The QSE Index declined 0.3% to close at 10,721.2.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.3% to close at 10,721.2. Losses were led by the
Transportation and Banks & Financial Services indices, falling 0.9% and 0.8%,
respectively. Top losers were Aamal Co. and Qatar Navigation, falling 2.6% and
2.2%, respectively. Among the top gainers, Al Khaleej Takaful Group rose 3.2%,
while Dlala Brokerage & Investments Holding Co. was up 2.7%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.7% to close at 6,968.0. Losses were led by the
Consumer Services and REITs indices, falling 3.4% and 3.0%, respectively. Al
Tayyar Travel Group fell 5.3%, while Al-Rajhi Co. for Coop. Ins. was down 4.4%.
Dubai: The DFM Index declined 1.1% to close at 3,543.3. The Consumer Staples
index fell 2.0%, while the Banks index declined 1.3%. International Financial
Advisors fell 6.7%, while Ekttitab Holding Co. was down 3.4%.
Abu Dhabi: The ADX benchmark index fell 0.7% to close at 4,565.2. The Real Estate
index declined 2.0%, while the Consumer Staples index fell 1.1%. Abu Dhabi
National Co. declined 9.2%, while Abu Dhabi Shipbuilding Co. was down 8.0%.
Kuwait: The KSE Index rose 0.6% to close at 6,804.6. The Oil & Gas index gained
3.5%, while the Technology index rose 3.2%. Palms Agro Production Co. gained
10.0%, while Sanam Real Estate Co. was up 9.6%.
Oman: The MSM Index fell 0.1% to close at 5,807.8. The Services index declined
0.1%, while other indices ended in green. Al Sharqia Investment Holding fell 3.0%,
while Renaissance Services was down 1.6%.
Bahrain: The BHB Index gained 0.1% to close at 1,342.6. The Commercial Banks
index rose 0.2%, while the Investment index gained marginally. Nass Corporation
rose 1.8%, while Bahrain Commercial Facilities Co. was up 0.7%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Group 20.85 3.2 33.6 (1.2)
Dlala Brokerage & Inv. Holding Co. 20.75 2.7 136.3 (3.4)
Medicare Group 82.40 2.4 451.2 31.0
Islamic Holding Group 62.30 2.0 81.7 2.1
Qatar Oman Investment Co. 10.49 1.5 22.2 5.4
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 15.58 0.9 2,290.0 3.1
National Leasing 16.90 1.0 2,237.6 10.3
Vodafone Qatar 9.25 0.1 1,972.4 (1.3)
Barwa Real Estate Co. 39.70 0.0 1,125.2 19.4
Qatar First Bank 9.85 1.3 730.3 (4.4)
Market Indicators 02 Mar 17 01 Mar 17 %Chg.
Value Traded (QR mn) 449.4 345.8 29.9
Exch. Market Cap. (QR mn) 577,210.0 579,441.8 (0.4)
Volume (mn) 14.1 9.2 52.2
Number of Transactions 5,590 4,661 19.9
Companies Traded 40 42 (4.8)
Market Breadth 21:16 23:17 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,550.29 (0.3) (1.5) 3.9 15.7
All Share Index 2,977.16 (0.3) (1.5) 3.8 15.2
Banks 3,032.69 (0.8) (1.4) 4.1 13.4
Industrials 3,389.09 (0.3) (0.9) 2.5 20.2
Transportation 2,474.09 (0.9) (3.3) (2.9) 13.9
Real Estate 2,395.56 0.6 (2.4) 6.7 16.0
Insurance 4,465.59 0.4 0.1 0.7 17.7
Telecoms 1,262.66 0.4 (1.2) 4.7 22.4
Consumer 6,378.52 (0.3) (1.6) 8.2 13.8
Al Rayan Islamic Index 4,123.44 (0.1) (1.5) 6.2 16.8
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Invest Bank Abu Dhabi 2.50 8.7 9,637.0 (0.4)
Mobile Telecom. Co. Kuwait 0.49 2.1 1,010.3 22.0
Med. & Gulf Insurance Saudi Arabia 25.03 2.1 1,118.3 (3.6)
Kuwait Projects Co. Kuwait 0.51 2.0 546.3 8.0
