The document provides an overview of stock market performance in Qatar and other GCC countries on April 11, 2017. It notes that the QSE Index declined 0.7% led by losses in the telecom and real estate sectors. Top gainers included Qatar Cinema & Film Distribution up 10% while top losers were Al Khaleej Takaful Group down 4.7% and Ooredoo down 2.4%. Stock markets in other GCC countries such as Saudi Arabia and Abu Dhabi also declined slightly on the day.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.7% to close at 10,411.8. Losses were led by the Telecoms
and Real Estate indices, falling 2.0% and 1.3%, respectively. Top losers were Al
Khaleej Takaful Group and Ooredoo, falling 4.7% and 2.4%, respectively. Among the
top gainers, Qatar Cinema & Film Distribution Co. rose 10.0%, while Qatar General
Insurance & Reinsurance Co. was up 4.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.4% to close at 7,036.4. Losses were led by the
Telecom. Services and Commercial & Professional indices, falling 2.7% and 2.0%,
respectively. Eastern Prov. Cement fell 7.6%, while Bank Aljazira was down 3.9%.
Dubai: The DFM Index declined marginally to close at 3,535.2. The Consumer
Staples index fell 0.9%, while the Real Estate & Construction index declined 0.6%.
Almadina for Finance & Inv. fell 3.6%, while Hits Telecom Holding was down 1.9%.
Abu Dhabi: The ADX benchmark index fell 0.2% to close at 4,563.0. The Investment
& Financial Services index declined 2.4%, while the Consumer Staples index fell
1.2%. Abu Dhabi Islamic Bank declined 7.0%, while Al Khazna Ins. was down 4.8%.
Kuwait: The KSE Index rose 0.3% to close at 7,029.8. The Technology index gained
2.0%, while the Banks index rose 0.8%. Kuwait Building Materials Manufacturing
Co. gained 7.9%, while Automated Systems Co. was up 7.4%.
Oman: The MSM Index fell 0.5% to close at 5,550.0. Losses were led by the Services
and Financial indices, falling 0.4% each. Financial Services fell 63.0%, while Bank
Sohar was down 4.3%.
Bahrain: The BHB Index fell marginally to close at 1,362.7. The Insurance index
declined 0.8%, while the Commercial Banks index fell 0.2%. Bahrain National
Holding Co. declined 2.4%, while Bahrain Duty Free Complex was down 2.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distribution 33.00 10.0 0.0 20.2
Qatar General Ins. & Reins. Co. 41.00 4.9 0.0 (12.8)
Qatar Islamic Insurance Co. 62.90 2.8 7.1 24.3
National Leasing 18.04 1.7 474.1 17.8
Qatar Navigation 75.70 1.5 132.2 (20.8)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 9.44 0.1 2,195.7 0.7
Ezdan Holding Group 15.70 (1.9) 1,686.2 3.9
Al Khalij Commercial Bank 14.80 1.0 1,314.7 (12.9)
Mazaya Qatar Real Estate Dev. 13.92 0.2 980.2 (3.3)
Masraf Al Rayan 42.80 0.0 764.8 13.8
Market Indicators 11 Apr 17 10 Apr 17 %Chg.
