The QSE Index declined 0.8% to close at 8,749.7. Losses were led by the Telecoms and Industrials indices, falling 2.0% and 1.2%, respectively.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.8% to close at 8,749.7. Losses were led by the Telecoms and
Industrials indices, falling 2.0% and 1.2%, respectively. Top losers were Ooredoo and
Aamal Company, falling 3.7% and 2.7%, respectively. Among the top gainers, Islamic
Holding Group gained 9.9%, while Dlala Brokerage & Investment Holding Company
was up 7.2%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.5% to close at 7,914.3. Gains were led by the
Utilities and Health Care Equip. & Svc indices, rising 1.8% and 1.7%, respectively.
Saudi Real Estate Co. rose 10.0%, while Nama Chemicals Co. was up 9.4%.
Dubai: The DFM General Index declined 0.3% to close at 2,881.8. The Banks index
fell 0.8%, while the Transportation index declined 0.7%. Ekttitab Holding Company
fell 3.5%, while Al Salam Sudan was down 3.3%.
Abu Dhabi: The ADX General Index fell 1.1% to close at 4,437.8. The Investment &
Financial Serv. index declined 2.6%, while the Telecom. index fell 1.8%. National
Bank of Umm Al Qaiwain and National Marine Dredging were down 10.0% each.
Kuwait: The Kuwait Main Market Index rose 0.5% to close at 4,884.3. The Basic
Material index gained 3.4%, while the Consumer Goods index rose 1.4%. Kuwait
Real Estate Holding gained 8.0%, while Boubyan International Ind. was up 7.8%.
Oman: The MSM 30 Index rose 0.1% to close at 4,681.5. Gains were led by the
Financial and Services indices, rising 0.4% and 0.1%, respectively. Bank Nizwa and
National Gas were up 2.3% each.
Bahrain: The BHB Index fell marginally to close at 1,270.7. The Commercial Banks
index declined 0.4%, while the other indices ended flat or in green. BBK declined
1.4%, while Al Ahli United Bank was down 0.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 29.89 9.9 83.0 (20.3)
Dlala Brokerage & Inv. Holding Co. 13.30 7.2 1,550.4 (9.5)
Al Khaleej Takaful Insurance Co. 11.10 5.7 10.5 (16.2)
Ahli Bank 31.75 4.1 11.2 (14.5)
Qatar Oman Investment Company 6.72 1.8 17.8 (14.9)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 9.11 0.4 4,676.4 13.6
Dlala Brokerage & Inv. Holding Co. 13.30 7.2 1,550.4 (9.5)
Investment Holding Group 5.47 (1.4) 665.1 (10.3)
Mesaieed Petrochemical Holding 16.06 (1.5) 400.0 27.6
Qatar Insurance Company 32.90 (2.4) 379.4 (27.3)
Market Indicators 10 May 18 09 May 18 %Chg.
Value Traded (QR mn) 237.2 153.7 54.3
Exch. Market Cap. (QR mn) 482,387.0 487,317.1 (1.0)
Volume (mn) 11.0 5.4 103.6
Number of Transactions 4,052 3,123 29.7
Companies Traded 44 42 4.8
Market Breadth 15:26 10:31 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,415.91 (0.8) (0.6) 7.9 13.0
All Share Index 2,559.40 (0.9) (1.2) 4.4 13.4
Banks 2,980.05 (0.9) (1.5) 11.1 12.2
Industrials 2,976.31 (1.2) (1.1) 13.6 15.6
Transportation 1,776.44 0.3 1.5 0.5 11.2
Real Estate 1,667.23 (0.0) (1.3) (13.0) 14.5
Insurance 2,890.19 (1.2) (3.2) (16.9) 23.3
Telecoms 993.82 (2.0) 0.4 (9.5) 29.2
Consumer 5,757.19 (1.0) (1.0) 16.0 12.5
Al Rayan Islamic Index 3,546.91 (0.7) (0.6) 3.7 14.4
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Boubyan Petrochem. Co. Kuwait 0.88 5.3 1,568.7 31.3
GFH Financial Group Dubai 1.47 4.3 66,039.0 (2.0)
Riyad Bank Saudi Arabia 14.32 3.2 1,240.5 14.6
Com. Bank of Kuwait Kuwait 0.50 3.1 134.3 36.1
Mobile Telecom. Co. Saudi Arabia 6.98 3.1 5,519.0 (4.5)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Savola Group Saudi Arabia 38.73 (4.1) 1,884.1 (1.9)