Kuwait Finance House Kuwait 0.62 1.6 1,517.5 13.0
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Al Tayyar Travel Group Saudi Arabia 33.32 (5.3) 12,029.9 (0.7)
Emaar Economic City Saudi Arabia 18.72 (4.4) 1,192.2 3.1
Gulf Cable & Elec. Ind. Kuwait 0.54 (3.6) 171.3 46.7
Saudi Enaya Coop. Ins. Saudi Arabia 17.01 (3.5) 588.6 2.6
Deyaar Development Dubai 0.59 (3.3) 14,558.8 0.3
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Aamal Co. 15.10 (2.6) 383.3 10.8
Qatar Navigation 86.00 (2.2) 81.0 (10.0)
QNB Group 150.70 (1.5) 235.6 1.8
Qatar Fuel 158.60 (1.2) 169.2 9.1
Qatari Investors Group 57.60 (1.2) 213.5 (1.5)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 39.70 0.0 44,734.0 19.4
National Leasing 16.90 1.0 38,186.7 10.3
Medicare Group 82.40 2.4 36,967.3 31.0
QNB Group 150.70 (1.5) 35,733.3 1.8
Ezdan Holding Group 15.58 0.9 35,652.5 3.1
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*#
10,721.15 (0.3) (1.9) 0.2 2.7 123.41 158,559.6 15.7 1.6 3.7
Dubai 3,543.33 (1.1) (1.1) (2.4) 0.4 84.50 108,763.4 15.1 1.2 3.9
Abu Dhabi 4,565.15 (0.7) (0.7) 0.3 0.4 42.78 118,510.4 12.8 1.4 5.4
Saudi Arabia 6,967.97 (0.7) (0.7) (0.1) (3.4) 1,016.29 436,056.5 17.2 1.6 3.4
Kuwait 6,804.56 0.6 0.6 0.3 18.4 69.20 96,287.9 22.8 1.2 3.5
Oman 5,807.81 (0.1) (0.1) 0.5 0.4 12.59 23,322.5 11.0 1.2 4.9
Bahrain 1,342.57 0.1 0.1 (0.5) 10.0 1.29 21,637.0 8.6 0.7 4.7
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, DFM and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any;
#
Data as of March 2, 2017)
10,650
10,700
10,750
10,800
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index declined 0.3% to close at 10,721.2. The Transportation
and Banks & Financial Services indices led the losses. The index fell on
the back of selling pressure from Qatari and GCC shareholders despite
buying support from non-Qatari shareholders.
 Aamal Co. and Qatar Navigation were the top losers, falling 2.6% and
2.2%, respectively. Among the top gainers, Al Khaleej Takaful Group
rose 3.2%, while Dlala Brokerage & Investments Holding Co. was up
2.7%.
 Volume of shares traded on Thursday rose by 52.2% to 14.1mn from
9.2mn on Wednesday. Further, as compared to the 30-day moving
average of 9.4mn, volume for the day was 49.2% higher. Ezdan Holding
Group and National Leasing were the most active stocks, contributing
16.3% and 15.9% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
2016
% Change
YoY
Operating Profit
(mn) 2016
% Change
YoY
Net Profit
(mn) 2016
% Change
YoY
Saudi Airlines Catering Co.* Saudi Arabia SR – – – – 541.1 -22.5%
Jazan Development Co.* Saudi Arabia SR – – 11.3 -30.6% 6.1 -72.4%
United Cooperative Assurance Co.* Saudi Arabia SR 819.6 -35.6% 1.3 -86.3% 99.8 N/A
Wataniya Insurance Co.* Saudi Arabia SR 507.7 -2.1% – – 1.7 92.5%
Saudi Paper Manufacturing Co.* Saudi Arabia SR – – -25.6 N/A -67.5 N/A
Al-Ahlia Insurance Co.* Saudi Arabia SR 167.1 -35.6% – – 0.4 N/A
AXA Cooperative Insurance Co.* Saudi Arabia SR 1,154.0 2.3% – – 8.9 17.2%
Ras Al Khaimah Poultry & Feeding* Abu Dhabi AED 35.5 -45.2% – – 11.3 -49.9%
Source: Company data, DFM, ADX, MSM, TADAWUL (*FY2016)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/02 US Department of Labor Initial Jobless Claims 25-February 223k 245k 242k
