The QSE Index declined 0.5% led by declines in the Real Estate and Transportation indices. Ezdan Holding Group and Qatar Oman Investment Co. were the top losers. Most GCC indices rose, with Saudi Arabia up 0.7% and Kuwait up 1%. Moody's affirmed QNB Group's rating and changed the outlook to stable. Moody's also downgraded Qatar project finance and Qatar Petroleum ratings but maintained a stable outlook.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.5% to close at 10,063.6. Losses were led by the Real Estate
and Transportation indices, falling 6.3% and 1.1%, respectively. Top losers were
Ezdan Holding Group and Qatar Oman Investment Co., falling 9.9% and 3.9%,
respectively. Among the top gainers, Dlala Brokerage & Investments Holding Co.
rose 1.0%, while Vodafone Qatar was up 0.5%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.7% to close at 6,870.6. Gains were led by the
Food & Beverages and Pharma, Biotech & Life Sci. indices, rising 2.0% and 1.7%,
respectively. Taleem REIT Fund rose 10.0%, while Saudi Fisheries Co. was up 9.9%.
Dubai: The DFM Index gained 0.7% to close at 3,340.3. The Consumer Staples index
rose 2.2%, while the Services index gained 1.5%. Takaful Emarat rose 4.9%, while
Dubai Islamic Insurance and Reinsurance Co. was up 4.4%.
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 4,501.8. The
Investment & Financial Serv. index gained 3.8%, while the Real Estate index rose
0.8%. Nat. Bank of Ras Al Khaimah gained 9.3%, while Waha Capital was up 4.2%.
Kuwait: The KSE Index rose 1.0% to close at 6,726.9. The Consumer Services index
gained 4.1%, while the Industrial index rose 1.4%. Almadar Finance & Investment
and Umm Al-Qaiwain General Investments Co. were up 20.0% each.
Oman: The MSM Index rose 0.3% to close at 5,402.4. The Financial index gained
0.5%, while other indices ended in red. Bank Dhofar rose 2.2%, while Al Madina
Takaful was up 1.7%.
Bahrain: The BHB Index gained 0.1% to close at 1,320.3. The Commercial Banks
index rose 0.3%, while the Services index gained 0.1%. Al Salam Bank rose 1.1%,
while Seef Properties was up 0.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Dlala Brokerage & Inv. Holding Co. 25.50 1.0 442.9 18.7
Vodafone Qatar 8.82 0.5 2,990.9 (5.9)
Mazaya Qatar Real Estate Dev. 12.20 0.4 114.2 (11.0)
Aamal Co. 13.05 0.4 28.8 (4.3)
Al Khalij Commercial Bank 14.69 0.3 21.1 (13.6)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 12.05 (9.9) 3,260.8 (20.3)
Vodafone Qatar 8.82 0.5 2,990.9 (5.9)
Qatar First Bank 8.72 (1.9) 1,715.7 (15.3)
National Leasing 16.30 (1.8) 1,338.1 6.4
Masraf Al Rayan 45.30 0.0 564.8 20.5
Market Indicators 30 May 17 29 May 17 %Chg.
