The document provides an overview of stock market performance and news in Qatar and other GCC countries on May 3, 2017. The key points are: - Qatar's stock market index declined 0.4% as the telecom and transportation sectors fell. Top losers were Al Khaleej Takaful Group and Qatar Industrial Manufacturing Co. - Elsewhere in the GCC, stock markets in Saudi Arabia and Dubai declined while those in Abu Dhabi, Kuwait and Oman rose. - Earnings reports from companies in Saudi Arabia, Bahrain and other GCC countries showed mixed revenue and profit results for 1Q2017.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.4% to close at 9,955.4. Losses were led by the Telecoms and
Transportation indices, falling 2.1% and 0.4%, respectively. Top losers were Al
Khaleej Takaful Group and Qatar Industrial Manufacturing Co., falling 2.7% and
2.6%, respectively. Among the top gainers, Islamic Holding Group rose 2.1%, while Al
Khalij Commercial Bank was up 1.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.6% to close at 6,967.7. Losses were led by the
Capital Goods and Utilities indices, falling 1.8% and 1.6%, respectively. United
Wire Factories Co. fell 5.7%, while Al Sorayai Trading & Ind. Group was down 4.1%.
Dubai: The DFM Index declined 0.5% to close at 3,419.1. The Telecommunication
index fell 2.0%, while the Financial & Investment Services index declined 1.9%. Dar
Al Takaful fell 9.8%, while GFH Financial Group was down 8.9%.
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 4,581.3. The
Telecommunication index gained 0.9%, while the Banks index rose 0.8%. Ras Al-
Khaimah Cement Co. gained 8.4%, while Abu Dhabi Shipbuilding Co. was up 3.7%.
Kuwait: The KSE Index rose 0.6% to close at 6,798.7. The Health Care index gained
4.8%, while the Insurance index rose 2.4%. First Takaful Insurance Co. gained
9.1%, while Al-Mowasat Healthcare Co. was up 8.1%.
Oman: The MSM Index fell 0.3% to close at 5,492.4. Losses were led by the
Industrial and Financial indices, falling 0.6% and 0.3%, respectively. Oman and
Emirates Inv. Holding fell 5.8%, while Al Hassan Engineering was down 3.7%.
Bahrain: The BHB Index fell 0.6% to close at 1,330.9. The Investment index
declined 1.6%, while the Services index fell 0.5%. GFH Financial Group declined
4.4%, while Arab Insurance Group was down 4.3%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Islamic Holding Group 61.80 2.1 34.6 1.3
Al Khalij Commercial Bank 15.10 1.9 73.5 (11.2)
Doha Insurance Co. 16.55 1.0 91.1 (9.1)
Qatar Insurance Co. 70.40 0.7 237.6 (4.5)
Qatar Electricity & Water Co. 206.60 0.7 25.6 (9.0)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 9.22 (1.0) 2,167.6 (1.6)
Ezdan Holding Group 15.53 (0.4) 1,803.2 2.8
Mazaya Qatar Real Estate Dev. 12.80 0.2 1,571.6 (6.6)
Dlala Brokerage & Inv. Holding 25.75 (0.8) 779.8 19.8
Commercial Bank 29.70 (0.8) 716.3 (4.0)
Market Indicators 03 May 17 02 May 17 %Chg.
