The QSE Index rose 1.0% to close at 10,467.2.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.0% to close at 10,467.2. Gains were led by the Banks &
Financial Services and Real Estate indices, gaining 1.8% and 0.9%, respectively. Top
gainers were Ahli Bank and Dlala Brokerage & Investments Holding Co., rising 8.1%
and 6.8%, respectively. Among the top losers Qatar Cinema & Film Distribution Co.
fell 9.1%, while Doha Insurance Co. was down 4.7%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.8% to close at 6,916.8. Losses were led by the
Consumer Services and Media indices, falling 3.4% and 2.7%, respectively.
Solidarity Saudi Takaful fell 5.4%, while Saudi Industrial Export was down 5.0%.
Dubai: The DFM Index declined 0.3% to close at 3,520.2. The Consumer Staples
index fell 4.0%, while the Services index declined 2.0%. DXB Entertainments fell
4.7%, while Al Salam Bank was down 4.5%.
Abu Dhabi: The ADX benchmark index fell 2.9% to close at 4,457.3. The Banks
index declined 5.3%, while the Consumer Staples indices fell 1.6%. First Gulf Bank
declined 8.7%, while Abu Dhabi National Co. for Building Materials was down 8.2%.
Kuwait: The KSE Index rose 0.9% to close at 6,711.2. The Basic Materials index
gained 2.9%, while the Real Estate index rose 2.1%. Safat Global Holding gained
9.4%, while Real Estate Asset Management Co. was up 9.1%.
Oman: The MSM Index fell 0.2% to close at 5,791.7. Losses were led by the
Financial and Services indices, falling 0.5% and 0.1%, respectively. The Financial
Corporation fell 10.0%, while Oman and Emirates Inv. Holding was down 9.2%.
Bahrain: The BHB Index gained 1.3% to close at 1,353.6. The Hotel & Tourism index
rose 0.5%, while the Commercial Bank index gained 0.2%. Ithmaar Holding rose
10.0%, while National Bank of Bahrain was up 5.3%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 37.00 8.1 1.7 (0.4)
Dlala Brokerage & Inv. Holding Co. 23.50 6.8 656.0 9.4
Widam Food Co. 67.00 3.1 1.0 (1.5)
Qatar Islamic Bank 101.80 2.5 149.4 (2.0)
Doha Bank 32.80 2.5 244.9 (6.0)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 8.91 (1.4) 2,239.7 (4.9)
Ezdan Holding Group 15.41 1.0 823.0 2.0
Barwa Real Estate Co. 34.90 1.0 806.0 5.0
Dlala Brokerage & Inv. Holding Co. 23.50 6.8 656.0 9.4
National Leasing 17.50 0.6 558.8 14.2
Market Indicators 09 Mar 17 08 Mar 17 %Chg.
