The QSE Index declined 0.3% to close at 10,650.3. Losses were led by the Real Estate and Transportation indices, falling 1.4% and 1.2%, respectively.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.3% to close at 10,650.3. Losses were led by the Real Estate
and Transportation indices, falling 1.4% and 1.2%, respectively. Top losers were
Qatar Cinema & Film Distribution Company and Ahli Bank, falling 7.8% and 6.1%,
respectively. Among the top gainers, Qatar General Insurance & Reinsurance
Company gained 3.9%, while Doha Bank was up 3.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.8% to close at 8,466.1. Gains were led by the
Media & Ent. and Food & Beverages indices, rising 5.3% and 2.9%, respectively.
Saudi Cable Co. rose 8.3%, while Saudi Research and Marketing Group was up 5.8%.
Dubai: The DFM General Index gained 0.9% to close at 2,517.0. The Investment &
Fin. Services index rose 1.8%, while the Real Estate & Const. index gained 1.4%.
Dar Al Takaful rose 7.3%, while Damac Properties Dubai Co. was up 4.3%.
Abu Dhabi: The ADX General Index rose 0.3% to close at 4,970.8. The Consumer
Staples index gained 1.1%, while the Banks index rose 0.6%. International Holdings
Company gained 5.3% while Union National Bank was up 2.3%.
Kuwait: The Kuwait Main Market Index declined 0.5% to close at 4,790.1. The
Insurance index fell 6.5%, while the Basic Materials index declined 1.2%. Kuwait
Reinsurance Co. fell 43.4%, while Burgan Co. for Well Drilling. was down 10.0%.
Oman: The MSM 30 Index fell 0.4% to close at 4,166.0. Losses were led by the
Services index, falling 0.7%, while the Industrial index declined 0.5%. Shell Oman
Marketing fell 3.9% while Al Madina Investment was down 3.2%.
Bahrain: The BHB Index gained 0.7% to close at 1,361.6. The Commercial Bank
Index gained 1.2% while the Services index gained 0.6%. BMMI rose 2.7%, while
Ahli United Bank was up 2.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar General Ins. & Reins. Co. 46.90 3.9 8.5 4.5
Doha Bank 22.67 3.4 1,589.1 2.1
Qatar First Bank 4.19 2.4 1,875.6 2.7
Islamic Holding Group 21.44 2.1 1.8 (1.9)
Mannai Corporation 57.00 1.8 0.6 3.7
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 4.19 2.4 1,875.6 2.7
Doha Bank 22.67 3.4 1,589.1 2.1
Qatar Aluminium Manufacturing 12.30 (0.5) 628.3 (7.9)
United Development Company 16.09 (0.2) 497.3 9.1
Qatar Gas Transport Company Ltd. 18.60 (1.6) 315.3 3.7
Market Indicators 23 Jan 19 22 Jan 19 %Chg.
Value Traded (QR mn) 185.0 222.6 (16.9)
Exch. Market Cap. (QR mn) 611,051.1 614,134.0 (0.5)
Volume (mn) 7.6 8.0 (4.9)
Number of Transactions 4,717 4,781 (1.3)
Companies Traded 46 44 4.5
Market Breadth 12:33 16:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,764.65 (0.3) (1.3) 3.4 15.6
All Share Index 3,210.18 (0.5) (0.9) 4.3 16.1
Banks 3,908.67 (0.1) (0.3) 2.0 14.5
Industrials 3,381.62 (1.0) (2.4) 5.2 16.1
Transportation 2,146.90 (1.2) (4.8) 4.2 12.4
Real Estate 2,387.62 (1.4) 0.8 9.2 21.5
Insurance 3,268.86 0.8 (0.6) 8.7 19.5
Telecoms 1,004.72 (0.5) (1.4) 1.7 40.7
Consumer 7,117.87 0.3 (1.7) 5.4 14.6
Al Rayan Islamic Index 4,043.30 (0.6) (1.5) 4.1 15.7
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Yanbu Cement Co. Saudi Arabia 27.40 4.8 639.1 14.2
DAMAC Properties Dubai 1.20 4.3 6,437.0 (20.5)
Savola Group Saudi Arabia 31.25 3.8 447.3 16.6
Almarai Co. Saudi Arabia 55.90 3.5 452.1 16.5
Jabal Omar Dev. Co. Saudi Arabia 33.45 2.9 2,055.8 (2.8)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Shell Oman Marketing Co. Oman 1.25 (3.8) 162.2 (15.8)
Emaar Malls Dubai 1.57 (1.9) 10,635.0 (12.3)
Qatar Gas Transport Co. Qatar 18.60 (1.6) 315.3 3.7
Industries Qatar Qatar 144.00 (1.6) 103.9 7.8
Kuwait Finance House Kuwait 0.63 (1.6) 7,031.7 2.8
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Qatar Cinema & Film Distribution 17.53 (7.8) 0.0 (7.8)
Ahli Bank 30.00 (6.1) 2.0 7.1
Al Khaleej Takaful Insurance Co. 9.53 (3.7) 149.9 10.9
Doha Insurance Group 12.11 (3.0) 16.1 (7.5)
Zad Holding Company 120.00 (2.8) 6.6 15.4
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Doha Bank 22.67 3.4 35,611.7 2.1
QNB Group 197.98 (0.0) 30,657.2 1.5
Industries Qatar 144.00 (1.6) 14,992.4 7.8
Qatar Islamic Bank 158.00 0.0 9,257.6 3.9
Masraf Al Rayan 41.00 (0.5) 8,254.6 (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* 10,650.31 (0.3) (1.3) 3.4 3.4 50.66 167,855.7 15.6 1.6 4.1
Dubai 2,517.00 0.9 0.0 (0.5) (0.5) 37.09 92,360.1 7.6 0.9 5.6
Abu Dhabi 4,970.81 0.3 (0.3) 1.1 1.1 33.94 135,967.7 13.4 1.4 4.8
