The QE Index declined 0.1% to close at 9,935.5. Losses were led by the Banks & Financial Services and Transportation indices, falling 0.9% and 0.6%, respectively.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QE Index declined 0.1% to close at 9,935.5. Losses were led by the Banks &
Financial Services and Transportation indices, falling 0.9% and 0.6%, respectively.
Top losers were Doha Insurance Group and Qatar Navigation, falling 6.3% and 1.7%,
respectively. Among the top gainers, Al Khaleej Takaful Insurance Company and
Qatar Cinema & Film Distribution Company were up 9.9% each.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.1% to close at 8,678.9. Gains were led by the
Consumer Services and Food & Staples. indices, rising 5.0% and 1.1%, respectively.
Altayyar Travel Group rose 10.0%, while Swicorp Wabel REIT Fund was up 4.5%.
Dubai: The DFM Index fell 0.7% to close at 2,615.2. The Real Estate & Const. index
declined 1.6%, while the Invest. & Fin. Services index fell 1.1%. Khaleeji
Commercial Bank declined 2.4%, while Ajman Bank was down 2.2%.
Abu Dhabi: The ADX General Index rose 0.2% to close at 5,126.9. The Energy index
gained 1.4%, while the Banks index rose 0.3%. Wahat Al Zaweya Holding gained
3.5%, while Abu Dhabi National Oil Company For Distribution was up 2.3%.
Kuwait: The Kuwait Main Market Index rose 0.1% to close at 4,851.8. The Health
Care index gained 6.8%, while Oil & Gas index rose 1.0%. Future Kid Ent. and Real
Estate Co. gained 19.5%, while Al-Maidan Dental Clinic Co. was up 10.9%.
Oman: The MSM 30 Index fell 1.9% to close at 4,049.4. The Financial index fell
2.5%, while the other indices closed in the green. National Bank of Oman fell 9.3%
while, United Finance fell 9.1%.
Bahrain: The BHB Index fell 0.6% to close at 1,408.0. The Commercial Bank index
declined 0.9%, while the Investment index fell 0.3%. BBK declined 6.8%, while GFH
Financial Group was down 1.9%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Insurance Co. 11.17 9.9 322.2 30.0
Qatar Cinema & Film Distribution 20.39 9.9 30.8 7.2
Gulf International Services 15.00 7.1 845.8 (11.8)
Mesaieed Petrochemical Holding 19.85 4.2 1,100.5 32.1
Vodafone Qatar 7.82 2.2 2,987.4 0.1
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 7.82 2.2 2,987.4 0.1
Mesaieed Petrochemical Holding 19.85 4.2 1,100.5 32.1
United Development Company 13.50 1.1 984.0 (8.5)
Gulf International Services 15.00 7.1 845.8 (11.8)
Qatar Aluminium Manufacturing 11.05 (0.1) 510.0 (17.2)
Market Indicators 26 Mar 19 25 Mar 19 %Chg.
Value Traded (QR mn) 327.4 273.5 19.7
Exch. Market Cap. (QR mn) 562,145.0 563,644.7 (0.3)
Volume (mn) 11.0 6.7 65.7
Number of Transactions 5,931 4,870 21.8
Companies Traded 43 45 (4.4)
Market Breadth 25:16 31:14 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,276.37 0.1 0.1 0.7 13.9
All Share Index 3,059.21 (0.0) 0.2 (0.6) 15.1
Banks 3,747.13 (0.9) (0.6) (2.2) 13.9
Industrials 3,265.41 1.0 0.8 1.6 15.6
Transportation 2,290.65 (0.6) (0.1) 11.2 13.3
Real Estate 2,052.85 0.6 1.7 (6.1) 18.2
Insurance 3,003.36 (0.1) 0.2 (0.2) 18.0
Telecoms 938.64 0.1 (0.1) (5.0) 19.8
Consumer 7,543.91 2.1 1.4 11.7 15.5
Al Rayan Islamic Index 3,997.01 0.7 0.5 2.9 13.9
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
DP World Dubai 15.85 3.6 6,177.7 (7.3)
National Industrialization Saudi Arabia 18.00 1.6 5,103.1 19.1
Boubyan Bank Kuwait 0.60 1.5 2,770.7 6.3
Alawwal Bank Saudi Arabia 16.78 1.5 368.8 11.1
Saudi British Bank Saudi Arabia 37.00 1.4 517.3 13.3
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
National Bank of Oman Oman 0.17 (9.3) 812.0 (3.9)
Bank Muscat Oman 0.40 (9.1) 740.0 2.4
BBK Bahrain 0.41 (6.8) 10.0 (9.7)
Comm. Bank of Kuwait Kuwait 0.54 (2.7) 10.0 8.0
National Bank of Kuwait Kuwait 0.90 (2.4) 6,135.3 12.7
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%
Doha Insurance Group 11.50 (6.3) 33.0 (12.1)
Qatar Navigation 65.36 (1.7) 20.2 (1.0)
QNB Group 177.10 (1.6) 401.8 (9.2)
