The QE Index rose 0.2% to close at 9,765.9. Gains were led by the Transportation and Consumer Goods & Services indices, gaining 1.4% each.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QE Index rose 0.2% to close at 9,765.9. Gains were led by the Transportation and
Consumer Goods & Services indices, gaining 1.4% each. Top gainers were Qatar
General Insurance & Reinsurance Company and Salam International Investment
Limited, rising 10.0% and 3.4%, respectively. Among the top losers, Ezdan Holding
Group fell 2.9%, while Qatar Oman Investment Company was down 2.6%.
GCC Commentary
Saudi Arabia: The TASI Index gained 0.2% to close at 8,446.1. Gains were led by the
Telecomm. Services and Media and Ent. indices, rising 1.3% and 0.8%, respectively.
Mediter. & Gulf Ins. rose 6.3%, while Al Babtain Power & Telecomm. was up 5.7%.
Dubai: The DFM Index gained 0.3% to close at 2,598.5. The Invest. & Fin. Services
index rose 1.7%, while the Real Estate & Const. index gained 0.6%. Dubai
Investments and Emaar Malls were up 2.3% each.
Abu Dhabi: The ADX General Index fell 0.2% to close at 4,861.7. The Services index
declined 2.8%, while the Investment & Financial Services index fell 2.6%. Abu
Dhabi Nat. Takaful declined 8.6%, while Al Qudra Holding was down 7.3%.
Kuwait: The Kuwait Main Market Index gained 0.1% to close at 4,749.7. The Oil &
Gas index rose 2.7%, while the Consumer Goods index gained 1.7%. Sanam Real
Estate Co. rose 8.3%, while Warba Capital Holding Co. was up 7.1%.
Oman: The MSM 30 Index fell 0.1% to close at 4,082.7. However, all indices ended in
the green. Al Omaniya Financial Services fell 8.8% while, Dhofar Generating
Company fell 5.3%.
Bahrain: The BHB Index fell 0.1% to close at 1,405.0. The Commercial Banks index
declined 0.4%, while the other indices ended flat or in the green. BBK declined 2.0%,
while Al Salam Bank - Bahrain was down 1.0%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar General Ins. & Reins. Co. 40.92 10.0 1.9 (8.8)
Salam International Inv. Ltd. 4.50 3.4 12.2 3.9
Mannai Corporation 50.43 2.9 1.2 (8.2)
Islamic Holding Group 22.50 2.8 119.5 3.0
Qatar Navigation 66.00 2.4 53.9 (0.0)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding 18.50 2.4 2,124.7 23.1
United Development Company 13.34 (1.9) 1,943.4 (9.6)
Qatar Insurance Company 33.51 (1.9) 844.9 (6.7)
Qatar Aluminium Manufacturing 11.29 0.3 785.4 (15.4)
Barwa Real Estate Company 38.46 (0.0) 701.8 (3.6)
Market Indicators 12 Mar 19 11 Mar 19 %Chg.