Saudi Arabia 8,466.10 0.8 0.2 8.2 8.2 706.93 536,135.5 18.3 1.9 3.3
Kuwait 4,790.14 (0.5) (0.1) 1.1 1.1 100.10 33,089.5 16.8 0.8 4.3
Oman 4,165.97 (0.4) (1.7) (3.6) (3.6) 3.88 18,140.4 8.3 0.7 6.2
Bahrain 1,361.63 0.7 1.5 1.8 1.8 16.73 20,788.1 8.8 0.8 6.0
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,550
10,600
10,650
10,700
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 0.3% to close at 10,650.3. The Real Estate and
Transportation indices led the losses. The index fell on the back of
selling pressure from Qatari and GCC shareholders despite buying
support from non-Qatari shareholders.
 Qatar Cinema & Film Distribution Company and Ahli Bank were the top
losers, falling 7.8% and 6.1%, respectively. Among the top gainers,
Qatar General Insurance & Reinsurance Company gained 3.9%, while
Doha Bank was up 3.4%.
 Volume of shares traded on Wednesday fell by 4.9% to 7.6mn from
8.0mn on Tuesday. However, as compared to the 30-day moving average
of 7.3mn, volume for the day was 3.7% higher. Qatar First Bank and
Doha Bank were the most active stocks, contributing 24.8% and 21.0%
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)
4Q2018
% Change
YoY
Operating Profit
(mn) 4Q2018
% Change
YoY
Net Profit
(mn) 4Q2018
% Change
YoY
Saudi Telecom Co.* Saudi Arabia SR 52,068.0 2.7% 12,256.0 11.6% 10,790.0 7.7%
Saudi Industrial Investment Group* Saudi Arabia SR 8,930.0 21.3% 2,310.0 6.5% 867.0 -13.6%
National Petrochemical Co. * Saudi Arabia SR 8,930.0 21.3% 2,009.0 23.6% 1,165.0 31.2%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
01/23 US Mortgage Bankers Association MBA Mortgage Applications 18-January -2.70% – 13.50%
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 4Q2018 results No. of days remaining Status
NLCS Alijarah Holding 24-Jan-19 0 Due
DHBK Doha Bank 27-Jan-19 3 Due
WDAM Widam Food Company 27-Jan-19 3 Due
QIIK Qatar International Islamic Bank 27-Jan-19 3 Due
IHGS Islamic Holding Group 28-Jan-19 4 Due
MCGS Medicare Group 30-Jan-19 6 Due
QIGD Qatari Investors Group 30-Jan-19 6 Due
QATI Qatar Insurance Company 3-Feb-19 10 Due
CBQK The Commercial Bank 4-Feb-19 11 Due
UDCD United Development Company 6-Feb-19 13 Due
QISI The Group Islamic Insurance Company 10-Feb-19 17 Due
QEWS Qatar Electricity & Water Company 10-Feb-19 17 Due
QIMD Qatar Industrial Manufacturing Company 10-Feb-19 17 Due
DOHI Doha Insurance Group 13-Feb-19 20 Due
ORDS Ooredoo 13-Feb-19 20 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 37.57% 47.13% (17,686,923.95)
Qatari Institutions 8.73% 10.90% (4,007,777.41)
Qatari 46.30% 58.03% (21,694,701.36)
GCC Individuals 0.56% 0.86% (558,791.04)
GCC Institutions 3.78% 3.94% (289,116.29)
GCC 4.34% 4.80% (847,907.33)
Non-Qatari Individuals 10.53% 10.87% (633,801.90)
Non-Qatari Institutions 38.83% 26.30% 23,176,410.59
Non-Qatari 49.36% 37.17% 22,542,608.69

3. Page 3 of 8
News
Qatar
 QNCD's bottom line rises ~53% YoY and ~156% QoQ in 4Q2018
– Qatar National Cement Company’s (QNCD) net profit rose
~53% YoY (~+156% QoQ) to ~QR129mn in 4Q2018. In FY2018,
QNCD reported net profit of QR347.8mn as compared to
QR326.9mn in FY2017. EPS increased to QR5.32 in FY2018 from
QR5.00 in FY2017. The board of directors recommended a
distribution of 50% of the share capital as cash dividend to the
shareholders for FY2018, which amounts to QR5 for each share
held. (QSE)
 QCB: Qatari banks’ assets rise over 4% YoY to QR1.4tn in
December 2018 – Total assets of commercial banks in Qatar
registered more than 4% YoY jump to QR1.42tn in December
2018, according to Qatar’s central bank figures. Out of the total
assets, more than 66% was credit portfolio that amounted to
QR940.43bn, which witnessed more than 3% YoY growth in
December 2018. Much of the credit went to the private sector,
which accounted for about 63% of the total or QR588.54bn in
December last year. Credit to the private sector grew about 11%
on a yearly basis. The higher growth in credit to the private
sector showed the resiliency in the overall economy outside the
hydrocarbons even amidst the economic blockade and despite
the increasing cost of credit, market sources said. Credit to the
public sector stood at QR336.78bn, or about 36% of the total
credit in December 2018. Credit to the public sector witnessed
more than 6% YoY decline. Out of the QR1.42tn assets, as much
as QR1.18tn, or more than 83%, was domestic assets and the
remaining QR0.23tn, or 17%, was overseas in December 2018.
Of the QR940.43bn total credit, domestic credit was QR859.9bn,
