The QE Index rose 1.7% to close at 10,105.1. Gains were led by the Consumer Goods & Services and Insurance indices, gaining 2.8% and 2.7%, respectively.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QE Index rose 1.7% to close at 10,105.1. Gains were led by the Consumer Goods &
Services and Insurance indices, gaining 2.8% and 2.7%, respectively. Top gainers
were Al Khaleej Takaful Insurance Company and Qatar Cinema & Film Distribution
Company, rising 9.9% each. Among the top losers, Ezdan Holding Group fell 7.6%,
while Qatar Industrial Manufacturing Company was down 1.2%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.0% to close at 8,766.3. Gains were led by the
Health Care Equip. & Svc and Banks indices, rising 1.7% and 1.6%, respectively.
Alkhabeer REIT Fund rose 5.0%, while Red Sea International Co. was up 4.4%.
Dubai: The DFM Index fell marginally to close at 2,614.4. The Investment & Fin.
Services index declined 1.2%, while the Services index fell 1.1%. Al Salam Bank -
Bahrain declined 2.7%, while Dar Al Takaful was down 2.0%.
Abu Dhabi: The ADX General Index fell 0.3% to close at 5,109.4. The Investment &
Financial Services index declined 2.2%, while the Banks index fell 0.5%. Ooredoo
declined 9.5%, while Methaq Takaful Insurance Company was down 5.6%.
Kuwait: The Kuwait Main Market Index rose 0.1% to close at 4,856.6. The
Technology index gained 10.0%, while the Basic Materials index rose 1.1%.
Automated Systems Co. gained 10.0%, while Sanam Real Estate Co. was up 9.8%.
Oman: The MSM 30 Index fell 0.1% to close at 4,047.3. The Financial index declined
0.1%, while the Services index fell marginally. Oman and Emirates Inv. Holding
declined 9.1%, while Sembcorp Salalah was down 6.3%.
Bahrain: The BHB Index gained 0.4% to close at 1,413.2. The Commercial Bank
index rose 0.7%, while the Investment index gained 0.3%. Ithmaar Holding rose
20.0%, while GFH Financial Group was up 1.9%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Insurance Co. 12.28 9.9 97.8 43.0
Qatar Cinema & Film Distribution 22.41 9.9 0.1 17.8
Gulf International Services 16.01 6.7 1,351.9 (5.8)
Mesaieed Petrochemical Holding 21.00 5.8 2,369.3 39.7
Qatar Fuel Company 198.00 4.2 487.9 19.3
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
United Development Company 14.01 3.8 3,756.9 (5.0)
Mesaieed Petrochemical Holding 21.00 5.8 2,369.3 39.7
Ezdan Holding Group 10.99 (7.6) 1,825.2 (15.3)
Qatar First Bank 4.04 (0.2) 1,363.3 (1.0)
Gulf International Services 16.01 6.7 1,351.9 (5.8)
Market Indicators 27 Mar 19 26 Mar 19 %Chg.
Value Traded (QR mn) 558.3 327.4 70.5
Exch. Market Cap. (QR mn) 568,835.8 562,145.0 1.2
Volume (mn) 19.6 11.0 78.0
Number of Transactions 8,658 5,931 46.0
Companies Traded 45 43 4.7
Market Breadth 34:11 25:16 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,588.32 1.7 1.8 2.4 14.1
All Share Index 3,084.25 0.8 1.0 0.2 15.2
Banks 3,812.42 1.7 1.2 (0.5) 14.0
Industrials 3,301.50 1.1 1.9 2.7 15.8
Transportation 2,307.70 0.7 0.6 12.0 13.4
Real Estate 1,970.39 (4.0) (2.3) (9.9) 17.5
Insurance 3,085.14 2.7 2.9 2.5 18.5
Telecoms 943.40 0.5 0.4 (4.5) 19.9
Consumer 7,752.56 2.8 4.2 14.8 15.9
Al Rayan Islamic Index 4,045.17 1.2 1.7 4.1 13.9
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
The Commercial Bank Qatar 44.50 3.6 92.5 13.0
Qatar Insurance Company Qatar 35.99 3.4 131.1 0.3
Nat. Commercial Bank Saudi Arabia 53.80 2.9 1,720.0 12.4
Qurain Petrochem. Ind. Kuwait 0.39 2.6 980.4 8.9
Bank Al-Jazira Saudi Arabia 16.60 2.3 4,030.5 16.3
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Sembcorp Salalah Power. Oman 0.12 (6.3) 187.6 (32.2)
Alinma Bank Saudi Arabia 24.26 (2.9) 10,639.9 5.6