Value Traded (QR mn) 327.1 362.5 (9.8)
Exch. Market Cap. (QR mn) 537,990.2 543,971.1 (1.1)
Volume (mn) 13.7 14.9 (8.4)
Number of Transactions 3,561 3,492 2.0
Companies Traded 39 41 (4.9)
Market Breadth 5:25 30:9 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,876.13 (0.5) 0.0 (0.1) 15.1
All Share Index 2,828.56 (1.4) (0.9) (1.4) 14.7
Banks 3,085.21 (0.5) 1.1 5.9 13.5
Industrials 3,121.85 (0.3) (0.3) (5.6) 18.8
Transportation 2,137.18 (1.1) 0.6 (16.1) 12.6
Real Estate 2,027.25 (6.3) (8.1) (9.7) 12.8
Insurance 4,290.94 (0.1) (0.1) (3.3) 18.1
Telecoms 1,261.12 (0.7) (0.1) 4.6 23.8
Consumer 5,838.40 (0.6) (0.9) (1.0) 12.9
Al Rayan Islamic Index 4,009.83 (0.6) (0.1) 3.3 18.0
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Fisheries Saudi Arabia 25.60 9.9 378.4 (31.4)
Nat. Bank of Ras Al-Khai Abu Dhabi 4.70 9.3 83.0 (5.1)
Arabtec Holding Co. Dubai 0.77 4.0 34,787.0 (40.8)
Ajman Bank Dubai 1.21 3.4 1,149.1 (5.8)
Boubyan Petrochem. Co. Kuwait 0.58 3.4 51.5 17.0
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Ezdan Holding Group Qatar 12.05 (9.9) 3,260.8 (20.3)
Al Ahli Bank of Kuwait Kuwait 0.31 (4.7) 76.3 1.7
National Leasing Qatar 16.30 (1.8) 1,338.1 6.4
Qatari Investors Group Qatar 56.40 (1.7) 20.7 (3.6)
Qatar Gas Transport Qatar 19.28 (1.6) 155.0 (16.5)
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%
Ezdan Holding Group 12.05 (9.9) 3,260.8 (20.3)
Qatar Oman Investment Co. 8.77 (3.9) 3.4 (11.9)
Medicare Group 86.00 (3.4) 85.2 36.7
Qatar First Bank 8.72 (1.9) 1,715.7 (15.3)
Qatar Islamic Insurance Co. 62.00 (1.9) 5.7 22.5
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 12.05 (9.9) 40,293.2 (20.3)
QNB Group 146.90 (0.7) 38,054.0 (0.8)
Vodafone Qatar 8.82 0.5 26,323.3 (5.9)
Masraf Al Rayan 45.30 0.0 25,380.6 20.5
National Leasing 16.30 (1.8) 21,863.8 6.4
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* 10,063.64 (0.5) 0.0 (0.0) (3.6) 89.83 147,785.9 15.1 1.5 3.8
Dubai 3,340.27 0.7 0.4 (2.2) (5.4) 58.19 96,092.2 16.0 1.2 4.2
Abu Dhabi 4,501.76 0.2 (0.3) (0.5) (1.0) 37.95 117,977.5 16.3 1.3 4.6
Saudi Arabia 6,870.62 0.7 (0.0) (2.0) (4.7) 537.51 432,903.7 16.2 1.6 3.4
Kuwait 6,726.87 1.0 0.6 (1.7) 17.0 16.82 91,258.7 18.4 1.1 4.4
Oman 5,402.44 0.3 (0.0) (2.0) (6.6) 6.23 21,725.5 12.3 1.2 5.4
Bahrain 1,320.30 0.1 0.5 (1.2) 8.2 1.24 21,090.5 8.2 0.8 5.9
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,950
10,000
10,050
10,100
10,150
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index declined 0.5% to close at 10,063.6. The Real Estate and
Transportation 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.
 Ezdan Holding Group and Qatar Oman Investment Co. were the top
losers, falling 9.9% and 3.9%, respectively. Among the top gainers, Dlala
Brokerage & Investments Holding Co. rose 1.0%, while Vodafone Qatar
was up 0.5%.