or 91% of the total, whereas overseas credit amounted to
QR80.53bn, or 9%. The second largest component within the
commercial banks' assets is the securities portfolio, which stood
at QR177.45bn, or about 13% of the total in the review period.
The securities portfolio had however seen more than 9%
decline on a yearly basis. (Gulf-Times.com)
 QISI’s board meets to discuss the financial statements ended
December 31, 2018 on February 10, 2019 – The Group Islamic
Insurance Company (QISI) announced that its board of
directors will meet on February 10, 2019 to discuss the
company’s 2018 financial results and the profit distribution.
(QSE)
 Vodafone Qatar opens nominations for its board membership –
Vodafone Qatar’s board of directors announced the opening of
the nomination period for the election of the three independent
board members to the board of directors of Vodafone Qatar for a
term of three years starting in 2019 and ending in 2021. The
nomination period shall be open for fifteen days starting from
January 24, 2019 and closing on February 7, 2019. (QSE)
 Al Kuwari: Qatar’s reforms boost FDI inflows – Minister of
Commerce and Industry, HE Ali Bin Ahmed Al Kuwari, said that
Qatar has recently brought about radical structural reforms to
tackle obstacles to the growth drivers, as part of opening up its
economy for potential international investors. The Minister
noted Qatar has sought to make its economy more accessible to
the world. The country has begun to fast-track the
implementation of progressive policies to further attract foreign
direct investments. FDIs increased by 4% or $7.8bn to $186bn
at the end of the first quarter of 2018. This increase was driven
by Qatar’s revised legislations and regulations to provide
further incentives to foreign investors and allow up to 100%
ownership in all sectors, which benefit from income tax
exemptions as well as exemptions from customs duties on the
import of all required goods for production. Qatar is also
allocating lands by way of rent for up to 50 years to foreign
investors to establish their projects, while allowing foreign
companies to transfer their investment returns to their home
countries in any convertible currency and investors to transfer
the ownership of their companies to a Qatari or foreign investor
in accordance with applicable laws. Currently, Qatar allows
investors up to 100% ownership in free zones and offers tax
exemptions for up to 20 years amid no restrictions on the
repatriation of capital. The investors in these areas can export
to local markets, tap investment funds and enter into joint
ventures with local state-backed companies. (Peninsula Qatar)
 Al-Kuwari: Blockade enhanced Qatar's lead as regions most
diversified economy – Minister of Commerce and Industry, HE
Ali bin Ahmed Al-Kuwari said the blockade imposed on Qatar
since mid-2017 has given the country the opportunity to
cement its leading position as one of the strongest, most diverse
and competitive economies in the region. This came in Al-
Kuwari’s speech during a discussion that took place on ‘Multiple
Strategic Visions: the Future of Policy-related Investment’, at
the World Economic Forum in Davos. He said the meeting was
being held in the backdrop of uncertain global economic
changes. Qatar witnessed regional challenges through the
blockade aimed at undermining its position as an economically
independent and sovereign state. Qatar had been working on
achieving sustainable development, even before the blockade
was imposed, through adopting comprehensive policies aimed
at increasing the contribution of non-oil sectors to the country’s
GDP. Qatar works on directing its revenue from oil and natural
gas towards supporting other economic sectors, in addition to
transforming the commercial sector and national industries into
active partners to achieve the National Development Strategy
objectives, Al-Kuwari said. (Gulf-Times.com)
 Qatar prepares to issue tender for LNG expansion – Qatar is
preparing to issue a tender for energy firms seeking a stake in
its gas expansion project, drawing interest from long-standing
partners as well as newcomers Chevron, Norway’s Equinor and
Italy’s Eni, industry sources said. Plans to expand Qatar’s
Liquefied Natural Gas (LNG) facilities, already the world’s
largest, by more than a third in the next five years are
considered one of the most lucrative investments in the rapidly
growing global gas market. Competition is expected to be fierce.
