The QE Index declined 0.2% to close at 10,111.6. Losses were led by the Industrials and Real Estate indices, falling 1.1% and 0.7%, respectively.

1. Page 1 of 9
QSE Intra-Day Movement
Qatar Commentary
The QE Index declined 0.2% to close at 10,111.6. Losses were led by the Industrials
and Real Estate indices, falling 1.1% and 0.7%, respectively. Top losers were Mannai
Corporation and Salam International Investment Limited, falling 4.2% and 3.5%,
respectively. Among the top gainers, Ahli Bank gained 9.9%, while Qatar Navigation
was up 3.1%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.5% to close at 8,534.3. Gains were led by the
Consumer Services and Transportation indices, rising 3.3% and 1.5%, respectively.
Altayyar Travel Group rose 5.7%, while Saudi Industrial Services Co. was up 5.1%.
Dubai: The DFM Index gained 0.2% to close at 2,642.3. The Invest. & Fin. Services
index rose 1.4%, while the Real Estate & Const. index gained 0.9%. Damac
Properties Dubai Co. rose 5.8%, while Aan Digital Services Holding Co. was up 3.9%.
Abu Dhabi: The ADX benchmark index fell 0.3% to close at 5,120.4. The Services
index declined 3.1%, while the Investment & Financial Services index fell 2.1%. Ras
Al Khaimah Cement Co. declined 10.0%, while Al Khaleej Inv. was down 7.4%.
Kuwait: The KSE Index rose 0.1% to close at 4,775.7. The Oil & Gas index gained
1.2%, while the Real Estate index rose 0.9%. Tamdeen Real Estate Company gained
12.6%, while Warba Insurance Company was up 8.3%.
Oman: The MSM Index fell 0.2% to close at 4,137.9. Losses were led by the
Industrial and Financial indices, falling 0.7% and 0.4%, respectively. Raysut
Cement fell 5.1%, while Al Madina Takaful was down 3.4%.
Bahrain: The BHB Index gained 0.3% to close at 1,417.5. The Commercial Bank
index rose 0.5%, while the Investment index gained 0.3%. GFH Financial Group
rose 2.0%, while National Bank of Bahrain was up 0.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 29.00 9.8 0.5 13.9
Qatar Navigation 67.50 3.1 9.9 2.3
Qatar International Islamic Bank 70.35 1.9 127.9 6.4
Gulf International Services 14.07 1.7 127.7 (17.2)
Barwa Real Estate Company 39.60 1.5 326.5 (0.8)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
United Development Company 13.84 0.7 2,002.4 (6.2)
Ezdan Holding Group 13.00 (1.9) 1,096.4 0.2
Mesaieed Petrochemical Holding 17.50 (0.9) 910.4 16.4
Aamal Company 9.80 0.1 805.7 10.9
Qatar Aluminium Manufacturing 11.73 0.4 608.4 (12.1)
Market Indicators 28 Feb 19 27 Feb 19 %Chg.
Value Traded (QR mn) 337.4 277.8 21.4
Exch. Market Cap. (QR mn) 578,663.5 580,303.7 (0.3)
Volume (mn) 9.5 11.5 (17.8)
Number of Transactions 5,124 7,057 (27.4)
Companies Traded 42 43 (2.3)
Market Breadth 19:20 11:29 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,111.79 (0.2) 0.0 (0.2) 14.1
All Share Index 3,077.91 (0.4) 0.1 (0.0) 15.0
Banks 3,784.45 (0.4) 1.8 (1.2) 14.0
Industrials 3,226.29 (1.1) (1.5) 0.4 15.4
Transportation 2,233.58 0.8 3.1 8.4 12.9
Real Estate 2,181.40 (0.7) (2.5) (0.3) 17.4
Insurance 2,910.01 0.8 0.3 (3.3) 16.0
Telecoms 938.88 0.1 (0.8) (5.0) 19.8
Consumer 7,302.78 (0.0) (2.7) 8.1 15.2
Al Rayan Islamic Index 3,946.32 (0.2) (0.8) 1.6 14.0
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
DAMAC Properties Dubai 1.46 5.8 6,540.8 (3.3)
Al Tayyar Travel Group Saudi Arabia 25.55 5.7 5,399.5 27.8
Yanbu Cement Co. Saudi Arabia 29.00 3.6 150.7 20.8
Al Hammadi Dev. & Inv. Saudi Arabia 25.70 2.8 601.1 2.4
Gulf Bank Kuwait 0.29 2.5 16,498.7 15.5
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Raysut Cement Oman 0.33 (5.1) 155.7 (12.6)
National Mobile Telecom. Kuwait 0.73 (2.3) 0.4 2.2
Abu Dhabi Comm. Bank Abu Dhabi 9.40 (1.4) 1,788.8 15.2
Emaar Economic City Saudi Arabia 9.57 (1.2) 988.9 21.0
VIVA Kuwait Telecom Co. Kuwait 0.83 (1.1) 29.1 3.8
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%
Mannai Corporation 49.00 (4.2) 8.3 (10.8)
Salam International Inv. Ltd. 4.44 (3.5) 35.2 2.5
Dlala Brokerage & Inv. Hold. Co. 9.50 (2.8) 5.4 (5.0)
Qatari German Co for Med. Dev. 6.37 (2.7) 8.4 12.5
Mazaya Qatar Real Estate Dev. 7.00 (2.0) 202.9 (10.3)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 188.20 (0.4) 94,340.2 (3.5)
Qatar Islamic Bank 145.20 (0.9) 29,005.9 (4.5)
United Development Company 13.84 0.7 27,670.0 (6.2)
Industries Qatar 133.00 (1.4) 27,468.2 (0.5)
Masraf Al Rayan 36.90 (0.8) 17,275.7 (11.5)
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*#
10,111.62 (0.2) (0.8) (5.7) (1.8) 92.28 158,958.9 14.1 1.5 4.3
Dubai 2,642.34 0.2 0.2 0.2 4.5 29.38 95,240.0 8.4 1.0 5.3
Abu Dhabi 5,120.41 (0.3) (0.3) (0.3) 4.2 27.95 139,657.6 14.3 1.5 4.7
Saudi Arabia 8,534.27 0.5 0.5 0.5 9.0 677.63 538,261.4 18.8 1.9 3.3
Kuwait 4,775.72 0.1 0.1 0.1 0.8 65.62 32,916.1 15.9 0.9 4.3
Oman 4,137.91 (0.2) (0.2) (0.2) (4.3) 5.39 17,929.9 8.6 0.8 6.3
Bahrain 1,417.49 0.3 0.3 0.3 6.0 2.51 21,702.6 9.1 0.9 5.8
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and DFM (** TTM; * Value traded ($ mn) do not include special trades, if any,
#
Data as on February 28, 2019)
10,100
10,120
10,140
10,160
10,180
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 9
Qatar Market Commentary
 The QE Index declined 0.2% to close at 10,111.6. The Industrials and
Real Estate indices led the losses. The index fell on the back of selling
pressure from GCC and non-Qatari shareholders despite buying support
from Qatari shareholders.