Value Traded (QR mn) 326.3 243.9 33.8
Exch. Market Cap. (QR mn) 553,674.9 552,343.5 0.2
Volume (mn) 10.7 10.2 5.0
Number of Transactions 6,403 5,029 27.3
Companies Traded 46 43 7.0
Market Breadth 26:17 18:22 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,711.47 0.2 0.0 (2.4) 13.6
All Share Index 2,977.86 0.0 (0.5) (3.3) 14.5
Banks 3,656.11 (0.0) (0.7) (4.6) 13.5
Industrials 3,130.53 0.5 0.1 (2.6) 15.0
Transportation 2,222.50 1.4 0.8 7.9 12.9
Real Estate 2,014.61 (2.0) (3.9) (7.9) 16.1
Insurance 2,926.06 0.7 (0.9) (2.7) 17.8
Telecoms 921.96 0.8 3.0 (6.7) 19.5
Consumer 7,385.97 1.4 3.2 9.4 15.1
Al Rayan Islamic Index 3,863.24 0.0 (0.1) (0.6) 13.5
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Etihad Etisalat Co. Saudi Arabia 22.00 3.7 5,892.9 32.7
Dubai Investments Dubai 1.31 2.3 9,766.6 4.0
Emaar Malls Dubai 1.79 2.3 6,049.8 0.0
DAMAC Properties Dubai 1.40 2.2 9,249.7 (7.3)
Saudi Cement Co. Saudi Arabia 57.80 1.9 52.1 19.1
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
DP World Dubai 15.40 (2.4) 120.6 (9.9)
BBK Bahrain 0.48 (2.0) 35.0 5.7
Qatar Insurance Co. Qatar 33.51 (1.9) 844.9 (6.7)
Saudi Arabian Fertilizer Saudi Arabia 78.80 (1.9) 463.4 2.2
Bupa Arabia for Coop. Ins. Saudi Arabia 82.90 (1.8) 271.0 2.3
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%
Ezdan Holding Group 11.63 (2.9) 258.2 (10.4)
Qatar Oman Investment Co. 5.70 (2.6) 12.8 6.7
Qatar Industrial Manufacturing 38.00 (2.5) 38.4 (11.0)
Gulf International Services 13.69 (2.2) 268.1 (19.5)
United Development Company 13.34 (1.9) 1,943.4 (9.6)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Fuel Company 191.00 1.6 82,419.6 15.1
Mesaieed Petrochemical Holding 18.50 2.4 39,310.7 23.1
Qatar Insurance Company 33.51 (1.9) 29,337.6 (6.7)
Barwa Real Estate Company 38.46 (0.0) 27,313.9 (3.6)
United Development Company 13.34 (1.9) 26,068.5 (9.6)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 9,765.88 0.2 (0.2) (3.4) (5.2) 89.25 152,094.5 13.6 1.4 4.5
Dubai 2,598.48 0.3 0.2 (1.4) 2.7 56.24 94,278.2 8.3 1.0 5.4
Abu Dhabi 4,861.68 (0.2) (1.1) (5.4) (1.1) 94.37 133,973.3 13.6 1.4 5.1
Saudi Arabia 8,446.07 0.2 (0.4) (0.5) 7.9 716.73 533,440.3 18.7 1.9 3.3
Kuwait 4,749.66 0.1 (0.5) (0.5) 0.2 77.38 32,684.5 15.6 0.9 4.4
Oman 4,082.68 (0.1) (0.7) (1.5) (5.6) 3.48 17,703.2 8.5 0.8 6.4
Bahrain 1,405.00 (0.1) (0.3) (0.5) 5.1 7.71 21,491.8 9.0 0.9 5.8
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,700
9,750
9,800
9,850
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QE Index rose 0.2% to close at 9,765.9. The Transportation and
Consumer Goods & Services indices led the gains. The index rose on the
back of buying support from Qatari shareholders despite selling pressure
from GCC and non-Qatari shareholders.
 Qatar General Insurance & Reinsurance Company and Salam
International Investment Limited were the top gainers, rising 10.0% and
3.4%, respectively. Among the top losers, Ezdan Holding Group fell
2.9%, while Qatar Oman Investment Company was down 2.6%.
 Volume of shares traded on Tuesday rose by 5.0% to 10.7mn from
10.2mn on Monday. Further, as compared to the 30-day moving average
of 8.9mn, volume for the day was 20.3% higher. Mesaieed Petrochemical
Holding Company and United Development Company were the most
active stocks, contributing 19.8% and 18.1% 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
Dhofar Power Moody's Oman LT/LT-CFR – Ba1/Ba1 – Negative –
Oman
Telecommunications
Co.