Value Traded (QR mn) 337.2 519.0 (35.0)
Exch. Market Cap. (QR mn) 563,524.6 557,628.5 1.1
Volume (mn) 10.0 14.0 (28.9)
Number of Transactions 4,781 5,477 (12.7)
Companies Traded 42 39 7.7
Market Breadth 27:13 13:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,244.26 1.0 (1.7) 2.1 15.3
All Share Index 2,932.36 1.0 (1.5) 2.2 15.0
Banks 3,016.54 1.8 (0.5) 3.6 13.4
Industrials 3,356.70 0.4 (1.0) 1.5 19.7
Transportation 2,354.66 (0.4) (4.8) (7.6) 13.3
Real Estate 2,340.16 0.9 (2.3) 4.3 15.4
Insurance 4,430.89 0.6 (0.8) (0.1) 17.6
Telecoms 1,180.36 0.8 (6.5) (2.1) 21.0
Consumer 6,328.88 0.2 (0.8) 7.3 14.2
Al Rayan Islamic Index 4,087.81 0.7 (0.9) 5.3 16.5
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Ithmaar Holding Bahrain 0.17 10.0 420.2 32.0
Ahli Bank Qatar 37.00 8.1 1.7 (0.4)
Nat. Ind. Group Holding Kuwait 0.14 7.8 1,591.9 13.1
Qurain Petrochem. Ind. Kuwait 0.37 7.4 9,329.0 58.7
Nat. Bank of Bahrain Bahrain 0.70 5.3 15.6 6.9
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
First Gulf Bank Abu Dhabi 12.60 (8.7) 1,245.2 (1.9)
Solidarity Saudi Takaful Saudi Arabia 19.95 (5.4) 1,476.5 5.1
Saudi Print. & Pack. Co. Saudi Arabia 16.96 (4.2) 2,292.9 (15.7)
Nat. Bank of Abu Dhabi Abu Dhabi 10.25 (4.2) 1,328.2 2.6
Rabigh Ref. & Petro. Saudi Arabia 12.71 (4.1) 5,388.2 8.1
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distribution 27.00 (9.1) 0.2 (1.6)
Doha Insurance Co. 17.10 (4.7) 8.9 (6.0)
Zad Holding Co. 85.30 (4.2) 0.2 (4.4)
Qatar Oman Investment Co. 9.66 (2.9) 233.4 (2.9)
Qatar Industrial Manufacturing 42.90 (2.8) 127.5 (3.6)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 149.30 1.9 48,805.3 0.8
Barwa Real Estate Co. 34.90 1.0 28,102.0 5.0
Medicare Group 93.70 1.3 22,664.3 49.0
Vodafone Qatar 8.91 (1.4) 20,127.4 (4.9)
Ooredoo 100.20 1.2 18,858.7 (1.6)
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* 10,467.23 1.0 (2.4) (2.2) 0.3 92.60 154,800.2 15.3 1.5 3.8
Dubai 3,520.17 (0.3) (1.8) (3.0) (0.3) 138.45 107,560.1 15.0 1.2 3.9
Abu Dhabi 4,457.30 (2.9) (3.0) (2.1) (2.0) 44.35 117,373.6 12.7 1.4 5.5
Saudi Arabia 6,916.84 (0.8) (1.4) (0.8) (4.1) 1,138.71 433,210.1 17.1 1.6 3.4
Kuwait 6,711.16 0.9 (0.8) (1.1) 16.8 128.76 95,445.4 22.4 1.2 3.5
Oman 5,791.74 (0.2) (0.4) 0.2 0.2 7.19 23,265.6 11.1 1.2 4.9
Bahrain 1,353.56 1.3 0.9 0.3 10.9 11.36 21,638.0 8.7 0.8 4.7
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,300
10,350
10,400
10,450
10,500
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index rose 1.0% to close at 10,467.2. The Banks & Financial
Services and Real Estate indices led the gains. The index rose on the
back of buying support from non-Qatari shareholders despite selling
pressure from Qatari and GCC shareholders.
 Ahli Bank and Dlala Brokerage & Investments Holding Co. were the top
gainers, rising 8.1% and 6.8%, respectively. Among the top losers Qatar
Cinema & Film Distribution Co. fell 9.1%, while Doha Insurance Co. was
down 4.7%.