 Mannai Corporation and Salam International Investment Limited were
the top losers, falling 4.2% and 3.5%, respectively. Among the top
gainers, Ahli Bank gained 9.9%, while Qatar Navigation was up 3.1%.
 Volume of shares traded on Wednesday fell by 17.8% to 9.5mn from
11.5mn on Tuesday. However, as compared to the 30-day moving
average of 8.8mn, volume for the day was 7.4% higher. United
Development Company and Ezdan Holding Group were the most active
stocks, contributing 21.2% and 11.6% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
4Q2018
% Change
YoY
Operating Profit
(mn) 4Q2018
% Change
YoY
Net Profit
(mn) 4Q2018
% Change
YoY
Sahara Petrochemicals Co. Saudi Arabia SR 210.0 – 557.8 14.7% 500.8 12.7%
Herfy Food Services Co. Saudi Arabia SR 1,227.3 6.0% 220.6 2.5% 204.2 2.1%
Saudi Arabian Fertilizer Co.* Saudi Arabia SR 3,859.8 39.9% 1,696.2 105.6% 1,738.4 97.9%
City Cement Co.* Saudi Arabia SR 344.9 -35.6% 71.3 -29.7% 111.0 18.9%
Arabian Cement Co. * Saudi Arabia SR 600.7 -33.7% -30.0 – -26.2 –
Saudi Industrial Services Co. * Saudi Arabia SR 564.7 0.4% 88.1 19.2% 46.7 -20.6%
Dar Alarkan Real Estate Dev. Co. * Saudi Arabia SR 6,412.3 35.4% 888.2 -6.7% 508.8 -8.1%
Mouwasat Medical Services Co. * Saudi Arabia SR 1,677.0 11.3% 404.0 8.6% 360.0 6.8%
Sharjah Cement and Ind.
Dev. Co.*
Abu Dhabi AED 596.8 -8.2% – – 29.4 -54.7%
Fidelity United* Abu Dhabi AED 146.2 71.1% – – -9.4 –
Ras Al Khaimah Co for White
Cement*
Abu Dhabi AED 228.1 -9.9% – – 13.0 -57.3%
Bahrain & Kuwait Insurance Co.* Bahrain BHD 81.6 37.1% – – 3.2 21.7%
Agility Public Warehousing* Kuwait KD 1,336.6 9.9% – – 81.1 18.4%
Aramex Dubai AED 5,086.1 7.7% 684.7 22.6% 492.6 13.1%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
02/28 US Department of Labor Initial Jobless Claims 23-February 225k 220k 217k
02/28 US Department of Labor Continuing Claims 16-February 1,805k 1,737k 1,726k
02/28 US Bureau of Economic Analysis GDP Annualized QoQ 4Q2018 2.6% 2.2% 3.4%
02/28 US Bureau of Economic Analysis GDP Price Index 4Q2018 1.8% 1.7% 1.8%
03/01 US Markit Markit US Manufacturing PMI February 53 53.7 53.7
03/01 US Institute for Supply Management ISM Manufacturing February 54.2 55.8 56.6
02/28 UK GfK NOP (UK) GfK Consumer Confidence February -13 -15 -14
03/01 EU Markit Markit Eurozone Manufacturing PMI February 49.3 49.2 49.2
03/01 EU Eurostat Unemployment Rate January 7.8% 7.9% 7.8%
03/01 EU Eurostat CPI Core YoY February 1.0% 1.1% 1.1%
03/01 EU Eurostat CPI Estimate YoY February 1.5% 1.5% 1.4%
02/28 Germany German Federal Statistical Office CPI MoM February 0.5% 0.4% -0.8%
02/28 Germany German Federal Statistical Office CPI YoY February 1.6% 1.5% 1.4%
03/01 Germany Markit Markit/BME Germany Manufacturing PMI February 47.6 47.6 47.6
03/01 Germany Deutsche Bundesbank Unemployment Change (000's) February -21k -5k -4k
03/01 Germany Deutsche Bundesbank Unemployment Claims Rate SA February 5.0% 5.0% 5.0%
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 17.88% 19.73% (6,245,767.05)
Qatari Institutions 23.41% 18.00% 18,235,892.31
Qatari 41.29% 37.73% 11,990,125.26
GCC Individuals 0.76% 1.96% (4,064,187.83)
GCC Institutions 4.09% 4.50% (1,378,608.81)
GCC 4.85% 6.46% (5,442,796.64)
Non-Qatari Individuals 6.01% 4.97% 3,507,483.50
Non-Qatari Institutions 47.85% 50.83% (10,054,812.12)
Non-Qatari 53.86% 55.80% (6,547,328.62)

3. Page 3 of 9
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
02/28 France INSEE National Statistics Office PPI MoM January 0.1% – -1.1%
02/28 France INSEE National Statistics Office PPI YoY January 1.4% – 1.3%
02/28 France INSEE National Statistics Office CPI MoM February 0.0% 0.4% -0.4%
02/28 France INSEE National Statistics Office CPI YoY February 1.3% 1.5% 1.2%
02/28 France INSEE National Statistics Office GDP QoQ 4Q2018 0.3% 0.3% 0.3%
03/01 France Markit Markit France Manufacturing PMI February 51.5 51.4 51.4
02/28 Japan METI Industrial Production MoM January -3.7% -2.5% -0.1%
02/28 Japan METI Industrial Production YoY January 0.0% 1.3% -1.9%
03/01 Japan Economic and Social Research Institute Consumer Confidence Index February 41.5 41.6 41.9
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 4Q2018 results No. of days remaining Status