Moody's Oman LT/LT-CFR/PoD – Ba1/Ba1/Ba1 – Negative –
Source: News reports (* LT – Long Term, ST – Short Term, CFR – Corporate Family Rating , PoD – Probability of Default)
Earnings Releases
Company Market Currency
Revenue (mn)
4Q2018
% Change
YoY
Operating Profit
(mn) 4Q2018
% Change
YoY
Net Profit
(mn) 4Q2018
% Change
YoY
Saudi Advanced Industries Co. * Saudi Arabia SR 44.6 28.9% 38.0 35.6% 37.0 21.0%
Saudi Basic Industries Corp. *#
Saudi Arabia SR 169.1 12.9% 36.3 25.0% 21.5 16.8%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018,
#
Figures in billions)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/12 US Bureau of Labor Statistics CPI MoM February 0.2% 0.2% 0.0%
03/12 US Bureau of Labor Statistics CPI YoY February 1.5% 1.6% 1.6%
03/12 US Bureau of Labor Statistics CPI Core Index SA February 261.0 261.2 260.7
03/12 US Bureau of Labor Statistics CPI Index NSA February 252.8 252.9 251.7
03/12 UK UK Office for National Statistics Industrial Production MoM January 0.6% 0.2% -0.5%
03/12 UK UK Office for National Statistics Industrial Production YoY January -0.9% -1.3% -0.9%
03/12 UK UK Office for National Statistics Manufacturing Production MoM January 0.8% 0.2% -0.7%
03/12 UK UK Office for National Statistics Manufacturing Production YoY January -1.1% -1.9% -2.1%
03/12 UK UK Office for National Statistics GDP (MoM) January 0.5% 0.2% -0.4%
03/12 India India Central Statistical Organization CPI YoY February 2.6% 2.4% 2.0%
03/12 India India Central Statistical Organization Industrial Production YoY January 1.7% 2.1% 2.6%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 24.97% 43.15% (59,325,391.95)
Qatari Institutions 42.47% 22.95% 63,705,215.60
Qatari 67.44% 66.10% 4,379,823.65
GCC Individuals 0.55% 1.18% (2,057,251.97)
GCC Institutions 2.25% 2.93% (2,202,854.72)
GCC 2.80% 4.11% (4,260,106.69)
Non-Qatari Individuals 7.94% 8.29% (1,114,199.72)
Non-Qatari Institutions 21.82% 21.51% 994,482.76
Non-Qatari 29.76% 29.80% (119,716.96)

3. Page 3 of 7
Earnings Calendar
Tickers Company Name Date of reporting 4Q2018 results No. of days remaining Status
DBIS Dlala Brokerage & Investment Holding Company 17-Mar-19 4 Due
ERES Ezdan Holding Group 18-Mar-19 5 Due
IGRD Investment Holding Group 19-Mar-19 6 Due
MRDS Mazaya Qatar Real Estate Development 20-Mar-19 7 Due
AKHI Al Khaleej Takaful Insurance Company 25-Mar-19 12 Due
QFBQ Qatar First Bank 27-Mar-19 14 Due
QGMD Qatari German Company for Medical Devices 27-Mar-19 14 Due
Source: QSE
News
Qatar
 QE Index, QE Al Rayan Islamic Index and QE All Share Index
announce changes in constituents as of April 1, 2019 – QE
Index, QE Al Rayan Islamic Index and QE All Share Index
announced the changes in their constituents as of April 1, 2019.
For QE Index, there is no change in its constituents. QE Al
Rayan Islamic Index announced that Qatar First Bank will be
removed from the index. QE All Share Index & Sectors
announced Qatar Cinema & Film Distribution Company will join
both ‘QE All Share Index’ and ‘QE Consumer Goods and Services
Index’. Qatar General Insurance & Reinsurance will be removed
from both ‘QE All Share Index’ and ‘Insurance Index’. (QSE)
 QIBK mandates banks for USD Sukuk – Qatar Islamic Bank
(QIBK) has mandated Barclays, Boubyan Bank, Crédit Agricole
CIB, QInvest, QNB Capital and Standard Chartered Bank as
joint lead managers and joint bookrunners to arrange a series of
fixed income investor meetings in Singapore, Hong Kong and
London, commencing on March 14, 2019. A benchmark fixed
rate USD Regulation S five-year senior unsecured Sukuk
offering under QIBK’s $4,000,000,000 Trust Certificate Issuance
Programme will follow subject to market conditions. FCA/
ICMA stabilization applied. (QSE)
 AHCS to hold its AGM and EGM on April 15, 2019 – Aamal
Company’s (AHCS) board of directors has invited its
shareholders to attend the Ordinary General Assembly Meeting
(AGM) and Extraordinary General Assembly Meeting (EGM) of
the company, which will be held on April 15, 2019. In case of
lack of quorum in either of the meetings, the meeting(s) will be
then held on April 22, 2019. (QSE)
 IHGS’ AGM endorses items on its agenda and postpones EGM to
March 25, 2019 – Islamic Holding Group’s (IHGS) AGM was held
on March 11, 2019 and approved all the items on its agenda. Due
to lack of legal quorum, the EGM has been postponed to March
25, 2019. (QSE)
 QGRI appoints new Group CEO – Qatar General Insurance &
Reinsurance Company (QGRI) announced its board of directors’
decision and Qatar Central Bank’s approval to appoint Hassan
Ahmed Hassan Al Efrangi to the position of Group CEO of QGRI.