Value Traded (QR mn) 307.1 329.4 (6.8)
Exch. Market Cap. (QR mn) 532,033.3 534,610.4 (0.5)
Volume (mn) 11.7 11.3 3.0
Number of Transactions 2,916 4,664 (37.5)
Companies Traded 41 41 0.0
Market Breadth 11:27 9:28 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,694.61 (0.4) (1.3) (1.1) 14.9
All Share Index 2,829.03 (0.4) (1.5) (1.4) 14.7
Banks 2,927.02 (0.3) (2.2) 0.5 12.8
Industrials 3,078.74 (0.3) (1.7) (6.9) 18.5
Transportation 2,136.98 (0.4) (2.4) (16.1) 12.6
Real Estate 2,371.27 (0.3) 1.0 5.6 15.0
Insurance 4,271.81 0.5 (0.7) (3.7) 18.1
Telecoms 1,225.30 (2.1) (2.9) 1.6 24.4
Consumer 6,081.45 (0.4) (1.2) 3.1 13.5
Al Rayan Islamic Index 4,009.64 (0.3) (0.9) 3.3 18.2
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Burgan Bank Kuwait 0.34 4.7 2,611.1 15.3
Aviation Lease & Fin. Kuwait 0.26 4.5 1,103.7 6.3
Med. & Gulf Insurance Saudi Arabia 21.81 4.4 1,448.6 (19.4)
Kuwait Food Co. Kuwait 2.50 4.2 0.0 (3.8)
Nat. Mobile Telecom. Kuwait 1.24 3.3 7.3 3.3
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Al Ahli Bank of Kuwait Kuwait 0.30 (6.3) 21.0 0.0
United Real Estate Co. Kuwait 0.09 (5.6) 145.0 (9.6)
Jazeera Airways Co. Kuwait 0.50 (3.8) 68.7 (35.1)
Saudi Fisheries Saudi Arabia 24.33 (3.8) 232.8 (34.8)
Saudi Kayan Petrochem. Saudi Arabia 8.90 (3.4) 26,219.2 0.7
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%
Al Khaleej Takaful Group 20.00 (2.7) 3.0 (5.2)
Qatar Industrial Manufacturing 42.60 (2.6) 19.1 (4.3)
Ooredoo 100.60 (2.3) 112.8 (1.2)
Al Meera Consumer Goods Co. 155.00 (1.9) 3.6 (11.7)
Qatar National Cement Co. 71.00 (1.7) 243.7 (9.2)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Ezdan Holding Group 15.53 (0.4) 28,138.3 2.8
Masraf Al Rayan 41.95 0.2 23,629.9 11.6
Commercial Bank 29.70 (0.8) 21,417.5 (4.0)
Dlala Brokerage & Inv. Holding 25.75 (0.8) 20,290.6 19.8
Vodafone Qatar 9.22 (1.0) 20,170.0 (1.6)
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* 9,955.40 (0.4) (1.3) (1.1) (4.6) 84.32 146,149.5 14.9 1.5 3.8
Dubai 3,419.06 (0.5) 0.1 0.1 (3.2) 100.38 99,058.7 14.8 1.3 4.2
Abu Dhabi 4,581.26 0.6 1.5 1.3 0.8 47.04 119,486.3 17.1 1.4 4.4
Saudi Arabia 6,967.71 (0.6) 0.3 (0.7) (3.4) 898.62 437,850.3 16.8 1.6 3.2
Kuwait 6,798.73 0.6 (0.8) (0.6) 18.3 41.46 92,108.2 21.9 1.3 3.6
Oman 5,492.42 (0.3) (0.6) (0.4) (5.0) 8.00 22,055.3 12.9 1.2 5.3
Bahrain 1,330.90 (0.6) (0.1) (0.4) 9.0 0.97 21,283.8 8.4 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)
9,920
9,940
9,960
9,980
10,000
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 0.4% to close at 9,955.4. The Telecoms 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.
 Al Khaleej Takaful Group and Qatar Industrial Manufacturing Co. were
the top losers, falling 2.7% and 2.6%, respectively. Among the top
gainers, Islamic Holding Group rose 2.1%, while Al Khalij Commercial
Bank was up 1.9%.
