology and on how to hold
Beijing to its promises. Steven Winberg, assistant secretary for
Fossil Energy at the US Department of Energy, told reporters in
Beijing that the talks, which began on Monday, had gone well.
This week’s meetings are the first face-to-face talks since US
President Donald Trump and Chinese President Xi Jinping
agreed in December to a 90-day truce in a trade war that has
roiled global financial markets. Trump is increasingly eager to
reach an agreement to help lift the markets, Bloomberg
reported, citing people familiar with internal White House
deliberations. The S&P 500 Index has fallen about 8% since the
truce began. (Reuters)
 US retail imports level off after China tariff avoidance rush –
Imports at major US container ports are leveling off after
retailers’ months-long rush to bring in Chinese merchandise
before higher tariffs hit, according to a retail trade report issued
on Tuesday. US ports covered by the National Retail Federation
(NRF) and Hackett Associates’ Global Port Tracker handled
1.81mn twenty-foot equivalent units (TEU) in November 2018,
the latest available data. That was up 2.5% YoY, but down
11.4% from the record of 2.04mn TEU set in October 2018. A
TEU is one 20-foot-long cargo container. The report landed as
the US and China hold talks aimed at ending a bitter trade war
that is roiling global financial markets. US President Donald
Trump and Chinese President Xi Jinping agreed in December to
a 90-day truce on tariffs. Warehouses throughout the US are
packed to the rafters with Chinese goods - ranging from air
conditioners and microwaves to footwear and furniture.
(Reuters)
 UK’s employers hire staff at slowest pace since April 2017 –
British employers hired permanent staff in December at the
slowest rate since April 2017, adding to a signs the economy
has cooled ahead of Brexit, according to a survey of recruitment
consultants. The report from the Recruitment and Employment
Confederation (REC) and accountants KPMG report also
showed growth in starting salaries for permanent staff slowed
for a third month running, although it remained high by
historical standards. The terms of Britain’s departure from the

5. Page 5 of 7
European Union (EU), scheduled for March 29, 2019 remain
unclear as legislators are expected next week to vote down the
divorce deal that May struck with the EU in November.
Business chiefs and investors fear that leaving the EU without
a deal would slow trade, spook financial markets and dislocate
supply chains for the world’s fifth-largest economy. REC stated
a shortage of candidates had hampered growth in permanent
job placements last month, with some employers saying Brexit
uncertainty was making people reluctant to change jobs and
discouraging workers from moving to Britain from elsewhere in
Europe. (Reuters)
 German growth worries mount as industrial output plunges –
German industrial output unexpectedly fell in November 2018
for the third consecutive month, adding to signs that companies
in Europe’s largest economy are shifting into a lower gear due to
mounting risks from abroad. Trade disputes driven by US
President Donald Trump’s ‘America First’ policies, the threat
that Britain will leave the European Union without a deal in
March and weaker growth in emerging markets are putting the
brakes on a nine-year expansion in Europe’s economic
powerhouse. These external shocks and risks are cushioned by
a vibrant domestic economy and strong household spending,
however, as German consumers benefit from record-high
employment, inflation-busting pay hikes, low borrowing costs
and some fiscal stimulus. Industrial output fell by 1.9% on the
month in November 2018, data released on Tuesday by the
Federal Statistics Office showed, coming in way below the 0.3%
increase that had been forecast. The output figure for October
was revised down to a fall of 0.8% from a previously reported
drop of 0.5%. (Reuters)
 Japan’s real wages rise most in five months in positive sign for
consumption – Japan’s real wages rose the most in five months
in November 2018, reversing from a third straight month of
drops, government data showed, raising hopes for stronger
domestic consumer spending to offset slowing external
demand. Labor ministry data showed inflation-adjusted real
wages rose 1.1% in November 2018 from a year earlier,
following a 0.1% decline in October and posting the first
increase in four months. It was the biggest annual gain since
June, and was due in part to a slowdown in consumer price
growth, the data showed. The wage data should provide some
relief for the central bank as sluggish wage growth has kept
consumers from boosting spending, hampering its efforts to
stoke a virtuous growth cycle led by the private sector and
generate inflation. Despite nearly six years of massive
monetary stimulus, tame consumer spending has kept core
consumer inflation at around the half the Bank of Japan’s 2%
price target. (Reuters)
Regional
 Islamic finance volume seen at $2.5tn this year; Takaful stays
miniscule – The global volume of the Islamic finance industry
will reach about $2.5tn this year, only a small growth from the
$2.44tn it reached in 2017 and after it lost some momentum in
2018 for which definite figures are not available yet. The
forecast has been made by CEO of the AlHuda Center of Islamic
Banking and Economics, Muhammad Zubair Mughal based
upon the latest industry figures. According to Mughal, 2018 has
“not proved as much beneficial” for the global Islamic banking
and finance industry as previously expected owing to continued
pressure on oil prices, international trade wars between major
powers, as well as the political situation in the Arabian Gulf.