QGRI Qatar General Insurance & Reinsurance Company 4-Mar-19 0 Due
AKHI Al Khaleej Takaful Insurance Company 5-Mar-19 1 Due
SIIS Salam International Investment Limited 6-Mar-19 2 Due
ERES Ezdan Holding Group 10-Mar-19 6 Due
IGRD Investment Holding Group 12-Mar-19 8 Due
DBIS Dlala Brokerage & Investment Holding Company 13-Mar-19 9 Due
Source: QSE
News
Qatar
 CBQK disclosures relating to National Bank of Oman
discontinuing discussions on the possible merger with Bank
Dhofar – The Commercial Bank (CBQK) noted that National
Bank of Oman announced that National Bank of Oman and
Bank Dhofar decided to discontinue the merger discussions.
CBQK holds 34.9 % of the shares in National Bank of Oman and
has previously made disclosures to the market on July 30, 2018
and December 20, 2018 in respect of the possible merger
between National Bank of Oman and Bank Dhofar. (QSE)
 QCSD deposits bonus shares of Ahli Bank – Qatar Central
Securities Depository (QCSD) deposited bonus shares of Ahli
Bank. Hence, the new capital is QR2,313,964,780 and new total
shares is 231,396,478. The bonus shares will be available for
trading from March 4, 2019. (QSE)
 WDAM’s EGM approves the recommendation of the agenda –
Widam Food Company (WDAM) disclosed that the quorum of
its second EGM held on March 3, 2019 was met. The meeting
resulted in the following resolutions: (i) Approved the split of
the nominal value of shares from QR10 to QR1 per share and the
amendment of Articles (5), (9), (34), of the company Articles of
Association accordingly to comply with QFMA’s regulations on
split of nominal shares of listed companies, (ii) Authorized the
Chairman of the board of directors to make the necessary
amendments to the Articles of Association and to sign and to
complete the legal procedures with the official authorities.
(QSE)
 Nebras expands presence in Jordan’s power sector – Nebras
Power and Nebras Power Investment Management BV (NPIM)
have entered into a sale and purchase agreement (SPA) to
acquire the AES Corporation’s (AES) interest in three Jordanian
power projects together with Mitsui & Company. Nebras
currently owns nearly 24% in each of the three projects. Mitsui
& Company currently owns a 40% interest in each of the three
projects. The closing of the acquisition is subject to obtaining
approval from lenders to each of the project companies. Upon
closing, NPIM will be a majority shareholder and will have
operational control on these plants, which have an aggregate
capacity of more than 650MW representing more than 14% of
the current installed capacity in Jordan. Nebras’ Chairman,
Fahad Hamad Al-Mohannadi said, “This step is in line with the
vision of Nebras’ board of directors to place the company as a
successful international company, and we are continuing the
development and investments with our international partners
in power generation and water desalination projects regionally
and globally. The expansion of our investments in Jordan is a
result of the trust and confidence we have in the Jordanian
energy market and its regulations over the last few years."
(Gulf-Times.com)
 BRES announces the assignment of Issa bin Mohammed Al
Mohannadi as Managing Director of the group – Barwa Real
Estate Company’s (BRES) board of directors announced the
acceptance of the resignation of Salman bin Mohammed Ahmed
Al Hassan Al Mohannadi as CEO of Barwa Real Estate Group,
and the assignment of Essa bin Mohammed Al Mohannadi, Vice
Chairman of the board of directors and as Managing Director to
assume the functions of the group's Executive Management as
of March 1, 2019. (QSE)
 IHGS announces the names of candidates for board of directors
– Islamic Holding Group (IHGS) announced the closure of the
candidacy for the board of directors on February 24, 2019 for
the coming period 2019-2021. IHGS has approved the
candidates nominated by the Nominations Committee. IHGS
noted that it has submitted to the board a list of six candidates
for the non-independent category. The candidates include

4. Page 4 of 9
Mohammed Ebrahim M B Al-Sulaiti as non-independent
representative of Qatar International Islamic Bank and Rashid
Nasser R S Al-Kaabi as independent member, among others.