 Volume of shares traded on Wednesday rose by 3.0% to 11.7mn from
11.3mn on Tuesday. Further, as compared to the 30-day moving average
of 9.3mn, volume for the day was 25.2% higher. Vodafone Qatar and
Ezdan Holding Group were the most active stocks, contributing 18.6%
and 15.5% 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)
1Q2017
% Change
YoY
Operating Profit
(mn) 1Q2017
% Change
YoY
Net Profit
(mn) 1Q2017
% Change
YoY
Saudia Dairy and Foodstuff Co. Saudi Arabia SR – – 310.8 12.7% 301.8 15.7%
Al Abdullatif Industrial Inv. Co. Saudi Arabia SR – – 16.5 -18.8% 12.4 -16.3%
Northern Region Cement Co. Saudi Arabia SR – – 31.3 -41.9% 16.5 -61.6%
Al-Jouf Agricultural Dev. Co. Saudi Arabia SR – – 7.6 -23.9% 8.1 -8.0%
Bahrain National Holding Co. Bahrain BHD 7.8 9.9% – – 2.0 40.3%
Bahrain Flour Mills Co. Bahrain BHD 1.8 14.9% 0.1 768.1% 2.0 684.8%
GFH Financial Group Bahrain USD – – – – 31.9 426.3%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/03 US Markit Markit US Services PMI April 53.1 52.5 52.5
05/03 US Markit Markit US Composite PMI April 53.2 – 52.7
05/03 US Mortgage Bankers Association MBA Mortgage Applications 28-April -0.1% – 2.7%
05/03 EU Eurostat PPI MoM March -0.3% -0.1% 0.0%
05/03 EU Eurostat PPI YoY March 3.9% 4.2% 4.5%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting FY2016-17 results No. of days remaining Status
VFQS Vodafone Qatar 17-May-17 13 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 42.94% 48.96% (18,481,953.64)
Qatari Institutions 29.88% 15.75% 43,365,395.28
Qatari 72.82% 64.71% 24,883,441.64
GCC Individuals 1.73% 0.64% 3,336,139.10
GCC Institutions 2.50% 7.84% (16,388,379.35)
GCC 4.23% 8.48% (13,052,240.25)
Non-Qatari Individuals 4.62% 5.56% (2,875,864.01)
Non-Qatari Institutions 18.34% 21.25% (8,955,337.38)
Non-Qatari 22.96% 26.81% (11,831,201.39)

3. Page 3 of 6
News
Qatar
 Qatar Central Bank sells Treasury bills worth QR1.55bn – The
Qatar Central Bank (QCB) said on May 3, 2017 that it had sold
QR1.55bn of Treasury bills in a monthly auction, with the yield
curve steepening from the previous month. It sold QR800mn of
3-month bills at 1.94%, QR500mn of 6-month bills at 2.07% and
QR250mn of 9-month bills at 2.17%. (Zawya)
 Businesses urged to gear up for VAT – Qatar taking a major step
towards introducing the Value Added Tax (VAT) on May 3,
2017, ‘it’s time for companies and business in Qatar to start
gearing up for new taxes and get ready for the change in the
local businesses landscape’, top tax experts said. Until recently
a number of businesses thought that VAT would not be
introduced in the Gulf. The approval by the Qatari Cabinet of
the draft VAT Bill is further evidence that VAT is coming, and
coming soon, Jeremy Cape, Tax Partner, Squire Patton Boggs at
London office said. Craig Richardson, Head of Tax at KPMG in
Qatar, stressed the importance for companies getting ready for
the new tax regime. The implementation of VAT will change
the local business landscape, Richardson commented on cabinet
decisions to approve the draft. (Peninsula Qatar)
 Deputy CEO: Ooredoo to shun telecom acquisitions – Ooredoo
wants to focus on the 10 countries where it operates rather than
grow through acquisitions in the telecommunications business,
according to its Deputy Chief Executive Officer (CEO) Waleed
al-Sayed. Ooredoo has no plans to buy phone carriers, although
it is considering purchasing in technology services, al-Sayed
said. Ooredoo is currently negotiating to buy a majority stake in
Salam Technology, and the deal may close in the second
quarter, he said. The company grew in the past decade from its
base in Qatar to serve about 150mn customers from Algeria to
Myanmar, largely through acquisitions. (Gulf-Times.com)
 Qatargas delivers commissioning cargo to the new China LNG
terminal – Qatargas recently delivered the inaugural liquefied
natural gas (LNG) cargo to China National Oil Corporation’s
(CNOOC) Yuedong LNG terminal. The cargo, delivered on board
the Qatargas-chartered Q-Flex LNG vessel ‘Al Kharaitiyat,’ was