 Volume of shares traded on Thursday fell by 28.9% to 10.0mn from
14.0mn on Wednesday. However, as compared to the 30-day moving
average of 10.0mn, volume for the day was 0.1% higher. Vodafone Qatar
and Ezdan Holding Group were the most active stocks, contributing
22.5% and 8.3% 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)
2016
% Change
YoY
Operating Profit
(mn) 2016
% Change
YoY
Net Profit
(mn) 2016
% Change
YoY
Mobile Telecom. Co. Saudi Arabia * Saudi Arabia SR – – -55.0 N/A -980.0 N/A
Saudi Chemical Co.* Saudi Arabia SR – – 197.0 -30.4% 138.0 -45.2%
Tourism Enterprise Co.* Saudi Arabia SR – – 1.5 -25.6% 0.6 -72.1%
Dubai Investments* Dubai AED 3,050.9 14.2% – – 1,218.3 9.8%
Source: Company data, DFM, ADX, MSM, TADAWUL (*FY2016)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/09 US Department of Labor Initial Jobless Claims 4-March 243k 238k 223k
03/09 US Department of Labor Continuing Claims 25-February 2,058k 2,062k 2,064k
03/10 UK UK Office for National Statistics Industrial Production MoM January -0.4% -0.5% 0.9%
03/10 UK UK Office for National Statistics Industrial Production YoY January 3.2% 3.2% 4.3%
03/10 UK UK Office for National Statistics Manufacturing Production MoM January -0.9% -0.7% 2.2%
03/10 UK UK Office for National Statistics Manufacturing Production YoY January 2.7% 2.9% 4.2%
03/10 France INSEE Industrial Production MoM January -0.3% 0.5% -1.1%
03/10 France INSEE Industrial Production YoY January -0.4% 0.4% 0.9%
03/10 France INSEE Manufacturing Production MoM January -1.0% 0.5% -1.0%
03/10 France INSEE Manufacturing Production YoY January -1.3% 0.3% 0.1%
03/09 China National Bureau of Statistics CPI YoY February 0.8% 1.7% 2.5%
03/09 China National Bureau of Statistics PPI YoY February 7.8% 7.7% 6.9%
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 board meeting No. of days remaining Status
MRDS Mazaya Qatar 14-Mar-17 2 Due
QFBQ Qatar First Bank 14-Mar-17 2 Due
AKHI Al Khaleej Takaful Insurance 14-Mar-17 2 Due
AHCS Aamal Company 15-Mar-17 3 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 38.67% 44.19% (18,598,596.57)
Qatari Institutions 18.38% 18.79% (1,386,717.55)
Qatari 57.05% 62.98% (19,985,314.12)
GCC Individuals 0.88% 3.13% (7,604,519.64)
GCC Institutions 3.03% 5.78% (9,251,053.03)
GCC 3.91% 8.91% (16,855,572.67)
Non-Qatari Individuals 13.51% 10.50% 10,162,369.53
Non-Qatari Institutions 25.53% 17.61% 26,678,517.26
Non-Qatari 39.04% 28.11% 36,840,886.79

3. Page 3 of 6
News
Qatar
 Qatar's onshore oil price edges up to $55.11 – Qatar’s onshore oil
price in February marginally increased above its price in
January to reach $55.11 a barrel. That means the oil price
remained $10.11 above the price of $45 a barrel approved in the
state budget, the Group Securities noted in its government data
review for the month of February. The data reading shows the
value of margin traded in February has decreased to QR5.71bn.
In contrast, the market value of all stock shares by the end of
February rose by QR9.5bn to QR577.7bn, while P/E Ratio is at
15.63 by the end of the month and 15 as average for the month.
(Peninsula Qatar)
 QCB issues instructions on fighting money laundering – Qatar
Central Bank (QCB) Governor HE Sheikh Abdulla bin Saoud al-
Thani issued instructions on combating money laundering and
terrorism financing in the insurance sector. The instructions are
the first of their kind in Qatar and have been under preparation
since QCB took charge of supervising and overseeing the
insurance sector in line with the law on QCB and regulation of
financial institutions, which was issued as Law No. 13 of 2012
and came into the force of law in the beginning of 2013, the
central bank said. The statement added that the instructions
were laid out in 25 articles covering everything related to
money laundering and terrorism financing in the insurance
sector and provided definitions for relevant terms as well as
general and governing rules for combating the menace. (Gulf-
Times.com)
 ValuStrat: Qatar has become buyers’ market for home purchase
– Qatar, has become a buyers’ market for home purchase as
rents remain stable this year, a situation that is seen ideal for
tenants to consider ownership, according to ValuStrat. Qatar
has most likely to have transformed into a buyers’ market due
to steady increase in supply, it said, highlighting that new
construction contracts worth QR46.1bn are expected this year.