Ooredoo 65.16 (1.3) 99.0 (13.1)
Qatar Fuel Company 190.00 (1.0) 244.4 14.5
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 177.10 (1.6) 71,170.6 (9.2)
Qatar Fuel Company 190.00 (1.0) 45,794.5 14.5
Qatar International Islamic Bank 69.98 1.7 26,353.2 5.8
Vodafone Qatar 7.82 2.2 23,148.0 0.1
Mesaieed Petrochemical Holding 19.85 4.2 21,585.9 32.1
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* 9,935.47 (0.1) (0.2) (1.7) (3.5) 89.59 154,421.2 13.9 1.5 4.4
Dubai 2,615.17 (0.7) (0.5) (0.8) 3.4 52.18 94,917.2 8.4 1.0 5.2
Abu Dhabi 5,126.86 0.2 (0.0) (0.2) 4.3 50.17 139,736.5 14.4 1.5 4.8
Saudi Arabia 8,678.88 0.1 (0.3) 2.2 10.9 808.39 548,322.8 19.4 2.0 3.3
Kuwait 4,851.77 0.1 0.8 1.7 2.4 95.23 3,350.6 16.7 0.9 4.3
Oman 4,049.40 (1.9) (2.5) (2.3) (6.3) 2.82 17,584.6 8.4 0.8 6.5
Bahrain 1,408.04 (0.6) (1.3) (0.3) 5.3 3.48 21,541.1 9.0 0.9 5.9
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,900
9,920
9,940
9,960
9,980
10,000
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 0.1% to close at 9,935.5. The Banks & Financial
Services and Transportation indices led the losses. The index fell on the
back of selling pressure from Qatari shareholders despite buying support
from GCC and non-Qatari shareholders.
 Doha Insurance Group and Qatar Navigation were the top losers, falling
6.3% and 1.7%, respectively. Among the top gainers, Al Khaleej Takaful
Insurance Company and Qatar Cinema & Film Distribution Company
were up 9.9% each.
 Volume of shares traded on Tuesday rose by 65.7% to 11.0mn from
6.7mn on Monday. Further, as compared to the 30-day moving average
of 10.2mn, volume for the day was 8.4% higher. Vodafone Qatar and
Mesaieed Petrochemical Holding Company were the most active stocks,
contributing 27.1% and 10.0% 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
Arabian Aramco Total Services
Company*
Saudi Arabia SR 44,573.3 31.4% 2,134.7 -17.0% 446.9 3.6%
Saudi Ground Services Co. * Saudi Arabia SR 2,554.0 -1.2% 371.2 -25.0% 368.4 -26.5%
Wataniya Insurance Co.* Saudi Arabia SR 712.3 23.1% – – 1.8 -41.5%
Saudi Enaya Cooperative
Insurance Co. *
Saudi Arabia SR 138.2 -49.7% – – 3.9 23.3%
Saudi Printing and Packaging Co. * Saudi Arabia SR 1,018.5 2.7% -2.9 – -54.4 –
Al-Etihad Cooperative Insurance
Co. *
Saudi Arabia SR 929.8 11.9% 0.0 – 6.4 237.4%
Basic Chemical Industries Co. * Saudi Arabia SR 605.2 1.6% 82.2 -5.1% 49.7 13.5%
Ash-Sharqiyah Development Co. * Saudi Arabia SR 0.3 -77.7% -7.2 – -6.7 –
ALSalam Group Holding Company* Kuwait KD 6.5 30.1% 1.4 47.7% 0.3 –
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/26 Germany GfK AG GfK Consumer Confidence April 10.4 10.8 10.7
03/26 France INSEE National Statistics Office Business Confidence March 104 103 103
03/26 France INSEE National Statistics Office Manufacturing Confidence March 102 103 103
03/26 France INSEE National Statistics Office GDP QoQ 4Q2018 0.3% 0.3% 0.3%
03/26 France INSEE National Statistics Office GDP YoY 4Q2018 1.0% 0.9% 0.9%
03/26 Japan Bank of Japan PPI Services YoY February 1.1% 1.1% 1.0%
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
MRDS Mazaya Qatar Real Estate Development 27-Mar-19 0 Due
QGMD Qatari German Company for Medical Devices 27-Mar-19 0 Due
ZHCD Zad Holding Company 30-Mar-19 3 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 33.86% 42.35% (27,772,648.61)
Qatari Institutions 23.44% 18.06% 17,611,922.22
Qatari 57.30% 60.41% (10,160,726.39)
GCC Individuals 0.63% 0.81% (594,578.52)
GCC Institutions 1.05% 0.69% 1,202,825.10
GCC 1.68% 1.50% 608,246.58
Non-Qatari Individuals 8.45% 10.59% (7,011,342.24)
Non-Qatari Institutions 32.57% 27.51% 16,563,822.05
Non-Qatari 41.02% 38.10% 9,552,479.81

3. Page 3 of 8
Earnings Calendar
Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status
QNBK QNB Group 9-Apr-19 13 Due
ERES Ezdan Holding Group 11-Apr-19 15 Due
CBQK The Commercial Bank 17-Apr-19 21 Due
DHBK Doha Bank 30-Apr-19 34 Due
Source: QSE
News