 Volume of shares traded on Tuesday fell by 8.4% to 13.7mn from 14.9mn
on Monday. However, as compared to the 30-day moving average of
9.7mn, volume for the day was 41.6% higher. Ezdan Holding Group and
Vodafone Qatar were the most active stocks, contributing 23.8% and
21.9% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
QNB Group Moody's Qatar LT-DR/LT-CRA Aa3/ Aa2(cr) Aa3/ Aa3(cr) – Stable 
National Bank of
Kuwait
Moody's Kuwait LT-DR Aa3 Aa3 – Stable 
Kuwait Finance
House
Moody's Kuwait LT-DR A1 A1 – Stable 
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, DR – Deposit Ratings, CRA – Counterparty Risk Assessment)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/30 EU European Commission Economic Confidence May 109.2 110.0 109.7
05/30 EU European Commission Industrial Confidence May 2.8 3.1 2.6
05/30 EU European Commission Services Confidence May 13.0 14.2 14.2
05/30 EU European Commission Consumer Confidence May -3.3 -3.3 -3.3
05/30 France INSEE Consumer Confidence May 102 101 100
05/30 France INSEE Consumer Spending MoM April 0.5% 0.8% -0.1%
05/30 France INSEE Consumer Spending YoY April -0.5% 0.6% -0.8%
05/30 France INSEE GDP QoQ 1Q2017 0.4% 0.3% 0.3%
05/30 France INSEE GDP YoY 1Q2017 1.0% 0.8% 0.8%
05/30 Germany German Federal Statistical Office CPI MoM May -0.2% -0.1% 0.0%
05/30 Germany German Federal Statistical Office CPI YoY May 1.5% 1.6% 2.0%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 Moody’s affirms QNB Group rating, upgrades outlook to ‘stable’
– Global credit rating agency Moody’s has affirmed the ‘Aa3’
long term deposit rating on QNB Group and changed the outlook
to ‘stable’ from ‘negative’. The ratings and rating inputs that
are unaffected by yesterday’s action are QNB Group ‘baa1’
baseline credit assessment (BCA), ‘baa1’ adjusted BCA, ‘Prime-
1’ short-term deposit ratings and QNB Group Finance’s ‘(P)A2’
backed subordinate MTN (medium term note) rating. The key
driver for the affirmation of the ‘Aa3’ deposit rating is based on
Moody’s view of a continued very high likelihood of Qatari
government support. This continues to translate into four
notches of uplift for the bank’s long-term deposit ratings, from
its ‘baa1’ BCA. Moody’s support assumptions take into account
the capacity and willingness of a government to provide
support to the bank in case of need, it said, highlighting the
Qatari authorities’ strong track record of supporting the
country’s banks. (Gulf-Times.com)
 Moody's downgrades Qatari project finance ratings; changes
outlook to ‘stable’ – Moody's Investors Service, (Moody's)
downgraded the guaranteed senior secured debt ratings of Ras
Laffan Liquefied Natural Gas Co.Ltd (II) (RasGas II) and Ras
Laffan Liquefied Natural Gas Co. Ltd (3) (RasGas 3) to ‘A1’, from
‘Aa3’. Moody's has also downgraded the senior secured debt
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 47.24% 42.73% 14,756,623.17
Qatari Institutions 33.23% 24.48% 28,617,382.20
Qatari 80.47% 67.21% 43,374,005.37
GCC Individuals 0.50% 0.79% (950,526.43)
GCC Institutions 2.34% 8.70% (20,827,701.18)
GCC 2.84% 9.49% (21,778,227.61)
Non-Qatari Individuals 8.59% 10.30% (5,610,310.51)
Non-Qatari Institutions 8.12% 13.00% (15,985,467.25)
Non-Qatari 16.71% 23.30% (21,595,777.76)

3. Page 3 of 6
ratings of Nakilat Inc. (Nakilat) to ‘A1’, from ‘Aa3’ and
downgraded the senior subordinated debt rating of Nakilat to
‘A2’, from ‘A1’. The outlook on all three issuers has been
changed to ‘stable’, from ‘negative’. (Bloomberg)
 Moody's downgrades Qatar Petroleum to ‘Aa3’, Industries Qatar
to ‘A1’; outlook stable – Moody's Investors Service (Moody’s)
downgraded the long-term issuer ratings of Qatar's national oil
& gas company Qatar Petroleum (QP) to ‘Aa3’ from ‘Aa2’ and
subsidiary Industries Qatar to ‘A1’ from ‘Aa3’. The outlook on
the ratings has been changed to ‘stable’ from ‘negative’.