03/02 US Department of Labor Continuing Claims 18-February 2,066k 2,060k 2,063k
03/03 US Markit Markit US Services PMI February 53.8 54 53.9
03/03 US Markit Markit US Composite PMI February 54.1 – 54.3
03/02 EU Eurostat PPI MoM January 0.7% 0.7% 0.8%
03/02 EU Eurostat PPI YoY January 3.5% 3.2% 1.6%
03/02 EU Eurostat Unemployment Rate January 9.6% 9.6% 9.6%
03/02 EU Eurostat CPI Estimate YoY February 2.0% 2.0% 1.8%
03/02 EU Eurostat CPI Core YoY February 0.9% 0.9% 0.9%
03/03 France Markit Markit France Services PMI February 56.4 56.7 56.7
03/03 France Markit Markit France Composite PMI February 55.9 56.2 56.2
03/03 Japan ESRI Consumer Confidence Index February 43.1 43.5 43.2
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of board meeting No. of days remaining Status
MRDS Mazaya Qatar 14-Mar-17 8 Due
QFBQ Qatar First Bank 14-Mar-17 8 Due
AKHI Al Khaleej Takaful Insurance 14-Mar-17 8 Due
AHCS Aamal Company 15-Mar-17 9 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 34.44% 39.11% (20,965,229.97)
Qatari Institutions 22.75% 29.69% (31,166,158.00)
Qatari 57.19% 68.80% (52,131,387.97)
GCC Individuals 1.48% 1.36% 527,971.97
GCC Institutions 2.84% 8.68% (26,254,401.90)
GCC 4.32% 10.04% (25,726,429.93)
Non-Qatari Individuals 7.75% 8.99% (5,596,725.64)
Non-Qatari Institutions 30.74% 12.17% 83,454,543.54
Non-Qatari 38.49% 21.16% 77,857,817.90

3. Page 3 of 7
News
Qatar
 QSE announces trading suspension in the shares of DHBK on
March 6 – Qatar Stock Exchange (QSE) announced trading
suspension of the shares of Doha Bank (DHBK) on March 6,
2017 due to its AGM and EGM being held on the day. (QSE)
 QSE announces trading suspension in the shares of QFLS on
March 6 – Qatar Stock Exchange (QSE) announced trading
suspension of the shares of Qatar Fuel Company (QFLS) on
March 6, 2017 due to its AGM and EGM being held on the day.
(QSE)
 QSE announces trading suspension in the shares of QEWS on
March 6 – Qatar Stock Exchange (QSE) announced trading
suspension of the shares of Qatar Electricity and Water
Company (QEWS) on March 6, 2017 due to its AGM and EGM
being held on the day. (QSE)
 QSE announces trading suspension in the shares of MPHC on
March 6 – Qatar Stock Exchange (QSE) announced trading
suspension of the shares of Mesaieed Petrochemical Holding
Company (MPHC) on March 6, 2017 due to its AGM and EGM
being held on the day. (QSE)
 QCSD deposited the bonus shares of QNCD – Qatar Central
Securities Depository (QCSD) has deposited the bonus shares of
Qatar National Cement Company (QNCD). The new capital is
QR653,528,940 and the new total shares is 65,352,894. The
bonus shares will be available for trading starting from March 6,
2017. (QSE)
 QNCD’s AGM & EGM endorses items listed on its agenda and
approves the distribution of 40% cash dividend – Qatar
National Cement Company (QNCD) announced the resolutions
of Annual General Assembly and Extraordinary General
Assembly Meeting (AGM & EGM) held on March 1, 2017 and
approved a distribution of 40% from the company’s share
capital as cash dividends for 2016. The EGM has approved a
distribution of 10% from the company’s share capital as bonus
shares, one free share for each ten shares held for the year 2016.