Qatar
 Nebras Power to mulls more than $1bn stake sale in
Indonesian-based power producers – Nebras Power is
considering selling its stake in PT Paiton Energy, one of
Indonesia’s largest independently owned power producers,
according to sources. Nebras Power’s 35.5% holding in Paiton
could be valued at more than $1bn, sources said. Nebras Power
has held initial talks with potential financial advisers, but has
not started a formal sale process. No final decisions have been
made, and Nebras Power may also decide to retain its stake in
Paiton, sources added. (Bloomberg)
 QFBQ reports net loss of QR56.4mn in 4Q2018 – Qatar First
Bank (QFBQ) reported net loss of QR56.4mn in 4Q2018 as
compared to net loss of QR129.7mn in 4Q2017 and QR71.7mn in
3Q2018. Loss per share amounted to QR2.41 in FY2018 as
compared to QR1.35 in FY2017. In FY2018, QFBQ posted net
loss of QR481.9mn. The Shari’ah-compliant bank’s total income
(excluding disposal loss and loss on fair value re-measurement
of equity investments) showed a ‘growth momentum’ last year
with an increase of 24.1% at QR222mn, compared to QR178mn
in 2017. This was mainly driven by the fee income from the
structured products and a reduction of 26% in returns to
unrestricted investment account holders (the cost of funding)
due to the better management of its loan to deposit ratio. QFBQ
is regulated by QFCRA and listed on the Qatar Stock Exchange
(QSE). QFBQ’s management continued to raise its efficiency
through the implementation of its cost rationalization plan that
resulted in reduction of total expenses of the bank by 10%, as
compared to the previous year. This was mainly driven by
reduction in staff cost by 18% and other operating expenses by
16%. The Treasury and investment arm has initiated an
ambitious plan to continue increasing the assets under
management through multiple deal-by-deal transactions and
direct sourcing, structuring and placement of these deals. The
asset and liability management desk continues its offering of
innovative products and solutions to the Qatari Corporate client
base while adhering to prudent liquidity management measures
that enables the bank to maintain its cost of funding and
generate positive net profit margins. The bank also reported a
disposal loss and loss on fair value re-measurement of equity
investments of QR331mn during the year, compared to
QR119mn in the previous year. This was mainly driven by
global and regional headwinds resulting in prevailing market
uncertainties that affected the performance of the bank’s
alternative investments portfolio. Despite the challenges faced
by QFBQ previously, the bank said it “looks forward to the
future today with positive considered forecasts.” In 2018, the
bank underwent a ‘comprehensive exercise’ to identify
weaknesses and strengths. The exercise revealed internal
strategic capabilities in private banking and real estate
investment that could offer a competitive edge that would
enhance future returns in search of lucrative business
opportunities that would have a positive impact on the bank’s
future growth. The board of directors recommended not
distributing any profit as dividend for FY2018. (QSE, Gulf-
Times.com)
 ERES to disclose 1Q2019 financial statements on April 11 –
Ezdan Holding Group (ERES) announced its intent to disclose
1Q2019 financial statements for the period ending March 31,
2019, on April 11, 2019. (QSE)
 DHBK to disclose 1Q2019 financial statements on April 30 –
Doha Bank (DHBK) announced its intent to disclose 1Q2019
financial statements for the period ending March 31, 2019, on
April 30, 2019. (QSE)
 CBQK to disclose 1Q2019 financial statements on April 17 – The
Commercial Bank (CBQK) announced its intent to disclose
1Q2019 financial statements for the period ending March 31,
2019, on April 17, 2019. (QSE)
 IHGS’ EGM endorses all items on its agenda – Islamic Holding
Group (IHGS) announced the resolutions of its Extraordinary