Concurrently, Moody's has downgraded the long-term issuer
rating and senior unsecured bond ratings of special purpose
vehicle Qatari Diar Finance (QDF) to ‘Aa3’ from ‘Aa2’. The
outlook on the ratings has been changed to ‘stable’ from
‘negative’. (Bloomberg)
 ORDS announces its intent to delist Ooredoo GDR from the
London Stock Exchange – Ooredoo (ORDS) announced it has
requested the UK Listing authority to cancel the listing and
admission to trading of Ooredoo GDR (ISIN number:
US6834202029) on the London Stock Exchange, with effect
from the opening of the market on August 31, 2017. The
decision is primarily due to the ease with which international
investors are now able to purchase Ooredoo securities on the
Qatar Stock Exchange. Ooredoo GDR was admitted to trading
on the London Stock Exchange on July 19, 1999. The shares of
ORDS will remain listed on the Qatar Stock Exchange and the
Abu Dhabi Securities Exchange. (QSE)
 QIIK-led JV starts Morocco operations – Qatar International
Islamic Bank (QIIK) has announced the launch of the
operations of Umnia Bank in Morocco. The bank is the result of
a partnership between QIIK, Crédit immobilier et hotelier (CIH)
and Moroccan Deposit and Management Fund. The bank’s
operations began through its branches in Casablanca and
Rabat, where Umnia Bank is considered the first bank of its
kind to obtain the necessary approval of the Central Bank of
Morocco to promote its products in the Kingdom. The joint
venture in Morocco is among those pioneering Shari’ah-
compliant banking in the Kingdom. Umnia Bank has formulated
an operational strategy that focuses on expanding in various
cities in the Kingdom of Morocco and offers innovative
products, including everyday banking solutions, finance and
investments as well as deposits and savings. (Gulf-Times.com)
 QDB, Dubai Exports sign deal to promote trade, support SMEs –
Qatar Development Bank (QDB), through its export arm,
Tasdeer, signed a Memorandum of Understanding (MoU) for
cooperation with Dubai Exports to facilitate business
transactions, promote trade, and foster opportunities for
greater commerce between the two countries. QDB said the
signing ceremony was held on the sidelines of the recently-held
Index Design Series 2017 held in Dubai. This year, QDB
participated at Index Design Series 2017 along with nine Qatari
companies involved across various fields of designing. The MoU
was signed by QDB’s executive director of export development
and promotion Hassan Khalifa al-Mansoori and Dubai Exports
CEO Saed al-Awadi in the presence of officials from both
organizations and participating exhibitors. (Gulf-Times.com)
 Norwood Qatar Steel Solutions opens new factory – Norwood
Qatar Steel Solutions, the leading turnkey steel solutions
provider in Qatar, officially opened the doors to its innovative
new steel solutions factory in the Industrial Area, in a grand
ceremony attended by a host of VIPs and distinguished guests.
Since arriving in Qatar in 2011, as a member of the multifaceted
Tadmur Holding, Norwood Qatar Steel Solutions has quickly
established itself as an industry leader by offering tailored
solutions in planning, design, manufacturing and the
installation of bespoke steel solutions. The new, state-of-the-
art manufacturing facility, covering an area of 5,000 square
meters, will further strengthen the position of Norwood as the
market leader in providing bespoke steel solutions covering an
array of industries, including the education sector,
transportation infrastructure, medical facilities, large corporate
work spaces and controlled environments, such as clean rooms
and laboratories. (Peninsula Qatar)
International
 Consumer spending, inflation data support Fed rate hike case –
US consumer spending recorded its biggest increase in four
months in April and monthly inflation rebounded, pointing to
firming domestic demand that could allow the Federal Reserve
to raise interest rates next month. Consumer spending, which
accounts for more than two-thirds of US economic activity, is
likely to remain on solid ground in the wake of other reports
that showed confidence among households still at lofty levels
despite some slippage this month and strong gains in house
prices in March. MUFG Union Bank’s Chief Economist, Chris
Rupkey said, "Fed officials can continue with their gradual pace
of rate hikes in June as the economy remains on course for
stronger growth this quarter and throughout the rest of the
year." The Commerce Department reported that consumer
spending increased 0.4% last month after an upwardly revised
0.3% gain in March, as households spent more on both goods
and services. Consumer spending grew at its slowest pace in
more than seven years in 1Q2017, helping to restrict the
increase in GDP to an annual rate of 1.2% in 1Q2017. (Reuters)
 Eurozone’s economic confidence unexpectedly slips from
decade high – Eurozone’s economic confidence fell for the first
time this year and consumers’ outlook for inflation weakened,
pointing to subdued price pressures. The European
Commission’s index of executive and consumer sentiment fell
to 109.2 in May from a revised 109.7 in April. While that fell
short of economists’ expectations, the gauge remains close to
the highest level in a decade. Another measure showed 12-
month price expectations declined for a second month. The
report may reinforce European Central Bank’s President, Mario
Draghi’s view that the region still needs an extraordinary
amount of monetary policy support. Draghi has urged patience
in outlining an exit strategy from negative rates and a $2.6tn
bond-buying program even as he has acknowledged that that
the upswing is becoming increasingly solid and broad-based.