(QSE)
 Qatar within FTSE global equity index series – As per
announcement made by FTSE on March 1, 2017, “Treatment of
Qatar within FTSE Global Equity Index Series”, 20 of the 22
companies selected in September 2016 will see their
investibility weights doubled. The companies are Al Meera
Consumer Goods Company, Barwa Real Estate, Commercial
Bank of Qatar, Doha Bank, Ezdan Holding Group, Gulf
International Services, Industries Qatar, Masraf Al Rayan,
Medicare Group, Ooredoo, Qatar Electricity & Water Company,
Qatar Gas Transport Company, Qatar Insurance, Qatar
International Islamic Bank, Qatar Islamic Bank, QNB Group,
Qatar Navigation, Salam International Investment Ltd, United
Development Company and Vodafone Qatar. 2 of the 22 (Aamal
and Qatari Investors Group) will remain with the same
investibility weights. The changes to the FTSE Secondary
Emerging Market index will be on March 20, 2017. (QSE)
 MARK’s board of directors announces the opening of candidacy
to fill seven seats – Masraf Al Ryan (MARK) board of directors
announced the opening of candidacy to fill seven seats for three
years (2017-2019). Applications will be received starting from
March 6, 2017 to March 20, 2017. (Peninsula Qatar)
 BRES eyes investment opportunities to ensure profitable
revenue growth – Barwa Real Estate Company (BRES) will keep
exploring investment opportunities to ensure profitable
revenues and said its low-cost warehousing projects
Mustawdaat as well as Phase I of Madinat Al Mawater are
slated to be completed by this year. The company has also
initiated steps to develop an integrated residential and
commercial project in Saudi Arabia. Highlighting that the
company has laid out a five-year business plan (2016-20),
Barwa Chairman Salah bin Ghanim Nasser al-Ali said, “The
group will continue to analyze available investment
opportunities in light of our business plan in order to achieve
sustainable growth and ensure profitable revenues for our
shareholders.” On its future plan, the chairman, in the board of
directors’ report, said it would include the construction and
operationalizing the Mustawdaat project and Phase I of the
Madinat Al Mawater. (Gulf-Times.com)
 QFLS to open 15 new fuel stations this year – Qatar Fuel
(QFLS), which currently has 56 gasoline stations in operation in
the country, plans to open another 15 new gasoline stations
this year and is also in talks with the government to get
approval for 40 more additional land plots, the company's CEO
Ibrahim Jaham al Kuwari said. He said the company would like
to open more fuel stations subject to getting land allotment
from the government. The 15 new gasoline stations are in par
with the company's aim to have a total of 100 gasoline stations
in the country by 2020, Ibrahim said, adding that the vision of
the company is to become the region’s leading petroleum
products and related services marketing company. (Qatar
Tribune)
 Qatar & Canada to boost bilateral investments – Qatar and
Canada discussed issues related to further enhancing bilateral
investment. François-Philippe Champagne, Minister of
International Trade of Canada, met with Minister of Energy and
Industry HE Dr Mohammed bin Saleh Al Sada and Minister of
Economy and Commerce, HE Sheikh Ahmed bin Jassim Al
Thani. During his first official visit to Qatar, the Canadian
Minister also met Akbar Al Baker, Chief Executive of Qatar
Airways. The Minister and his counterparts touched on priority
issues such as potential opportunities for increased
collaboration between Canadian companies and Qatar private
and public sectors in key areas including energy,
transportation, infrastructure, education and health. “The
Minister’s visit confirms that Canada enjoys a strong and
growing bilateral relationship with Qatar that is reinforced by
commercial ties between the two countries” said Adrian
Norfolk, Ambassador of Canada to Qatar. (Peninsula Qatar)
 Ooredoo builds position as regional IoT leader – Ooredoo
announced the expansion of its Managed Connectivity Platform
to Qatar, taking the number of countries covered by the service
to four, alongside Indonesia, Tunisia and Kuwait. In expanding
the service to major markets, Ooredoo is positioning itself as a
leading regional IoT player, and the company is in discussion
with a number of global leaders looking to use its network
during this week’s Mobile World Congress. (Peninsula Qatar)
 Qatar least affected by recession, economic headwinds – Qatar,
among other petroleum states, is still the least affected by

4. Page 4 of 7
economic headwinds caused by the global recession, SAK
Holding Group revealed in its monthly real estate report.
Qatar’s resiliency, according to the report, was due to
government efforts and continued spending on major
infrastructure projects, particularly those related to the FIFA
World Cup games in 2022. In the real estate sector, the report
said, “Concerned authorities are wisely managing the real
estate file, which slowed down the severity of the crisis, cut
losses short, promoted confidence and optimism in the real
estate sector, and bringing about a quick recovery…this
confirms that real estate investors’ appetite is fine.” The report
said this was corroborated by a QNB Group report, which
stressed that government investment is still attracting
manpower to Qatar, reinforces the need to provide several
services and increase the overall demand in the economy. (Gulf-
Times.com)
 Qatar plans to double income from tourism – Qatar is planning
to almost double its tourism income over the next few years as
visitor numbers grow with the country hosting the 2022 FIFA
World Cup. The Qatar Tourism Authority (QTA) predicts the
tourism sector's total economic contribution will reach
QR81.2bn (or 7.3% of GDP by 2026, up from QR48.5bn in 2015).