General Assembly Meeting (EGM) on March 25, 2019 and
discussed the items listed on its agenda and issued the
following resolutions: (i) The amendment of Article (5) of the
Basic Stock Split Regulations has been approved to amend the
nominal value of the share to be only QR1 instead of QR10 in
implementation of the decision of the Qatar Financial Market
Authority on October 16, 2018, and (ii) The Chairman of the
board of directors has been authorized to make any
amendments to the basic law in accordance with the
Extraordinary General Assembly Resolutions and to sign the
amended basic law before the official bodies. (QSE)
 AKHI’S board of directors announces the approval of the
settlement offer of some internal and external investment files
with one of the related parties – Al Khaleej Takaful Insurance
Company (AKHI) in its board of directors meeting held on
March 25, 2019 announced the approval of offering the
settlement for the local and overseas investment files with a
related party, the financial effects of which were reflected in
the financial statements for 2018, in return for an amount of
QR146mn in four installments, payable from March 31, 2019
and ending on December 31, 2020. (QSE)

4. Page 4 of 8
 New Panama Canal transits help Nakilat to expand its reach –
The four gigantic LPG carriers (VLGCs) of Qatar Gas Transport
Company Limited (Nakilat) have delivered around 1.344 metric
tons of gas to various markets around the world last year, with
most of them utilizing the newly expanded Panama Canal to
reduce voyage durations. “As one of the world’s leading
transporter of clean energy, Nakilat’s fleet of 70 vessels deliver
to more than 26 countries across the world,” the company
stated. The Panama Canal is one of the most commonly
traversed waterways connecting the Pacific and Atlantic
Oceans. Its expansion in 2016 allowed for bigger vessels
(Neopanamax) such as LNG carriers to now transit through the
Canal locks as they make their journey from East to West and
vice versa. Passage through the canal allows vessels to shorten
their voyage by about 13,000 kilometers or 7,000 nautical miles,
leading to shorter delivery times as well as operational cost
savings. Since the New Panama Canal has been in operation,
Nakilat’s LPG vessels have transited through the Canal 16
times, while its joint-venture conventional LNG vessels have
completed 38 transits. The flexibility of going through the New
Panama Canal not only enables Nakilat to widen its
international outreach and cement its position as a global
leader of energy transportation, but also allows it to exceed
customer satisfaction. Moving forward, Nakilat has conducted
compatibility studies and thorough assessments of Q-Flex class
LNG carriers on safely transiting through the new locks in the
near future. (Qatar Tribune)
 WOQOD aims huge increase in fuel dispensers to boost sales –
Qatar Fuel Company (WOQOD), the main distributor of retail
petroleum products in Qatar, has unveiled its aggressive plans
to increase the number of fuel dispensers, both for light and
heavy vehicles, aiming to further ease congestion at fuel
stations and boost sales. The company, as part of its longer-
term business strategy, is working to increase the number of
fuel dispensers to 1,032 by 2022 from 477 in 2018, which will be
more than double (116% jump), compared to 2018 numbers. The
number of Light Vehicle Dispensers (which are low speed) will
increase from 419 in 2018 to 891 by 2022, which will be more
than 112% from the existing capacity. Further the number of
Heavy Vehicle Dispensers (high speed) will be increased to 141
by 2022, registering an increase of 143% compared to 58% in
2018. WOQOD has aggressive plans to increase its retail fuel
market share to 85% by 2022. As the end of 2018, WOQOD’s
retail fuel market share increased by 12% (70% in 2018 against
58% in 2017) driven by the opening of the new (petrol) stations.
