The Index closed flat on Sunday, indicating further indecision and possible weakness.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.4% to close at 10,451.5. Losses were led by the Insurance
and Banks & Financial Services indices, falling 0.7% and 0.6%, respectively. Top
losers were Qatar Islamic Insurance Co. and Dlala Brokerage & Investments Holding
Co., falling 2.9% and 1.5%, respectively. Among the top gainers, Medicare Group rose
3.5%, while Al Khaleej Takaful Group was up 2.4%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.3% to close at 7,076.9. Losses were led by the
Retailing and Commercial & Prof. indices, falling 2.3% and 1.3%, respectively. Al
Ahlia Insurance Co. fell 4.0%, while Etihad Atheeb Telecom. Co. was down 3.8%.
Dubai: The DFM Index declined 0.9% to close at 3,509.3. The Industrial index fell
2.8%, while the Financial & Investment Services index declined 1.5%. Emirates
Islamic Bank fell 7.3%, while Ekttitab Holding Co. was down 4.8%.
Abu Dhabi: The ADX benchmark index fell 0.8% to close at 4,518.1. The Investment
& Financial Services index declined 1.8%, while the Real Estate index fell 1.6%.
Emirates Driving Co. declined 9.7%, while Commercial Bank Int. was down 9.3%.
Kuwait: The KSE Index declined 0.5% to close at 7,007.9. The Technology index fell
3.6%, while the Real Estate index declined 1.4%. Real Estate Asset Management Co.
fell 17.7%, while Alargan International Real Estate Co. was down 10.0%.
Oman: The MSM Index rose 0.3% to close at 5,571.6. Gains were led by the Financial
and Industrial indices, rising 0.8% and 0.5%, respectively. Muscat Thread Mills rose
10.0%, while Al Madina Takaful was up 6.3%.
Bahrain: The BHB Index fell 0.1% to close at 1,356.2. The Services index declined
0.5%, while the Investment index fell 0.1%. Zain Bahrain declined 4.3%, while
Trafco Group was down 4.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Medicare Group 101.50 3.5 177.3 61.4
Al Khaleej Takaful Group 20.00 2.4 4.4 (5.2)
Qatari Investors Group 61.30 0.8 62.6 4.8
Mazaya Qatar Real Estate Dev. 14.00 0.6 1,325.2 (2.7)
Ezdan Holding Group 15.79 0.6 381.2 4.5
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 9.44 0.1 1,746.9 0.7
Mazaya Qatar Real Estate Dev. 14.00 0.6 1,325.2 (2.7)
National Leasing 18.00 (1.2) 826.9 17.5
Ezdan Holding Group 15.79 0.6 381.2 4.5
Barwa Real Estate Co. 36.00 (0.6) 349.0 8.3
Market Indicators 13 Apr 17 12 Apr 17 %Chg.
Value Traded (QR mn) 172.1 199.1 (13.5)
Exch. Market Cap. (QR mn) 561,458.3 563,358.6 (0.3)
Volume (mn) 6.4 7.2 (11.1)
Number of Transactions 2,550 3,193 (20.1)
Companies Traded 39 38 2.6
Market Breadth 11:25 20:12 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,431.97 (0.4) (0.0) 3.2 15.5
All Share Index 2,955.91 (0.3) (0.0) 3.0 15.1
Banks 3,064.80 (0.6) 0.2 5.2 13.3
Industrials 3,309.04 (0.5) 0.1 0.1 20.0
Transportation 2,302.72 (0.4) (0.2) (9.6) 12.4
Real Estate 2,388.44 0.2 (0.7) 6.4 15.6
Insurance 4,281.20 (0.7) (1.1) (3.5) 17.0
Telecoms 1,274.84 0.1 1.2 5.7 21.4
Consumer 6,430.76 0.3 0.5 9.0 13.4
Al Rayan Islamic Index 4,172.96 (0.3) (0.2) 7.5 18.8
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
National Inv. Co. Kuwait 0.12 9.1 2,964.5 26.3
Mouwasat Medical Serv. Saudi Arabia 151.93 3.4 86.2 2.8
Bank Sohar Oman 0.14 2.9 1,372.9 (3.1)
Saudi Kayan Petrochem. Saudi Arabia 8.53 2.8 17,084.7 (3.5)
Bank Nizwa Oman 0.10 2.1 2,523.3 15.7
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Etihad Atheeb Telecom. Saudi Arabia 9.49 (3.8) 758.6 28.7
Nat. Mobile Telecom. Kuwait 1.14 (3.4) 0.7 (5.0)
Jarir Marketing Co. Saudi Arabia 127.90 (2.8) 75.8 10.8