Value Traded (QR mn) 283.3 234.4 20.9
Exch. Market Cap. (QR mn) 559,334.1 562,425.0 (0.5)
Volume (mn) 10.7 7.3 45.6
Number of Transactions 2,985 2,987 (0.1)
Companies Traded 44 42 4.8
Market Breadth 17:20 16:21 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,365.76 (0.7) (0.4) 2.8 15.4
All Share Index 2,948.57 (0.5) (0.3) 2.8 15.1
Banks 3,056.57 (0.5) (0.1) 5.0 13.2
Industrials 3,296.67 (0.4) (0.2) (0.3) 19.9
Transportation 2,314.90 0.8 0.4 (9.1) 12.5
Real Estate 2,381.82 (1.3) (1.0) 6.1 15.6
Insurance 4,334.91 0.1 0.2 (2.3) 17.3
Telecoms 1,247.43 (2.0) (0.9) 3.4 21.0
Consumer 6,407.86 0.2 0.1 8.6 13.4
Al Rayan Islamic Index 4,166.21 (0.3) (0.4) 7.3 18.8
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Qatar Gen. Ins. & Reins. Qatar 41.00 4.9 0.0 (12.8)
Kuwait Int. Bank Kuwait 0.27 3.9 6,196.7 28.6
National Petrochem. Co. Saudi Arabia 19.92 3.2 323.7 (6.2)
Al Ahli Bank of Kuwait Kuwait 0.33 3.2 246.2 8.3
Saudi Arabian Fertilizer Saudi Arabia 68.86 2.4 333.7 (7.8)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Eastern Prov. Cement Saudi Arabia 27.94 (7.6) 349.6 (19.0)
Abu Dhabi Islamic Bank Abu Dhabi 3.60 (7.0) 3,352.5 (5.3)
Bank Sohar Oman 0.14 (4.3) 82.7 (7.2)
Bank Al-Jazira Saudi Arabia 11.95 (3.9) 3,810.2 9.5
Saudi Cement Saudi Arabia 51.78 (3.7) 422.0 (27.3)
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Group 19.53 (4.7) 121.0 (7.4)
Ooredoo 102.30 (2.4) 68.3 0.5
Commercial Bank 31.10 (1.9) 90.2 0.5
Ezdan Holding Group 15.70 (1.9) 1,686.2 3.9
Qatar German Co. for Med. Dev. 9.52 (1.9) 57.5 (5.7)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 148.50 (0.7) 46,736.9 0.3
Masraf Al Rayan 42.80 0.0 32,578.9 13.8
Ezdan Holding Group 15.70 (1.9) 26,707.7 3.9
Vodafone Qatar 9.44 0.1 20,620.8 0.7
Al Khalij Commercial Bank 14.80 1.0 19,456.4 (12.9)
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* 10,411.77 (0.7) (0.4) 0.2 (0.2) 78.06 153,649.1 15.4 1.5 3.5
Dubai 3,535.22 (0.0) (0.9) 1.6 0.1 86.54 107,322.9 15.0 1.3 3.9
Abu Dhabi 4,562.99 (0.2) (1.1) 2.7 0.4 52.67 119,634.4 18.0 1.3 4.4
Saudi Arabia 7,036.36 (0.4) (0.6) 0.5 (2.4) 686.80 441,557.8 17.2 1.6 3.4
Kuwait 7,029.78 0.3 (0.0) 0.0 22.3 69.26 95,614.2 22.4 1.3 3.4
Oman 5,549.95 (0.5) (1.1) (0.0) (4.0) 5.88 22,204.7 11.2 1.1 5.3
Bahrain 1,362.68 (0.0) 0.7 0.5 11.7 5.72 21,801.9 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)
10,400
10,420
10,440
10,460
10,480
10,500
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 0.7% to close at 10,411.8. The Telecoms and
Real Estate indices led the losses. The index fell on the back of selling
pressure from GCC shareholders despite buying support from Qatari and
non-Qatari shareholders.
 Al Khaleej Takaful Group and Ooredoo were the top losers, falling 4.7%
and 2.4%, respectively. Among the top gainers, Qatar Cinema & Film
Distribution Co. rose 10.0%, while Qatar General Insurance &
Reinsurance Co. was up 4.9%.