Ooredoo Qatar 68.62 (3.7) 162.4 (24.4)
Jabal Omar Dev. Co. Saudi Arabia 44.87 (2.6) 934.5 (24.1)
Qatar Insurance Co. Qatar 32.90 (2.4) 379.4 (27.3)
Doha Bank Qatar 26.51 (2.4) 154.4 (7.0)
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%
Ooredoo 68.62 (3.7) 162.4 (24.4)
Aamal Company 9.60 (2.7) 37.9 10.6
Qatar Insurance Company 32.90 (2.4) 379.4 (27.3)
Doha Bank 26.51 (2.4) 154.4 (7.0)
Qatar National Cement Company 53.11 (1.6) 5.6 (15.6)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Vodafone Qatar 9.11 0.4 43,061.6 13.6
QNB Group 143.31 (1.5) 32,181.9 13.7
Dlala Brokerage & Inv. Holding 13.30 7.2 20,089.8 (9.5)
Industries Qatar 110.21 (1.6) 18,433.7 13.6
Qatar Insurance Company 32.90 (2.4) 12,611.5 (27.3)
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* 8,749.65 (0.8) (0.6) (4.0) 2.7 66.05 132,511.7 13.0 1.3 5.0
Dubai 2,881.80 (0.3) (2.2) (6.0) (14.5) 101.48 102,174.7 10.0 1.1 5.9
Abu Dhabi 4,437.83 (1.1) (2.6) (5.0) 0.9 34.61 123,082.5 11.6 1.3 5.5
Saudi Arabia 7,914.27 0.5 (2.4) (3.6) 9.5 1,045.50 499,998.3 17.8 1.8 3.3
Kuwait 4,884.25 0.5 1.4 1.0 (2.3) 30.27 34,147.0 14.4 0.9 3.8
Oman 4,681.51 0.1 (0.9) (1.0) (8.2) 77.08 19,585.5 11.7 1.0 5.1
Bahrain 1,270.73 (0.0) 0.6 1.0 (4.6) 3.95 19,849.3 8.3 0.8 6.4
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
8,700
8,750
8,800
8,850
8,900
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QSE Index declined 0.8% to close at 8,749.7. The Telecoms and
Industrials 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.
 Ooredoo and Aamal Company were the top losers, falling 3.7% and
2.7%, respectively. Among the top gainers, Islamic Holding Group
gained 9.9%, while Dlala Brokerage & Investment Holding Company
was up 7.2%.
 Volume of shares traded on Thursday rose by 103.6% to 11.0mn from
5.4mn on Wednesday. Further, as compared to the 30-day moving
average of 10.6mn, volume for the day was 3.7% higher. Vodafone Qatar
and Dlala Brokerage & Investment Holding Company were the most
active stocks, contributing 42.5% and 14.1% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Global Economic Data
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2018
% Change
YoY
Operating Profit
(mn) 1Q2018
% Change
YoY
Net Profit
(mn) 1Q2018
% Change
YoY
Allianz Saudi Fransi Cooperative
Insurance Co.
Saudi Arabia SR 298.5 -0.4% – – 1.4 2.3%
Al-Babtain Power and
Telecommunication Co.
Saudi Arabia SR – – 28.9 -26.8% 19.4 -50.4%
Fitaihi Holding Group Saudi Arabia SR – – -3.0 N/A 1.5 -87.5%
Walaa Cooperative Insurance Co. Saudi Arabia SR 310.5 3.6% – – 2.7 122.0%
National Agricultural Marketing
Co.
Saudi Arabia SR – – 2.0 35.8% 1.5 0.1%
Al-Ahlia Insurance Co. Saudi Arabia SR 34.3 -25.1% – – 6.4 314.2%
Al-Baha Investment and
Development Co.
Saudi Arabia SR – – – – 747.9 12377.6%
Saudi Arabian Cooperative
Insurance Co.
Saudi Arabia SR 370.6 -1.1% – – 1.5 -29.3%
Bupa Arabia for Cooperative
Insurance Co.
Saudi Arabia SR – – 2489.2 10.5% 20.8 75.2%
Arabian Pipes Co. Saudi Arabia SR – – -5.1 N/A -8.8 N/A
Arabian Shield Cooperative
Insurance Co.
Saudi Arabia SR 240.9 0.4% – – 1.8 32.6%
Al Alamiya for Cooperative
Insurance Co.
Saudi Arabia SR – – 100.7 16.7% 1.6 -2.7%
United Cooperative Assurance Co. Saudi Arabia SR 104.0 -4.5% – – 0.5 -60.5%
Taiba Holding Co. Saudi Arabia SR – – 47.7 -17.8% 27.2 -48.2%
Aseer Trading, Tourism and
Manufacturing Co.
Saudi Arabia SR – – 39.7 -25.7% 11.7 -43.5%
CHUBB Arabia Cooperative
Insurance Co.