The huge interest underscores how successfully the Gulf
country positioned itself in the face of a boycott imposed in
2017 by Saudi Arabia, the UAE, Bahrain and Egypt. Qatar’s
state-run oil and gas company has in recent weeks held talks
with several foreign energy firms that want to help build the
new LNG facilities, sources added. Qatar Petroleum is preparing
to issue a tender seeking partners to invest in the construction
of a fourth LNG train, or production line, that will see its
capacity grow to 110mn tons a year (mtpa) from the current 78
mtpa. (Peninsula Qatar)

4. Page 4 of 8
 Qatar Chamber forecasts further growth in non-oil sector – The
QR48bn worth of funding expected to be awarded for projects in
various sectors this year will push growth in the country,
especially in non-oil sectors, according to Qatar Chamber’s
Chairman, Sheikh Khalifa Bin Jassim Al-Thani. Sheikh Khalifa,
who referred to Qatar’s 2019 budget as a catalyst for more
economic accomplishments, said the government is on track in
terms of completing major projects in the health, education, and
transportation sectors, including those related to the 2022 FIFA
World Cup. In the January 2019 issue of Al-Moltaqa, the
Chamber’s monthly publication, Sheikh Khalifa said Qatar’s
national budget for 2019 confirmed the strength of the
economy despite an ongoing economic blockade imposed
against the country in June 2017. (Gulf-Times.com)
 IEA: Qatar, Russia help China make up for loss of US LNG –
China is mainly relying on cargoes from Qatar, Russia and
increasing volumes under long-term Australian contracts to
compensate for a strong drop in imports of US LNG, according
to Jean-Baptiste Dubreuil, senior natural gas analyst at the
International Energy Agency (IEA). (Bloomberg)
International
 US government shutdown to crimp growth, recession risk
steady – US economic growth will take a hit this quarter from
the longest-ever government shutdown, keeping the Federal
Reserve on the sidelines until at least its April 30-May 1
meeting, a Reuters poll of economists showed. However, the
probability of a US recession in the next 12 months held steady
from last month at 20%, according to the median forecast,
while the chance of a recession in the next two years was also
steady at a median 40%. The latest Reuters poll of over 100
economists taken Jan 16-23 also showed a cut to the 2019
quarterly growth outlook, in line with a recent run of weaker US
economic data pointing to rougher sledding for the economy
this year than last year. Nearly 60% of about 50 economists
who answered an additional question said the shutdown will
have a significant impact on first quarter GDP growth. When
asked how much of an impact the shutdown would have on US
GDP for this quarter, the median was for a 0.3 percentage point
trim. But forecasts ranged between 0.1 and 1.3 percentage
points. (Reuters)
 Bank of England's Haldane sees higher rates if the UK’s
economy 'ticks along' – The Bank of England (BoE) is likely to
continue to raise interest rates gradually if the economy keeps
growing, but will be “flexible” if there is a downturn, the central
bank’s chief economist said in an interview. “If the economy
continues to tick along, as we expect, then we might expect
some further limited and gradual rises,” central bank rate-setter
Andy Haldane told the Daily Mail newspaper, repeating familiar
BoE language. BoE raised interest rates for only the second time
since the 2008-09 financial crisis in August 2018, and almost all
economists expect further increases to depend on Britain
avoiding a disruptive exit from the European Union in March.