used to safely commission CNOOC’s latest LNG terminal. On
the occasion, Qatargas Chief Executive Officer Sheikh Khalid
bin Khalifa al-Thani said, “Qatargas is delighted to supply the
commissioning cargo to CNOOC’s Yuedong Terminal. We are
also pleased to see Qatari LNG playing an increasingly
important role in meeting the growing demand for LNG in the
People’s Republic of China. We believe that this delivery will
further strengthen the relationship between Qatargas and
CNOOC, and we look forward to continuing to supply reliable
and clean energy to China and countries all over the world who
seek to diversify their energy supplies.” (Gulf-Times.com)
 Qatar Holding becomes top shareholder in Lagardere – Qatar
Holding has become media group Lagardere’s top shareholder in
terms of both share capital and voting rights as a result of a
French law that favors long-term investors. Qatar Holding said
that its Lagardere voting rights rose to 16.7%, based on a share
stake of about 13%. Qatar Holding previously held close to 10%
of the voting rights, while Lagardere’s Chief Executive Officer
Arnaud Lagadere held 7.65% of its capital and 11.9% of voting
rights at the end of last year, a 2016 registration document
showed. (Gulf-Times.com)
 Qatar PPI rises 9.7% in 4Q2016 – Qatar’s producer price index
(PPI) rose 9.7% during 4Q2016 as compared to the previous
quarter, mainly on increased production prices of hydrocarbons,
refined petroleum products, man-made fibers as well as rubber
and plastics products, according to official data. Qatar’s PPI for
the industrial sector is one of the key indicators used to reduce
prices when estimating GDP at constant prices; however, it fell
by 3% compared to 4Q2015, according to figures released by the
Ministry of Development Planning and Statistics (MDPS). The
PPI for mining, which carries the maximum weight of 72.7%,
saw its group index gain the maximum of 12.6% QoQ during
4Q2016 on the back of a 12.9% increase in the price of crude and
natural gas, while stone, sand and clay prices fell 0.4%. The PPI
for mining declined 3% YoY during 4Q2016 owing to a 2.9%
decline in the price of crude petroleum and natural gas, but
stone, sand and clay prices were up 0.8%. The manufacturing
sector, which has a weight of 26.8% in the PPI basket,
witnessed a 4.3% QoQ increase in its index during 4Q2016
because of the 9.5% jump in the price of refined petroleum
products, 7.3% in man-made fibers, 2.5% in rubber and plastic
products and 0.3% in soft drinks. (Gulf-Times.com)
 KPMG expands VAT practice by appointing new tax partner –
In preparation for the introduction of Value-added Tax (VAT)
by 2018, KPMG in Qatar announced the expansion of its tax
practice with the appointment of Philippe Norre to lead the
firm’s indirect tax practice (i.e. VAT, customs, and selective
tax) in Qatar. Bringing 25 years’ experience in transactional
taxes and VAT, Phillipe’s appointment is a valuable addition to
the local business community. (Peninsula Qatar)
 Qatar, Poland to start new phase in relations – Qatar and Poland
are set to start a new phase of bilateral cooperation with the
official visit of HH the Emir Sheikh Tamim bin Hamad al-Thani
to Poland on Thursday, during which the Emir will hold talks
with Polish President Andrzej Sebastian Duda and a number of
senior officials. The visit will witness the signing of a number of
agreements and memorandums of understanding in various
fields between the two countries. The bilateral cooperation
between Qatar and Poland in the field of energy is a matter of
priority. A year ago the two countries signed an agreement to
increase the supply of the Qatari liquefied natural gas to Poland
to 2mn tons per annum. (Gulf-Times.com)
International
 ISM: US service sector growth accelerates in April – The pace of
growth in the US economy's service sector increased in April led
by a jump in new orders, according to an industry report. The
Institute for Supply Management (ISM) said its index of non-
manufacturing activity rose to 57.5 from 55.2 the month before.