In 2015, investment in travel and tourism activity comprised
2.2% of the country's total spending, which is expected to rise
by 8.6% per year to 2026. The introduction of new demand
drivers is seen as vital to supporting the continued rise in
leisure spending, which is expected to reach QR44.9bn in 2026,
while business travel spending is expected to rise to QR17.5bn
in 2026, according to a report in The National. Experiential
travel, the main theme of this year's Arabian Travel Market
(ATM), is driving tourism growth in Qatar, as the country
works towards its 2030 vision to welcome 10mn visitors a year
and generate $17.8bn in tourism receipts. (Qatar Tribune)
 New arbitration law to enhance Qatar’s investment climate –
The new arbitration law will help enhance the investment
climate of Qatar, which is poised to transform itself into a
regional hub for arbitration, an official of the Qatar
International Centre for Conciliation & Arbitration (QICCA)
said. QICCA board member Sheikh Thani bin Ali bin Saud AZ al-
Thani said the state recently approved Arbitration Law No 2 of
2017 “to govern arbitrations where the seat of the arbitration is
Qatar.” “At Qatar Chamber, we are working a lot on the
problems of trading or commercial companies so this is a very
important accomplishment from legislators in Qatar to improve
the country’s arbitration and investment climate,” Sheikh
Thani told Gulf Times. He explained that the new law is largely
based on the Uncitral Arbitration Model Law, as revised in
2006. The Uncitral website states that Uncitral has been
recognized as the core legal body of the United Nations system
in the field of international trade law. (Gulf-Times.com)
International
 Eurozone private sector business growth near 6-year high –
Eurozone private sector business activity rose at its quickest
pace in nearly six years in February, accelerating across all
major economies with job creation reaching its fastest in almost
a decade, surveys showed. The data, which came alongside
news that Eurozone inflation had just surpassed the European
Central Bank's target, could pose a challenge to policymakers in
how to explain leaving monetary policy unchanged even as the
economy picks up sharply. IHS Markit's final composite
Purchasing Managers' Index - seen as a good overall growth
indicator - rose sharply to 56.0 in February from 54.4 in the
previous month. It has not been higher since April 2011 and
was unchanged from a flash estimate. While separate official
data showed German retail sales unexpectedly dropped in
January, the PMIs showed that February private sector services
activity in Europe's four largest economies Germany, France,
Italy and Spain all improved. (Reuters)
 UK manufacturers enjoy post-Brexit surge in orders – Britain's
factories are growing at their fastest pace in more than three
years, helped by the fall in the value of the pound after the
Brexit vote and a recovery in core markets in Europe, a survey
showed. The survey, by manufacturing lobby group EEF and
consultancy BDO, added to signs that British factories are
enjoying a growth spurt, something that Brexit supporters said
would be one of the early benefits of leaving the European
Union. However, many economists say the revival is unlikely to
offset fully the impact on the economy of slower consumer
spending as sterling's fall pushes up inflation. Manufacturing
accounts for about 10 percent of Britain's economy. (Reuters)
 UK economy's strong growth since Brexit vote starts to slow –
Britain's unexpectedly strong economic growth since last June's
Brexit vote may be starting to fade as inflation picks up,
according to a major business survey that chimed with notes of
caution from several top companies. Slowing consumer
spending started to hurt services companies in February, an
unpromising signal for the economy ahead of Britain's divorce
with the European Union, Markit/CIPS UK Services Purchasing
Managers' Index (PMI) showed. As finance minister Philip
Hammond puts the final touches on his first annual budget on
March 8, the survey is likely to reinforce his sense that Britain's
strong growth since last year's vote to leave the EU will fade
this year. The services PMI fell to a five-month low of 53.3 from
54.5 in January and suggested the economy is now expanding at
a quarterly pace of around 0.4% - much slower than the 0.7%
expansion during the fourth quarter of 2016. Sterling slid to a
seven-week low against the dollar after the PMI was published;
prompting investors to discount further the chance of the Bank
of England raising record low interest rates any time soon.