Saudi Arabia SR 98.9 17.0% – – 1.2 62.5%
Salama Cooperative Insurance Co. Saudi Arabia SR 246.2 8.1% – – 4.1 453.5%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/10 US Department of Labor Initial Jobless Claims 5-May 211k 219k 211k
05/100 US Department of Labor Continuing Claims 28-April 1,790k 1,800k 1,760k
05/10 US Bureau of Labor Statistics CPI MoM April 0.2% 0.3% -0.1%
05/10 US Bureau of Labor Statistics CPI YoY April 2.5% 2.5% 2.4%
05/10 UK UK Office for National Statistics Trade Balance March -£3,091 -£2,000 -£1,176
05/10 UK UK Office for National Statistics Industrial Production MoM March 0.1% 0.2% 0.1%
05/10 UK UK Office for National Statistics Industrial Production YoY March 2.9% 3.1% 2.1%
05/10 UK UK Office for National Statistics Manufacturing Production MoM March -0.1% -0.2% -0.2%
05/10 UK UK Office for National Statistics Manufacturing Production YoY March 2.9% 2.9% 2.5%
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 45.93% 37.48% 20,040,311.75
Qatari Institutions 13.14% 18.21% (12,016,599.45)
Qatari 59.07% 55.69% 8,023,712.30
GCC Individuals 1.47% 1.16% 725,938.00
GCC Institutions 0.74% 2.25% (3,594,110.57)
GCC 2.21% 3.41% (2,868,172.57)
Non-Qatari Individuals 13.33% 10.30% 7,188,117.51
Non-Qatari Institutions 25.39% 30.59% (12,343,657.24)
Non-Qatari 38.72% 40.89% (5,155,539.73)

3. Page 3 of 8
05/10 UK UK Office for National Statistics Construction Output SA MoM March -2.3% -2.3% -1.0%
05/10 UK UK Office for National Statistics Construction Output SA YoY March -4.9% -5.7% -1.8%
05/10 CH National Bureau of Statistics PPI YoY April 3.4% 3.4% 3.1%
05/10 CH National Bureau of Statistics CPI YoY April 1.8% 1.9% 2.1%
05/11 IN India Central Statistical Org. Industrial Production YoY March 4.4% 6.2% 7.0%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNB Group named ‘Best Bank in Qatar’ by Euromoney
magazine – QNB Group has been named ‘Best Bank in Qatar’ by
global banking sector publication, Euromoney magazine,
marking a new recognition of the bank’s leadership in the local
banking market. The award was received during the
distinguished ‘Euromoney Middle East Awards for Excellence’
ceremony recently held in the presence of senior executives in
banking and financial sectors. QNB Group was selected for the
award based on a wide range of criteria, from both the group’s
strong performance and financial results, and its innovative
banking products solutions tailored to meet the individual
needs of its customers. (Gulf-Times.com)
 Qatar tops world with 10.5% average growth rate for 20 years –
Qatar has been ranked first in the world index of countries that
have achieved record economic growth in 20 years from 1997,
according to a report carried by CNBC Arabia. Qatar achieved an
average rate of 10.5% compound annual growth to come on top
of the world. China ranked second with an economic growth
rate of 9.1%, Ethiopia third with a growth rate of 8%, India
fourth with 7% and Nigeria fifth in the world with 5.8% growth.
Economic prospects for Qatar remain positive, with growth
expected to reach 2.8% in 2018, while LNG production will rise
to 100mn tons per year by 2023. The World Bank expects the
Qatari economy to grow this year and expects an average
growth of 3% in the next two years. The World Bank, in a
recent report said that the increase in Qatar's energy export
revenues will contribute to easing financial constraints, as well
as spending on the multi-year program for infrastructure
development in preparation for the 2022 FIFA World Cup and
the launch of the $10bn Barzan Natural Gas Project in 2020.
Qatar's gross domestic product (GDP) rose last year to $220bn,
from $218bn in 2016, making a real GDP growth rate of 2%,
which was better than expected. (Gulf-Times.com)
 Qatar-US trade volume witnesses double-digit growth – The
bilateral trade volume in goods between Qatar and the US
witnessed a double-digit growth (year-on-year) in first quarter
of this year (1Q2018) compared to the corresponding period last
year. The combined value of goods exchanged between the two
countries reached at QR4.30bn ($1.18bn) in 1Q2018, registering
a sharp jump of nearly 23% compared to QR3.49bn ($961mn) in
the first three months of the previous year (2017), latest official
data released by the US Department of Commerce showed. The
balance of trade in goods between Qatar and the US in 1Q2018
stood at QR1.21bn ($333mn), which also saw double-digit
growth of 16.64% compared to QR1.04bn ($285.5mn) for the
same period in 2017. The trade balance between the two
countries continued to be in favor of the US-the world’s largest
economy, according to statistics available on US Census
Bureau’s official website. (Peninsula Qatar)
 Qatar-Oman trade triples last year – Bilateral trade between
Qatar and Oman tripled in one year to more than QR1.8bn in the
fourth quarter of 2017, said HE the Minister of Finance Ali
Sherif Al-Emadi. In the fourth quarter of 2016, bilateral trade
between the two countries stood at QR600mn, Al-Emadi said at
the 19th session of the Qatari-Omani Joint Committee.