The reading was above expectations of 55.8 from a Reuters poll
of 64 economists. A reading above 50 indicates expansion in the
service sector and a reading below 50 indicates contraction. The
business activity index rose to 62.4 from 58.9 the month before.
That was above a median forecast of 58.4. The employment
index fell to 51.4, its lowest since August, from 51.6 a month
earlier. The new orders index climbed to 63.2, the strongest

4. Page 4 of 6
since August 2005, from 58.9 in March. The prices paid index
rose to 57.6 from 53.5 the prior month. (Reuters)
 Eurozone’s economy outperforms the US with a robust start to
the year – The Eurozone economy started the year with robust
growth that outstripped that of the US and set the stage for a
strong 2017, preliminary estimates showed. The improving
economy may weaken the Eurosceptic parties that have gained
ground in several European Union states over the past years,
many of which have denounced the poor state of their
economies and called for ditching the Euro and returning to
national currencies. The GDP of the 19-country Eurozone bloc
grew by 0.5% QoQ in 1Q2017, which translates to annualized
growth of 1.8% in all of 2017, the European statistics agency
Eurostat said. (Reuters)
 German unemployment falls more than expected in April –
German unemployment fell more than expected in April, data
showed, in a further sign that the robust labor market will
continue to boost domestic demand and support growth in
Europe's largest economy. The seasonally adjusted jobless total
fell by 15,000 to 2.543mn, the Federal Labor Office said. That
was more than the predicted fall of 12,000 in a Reuters poll. The
adjusted unemployment rate remained at 5.8%, the lowest level
since German reunification in 1990. (Reuters)
 Caixin PMI: China April service sector growth slowest in nearly
a year – Growth in China's services sector cooled to its slowest
in almost a year in April as fears of slower economic growth
dented business confidence, even as cost pressures eased, a
private survey showed. The Caixin/Markit services purchasing
managers' index (PMI) fell to 51.5 from March's 52.2, the fourth
monthly decline in a row and suggesting the sector grew at its
weakest pace since May 2016. Caixin's composite
manufacturing and services PMI also pointed to a loss of
growth momentum for the month, falling to 51.2, its lowest
since June 2016, from 52.1 in March. (Reuters)
Regional
 MENA M&A value hits record $30.5bn in 2H2016 – According to
a report “Mergers and Acquisitions in Mena” by A T Kearney, a
global management consultancy, 2H2016 was a record
semester for mergers and acquisitions (M&A) in the MENA
region since 2013 with $30.5bn in deals, almost three times that
in 1H2016. Megadeals drove this exceptional activity with four
transactions above $1bn, stacking up to $24.2bn. The largest
transaction was in financial services. The remaining megadeals
were in shipping and interest acquisitions in companies
engaged in oil and gas concessions in Egypt and the UAE.
However, the number of transactions dropped 53% compared
with 1H2016 to reach the lowest level in the past four years
with 76 transactions announced. (GulfBase.com)
 KSA’s reserves rise to SR641.8bn – Saudi Arabia’s general
reserves rose by SR52mn in March 2017 to reach SR641.8bn; Al-
Madina reported quoting the monthly report of the Saudi
Arabian Monetary Authority (SAMA). The report said the
current account of the state dropped by SR4bn in the same
month to stand at SR38.5bn. Banks reduced their investments
in treasury bonds by SR202mn in March to stand at SR178.7bn.