Emaar Properties Dubai 4.6 (1.7) 7,772.1 11.4
Sohar International Bank Oman 0.12 (1.7) 125.1 3.6
Dubai Investments Dubai 1.36 (1.5) 5,597.6 7.9
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%
Ezdan Holding Group 10.99 (7.6) 1,825.2 (15.3)
Qatar Industrial Manufacturing 38.50 (1.2) 19.5 (9.8)
Qatari German Co. for Med. Dev. 6.05 (1.1) 82.2 6.9
Qatari Investors Group 25.00 (1.0) 12.2 (10.1)
Dlala Brokerage & Inv. Hold. Co. 9.50 (0.9) 5.7 (5.0)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 180.80 2.1 107,908.4 (7.3)
Qatar Fuel Company 198.00 4.2 96,246.4 19.3
United Development Company 14.01 3.8 52,122.0 (5.0)
Mesaieed Petrochemical Holding 21.00 5.8 49,860.0 39.7
Industries Qatar 122.20 0.2 32,373.5 (8.5)
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* 10,105.06 1.7 1.5 (0.1) (1.9) 152.72 156,259.2 14.1 1.5 4.3
Dubai 2,614.35 (0.0) (0.5) (0.8) 3.3 63.91 95,045.7 8.4 1.0 5.2
Abu Dhabi 5,109.42 (0.3) (0.4) (0.6) 4.0 47.07 139,255.7 14.3 1.5 4.8
Saudi Arabia 8,766.33 1.0 0.7 3.2 12.0 818.45 553,267.7 19.6 2.0 3.3
Kuwait 4,856.57 0.1 0.9 1.8 2.5 90.17 33,584.0 14.6 0.9 4.3
Oman 4,047.32 (0.1) (2.5) (2.3) (6.4) 4.17 17,588.7 8.4 0.8 6.5
Bahrain 1,413.21 0.4 (0.9) 0.0 5.7 11.60 21,726.0 9.1 0.9 5.8
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
10,000
10,100
10,200
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 QE Index rose 1.7% to close at 10,105.1. The Consumer Goods &
Services and Insurance indices led the gains. The index rose on the back
of buying support from Qatari shareholders despite selling pressure from
GCC and non-Qatari shareholders.
 Al Khaleej Takaful Insurance Company and Qatar Cinema & Film
Distribution Company were the top gainers, rising 9.9% each. Among
the top losers, Ezdan Holding Group fell 7.6%, while Qatar Industrial
Manufacturing Company was down 1.2%.
 Volume of shares traded on Wednesday rose by 78.0% to 19.6mn from
11.0mn on Tuesday. Further, as compared to the 30-day moving average
of 10.6mn, volume for the day was 84.6% higher. United Development
Company and Mesaieed Petrochemical Holding Company were the most
active stocks, contributing 19.1% and 12.1% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
4Q2018
% Change
YoY
Operating Profit
(mn) 4Q2018
% Change
YoY
Net Profit
(mn) 4Q2018
% Change
YoY
Saudi Ceramic Co.* Saudi Arabia SR 1,028.0 -9.8% -160.4 – -220.6 –
Wafrah for Industry and
Development Co.*
Saudi Arabia SR 80.1 31.7% -13.5 – -26.5 –
The Mediterranean and Gulf
Insurance and Reinsurance Co.*
Saudi Arabia SR 2,069.5 -22.4% – – 15.0 88.3%
MetLife AIG ANB Cooperative
Insurance Company*
Saudi Arabia SR 168.8 -52.4% – – 4.3 -22.1%
Al-Sagr National Insurance
Company*
Dubai AED 355.7 -10.2% – – 21.7 6.6%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/27 US Mortgage Bankers Association MBA Mortgage Applications 22-March 8.9% – 1.6%
03/27 France INSEE National Statistics Office Consumer Confidence March 96 96 95
03/27 France INSEE National Statistics Office PPI MoM February 0.4% – 0.3%
03/27 France INSEE National Statistics Office PPI YoY February 2.1% – 1.7%
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
ZHCD Zad Holding Company 30-Mar-19 2 Due
Source: QSE
Earnings Calendar
Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status
QNBK QNB Group 9-Apr-19 12 Due
ERES Ezdan Holding Group 11-Apr-19 14 Due
CBQK The Commercial Bank 17-Apr-19 20 Due
QIGD Qatari Investors Group 23-Apr-19 26 Due
UDCD United Development Company 29-Apr-19 32 Due
DHBK Doha Bank 30-Apr-19 33 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 27.57% 44.77% (95,996,586.71)
Qatari Institutions 32.56% 15.07% 97,668,760.94
Qatari 60.13% 59.84% 1,672,174.23