“This is reflected by the increasing gap between listed and
transaction prices of residential properties in the favor of
buyers,” it said in a report. Doha has the highest number of total
sales transactions and prices for residential properties
compared to other municipalities, as per the Ministry of Justice
data. Currently, three out of four freehold zone properties,
Pearl-Qatar, Lusail and West Bay Lagoon are in Doha. It also
has a majority of leasehold properties where foreigners can
lease property for 99 years. (Gulf-Times.com)
 Ready-built factories to boost SME sector – HE the Prime
Minister and Interior Minister Sheikh Abdullah bin Nasser bin
Khalifa al-Thani inaugurated a project at the New Industrial
Area that aims to promote small and medium enterprises in the
country. Jahiz1 is a Qatar Development Bank (QDB) initiative
to rent ready-built industrial facilities for manufacturing. In his
opening remarks, HE the Minister of Energy and Industry Dr
Mohamed bin Saleh al-Sada praised Qatar’s small and medium
enterprises, which “have succeeded” in meeting the
requirements of industrial sectors set by the ministry. These
units are operating in the fields of chemicals, plastics, wood,
and electronics and are “innovative and eco-friendly”. Jahiz1
project comes in line with the vision of the Ministry of Energy
and Industry to build a strong industrial production base in the
country and supports local products, in order to achieve
balanced economic growth, and not depend on revenues from
oil as the main source of income. It also increases the industrial
sector’s contribution to the gross domestic product (GDP).
(Gulf-Times.com)
 Al-Baker: Qatar Airways continues to set new standards in
global luxury travel – Qatar Airways continues to set new
standards in global luxury travel, said Group Chief Executive
Akbar al-Baker and noted the airline will continue to develop
new and exciting propositions for its passengers. In the context
of the national airline’s highly successful participation at ITB
Berlin, the world’s largest tourism trade fair, al-Baker said,
“Qatar Airways continues to set new standards in global luxury
travel and our announcements at this year’s ITB Berlin are no
exception. With the introduction of private suites in business
class and interchangeable social spaces for business and leisure,
Qatar Airways is truly bringing first class travel to its business
class passengers.” (Gulf-Times.com)
 Qatar keen to enhance ties with South Africa – HE the Foreign
Minister Sheikh Mohammed bin Abdulrahman al-Thani met
with South African Minister of International Relations and
cooperation, Maite Nkoana-Mashabane, during his visit to
South Africa. The meeting reviewed bilateral relations and
means of boosting mutual cooperation in investment and trade
as well as promoting economic cooperation between the two
countries and benefiting from South Africa’s experience in
organizing the football World Cup. The meeting discussed the
efforts of Qatar and South Africa in preventive diplomacy,
mediation and conflict resolution in the region, in addition to
issues of common concern. The Minister said, “We are keen on
enhancing our bilateral ties on all fronts and we have complete
confidence in the South African economy that has the capacity
to benefit both countries.” (Gulf-Times.com)
 QSE announces trading suspension in the shares of MCGS on
March 12 – Qatar Stock Exchange (QSE) announced trading
suspension of the shares of Medicare Group (MCGS) on March
12, 2017 due to its AGM being held on the day. (QSE)
 QSE announces trading suspension in the shares of QGTS on
March 12 – Qatar Stock Exchange announced trading
suspension of the shares of Qatar Gas Transport Company
(QGTS) on March 12, 2017 due to its AGM and EGM being held
on the day. (QSE)
International
 Strong US job growth, rising wages set stage for Fed rate hike –
US employers hired workers at a robust pace in February,
beating expectations, and wages grinded higher, which could
give the Federal Reserve the green light to raise interest rates
next week despite slowing economic growth. Nonfarm payrolls
increased by 235,000 jobs last month as the construction sector