(Reuters)
 PMI: German services sector growth strengthens in February –
Growth in Germany's services sector accelerated in February
after weakening to a four-month low at the start of the year, a
survey showed on Friday, suggesting Europe's largest economy
will post healthy growth in the first quarter. Markit's final
services index rose to 54.4 from 53.4 in January, helped by a
sharper increase in new business in post and
telecommunications as well as transport and storage. Markit's
final composite Purchasing Managers' Index (PMI), which
tracks the activity in manufacturing and services that together
account for more than two-thirds of the economy, rose to 56.1
from 54.8 in January to reach a 34-month high. Markit's final
PMI for manufacturing showed growth had accelerated at the
strongest rate in nearly six years in February. It said the results
suggest manufacturing would contribute to overall growth in
the first quarter. Results suggest that the services sector, which

5. Page 5 of 7
is not traditionally a German strength, would also make a
contribution to growth. Services providers recorded the
strongest expansion in new work since February 2016 after
three months of slowing growth. (Reuters)
 PMI: French private sector grows at fastest pace since May
2011 – Activity in the French private sector picked up in
February to expand at a pace not seen since 2011, helped by a
recovery in the hotel and restaurant business that had been hit
by declining tourism, a survey showed. Data compiler IHS
Markit said its purchasing managers index for services rose in
February to 56.4 from 54.1 in January, slightly lower than a
preliminary reading of 56.7. The index rose further away from
the 50-point threshold dividing an expansion in activity from a
contraction. (Reuters)
Regional
 Saudi Arabia tourism authority to loan SR397mn in 2017 –
Saudi Arabia’s Commission for Tourism and National Heritage
has set aside SR397mn for 2017 to support a new lending
program for hospitality and tourism projects. The
announcement may be a sign that the Saudi Arabia government
is unlocking funding for its National Transformation Program
(NTP), a set of ambitious development targets announced in
June that has been slow to get off the ground amid a fiscal
crunch. According to the NTP, which aims to develop new
private sectors and diversify the Saudi Arabia economy beyond
oil, the tourism lending program will total SR3bn over five
years. So far, the Commission has received 40 requests for
funding from investors working on hotel and tourism projects,
of which 8 totaling SR424mn have been sent to the Ministry of
Finance for approval. The Commission is still reviewing a
further 11 requests totaling SR190mn. (Gulf-Times.com)
 Stringent regulation transforms Saudi Arabia insurance market
– According to S&P Global Ratings, in the decade since Saudi
Arabia’s Cooperative Insurance Law came into full force, the
Kingdom has turned what was an unregulated industry into the
largest non-life and health insurance market in the Gulf
Cooperation Council (GCC) region, and the most actively
regulated insurance market in the Middle East. Domestic gross
premium written (GPW) for 2016 are estimated at SR35.8bn,
based on the sector's most recent results. In a report, S&P
Global Ratings observed that the sector’s remarkable progress
owes much to its principal regulator, the Saudi Arabian
Monetary Agency (SAMA), which has regularly introduced new
initiatives over the past decade. (GulfBase.com)
 Saudi Arabia leads Gulf realty investors in Turkey – Investors
from the Kingdom of Saudi Arabia have emerged as the largest
GCC real estate investor in Turkey and the third largest among
foreign investors. Saudi Arabian investors made 1,327
transactions and purchased 564,000 square meter of real estate
space in 9M2016. Arab visitors now make up the bulk of foreign
real estate acquisitions in Turkey, despite the economic and
political uncertainty of 2016. To amplify and facilitate
investment from the GCC into Turkey, the organizers of
Cityscape Turkey, will create a specialized GCC Hosted Investor
Program, at the Cityscape Turkey, for interested investors to
benefit from pre-arranged meetings with leading developers
and brokers participating at this year’s show. (GulfBase.com)
 Moody’s: UAE regulatory credit changes positive for insurers –
According to the Moody’s, UAE insurers will likely see a
medium-term improvement in their credit profiles as the sector
adjusts to financial regulations introduced in February 2015 and
overcomes initial compliance hurdles. Mohammed Ali Londe,
analyst at Moody’s said, “UAE’s new financial regulations
should, in the medium term, underpin insurers’ profitability as
well as their capitalization, asset quality and reserve adequacy.
At the same time, price competition may ease as increased
regulatory costs trigger industry consolidation and price
hardening. Additional costs associated with the new
regulations may prompt consolidation of smaller insurers, or
encourage them to focus on business lines that yield adequate
returns.” Profitability for UAE insurers’ remains under short-
term pressure as new actuarial reserve-setting and reporting
requirements will drive continued technical reserve
strengthening in 2016 and 2017. Asset quality will also likely
improve for insurers, as the new rules will over time limit
insurers’ traditionally high exposure to riskier assets such as
equities and property. In addition, Moody’s expects solvency to
improve overall as the regulations set capital requirements
tailored to the specific risks borne by each company.