GCC Individuals 0.54% 0.72% (1,003,054.20)
GCC Institutions 1.90% 1.80% 571,148.40
GCC 2.44% 2.52% (431,905.80)
Non-Qatari Individuals 10.68% 10.06% 3,468,219.35
Non-Qatari Institutions 26.74% 27.58% (4,708,487.78)
Non-Qatari 37.42% 37.64% (1,240,268.43)

3. Page 3 of 6
News
Qatar
 QGMD reports net loss of QR7.3mn in 4Q2018 – Qatari German
Company for Medical Devices (QGMD) reported net loss of
QR7.3mn in 4Q2018 compared to net loss of QR15.4mn in
4Q2017 and QR1.1mn in 3Q2018. In FY2018, QGMD reported
net loss of QR12.8mn compared to QR21.7mn in FY2017. Loss
per share amounted to QR1.11 in FY2018 compared to loss per
share of QR1.88 in FY2017. (QSE)
 MRDS reports net loss of QR5.5mn in 4Q2018 – Mazaya Qatar
Real Estate Development (MRDS) reported net loss of QR5.5mn
in 4Q2018 compared to net profit of QR10.5mn in 4Q2017 and
net profit of QR5.9mn in 3Q2018. In FY2018, MRDS reported net
profit of QR16.6mn compared to QR28.1mn in FY2017. EPS
amounted to QR0.143 in FY2018 compared to QR0.243 in
FY2017. The board of directors has proposed to the AGM to
distribute 5% dividend equivalent to QR0.5 per share. (QSE)
 UDCD to disclose 1Q2019 financial statements on April 29 –
United Development Company (UDCD) announced its intent to
disclose 1Q2019 financial statements for the period ending
March 31, 2019, on April 29, 2019. (QSE)
 QIGD to disclose 1Q2019 financial statements on April 23 –
Qatari Investors Group (QIGD) announced its intent to disclose
1Q2019 financial statements for the period ending March 31,
2019, on April 23, 2019. (QSE)
 AKHI to hold its AGM on April 17 – Al Khaleej Takaful
Insurance Company (AKHI) announced that it will hold its
Annual Ordinary Assembly Meeting (AGM) on April 17, 2019. In
case the quorum is not met, an alternate meeting will be held on
April 24, 2019. (QSE)
 Nakilat inks JV with Maran Ventures, expands fleet – Qatar Gas
Transport Company Limited (Nakilat) established a new joint
venture (JV), ‘Global Shipping Co Ltd’, with shipping company
Maran Ventures Inc. (Maran Ventures). Under the agreement,
Nakilat will have 60% stake in the JV, while Maran Ventures
will hold the remaining 40%. With four LNG vessels under the
new JV, the number of Nakilat vessels will effectively increase
to 74, which is approximately 11.5% of the global LNG fleet in
carrying capacity. Nakilat’s CEO, Abdullah Al Sulaiti said, “This
agreement is a step forward for the company as we expand our
fleet with additional capacity to meet the growing international
demand for clean energy. This has subsequently led to a
significant increase in demand for LNG shipping, which we
hope will have a positive effect on charter rates. With the four
new vessels being managed and marketed by Nakilat, this not
only affirms our global leadership in energy transportation, but
also bears testament to our vessel management and marketing
capabilities with the world’s largest LNG fleet.” (Qatar Tribune)
 Mannai Corporation to open new innovation centers in Lisbon
and Lyon; proposed cash dividend of QR2 per share approved –
Mannai Corporation, which has a growing footprint across
Europe and North Africa, is all set to open two innovation
centers 'Fablabs' in Lisbon and Lyon. With this, the Qatari
company will have a total of six Fablabs, including one in the
new headquarters of Mannai at the Industrial Area. The other
Fablabs are in Paris and Nantes in France as well as Gent in
Belgium. Mannai Corporation’s Chairman, Sheikh Hamad bin
Abdulla bin Khalifa Al-Thani said, “Internationally, we will
continue to innovate and integrate our ICT (information,
communication and technology) services throughout Europe.”