Drake & Scull Int. Dubai 0.45 (2.6) 30,486.6 (5.6)
Nat. Bank of Ras Al-Khai Abu Dhabi 4.60 (2.5) 5.8 (7.1)
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%
Qatar Islamic Insurance Co. 61.10 (2.9) 0.1 20.8
Dlala Brokerage & Inv. Holding 22.11 (1.5) 1.3 2.9
Masraf Al Rayan 42.50 (1.2) 104.8 13.0
National Leasing 18.00 (1.2) 826.9 17.5
Aamal Co. 14.41 (1.1) 26.0 5.7
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Mazaya Qatar Real Estate Dev. 14.00 0.6 18,625.5 (2.7)
Medicare Group 101.50 3.5 18,032.8 61.4
Vodafone Qatar 9.44 0.1 16,456.8 0.7
Ooredoo 105.00 0.1 15,722.4 3.1
National Leasing 18.00 (1.2) 14,907.1 17.5
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 10,451.47 (0.4) (0.0) 0.6 0.1 47.55 47.3 15.5 1.5 3.5
Dubai 3,509.34 (0.9) (1.6) 0.8 (0.6) 76.49 105,549.5 15.0 1.3 3.9
Abu Dhabi 4,518.14 (0.8) (2.1) 1.7 (0.6) 29.24 118,805.4 17.8 1.3 4.4
Saudi Arabia 7,076.92 (0.3) 0.0 1.1 (1.9) 869.73 443,202.0 17.3 1.6 3.2
Kuwait 7,007.89 (0.5) (0.3) (0.3) 21.9 113.40 94,416.1 22.3 1.3 3.4
Oman 5,571.62 0.3 (0.7) 0.4 (3.7) 8.80 22,270.0 11.9 1.1 5.3
Bahrain 1,356.22 (0.1) 0.2 0.0 11.1 2.72 21,692.5 8.9 0.8 5.8
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)
10,450
10,460
10,470
10,480
10,490
10,500
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 0.4% to close at 10,451.5. The Insurance and
Banks & Financial Services 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.
 Qatar Islamic Insurance Co. and Dlala Brokerage & Investments Holding
Co. were the top losers, falling 2.9% and 1.5%, respectively. Among the
top gainers, Medicare Group rose 3.5%, while Al Khaleej Takaful Group
was up 2.4%.
 Volume of shares traded on Thursday fell by 11.1% to 6.4mn from 7.2mn
on Wednesday. Further, as compared to the 30-day moving average of
11.9mn, volume for the day was 46.3% lower. Vodafone Qatar and
Mazaya Qatar Real Estate Development were the most active stocks,
contributing 27.3% and 20.7% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Earnings Releases, Global Economic Data and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
QNB Group Fitch Qatar LT-IDR/VR AA-/A- AA-/bbb+ – Stable –
Commercial Bank Fitch Qatar LT-IDR/VR A+/bbb- A+/bbb- – Stable –
Doha Bank Fitch Qatar LT-IDR/VR A+/bbb A+/bbb- – Stable –
Qatar Islamic Bank Fitch Qatar LT-IDR/VR A+/bbb A+/bbb- – Stable –
Al Khalij
Commercial Bank
Fitch Qatar LT-IDR/VR A+/bbb- A+/bb+ – Stable –
Qatar
International
Islamic Bank
Fitch Qatar LT-IDR/VR A+/bb+ A+/bb+ – Stable –
Ahli Bank Fitch Qatar LT-IDR/VR A+/bbb- A+/bbb- – Stable –
International Bank
of Qatar
Fitch Qatar LT-IDR/VR A+/bbb- A+/bb+ – Stable –
Barwa Bank Fitch Qatar LT-IDR/VR A+/bbb- A+/bb+ – 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)
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2017
% Change
YoY
Operating Profit
(mn) 1Q2017
% Change
YoY
Net Profit
(mn) 1Q2017
% Change
YoY
The Financial Corporation#
Oman OMR 240.9 44.6% – – 36.0 N/A
Sembcorp Salalah Oman OMR 18.3 3.4% – – 0.3 -91.5%
Oman Cement Oman OMR 14.7 -7.0% – – 2.2 -42.4%
Computer Stationery Ind.#
Oman OMR 531.6 -14.9% – – 66.1 -27.5%
Al Sharqia Investment Holding#
Oman OMR 570.8 -49.8% – – 358.3 -61.2%
National Securities#
Oman OMR 0.0 N/A – – -174.8 N/A
Dhofar Cattle Feed Oman OMR 8.5 -6.9% – – -0.2 N/A
Oman Refreshment Oman OMR 16.2 -2.4% – – 1.4 -16.5%
Renaissance Services Oman OMR 46.6 -17.3% 7.4 -37.8% -2.6 N/A
Oman Fisheries Oman OMR 27.9 7.6% – – 1.3 N/A
Al Fajar Al Alamia Oman OMR 13.1 -13.7% – – 0.4 -73.7%
Dhofar Poultry Oman OMR 2.6 14.5% 0.1 -46.8% 0.1 -46.8%