(GulfBase.com)
 Dubai Exports to venture into new markets in 2017 – DUBAI
Exports, the export promotion agency of the Department of
Economic Development (DED), is all set to take major strides in
connecting Dubai trade to new markets across Africa, Central
Asia, Europe and South America in 2017 after achieving
outstanding success in its market outreach and capability
building programs in 2016. In 2016, Dubai Exports joined 16
trade missions along with local and federal government
entities, organized 402 business match-making sessions and
received over 209 service requests from member companies in
addition to 80 requests from importers through its overseas
trade offices (OTOs). The OTOs also attracted 823 international
buyers from across six countries. Overall, 2016 reinforced the
role of Dubai Exports in enabling local companies to establish
contacts with importers overseas and export to new markets as
well as in driving exports and re-exports through Dubai.
(GulfBase.com)
 Damac awards Business Bay tower contract – Damac Properties
has awarded a contract worth AED200mn for implementing the
main works at its residential project Merano Tower in Business
Bay, Dubai. Following the completion of the substructure works
at Merano Tower, the awarded contract covers the project’s
main works package. The contract has been awarded to
Commodore Contracting Company. (GulfBase.com)
 Dubai SME, RAKBank sign SME financing MoU – Dubai SME
has signed a Memorandum of Understanding (MoU) with
RAKBank to allow its eligible members preferential interest
rates and discounted fees. The MoU will also allow eligible
Dubai-based SMEs access to RAKBank’s business banking
products. Abdul Baset Al Janahi, CEO of Dubai SME, said the
MoU was the latest in a series of such partnerships we continue
to create after identifying a gap that existed in our SME
landscape in terms of mobilising resources to overcome
challenges and sustain growth. RAKBank CEO Peter England
said, “We are pleased to have partnered with Dubai SME, as the

6. Page 6 of 7
MoU ultimately means providing Dubai based SMEs with the
financial support they need to grow in today’s challenging
economic situation.” (GulfBase.com)
 Dubai Financial Market launches platform to trade ETFs –
Dubai Financial Market (DFM) launched a trading platform for
exchange-traded funds (ETFs) in an effort to encourage the
listing of more such funds by improving liquidity. The market
currently lists just one ETF, Afkar Capital's S&P UAE UCITS
fund, which invests on the Abu Dhabi Securities Exchange and
NASDAQ Dubai as well as DFM itself. The new platform, which
DFM described as the region's first of its kind, aims to make
trading smoother and more efficient. (Reuters)
 Dubai lender Emirates NBD to IPO Islamic REIT fund – Emirates
NBD (ENBD) plans to offer shares in its Islamic real estate
investment trust and list them on the Nasdaq Dubai exchange.
ENBD REIT said it expects to raise about $100mn to $125mn
from the offering and plans to use its proceeds to fund
acquisitions of real estate assets. The trust's current portfolio
consists of seven properties in the commercial and residential
sectors which are all located in Dubai. (Reuters)
 CEO: Etisalat to invest more than AED3bn in 2017 – Etisalat
plans to invest more than AED3bn in 2017 to develop
infrastructure and expand mobile and fiber optic networks
across UAE. Saleh Al Abdooli, CEO of Etisalat Group, said,
“These investments will improve coverage across the country
as well as prepare the network towards the deployment and
requirements of 5G technologies.” He also added that the
Etisalat network today is one of the widest, fastest and most
advanced networks in the region. This is mainly due to the
continuous investments made in the last few years amounting
to more than AED28bn. (GulfBase.com)
 Abu Dhabi's Mubadala sells part stake in AMD for $613mn –
Abu Dhabi investment fund Mubadala Development Co. sold
nearly a third of its stake in Advanced Micro Devices (AMD),
booking a tiny gain on its investments in the micro chip maker.