The decline in the confidence gauge marks the first modest
stumble by Eurozone’s economy, which has shown continued
signs of strength this year. (Bloomberg)
 German inflation slows more than expected in May, state data
suggest – German consumer inflation probably slowed more
than expected in May, falling below the European Central
Bank's (ECB) target of just under 2%, taking some pressure off
the ECB to wind down its monetary stimulus soon. The

4. Page 4 of 6
surprisingly weak figures from several German states hinted
that price pressures in Europe's biggest economy remain
relatively modest despite its continued upswing, booming labor
market and the ECB's loose monetary policy. In Germany's most
populous state, North Rhine-Westphalia, annual inflation
slowed to 1.6% (from 2.1% in April). Inflation also fell back to
1.6% in Saxony. In Bavaria and Brandenburg, it dropped to
1.4%, while it slowed to 1.5% in Baden-Wuerttemberg and to
1.7% in Hesse. The German data follows Spanish price figures
that showed inflation in the Eurozone's fourth biggest economy
also eased in May. According to the National Statistics Institute
(INE), Spanish consumer prices rose by 2.0% on the year, the
slowest rate since December. (Reuters)
 Japan's factory output races in April to hit its highest level since
2008 – Japan's factory output rebounded in April from March
and grew at the fastest pace in almost six years, taking
production to its highest level since 2008. Japan's industrial
output rose 4.0% in April from the previous month, the
strongest growth since posting a 4.2% gain in June 2011,
although slightly shy of the median estimate in a Reuters poll
for a 4.3% rise. Norio Miyagawa, Senior Economist at Mizuho
Securities said, "Output grew at a very high level in April. I
think production will continue to grow as a trend. The result
kicked off a start to the second quarter that gives us hope for
positive growth." Overall inventories increased 1.5% in April
from March, the fifth straight rising month, as stocks of cars
and trucks rose. (Reuters)
 China’s factory PMI growth holds up in May, steel sector
activity speeds up – China’s manufacturing sector grew faster
than expected in May as activity in the steel industry
rebounded sharply, allaying concerns of slowing economic
momentum as Beijing cracks down on financial risks. The
National Bureau of Statistics' official Purchasing Managers'
Index (PMI) held up at 51.2 in May, in line with April's number,
which was the lowest in six months. Analysts polled by Reuters
had predicted a reading of 51.0, the tenth straight month above
the 50-point mark that separates growth from contraction on a
monthly basis. New orders kept pace with April at 52.3, with
export orders firming a touch by 0.1% to 50.7, suggesting
external demand held up. Production in the month stayed
within the expansionary territory, though growth eased to 53.4
compared to last month's 53.8. Activity in China's steel industry
expanded at the fastest pace in a year in May, supported by an
increase in new orders, a separate survey showed, suggesting
still-solid demand in the construction sector. (Reuters)
Regional
 A M Best: Introduction of VAT in GCC to hit cash flow in
insurance sector – According to insurance rating agency, A M
Best, the introduction of value added tax (VAT) in the GCC
countries from next year is expected to hit the insurance sector,
impacting the cash flow and expense ratio. An Associate
Financial Analyst at A M Best, Aneela Mather-Khan said, “The
implementation of the VAT rules will increase the cost of doing
business for insurers in the GCC as VAT will be applied to
almost all goods and services in the value chain, including
outsourced services.” The degree of the impact on individual