However, he stressed the need for more efforts to increase trade
between the two countries by “making maximum use of
shipping lines” between Qatar and Oman. Al-Emadi also
reviewed the achievements made to strengthen economic
cooperation in sectors such as agriculture, livestock,
transportation, telecommunications, energy, tourism,
education, construction and banking services with investments
exceeding QR10bn. (Gulf-Times.com)
 Ministry to open Milaha offices in Iraq's Umm Qasr port – The
Ministry of Transport and Communications (MoTC) announced
it will soon be opening offices affiliated to Qatar Navigation
(Milaha) in Umm Qasr Port in Iraq. The offices aim to facilitate
the maritime flow between Qatar and Iraq, a step coming in
harmony with the great development of relations between
Qatar and Iraq, especially that the Qatari-Iraqi relations are
approaching an important stage of bilateral cooperation at all
levels in order to benefit the people of both countries. A
statement issued by the ministry highlighted the results of the
meeting between HE the Minister of Transport and
Communications, Jassim Seif Ahmed al-Sulaiti and Iraq's
Transport Minister Kazem Finjan during his visit to Doha in
April. (Gulf-Times.com)
 Qatar stresses support for WTO multilateral agreements –
Qatar, as an adherent to a 40-member group led by Switzerland,
has stressed its full support for the WTO and the multilateral
agreements. Recently, Qatar participated in the General Council
meeting of the World Trade Organization at the WTO’s
headquarters in Geneva, Switzerland. The 40-member group
voiced concerns over growing trade tensions and the risks
associated with the multilateral trading system and global
trade amid recently increasing trade protection measures and
countermeasures between a numbers of countries. The group
called on all parties to resolve their differences through
dialogue and co-operation within the framework of various
WTO bodies. Qatar is the only Arab country to join the 40-
member group of the WTO, and was one of the founding
countries of the organization, which it joined in 1996. Qatar
hosted the WTO Fourth Ministerial Conference in 2001, when
the Doha Development Agenda (DDA), which is the centerpiece
of the ongoing WTO negotiations, was launched. (Gulf-
Times.com)

4. Page 4 of 8
 QTA: Cruise tourism to help Qatar excel as a destination –
Cruise tourism, which has become one of the most important
sectors of Qatar’s tourism, will further help the country excel
and grow as a destination, Qatar Tourism Authority’s Acting
Chairman, Hassan al-Ibrahim said. Speaking on the sidelines of
the cruise season closing ceremony 2017-18 in Doha recently,
he noted that the cruise sector grew 39% (compared to last
cruise season), receiving more than 65,000 visitors on board 22
luxury and mega ships. (Gulf-Times.com)
 MEC organizes joint training program on patent with WIPO –
The Ministry of Economy and Commerce (MEC), in cooperation
with World Intellectual Property Organization (WIPO),
organized a training program on international requests on the
electronic system of Patent Cooperation Treaty (ePCT). The
ePCT is a new online service that makes the process of
international patent application filing easier and more efficient,
and offers users and national patent office’s a number of
advantages. The training program comes within the framework
of the Ministry’s efforts to increase the number of trained
personnel on the use of ePCT, improve the efficiency and
readiness of employees, enhance their capabilities and
competence in dealing with ePCT, and identify all procedures
that would optimize the system and ensure a smooth and
efficient workflow and provide an ideal service for applicants.
(Peninsula Qatar)
 Qatar officially joins World ATA Carnet Council – Qatar has
officially joined the World ATA Carnet Council (Watac) and is
slated to implement the ATA Carnet system in the country from
August 1, it was announced by Sheikha Tamadar al-Thani,
Director of International Relations and Chambers’ Affairs at
Qatar Chamber and the International Chamber of Commerce
(ICC) Qatar. Sheikha Tamadar, who addressed the council
meeting hosted recently by the International Chamber of
Commerce’s World Chambers Federation in Xi’an, China, said
Qatar’s formal accession to the council as a full member was the
result of lengthy negotiations during previous sessions with
Watac officials. (Gulf-Times.com)
 Qatar plans new waterfront project in West Bay – Qatar's Public
Works Authority Ashghal has announced plans to develop the
West Bay North Beach area in Doha, creating a “major viable,
connected, sustainable and attractive waterfront destination of
choice.” The project is expected to complement the existing
recreational, leisure and hospitality offering within the city and
the wider Doha Municipality area, said a statement from
Ashghal. (Zawya)
International
 New York Fed sees US GDP growing at 2.97% in second quarter
– The US economy is likely growing at a 2.97% annualized pace
in the second quarter, little changed from the 2.96% rate
calculated a week earlier, the New York Federal Reserve’s
Nowcast model showed. This week’s data on import, producer
and consumer prices led to virtual no change on the regional
central bank’s model to estimate the gross domestic product in
the current quarter, the New York Fed said. (Reuters)
 US consumer prices rise slightly; labor market tightening – US
consumer prices rose less than expected in April, suggesting
that inflation was increasing at a moderate pace, which could
allow the Federal Reserve to continue gradually raising interest
rates. But with the labor market tightening and oil prices rising
after President Donald Trump pulled the US out of an
international nuclear deal, promising to restore stiff sanctions
on Iran, price pressures are expected to accelerate in the coming
months. Inflation is flirting with the US central bank’s 2%
target. Policymakers have in recent days signaled they would
not be too concerned if inflation overshot the target, reiterating
what the Fed said in its statement last week. The Labor
Department said its Consumer Price Index rose 0.2% in April as
increases in the cost of gasoline and rents were tempered by a
drop in motor vehicle prices. A three-month slide in India’s
inflation rate likely ended in April due to higher energy prices, a
Reuters poll found, which could intensify pressure on the
central bank to hike interest rates. (Reuters)
 Subdued UK industrial output data caps glum first quarter for
economy – British industrial output barely rose in March,
confirming a glum first quarter for the economy that looks
likely to scupper a Bank of England interest rate hike later. The
data, released along with figures for the construction industry
and overseas trade, did nothing to alter the picture of an
economy that has struggled for momentum in recent months.