Mannai Corporation also stated that looking ahead, the retail
sector is likely to remain challenged in 2019, particularly for its
GCC-wide jewelry business in Damas. Mannai Corporation held
its Ordinary & Extraordinary General Assembly meetings and
approved all the agenda of the meeting, including the board of
directors’ proposal to distribute cash dividend of 20% (QR2 per
share), to its shareholders. (Gulf-Times.com, Peninsula Qatar)
 BRES’ EGM endorses all items on its agenda – Barwa Real
Estate Company (BRES) held its Extraordinary General
Assembly Meeting (EGM) and approved all the agenda of the
meeting including the draft amendment of the Articles of
Association in accordance with the decision of Qatar Financial
Markets Authority. At its AGM, which was held on March 20,
2019, shareholders approved the distribution of cash dividend
of 25% of the share value. (Peninsula Qatar)
 Qatar’s foreign trade surplus stood at QR13.77bn at February-
end – Qatar’s foreign trade surplus stood at QR13.77bn at the
end of February this year, according to official statistics. The
country’s trade surplus had seen 1.9% decline YoY and more
than 13% plunge on a monthly basis, data released by the
Planning and Statistics Authority stated. In February 2019, the
total exports of goods (including exports of goods of domestic
origin and re-exports) amounted to QR22.3bn, showing a
decrease of 0.5% compared to February 2018, and 9.7% against
January 2019. Meanwhile, imports in February 2019 amounted
to QR8.5bn, showing a yearly increase of 1.9%, even as there
was a MoM decrease of 3.8%. Exports of petroleum gases and
other gaseous hydrocarbons (liquefied natural gas,
condensates, propane and butane) reached QR14.5bn,
petroleum oils and oils from bituminous minerals (crude)
reached QR3.4bn, and petroleum oils and oils from bituminous
minerals (non-crude) of QR1.6bn. (Gulf-Times.com)
 Qatar’s Energy Bank is credit ‘positive’ for GCC, says Moody’s –
Qatar’s proposed Shari’ah-principled Energy Bank is credit
‘positive’ for Islamic finance in the GCC, according to Moody’s,
a global credit rating agency. “The establishment of Energy
Bank as an Islamic lender (rather than a conventional bank) is
one of several GCC sovereign initiatives over these years to
grow the Islamic finance sector regionally and globally,” the
rating agency stated, expecting the lender to support the GCC’s
energy sectors regionally and internationally. Qatar is all set to
launch Energy Bank with a targeted capital of $10bn to fund
hydrocarbon-centric projects across the world, a move that will
make Doha a leading player across verticals in the global oil and
gas industry. (Gulf-Times.com)
 MoCI’s new department to protect national products – The
economy ministry has established a new department to protect
national products, according to Minister of Commerce and
Industry (MoCI), HE Ali bin Ahmed Al Kuwari. Al Kuwari said
the department named ‘Protecting National Product
Department’ (PNPD), will enhance the competitiveness of
national products at local and global levels. Qatar’s industrial
sector has become one of the most important economic sectors
contributing to the country’s economic diversification. He said
achieving self-sufficiency will be one of the country’s key

4. Page 4 of 6
strategies in the period ahead. Al Kuwari underscored MoCI’s
role in facilitating business community and enhancing the
private sector’s role as well as solving obstacles that might
hinder the sustainable economic development. (Qatar Tribune)
 Japan's LNG imports from Qatar jump 58.7% YoY in February –
Japan’s LNG imports from Qatar jumped 58.7% YoY to 1.05mn
tons in February 2019, Ministry of Finance data showed. This is
the highest number for Japan’s LNG imports since March 2018.
(Bloomberg)
 HIA ranked fourth best airport in the world – Hamad
International Airport (HIA) has been ranked the fourth best
airport in the world at the Skytrax World Airport Awards 2019.