(Peninsula Qatar)
 Qatar well on its way to be a global player in logistics – As the
size and value of logistics industry grow faster, Qatar is well-
positioned to emerge as a key global player in the industry. The
country’s geographical location, encouraging investment laws,
stable exchange rate, abundant energy supply and its
continuous development of the logistics sector help Qatar to
take a leading position in this industry, Minister of Transport
and Communications HE Jassim bin Saif Al Sulaiti said. The
Minister said Qatar’s newly developed integrated and efficient
transportation system will serve all sectors and connect Qatar
to the regional and global economy. “We have the resources
and a wise leadership committed to realizing our dreams on the
ground the support provided by the State to the private sector
to be a strategic partner will further leverage Qatar’s
capabilities in logistics industry,” the Minister added. Currently,
Qatar has one of the largest commercial ports in the world and
the largest airport in the Middle East. The country is developing
Doha Port as Qatar’s gateway to marine tourism. Qatar is also
expanding the port of Ruwais to serve as Qatar’s northern
maritime gateway. The ongoing highway program is linking all
of Qatar’s facilities to each other. (Peninsula Qatar)
 Ashghal plans Al Wakra, Al Wukair STP project on PPP – Public
Works Authority (Ashghal) organized a roadshow to introduce
Al Wakrah and Al Wukair Sewage Treatment Plant (STP)
project, the first project of the authority to be implemented in
Public-Private Partnership (PPP) contract. The roadshow aimed
at briefing the interested local and international companies,
which have an experience in the field of infrastructure and
drainage projects, about the details of the project and its
components. The project is part of Ashghal’s efforts to develop
and implement sustainable drainage infrastructure throughout
the country. (Peninsula Qatar)
 DOHI’s President: Cyber insurance relevance increasing – The
relevance of cyber insurance is increasing as major companies
around the world face huge Internet-based risks, according to
Doha Insurance Group’s (DOHI) President, Bassam Hussein.
“Recently, a major European company’s IT system was
attacked by cyber criminals. No matter how big or efficient your
systems are, you can still be targeted by cyber criminals. Cyber
insurance is fairly new. It has been around for only a few years
now. But it is gradually gaining ground in view of increasing
Internet-based risks,” Hussein pointed out. Cyber insurance is
used to protect businesses and individual users from Internet-
based risks, and more generally from risks relating to
information technology infrastructure and activities. (Gulf-
Times.com)
 Qatar Airways opens new office in Muscat – Qatar Airways
celebrated the opening of its new office in Muscat, Oman. Qatar
Airways’ CEO, HE Akbar Al-Baker said, “We are here to
celebrate the longstanding and important relationship Qatar
Airways shares with the Sultanate of Oman. Oman has always
been a key market for us, with 70 direct flights to three
destinations in Oman, and will continue to be so in the future.”
(Gulf-Times.com)
International
 US housing, consumer confidence data point to slowing
economy – The US homebuilding fell more than expected in
February as construction of single-family homes dropped to
near a two-year low, offering more evidence of a sharp
slowdown in economic activity early in the year. Concerns over
the economy were also underscored by other data showing
consumer confidence ebbing in March, with households a bit
pessimistic about the labor market. The economy is facing
rising headwinds, including slowing global growth, fading fiscal
stimulus, trade tensions and uncertainty over Britain’s
departure from the European Union. Those concerns
contributed to the Federal Reserve’s decision last week to bring
its three-year campaign to tighten monetary policy to an abrupt
end, as it abandoned projections for any interest rate hikes this
year. Housing starts decreased 8.7% to a seasonally adjusted
annual rate of 1.162mn units last month, the Commerce

5. Page 5 of 8
Department stated. The percent decline was the largest in eight
months, and bad weather could have contributed to the sharp
drop in homebuilding last month. The report from the
Conference Board showed its consumer confidence index fell
7.3 points to a reading of 124.1 in March. While noting that
consumer confidence has been volatile in recent months, the
Conference Board stated, “The overall trend in confidence has
been softening since last summer, pointing to a moderation in
economic growth.” Consumers’ assessment of both current
business and labor market conditions weakened in March. The
survey’s so-called labor market differential, derived from data
about respondents who think jobs are hard to get and those who
think jobs are plentiful, fell to an eight-month low. (Reuters)
 British banks approve fewer mortgages in February as Brexit
nears – British banks approved fewer mortgages in February
than during January, industry data showed. Seasonally-
adjusted data from the UK Finance industry body showed
banks approved 39,083 mortgages last month, down from
39,910 in January. The value of net mortgage lending has
increased by 711mn Pounds, the smallest rise since April 2016
and around half the size of increases in much of last year. The
figures added to signs of a weakening in Britain’s housing
market ahead of Brexit. Overall consumer credit growth also
slowed, rising by 3.8% compared with February last year, the
smallest increase since October. (Reuters)
 UK public's inflation expectations cool in March – The British
public’s expectations for consumer price inflation in the year
ahead cooled to 2.7% this month from 2.9% in February, a
survey showed. Longer-term inflation expectations also cooled
to 3.0% from 3.2%, its lowest since May 2017, the survey from
US investment bank Citi and polling firm YouGov showed.