While heavy snow storms swept through Britain in early
March, the Office for National Statistics (ONS) stuck with its
earlier judgment that this had little overall impact on the
economy’s performance in the first three months of 2018. The
ONS said industrial output inched up by 0.1% MoM in March,
the same pace as in February and slightly below the consensus
for growth of 0.2% in a Reuters poll of economists. British data
have mostly soured over the past month, forcing investors to ax
widespread bets that the BoE will raise interest rates this
month. (Reuters)
 German construction workers seal inflation-busting wage deal
– German unions and employers on Saturday reached an
inflation-busting pay hike of roughly 6% for more than 800,000
construction workers, the strongest wage deal sealed so far this
year in Europe’s biggest economy. The IG Bau union said
construction workers in West Germany would get a pay hike of
5.7% while wages in East Germany would jump by 6.6%. Both
steps are backdated to May 1. The deal, reached after 19 hours
of mediation by former Economy Minister Wolfgang Clement,
has duration of 26 months. “That’s the highest wage deal sealed
nationwide this year,” IG BAU head Robert Feiger said, adding
that the result ensured workers finally got their fair share of the
economic boom. The German economy is enjoying an unusually
prolonged upswing, now in its ninth year, expanding by 2.2% in
2017. With employment at record highs, construction
companies in particular are struggling with massive labor
shortages. (Reuters)
 Japan economy seen shrinking for first time in two years in first
quarter – Japan economy seen shrinking for first time in two
years in first quarter, negative reading, while slight, would snap
Japan’s longest period of economic expansion, eight straight
quarters of growth - since its 1980s bubble economy. But
analysts said the expected January-March weakness may be
only a temporary soft patch, arguing that higher prices for fresh
vegetables and bad winter weather likely weighed on consumer
spending in the quarter. The global economy also has remained
firm, suggesting Japan will regain traction in the second

5. Page 5 of 8
quarter, they added. Gross domestic product (GDP) probably
shrank at an annualized rate of 0.2% in the first quarter after a
1.6 of expansion in the final quarter of 2017, the poll of 18
analysts showed. That would mark the first contraction in the
world’s third-largest economy since late 2015. (Reuters)
 China April new loans rise but shadow lending shrinks –
Chinese banks extended 1.18tn Yuan ($186.37bn) in net new
Yuan loans in April, up slightly from March and higher than
expectations, as policymakers look to support the economy as it
faces fresh risks from US trade threats. Credit data also showed
Chinese regulators are continuing to make progress in their
campaign to clamp down on riskier lending practices and
shadow banking in the world’s second-largest economy.
Analysts polled by Reuters had seen new Yuan loans of 1.1tn
Yuan, down slightly from March’s 1.12tn Yuan. (Reuters)
 Reuters poll: India April retail inflation seen climbing on higher
oil prices – A three-month slide in India’s inflation rate likely
ended in April due to higher energy prices, a Reuters poll found,
which could intensify pressure on the central bank to hike
interest rates. A jump in the global price of oil, India’s costliest
import, plus overestimated government expenditure and a
sharp weakening in the rupee could cause the Reserve Bank of
India to review its long-standing neutral stance. The median
forecast in the poll of nearly 30 economists was for April’s
annual rate of consumer inflation to rise to 4.42% from March’s
4.28%. If that is the case, April will be the sixth straight month
of inflation above the RBI’s 4% medium-term target. The
highest forecast was 5.50%. One economist saw the pace as
below the RBI’s target, at 3.88%, due to eased food prices.
(Reuters)
Regional
 Saudi Arabian banks plan US Dollar bonds despite ample
liquidity – At least three commercial banks in Saudi Arabia are
preparing US Dollar debt issues, sources said, in what would be
the first hard-currency debt sales by Saudi Arabian banks in
several years. The banks want to diversify their sources of
finance and boost capital levels, but are in no rush for the cash
as they are still flush with liquidity due to sluggish credit
growth and looser public spending. The Kingdom’s increasing
reliance on international bond issues has also freed up liquidity
for local banks. (Reuters)
 Samba Financial Group posts 6% gain in first quarter’s profit –
Samba Financial Group posted 6% increase in first quarter net
profit, boosted by a gain in special commissions and
investments in addition to a decrease in credit costs and salary
expenses. The Saudi Arabian banking group's net profit rose to
SR1.31bn in the first three months of the year from the same
period in 2017. Special commission income and investments
increased 5.5% to SR1.43bn in the quarter from the
corresponding period last year. The earnings came in above the
average analyst estimate of SR1.28bn, according to Bloomberg.