recorded its largest gain in nearly 10 years due to unseasonably
warm weather, the Labor Department said. January's
employment gains were revised up to 238,000 from the
previously reported 227,000. Fed Chair Janet Yellen signaled
last week that the US central bank would likely hike rates at its
March 14-15 policy meeting. Job gains averaged 209,000 per
month over the past three months, well above the 75,000 to

4. Page 4 of 6
100,000 needed to keep up with growth in the working-age
population. (Reuters)
 US government posts $192bn deficit in February – The US
government had a $192bn budget deficit in February as outlays
far outstripped receipts, the Treasury Department said. The
budget deficit was $193bn in February 2016, according to
Treasury's monthly budget statement. The fiscal 2017 year-to-
date deficit was $349bn compared with $353bn in the same
period of fiscal 2016. When accounting for calendar
adjustments, the deficit last month was $181bn. Receipts last
month came to $172bn, a 2% increase from February 2016,
while outlays stood at $364bn, up 1% from the same month a
year earlier. (Reuters)
 UK factories see Brexit boost from weaker sterling – British
factories enjoyed their strongest growth in nearly seven years
in late 2016 and early 2017 and exports rose quickly, data
showed, suggesting a boost for manufacturers from sterling's
fall after the Brexit vote. Over the November-January period,
factory output had its strongest performance since the three
months to May 2010, rising 2.1% from the previous three
months, the Office for National Statistics said. While factory
output slipped 0.9% in January, more than predicted in a
Reuters poll of economists, which only unwound some of the
strong growth in the previous two months. In another sign of
an improvement in Britain's trade position, volumes of goods
exports over the three months to January grew by 8.7%, the
biggest increase in more a decade, while imports rose by 1.6%.
The data suggest Britain's economy might be starting to reduce
its reliance on consumers to drive growth, economists said,
something that has eluded policymakers for years. (Reuters)
 German imports soar in January, current account surplus
shrinks – German imports soared more than expected in
January, outperforming a surprisingly strong rise in exports in a
further sign that Europe's biggest economy fired on all cylinders
at the start of 2017. Data released by the Federal Statistics
Office, also showed the current account surplus fell sharply on
the month suggesting vibrant domestic demand is helping to
slowly re-balance Germany's traditionally export-driven
economy. Seasonally adjusted imports rose by 3.0% on the
month, while exports increased by 2.7%, the data showed. Both
figures came in much stronger than expected. A breakdown of
unadjusted trade figures showed that exports to countries
outside the European Union rose the sharpest while imports
were particularly strong from EU countries outside the
Eurozone. (Reuters)
 India's industrial output up 2.7% in January – India's industrial
output rose 2.7% in January from a year earlier, government
data showed. Economists surveyed by Reuters had forecast a
0.5% growth in output compared with a revised 0.1% YoY fall in
December. (Reuters)
Regional
 Islamic finance instruments to be taxed at par with
conventional bank – According to Ernst & Young (EY), Islamic
finance instruments will be subject to tax under the amended
Income Tax Law promulgated by Royal Decree and published in
the official gazette last month. The amended statute issues
much awaited provisions on taxability of Islamic Finance
Instruments. According to EY, the revised Income Tax Law
provides some clarity on how Islamic finance instruments will
be subject to tax. Whilst the law provides a framework on
which instruments will fall within the purview of Islamic
finance, it appears that these instruments would be treated at
par with conventional banks, it was pointed out. Income on
Islamic finance instruments would be taxed on similar lines as
products offered under the conventional banking system.
Similarly, provisions on what is deductible have been issued as
well as treatment of loan loss provision has been clarified.