“Amid some volatility, long-term inflation expectations keep
printing new lows. This establishes a downtrend, potentially
due to weaker economic prospects,” Citi economists said about
the numbers. Official data last month showed annual consumer
price inflation ticked up in February to 1.9%, although it
remained close to January’s two-year low. (Reuters)
 German consumer morale darkens unexpectedly – German
consumer morale deteriorated unexpectedly heading into April,
a survey showed, suggesting that household spending could
weaken in the second quarter of this year. Domestic demand is
expected to be the sole driver of growth this year in Europe’s
largest economy as exporters struggle with a global slowdown,
trade disputes and Brexit uncertainty. Record-high
employment, hefty pay hikes, moderate inflation and low
borrowing costs have helped household spending to replace
exports as the most important pillar of economic growth. The
GfK market research group stated its consumer sentiment
indicator fell to 10.4 points heading into April from a revised
10.7 the previous month. That undershot the forecast of 10.8.
(Reuters)
 IMF: Trade tensions could cut Asia's economic growth by 0.9
percentage points – Trade tensions between the US and China
have caused huge amounts of economic uncertainty and could
cut Asia’s economic growth by 0.9 percentage point, according
to International Monetary Fund’s (IMF) Deputy Managing
Director, Zhang Tao. (Reuters)
 China's industrial profits shrink most since late 2011 – Profits at
China’s industrial firms suffered their worst contraction since
late 2011 in the first two months of this year data showed, as
increasing strains on the economy in the face of slowing
demand at home and abroad took a toll on businesses. The
sharp decline in profits suggests further trouble for the world’s
second largest economy, which expanded at its slowest pace in
almost three decades last year. The government has already
lowered the economic growth target this year to 6.0%-6.5%,
from 6.6% in 2018. Profits notched up by China’s industrial
firms in January-February slumped 14.0% YoY to 708.01bn
Yuan, the National Bureau of Statistics (NBS) stated. It marked
the biggest contraction since Reuters began keeping records in
October 2011. (Reuters)
Regional
 Islamic finance is becoming a multi-faceted industry – Islamic
finance is becoming a multi-faceted industry, the release of a
new report called “Global Islamic Finance Market Growth,
Trends, and Forecast (2018-2024)” by India-based market
research firm Mordor Intelligence, which comes to the
conclusion that the global Islamic finance market will keep
growing over the mentioned period owing to strong
investments in the halal sectors, infrastructure and energy, as
well as Sukuk bonds. Islamic banking remains the largest
segment in the Islamic finance industry, the report notes.
Islamic banks contribute 71%, or $1.72tn to overall assets. The
sector as of end 2017 comprised of 505 Islamic commercial,
wholesale and other types of banks, including 207 Islamic
banking windows, whereby commercial banking remained the
main contributor to the sector’s growth. In the Middle East and
North African (MENA) region, Islamic banking assets
represented 14% of total banking assets in the research period.
In the Gulf Co-operation Council (GCC), the market share of
Islamic banking crossed the 25%-threshold, which suggests
that Islamic banks have become systemically important in
these countries. (Gulf-Times.com)
 PwC: Middle East shoppers most influenced by social media –
The buying behaviors of Middle East shoppers are heavily
influenced by social media than elsewhere in the world, a new
study has found. According to the latest PwC Middle East
findings on Global Consumer Insights Survey, about 60% of
Middle East respondents said social media influenced their
fashion purchasing decisions and 53% for tech purchases. It is
no secret that social media is more widely used in the region,
than globally. So, it came as no surprise that social media
impacts the buying behaviors of consumers in the region.
(Peninsula Qatar)
 Saudi Aramco building global gas business to cut carbon
footprint – Saudi Aramco, the world’s biggest oil producer, is
building an international gas business and converting more
crude oil into chemicals in a bid to lessen its carbon footprint,
CEO, Amin Nasser said. Saudi Aramco is building ‘an energy
bridge’ between Saudi Arabia and China to meet the Asian
energy consumer’s increasing need for oil and gas as well as for
chemicals and Liquefied Natural Gas (LNG). “We need to help
our stakeholders - including here in China and the wider Asia
region - realize that oil and gas will remain vital to world energy
for decades to come,” he said. “We need to reassure them with

6. Page 6 of 8
our own long-term investments that the safety belt we have
always provided is one they can continue to rely on.” Saudi
Aramco’s gas expansion strategy needs $150bn of investment
over the next decade as the company plans to increase output
and later become a gas exporter, Nasser had said in November.