The gains came despite 2% drop in total operating profit due to
a decrease in banking fees and other operating income. Loans
and advances fell 6.6% to SR116bn in the first quarter while
customer deposits increased 1.2% to SR172.3bn.
(GulfBase.com)
 SABIC eyes 50% stake in ONGC’s west India petchem plant –
Saudi Basic Industries Corp. (SABIC) wants to buy about half of
the $4.6bn Indian petchem project backed by Oil and Natural
Gas Corp. (ONGC), according to sources. ONGC is a majority
shareholder in ONGC Petro Additions Ltd. (OPaL), which
operates India’s biggest petrochemical plant in western Gujarat
state. SABIC want to have a significant stake in OPaL, around
50%, sources said. Previously, ONGC had held talks about
selling a stake in the project with Saudi Aramco and
Petrochemical Industries Co., a unit of Kuwait Petroleum Corp.,
sources added. (GulfBase.com)
 Bahri adds new VLCC to boost oil fleet strength – National
Shipping Company of Saudi Arabia (Bahri) has taken the
delivery of ‘Amad’, a very large crude-oil carrier (VLCC), further
enhancing its market-leading capabilities in crude oil
transportation. The new vessel marks the last of the 10 VLCCs
added to Bahri’s fleet as part of its agreement with South Korea-
based Hyundai Samho Heavy Industries, a leading global
shipbuilding company. (GulfBase.com)
 Subsidiary of TASNEE enters into an Option Agreement with
Tronox for selling 90% of the Slagger in Jazan – TASNEE
announced that Advanced Metal Industries Cluster Company
Limited (AMIC), a subsidiary of TASNEE (owned equally by
Tasnee and Cristal) enters into an Option Agreement with
Tronox Limited (Tronox) , a global mining and inorganic
chemicals company, In accordance with the Option Agreement,
Tronox shall acquire 90% of AMIC ownership in a world-class
titanium slag smelter facility (the Slagger) which has the
capacity to supply up to 500kt of TiO2 slag and 220kt of pig
iron, located in the Jazan City for Primary and Downstream
Industries in the Kingdom of Saudi Arabia. (GulfBase.com)
 IMF: UAE's VAT move has gone well, inflation to moderate –
The UAE’s introduction of value-added tax has gone smoothly
and inflation, having jumped in response, will moderate,
according to Natalia Tamirisa, Head of the International
Monetary Fund’s (IMF) mission to the country. Tamirisa said
the 5% VAT rate imposed at the start of this year was a big
cultural and administrative shift in a country that has
traditionally had minimal taxation. Given the challenges, VAT
introduction has been well managed and relatively smooth.
Annual consumer price inflation jumped to 4.8% in January, the
highest since 2015, but dropped back to 3.4% in March.
Tamirisa said the latest data suggested the impact of the tax
would be short-lived, partly because inflation had dropped in
areas of the economy not covered by VAT. (Reuters)
 UAE, Moldova agrees to strengthen economic cooperation –
UAE-Moldova Business Forum hosted by the Dubai Chamber of
Commerce and Industry highlighted trade and investment
opportunities in Moldova. The two countries planed on
establishing a joint economic committee as part of the
agreement, which will serve as a platform to discuss mutual
areas of cooperation. The forum focused on several key sectors
such as telecommunications, agriculture, infrastructure and
tourism. A total of 80 bilateral business meetings were held
following the events which were joined by a wide variety of
Moldovan companies and their UAE counterparts.
(GulfBase.com)
 Sharjah Airport Authority signs AED100mn contracts – Sharjah
Airport Authority (SAA) announced that it has signed three
agreements related to its ongoing comprehensive expansion

6. Page 6 of 8
project. The value of the contracts are approximately
AED100mn and include the delegation of consultancy services
to ADP Ingénierie, a French company that specialises in airport
architecture and engineering, with extensive airport design
experience in the UAE and abroad. (GulfBase.com)
 Swiss group MSC inks $1bn UAE port development deal – MSC
Mediterranean Shipping Company, a Swiss-based leader in
global transportation and logistics, is set to invest close to
$1.08bn on the development of a new container terminal at
Khalifa Port. The funding, which will be done through the
Geneva-based group's Terminal Investments Limited (TiL),
comes as part of a 30-year concession agreement it has signed
with Abu Dhabi Ports. The new container terminal represents
one of MSC's strategic investments as one of the world’s
leading container shipping lines. (GulfBase.com)
 The US and UAE sign pact to resolve airline competition claims
– The US and UAE signed a deal to resolve US claims that Gulf
carriers have received unfair government subsidies, the US
State Department stated. The voluntary agreement, which
applies to Etihad and Emirates airline, is similar to a deal
announced in January between the US and Qatar in which
Qatar agreed to release detailed financial information about
state-owned Qatar Airways. (Reuters)
 Dubai Exports leads local firms eyeing Croatia opportunities –
Dubai Exports led a trade mission to Croatia aimed at
connecting local firms with counterparts in the European
Union’s (EU) newest member state, which could act as a
gateway to the rest of the EU. Mohammad Al Kamali, Deputy
CEO of Dubai Exports, an agency of the Department for
Economic Development, said, “Croatia is a market full of
potential for UAE companies and this was evident in the B2B
meetings during our trade mission. Croatian companies were
extremely eager to meet with our delegation and we see
promising signs for the future.” Bilateral trade between Dubai
and south-east Europe has been rising in recent years and 2017
saw an increase of 4% over 2016. (GulfBase.com)
 DP World, Azerbaijan explore opportunities – DP World’s
Chairman and CEO, Sultan Ahmed Bin Sulayem met with the
President of Azerbaijan Ilham Aliyev to explore future
opportunities for economic cooperation and existing
arrangements to develop logistics infrastructure in the country.