(QSE)
 MPHC’s five-year strategy focuses on efficiency, cost
optimization; company approves cash dividend of QR0.8 per
share – Mesaieed Petrochemical Holding Company’s (MPHC)
five-year strategy will center on improving efficiency through
its ongoing cost optimization programs and to invest
selectively in capital projects. “Optimization of costs on
processes, operations, and assets are planned over a five-year
horizon that will reap additional value to MPHC’s shareholders.
The Qatar Petrochemical Company-Qatar Vinyl Company
integration resulted in further efficiencies in costs,” MPHC’s
Chairman, said Ahmad Saif Al-Sulaiti, who presided over the
company’s AGM, which approved the board’s recommendation
to distribute cash dividend of QR0.8 per share, representing
72% of the group’s profit. Al-Sulaiti said, “We believe that
continued investments in operating assets are essential to
remain competitive in the market. These investments will
further strengthen the group’s competitive position in the
region.” During the meeting, Al-Sulaiti announced that Qatar
Petroleum completed the distribution of the first tranche of free
incentive shares to eligible MPHC’s shareholders who have
fulfilled eligibility conditions before trading closed at the Qatar
Stock Exchange in December 2018. (Gulf-Times.com)
 Qatar’s industrial producers’ earnings fall 0.6% YoY in January,
despite robust hydrocarbons sector – Qatar’s industrial
producers’ earnings registered 0.6% fall YoY in January 2019,
despite robust hydrocarbons sector, according to official
estimates. Qatar’s Producer Price Index (PPI) - a measure of the
average selling prices received by the domestic producers for
their output - reported a sharp 4.6% plunge compared to that in
December 2018, according to figures released by the Planning
and Statistics Authority (PSA). The PPI for mining, which
carries a maximum weight of 72.7%, saw a 2.8% increase YoY
in January 2019 on the back of 2.8% increase in the price of
crude petroleum and natural gas and 1.5% in stone, sand and
clay. However, the mining PPI tanked 4.6% on a monthly basis,
as crude petroleum and natural gas prices shrank 4.6%, even as
that of stone, sand and clay was up a marginal 0.2%. (Gulf-
Times.com)
 QFZA launches new marine cluster in Umm Alhoul – Qatar Free
Zones Authority (QFZA), an authority that develops and
oversees world-class free zones in Qatar, announced the launch
of a new port and marine cluster, called ‘MARSA’, at the heart
of Umm Alhoul Free Zone. The new area, located right next to
Hamad Port and just 20 minutes from downtown Doha, is
designed to be a fully integrated marine ecosystem able to
support a wide range of marine business. MARSA has a 1.6
kilometer long, 500 meter wide draught and a total of 3
kilometers of quay wall, allowing it to service ships up to 70
meters long. Applications for real estate in the cluster are now
open, and key expected activities include, but are not limited to,

4. Page 4 of 7
ship building and repair, internal design and fit-out, boat
brokerage and maritime research. (Peninsula Qatar)
 QFC signs MoUs with Paris Europlace, Finance Innovation to
support Doha’s digital industry – The Qatar Financial Centre
(QFC) signed two Memoranda of Understanding (MoU) with
Paris Europlace and Finance Innovation, to support the growth
of Doha’s booming digital industry. Paris Europlace is
responsible for promoting and developing the Paris financial
marketplace. Finance Innovation was launched by the French
Ministry for the Economy and Finance in 2007 to stimulate the
Paris financial center, and encompasses 480 member
organizations and companies. The agreements aim to support