(Reuters)
 Saudi Aramco and Mcdermott sign deal for new oil services
facility – Saudi Aramco signed a land lease agreement with
McDermott Arabia Company to establish an engineering,
procurement, construction, and installation facility in the King
Salman International Complex for Maritime Industries in Ras
Al-Khair, Saudi Arabia. A joint press release stated that Saudi
Aramco signed the lease with McDermott Arabia, a subsidiary
of McDermott International Inc, to establish a fabrication
facility that will be used for large scale fabrication of offshore
platforms and onshore/offshore modules. Saudi Aramco’s
Senior Vice President of Technical Services, Ahmad Al Sa’adi
said that the facility will serve as a major engineering,
procurement, construction, and installation hub not only the
Kingdom, but for the GCC region. (Reuters)
 Stalled Saudi Aramco IPO sets back deal-making at US
subsidiary Motiva – Saudi Aramco’s delayed Initial Public
Offering (IPO) is sidelining grand North American expansion
plans at its US refining subsidiary Motiva Enterprises LLC,
sources said, at a time when its rivals grew their market share.
After dissolving a partnership with Royal Dutch Shell PLC two
years ago, Motiva set out to rebuild and boost market share in
the Americas. It evaluated deals for LyondellBasell Industries
NV’s Houston refinery, with the Caribbean government of
Curacao, and considered expanding its sole US oil refinery.
However, none of those came to pass as the company feared it
might pay too much for acquisitions or become too exposed to
disruptions by expanding its sole US refinery, according to
sources. As a result, Motiva has slipped to 11th place from ninth
among the top US refiners by capacity since striking out on its
own, according to US government data, as other refiners inked
deals to take advantage of the shale boom. (Reuters)
 Saudi Arabia's Al Tayyar aims to double online booking sales by
end-2020 – Saudi Arabia’s largest travel company, Al Tayyar
Travel Group, aims to double its online booking sales to $1.1bn
by 2020, capitalizing on a rapidly growing tourism market, its
CEO, Abdullah Aldawood said. It also plans to invest heavily in
technology to reap the benefits of Saudi Arabian government’s
plans to develop domestic tourism and to attract non-Muslim
tourists to the Kingdom. Al Tayyar was among the first
investors in Careem. “We grew our online travel agency
business from almost zero in 2015 to over SR2bn of gross
booking volume in 2018 and we aim to double that number by
the end of 2020,” he said. (Reuters)
 Careem Backer Al Tayyar sees $475mn Uber deal gain in 2020 –
Al Tayyar Travel Group Holding Company, the largest
corporate holder in Careem Networks FZ, is set to gain at least
$475mn from its stake after Uber Technologies Inc. agreed to
buy the ride-hailing competitor, the company’s CEO, Abdullah
Aldawood said. (Bloomberg)
 Mastercard to invest $300mn in Network International's IPO –
Mastercard Inc. will make a $300mn cornerstone investment in
Middle Eastern payment processor Network International’s
Initial Public Offering (IPO) in London. The companies also
agreed to enter into a partnership to support and accelerate the
development of electronic payments in Africa and the Middle
East, according to a statement. Network International plans to
list its shares in London next month in the first big IPO in the
UK this year. The company intends to have a free float of at
least 25% of its issued share capital. An offering could value the
company at about $3bn, sources said in November and the
company expects to be eligible for inclusion in FTSE UK
indexes. Warburg Pincus and General Atlantic jointly own a
49% stake in Network International, while Dubai’s biggest
bank, Emirates NBD, holds the remaining 51%. (Bloomberg)
 Uber buys rival Careem in $3.1bn deal to dominate ride-hailing
in the Middle East – Global ride-hailing firm Uber Technologies
Inc will spend $3.1bn to acquire Middle East rival Careem,
buying dominance in a competitive region ahead of a hotly
anticipated IPO. Uber had earlier stated that it would pay
$1.4bn in cash and $1.7bn in convertible notes in a deal that
gives it full ownership of Careem. The long-expected agreement
ends more than nine months of start-and-stop negotiations
between the two companies and hands Uber a much-needed
victory after a series of overseas divestments. The notes will be
convertible into Uber shares at a price equal to $55 apiece, Uber
said, marking a nearly 13% increase over Uber’s share price in
its last financing round, led by SoftBank Group Corp more than
a year ago. (Reuters)
 Fujairah Oil Terminal and GTI seek merger at UAE port –
Fujairah Oil Terminal (FOT) and Global Terminal Investments
(GTI) both operate oil storage at Middle East’s ship-fueling hub,
FOT’s commercial Director, Malek Azizeh said. The Companies
hope to complete merger by year-end, Azizeh added, giving no
details on possible value of a deal. Prostar Capital, with offices
in Australia, US, Hong Kong, is shareholder in both the
companies. (Bloomberg)
 Dubai's main bourse announces changes to post-trade services
– The Dubai Financial Market (DFM) stated that it will
implement a new organizational structure for post-trade
services as part of reforms aimed at aligning the stock exchange
with international peers. DFM, as the biggest stock exchange in
Dubai is known, has completed the formation of a holding
company that entails a securities depository and a clearing
company, according to a statement. Regulatory approvals are
still pending, with activities expected to begin this year. The
new structure separates post-trade services from the exchange
services of listing and trading of securities, and will allow the
bourse to “achieve stronger and sustainable growth,” it stated.