Sulayem highlighted the advisory role DP World is playing in
the development the Alyat Free Trade Zone following an
agreement in September 2016. The future business hub is part
of a network of planned economic zones in the country forming
part of the Eurasian trade corridor with the country sitting
astride major transport arteries that feature in the One Belt One
Road initiative. (GulfBase.com)
 Dubai Land Department discusses real estate investment
opportunities in Egypt – Dubai Land Department (DLD),
through its investment arm the Real Estate Investment
Management and Promotion Centre, has hosted several
meetings with government officials and leading Egyptian
investors as part of the Centre’s recent visit to Egypt. The visit
was part of DLD’s ongoing efforts to discuss possible
cooperation opportunities between the two countries in the
field of investment through the real estate roadshow and
workshops held by the Centre in Cairo. (GulfBase.com)
 Dana Gas close to Sukuk restructuring agreement with
creditors – UAE’s energy producer Dana Gas is close to reaching
agreement on restructuring $700mn in Islamic bonds,
potentially ending a complex and protracted legal battle with
its creditors, according to sources. Dana Gas last year halted
payments on its Sukuk, saying the bonds had become unlawful
because of changes in Islamic finance. Holders of the Sukuk
contest its position and are demanding to be paid back.
(Reuters)
 CEO: ADNOC plans further downstream expansion – Abu Dhabi
National Oil Co. (ADNOC) plans to double its refining capacity
and triple petrochemicals output potential by 2025, as the state
energy firm focuses more on downstream expansion to be on
par with Big Oil and capture new growth markets, according to
ADNOC’s CEO, Sultan Al Jaber. To reach that goal ADNOC will
need to create new joint ventures and partnerships and not just
rely on its existing assets. The company is also looking at
different options for its ADNOC Refining subsidiary, including
bringing on strategic partners but an initial public offering (IPO)
for the unit is not on the radar screen at this point in time, Al
Jaber said. (Reuters)
 Sharjah Islamic Bank lists $500mn Sukuk on Nasdaq Dubai –
Nasdaq Dubai welcomed the listing of $500mn Sukuk by the
Sharjah Islamic Bank, the third listing by the Emirati lender on
the region’s international exchange. The new Sukuk is Sharjah
Islamic Bank’s third listing on Nasdaq Dubai following two
Sukuk listings of $500mn each by the bank in 2015 and 2016.
The listing supports the continuing expansion of Sharjah
Islamic Bank’s Shari’ah-compliant financial activities through
its networks across the country including personal and
corporate banking as well as investment banking and
international services, on behalf of individual and institutional
clients. (GulfBase.com)
 Housing market in Kuwait poised to boom in 2Q2018 – Despite
mixed performance in the first quarter of 2018, the various
sectors of the property market in Kuwait, particularly the
housing one, are projected to recover in the current quarter,
experts agreed. The new housing areas such as Al Metla, East
Sulaibikhat, Sabah Al Ahmad and Saad Al Abdullah have
showed signs of recovery since the beginning of the year
backed by government funded infrastructure projects,
according to Arab Real Estate Company’s CEO, Haidar Hasan Al
Juma. The commercial sector, one of the most active sectors on
the market, has seen increased demand and active contract
bidding. (GulfBase.com)
 S&P affirms Sultanate of Oman’s ‘BB/B’ ratings – S&P stated
Sultanate of Oman ‘BB/B’ ratings affirmed; outlook ‘Stable’.