 Volume of shares traded on Tuesday rose by 45.6% to 10.7mn from
7.3mn on Monday. However, as compared to the 30-day moving average
of 12.3mn, volume for the day was 13.1% lower. Vodafone Qatar and
Ezdan Holding Group were the most active stocks, contributing 20.5%
and 15.8% 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
Gulf Mushroom Products Oman OMR 1.6 1.5% – – 0.1 -59.1%
Almaha Ceramics Oman OMR 2.5 0.8% – – 0.5 -23.1%
Source: Company data, DFM, ADX, MSM, TADAWUL
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/11 UK UK Office for National Statistics CPI MoM March 0.4% 0.3% 0.7%
04/11 UK UK Office for National Statistics CPI YoY March 2.3% 2.3% 2.3%
04/11 UK UK Office for National Statistics CPI Core YoY March 1.8% 1.9% 2.0%
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 4 Due
UDCD United Development Company 17-Apr-17 5 Due
ABQK Al Ahli Bank 17-Apr-17 5 Due
QEWS Qatar Electricity & Water Company 17-Apr-17 5 Due
CBQK Commercial Bank 17-Apr-17 5 Due
GWCS Gulf Warehousing Company 18-Apr-17 6 Due
DHBK Doha Bank 19-Apr-17 7 Due
KCBK Al Khaliji 19-Apr-17 7 Due
DOHI Doha Insurance 19-Apr-17 7 Due
IHGS Islamic Holding Group 19-Apr-17 7 Due
QGRI Qatar General Insurance & Reinsurance 23-Apr-17 11 Due
QGTS Qatar Gas Transport Company (Nakilat) 23-Apr-17 11 Due
MARK Masraf Al Rayan 24-Apr-17 12 Due
QNNS Qatar Navigation (Milaha) 24-Apr-17 12 Due
QNCD Qatar National Cement Company 24-Apr-17 12 Due
QATI Qatar Insurance Company 25-Apr-17 13 Due
QOIS Qatar & Oman Investment 25-Apr-17 13 Due
MCGS Medicare Group 25-Apr-17 13 Due
QFLS Qatar Fuel Company 26-Apr-17 14 Due
ORDS Ooredoo 26-Apr-17 14 Due
AHCS Aamal Company 26-Apr-17 14 Due
MERS Al Meera Consumer Goods Company 26-Apr-17 14 Due
QCFS Qatar Cinema & Film Distribution Company 26-Apr-17 14 Due
WDAM Widam Food Company 26-Apr-17 14 Due
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 38.76% 33.96% 13,606,310.00
Qatari Institutions 29.32% 30.99% (4,743,274.47)
Qatari 68.08% 64.95% 8,863,035.53
GCC Individuals 1.69% 4.22% (7,161,507.52)
GCC Institutions 0.65% 3.59% (8,339,103.60)
GCC 2.34% 7.81% (15,500,611.12)
Non-Qatari Individuals 5.41% 4.68% 2,066,416.96
Non-Qatari Institutions 24.17% 22.56% 4,571,158.63
Non-Qatari 29.58% 27.24% 6,637,575.59

3. Page 3 of 6
MCCS Mannai Corp. 26-Apr-17 14 Due
AKHI Al Khaleej Takaful Insurance 27-Apr-17 15 Due
NLCS National Leasing (Alijarah) 27-Apr-17 15 Due
SIIS Salam International Investment 29-Apr-17 17 Due
QIMD Qatar Industrial Manufacturing Company 30-Apr-17 18 Due
ERES Ezdan Real Estate Company 30-Apr-17 18 Due
Source: QSE
News
Qatar
 QNBK’s net profit rises 12% YoY in 1Q2017 to QR3.2bn – QNB
Group (QNBK) reported 12% YoY increase in its 1Q2017 net
profit to QR3.2bn, primarily driven by 34% YoY growth in its
operating income to QR5.4bn. Net interest income increased by
27% YoY to reach QR4.2bn, with net fee & commission income
and net gain from foreign exchange reaching QR0.9bn and
QR0.2bn, respectively. The Group’s prudent cost control policy
and strong revenue generating capability allowed it to maintain
an efficiency ratio (cost to income ratio) of 28.9%, which is
considered one of the best ratios among financial institutions in
the region. EPS increased to QR3.5 in 1Q2017 as compared to
QR 3.1 in 1Q2016. Total assets increased by 35% YoY to reach
QR743bn at the end of March 31, 2017. The growth in total
assets was driven by growth of 33% YoY in loans & advances to
QR536bn. The Group was able to maintain the ratio of non-
performing loans to gross loans at 1.8%. The Group’s
conservative policy in regard to provisioning continued with
the coverage ratio maintained at 114% as at March 31, 2017.