Al Batinah Dev. Inv. Holding#
Oman OMR 94.9 -40.8% – – 41.7 -66.6%
Financial Services Oman OMR 0.2 15.7% – – 0.8 343.4%
Muscat Finance Oman OMR 3.3 -6.8% 1.4 -22.8% 1.0 -18.9%
Oman United Insurance Oman OMR 12.9 5.7% – – 2.0 -13.7%
Oman National Engine. Invt. Oman OMR 11.4 38.9% – – 0.5 61.2%
Al Madina Investment Oman OMR 1.2 56.0% – – -0.4 N/A
Oman Cables Industry#
Oman OMR 68.1 10.6% – – 3.3 -30.1%
Salalah Mills Oman OMR 15.8 9.6% – – 1.3 75.0%
Oman Flour Mills Oman OMR 65.7 3.9% – – 12.1 36.1%
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 49.10% 45.62% 5,987,574.15
Qatari Institutions 26.27% 23.48% 4,800,847.20
Qatari 75.37% 69.10% 10,788,421.35
GCC Individuals 1.43% 1.52% (140,897.36)
GCC Institutions 3.34% 3.71% (627,854.75)
GCC 4.77% 5.23% (768,752.11)
Non-Qatari Individuals 9.60% 9.42% 321,615.50
Non-Qatari Institutions 10.25% 16.26% (10,341,284.74)
Non-Qatari 19.85% 25.68% (10,019,669.24)

3. Page 3 of 8
Almaha Petroleum Products Mar. Oman OMR 101.1 20.0% – – 1.7 -17.5%
Oman and Emirates Inv. Holding Oman OMR 0.5 -87.2% – – 0.0 N/A
Source: Company data, DFM, ADX, MSM, TADAWUL (
#
Values in ‘000)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/13 US Department of Labor Initial Jobless Claims 8-April 234k 245k 235k
04/13 US Department of Labor Continuing Claims 1-April 2,028k 2,024k 2,035k
04/14 US Bureau of Labor Statistics CPI MoM March -0.3% 0.0% 0.1%
04/14 US Bureau of Labor Statistics CPI YoY March 2.4% 2.6% 2.7%
04/13 Germany German Federal Statistical Office CPI MoM March 0.2% 0.2% 0.2%
04/13 Germany German Federal Statistical Office CPI YoY March 1.6% 1.6% 1.6%
04/13 France INSEE CPI MoM March 0.6% 0.6% 0.6%
04/13 France INSEE CPI YoY March 1.1% 1.1% 1.1%
04/14 Japan METI Industrial Production MoM February 3.2% – 2.0%
04/14 Japan METI Industrial Production YoY February 4.7% – 4.8%
04/13 China National Bureau of Statistics Imports YoY March 20.3% 15.5% 38.1%
04/13 China National Bureau of Statistics Exports YoY March 16.4% 4.3% -1.3%
04/13 India Directorate General of Commerce Exports YoY March 27.6% – 17.5%
04/13 India Directorate General of Commerce Imports YoY March 45.3% – 21.8%
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 1Q2017 results No. of days remaining Status
QIBK Qatar Islamic Bank 16-Apr-17 0 Due
UDCD United Development Company 17-Apr-17 1 Due
ABQK Al Ahli Bank 17-Apr-17 1 Due
QEWS Qatar Electricity & Water Company 17-Apr-17 1 Due
CBQK Commercial Bank 17-Apr-17 1 Due
GWCS Gulf Warehousing Company 18-Apr-17 2 Due
DHBK Doha Bank 19-Apr-17 3 Due
KCBK Al Khaliji 19-Apr-17 3 Due
DOHI Doha Insurance 19-Apr-17 3 Due
IHGS Islamic Holding Group 19-Apr-17 3 Due
QIGD Qatari Investors Group 20-Apr-17 4 Due
QGRI Qatar General Insurance & Reinsurance 23-Apr-17 7 Due
QGTS Qatar Gas Transport Company (Nakilat) 23-Apr-17 7 Due
MARK Masraf Al Rayan 24-Apr-17 8 Due
QNNS Qatar Navigation (Milaha) 24-Apr-17 8 Due
QNCD Qatar National Cement Company 24-Apr-17 8 Due
QATI Qatar Insurance Company 25-Apr-17 9 Due
QOIS Qatar & Oman Investment 25-Apr-17 9 Due
MCGS Medicare Group 25-Apr-17 9 Due
QISI Qatar Islamic Insurance 25-Apr-17 9 Due
BRES Barwa Real Estate Company 25-Apr-17 9 Due
QFLS Qatar Fuel Company 26-Apr-17 10 Due
ORDS Ooredoo 26-Apr-17 10 Due
AHCS Aamal Company 26-Apr-17 10 Due
MERS Al Meera Consumer Goods Company 26-Apr-17 10 Due
QCFS Qatar Cinema & Film Distribution Company 26-Apr-17 10 Due
WDAM Widam Food Company 26-Apr-17 10 Due
MCCS Mannai Corp. 26-Apr-17 10 Due
QFBQ Qatar First Bank 26-Apr-17 10 Due
AKHI Al Khaleej Takaful Insurance 27-Apr-17 11 Due