This year, the subdued situation in the Gulf will likely persist,
while growth in the Islamic finance industry will mainly be
supported by new entrants from the West, East and North
Africa, as well as Central Asia, regions which are currently
introducing and/or enhancing their regulatory frameworks for
the industry, while demand in Malaysia, Indonesia, Pakistan
and Bangladesh will continue to increase due to economic
growth and government support. Interestingly, Islamic
insurance, or Takaful, is still idling at its 2% share and not
moving due to a variety of reasons. Mughal expects that Islamic
microfinance, in its tremendously emerging role for poverty
alleviation in many Muslim countries, will take over Takaful in
asset volume as early as this year and grow to over 2% in share
of the total Islamic finance volume. (Gulf-Times)
 Saudi Aramco will announce a deal to invest in US LNG – Saudi
Aramco has narrowed its focus to a shortlist of at least four US
LNG projects and aims to announce a deal in the first half of this
year, the Wall Street Journal (WSJ) reported. Companies with
projects being considered include Tellurian Inc. and Sempra
Energy. It is unclear what the value of the potential
investments is, the sources said. (Bloomberg)
 Nama Chemical’s request for capital increase approved – Nama
Chemical’s request for increasing the capital through a rights
issue has been approved by the regulators. The company will
increase its capital by SR200mn, it stated to the Saudi bourse.
(Bloomberg)
 SHUAA Capital issues and places $135mn Sukuk For Jabal
Omar Development Company – SHUAA Capital has announced
the issuance and private placement of $135mn US Dollar-
denominated five-year Sukuk for Jabal Omar Development
Company. SHUAA Capital acted as the sole arranger for the
Sukuk, which was originally issued in the second half of 2018.
(Reuters)
 Commercial Bank of Dubai to take control of Abraaj assets
secured against loan – Commercial Bank of Dubai (CBD), which
lent around $170mn to Abraaj, will take stakes in the troubled
private equity firm’s funds which were offered as security
against the debt, sources said. Dubai-based Abraaj, worth
$13.6bn, was the largest buyout fund in the MENA region until
it collapsed last year following turmoil triggered by a row with
investors, including the Gates Foundation, over the use of their
money in a $1bn healthcare fund. A court in the Cayman
Islands is expected to grant approval to swap the debt held by
CBD in the coming weeks. The move comes after Noor Bank,
which lent Abraaj around $100mn, recently got the go ahead
from the same court to take control of parts of funds pledged
against its loan, sources said. (Reuters)
 Abu Dhabi's green energy firm launches region's first all-
electric bus – Abu Dhabi Future Energy Company (Masdar) has
launched the region’s first fully electric passenger bus as the
capital of the UAE pursues clean and energy efficient transport.
The UAE has set a clean energy target of 27% by 2021. Green
energy company Masdar, wholly-owned by Abu Dhabi’s
Mubadala Investment Company, has invested $8.5bn in
renewable energy projects in the UAE and abroad. The all-

6. Page 6 of 7
electric bus, jointly developed by Masdar, Siemens Middle East
and Abu Dhabi-based bus manufacturer Hafilat Industry LLC,
can seat 30 passengers with a range of 150 kilometers (93 miles)
per battery charge, Masdar stated. (Reuters)
 Bahrain sells BHD26mn 182-day Islamic Sukuk – Bahrain sold
BHD26mn of Islamic Sukuk due on July 11, 2019. The Sukuk
will settle on January 10, 2019. (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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
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
0.1%
(0.3%)
0.2% 0.1%
(0.0%)
(0.1%)
(0.2%)
(0.6%)
(0.3%)
0.0%
0.3%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,285.21 (0.3) 0.0 0.2 MSCI World Index 1,935.79 0.8 1.7 2.8
Silver/Ounce 15.66 0.0 (0.3) 1.0 DJ Industrial 23,787.45 1.1 1.5 2.0
Crude Oil (Brent)/Barrel (FM Future) 58.72 2.4 2.9 9.1 S&P 500 2,574.41 1.0 1.7 2.7
Crude Oil (WTI)/Barrel (FM Future) 49.78 2.6 3.8 9.6 NASDAQ 100 6,897.00 1.1 2.3 3.9
Natural Gas (Henry Hub)/MMBtu 2.89 5.5 3.2 (11.1) STOXX 600 345.85 0.7 1.1 2.4
LPG Propane (Arab Gulf)/Ton 62.75 0.6 (1.8) (2.0) DAX 10,803.98 0.4 0.8 2.4
LPG Butane (Arab Gulf)/Ton 66.00 (1.5) (2.4) (5.0) FTSE 100 6,861.60 0.4 0.3 1.8
Euro 1.14 (0.3) 0.4 (0.2) CAC 40 4,773.27 1.0 1.2 0.9
Yen 108.75 0.0 0.2 (0.9) Nikkei 20,204.04 0.8 3.1 2.6
GBP 1.27 (0.5) (0.0) (0.3) MSCI EM 975.51 (0.3) 1.1 1.0
CHF 1.02 (0.2) 0.6 0.0 SHANGHAI SE Composite 2,526.46 (0.3) 0.7 1.7
AUD 0.71 (0.1) 0.4 1.3 HANG SENG 25,875.45 0.1 0.9 0.0
USD Index 95.90 0.2 (0.3) (0.3) BSE SENSEX 35,980.93 (0.2) (0.1) (0.9)
RUB 66.90 (1.2) (1.2) (4.0) Bovespa 92,031.86 0.7 0.3 9.2
BRL 0.27 0.6 0.0 4.5 RTS 1,122.90 0.4 0.4 5.1
84.7
80.7
77.5