QNBK was successful in attracting new customer deposits to
comply with the cap on loans to deposit ratio of 100% set by
Qatar Central Bank, which is effective from 2017-end. These
deposit mobilization efforts resulted in increased customer
funding by 34% YoY to reach QR541bn. This led to the Group’s
loan to deposit ratio reaching 99%. Capital Adequacy Ratio
(CAR) calculated as per the QCB and Basel III requirements
stood at 15.7% as at March 31, 2017, higher than the regulatory
minimum requirements of the Qatar Central Bank and Basel
Committee. Total Equity increased by 17% YoY to reach
QR71bn as at March 31, 2017. In March 2017, QNBK launched
its operations in Saudi Arabia’s capital, Riyadh. (QNB Group
Press Release)
 IMF calls for QCB rethink on 100% loan-to-deposit ratio
requirement – The International Monetary Fund (IMF) has
suggested that Qatar Central Bank (QCB) consider “suspending
or postponing” the implementation of the new loan-to-deposit
ratio requirement, which is to become effective from the end of
this year. Although progress has been made in implementing
Basel III and related regulation, including liquidity ratios,
counter-cyclical buffers and buffers for domestic systemically
important banks, the new loan-to-deposit requirement, to be set
at 100% by 2017-end, is “being questioned” by some banks,
which are pushing to change the formula to include long-term
wholesale funds in the denominator, the IMF said in its Article
IV consultation report. This view from the IMF comes in the
wake of Qatar contemplating a new 2017-22 strategic financial
plan and is in the process of identifying new priorities.
Emphasizing that the introduction of liquidity tools should
avoid creating pro-cyclical effects, the IMF said “if the liquidity
conditions become tighter for cyclical reasons, consideration
should be given to suspending or postponing the
implementation of the new loan-to deposit ratio requirement.”
As per the financial soundness indicator (FSI) data, loan-to-
deposit ratio reached a new high of 114.9% (in September 2016)
due to tightness in deposit mobilization. The report also said
Qatar’s banking sector is “sound but could face risks from
sustained low oil prices and increasing interest rates.” (Gulf-
Times.com)
 IMF: Qatar public debt seen at 48% of 2016 GDP remains
manageable – Qatar’s public debt, which is projected at nearly
48% of GDP at 2016-end remains manageable, given the
estimated size of the sovereign wealth fund, the International
Monetary Fund (IMF) said in its recent country report.
According to the IMF, Qatar government borrowing was “being
increasingly used to finance the budget.” The authorities have
been financing the 2016 fiscal deficit mainly through domestic
and foreign borrowing, without drawing down their sovereign
wealth fund. In 2016, Qatar raised a total of $14.5bn of external
debt and issued $2.6bn of domestic bonds and Sukuk, the IMF
noted. The report noted that fiscal policy measures have been
implemented in Qatar to “adjust to the new environment of
sustained lower energy prices.” The oil price shock has
adversely affected the overall fiscal balance, it said. The central
government surplus fell from 12.3% of GDP in 2014 to 1.2% in
2015. (Gulf-Times.com)
 IMF: Nationals should be incentivized to work in private sector
– Qatar’s labor market and civil service reforms should focus on
improving incentives for nationals to work in the private sector,
particularly in the context of on-going fiscal consolidation, the
International Monetary Fund (IMF) has suggested. Building on
this reform, addressing the uncertainty about permanent
residency would help retain high skilled workers to support
expansion of investment into higher productivity sectors.
“Labor productivity will also be enhanced through
improvements in the quality of education and training,” the
IMF said in its latest country report. The IMF report noted that
the main change introduced by the new labor law in Qatar
entails enhanced focus on contracts, allowing workers to
change jobs at the end of the contracted term or after five years.