HIA has also once again been ranked as a five-star Airport and
was honored with the title of ‘Best Airport in the Middle East’
for the fifth year in a row and ‘Best Staff Service in the Middle
East’ for the fourth year in a row. The awards recognize HIA’s
innovative facilities, five-star customer service and state-of-
the-art terminal which accommodates more than 30mn
passengers annually. (Gulf-Time.com)
International
 US trade deficit shrinks on strong soybean, auto exports – The
US trade deficit narrowed by the most in 10 months in January
as automotive exports rose and China likely boosted purchases
of soybeans, driving the first increase in exports in four months
and offering a respite to a flood of dour data on the economy.
The Commerce Department stated the trade deficit declined
14.6%, the largest drop since March 2018 to $51.1bn also as
increased domestic oil production and lower crude prices curbed
the import bill. Economists polled by Reuters had forecasted the
trade gap narrowing to $57.0bn in January. The trade deficit
with China fell 6.4% in January. US imports from China had
increased in prior months as American businesses front-loaded
shipments of goods like household furniture and appliances in
anticipation of more duties. (Reuters)
 US current account deficit hits 10-year high; firms bring back
more foreign profits – The US current account deficit increased
more than expected in the fourth quarter amid declining
exports, pushing the overall shortfall in 2018 to its highest level
in 10 years, and US companies repatriated a record amount of
foreign earnings last year following the Republican tax
overhaul. The Commerce Department stated the current
account deficit, which measures the flow of goods, services and
investments into and out of the country, rose 6.1% to $134.4bn.
The quarterly current account gap was the largest since the
fourth quarter of 2008. Data for the third quarter was revised to
show the deficit rising to $126.6bn from the previously reported
$124.8bn. Economists polled by Reuters had forecasted the
current account deficit rising to $130.0bn in the fourth quarter.
The current account gap represented 2.6% of GDP in the fourth
quarter, the largest share since the second quarter of 2012. It
was up from 2.5% in the July-September period. (Reuters)
 MBA: Surprise spike in US refinancing lifts dreary mortgage
outlook – A flurry of US refinancing applications sparked by a
one-year low for mortgage rates could provide a much-needed
boost for mortgage providers, according to the Mortgage
Bankers Association (MBA). The trade group stated mortgage
applications jumped 9% this week, as unexpected growth in
refinancing applications outpaced growth in new loans. Since
late December the group’s Refinance Index has increased 76%,
reaching its highest level in more than a year. “For the industry
in general the pickup in (refinancing) has been a nice surprise,”
MBA’s Associate Vice President of economic and industry
forecasting, Joel Kan said. The uptick in refinance applications
has led the MBA to increase its originations outlook twice this
year. The group originally forecast the metric to be slightly
lower in 2019 after a 4% drop in 2018. However it reversed its
outlook in March to predict 1% growth for the year. (Reuters)
 UK’s retail sales fall most in 17 months as Brexit nears – British
retail sales fell most in 17 months in March, reflecting concern
among shoppers about Britain’s unresolved Brexit impasse, a
leading employers group stated. Confederation of British
Industry (CBI) stated some of the decline might have been
caused by Easter’s coming later this year than last year.
However the poor run in the data - the balance has not been
positive for four months - suggested an underlying caution
among British shoppers, whose spending helps drive the
economy. Shoppers have generally shown less doubt about
Brexit than the country’s employers, who have scaled back
their investment before the country’s departure from the
European Union, which remains up in the air. The CBI stated its
monthly sales balance fell to -18, meaning more retailers
reported falling than rising sales. A Reuters poll of economists
had forecasted a reading of +5. (Reuters)
 Japan vows to raise sales tax as record budget passes
parliament – Japanese policymakers vowed to raise the sales
tax to 10% as planned in October, following the passage in
parliament of the budget bill for the next fiscal year beginning
next month. Speculation lingers among market players that
Prime Minister Shinzo Abe may again put off the twice-delayed
tax increase as Japan’s export-led economy sputters in the face
of slowing global growth and the Sino-US trade war. Proceeding
with the politically unpopular hike could be risky as Abe’s
ruling party faces national elections for the upper house in the
summer, some analysts said. (Reuters)
Regional
 Saudi Aramco to buy SABIC in $69bn chemicals megadeal – The
world’s largest oil producer Saudi Aramco has agreed to buy
70% stake in Saudi Basic Industries Corp (SABIC) from the
Kingdom’s wealth fund, Public Investment Fund (PIF) for
$69.1bn in one of the biggest deals in the global chemical
industry. The agreement will help boost Saudi Aramco’s
downstream growth plans comes after months of talks between
Saudi Aramco and the PIF, which contributed to the delay of
Saudi Aramco’s planned multi-billion Dollar Initial Public
Offering (IPO). “This is a win-win-win transaction and a
transformational deal for three of Saudi Arabia’s most
important economic entities,” PIF’s Managing Director, Yasir
Al-Rumayyan said. The deal could inject billions of Dollars into
the PIF, giving it the firepower to proceed with its plans to
create jobs and diversify the largest Arab economy beyond oil
exports, including a mega business zone in the northwest of the
country. Saudi Aramco has been increasing its investments in
refining and petrochemicals to secure new markets for its crude,
as it sees growth in chemicals as central to its downstream
expansion strategy. SABIC and Saudi Aramco stated that the
agreed purchase price was SR123.39 per share, a slight discount

5. Page 5 of 6
from SABIC’s closing price on Wednesday. “Share price at
SR123.4 is fair given it is a strategic, long-term investment and
given that SABIC is one of the most defensive, uncyclical
segments as its growth is mainly related to population growth,”
Alrajhi Capital’s Head of Research, Mazen Al-Sudairi said.