The report said SAMA’s foreign assets declined by SR28.8bn,
registering its lowest level in five years. According to SAMA,
the local and foreign debt tools in 2016 reached SR200.1bn at a
time the Finance Ministry announced that it would resume its
local bonds sometime in 2017. The report said the foreign
investments of the commercial Saudi banks reached SR123.4bn
by the end of March, 2017 compared to SR159.6bn at the same
time last year registering a decrease of SR36.2bn with a ratio of
23%. The foreign debts of the banks by the end of March, 2017
were SR81.4bn compared to SR81,3bn in the same period in
2016 with a slight growth of SR82mn representing 0.01%. The
report said the foreign assets of the commercial banks operating
in the Kingdom by the end of March stood at SR148.5bn
compared to SR200.4bn in 2016 with a decrease of about 26%.
(Reuters)
 Saudi Arabia to keep full control of reserves, output after Saudi
Aramco IPO – Deputy Crown Prince Mohammed bin Salman
said that Saudi Arabia will retain full ownership of its oil and
gas reserves and sole decision-making authority on production
levels after Saudi Aramco’s long-awaited Initial Public Offering
(IPO). Prince Mohammed bin Salman said, “The wells will still
be owned by the government. The company only has the right
to benefit from the wells. This is the same as before and there
are no changes to that.” (GulfBase.com)
 Saudi Vision 2030 ‘could attract up to $1tn in FDI’ – Saudi
Vision 2030, which outlines the Kingdom’s ambitious
transformation plans, has the potential to attract up to $1tn in
inward foreign direct investment (FDI) over the next 15 years.
The vision aims to create a diversified economy underpinned by
an invigorated private sector. Even if only partially realized, it
would create significant business opportunities and drive the
Kingdom onto a more dynamic growth path. (GulfBase.com)
 Saudi Aramco to dilute stake in Sadara Chemicals via IPO –
Sadara Chemical Co’s CEO, Ziad al-Labban said that Saudi
Aramco plans to cut its stake in Sadara Chemical Co., a joint
venture with US company Dow Chemical, via an initial public
offer (IPO) of shares. (Reuters)
 IMF: Saudi Arabia can relax fiscal controls ‘from time to time’ –
The International Monetary Fund (IMF) believes that Saudi
Arabia can afford to relax its tough fiscal stance ‘from time to
time,’ like in the decision last week to reinstate benefits to some
government workers. IMF regional chief Jihad Azour said,
“From time to time, you can allow some fine-tuning in a
program this big. The government has confirmed that a
balanced budget is still the target for 2020. I think you can
allow some slippage in a program of such magnitude.”
(GulfBase.com)
 Saudi Arabia to issue a quarterly budget update for the first
time – Saudi Arabia said that it will issue a quarterly budget
progress report for the first time as part of efforts to boost
transparency while diversifying its oil-dependent economy.
(GulfBase.com)
 Mobily signs MoU with Palo Alto Networks – Mobily has signed
a memorandum of understanding (MoU) with Palo Alto
Networks, the next-generation security company. The MoU
lays the foundation for future collaboration between Mobily
and Palo Alto Networks, with the aim of evaluating and
subsequently developing future security offerings to be made
available to Mobily’s customers. Any offerings brought to
market according to this memorandum would be based on the

5. Page 5 of 6
Palo Alto Networks Next-Generation Security Platform.
(GulfBase.com)
 Saudia starts sale of $500mn medical business – According to
sources, Saudi Arabian Airlines (Saudia) has started the sale of
its medical services business in Jeddah, valued at around
$500mn, as part of a drive to reduce non-core assets. The
medical business, which is called Saudia Medical Services and
owns a major hospital, could be attractive for investors as the
Jeddah healthcare market is underserved. Jadwa Investment,
an adviser for the sale, has reached out to potential buyers and
the sale process could be completed by 3Q2017. (Reuters)
 Al Baha to raise and cut capital – The extraordinary general
meeting (EGM) of Al Baha Investment and Development
Company approved the capital increase and reduction. The
capital hike will occur to acquire Al Marakiz Al Raqiyah Ltd,
while the decrease will be used to offset accumulated losses.