(Reuters)
 Optimism in UK’s factories sours as Brexit, global economy take
toll – Optimism in British factories faded badly over the last
three months, especially around the outlook for exports in a
slowing global economy and ahead of Brexit, an industry
survey showed. The Confederation of British Industry’s (CBI)
quarterly gauge of manufacturing expectations fell to -23 in the
three months to January from -16 in the period to October, its
lowest level since July 2016. The survey adds to signs of fading
business confidence ahead of Britain’s scheduled departure
from the European Union on March 29. There is still no
agreement in London on how and even whether it should leave
the world’s biggest trading bloc, and there is a growing chance
of a “no-deal” exit with no provisions to soften the economic
shock. British manufacturers’ optimism around exports for the
year ahead fell to the lowest level since January 2009, during
the depths of the last recession, the CBI stated. The CBI’s
monthly gauge of industrial orders fell to -1 in January from +8
in December. A Reuters poll of economists had pointed to a
reading of +5. (Reuters)
 Eurozone’s consumer confidence improves to -7.9 in January –
Eurozone’s consumer confidence rose in January from a sharply
revised December number, figures released on Wednesday
showed. The European Commission stated a flash estimate
showed Eurozone consumer morale rose to -7.9 this month from
-8.3 in December. Eurostat stated the revision of the December
and earlier numbers follows a revision of methodology. In the
European Union as a whole, consumer sentiment fell to -7.8
from -7.6. (Reuters)
 ECB to acknowledge weak growth, but keep policy unchanged –
The European Central Bank (ECB) is all but certain to keep
policy unchanged on Thursday, but may acknowledge a sharp
slowdown in growth, raising the prospect that any further
policy normalization could be delayed. The ECB last month
ended a landmark EUR2.6tn ($2.96tn) bond purchase scheme
and maintained its guidance that an interest rate hike is likely
late this year. However, growth appears weaker than thought
just a few weeks ago, suggesting that its next move could even
be an easing of policy rather than a tightening. Germany,
France and Italy, the Eurozone’s biggest economies, barely
grew in the fourth quarter and ECB’s President, Mario Draghi
has already acknowledged that the slowdown could be longer
than expected, setting up the ECB for a dovish meeting.
(Reuters)
 French business morale in January remains at two-year lows –
French business morale in January remained mired at its lowest
level in more than two years, according to data from the INSEE
national statistics office, as anti-government protests rattle the
Eurozone’s second-largest economy. INSEE stated its business
confidence index level for January stood at 102 points - the
same level as in December which marked the weakest reading
since November 2016. INSEE’s measure of confidence in
industry stood at 103 points, unchanged from December. A
Reuters poll of 19 analysts had forecast a reading of 103 points.
France’s ‘yellow vests’ protests - named after the high-visibility
jackets all French motorists are required to carry in their
vehicles - have hit the country’s economy due to vandalism in
shopping areas and disruption to tourism and transport
networks. (Reuters)
 Japan's factories flatline in January as exports fall most in two
and a half years, according to the flash PMI – Japan’s
manufacturing growth stalled in January as export orders fell at
the fastest pace in two and a half years and companies cut back
production, a preliminary business survey showed. The first,

5. Page 5 of 8
grim snapshot of the world’s third-largest economy in the new
year is likely to heighten worries about slowing global growth
as the Sino-US trade war grinds on. Chances had already been
growing that Japan could slide into a recession this year, with
cooling demand at home and abroad and a sales tax hike
planned for October, according to a Reuters poll of economists
last week. The Flash Markit/Nikkei Japan Manufacturing
Purchasing Managers’ Index (PMI) fell to 50.0 in January 2019
on a seasonally adjusted basis from a final 52.6 in December
2018. The 50-mark separates contraction in activity from
expansion on a monthly basis. Facing a sharper slide in export
orders, manufacturers scaled back production for first time
since July 2016. Business confidence fell to the lowest in over
six years, though it remained in positive territory. (Reuters)
 China's trade with North Korea falls 51% in 2018 – China’s trade
with North Korea fell 51.2% to $2.43bn in 2018, customs data
showed. Imports from North Korea fell 87.7% to $213.15mn,
while exports to North Korea dropped 31.7% to $2.22bn. China’s
total trade with North Korea was valued at $228.89mn in
December, down from $247.75mn the previous month. Exports
to North Korea in December were $207.43mn, down from
$227.70mn the preceding month. (Reuters)
Regional
 Moody’s: Banking constraints intensify liquidity risks in the
Middle East and Africa – Significant constraints on banks’
capacity and willingness to absorb potential increases in
government financing needs in the event of a shock are
intensifying government liquidity risks in Angola (‘B3’;
‘Stable’), Bahrain (‘B2’; ‘Stable’), Ghana (‘B3’; ‘Stable’), Kenya
(‘B2’; ‘Stable’) and Lebanon (‘Caa1’; ‘Stable’) Moody’s Investors
Service (Moody’s) stated in a report. The report, ‘Sovereigns –
Africa and Middle East, Domestic banking constraints intensify
liquidity risks as global markets tighten’, assesses Middle East
and African governments’ capacity to fund their borrowing
needs from domestic banks looking at banks’ capacity and
willingness to meet government borrowing needs. It also
considers relevant changes in the regulatory environment that
can influence banks’ capacity and willingness. The report is
focused on the countries where Moody’s rates both the
sovereign and banks. (Peninsula Qatar)
 Reuters poll: Gulf Arab economies likely to grow more slowly
through 2020 – Gulf Arab economies will grow at a slower pace
than previously forecast, a quarterly Reuters poll of economists
found, as oil output cuts, lower crude prices and weaker global
growth put pressure on regional economies. GDP in Saudi
Arabia will grow 2.1% in 2019 and 2.2% in 2020, the poll of 22
economists projected. Three months ago, the forecasts were for
growth of 2.5% in 2019 and 3.0% in 2020. The benchmark price
for Brent crude oil LCOc1 averaged around $71.6 per barrel last
year. So far this year, it has only averaged around $60 per
barrel, and economists are predicting prices below $70 a barrel
in 2019, based on lower demand growth and oversupply
concerns. Supply cuts led by the OPEC and some non-OPEC
allies, including Russia, are likely to support oil prices to an
extent, but they will weigh on GDP growth, economists said.