insurers would depend on the classification of the product and
whether they are able to reclaim input tax. (Gulf-Times.com)
 Mixed results for MENA hospitality industry – The MENA
hospitality industry experienced mixed results in April 2017 as
higher occupancies yet lower average room rates affected the
overall revenue per average room (RevPAR). Dubai experienced
an increase across all KPIs, including the highest RevPAR of
$273, an increase of 18.7% when compared to last year. Dubai
also saw the highest occupancy in April at 88% and the highest
average room rate of $310. (GulfBase.com)
 Alpen Capital: Internet drives GCC’s retail e-commerce market
to top $41bn by 2020 – Driven by internet and the social media,
GCC’s retail e-commerce market is expanding fast and expected
to touch $41.5bn by 2020. Currently, Qatar accounts for 10% of
the region’s online market, according to Alpen Capital. It said
the retail e-commerce market in the GCC is expanding, given
the increasing use of Internet and social media, better access to
secure payment gateways and gradual improvement in the
delivery system. Another key factor boosting popularity of the
online channel and garnering consumer attention is the
availability of wide product choices at competitive rates. (Gulf-
Times.com)
 Consumer spending picks up in Saudi Arabia – According to a
report issued by Al-Rajhi Capital, Saudi Arabia’s consumer
spending is beginning to recover, as indicated by the 11.4% YoY
increase in the value of point-of-sale (POS) transactions to
SR16.5bn in April 2017. The report stated that the strong POS
data was likely supported by the reinstatement of allowances
for government employees announced in the last week of April.
The report noted that the Kingdom’s cost of living index
continued in the deflation territory in April 2017 for the fourth
consecutive month. (GulfBase.com)
 MedGulf denies it is considering sale of business – Saudi Arabia-
based Mediterranean and Gulf Insurance & Reinsurance Co
(MedGulf) denied it’s considering putting itself up for sale.
MedGulf isn’t exploring strategic options that could include a
potential sale of the company and hasn’t appointed Saudi
Fransi Capital to advise on the process, according to a company
spokeperson. (GulfBase.com)
 UAE ministry managing 12 projects worth $390mn – UAE’s
Ministry of Infrastructure Development is currently managing
12 vital projects, as part of its investment program, which is
distributed around several of the country’s Emirates at a total
cost of $390mn. UAE’s Minister of Infrastructure Development,
Dr Abdullah bin Mohammed Belhaif Al Nuaimi said that the
projects include five road projects that connect the country’s
various regions, as well as four projects for the Ministry of
Interior, two projects for the Ministry of Justice, and one project
for the Ministry of Culture and Knowledge Development,
reported WAM, the Emirates official news agency.
(GulfBase.com)
 Abu Dhabi Department of Finance processes tenders worth
AED5bn – Abu Dhabi’s Department of Finance said that in
1Q2017, it processed 26 tenders for seven government entities
in the Emirate worth AED5bn under the system managed by Al
Maqta’a bidding hall that ensures greater transparency. The
tenders that were managed by Al Maqta’a included service and
infrastructure projects in Al Wathba North and various regions
of the Emirate and roadworks in the Al Dhafra region. It also
included the construction of buildings for Abu Dhabi

5. Page 5 of 6
Distribution Company, Abu Dhabi Central Morgue, General
Directorate of Penal and Correctional Institutions, Al Ghuwaifat
Border and Strategic Feed Stores. That is in addition to
establishing electricity, water and sanitation infrastructure.