NLCS National Leasing (Alijarah) 27-Apr-17 11 Due
SIIS Salam International Investment 29-Apr-17 13 Due
QIMD Qatar Industrial Manufacturing Company 30-Apr-17 14 Due
ERES Ezdan Real Estate Company 30-Apr-17 14 Due
Source: QSE

4. Page 4 of 8
News
Qatar
 Fitch affirms nine Qatari Banks' LT IDRs; downgrades six
banks' VRs – Fitch Ratings has affirmed QNB Group’s (QNBK)
Long-Term Issuer Default Rating (LT-IDR) at 'AA-'. The agency
has also affirmed the IDRs of the Commercial Bank (CBQK),
Doha Bank (DHBK), Qatar Islamic Bank (QIBK), Al Khalij
Commercial Bank (KCBK), Qatar International Islamic Bank
(QIIK), Ahli Bank (ABQK), International Bank of Qatar and
Barwa Bank at 'A+'. The Outlooks are Stable. Fitch has
downgraded the Viability Ratings (VR) of six banks reflecting
the tougher operating environment in Qatar. This primarily
reflects Fitch's expectation that economic growth will slow in
2017 and 2018, reflecting a less benign fiscal environment,
contraction in current spending and a focus on fiscal efficiency
leading to a slow-down of both private and public sector
growth. (Reuters)
 QSE announces trading suspension in the shares of WDAM on
April 16 – Qatar Stock Exchange (QSE) announced trading
suspension in the shares of Widam Food Company (WDAM) on
April 16, 2017 due to its EGM being held on the day. (QSE)
 QSE announces trading suspension in the shares of ERES on
April 16 – Qatar Stock Exchange (QSE) announced trading
suspension in the shares of Ezdan Holding Group (ERES) on
April 16, 2017 due to its AGM being held on the day. (QSE)
 MRDS postpones its EGM to April 17 – Mazaya Qatar Real
Estate Development Company (MRDS) announced that Extra
Ordinary General Assembly meeting (EGM) has been
postponed, for the non-availability of the required quorum on
April 12, 2017. The next meeting will be held on April 17, 2017.
(QSE)
 MRDS’ AGM endorses items on its agenda – Mazaya Qatar Real
Estate Development Company (MRDS) announced the
resolutions of Ordinary General Assembly Meetings (AGM) held
on April 12, 2017 and approved board of director’s
recommendations to distribute bonus share of 5% (i.e. 5 shares
for each 100 shares). (QSE)
 QIMD signs agreement with cheval for hotel management –
Qatar Industrial Manufacturing Company (QIMD) announced
that the Luxury serviced apartment specialist Cheval
Residences will be opening luxury serviced apartments in Doha
Qatar in 2020, following an agreement signed between Cheval
Residences and QIMD. (QSE)
 Moushtarayat 2017 creates nearly QR2.5bn opportunities for
SMEs – The second Government Procurement & Contracting
Conference and Exhibition, Moushtarayat 2017 has created job
opportunities for SMEs in relation to the FIFA World Cup 2022
with an estimated cumulative value of nearly QR2.5bn. The
event had seen a nationwide turnout of entrepreneurs, small
and medium-sized enterprises (SMEs), and larger business
community at its pavilions, which were largely hosted by
government and semi-government organizations. The expo,
organized by Qatar Development Bank (QDB), was held in
partnership with the Ministry of Finance (MoF). This year’s
conference and exhibition provided SMEs with an opportunity
to learn about existing public tenders extended by big buyers,
such as larger private sector companies, semi-governmental
and governmental bodies. Moushtarayat 2017 also provided
information to attendees on the procedures involved in
partaking in future tender and application processes
successfully, so that members of the private sector may become
more active contributors to the diversification of the economy.