(Gulf-Times.com)
 Qatar finds eco-friendly solution to steel slag stockpile – Qatar
has found an environment-friendly solution to its large
stockpile of steel slag, aggregating more than 1.6mn tons, by
planning to utilize it in the construction sector, especially for
roads, in view of the fast-paced infrastructure development
taking place ahead of hosting the 2022 FIFA World Cup. A well-
researched move undertaken by the UK Transport Research
Laboratory (TRL), in collaboration with the Ministry of
Municipality and Environment (MME), Ashghal and Qatar Steel

4. Page 4 of 6
would reduce the dependence on the imported aggregate and
hence savings in foreign exchange. (Gulf-Times.com)
 QSE announces trading suspension in the shares of MRDS on
April 12 – Qatar Stock Exchange (QSE) announced trading
suspension in the shares of Mazaya Qatar Real Estate
Development Company (MRDS) on April 12, 2017 due to its
AGM and EGM being held on the day. (QSE)
 ERES to disclose its 1Q2017 financial statements on April 30 –
Ezdan Holding Group (ERES) announced it would disclose its
1Q2017 financial statements on April 30, 2017. (QSE)
International
 US small businesses expect continued 2017 growth – US small
businesses expect stronger revenue this year and many
anticipate adding employees, a generally optimistic read that
could support job growth in coming months, the New York Fed
reported. In a national survey that covered nearly 16,000 firms
with fewer than 500 employees, more than 60% said they
expect more revenue in 2017 than last year, and around 40%
anticipated expanding their workforce. A third of firms said
they had added workers in 2016, with fewer than 20% saying
they had reduced employment. The findings on employment
were "a positive note" in a report that detailed a broader picture
of businesses struggling to get the financing needed to expand,
said a Federal Reserve official who worked on the study but was
not authorized to speak on the record. Steady national job
growth and a 4.5% unemployment level have convinced
Federal Reserve policymakers that the economy is near full
employment, or perhaps even slightly beyond it. Though job
growth slowed in March, the small business survey is a sign
that hiring may continue since smaller firms are responsible for
the bulk of US hiring. (Reuters)
 Eurozone February industry output falls, largely due to energy –
Eurozone industrial output declined in February, against market
expectations of a slight increase, largely due a sharp drop of
energy production dampening prospects for robust economic
growth after bullish sentiment indicators. The European
Union's statistics office Eurostat said that industrial production
in the 19-country single currency bloc fell by 0.3% from
January, but rose by 1.2% YoY. Both figures were lower than
market expectations of increases of 0.1% MoM and of 2.0%
YoY. January's output numbers were also cut to 0.3% MoM from
an initially reported 0.9% and to 0.2% YoY from the 0.6%
published a month ago. The tepid production numbers contrast
with bullish sentiment indicators. According to the Markit
purchasing manager index, regarded as a good guide to growth,
Eurozone businesses enjoyed their best quarter in six years at
the start of 2017. (Reuters)
 Japan bank loan rises 3.0% YoY in March – Japanese bank
lending rose 3.0% YoY in March, the Bank of Japan said.
Outstanding loans held by the country's four main categories of
banks, including "shinkin" or credit unions, stood at $4.68tn.
(Reuters)
 Japan core machinery orders rebound, sign of gradual capex
pickup – Japan's core machinery orders rebounded modestly in
February from the previous month's decline, a tentative sign of
the pick-up in capital expenditure Japan needs to secure
sustainable economic growth. Cabinet Office data published
showed the core orders, a highly volatile data series regarded as
an indicator of capital spending in the coming six to nine
months, rose 1.5%, versus a 2.7% rise expected by economists.