(QSE)
 WOQOD postpones its EGM to March 25 – Qatar Fuel Company
(WOQOD) rescheduled its Extraordinary General Assembly
Meeting (EGM) to March 25, 2019, due to lack of quorum on
Sunday. (Qatar Tribune)
 IIF: Qatar’s economic activity continues to pick up despite
blockade, EM stress – Qatar, whose external financial position
showed marked improvement in 2018 despite the ongoing
regional tension and growing emerging market (EM) stress, can
not only withstand crises domestically but also assert its
influence on the broader region. Although a trade and
diplomatic blockade by the Saudi Arabia-led quartet is
approaching its second year and showing no signs of abating,
Institute of International Finance (IIF) stated economic activity
has continued to pick up. With the resumption of non-resident
capital inflows in multiple forms, Qatar’s external position
showed marked improvement in 2018 even in the face of
ongoing regional tension and growing emerging market stress,
it stated. Highlighting that non-resident capital inflows have
been very strong, in stark contrast to other EMs, the IIF stated
Qatar issued a $12bn triple-tranche Eurobond in April 2018 at
modest premiums over the US Treasuries, attracting significant
interest from foreign investors even in the face of an offering of
similar size from Saudi Arabia. Finding that Qatar Stock
Exchange index was one of the top performers worldwide in
2018, returning approximately 20% even as many global
benchmarks declined outright; the IIF stated non-resident
inflows surpassed $26bn in the first three quarters of the year,
with both non-resident deposits and bank loans picking up.
(Gulf-Times.com)
 Qatar Petroleum and ExxonMobil make major gas find off shore
Cyprus – Qatar Petroleum and ExxonMobil announced they
have made a significant natural gas discovery on the Glaucus-1
prospect, located in Block 10 in the Eastern Mediterranean,
approximately 180 kilometer south west from Limassol port, off
shore Cyprus. The Glaucus-1 well encountered approximately
133 meters of gas-bearing reservoir. The well was safely drilled
to a depth of approximately 4,200 meters in a water depth of
2,063 meters. Based on preliminary interpretation of well data,
the discovery could represent an in-place resource of
approximately 5tn to 8tn cubic feet. Further analysis will be
undertaken over the coming months to better determine this
estimate. (Gulf-Times.com)
 Construction activities see double-digit growth in January –
Building and construction activities in Qatar gained momentum
in the first month of 2019, reaffirming the resilience of the
Qatari economy in general and the real estate sector in
particular, despite regional and global challenges. Some 790
new building permits were issued in January 2019, registering a
sharp jump of nearly 17% compared to 677 permits issued in
December 2018, official data showed. Data related to building
permits and building completion are of particular importance as
they are considered indicators for the performance of the
construction sector which in turn occupies a significant
position in the national economy. The real estate market,
despite the ongoing unjust blockade and other challenges,
remained stable in 2018. In fact the market witnessed some
recovery over the last financial year. According to Qatar
Central Bank’s (QCB) Real Estate Price Index, this had declined
to 245.21 points in January 2018, increased to 248.22 points in
November, before ending the year at 246.54 points in December
2018. Analysts said that the construction is one of the key
sectors of any economy as it drives demand for construction
materials such as steel, cement and other goods, especially
items related to the mechanical, electric and plumping sector.
(Peninsula Qatar)
 Ooredoo, Atos partner to drive Qatar’s digital transformation –
Ooredoo, the region’s leading enabler of digital business
innovation, and Atos, a global leader in digital transformation,
have announced a partnership for enterprises to accelerate their
digital business competitiveness during the Mobile World
Congress. Thanks to this new partnership, Ooredoo’s customers
can now benefit from Atos’ industry leading experiences and
solutions in Infrastructure as a Service (IaaS), cloud
transformation, and also cybersecurity services. Atos’ solutions
cover Big Data, security, infrastructure and data management,
business and platform solutions, unified communication and
collaboration, and digital payments. Ooredoo’s Chief Business
Officer, Sheikh Nasser bin Hamad bin Nasser Al-Thani said, “As
Qatar’s organisations digitally transform, boardrooms need to
modernise their technology infrastructure and information
security. Mobile World Congress is an ideal event to announce
Ooredoo’s partnership with Atos to provide our Qatar business
customers with industry-leading solutions that can enhance
businesses, and the daily lives of customers and citizens.”
(Gulf-Times.com)
 Ooredoo, Dell EMC launch smart stadium solution for global
mega events – Ooredoo and Dell EMC launched a smart stadium
demo to transform mega events around the world during Mobile
World Congress. The technology titans have developed smart
stadium technology that aims to maximize the safety and
security of athletes and coaches, fans, media, and organizers at
Qatar’s soccer tournament in 2022 and additional mega events
worldwide. The smart stadium solution combines the speed,
capacity, and reliability of Ooredoo’s industry-leading 5G
network with Dell EMC’s deep learning capabilities to deliver
enhanced security. As the first country to demo the solution,
Qatar can accelerate its digital transformation, as well as
strengthen its position as a hub for global events. Ooredoo
expects to roll-out the solution across its markets in the Middle
East, North Africa, and South East Asia. (Gulf-Times.com)
 Qatargas supplies commissioning LNG cargo to India’s Ennore
terminal – Qatargas has supplied a commissioning Liquefied
Natural Gas (LNG) cargo for India’s newest LNG receiving
terminal, Ennore, near the southern Indian city of Chennai. The
commissioning LNG cargo was delivered onboard the vessel
‘Golar Snow’ on February 25, 2019 by the Swiss commodity
trader, Gunvor, to the state-owned Indian Oil Corporation
Limited (IOCL), which owns and operates the five million tons
per annum (MTPA) terminal. Qatargas sold the cargo Free On
Board (FOB) basis to Gunvor. India is a key market for Qatargas
given its geographical proximity and growth potential. In
addition to the Ennore Terminal, terminals located at Mundra

5. Page 5 of 9
and Jaigarh are also due to be commissioned in the near future
as well as a host of other gas related infrastructure projects.