(Reuters)
 Zain Saudi signs SR2.52bn tower sale and lease-back pact –
Zain Saudi, also known as Mobile Telecommunications
Company Saudi Arabia has signed an agreement with IHS
Holding for the sale and lease back of its passive towers
infrastructure, according to a statement. The transaction value
is raised to SR2.52bn from SR2.43bn. The company has stated
that it will focus on core operations, optimize use of funds and
resources and reduce indebtedness. (Bloomberg)
 Uniper plans capacity-boosting revamp at Fujairah plant in
August – Germany-based energy trader Uniper is planning a
‘debottlenecking’ revamp of its Fujairah low-sulfur fuel oil
(LSFO) plant in the UAE in August, a company executive said.
“The reason for the debottlenecking is to try and grow capacity
and to give us flexibility,” Dubai-based Uniper Energy DMCC’s
Managing Director, Chris Wood said on the sidelines of the
Fujairah Bunkering and Fuel Oil Forum. The planned revamp is
expected to take four to six weeks, he added. Uniper’s Fujairah
plant currently has an annual production capacity of about 3mn
tons of LSFO with a sulfur content between 0.1% and 0.5%, he
said. Demand for low-sulphur marine fuels is expected to soar
as new global shipping rules set by the International Maritime
Organization (IMO) will come into effect at the start of 2020,
which will limit the sulfur content in marine fuels at 0.5%
compared with 3.5% currently. (Reuters)
 UAE’s regulator in final stages of issuing license for nuclear
plant – The UAE’s regulator is in the final stages of issuing a
license to the operator of the Barakah nuclear power plant now
being built, but cannot yet give a date for when it will be
granted, a senior official said. Operator Nawah Energy
Company in May stated that Barakah should start up between
the end of 2019 and early 2020. It will be the UAE’s first nuclear
plant and the world’s largest when complete with four reactors
and 5,600 megawatts (MW) capacity. “We are not yet ready to
issue the operating license, we are in the final stages,” Federal
Authority for Nuclear Regulation’s (FANR) Director-General,
Christer Viktorrson told reporters, adding that it is “very hard”
to say when it will be issued. Barakah, which will be operated
by Nawah and owned by Emirates Nuclear Energy Company, is
being built by Korea Electric Power Corporation (KEPCO).