Moushtarayat 2017 had seen as many as 2,212 visitors, and 30
exhibitors participated in the accompanying exhibition. (Gulf-
Times.com)
 Philippines gets $206mn in investments from Qatar – The
Philippines would be an ideal distribution hub for Qatar in fields
such as defense, manufacturing, and food processing due to its
strategic location in Asia and the Pacific, an official of the
Philippine Economic Zone Authority (Peza) said. According to
Peza Director General Charito B Plaza, the southern island of
Mindanao will be home to most of the $206mn worth
investments Peza signed with Qatari investors. The
investments range from retirement village projects, hotel and
tourism economic zones, IT services and digital marketing,
economic zone management services, poultry and halal food
processing, as well as agro-industrial farming, and hospital and
medical tourism economic zones, among others. (Gulf-
Times.com)
 Forbes Middle East to honor top Qatari firms – Forbes Middle
East is set to host a special event recognizing Qatar’s top
companies in 2017. For the first time, the event will also
acknowledge Qatar’s success over the years and its future plans
for diversification. Forbes Middle East Editor-In-Chief Khuloud
Omian said, “Today, Qatar is the fourth highest income per
capita and was mainly dependent on oil and natural gas
reserves. The country is now on its path to diversify its
economy and by the visionary leadership; the country’s future
roadmap is promising.” With recent announcements like Qatar
National Vision 2030, the country is showing strong signs of
resilience amidst economic difficulties, taking necessary steps
to diversify. One of its biggest achievements: winning the bid
for FIFA 2022, ushering in an era of massive infrastructure
development and triggering a boom in tourism. (Peninsula
Qatar)
 Modern waste treatment plant opened in Mesaieed – A state-of-
the-art waste treatment plant, promoted by prominent
construction group Boom Constructions, was commissioned in
Mesaieed Industrial City (MIC). The Boom Waste Treatment
Company (BWTC), with a capacity to handle more than 4,600
tons of hazardous and hospital waste per year, is a first-of-its-
kind facility in Qatar. Employing Swiss and Italian technologies
in waste treatment, the plant is built to the environmental
standards set by the European Union (EU). It was informed at
the opening that the plant would treat approximately 12 tons of
hazardous and hospital waste (clinical waste) per day. The
promoters are expecting the government nod for a four-fold
increase in its capacity before the end of this year. (Gulf-
Times.com)
International
 US retail sales, inflation data highlight weak first quarter
growth – US retail sales fell for a second straight month in
March and consumer prices dropped for the first time in just
over a year, underscoring the magnitude of the loss of economic
growth momentum in the first quarter. However, with the labor

5. Page 5 of 8
market near full employment, April 14, weak reports failed to
change views that the Federal Reserve will raise interest rates
again in June. Economists expect a rebound in both retail sales
and monthly inflation. The Commerce Department said retail
sales dropped 0.2% last month after a 0.3% decrease in
February, which was the first and biggest decline in nearly a
year. Compared to March last year retail sales increased 5.2%.
Economists had forecast retail sales slipping 0.1%. Excluding
automobiles, gasoline, building materials and food services,
retail sales rebounded 0.5% last month after falling 0.2% in
February. (Reuters)
 US labor market tightening, inflation trending higher – The
number of Americans filing for unemployment aid
unexpectedly fell last week and consumer sentiment rose early
this month amid continued optimism over household finances,
suggesting a sharp slowdown in job growth in March was an
aberration. While other data showed producer prices falling in
March for the first time in seven months, prices recorded their
biggest year-on-year increase in five years. The reports pointed
to a steadily firming economy and could encourage the Federal
Reserve to increase interest rates again in June. Initial claims
for state unemployment benefits slipped 1,000to a seasonally
adjusted 234,000 for the week ended April 8, the Labor
Department said. That was the third straight weekly decline in
claims and left them near a 44-year low of 227,000 hit in
February. (Reuters)
 Germany annual inflation confirmed at 1.5% in March –
Germany's consumer prices, harmonized to compare with other
European countries, rose by 0.1% in March from the previous
month and jumped by 1.5% from the previous year, the Federal
Statistics Office said. The March reading marked the first
slowdown in annual inflation in nearly a year. In February it
rose to the highest level since August 2012 and it was the first
time since September 2012 that it surpassed the European
Central Bank's stability target of just under 2% for the
Eurozone. On a non-harmonized basis, consumer price inflation
for March was also confirmed. The national index rose by 0.2%
from February and increasing by 1.6% from the previous year.