The capital was raised to SR295mn from SR150mn, with a
96.7% hike. After that, the capital was reduced to SR177mn
through cutting 4 shares per every 10 shares. (Tadawul)
 CMA announces the approval of the National Company for
Glass Industries’ capital increase application – The Capital
Market Authority (CMA) has issued its resolution approving the
National Company for Glass Industries’ application to increase
its capital from SR300mn to SR329mn for the purpose of
acquiring 10% equity stake currently held by Eastern Company
for Industrial Investment in Saudi Guardian International Glass
Company and 10% equity stake currently held by Al Zamil
Group Holding Company in Guardian Zoujaj International Float
Glass Company. (Tadawul)
 SABB announces distribution and payment of dividends for
2H2016 – The Saudi British Bank (SABB) announced that the
shareholders approved the Board of Directors recommendation
for payment of cash dividends to shareholders for 2H2016 of
SR525mn, at the rate of SR0.35 per share which represents
3.50% of the share nominal value after deduction of Zakat. This
amount is in addition to the amount of SR525mn which was
distributed for 1H2016. (Tadawul)
 Non-oil sectors to drive UAE economic growth – The
International Monetary Fund (IMF) is expecting robust growth
in the UAE’s non-oil economy over the next couple of years,
despite the drag from the oil sector, which is still recovering
from the world oil glut. IMF forecasts non-oil real GDP growth
at 3.8% in 2017 and 3.6% in 2018. IMF regional chief Jihad
Azour said, "As the non-oil sector takes the lead, we feel the
level of fiscal adjustment needed is less than it was in 2016, so
that an easing in regional government’s austerity measures,
together with a pickup in world economic growth, will help
maintain growth in the region’s non-oil sectors.”
(GulfBase.com)
 Arabtec to launch rights issue on May 15, 2017 – Arabtec
Holding said that subscription for its AED1.5bn rights issue will
open on May 15, 2017 and close on May 28, 2017. Arabtec said it
plans to publish an invitation to shareholders on May 3, 2017
for the capital increase. New shares will be offered at a price of
AED1. (GulfBase.com)
 Dubai Group requests haircut from creditors to settle debt early
– According to sources, Dubai Group has requested creditors to
take a haircut on debt maturing in 2024 in exchange for an early
settlement. The firm completed a restructuring on around $6bn
of debt in 2014, with lenders agreeing to extend the maturity for
secured debt to December 2016 and unsecured loans to
December 2024. A further $4bn of debt was to be repaid after
creditors were satisfied. In the last few days the company
offered creditors around 29 cents on the dollar in return for an
early settlement of debt maturing in 2024. (Reuters)
 Burgan Bank’s net income rises 25% YoY to KD17.8mn in
1Q2017 – Burgan Bank recorded net profit of KD17.8mn in
1Q2017, up 25% YoY. Loans and advances stood at KD4.3bn
(+3% YoY), while deposits stood at KD3.9bn (+1% YoY) at the
end of March 31, 2017. Capital adequacy ratio under Basel III
stood at 16.5% as of March 31, 2017. Burgan Bank’s Chairman,
Majed Essa Al Ajeel said, “Our operations in Kuwait and the
region continued to demonstrate and as planned, healthy
trends almost on all indicators. International operations are
now contributing 49% of the group’s total revenues, confirming
that Burgan Bank is the most diversified commercial bank in
the sector.” (GulfBase.com)
 NBK to issue senior unsecured dollar bond – National Bank of
Kuwait (NBK) is expected to issue a senior unsecured dollar
bond over the next few weeks. The NBK’s bond will be of
benchmark size, which usually means upwards of $500mn.
Banks in the GCC region are considering debt issues to comply
with international regulations on capital adequacy ratios and to
cushion against high non-performing loan ratios caused by
lower oil prices. (Reuters)
 Kuwait Energy seeks premium listing on the LSE – Oil and gas
firm Kuwait Energy said it is seeking a premium listing on the
London Stock Exchange (LSE) in a bid to fund growth across the
Middle East and North Africa. The company, with assets across
Oman, Egypt, Iraq and Yemen, said the initial public offering
(IPO) is expected to raise gross primary proceeds of about
$150mn from an issue of new ordinary shares. It will apply for
admission in June, hoping to achieve a sufficient free float to
meet the eligibility requirements for a premium listing.