(Bloomberg)
 Emirate of Sharjah to raise $1bn with seven-year Sukuk – The
Emirate of Sharjah, the third-largest constituent of the UAE, is
set to raise $1bn in seven-year Sukuk, or Islamic bonds, sources
said. It started marketing the paper earlier on Tuesday with a
spread of around 180 basis points (bps) over mid-swap, which
was later tightened to 155 bps, documents issued by one of the
banks leading the deal showed. Bank ABC, Dubai Islamic Bank
(DIB), HSBC, KFH Capital, Sharjah Islamic Bank and Standard
Chartered Bank have been hired as deal bookrunners. (Reuters)
 Oman’s oil exports rise to 0.841mn bpd in February – Oman’s Oil
exports rose 11.8% from 0.752mn b/d in January to 0.841mn

7. Page 7 of 8
bpd in February, according to data published on National Center
for Statistics & Information. Oman exported 46.865mn barrels
of oil in January-February, representing a fall of 2.1% YoY.
(Bloomberg)
 Oman sells OMR26.58mn 91-day bills; bid-cover at 1.15x –
Oman sold OMR26.58mn of bills due on June 26, 2019 on March
25, 2019. Investors offered to buy 1.15 times the amount of
securities sold. The bills were sold at a price of 99.379, having a
yield of 2.506% and will settle on March 27, 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
Feb-15 Feb-16 Feb-17 Feb-18 Feb-19
QSE Index S&P Pan Arab S&P GCC
0.1%
(0.1%)
0.1%
(0.6%)
(1.9%)
0.2%
(0.7%)
(2.0%)
(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 1,315.69 (0.5) 0.2 2.6 MSCI World Index 2,102.62 0.7 0.4 11.6
Silver/Ounce 15.43 (0.7) (0.0) (0.4) DJ Industrial 25,657.73 0.6 0.6 10.0
Crude Oil (Brent)/Barrel (FM Future) 67.97 1.1 1.4 26.3 S&P 500 2,818.46 0.7 0.6 12.4
Crude Oil (WTI)/Barrel (FM Future) 59.94 1.9 1.5 32.0 NASDAQ 100 7,691.52 0.7 0.6 15.9
Natural Gas (Henry Hub)/MMBtu 2.75 1.1 (0.7) (13.7) STOXX 600 377.20 0.5 0.2 10.1
LPG Propane (Arab Gulf)/Ton 64.25 1.4 0.6 0.4 DAX 11,419.48 0.3 0.4 6.7
LPG Butane (Arab Gulf)/Ton 62.38 (2.2) (3.3) (10.3) FTSE 100 7,196.29 0.6 0.0 11.0
Euro 1.13 (0.4) (0.3) (1.8) CAC 40 5,307.38 0.6 0.6 10.5
Yen 110.64 0.6 0.7 0.9 Nikkei 21,428.39 1.6 (1.3) 7.0
GBP 1.32 0.1 0.0 3.6 MSCI EM 1,050.45 0.3 (0.9) 8.8
CHF 1.01 (0.2) (0.1) (1.3) SHANGHAI SE Composite 2,997.10 (1.6) (3.4) 23.1
AUD 0.71 0.3 0.7 1.2 HANG SENG 28,566.91 0.1 (1.9) 10.3
USD Index 96.74 0.2 0.1 0.6 BSE SENSEX 38,233.41 1.0 0.5 7.1
RUB 64.41 0.7 (0.4) (7.1) Bovespa 95,306.82 1.8 2.2 8.6
BRL RTS 1,229.96 0.1 1.4 15.1
99.5
93.3
82.4