That followed a 3.2% decline in January. The data comes as
Japan's economy, the world's third largest, has shown signs of
life in recent months, with factory output and exports enjoying
a recovery in global demand, despite stubbornly weak
consumer spending. (Reuters)
 China March producer inflation cools for first time in seven
months on steel glut fears – China's producer price inflation
cooled for the first time in seven months in March as iron ore
and coal prices tumbled, pressured by fears that Chinese steel
production is outweighing demand and threatening a glut of the
metal later this year. A renaissance in China's steel industry has
been a major driver of the world's second-largest economy in
recent quarters, helping to generate the strongest profit growth
in years and adding to a reflationary pulse being felt across the
global manufacturing sector. However, after cranking out as
much metal as possible in recent months, Chinese steel mills
are now starting to cut prices, threatening to snuff out a bull
market that had pushed prices of some steel construction
products to their highest since 2014. China's producer price
index (PPI) rose 7.6% in March from a year earlier, still at an
elevated pace but in line with analysts' expectations and easing
from a gain of 7.8% in February, which was a 9-year high, the
National Bureau of Statistics said. Economists polled by Reuters
had forecast a softer reading as a torrid rally in China's
commodity markets showed signs of correcting and on
expectations that measures to cool the country's overheated
housing market would eventually slow demand for steel and
other building materials. (Reuters)
Regional
 Takaful industry reports double digit growth in the GCC –
According to the Global Takaful Report, Takaful (Islamic
Insurance) industry has grown in high double digits across the
GCC in recent years. In terms of gross written contribution
(GWC) equivalent of gross written premium in the conventional
industry, the GCC markets grew by a compounded annual
growth rate (CAGR) of 18% during 2012 to 2015 period. While
South East Asia reported a negative growth of 4% due to
currency depreciation, Africa reported a CAGR of 19% during
the same period. GCC markets continue to dominate general
Takaful whereas South East Asia continues to dominate life
Takaful. GCC had an overall market share of 88% of general
Takaful market in 2015. Saudi Arabia and UAE reported the
strongest growth in general Takaful in 2015 with 20% and 19%
growth in total contributions, respectively In the GCC, family
Takaful achieved a record growth of 34% in 2015 in total
contributions mainly as a result of high growth in the UAE
driven by the introduction of compulsory health insurance in
Dubai. (GulfBase.com)
 OPEC figures show oil output cuts exceed pledge in March – The
Organization of the Petroleum Exporting Countries (OPEC)
states cut oil output in March by more than they pledged under
supply curbs, according to figures the exporter group uses to
monitor its supply, extending a record of higher-than-expected
adherence to its first production cut in eight years. OPEC agreed
to cut output by about 1.2mn barrels per day (bpd) for six
months from January 1 to prop up prices and reduce a glut.

5. Page 5 of 6
Russia and 10 other non-OPEC states agreed to cut half as
much. Production from the 11 OPEC members with output
targets under the deal has averaged 29.757mn bpd. OPEC
pledged to reduce output by the 11 countries to 29.804mn bpd.
This means production has fallen by more than OPEC said it
would and amounts to 104% adherence to the supply cut
regime. (Gulf-Times.com)
 Saudi Arabia said likely to support OPEC extending output cuts
– Saudi Arabia is likely to support extending the Organization of
Petroleum Exporting Countries (OPEC) output cuts into 2H2017
in an effort to boost oil prices. OPEC is scheduled to gather in
Vienna on May 25, 2017 to discuss whether to roll over for
another six months the 1.2mn barrels a day in production cuts it
implemented in January. Several OPEC countries, including
Kuwait, have expressed public support for an extension. While
Riyadh is likely to support extending the curbs to end a three-
year oil glut, the Kingdom hasn’t taken a final decision yet.
Saudi Arabia, the world’s largest oil exporter, will decide on an
extension depending on the stance of other OPEC nations such
as Iraq and Iran, as well as Russia, which isn’t a member of the
group but joined the output cuts. Meanwhile, Saudi Arabia
pared its oil production in March to the lowest since January,
staying below the output level it pledged to maintain as part of
a global deal to reduce crude supplies. The biggest producer in
OPEC cut output by 111,000 barrels a day last month to 9.9mn a
day. Production had increased in February to 10.011mn barrels
a day as the country replenished its own storage tanks.