the development of the digital industry in Qatar, the exchange
of expertise in innovation trends, cross-promoting start-ups in
France and Qatar, as well as developing appropriate incentive
packages to attract global and local companies operating in the
digital and technology industry to establish a long-term
presence in Qatar. (Gulf-Times.com)
 QFCRA, CBO seek to set up cross-border financial institutions –
Qatar Financial Centre Regulatory Authority (QFCRA) and
Central Bank of Oman (CBO) have entered into a Memorandum
of Understanding (MoU) to strengthen bilateral relations
between the two sides. With the MoU, QFCRA and the CBO
seek to encourage the establishment of cross-border financial
institutions between both jurisdictions and the exchange of
information and expertise relating to financial regulation. The
signing took place during a visit by QFCRA to Muscat recently,
which was aimed at enhancing ties between the two parties
through the MoU framework. (Gulf-Times.com)
 Qatar earns 80% self-sufficiency in vegetables, meat, and fish
production – Under the patronage of HH the Amir Sheikh
Tamim bin Hamad Al Thani, Qatar is gearing up to host the 7th
International Agricultural Exhibition (AgriteQ) and the first
International Environmental Exhibition (EnviroteQ) from
March 19 to 22, at the Doha Exhibition and Convention Center
(DECC). The exhibition serves as a strategic platform to explore
new prospects aimed at further developing Qatar’s agricultural
sector to achieve self-sufficiency in food production and food
security. According to Minister of Municipality and
Environment, HE Abdullah bin Abdulaziz bin Turki Al Subaie,
the exhibition has been instrumental in laying a strong
foundation for technological advancements and highly
impactful ambitious projects that have had a big impact in
achieving 80% self-sufficiency in vegetables, meat, and fish
and 100% in poultry and egg derivatives. (Qatar Tribune)
 Food production in Qatar grows by 400% since 2017 – Qatar has
made significant progress in food production in the past two
years as local production of agricultural, fish, animal, and dairy
products has jumped by 400% since 2017 and annual fresh food
trade volume has reached QR10bn. The Ministry of
Municipality and Environment (MME) plans to increase
livestock and fish production to 30% and 65%, respectively, by
2022. The MME announced plans to organize international
agricultural exhibition to further boost country’s food security.
(Peninsula Qatar)
 Pakistan presents investment opportunities in 30 projects –
Pakistan’s Board of Investment’s (BOI) Chairman, Haroon
Sharif said that his country has presented 30 government
projects and investment opportunities worth $10bn during his
visit to Qatar. These projects include a number of sectors such
as hotels and resorts, power plants, large listed companies,
educational institutions and others. Sharif said that Pakistan
and Qatar are moving quickly to complete important deals this
year, including that both sides have identified mutually
beneficial sectors and are moving towards specific deals, while
predicting a promising future of cooperation between the two
sides. The two countries are expected to sign three or five
Memoranda of Understanding (MoU) over the next three
months, especially in the energy sector, as well as projects in
the hospitality sector, which will be the beginning of further
confidence between the two sides. (Peninsula Qatar)
 QISI to hold its AGM and EGM on March 31, 2019 – Qatar
Islamic Insurance Company’s (QISI) board of directors invited
its shareholders' for AGM and EGM to be held on March 31,
2019. In case of lack of quorum, then second reserved meeting
will be held on April 7, 2019. (QSE)