(Reuters)
 Japan March exports seen up for fourth month, imports to jump
on oil prices – Japan's exports were expected to rise for a fourth
straight month in March thanks to solid global demand, while
imports were seen likely to gain at their fastest in three years as
oil prices rose, a Reuters poll found. Exports were seen likely to
grow 6.7% in March from a year earlier after they increased
11.3% in February, the poll of 18 analysts showed. That gain
was the most in more than two years and included a rebound
from January's Lunar New Year slowdown. A recovery in oil
prices and a weak yen pushed Japan's imports up 10.4% from a
year ago, the fastest increase since March 2014 when they rose
an annual 18.2%. This would result in trade surplus at 575.8bn
yen, a third straight month of surplus. (Reuters)
 OECD endorses Japan's monetary easing, urges minimum wage
hike – The Bank of Japan should maintain quantitative easing
until inflation exceeds its price target but it must be alert to the
risks posed to asset prices and the financial sector, the
Organization for Economic Cooperation and Development
(OECD) said. The OECD raised Japan's 2017 economic growth
forecast to 1.2%, from 1.0% in November, because of an
expected pickup in consumer spending, exports and capital
expenditure. However, the Paris-based think tank maintained
its forecast growth will slow to 0.8% in 2018, highlighting the
difficulty Japan faces achieving sustainable growth. To improve
this situation, Japan should raise the minimum wage further
and improve productivity at small- and medium-sized
enterprises, the OECD said in its latest economic assessment.
(Reuters)
 China March fiscal spending increases over 25% YoY, revenue
growth slows – China's fiscal spending increased 25.4% YoY in
March, accelerating from the first two months of the year as the
central and local governments pump money into infrastructure
projects to support economic growth. Growth in government
spending quickened from 17.4% seen in January and February
combined, the finance ministry said. Central government
spending rose 24.3% YoY in March, while spending by local
governments jumped 25.6%, the ministry said. (Reuters)
 China central bank to improve policy toolkit to maintain
financial stability – China's central bank will improve its policy
toolkit this year in order to maintain financial stability, the
People's Bank of China's (PBOC) said. The PBOC will also focus
on preventing cross-sector, cross-market financial risks, central
bank Vice Governor Fan Yifei said at an internal meeting.
China's central bank resumed injections into the money market
after a near three-week absence, in an apparent bid to ease
fears of a cash crunch in the financial system following massive
drains from maturing debt instruments. (Reuters)
Regional
 Inflation in Arab countries may hit 9.8% in 2017 – According to
the Arab Monetary Fund, affected by internal and external
factors, the inflation rate in Arab countries may reach 9.8% and
9.6% in 2017 and 2018 respectively. The Arab Economic
Outlook (AEO) said that the year 2016 saw a rise in inflation
rates in the Arab countries as a group to about 8.4%, compared
with about 6.6% recorded during 2015, reported WAM, the
official Emirates news agency. This increase reflected the effect
of reforms adopted to rationalize subsidy systems, especially
for fuel and energy products in most of the Arab countries, as
well as the impact of measures that have been taken by some
countries to rationalize imports of luxury goods due to of
pressures on the exchange rates. The inflation rate in 2016 was
also affected by the internal conditions in some countries and
their impact on the supply of goods and services. Explaining
internal and external factors that affect inflation in Arab
countries, the AMF said, "Internally, the general price level will
be impacted in some Arab countries by the continuation of
reforms aiming at rationalizing subsidy systems, the adoption
of value-added taxes as well as the tendency towards imposing
taxes on harmful goods. On the other hand, the expected
improvement in the agricultural production will mitigate part of
the inflationary pressures in some Arab countries.'' On external
factors, it stated the inflation rates will be influenced by the
expected increase in international oil prices in line with the
agreement between the main oil exporting countries to adjust
production as well as the expected increase in the dollar value
against the other major currencies, which will reduce the value

6. Page 6 of 8
of imports in Arab countries adopting fixed exchange rate
regimes against the dollar. (GulfBase.com)
 Corporate governance to boost competitiveness of SME sector –
An official of the Pearl Initiative said that raising awareness on
the advantages of good corporate governance among small and
medium sized enterprises (SME) will help enhance SME