(GulfBase.com)
 SABB, Ministry of Housing to further raise cooperation – Majid
Al-Hugail, Saudi Minister of Housing, met with SABB Managing
Director David Dew at the bank’s head office in Riyadh in the
presence of Senior Executives from the bank, the Ministry of
Housing and Real Estate Development Fund. The discussion
focused on ways to enhance cooperation and partnership in the
field of financing housing and real estates in general, and
offering of finance products that suits the programs and
products launched by the Real Estate Development Fund in
collaboration with the Saudi Arabian local banks.
(GulfBase.com)
 ADM and Almarai among companies eyeing Saudi grains
agency asset sale – A partnership of US agribusiness giant
Archer Daniels Midland Co. (ADM) and Saudi foods group
Almarai is among potential bidders for Saudi Grains
Organization’s milling operations, the Kingdom’s sole supplier.
Italian wheat supplier Casillo Group and a partnership of
Turkey’s TAV Group, a construction and airports conglomerate,
and Saudi Arabia’s Al Rajhi Holding Group, a real estate
concern, are also considering bids. The state-owned Saudi
Grains Organization (SAGO), which handles the Kingdom’s
grains purchases, is preparing to sell off its milling operations
by placing them in four specially formed corporate entities
while retaining other functions. (GulfBase.com)
 Saudi Aramco, McDermott sign MoU for construction of
offshore platform – Saudi Aramco signed a memorandum of
understanding (MoU) with McDermott International for the
integrated engineering procurement construction and
installation (EPCI) of offshore platforms for McDermott’s
growing Middle East and other regional oil and gas
development markets. This project is part of Saudi Aramco’s
plan to expand its local supply chain, which will improve the
company’s agility while driving additional economic and
human capital development, as well new employment
opportunities to help the Kingdom achieve the goals of Saudi
Vision 2030. (GulfBase.com)
 Fitch: UAE banks set to take Basel capital rules in their stride –
Fitch Ratings said that the UAE banks are mostly well placed to
meet new local capital requirements related to the global Basel
III regulatory framework, given their strong levels of Tier 1
capital in particular. The minimum total capital ratio, including
a capital conservation buffer, has risen to 13% of risk-weighted
assets (RWAs) from 12% under the previous regime, and most
major banks are comfortably above this. The Central Bank of
the UAE issued new regulations this week, effective from 1
February, to ensure that banks' capital adequacy is at least in
line with Basel III requirements. In addition, they must hold
further common equity Tier 1 (CET1) of 2.5% of RWAs (fully

5. Page 5 of 6
loaded) as a capital conservation buffer, and manage their
capital and dividends to maintain this buffer. Fitch expect UAE
banks to continue to calculate RWAs using the standardized
approach, at least in 2017, as the central bank seems unlikely to
allow the use of internal models to reduce capital requirements.
Most banks in the UAE and across the Gulf Cooperation Council
(GCC) region are capitalized well above the new minimum
regulatory requirements and will also comfortably meet the 3%
leverage ratio required under Basel III, given their high Tier 1
capital levels. Although a few banks are near the new minimum
capital requirements, reflecting strong loan growth or pressure
from their institutional shareholders for higher returns on
equity, we believe they have the ability to raise capital if
needed, through internal capital generation or rights issues.
(Reuters)
 UAE’s ADNOC cuts the crude oil supply– Abu Dhabi National
Oil Company (ADNOC) said it has informed its customers of
cuts in crude allocations for March and April. ADNOC said, “In
line with OPEC’s decision to cut production, we regret to advise
you that crude oil allocation for the month of March and April
2017 will be reduced.” In March, only Upper Zakum crude grade
will be cut by 5%, while in April both the Murban and Das
grades will be reduced by 5%, and Upper Zakum by 3%.