These additional terminals will increase India’s capacity to
import LNG from 30 MTPA to 44 MTPA – a 46% increase as
India continues to make strides in achieving its ambitious
target of 15% gas in the energy mix. (Peninsula Qatar)
 NEBI seen boosting growth prospects across sectors in Qatar –
Qatar's New Emerging Belt Initiative (NEBI), linking a $2.1tn
economic bloc with Doha, is expected to lift the prospects
across the sectors, particularly trade and banking, and the
economy as a whole. Terming NEBI as an excellent strategy,
the Qatar Free Zones Authority (QFZA) is of the view that
beyond the alliance with natural partners, Qatar should also
reach out to the rest of the world. "The inter-linkages between
these countries are positive for Qatar's free zones as companies
themselves will lead to more companies to enter Qatar. It is a
win-win," QFZA’s CEO said recently. NEBI is a new economic
corridor of Qatar focusing on Kuwait, Oman, India, Pakistan and
Turkey with a combined economy of more than $2.1tn, as part
of the strategy to forge new alliances and connect businesses. It
aims to position Qatar as the most promising hub for firms to
set up to operate in and out of Qatar via key strategic alliances.
In the current geopolitical environment, Qatar can emerge as an
alternative hub. (Gulf-Times.com)
 QICCA highlights benefits of establishing economic courts –
Qatar is seeking to establish a specialized court for investment
and trade, in line with the requirements of the country to create
an easy investment environment, an official of the Qatar
International Centre for Conciliation and Arbitration (QICCA)
stated. The statement was made by QICCA’s board member for
International Relations Sheikh Thani bin Ali Al-Thani on the
sidelines of a seminar. Sheikh Thani said the State of Qatar is
witnessing a great economic movement that extends to all
areas, even as he stressed the need to find alternative means of
commercial disputes settlement that are consistent with the
nature of these disputes leading to fair solutions. He said the
seminar was aimed at introducing the ‘economic court,’
considered one of the specialized courts for investment, trade,
economy, and business-related cases, in view of QICCA’s role in
reviewing the latest practices in the field of arbitration and the
presentation of similar experiences. (Gulf-Times.com)
International
 US consumer spending, factory data point to weak first quarter
GDP growth – US personal income fell for the first time in more
than three years in January and consumer spending dropped by
the most since 2009 in December, putting the economy on a
weak growth path early in the first quarter. The economic
outlook was also darkened by other data showing factory
activity hit a more than two-year low in February, with
manufacturers reporting slowing new orders and hiring. The
reports extended the run of soft data on an economy that lost
momentum at the tail end of 2018 and gave more credence to
the Federal Reserve’s patient stance towards raising interest
rates further this year. The economy is losing speed as the
stimulus from a $1.5tn tax cut package and increased
government spending fades. A trade war between the US and
China, higher interest rates, softening global growth and
uncertainty over Britain’s exit from the European Union are
clouding the outlook. The Commerce Department stated
personal income slipped 0.1% in January, the first decline since
November 2015, after jumping 1.0% in December. Income was
weighed down by decreases in dividend, farm proprietors’ and
interest income. Income was boosted in December by a one-
time special dividend by information technology firm VMware
Inc as well as government payments to farmers caught up in
the US-China trade war. Wages increased by a moderate 0.3%
in January after rising 0.5% in December. Economists polled by
Reuters had forecasted incomes rising 0.3% in January.
(Reuters)
 US economic growth in 2018 misses Trump's 3% target – The
US economy fell short of the Trump administration’s 3% annual
growth target in 2018 despite $1.5tn in tax cuts and a
government spending blitz, and economists say growth will
only slow from here. A better-than-expected performance in the
fourth quarter pushed gross domestic product up 2.9% for the
year, just shy of the goal, Commerce Department data showed.
Gross domestic product increased at a 2.6% annualized rate in
the fourth quarter after advancing at a 3.4% pace in the July-
September period. Economists polled by Reuters had forecasted
GDP rising at a 2.3% rate in the fourth quarter. Growth in 2018
was the strongest since 2015 and better than the 2.2% logged in
2017. The expansion will be the longest on record in July.
(Reuters)
 US jobless claims rise; continuing claims at 10-month high –
The number of Americans filing applications for jobless benefits
increased more than expected last week and the number of
people on unemployment rolls increased to a 10-month high,
suggesting some slowing in the labor market. Initial claims for
state unemployment benefits rose 8,000 to a seasonally
adjusted 225,000 for the week ended Feb. 23, the Labor
Department stated. Data for the prior week was revised to show
1,000 more applications received than previously reported. The
Labor Department stated no states were estimated. Economists
polled by Reuters had forecast claims rising to 220,000 in the
latest week. The four-week moving average of initial claims,
considered a better measure of labor market trends as it irons
out week-to-week volatility, fell 7,000 to 229,000 last week.