Oman's fiscal and external deficits are still sizable but have
been sensitive to recent improvements in oil prices. S&P expect
that economic performance will improve due to stable oil
production and solidifying growth in the non-oil economy. The
‘Stable’ outlook balances S&P’s expectation that Oman's fiscal
and external deficits will narrow over the next 6-12 months,
against the risk that its still-significant external buffers will
deteriorate further. (Reuters)
 Raysut Cement Company seeks to ramp up domestic,
international footprint – Raysut Cement Company, the
Sultanate’s biggest cement manufacturer, says it is exploring

7. Page 7 of 8
prospects for the expansion of its facilities in Suhar and Duqm
ports, as well as green-field investment opportunities in East
Africa. This comes on top of the majority government-owned
company’s newly unveiled plans to establish a major cement
plant in the East European state of Georgia, a final investment
decision for which is anticipated next month. (GulfBase.com)
 Oman's retail sector to generate 54,000 jobs – Oman’s rapidly
expanding retail sector could generate up to 54,000 jobs for the
next generations of professionals, says a top retail advisor in
the Sultanate. Maimunah Shebani, the founder and Managing
Director of the Retail Agency, which looks to raise awareness of
the advantages of the retail sector in Oman, in collaboration
with government agencies, says the upcoming major retail
projects in Oman could absorb large number of jobseekers and
fresh graduates. (GulfBase.com)
 Bahrain Development Bank launches $100mn venture capital
fund – Bahrain Development Bank (BDB) launched $100mn
Venture Capital Fund of Funds aimed at boosting the start-up
ecosystem in Bahrain and the Middle East. The fund was set up
following instructions from HRH Prince Salman Bin Hamad Al
Khalifa, Crown Prince, Deputy Supreme Commander and
Chairman of the Bahrain Economic Development Board (EDB).
The Al Waha Fund of Funds will invest in venture capital funds
that have a presence in Bahrain – providing additional capital to
funds supporting start-ups in Bahrain and across the Middle
East. (GulfBase.com)
 Bahrain launches $1bn energy fund – Bahrain’s government
launched an energy fund that aims to raise $1bn from local,
regional and international investors to develop the Kingdom’s
energy assets, Oil Minister, Sheikh Mohammed Bin Khalifa Al
Khalifa said. The Bahrain Energy Fund will receive its initial
capital from local entities including Nogaholding, the
investment arm of Bahrain’s National Oil and Gas Authority, as
well as from investment banks Osool and SICO, according to the
Minister’s statement. (Reuters)
 KHCB's net profit narrows to BHD0.8mn in 1Q2018 – Khaleeji
Commercial Bank (KHCB) recorded net profit of BHD0.8mn in
1Q2018 as compared to BHD1.5mn in 1Q2017. Total income
came in at BHD4.3mn as compared to BHD5.5mn in 1Q2017.
Total assets stood at BHD735.16mn at the end of March 31,
2018 as compared to BHD785.22mn at the end of December 31,
2017. Financing assets stood at BHD331.45mn, while
placements from financing institutions stood at BHD99.58mn
at the end of March 31, 2018. EPS came in at BHD0.00086 in
1Q2018 as compared to BHD0.00155 in 1Q2017. (Bahrain
Bourse)

8. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
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Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market was closed on May 11, 2018) Source: Bloomberg (*$ adjusted returns)
60.0
80.0
100.0
120.0
140.0
Apr-14 Apr-15 Apr-16 Apr-17 Apr-18
QSEIndex S&P Pan Arab S&P GCC
0.5%
(0.8%)
0.5%
(0.0%)
0.1%
(1.1%)
(0.3%)
(1.2%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,318.30 (0.2) 0.2 1.2 MSCI World Index 2,131.96 0.4 2.0 1.4
Silver/Ounce 16.67 (0.3) 0.8 (1.6) DJ Industrial 24,831.17 0.4 2.3 0.5
Crude Oil (Brent)/Barrel (FM Future) 77.12 (0.5) 3.0 15.3 S&P 500 2,727.72 0.2 2.4 2.0
Crude Oil (WTI)/Barrel (FM Future) 70.70 (0.9) 1.4 17.0 NASDAQ 100 7,402.88 (0.0) 2.7 7.2
Natural Gas (Henry Hub)/MMBtu#
2.73 0.0 (0.6) (22.8) STOXX 600 392.40 0.5 1.3 0.3
LPG Propane (Arab Gulf)/Ton 89.00 1.0 1.1 (9.0) DAX 13,001.24 0.2 1.4 0.1
LPG Butane (Arab Gulf)/Ton 90.13 0.7 4.2 (14.7) FTSE 100 7,724.55 0.7 2.1 0.7
Euro 1.19 0.2 (0.1) (0.5) CAC 40 5,541.94 0.3 0.4 3.8
Yen 109.39 (0.0) 0.2 (2.9) Nikkei 22,758.48 1.4 1.9 3.0
GBP 1.35 0.2 0.1 0.2 MSCI EM 1,164.48 0.7 2.5 0.5
CHF 1.00 0.3 (0.0) (2.6) SHANGHAI SE Composite 3,163.26 (0.1) 2.8 (1.7)
AUD 0.75 0.1 0.1 (3.4) HANG SENG 31,122.06 1.0 4.0 3.5
USD Index 92.54 (0.1) (0.0) 0.4 BSE SENSEX 35,535.79 0.3 1.0 (1.1)
RUB 61.95 0.4 (0.9) 7.5 Bovespa 85,220.23 (2.0) 0.4 2.6
BRL 0.28 (1.4) (2.0) (8.0) RTS 1,193.98 1.2 4.1 3.4
81.8
81.3
73.5