International Monetary Fund (IMF) cut its forecasts for world
economic growth in 2019 and 2020 for the second time in three
months. (Reuters)
 Finance Minister: Saudi Arabia considering Euro-denominated
bonds – Saudi Arabia is looking into possibly issuing Euro-
denominated bonds, Saudi Arabia’s Finance Minister,
Mohammed Al-Jadaan said. “The plan is to look into,
potentially, another currency, Euro is a possibility,” he said. The
government will also consider raising debt in other currencies
such as the Yuan. Saudi Arabia issued $7.5bn in international
bonds this month, bringing to almost $60bn the total amount it
has raised through US Dollar-denominated public debt issues
since 2016. (Reuters)
 Saudi Arabia makes FDI pledges at Davos in bid to attract
foreign capital – Saudi Arabia's General Investment Authority
(SAGIA) issued a Royal Decree announcing seven new
'investment principles' aimed at encouraging more foreign
direct investment (FDI) into the Kingdom. The authority stated
that that the principles will support the development of a
competitive investment environment in the Kingdom, and were
based on international best practices. The principles were
announced at the annual World Economic Forum in Davos.
They are: (i) Ensure equality between Saudi Arabian and
foreign investors, (ii) Ensure protection of investments in
compliance with the laws in Saudi Arabia, (iii) Enable the
sustainability of investment and maintain transparency when
addressing investors’ complaints, (iv) Provide access to equal
investment incentives and implement transparent, non-
discriminative criteria for eligibility, implement social and
environmental standards and ensure investors compliance with
health, safety and environment regulations of Saudi Arabia and
the international environmental conventions, (v) Facilitate
access procedures for foreign workers and their families, and
(vi) Ensure a solid transfer of knowledge, technology and
enhancement of local human. (Zawya)
 Saudi Aramco to seek advisors for landmark Dollar bond, loan –
Saudi Aramco has sent a request for proposals to banks for its
first-ever international US Dollar bond and loan to finance the
acquisition of petrochemical giant SABIC, according to sources.
The request for proposal is to appoint book runners for the
international debt sale. The document also seeks to test the
lending appetite for a potential bridge facility for the SABIC
acquisition. Saudi Aramco has stated that it plans to tap the
market in the second quarter. The process of accessing the
Dollar debt market will force the world’s largest oil producer to
disclose its accounts to investors for the first time since its
nationalization four decades ago. It may also have to make
public details about oil reserves and operations. (Bloomberg)
 Saudi Aramco has not reached accord on SABIC deal purchase
price – Saudi Aramco is in ongoing talks with the Kingdom’s
Public Investment Fund (PIF) over the purchase of 70% of
petrochemical company Saudi Basic Industries Corporation
(SABIC), Saudi Aramco’s CEO, Amin Nasser said. Nasser denied
the Energy Intelligence report earlier this month that Saudi
Aramco agreed to pay SR116 per share of SABIC. (Bloomberg)
 Gulf Capital credit fund halts investments after staff departures
– Gulf Capital is hiring investment staff after several senior
departures in recent months, including two that sources said
have forced the Middle East private equity firm’s credit fund to
suspend new investments. The UAE-based firm has emerged as
one of the largest private equity players in the region with $3bn

6. Page 6 of 8
of assets under management. Gulf Capital has hired 15 people in
the past year and a half, CEO, Karim El Solh said. It plans to add
up to eight investment professionals in 2019. At least seven
employees, including four managing directors, have left Gulf
Capital in the past year and a half, sources added. (Reuters)
 CBD posts 16% YoY rise in net profit to AED1,162mn in FY2018
– Commercial Bank of Dubai recorded net profit of AED1,162mn
in FY2018, an increase of 16% YoY. Net interest income and net
income from Islamic financing rose 5% YoY to AED1,911mn in
FY2018. Operating Profit rose 7.2% YoY to AED1,866mn in
FY2018. Total assets were AED74.1bn as at December 31, 2018,
an increase of 5.2% compared to the AED70.4bn as at December
31, 2017. Loans and advances were AED50.9bn, registering an
increase of 7.8% when compared to AED47.3bn as at the end of
2017. Customers’ deposits were AED53.2bn as at December 31,
2018 representing an increase of 9.8% compared to AED48.4bn
in 2017. Low cost current and savings accounts (CASA)
constitute 38.9% of the total deposit base, while the financing-
to-deposits ratio stood at 95.8%. The non-performing loans
(NPL) ratio decreased significantly to 6.2% from 8.7% at the