The claims report showed the number of people receiving
benefits after an initial week of aid increased 79,000 to 1.81mn
for the week ended February 16, the highest level since April
2018. The four-week moving average of these so-called
continuing claims rose 6,750 to 1.76mn. (Reuters)
 CBI: UK firms report weakest growth since April 2013 – British
businesses reported their weakest growth in nearly six years
during the past three months due to fears of a no-deal Brexit
and rising global trade barriers, the Confederation of British
Industry (CBI) stated. The CBI’s index of private-sector activity
over the past three months dropped to -3 in February from zero
in January. This was its lowest since April 2013, when Britain
was still recovering from the global financial crisis. Firms
expected similar weakness in the three months ahead, when
Britain is due to leave the European Union after over 40 years of
membership. (Reuters)
 UK factories brace for Brexit, but consumers less worried –
British factories are cutting jobs and bracing for Brexit by
stockpiling goods at a record pace, but consumers seem less

6. Page 6 of 9
worried, suggesting their spending might help to shore up the
economy, data showed. A measure of manufacturing - the IHS
Markit/CIPS Purchasing Managers’ Index - hit a four-month
low in February, and the fall would have been worse if factories
had not rushed to build up inventories to see them through any
Brexit border chaos. A measure of stockpiling hit a record high
for any Group of Seven economy while factories cut jobs at the
fastest pace in six years and were increasingly downbeat about
the future. However separate data showed households took out
more mortgages and increased borrowing in January by more
than any forecast for both indicators in a Reuters poll of
economists. (Reuters)
 Eurozone’s February factory growth slammed into reverse –
Eurozone’s manufacturing activity went into reverse for the
first time in over five years last month as trade war worries,
slowing global growth and Britain’s imminent departure from
the European Union hit demand, a survey found. The downbeat
survey, which showed the slowdown was being led by Europe’s
powerhouse Germany, will likely concern European Central
Bank policymakers, coming just two months after they drew a
line under their EUR2.6tn stimulus program. Faced with a
further slowdown in Eurozone growth, the ECB will re-launch
cheap bank loans as early as June and delay rate hikes to 2020
in a bid to stave off a recession, a Reuters poll predicted. IHS
Markit’s February final manufacturing Purchasing Managers’
Index fell for a seventh month, coming in at 49.3 from January’s
50.5, just above a flash reading but its first time below the 50
level separating growth from contraction since June 2013. An
index measuring output which feeds into a composite PMI -
seen as a good gauge of economic health - fell to 49.4 from 50.5,
its lowest since May 2013. (Reuters)
 Germany’s jobless drop, retail sales rise bode well for household
spending – Germany’s jobless total fell far more than expected
in February and retail sales surged in January, data showed,
boosting expectations that private consumption will prop up
growth in Europe’s largest economy in the first quarter.
Household spending has become a key growth driver in recent
years as Germans benefit from record-high employment and
low borrowing costs and a GfK survey published this week
showed the good mood among German shoppers was
unchanged going into March. The number of people out of work
in Germany decreased by 21,000 to 2.236mn in February,
seasonally-adjusted data from the Labour Office showed. That
compared with the forecast for a drop of 5,000. The
unemployment rate remained at 5.0%, the lowest since German
reunification in 1990. Separate data from the Statistics Office
showed German retail sales jumping by 3.3% on the month in
January, marking their strongest rise since October 2016.
(Reuters)
 Japan’s final February manufacturing PMI confirms fastest
pace of decline in two-and-a-half years – Japanese
manufacturing activity contracted in February at the fastest
pace in two-and-a-half years as factories cut back output amid
shrinking domestic and export orders, a revised survey showed.
The survey highlighted the extent of the damage that the US-
China trade war has already inflicted on Japan and other export-
oriented countries in Asia. The Final Markit/Nikkei Japan
Manufacturing Purchasing Managers Index (PMI) was a
seasonally adjusted 48.9, slightly above a flash reading of 48.5
but below January’s final 50.3. The index fell below the 50
threshold that separates contraction from expansion for the
first time since August 2016 and showed the fastest contraction
since June 2016. The output component of the final PMI index
was 47.4, above a preliminary 47.0 but still down from a final
54.4 in January to show the fastest contraction since May 2016.
(Reuters)
 Japan’s fourth-quarter capital expenditure points to upward
revision to GDP but outlook weak – Japan’s capital expenditure
accelerated in October-December in a sign economic growth
will be revised up for the quarter, but economists warn slowing
global trade may yet hurt activity in the first half of this year.
Capital expenditure grew 5.7% in October-December from the
same period last year, led by increased spending in the
telecommunications, chemicals, and real estate sectors. That
was faster than a 4.5% increase in the previous quarter.
Excluding software, capital expenditure rose 3.3% in October-
December from the previous quarter on a seasonally-adjusted
basis after a revised 4.4% decline in July-September. A
preliminary estimate released last month showed Japan’s
economy expanded an annualized 1.4% in the fourth quarter,
bouncing back from a string of natural disasters that disrupted
factory production. (Reuters)
 Quantitative traders are poised for a comeback in China –
Almost four years after Beijing blamed them for exacerbating a
$5tn stock-market collapse, quantitative traders are poised for a
comeback in China. Barring an unexpected turn, Chinese
authorities will soon allow quants to use their own software to
automatically execute trades through brokerages. So-called
direct connections were banned during the 2015 crash,
rendering some of the nation’s most popular computer-driven
trading strategies unworkable or difficult to scale. While
brokerages are likely to move cautiously as they reopen the
connections, anticipation of a pick-up in quant activity has
already added fuel to this year’s world-beating surge in Chinese
stocks. Analysts said the move may ultimately boost trading,
improve brokerages’ profitability and make China’s retail-
dominated equity market more attractive to institutional
investors. (Gulf-Times.com)
Regional
 OPEC oil output drops further in February as Saudi Arabia over-
delivers on cuts – OPEC oil supply fell to a four-year low in
February, a Reuters survey found, as top exporter Saudi Arabia
and its Gulf allies over-delivered on the group’s supply pact
while Venezuelan output registered a further involuntary drop.
The 14-member Organization of the Petroleum Exporting
Countries (OPEC) pumped 30.68mn barrels per day (bpd) last
month, the survey showed, down 300,000 bpd from January and
the lowest OPEC total since 2015, according to Reuters surveys.
The survey suggests that Saudi Arabia and its Gulf allies over-
delivered on pledged supply curbs to avert the possibility of a
new glut building up this year. (Reuters)
 Tadawul expects $15bn -$20bn in passive fund inflows in 2019
– Saudi Arabia’s stock exchange expects passive fund inflows of
$15bn to $20bn this year as it gears up for inclusion in emerging
market benchmarks, its CEO, Khalid Al-Hussan said. Tadawul,
Saudi Arabia’s main stock exchange and the Middle East’s

7. Page 7 of 9
largest bourse, will join the FTSE Russell and MSCI emerging
market indices in March and May this year, heightening
interest among foreign investors in the Saudi Arabian market.