(Bloomberg)
 Saudi Arabia, oil majors discuss gas investments ahead of Saudi
Aramco’s IPO – Saudi Arabia and international oil companies
have discussed gas venture opportunities inside the Kingdom
and abroad as part of the top crude-exporting country's drive to
diversify investments before the listing of national energy
giant Saudi Aramco. According to sources, Saudi Arabian
officials explored investment opportunities with firms
including BP and Chevron to help develop its gas reserves, the
world’s sixth largest, at a time of booming energy demand at
home. Saudi Aramco has also looked into investing in gas
ventures abroad, including with Italy's Eni. (Reuters)
 Saudi Aramco will supply full crude contract volumes to Asia –
According to sources, Saudi Aramco will supply full contract
volumes of crude oil to at least three Asian buyers in May,
steady compared to April. Despite commitments to cut
production in an OPEC deal, Saudi Aramco has kept its supplies
to the majority of Asian buyers at contracted volumes,
reflecting its strategy of maintaining market share in the
fastest-growing market. However, the oil kingpin has requested
that buyers refrain from using the so-called plus tolerance to
buy additional volumes on top of contracted volumes. (Reuters)
 Saudi Arabia starts marketing dual-tranche Sukuk – Saudi
Arabia has begun marketing its debut Sukuk about 20bps back
of its conventional curve. The sovereign has opened books on a
5 year tranche at 115bps area over mid-swaps. It is also
marketing a 10 year tranche at plus 155bps area. According to
Tradeweb, the Kingdom's October 2021 conventional notes are
trading at a Z-spread of 93bps. October 2026s are at plus
136bps. Koon Chow, FX and macro strategist at UBP said, "I
think there is very little premium here. Very likely to be
tightened, which would bring the bond very close to the
existing five-year and 10-year instruments and therefore
offering little pick-up for a one-year extension over the existing
2021 and 2026 non-Sukuk Eurobonds." (Peninsula Qatar)
 DIB posts net profit of AED1,008mn in 1Q2017 – Dubai Islamic
Bank (DIB) recorded net profit of AED1,008.4mn in 1Q2017 as
compared to net profit of AED875.3mn in 1Q2016. Total assets
stood at AED186.87bn at the end of March 31, 2017 as compared
to AED174.97bn at the end of March 31, 2016. Customers’
deposits stood at 137.23bn at the end of March31, 2017.
Earnings per share came in at AED0.16 in 1Q2017, as compared
to AED0.15 in 1Q2016. (DFM)
 Aster DM Healthcare agrees $295mn loan with Axis Bank –
UAE based Aster DM Healthcare has agreed a $295mn credit
facility with India's Axis Bank. Aster had a $276mn loan
outstanding with a consortium of eight banks, and it had drawn
$176mn out of that facility. The new loan offers attractive
terms and conditions, which the existing consortium of eight
banks are unable to match. According to sources, Aster had
approached its banks to change some terms of its outstanding
syndicated loan. Aster is about to inaugurate one hospital in the
Emirate of Sharjah and one in Qatar, and is working on six more
hospital projects in the Gulf. It expects a turnover of over $1bn
in 2017. (Reuters)
 Damac sets final yield for $500mn five year Sukuk at 6.25% –