Mubadala sold 45mn shares in AMD for around $613mn while
retaining 97mn shares in the company. Mubadala paid $608mn
in November 2007 when it bought the shares. Mubadala
spokesman Brian Lott said, "In line with our strategy as a long-
term investor, from time to time we will monetize assets that
have significantly increased in value." (Reuters)
 Business environment in Oman gets major boost from e-
services – According to the Ministry of Commerce and Industry
(MoCI), more than 193,000 commercial transactions were
carried out through the online service in 2016, 448.6% increase
on 2015. New company registrations, amendments to
commercial names and import license applications were among
the procedures completed. One of the major developments for
prospective foreign investors in Oman in 2016 was the removal
in October of the proof of capital requirement, which mandated
that new businesses provide a bank statement demonstrating a
minimum of $390,000 within the first sixth months of
operation. (GulfBase.com)
 Investcorp acquires 3i’s debt management business – Bahrain-
based alternative investment fund Investcorp said it has
completed the acquisition and integration of “3iDM,” the debt
management business of 3i Group. The business, now
recognized as Investcorp Credit Management (ICM), adds $11bn
of assets under management, bringing the total to $21.4bn. The
ICM is a leading global credit investment platform, managing
funds which invest primarily in senior secured corporate debt
issued by mid and large-cap corporate in Western Europe and
the US. (GulfBase.com)
 Gulf Finance House shareholders proposes higher cash dividend
– Gulf Finance House (GFH) said its shareholders have proposed
to increase the cash dividends to 12%. Earlier the board had
recommended a distribution of 10% cash dividends for a total
sum of $59.8mn as well as approval to distribute 10% bonus
shares. The shareholders also approved the proposed board
recommendation to increase the authorized capital to $2.5bn
and endorsing GFH’s new strategy. The new strategy is to
acquire financial institutions, infrastructure investments, and
investment assets by way of swapping the shares of the
investors and shareholders of the target companies with GFH
shares through issuance of new shares by increasing the issued
and paid up capital from $597.99mn up to $1.49bn.
(GulfBase.com)

7. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank Q.P.S.C. (“QNB”).
QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of
QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial
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investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment
decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be
accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect.
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (
#
Data as of March 2, 2017)
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Feb-13 Feb-14 Feb-15 Feb-16 Feb-17
QSE Index S&P Pan Arab S&P GCC
(0.7%)
(0.3%)
0.6%
0.1%
(0.1%)
(0.7%)
(1.1%)(1.4%)
(0.7%)
0.0%
0.7%
SaudiArabia
Qatar#
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,234.55 0.0 (1.8) 7.1 MSCI World Index 1,848.98 0.0 0.4 5.6
Silver/Ounce 17.98 1.2 (2.1) 13.0 DJ Industrial 21,005.71 0.0 0.9 6.3
Crude Oil (Brent)/Barrel (FM Future) 55.90 1.5 (0.2) (1.6) S&P 500 2,383.12 0.1 0.7 6.4
Crude Oil (WTI)/Barrel (FM Future) 53.33 1.4 (1.2) (0.7) NASDAQ 100 5,870.75 0.2 0.4 9.1
Natural Gas (Henry Hub)/MMBtu 2.50 (3.2) 0.8 (32.0) STOXX 600 375.23 0.4 1.3 4.0
LPG Propane (Arab Gulf)/Ton 61.25 2.1 (6.5) (15.1) DAX 12,027.36 0.3 1.8 4.9
LPG Butane (Arab Gulf)/Ton 67.75 2.1 (28.1) (42.0) FTSE 100 7,374.26 (0.2) 0.1 2.5
Euro 1.06 1.1 0.6 1.0 CAC 40 4,995.13 1.2 3.0 2.9
Yen 114.04 (0.3) 1.7 (2.5) Nikkei 19,469.17 (0.4) (1.0) 3.8
GBP 1.23 0.2 (1.4) (0.4) MSCI EM 931.07 (0.6) (1.3) 8.0
CHF 0.99 0.6 0.0 1.1 SHANGHAI SE Composite 3,218.31 (0.6) (1.6) 4.2
AUD 0.76 0.3 (1.0) 5.4 HANG SENG 23,552.72 (0.8) (1.8) 6.9
USD Index 101.54 (0.6) 0.4 (0.7) BSE SENSEX 28,832.45 0.0 (0.4) 10.2
RUB 58.24 (1.1) (0.3) (5.4) Bovespa 66,785.53 1.6 (0.9) 14.9
BRL 0.32 1.3 (0.2) 4.4 RTS 1,108.26 0.8 (1.8) (3.8)
122.9
102.1
100.5