“We anticipate from the passive funds $15bn to $20bn in 2019,
the active side is very hard to anticipate,” he said. Foreigners
have been net buyers of Saudi Arabian stocks since the start of
the year. “Over the history of inclusions you can’t avoid some
volatility (but) the tranches will help reduce a lot the impact of
this volatility,” he said. The Saudi bourse has a total market
capitalization of around $535bn, with a free float of about 40%.
(Reuters)
 Saudi Arabian market cross-listing regulations expected in
second quarter – Regulations to allow companies from other
Gulf countries to list on Saudi Arabia’s stock market is expected
to be finalized in the second quarter of this year, the CEO of
Tadawul, Khalid Al-Hussan said. Saudi Arabia’s Capital Market
Authority and Tadawul are working with potential investors in
the Gulf countries on the new cross-listing rules, he said. He
said that there is good interest from companies in the Gulf
region to list on the Saudi Arabian market. Bahraini financial
services firm GFH expressed an interest in listing on the Saudi
Arabian market last year and hired Gulf International Bank to
help in the process. Many potential candidates for IPOs in the
Kingdom are also looking at dual listings and at issuing global
depository receipts (GDRs), bankers say. There is growing
interest from foreign investors in the Saudi market ahead of its
inclusion in the FTSE Russell and MSCI’s emerging market
indexes later this year. (Reuters)
 Saudi Arabia may raise April crude prices for Asia – Saudi
Arabia is expected to raise April prices for most of the crude
grades it sells to Asia, following a strengthening of Middle East
oil benchmark Dubai over the past month, several trade sources
said. The April official selling price (OSP) for flagship Arab
Light crude could remain unchanged or rise by up to $0.35 a
barrel from the previous month, sources said. This comes after
backwardation in the first and third month Dubai price spread
widened by $0.30 a barrel during February trade compared with
the previous month, sources said. Prompt prices are higher than
those in future months in a backwardated market, implying
stronger demand for spot oil. (Reuters)
 Algeria seeks to supply oil to Saudi Aramco refinery in South
Korea – Algeria’s state energy company, Sonatrach discussed
with Saudi Aramco the opportunity to supply oil to Saudi
Aramco’s refinery in South Korea with Saharan blend crude and
cooperate on petrochemicals and LPG, Sonatrach stated.
Officials signed an amendment to contract for supply of
Arabian Light crude to Sonatrach’s Augusta refinery in Italy.
(Bloomberg)
 Islamic Development Bank mulls green Sukuk – Islamic
Development Bank (IsDB), the multilateral lender to 57 member
countries, is considering selling green Sukuk and Islamic bonds
denominated in currencies other than the US Dollar and the
Euro, its President, Bandar Hajjar said. "We would like to widen
the scope of our Sukuk issues to include new types such as
green Sukuk or in currencies we have not tried before," he said.
"Our annual financing has reached $12bn, which is not enough
to meet the needs of IsDB’s member states. IsDB must therefore
mobilize financing of its balance sheet," he said. (Bloomberg)
 Uber in advanced talks to buy Middle East rival Careem – Uber
Technologies Inc is in advanced discussions to buy its Dubai-
based rival Careem Networks FZ, Bloomberg reported. The
companies may announce a cash-and-stock transaction that
values Careem at about $3bn in the coming weeks, the report
stated. Negotiations are going on and no final decision has been
taken, according to the report. Uber, which is on track to go
public this year, has been seeking new avenues of growth even
as it faces severe competition in its core business of ride hailing.
Uber has received estimates from IPO bankers that have pegged
its value at up to $120bn, sources said. (Reuters)
 UAE oil output dropped to 3.05mn bpd in February – UAE crude
production was in line with the volume it pledged to produce
under the OPEC+ agreement reached in Vienna in December,
representing a drop in oil output to 3.05mn bpd in February, the
Ministry of Energy and Industry stated. The country has agreed
to cut crude output by 96k bpd from a starting point of 3.168mn.
In addition to crude, UAE also produces ~400k bpd of
condensate, according to the most recent Annual Statistical
Report published by the ministry. (Bloomberg)
 Abraaj collapse may spur oversight changes – The Dubai
Financial Services Authority (DFSA) could make changes to its
oversight procedures following last year’s collapse of private
equity group Abraaj, its CEO, Bryan Stirewalt said. Dubai-based
Abraaj was the largest buyout fund in the Middle East and
North Africa until it collapsed last year in the aftermath of a
row with investors, including the Gates Foundation, over a
$1bn healthcare fund. (Peninsula Qatar)
 Dubai plans to expedite SME payments to revive its economy –
Dubai plans to expedite government payments to small and
medium (SME) sized companies in an effort to revive economic
growth in the Middle East’s trade and business hub. The
government will pay SMEs within 30 days instead of 90 days,
according to the state-run WAM news agency. The measure is
expected to result in $435mn of additional liquidity to the
companies, the news agency reported. The plan also includes a
reduction in insurance costs for SMEs that will not affect their
eligibility for government tenders. One of the most diversified
economies in the Middle East, Dubai is grappling with the
impact of low hydrocarbon prices on its oil-rich neighbors as
well as the introduction of new fees and taxes in the Gulf.