International
 Slowing economy keeping US inflation under wraps – US
consumer prices rose for the first time in four months in
February, but the pace of the increase was modest, resulting in
the smallest annual gain in nearly two-and-a-half years. The
report from the Labor Department also showed benign
underlying inflation last month, which together with slowing
economic growth support the Federal Reserve’s patient
approach towards further interest rate increases this year. The
Consumer Price Index (CPI) increased 0.2%, lifted by gains in
the costs of food, gasoline and rents. The CPI had been
unchanged for three straight months. In the 12 months through
February, the CPI rose 1.5%, the smallest gain since September
2016. The CPI increased 1.6% on a YoY basis, in January.
Excluding the volatile food and energy components, the CPI
edged up 0.1%, the smallest increase since August 2018. The
core CPI had increased by 0.2% for five straight months. In the
12 months through February, the core CPI rose 2.1%. The core
CPI had increased by 2.2% for three consecutive months on an
annual basis. Economists polled by Reuters had forecasted the
CPI and the core CPI edging up 0.2% in February. The Fed,
which has a 2% inflation target, tracks a different measure, the
core personal consumption expenditures (PCE) price index, for
monetary policy. The core PCE price index increased 1.9% on a
YoY basis, in December after a similar gain in November. It hit
the US central bank’s 2% inflation target in March last year for
the first time since April 2012. (Reuters)
 UK’s economy picks up in January, but remains in low gear
ahead of Brexit – Britain’s economy picked up in January after a
weak December, but the bigger picture remained one of growth
stuck in low gear ahead of Brexit, official data showed. The
country’s giant services industry more than reversed its fall in
December and there was a turnaround in manufacturing which
has shown other signs of factories ramping up their stocks to
hedge against the risk of a chaotic Brexit. GDP in January alone
jumped by 0.5%, its biggest increase since December 2016, more
than reversing a 0.4% fall in December. Smoothing out the
volatility, growth in the three months to January held at a
sluggish 0.2%, the same pace as in the last three months of
2018. Data showed that the services sector - which accounts for

5. Page 5 of 7
about 80% of Britain’s private sector economy - grew by 0.3%
in January after a 0.2% fall in December. That left growth in the
sector over the three months up a touch at 0.5%. Manufacturing
output grew for the first time in seven months in January, up by
a monthly 0.8% from December. (Reuters)
 Japan's machinery orders weaken as trade war hits spending
plans – Japan’s machinery orders fell in January at the fastest
pace in four months as the US-China tariff war hit global trade,
knocking demand from the country’s auto and
telecommunications equipment manufacturing sectors lower.
The 5.4% decline MoM in core machinery orders, a leading
indicator of capital expenditure, was more than the median
estimate for a 1.7% decrease and followed a revised 0.3%
decline in the previous month. It was also the fastest month-
on-month decline since September last year. Non-
manufacturing orders slumped 8.0%, also the fastest MoM
decline in four months. Capex plans have been generally
healthy in recent years but the deterioration in trade raises the
risks companies may now trim their spending plans in the new
fiscal year, which would impact broader activity, economists
said. (Reuters)
 Big Japanese firms offer smaller wage hikes as economy
wobbles – Big Japanese firms offered smaller pay increases at
annual wage talks as the economy sputters, tempering hopes
that domestic consumption will offset external risks to growth.
Major firms are set to raise wages for a sixth straight year as
Prime Minister Shinzo Abe kept up the pressure on businesses
to boost pay in an effort to beat deflation that has dogged Japan
for nearly two decades. However as economic growth slows,
firms have grown wary about offering big pay increases
because that commits them to higher fixed costs at a time of
uncertainty as company profits are leveling off. (Reuters)
 India's February inflation picks up slightly, but April rate cut
still seen – India’s consumer prices rose at a faster pace than
anticipated in February, and remained below the Reserve Bank
of India’s target for a seventh straight month, lending weight to
expectations that the bank could again cut the key interest rate
in April. India’s annual retail inflation picked up in February to
2.57%, after easing to a downwardly revised 19-month low of
1.97% in January, government data showed. Analysts polled by
Reuters had forecasted February’s annual increase in the
consumer price index at 2.43%. February’s marginal increase in
inflation stemmed from higher costs of housing, health,
education services and fuel. Health and education costs rose
more than 8% in February from a year earlier, the data showed.