(GulfBase.com)
 Around 900 jobs cut in Abu Dhabi’s banking sector – Nearly 900
jobs were cut across the banking sector in Abu Dhabi over the
past year, with the number of employees in the sector dropping
to 12,500 in 1Q2017. According to the Statistics Centre Abu
Dhabi (SCAD), the sector saw a 6.9% YoY decline in the number
of employees compared to the 13,400 employees working in it in
1Q2016. SCAD said the figures were for all commercial and
Islamic banks it studied in Abu Dhabi. The bank did not say that
every bank in Abu Dhabi was included in the study. The decline
comes amid a slowdown in the banking sector, especially
during 2016, with many publicly-listed banks reporting lower
YoY profit growth and some reporting a decline in profitability.
The banks’ financial statements showed the decline was
supported by higher impairment charges and slower loan
growth. This is amid slower economic growth in the UAE, with
data from the International Monetary Fund (IMF) forecasting a
1.3% growth rate in the country’s gross domestic product in
2017 compared to 2.7% in 2016. (GulfBase.com)
 Dana Gas venture seeks $26.5bn in damages from Iraqi Kurds –
Dana Gas and its partners are seeking damages of at least
$26.5bn from Iraq’s self-governing Kurdish region for delays in
oil and natural gas projects, a US court filing shows. UAE-based
Dana Gas and its partners in the venture, called Pearl
Petroleum, filed a petition on May 12, 2017 in a federal court in
Washington, D.C., seeking recognition and enforcement of
awards in a London arbitration case, according to the US court
documents. The petition is part of a legal process that may
allow Pearl Petroleum to seize Kurdish assets if the Kurds don’t
pay awards decided in arbitration. (GulfBase.com)
 Moody's affirms ratings of five UAE banks and changes outlook
to ‘stable’ from ‘negative’ on four – Moody's Investors Service
(Moody's) affirmed the long-term ratings of five banks based in
the UAE, namely, First Abu Dhabi Bank at ‘Aa3’, Abu Dhabi
Commercial Bank at ‘A1’, Al Hilal Bank at ‘A1’, Union National
Bank at ‘A1’ and Abu Dhabi Islamic Bank at ‘A2’. The outlook
on First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Union
National Bank’s long-term deposit and Abu Dhabi Islamic
Bank's long-term issuer ratings has been changed to ‘stable’
from ‘negative’. In addition, the ‘ba2’ baseline credit
assessment (BCA) and adjusted BCA and ‘Prime-1’ short-term
issuer ratings of Al Hilal Bank were also affirmed. The outlook
on Al Hilal Bank's long term ratings remains ‘negative’. The
action follows Moody's decision to affirm the UAE's
government issuer rating at ‘Aa2’, and change the outlook to
‘stable’ from ‘negative’. (Bloomberg)
 Oman's central bank raises OMR47mn from treasury bills –
Oman’s central bank has raised OMR47.27mn by way of issuing
government treasury bills. The total value of the allotted
treasury bills amounted to OMR47.27mn, for a maturity period
of 91 days, from May 31 to August 30, 2017. The average
accepted price reached OMR99.729 for every OMR100 while the
minimum accepted price arrived at OMR99.725 per OMR100.