Damac Properties has set the final yield of its planned $500mn
five year Sukuk at 6.25%. Initial price guidance for the bond
was released on April 10, 2017 in the mid-6% area before
tightening to 6.375% earlier on April 11, 2017. Order books
amounted to about $1.1bn. The Sukuk, arranged by BofA Merrill
Lynch, Emirates NBD Capital, HSBC, and VTB Capital will price
later on April 11, 2017. (Reuters)
 Dubai Islamic Bank rules out further debt issuance in 2017 –
Dubai Islamic Bank’s Chief Executive Adnan Chilwan said that
the bank has no plans to issue further debt in 2017. The bank in
February issued a five year $1bn Sukuk. (Reuters)
 Abu Dhabi's Mubadala issue $1.5bn bonds – Abu Dhabi’s state
owned fund Mubadala has issued a $1.5bn bond comprising a 7
year $850mn tranche and a 12 year $650mn tranche. The bond
is the first debt issuance since the company merged with fellow
Abu Dhabi fund International Petroleum Investment Company
(IPIC). The 7 year paper, with a 3% coupon, had a re-offer price
of 100 basis points (bps) over mid-swaps generating a 3.1%
yield. The 12 year notes, which carry a 3.75% coupon, were
issued with a re-offer price of 140 bps over mid-swaps to yield
3.752%. Mubadala had released initial price guidance in the 125
bps area over mid-swaps for the 7 year notes and in the 165 bps
area over mid-swaps for the 12 year notes. (Reuters)
 Boubyan Bank posts 17% rise in net profit to KD10.7mn in
1Q2017 – Boubyan Bank’s net profit increased 17% to
KD10.7mn in 1Q2017. Total assets stood at KD3.7bn at the end
of March 31, 2017. Operational revenues increased to KD29mn,
experiencing a growth of 17%. Customers’ deposits rose 20% to
KD3.1bn. EPS increased to 0.0047KD in 1Q2017, as compared to
KD0.004 in 1Q2016. Meanwhile, credit rating agency Moody’s
recently upgraded the credit rating of Boubyan Bank’s long-
term deposit ratings from “Baa1” to “A3”. (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)
70.0
90.0
110.0
130.0
150.0
170.0
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
QSEIndex S&P Pan Arab S&P GCC
(0.4%)
(0.7%)
0.3%
(0.0%)
(0.5%)
(0.2%)
(0.0%)
(0.8%)
(0.4%)
0.0%
0.4%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,274.57 1.6 1.6 10.6 MSCI World Index 1,847.88 0.1 0.1 5.5
Silver/Ounce 18.34 2.2 1.8 15.2 DJ Industrial 20,651.30 (0.0) (0.0) 4.5
Crude Oil (Brent)/Barrel (FM Future) 56.23 0.4 1.8 (1.0) S&P 500 2,353.78 (0.1) (0.1) 5.1
Crude Oil (WTI)/Barrel (FM Future) 53.40 0.6 2.2 (0.6) NASDAQ 100 5,866.77 (0.2) (0.2) 9.0
Natural Gas (Henry Hub)/MMBtu 3.08 (2.4) (3.6) (16.4) STOXX 600 381.18 0.1 0.1 6.1
LPG Propane (Arab Gulf)/Ton 67.50 0.7 4.0 (5.9) DAX 12,139.35 (0.4) (0.6) 6.4
LPG Butane (Arab Gulf)/Ton 74.75 3.8 7.2 (22.9) FTSE 100 7,365.50 0.7 1.0 4.3
Euro 1.06 0.1 0.1 0.8 CAC 40 5,101.86 (0.0) (0.5) 5.6
Yen 109.62 (1.2) (1.3) (6.3) Nikkei 18,747.87 0.8 1.7 4.2
GBP 1.25 0.6 1.0 1.2 MSCI EM 954.44 (0.4) (0.7) 10.7
CHF 0.99 0.1 0.2 1.1 SHANGHAI SE Composite 3,288.97 0.8 0.2 6.6
AUD 0.75 (0.0) (0.0) 4.0 HANG SENG 24,088.46 (0.7) (0.8) 9.2
USD Index 100.71 (0.3) (0.5) (1.5) BSE SENSEX 29,788.35 0.6 (0.3) 17.6
RUB 56.96 (0.4) (0.5) (7.4) Bovespa 64,359.79 (0.3) (0.5) 10.7
BRL 0.32 (0.2) 0.3 3.7 RTS 1,091.08 0.6 (2.0) (5.3)
122.1
102.3
100.4