end of 2017, with both ratios now calculated under IFRS9. In
line with the bank’s prudent provisioning policy, additional net
impairment provisions of AED704mn were set aside during the
year compared to AED740mn for the prior year. As at the end of
2018, total ECL allowances amounted to AED3,113mn. (DFM)
 Dubai Investments Park mandates five joint lead managers for
series of investor meetings ahead of planned five-year Sukuk –
Dubai Investments Park (DIP), the unique integrated
commercial, industrial and residential community, and wholly
owned subsidiary of Dubai Investments, rated ‘BB+’ ‘Stable’ by
Fitch and ‘BB+’ ‘Negative’ by S&P, has mandated five joint lead
managers and book runners to arrange a series of fixed income
investor meetings ahead of a planned five-year fixed rate
Sukuk. DIP has mandated Citi, Dubai Islamic Bank, Emirates
NBD Capital, First Abu Dhabi Bank and HSBC, and the meetings
will take place in Singapore, Hong Kong, Abu Dhabi, Dubai and
London ahead of the planned five-year fixed rate US Dollar
denominated senior unsecured Reg S only Sukuk which will
follow subject to market conditions. Al Mal Capital is acting as
financial advisor on the transaction. (DFM)
 Dubai keeps April crude unchanged at $0.10 per barrel discount
to Oman – Dubai has set official selling price for oil to be
shipped in April at $0.10 a barrel less than the average
settlement prices of Oman crude futures in February, according
to a statement. Discount for cargoes to be shipped in April is
kept flat to March differential. (Bloomberg)
 Amlak restarts talks on restructuring terms of debt – Amlak
Finance (Amlak), the Dubai-based Islamic mortgage provider,
has started renegotiations with its creditors to restructure the
terms of its debt. The company restructured AED10.2bn in
deposits and settled AED2.8bn in cash with its lenders in 2014,
and then revised the terms in 2016, according to a statement.
"The current funding agreement imposed certain restrictive
covenants on Amlak, which given the passage of time and
changes in market dynamics and macro-economic factors
proved to be detrimental to the long term prospects of the
company," it stated. Amlak is approaching its financiers to
renegotiate funding conditions to allow it more flexibility in
adapting to current market conditions. Talks have started and
are expected to conclude by the second quarter. (Bloomberg)
 Colony Capital to buy Abraaj's Latam private equity unit – US
investment group Colony Capital Inc agreed to buy Dubai-based
Abraaj Group’s (Abraaj) private equity business in Latin
America, the companies stated. The financial terms of the deal
were not disclosed. The transaction, which is being done
through Abraaj Holdings and Abraaj Investment Management
Limited’s joint provisional liquidators PricewaterhouseCoopers
and Deloitte, is expected to close during the first quarter.
Colony Capital will lead the operations along with the senior
management of Abraaj’s private equity business in Latin
America. Abraaj, worth $13.6bn, was the largest buyout fund in
the MENA region until it collapsed last year after turmoil
triggered by a row with investors, including the Gates
Foundation, over the use of their money in a $1bn healthcare
fund. (Reuters)
 DP World to spend at least $250mn building stake in Australia
unit – Dubai’s DP World will spend at least $250mn buying back
some shares in its Australian port terminals business which it
sold in 2010, a company spokeswoman said. DP World will buy
the shares from Corsair Infrastructure Partners’ Gateway
Infrastructure Investments and other investors, it said in a
bourse statement. The Dubai-government controlled company
wills at least double its stake to 50%, valuing DP World
Australia at about $1bn, the spokeswoman said. DP World is
taking management control as part of the deal which could see
it end up with a majority stake, she added. DP World sold a 75%
stake in DP World Australia for $1.5bn in 2010 but stated that it
now thinks of bringing it back under its control and into its
consolidated portfolio will enable it to drive the business
forward. DP World Australia operates port terminals in Sydney,
Melbourne, Brisbane and Fremantle. Corsair stated that it is
selling its entire stake but that a “substantial minority
investment” will be held by funds it managed. DP World will
hold a majority stake, it stated. The deal is expected to close in
the first quarter, subject to regulatory approval, DP World
stated. (Reuters)
 Damac Properties may invest up to $1.3bn in London properties
– Dubai’s Damac Properties plans to invest as much as $1.3bn in
London’s real estate market as a weaker pound makes the city
cheaper. Chairman Hussain Sajwani said that his company is
looking at deals from GBP500mn to GBP1bn in central London.