The unemployment rate rose to 7.2% in February, the highest
since September 2016, and up from 5.9% in February 2018,
according to data compiled by the Centre for Monitoring Indian
Economy. (Reuters)
Regional
 Saudi Arabia seals six private sector deals worth $3.5bn, plans
many more – Saudi Arabia has completed six public-private
partnership deals in the past two months worth around $3.5bn,
and plans at least 23 more by 2022 despite some delays in its
plan to engage the private sector, the Head of its Privatization
body said. “It’s better for the process to take a little bit longer to
ensure it is done properly,” CEO of the National Centre for
Privatisation and Public-Private Partnership (NCP), Turki Al-
Hokail said. “We are gearing up for a lot of transactions either in
the process or in the pipeline and we want to make sure the
process is done correctly,” he added. “The privatization program
has so far awarded six projects in two months and is committed
to its timetable and initiatives as per the delivery plan.” The six
projects just completed include four water projects, one in
healthcare and one in transport. Under such public-private
partnership arrangements, private investors build
infrastructure and are paid to operate it for a period before it
reverts to the state. (Reuters)
 Saudi Arabia proposes extending oil output cut until year-end –
Saudi Arabia is proposing that a global deal to cut oil output will
be extended until the year-end, Russian news agencies TASS
and Interfax reported, citing a source close to OPEC. TASS
reported that Saudi Arabia favored the same or more relaxed
production quotas under the deal. (Reuters)
 Saudi Arabia’s real estate sales rise 38.6% YoY in February 2019
– Saudi Arabia’s Ministry of Justice published aggregated data
on real estate transactions, which showed that the sales totaled
SR16.8bn in February 2019 as compared to SR12.1bn in the
same month year ago, representing a rise of 38.6% YoY. Sales
fell from SR19.1bn in the previous month ending February 5,
2019. Residential sales stood at SR13.3bn in February 2019 as
compared to SR9.2bn in the same month a year ago. Residential
sales were SR12.5bn in the previous month ending February 5,
2019. Residential sales have risen for the sixth consecutive
month. Commercial sales came in at SR3.5bn in February 2019
as compared to SR2.9bn in the same month a year ago.
(Bloomberg)
 Moody's: UAE banks' loan losses to rise on decline of real estate
prices – Banks in the UAE are expected to experience a rise in
loan losses over the next 12 to 18 months as a decline in real
estate prices and rising interest rates reduce borrowers’ cash
flow, Moody’s stated. Residential property prices in Dubai have
been falling since 2014 on high supply and weaker demand,
forcing construction and engineering firms to cut jobs and halt
expansion plans. Increased lending to the sector, partly due to
the construction of large developments and infrastructure
projects ahead of Dubai’s Expo 2020, has coincided with the
market downturn, it stated. Lending to real estate increased to
20% of total lending at the end of 2018 from 16% in 2015. “This
rapid expansion in lending has deepened the indebtedness of
the construction and real estate sector, increasing its
vulnerability to potentially higher financing costs or to liquidity
tightening,” Moody’s stated. Banks are expected to set aside
additional loan-loss provisions, as lower property prices reduce
the value of real estate collateral that banks hold against their
lending. However, Moody’s estimates risks for UAE banks will
be moderate because of tighter regulation on real estate
exposure introduced since the 2008 financial crisis. “UAE banks
also benefit from high buffers in the form of strong capital and
solid profitability,” it stated. (Reuters)
 Abu Dhabi cuts fees to boost tourism and hospitality sectors –
Abu Dhabi has reduced tourism-related fees to help the ailing
hospitality sector and attract more visitors as the oil-rich
Emirate looks to diversify its economy. The Department of
Culture & Tourism (DCT) stated that it has reduced tourism fees
from 6% to 3.5%, municipal fees from 4% to 2% and

6. Page 6 of 7
municipality hotel room fees per night from AED15 to AED10.
Abu Dhabi is investing billions of Dollars in industry,
infrastructure and tourism to diversify its economy away from
oil. Abu Dhabi is home to the Formula One Etihad Airways Abu
Dhabi Grand Prix, the Louvre Abu Dhabi, the Warner Bros.