competitiveness in the region. Executive Director Carla Koffel
noted that the SME sector in the GCC region has witnessed
rapid growth and plays an instrumental role in driving
economic development and job creation. However, smaller
businesses are unable to give adequate importance to corporate
governance practices, since they are often faced with the
challenge of limited resources or urgent competing business
needs. (GulfBase.com)
 Saudi Aramco CEO: Oil market rebalancing, demand expected
to rise – The oil market is rebalancing in the short term, and
demand will continue to grow in the long term, Saudi Aramco
Chief Executive Amin Nasser said at the Columbia University
Energy Summit. In the short term, the oil market has a surplus,
but Nasser said that supplies are falling behind what will be
required in coming years. He also added that the future market
situation will be increasingly on firmer grounds, though
volatility could continue until the rebalancing takes firmer hold
and inventory withdrawals assume a more consistent trend. In
both 2018 and 2019, Saudi Aramco expects demand to continue
to grow, and Nasser said he expects the growth will continue
into the years ahead. (Reuters)
 Saudi Arabia's debut $9bn Sukuk seen rising in grey market –
Saudi Arabia’s $9bn debut international Sukuk, launched and
priced on April 12, 2017, was seen trading at a cash price
premium of roughly 0.5 cents over the bond issue price in the
grey market early on April 13, 2017, traders said, illustrating
demand that had generated orders of $33bn. The dollar Sukuk,
with a coupon of 2.894% for the 5 year paper and 3.628% for the
10 year tranche, is the largest ever Islamic bond and the largest
emerging markets debt sale in 2017, beating Kuwait’s $8bn
conventional bond in March. (Reuters)
 UAE Economy Minister: Trade between the UAE and KSA
accounts for AED84bn – According to the UAE Economy
Minister, Sultan bin Saeed Al Mansouri, trade between the UAE
and Saudi Arabia currently accounts for AED84bn, while the
total value of Emirati projects in Saudi Arabia is estimated at
AED15bn. The UAE and Saudi Arabia enjoy huge export
potential and are the two biggest economies in the Arab world;
with a combined Gross National Product of $2tn. Al Mansour
also highlighted potential cooperation in the logistics sectors,
saying that over 1.9mn Saudi Arabian citizens travel to the
UAE annually. (Zawya)
 Schon signs JV deal for $870mn Dubai hospitality project –
Schon Properties and Al Hamad Group have announced a joint
venture (JV) to develop iSuites, a massive $870mn hospitality
project in Dubai. The plans will see the development of 2,550
hotel apartments at a single site within Dubai Investment Park,
close to the Expo 2020 venue. Al Hamad Group is investing
equity to finance the construction of the project and acquire a
substantial stake in the project while Schon Properties will
retain a substantial number of units for recurring income, while
some inventory is offered to select investors for sale.
(Bloomberg)
 Mubadala Development raises $1.5bn in two part bond sale –
Mubadala Development Company said it raised $1.5bn via a
two part international bond sale earlier this week, which will be
one of its last financing before it officially, merges with
International Petroleum Investment Company (IPIC) in May.
Mubadala is an Abu Dhabi government owned strategic fund
charged with making investments that will further the
Emirate’s economic development. It sold $850mn of bonds
maturing in 7 years and another $650mn bonds maturing in 12
years, to a diversified international investor base, greater than
three times oversubscribed at very competitive price. Mubadala
is considered by bond rating agencies to have the implicit
backing of the government and carries an "investment grade"
rating parallel to that of its parent of AA/Aa2. The company
said the 7 and 12 year bonds carried annual interest rate
coupons 3% and 3.75%, respectively. It did not say at what
price they were sold, but typically underwriters buy them at a
couple of points discount to par and then sell them on to
pension funds and similar institutions. (GulfBase.com)
 BKMB posts net profit of OMR44.23mn in 1Q2017 – Bank
Muscat (BKMB) recorded net profit of OMR44.23mn in 1Q2017
as compared to OMR43.75mn in 1Q2016. Net interest income
and income from Islamic financing came in at OMR69.46mn in
1Q2017 as compared to OMR68.04mn in 1Q2016. Operating
profit came in at OMR61.93mn in 1Q2017 as compared to
OMR64.59mn in 1Q2016. Net loans and advances stood at
OMR7.10bn, while customers’ deposits stood at OMR6.81bn at
the end of March 31, 2017. (MSM)
 ABOB reports narrower net profit of OMR5.2mn for 1Q2017 –
Ahli bank (ABOB) announced profit of OMR5.2mn in 1Q2017, a
decrease of 25.7% YoY. Operating income came in at
OMR12.1mn in 1Q2017 as compared to OMR12.8mn in 1Q2016.
Total assets stood at OMR1.84bn at the end of March 31, 2017.