He discusses Dubai’s property market and plans to ramp up
investment in London. “If it was a hard Brexit there will be
more opportunities and we would be looking to take advantage
of that. London is London and you buy when there is blood on
the street,” he added. (Bloomberg)
 Oman’s November YTD budget deficit at OMR1,878mn –
Oman’s National Centre for Statistics & Information published
preliminary budget performance numbers for November which
showed that November YTD budget deficit stood at
OMR1,878mn as compared to a deficit of OMR3,297mn in the
same period a year ago.The November budget surplus came in
at OMR165.1mn as compared to a deficit of OMR126.9mn in the
previous month. (Bloomberg)
 Oman’s oil exports fall to 0.646mn bpd in December – Oil
exports fell 14.8% from 0.758mn bpd in November to 0.646mn

7. Page 7 of 8
bpd in December, according to data published by National
Center for Statistics & Information (NCSI). Oman's oil exports
fell 1.8% MoM in November. Oman produced 0.992mn bpd of
crude oil and condensate in December, representing a rise of
0.9% YoY. The average daily crude oil and condensate output
fell from 1.001mn bpd in November. Oman exported 289.282mn
barrels of oil in 2018, representing a fall of 1.7% YoY.
(Bloomberg)
 Bahrain’s December consumer prices rise 2.1% YoY; fall 0.4%
MoM – Information & e-Government Authority in Manama
published Bahrain’s December consumer price indices, which
showed that the 2018 average consumer prices rose 2.1% YoY,
but fell 0.4% MoM. In November, general CPI rose 0.7% YoY;
however, it remained unchanged MoM. (Bloomberg)

8. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
QNB Financial Services Co. W.L.L.
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
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Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
QSE Index S&P Pan Arab S&P GCC
0.8%
(0.3%)
(0.5%)
0.7%
(0.4%)
0.3%
0.9%
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,282.67 (0.2) 0.1 0.0 MSCI World Index 1,980.14 0.1 (1.0) 5.1
Silver/Ounce 15.37 0.2 0.2 (0.8) DJ Industrial 24,575.62 0.7 (0.5) 5.4
Crude Oil (Brent)/Barrel (FM Future) 61.14 (0.6) (2.5) 13.6 S&P 500 2,638.70 0.2 (1.2) 5.3
Crude Oil (WTI)/Barrel (FM Future) 52.62 0.1 (2.2) 15.9 NASDAQ 100 7,025.77 0.1 (1.8) 5.9
Natural Gas (Henry Hub)/MMBtu 3.13 (0.9) (8.7) (3.7) STOXX 600 354.89 0.2 (0.3) 4.6
LPG Propane (Arab Gulf)/Ton 67.63 (0.6) (1.6) 5.7 DAX 11,071.54 0.0 (0.9) 4.4
LPG Butane (Arab Gulf)/Ton 71.63 4.0 5.9 3.1 FTSE 100 6,842.88 (0.1) (0.4) 4.3
Euro 1.14 0.2 0.2 (0.7) CAC 40 4,840.38 0.1 (0.4) 1.8
Yen 109.60 0.2 (0.2) (0.1) Nikkei 20,593.72 (0.3) (0.0) 3.8
GBP 1.31 0.9 1.5 2.5 MSCI EM 1,011.56 0.1 (0.6) 4.8
CHF 1.01 0.3 0.1 (1.3) SHANGHAI SE Composite 2,581.00 0.3 (0.8) 4.8
AUD 0.71 0.3 (0.4) 1.3 HANG SENG 27,008.20 0.0 (0.3) 4.3
USD Index 96.12 (0.2) (0.2) (0.1) BSE SENSEX 36,108.47 (0.9) (0.8) (2.1)
RUB 66.07 (0.7) (0.3) (5.2) Bovespa 96,558.42 1.8 0.3 12.8
BRL 0.27 0.9 (0.4) 3.0 RTS 1,186.51 1.4 0.9 11.0
87.9
83.4
78.9