Property prices have declined and the Emirate’s main stock
index dropped 25% in 2018. Authorities last year announced a
raft of measures to reduce the cost of doing business in the
Emirate. The federal government has loosened restrictions on
visas to attract more tourists and investors. (Bloomberg)
 Abu Dhabi's ADIA unit partners with India's Kotak Investment
to launch fund – Abu Dhabi’s sovereign wealth fund stated that
its subsidiary is launching a fund with India’s Kotak
Investment Advisors. The fund will target a range of non-
performing loan (NPL) opportunities in India, ADIA stated. The
fund will “target both pre-stress and distressed opportunities,
with a key focus on providing financial support to pre-stress
businesses to prevent them from entering insolvency,” it
stated. The partnership will “help to ease the burden of NPLs on
the Indian financial system,” Executive Director of the Private
Equities department at ADIA, Hamad Shahwan Aldhaheri said.
(Reuters)

8. Page 8 of 9
 The National: ADNOC Logistics plans to expand its fleet –
ADNOC Logistics & Services plans to expand its fleet to cope
with increased demand from growth in the state-owned firm’s
upstream and downstream businesses, The National’s CEO,
Abdulkareem Al Masabi said. The company, formed after the
merger of three Abu Dhabi National Oil Company (ADNOC)
units in 2016, will buy its first crude-oil tankers, while
increasing the gas and dry bulk fleet by more than 25 vessels
over the next five years, the newspaper reported. The firm
currently has 123 vessels across its shipping, marine services,
offshore logistics and merchant fleet segments, it said. ADNOC
is aiming to grow its capacity to as much as 5mn barrels per day
from 3.5mn by 2030, the National reported. The purchase of two
very large crude carriers by the upstream business and plans to
triple petrochemicals capacity by its downstream unit will
create more expansion opportunities for the firm, he said.
ADNOC Logistics is currently seeking partnership
opportunities, with a long-term view on increased
commercialization of its business, he said. The firm will look to
privatize the business in the future, but a possible initial public
offering of all or parts of the logistics and services segment is
not on the table, the newspaper reported. (Bloomberg)
 Kuwait said to plan $10bn investment fund with China –
Kuwait is planning to create a $10bn fund with China to invest
in the two countries, according to sources. The Gulf state is
discussing the creation of a Kuwait-China Silk Road Fund that
will invest in Kuwaiti projects related to the Silk City and
islands development, according to sources. It could also be used
for strategic investments in China and other areas under the
Asian country’s “One Belt, One Road” initiative, sources said.
China and Kuwait, each will be responsible for raising around
$5bn for the fund, sources added. The Asian country will also
work with Chinese strategic partners to arrange debt financing
for projects, which could give the fund an investment capacity
of as much as $30bn, they said. Under the proposal, the fund’s
Chinese backers could introduce strategic partners to work on
its investment projects as contractors, according to sources.
Deliberations about the fund are at an early stage, and details
like the size and investment targets could change, the sources
added. (Gulf-Times.com)
 Oman signs oil agreement with Occidental Oman for Block 72 –
Oman has signed an exploration and production-sharing
agreement with Occidental Oman, its oil and gas ministry
stated. Block 72 occupies an area of 3,530 square kilometer, the
ministry stated. In December, Oman signed two agreements
giving Occidental Petroleum the rights to explore for oil and
natural gas in concessions 51 and 65. (Reuters)
 Bahrain is working on getting second portion of $10bn aid –
Bahrain is working on getting second portion of $10bn aid
package from Gulf allies, newspaper Watan reported, citing
Finance Minister, Sheikh Salman bin Khalifa Al-Khalifa. The
minister did not provide details on the size of tranches.
(Bloomberg)

9. 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 9 of 9
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (
#
Data as on February 28, 2019)
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
QSEIndex S&PPanArab S&PGCC
0.5%
(0.2%)
0.1%
0.3%
(0.2%)
(0.3%)
0.2%
(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 1,293.40 (1.5) (2.6) 0.9 MSCI World Index 2,096.35 0.5 0.4 11.3
Silver/Ounce 15.21 (2.6) (4.5) (1.9) DJ Industrial 26,026.32 0.4 (0.0) 11.6
Crude Oil (Brent)/Barrel (FM Future) 65.07 (1.5) (3.1) 20.9 S&P 500 2,803.69 0.7 0.4 11.8
Crude Oil (WTI)/Barrel (FM Future) 55.80 (2.5) (2.5) 22.9 NASDAQ 100 7,595.35 0.8 0.9 14.5
Natural Gas (Henry Hub)/MMBtu 3.19 7.4 16.4 0.1 STOXX 600 374.24 0.2 1.0 10.0
LPG Propane (Arab Gulf)/Ton 66.62 (2.4) (6.2) 4.9 DAX 11,601.68 0.6 1.4 9.1
LPG Butane (Arab Gulf)/Ton 72.75 (4.8) (12.1) 3.9 FTSE 100 7,106.73 (0.0) 0.0 9.4
Euro 1.14 (0.1) 0.3 (0.9) CAC 40 5,265.19 0.3 1.1 10.5
Yen 111.89 0.4 1.1 2.0 Nikkei 21,602.69 0.4 (0.4) 6.4
GBP 1.32 (0.5) 1.1 3.5 MSCI EM 1,051.54 0.1 (0.7) 8.9
CHF 1.00 (0.1) 0.1 (1.7) SHANGHAI SE Composite 2,994.01 1.6 6.9 23.1
AUD 0.71 (0.2) (0.7) 0.4 HANG SENG 28,812.17 0.6 (0.0) 11.2
USD Index 96.53 0.4 0.0 0.4 BSE SENSEX 36,063.81 0.4 0.6 (1.8)
RUB 65.93 0.0 0.8 (5.4) Bovespa 94,603.75 (2.0) (4.6) 10.2
BRL 0.26 (0.5) (0.7) 2.8 RTS 1,187.35 (0.1) (0.9) 11.1
98.3
92.2
78.7