Delays in training enough local staff have pushed back the
startup of the first reactor several times. Viktorrson stated that
the UAE is working with government entities on a strategy to
provide education and training in radiation protection to those
involved in the project. He also said that a concrete void
detected by the contractor in the construction of two units of
the plant has been repaired and added that this issue “is not
part of the delay.” (Reuters)
 Dubai economic growth at its slowest since 2009 debt crisis –
Dubai’s economy grew 1.94% in 2018, the government stated,
slowing down from a 2.8% growth rate in 2017 and hitting its
slowest pace since a contraction in 2009, when the economy
was hobbled by a debt crisis. Dubai, which has a diversified
economy that focuses on tourism and international business
services, has been hurt by a rough patch amid a downturn in its
real estate market. “A weakening external backdrop, a strong
US Dollar and the ongoing correction in the property market are
headwinds for a number of vital sectors,” Abu Dhabi
Commercial Bank’s (ADCB) Chief Economist, Monica Malik
said. Property prices in Dubai have fallen by more than a
quarter from their peak in 2014. S&P stated last month that it
expects prices to fall another 5%-10% this year due to a
continued gap between supply and demand, before steadying in
2020. Dubai needed a $20bn bailout from oil-rich Abu Dhabi to
escape a debt crisis in 2009 caused by collapsing property
prices, which had threatened to force some state-linked
companies to default on billions of Dollars of debt. Analysts
expect some economic recovery for Dubai ahead of 2020 when
the city hosts the World Expo event. The government stated
that GDP growth was largely driven by the performance of
trade related activities, which grew by 1.3% in 2018 from a year
earlier, representing 18.1% of the total growth achieved last
year. (Reuters)
 Denizbank sale to Emirates NBD may be completed in April –
Sberbank’s sale of its Turkish unit, Denizbank to Emirates NBD
may be completed in early April, Denizbank’s CEO, Hakan Ates
said. The sale may be completed in the first few days of April,”
he said. Further approvals will then be required for the
transaction to close, he added. Sberbank expects the sale to
close by the end of the year, CEO, Herman Grefsaid said in
February, adding that he was not 100% sure if it will go through
at all. Emirates NBD, the biggest bank in Dubai, in May last year
had agreed to buy Denizbank for $3.2bn and take on
subordinated debt. (Bloomberg)
 Dubai Aerospace repurchases $250mn of common shares –
Dubai Aerospace Enterprise Ltd., the Middle East’s biggest
plane-leasing company, has repurchased outstanding common
shares worth $250mn. The company has also received $250mn
on the early partial repayment of a note receivable from certain
shareholders, it stated. “We are committed to maintaining a
strong balance sheet and generating best-in-class margins,
returns and leverage," CEO, Firoz Tarapore said. "Repurchasing
our shares at this time allows us to optimize the capital we need
to run our business efficiently,” he added. (Bloomberg)

6. 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
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Page 6 of 6
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
1.0%
1.7%
0.1%
0.4%
(0.1%)
(0.3%)
(0.0%)
(1.0%)
0.0%
1.0%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,309.58 (0.5) (0.3) 2.1 MSCI World Index 2,094.02 (0.4) (0.0) 11.2
Silver/Ounce 15.29 (0.9) (0.9) (1.3) DJ Industrial 25,625.59 (0.1) 0.5 9.9
Crude Oil (Brent)/Barrel (FM Future) 67.83 (0.2) 1.2 26.1 S&P 500 2,805.37 (0.5) 0.2 11.9
Crude Oil (WTI)/Barrel (FM Future) 59.41 (0.9) 0.6 30.8 NASDAQ 100 7,643.38 (0.6) 0.0 15.2
Natural Gas (Henry Hub)/MMBtu 2.69 (2.2) (2.9) (15.6) STOXX 600 377.28 (0.2) (0.0) 9.8
LPG Propane (Arab Gulf)/Ton 63.63 (1.0) (0.4) (0.6) DAX 11,419.04 (0.3) 0.1 6.4
LPG Butane (Arab Gulf)/Ton 62.38 0.0 (3.3) (10.3) FTSE 100 7,194.19 (0.1) (0.0) 10.9
Euro 1.12 (0.2) (0.5) (1.9) CAC 40 5,301.24 (0.4) 0.2 10.1
Yen 110.51 (0.1) 0.5 0.7 Nikkei 21,378.73 (0.3) (1.6) 6.7
GBP 1.32 (0.2) (0.2) 3.4 MSCI EM 1,044.10 (0.6) (1.5) 8.1
CHF 1.01 (0.0) (0.1) (1.3) SHANGHAI SE Composite 3,022.72 0.7 (2.8) 23.9
AUD 0.71 (0.7) 0.0 0.5 HANG SENG 28,728.25 0.6 (1.3) 10.9
USD Index 96.77 0.0 0.1 0.6 BSE SENSEX 38,132.88 (0.4) 0.1 6.7
RUB 64.85 0.7 0.3 (6.5) Bovespa 91,903.40 (5.1) (3.1) 3.0
BRL 0.25 (3.1) (2.3) (2.9) RTS 1,207.23 (1.8) (0.5) 13.0
100.5
94.1
83.8