(Reuters)
 Omani-Iranian JV to set up cement plant in Duqm – Omani
listed company Al Anwar Holdings has announced that it has
signed a shareholders’ agreement with Iranian cement firm
Hormozgan Cement Company to establish a Greenfield cement
mill in the Special Economic Zone (SEZ) at Duqm. The new
cement grinding unit, to be named Hormuz Al Anwar Cement
SAOC (HAC), will have a grinding capacity ranging from
600,000 tons to 1mn tons per annum. (GulfBase.com)
 ICD, Tamkeen, Ibdar unveils $100m Bahrain SME fund – The
Islamic Corporation for the Development of the Private Sector
(ICD), the private sector arm of IDB Group, in partnership with
Ibdar Bank, a Bahrain-based wholesale Islamic Investment
bank and Labor Fund ‘Tamkeen’ as part of the investment
committee, has announced the launch of the Bahrain SME fund.
The Bahrain SME Fund is a Shari’ah-compliant mezzanine
private equity Fund, which will invest in Bahrain’s Small and
Medium Enterprises (SMEs). The Fund will target SME’s with
high growth potential in consumer, industrial, ICT, education
and healthcare sectors, as well as sectors experiencing dynamic
change, or where there are clearly attractive investment
opportunities. (GulfBase.com)

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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns,
#
Market closed on May 3, 2017)
70.0
90.0
110.0
130.0
150.0
170.0
Apr-13 Apr-14 Apr-15 Apr-16 Apr-17
QSE Index S&P Pan Arab S&P GCC
(0.6%)
(0.4%)
0.6%
(0.6%)
(0.3%)
0.6%
(0.5%)
(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 1,238.15 (1.4) (2.4) 7.5 MSCI World Index 1,883.14 (0.2) 0.3 7.5
Silver/Ounce 16.47 (2.2) (4.2) 3.5 DJ Industrial 20,957.90 0.0 0.1 6.0
Crude Oil (Brent)/Barrel (FM Future) 50.79 0.7 (1.8) (10.6) S&P 500 2,388.13 (0.1) 0.2 6.7
Crude Oil (WTI)/Barrel (FM Future) 47.82 0.3 (3.1) (11.0) NASDAQ 100 6,072.55 (0.4) 0.4 12.8
Natural Gas (Henry Hub)/MMBtu 3.09 (0.8) (2.5) (16.1) STOXX 600 389.37 0.1 0.7 11.5
LPG Propane (Arab Gulf)/Ton 62.25 4.0 (2.0) (13.2) DAX 12,527.84 0.3 0.9 12.9
LPG Butane (Arab Gulf)/Ton 67.50 1.5 (6.7) (30.4) FTSE 100 7,234.53 (0.3) 0.1 6.0
Euro 1.09 (0.4) (0.1) 3.5 CAC 40 5,301.00 0.0 0.8 12.8
Yen 112.75 0.7 1.1 (3.6) Nikkei#
19,445.70 0.0 0.7 5.8
GBP 1.29 (0.6) (0.6) 4.3 MSCI EM 985.74 (0.2) 0.8 14.3
CHF 1.01 (0.3) 0.0 2.4 SHANGHAI SE Composite 3,135.35 (0.3) (0.5) 1.8
AUD 0.74 (1.5) (0.9) 3.0 HANG SENG#
24,696.13 0.0 0.3 11.9
USD Index 99.21 0.2 0.2 (2.9) BSE SENSEX 29,894.80 (0.1) 0.1 18.9
RUB 57.38 0.6 0.8 (6.8) Bovespa 66,093.78 (0.3) 2.2 13.2
BRL 0.32 (0.4) 0.3 2.8 RTS 1,096.35 (2.1) (1.6) (4.9)
117.1
99.8
98.5