(Peninsula Qatar)
 UNB arranges aircraft purchase loan – Union National Bank
(UNB) has announced the successful completion of a 12-year
aircraft financing term loan facility for the acquisition of an
Airbus A380 aircraft by Baz Aircraft Leasing One, in which it
acted as mandated lead arranger. The aircraft is leased to the
UAE’s national carrier Abu Dhabi-based Etihad Airways. The
term loan facility forms part of a financing package extended to
Etihad in connection with the sale and leaseback of two Airbus
A380 arranged by Natixis S.A. The financing package also
included a seven-year standby letter of credit facility granted
by UNB in relation to the two aircraft. (GulfBase.com)
 Kuwait turns Silk Road into massive causeway – Kuwait is
building one of the world’s longest causeways to its remote
north where it will pump billions into Silk City, aiming to revive
the ancient Silk Road trade route. The oil-rich country is eager
to inject life into the uninhabited Subbiya region on its northern
tip that has been chosen as the location for Silk City. The plan is
to reinvigorate the ancient Silk Road trade route by establishing
a major free-trade zone linking the Gulf to Central Asia and
Europe. Investment in the Silk City project is expected to top
$100bn, and a 5,000-megawatt power plant has already been
built in Subbiya. (GulfBase.com)
 Zain, Rapid Telecom sign strategic partnership deal – Zain
Bahrain officially signed a strategic partnership agreement
with Rapid Telecom, a licensed Bahraini telecommunications
and information services company. The agreement will enable
the operators to provide innovative international connectivity
solutions particularly to the under-tapped enterprise segment
and enhance the international connectivity of the Kingdom of
Bahrain. Zain Bahrain’s Regulatory, Wholesales & Roaming
Director, Ali Mustafa said, “This partnership will further
enhance our capability in providing B2B full innovative turnkey
solutions on resilient international connectivity to the
enterprise customers.” (GulfBase.com)

6. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
financial advice. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of
the investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Feb-13 Feb-14 Feb-15 Feb-16 Feb-17
QSE Index S&P Pan Arab S&P GCC
(0.8%)
1.0% 0.9%
1.3%
(0.2%)
(2.9%)
(0.3%)
(3.2%)
(1.6%)
0.0%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,204.73 0.3 (2.4) 4.6 MSCI World Index 1,845.88 0.5 (0.2) 5.4
Silver/Ounce 17.04 0.5 (5.2) 7.1 DJ Industrial 20,902.98 0.2 (0.5) 5.8
Crude Oil (Brent)/Barrel (FM Future) 51.37 (1.6) (8.1) (9.6) S&P 500 2,372.60 0.3 (0.4) 6.0
Crude Oil (WTI)/Barrel (FM Future) 48.49 (1.6) (9.1) (9.7) NASDAQ 100 5,861.73 0.4 (0.2) 8.9
Natural Gas (Henry Hub)/MMBtu 2.98 5.4 19.1 (19.0) STOXX 600 373.23 0.9 0.5 4.5
LPG Propane (Arab Gulf)/Ton 66.12 0.9 8.0 (8.3) DAX 11,963.18 0.7 0.5 5.4
LPG Butane (Arab Gulf)/Ton 68.12 (2.2) 0.5 (41.7) FTSE 100 7,343.08 0.4 (1.1) 1.3
Euro 1.07 0.9 0.5 1.5 CAC 40 4,993.32 1.1 1.0 3.9
Yen 114.79 (0.1) 0.7 (1.9) Nikkei 19,604.61 1.4 0.3 4.2
GBP 1.22 0.0 (1.0) (1.4) MSCI EM 926.14 0.3 (0.5) 7.4
CHF 0.99 0.1 (0.3) 0.8 SHANGHAI SE Composite 3,212.76 (0.0) (0.2) 4.1
AUD 0.75 0.5 (0.7) 4.6 HANG SENG 23,568.67 0.3 0.1 7.0
USD Index 101.25 (0.6) (0.3) (0.9) BSE SENSEX 28,946.23 0.2 0.7 11.0
RUB 58.98 (0.5) 1.3 (4.2) Bovespa 64,675.46 1.0 (3.6) 10.8
BRL 0.32 1.7 (0.7) 3.6 RTS 1,055.93 0.9 (4.7) (8.4)
120.0
101.0
99.4