world-themed indoor park and other attractions. Two more
museums, the Guggenheim and the Zayed National Museum,
are being built. The move to reduce the fees came on the back of
a study on Abu Dhabi’s hotels conducted by the DCT. (Reuters)
 Moody’s sees downgraded Oman still dodging Bahrain-like
bailout – Moody’s Investors Service, which downgraded Oman’s
credit rating to junk last week, has stated that the cash-
strapped sultanate will not require a bailout similar to the one
that Bahrain got in the next 12 to 18 months. Oman does not
have any significant debt redemption coming due and has
sufficient buffers to get through an unlikely “period of impaired
market access” in the next 12 to 18 months, Senior Analyst at
Moody’s, Alexander Perjessy said. It has enough foreign-
exchange reserves and another estimated $15bn in liquid
sovereign-wealth-fund assets, he said. “The initial conditions
are very different, Oman is starting from a much stronger
position than where Bahrain was a year ago, and that’s
reflected in the ratings,” he added. Bahrain briefly lost access to
international capital markets last year when its external
cushion was “very low” and it also needed to redeem a $750mn
Islamic bond last November, he said. The yield on Oman’s bond
due in 2028 remains higher than Bahrain’s similar-maturity
debt, which rallied last year after the nation won a $10bn
bailout package and inclusion in JPMorgan Chase & Co.’s
emerging-market bond indexes. Oman now has a sub-
investment grade at all three major rating companies after
Moody’s lowered its rating to ‘Ba1’, with a ‘Negative’ outlook.
“The negative outlook reflects the risk that when fiscal metrics
continue to deteriorate in the next couple of years, there is a
possibility that the market’s willingness to finance Oman
would weaken,” he said. “That’s not our baseline but it’s a
downside scenario,” he added. Oman plans to slash its
borrowing for 2019 by as much as 70% and rely on asset sales to
plug its budget deficit. Investors said it will first need to
convince the market it’s pushing through reforms to tame its
budget deficit before selling Eurobonds. “We assume that they
will continue to be able to access the markets,” he added.
(Bloomberg)
 Bahrain sells BHD26mn of 4.2% 182-day Sukuk; bid-cover at
4.98x – Bahrain sold BHD26mn of 182 day Sukuk due on
September 12, 2019 offering a yield of 4.2%. Investors offered to
buy 4.98 times the amount of securities sold. The Sukuk will
settle on March 14, 2019. (Bloomberg)

7. 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
Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mehmet.aksoy@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS 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 QNB FS 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 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Feb-15 Feb-16 Feb-17 Feb-18 Feb-19
QSEIndex S&PPanArab S&PGCC
0.2% 0.2%
0.1%
(0.1%) (0.1%)
(0.2%)
0.3%
(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 1,301.60 0.6 0.2 1.5 MSCI World Index 2,083.38 0.4 1.6 10.6
Silver/Ounce 15.44 0.9 0.7 (0.3) DJ Industrial 25,554.66 (0.4) 0.4 9.5
Crude Oil (Brent)/Barrel (FM Future) 66.67 0.1 1.4 23.9 S&P 500 2,791.52 0.3 1.8 11.4
Crude Oil (WTI)/Barrel (FM Future) 56.87 0.1 1.4 25.2 NASDAQ 100 7,591.03 0.4 2.5 14.4
Natural Gas (Henry Hub)/MMBtu 2.83 (1.0) (11.0) (12.9) STOXX 600 373.25 0.4 1.2 9.0
LPG Propane (Arab Gulf)/Ton 68.75 (0.7) 0.4 7.4 DAX 11,524.17 0.3 1.0 7.7
LPG Butane (Arab Gulf)/Ton 69.88 (0.9) (0.5) 0.5 FTSE 100 7,151.15 (0.3) 1.1 9.0
Euro 1.13 0.4 0.5 (1.6) CAC 40 5,270.25 0.5 1.2 9.8
Yen 111.36 0.1 0.2 1.5 Nikkei 21,503.69 1.7 2.0 6.6
GBP 1.31 (0.6) 0.5 2.5 MSCI EM 1,051.52 1.0 2.1 8.9
CHF 0.99 0.3 0.0 (2.6) SHANGHAI SE Composite 3,060.31 1.4 3.2 25.8
AUD 0.71 0.2 0.5 0.5 HANG SENG 28,920.87 1.5 2.5 11.6
USD Index 96.94 (0.3) (0.4) 0.8 BSE SENSEX 37,535.66 1.6 2.9 4.2
RUB 65.62 (0.5) (1.0) (5.9) Bovespa 97,828.03 0.8 4.1 13.1
BRL 0.26 0.8 1.5 1.9 RTS 1,183.34 0.6 0.3 10.7
96.6
91.2
81.0