Loans & advances and Financing stood at OMR1.54bn, while
customers’ deposits stood at OMR1.29bn at the end of March
31, 2017. (MSM)
 NBOB’s net profit edges down to OMR13.8mn in 1Q2017 –
National Bank of Oman’s (NBOB) net profit decreased 0.7% YoY
to OMR13.8mn in 1Q2017. Operating profit rose to OMR18.9mn
in 1Q2017 as compared to OMR18.8mn in 1Q2016. Total assets
stood at OMR3.60bn at the end of March 31, 2017 as compared
to OMR3.41bn at the end of March 31, 2016. Loans, advances
and financing activities for customers stood at OMR2.80bn
(+6.6% YoY), while customers’ deposits and unrestricted
investment accounts stood at OMR2.53bn (+5.7% YoY) at the
end of March 31, 2017. (MSM)
 BKDB’s net profit falls to OMR12.5mn in 1Q2017 – Bank Dhofar
(BKDB) reported net profit of OMR12.5mn in 1Q2017, a decline
of 7.7% YoY. Operating income fell to OMR32.1mn in 1Q2017 as
compared to OMR33.8mn in 1Q2016. Total assets stood at
OMR4.09bn at the end of March 31, 2017 as compared to
OMR3.76bn at the end of March 31, 2016. Net Loans and
Advances to customers stood at OMR3.08bn (+9.8% YoY), while
deposits from customers stood at OMR3.13bn (+11.5% YoY) at
the end of March 31, 2017. (MSM)

7. Page 7 of 8
 BKSB posts 43.9% YoY rise in net profit to OMR5.99mn in
1Q2017 – Bank Sohar‘s (BKSB) net profit increased 43.9% YoY
to OMR5.99mn in 1Q2017. Operating profit rose to OMR6.63mn
in 1Q2017 as compared to OMR6.20mn in 1Q2016. Total assets
stood at OMR2.60bn at the end of March 31, 2017 as compared
to OMR2.21bn at the end of March 31, 2016. Net loans and
advances stood at OMR1.92bn (+12.8% YoY), while deposits
from customers stood at OMR1.68bn (+18.1% YoY) at the end of
March 31, 2017. (MSM)

8. 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.
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Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on April 14, 2017) Source: Bloomberg (*$ adjusted returns,
#
Market closed on April 14, 2017)
70.0
90.0
110.0
130.0
150.0
170.0
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
QSE Index S&P Pan Arab S&P GCC
(0.3%) (0.4%)
(0.5%)
(0.1%)
0.3%
(0.8%) (0.9%)(1.0%)
(0.5%)
0.0%
0.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,285.69 (0.2) 2.5 11.6 MSCI World Index 1,832.28 (0.0) (0.7) 4.6
Silver/Ounce 18.54 (0.0) 3.0 16.5 DJ Industrial#
20,453.25 0.0 (1.0) 3.5
Crude Oil (Brent)/Barrel (FM Future)#
55.89 0.0 1.2 (1.6) S&P 500#
2,328.95 0.0 (1.1) 4.0
Crude Oil (WTI)/Barrel (FM Future)#
53.18 0.0 1.8 (1.0) NASDAQ 100#
5,805.15 0.0 (1.2) 7.8
Natural Gas (Henry Hub)/MMBtu#
2.99 0.0 (6.4) (18.8) STOXX 600#
380.58 0.0 0.0 6.1
LPG Propane (Arab Gulf)/Ton#
68.63 0.0 6.0 (4.9) DAX#
12,109.00 0.0 (0.7) 6.2
LPG Butane (Arab Gulf)/Ton#
79.00 0.0 10.5 (32.4) FTSE 100#
7,327.59 0.0 0.8 4.0
Euro 1.06 0.0 0.3 1.0 CAC 40#
5,071.10 0.0 (1.0) 5.0
Yen 108.64 (0.4) (2.2) (7.1) Nikkei 18,335.63 (0.1) 0.5 3.0
GBP 1.25 0.2 1.2 1.5 MSCI EM 960.43 (0.3) (0.1) 11.4
CHF 0.99 0.0 0.4 1.3 SHANGHAI SE Composite 3,246.07 (0.9) (0.9) 5.5
AUD 0.76 0.1 1.1 5.1 HANG SENG#
24,261.66 0.0 (0.1) 10.0
USD Index 100.51 (0.0) (0.7) (1.7) BSE SENSEX#
29,461.45 0.0 (1.1) 16.6
RUB 56.18 (0.2) (1.9) (8.7) Bovespa#
62,826.28 0.0 (3.1) 7.9
BRL 0.32 0.1 0.1 3.4 RTS 1,073.15 (1.5) (3.6) (6.9)
122.5
102.4
100.4