The average discount rate and the average yield reached
1.08654% and 1.08950%, respectively. (GulfBase.com)
 PDO: Exploration focus on low unit technical cost opportunities
– Majority government-owned oil and gas producer in Oman,
Petroleum Development Oman (PDO) is harnessing cutting-
edge seismic data acquisition technology to explore and build a
portfolio of oil and gas assets designed to help sustain
production over the long-term. In its sights are low unit
technical cost opportunities that will help the company meet its
production targets over the coming 10 years, PDO stated in its
2016 Sustainability Report. (GulfBase.com)
 Oman’s first large-scale wind farm to start operations in 2020 –
Oman’s first large-scale commercial wind-based renewable
energy project is getting delayed and will start operations in
2020. “The project has been tendered, but is currently on hold
and awaiting approval. The wind farm, which is expected to be
comprised of around 25 wind turbines will be located near
Harweel,” according to the seven-year outlook for the power
and water sector released by the Oman Power and Water
Procurement Company. (GulfBase.com)
 Oman Oil mandates banks for revolving credit facility –
According to sources, Oman Oil Co. mandated a group of
regional and international banks to arrange a $1.2bn revolving
credit facility. The loan would refinance a $1bn revolving
facility which the company obtained in 2014 and which is due
for redemption this year. That loan was the shorter-dated
tranche of a $1.85bn revolving credit facility, which also
included a five-year, $850mn tranche. The new revolver would
have a five-year maturity and be provided by banks including
Barclays, Bank of Tokyo-Mitsubishi UFJ, Credit Agricole,
Deutsche Bank, First Abu Dhabi Bank, HSBC, Natixis, Societe
Generale, Standard Chartered and Sumitomo Mitsui Banking
Corp. (Reuters)
 Moody's withdraws ratings of Bahrain Development Bank –
Moody's Investors Service (Moody's) has withdrawn Bahrain
Development Bank’s ‘Ba2/Not Prime’ Issuer Ratings and its
‘Ba2(cr)/NP(cr)’ Counterparty Risk Assessment. At the time of
the withdrawals, the long-term ratings had a negative outlook.
(Bloomberg)

6. 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.). 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
financial advice. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of
the 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.
For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a
result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also
express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in
part without permission from QNBFS.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on May 30, 2017) Source: Bloomberg (*$ adjusted returns,
#
Market closed on May 30, 2017)
70.0
90.0
110.0
130.0
150.0
170.0
Apr-13 Apr-14 Apr-15 Apr-16 Apr-17
QSEIndex S&P Pan Arab S&P GCC
0.7%
(0.5%)
1.0%
0.1%
0.3%
0.2%
0.7%
(0.6%)
0.0%
0.6%
1.2%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,263.15 (0.5) (0.3) 9.6 MSCI World Index 1,909.90 (0.1) (0.1) 9.1
Silver/Ounce 17.40 0.0 0.3 9.3 DJ Industrial 21,029.47 (0.2) (0.2) 6.4
Crude Oil (Brent)/Barrel (FM Future) 51.84 (0.9) (0.6) (8.8) S&P 500 2,412.91 (0.1) (0.1) 7.8
Crude Oil (WTI)/Barrel (FM Future) 49.66 (0.3) (0.3) (7.6) NASDAQ 100 6,203.19 (0.1) (0.1) 15.2
Natural Gas (Henry Hub)/MMBtu 3.05 (1.6) (1.6) (17.1) STOXX 600 390.50 (0.2) (0.2) 14.5
LPG Propane (Arab Gulf)/Ton 65.75 (0.6) (0.6) (8.4) DAX 12,598.68 (0.2) (0.0) 16.3
LPG Butane (Arab Gulf)/Ton 67.50 (3.2) (3.2) (30.4) FTSE 100 7,526.51 0.1 0.1 9.6
Euro 1.12 0.2 0.0 6.4 CAC 40 5,305.94 (0.5) (0.6) 15.6
Yen 110.85 (0.4) (0.4) (5.2) Nikkei 19,677.85 0.4 0.5 8.4
GBP 1.29 0.1 0.4 4.2 MSCI EM 1,011.77 (0.3) (0.5) 17.3
CHF 1.03 0.3 (0.0) 4.5 SHANGHAI SE Composite#
3,110.06 0.0 0.0 1.4
AUD 0.75 0.3 0.2 3.6 HANG SENG#
25,701.63 0.0 0.2 16.2
USD Index 97.28 (0.2) (0.2) (4.8) BSE SENSEX 31,159.40 0.1 0.4 23.2
RUB 56.57 0.1 0.1 (8.1) Bovespa 63,962.27 0.3 (0.2) 5.6
BRL#
0.31 0.0 0.1 (0.1) RTS 1,074.81 (1.0) 0.2 (6.7)
118.4
99.8
98.0