The QE Index rose 0.4% to close at 10,258.8. Gains were led by the Transportation and Industrials indices, gaining 1.2% and 0.6%, respectively.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QE Index rose 0.4% to close at 10,258.8. Gains were led by the Transportation
and Industrials indices, gaining 1.2% and 0.6%, respectively. Top gainers were
Investment Holding Group and Qatari German Company for Medical Devices, rising
10.0% and 7.0%, respectively. Among the top losers, Aamal Company and Islamic
Holding Group were down 4.4% each.
GCC Commentary
Saudi Arabia: The TASI Index gained 0.6% to close at 9,139.6. Gains were led by the
Pharma, Biotech & Life. and Health Care Equipment. indices, rising 2.9% and 1.3%,
respectively. Aldrees Petroleum. rose 5.0%, while Nat. Medical Care was up 4.2%.
Dubai: The DFM Index fell 0.5% to close at 2,791.9. The Real Estate & Const. index
declined 1.1%, while the Transportation index fell 0.5%. Ajman Bank declined
3.4%, while Almadina for Finance and Investment Company was down 3.1%.
Abu Dhabi: The ADX General Index fell 0.2% to close at 5,213.6. The Energy index
declined 1.7%, while the Consumer Staples index fell 0.5%. National Bank of Umm
Al Qaiwain declined 9.7%, while Abu Dhabi National Energy Co. was down 5.3%.
Kuwait: The Kuwait Main Market Index gained 1.9% to close at 5,058.4. The Oil &
Gas index rose 3.0%, while the Banks index gained 1.6%. Hilal Cement Company
rose 35.1%, while Kuwait Real Estate Holding Company was up 27.7%.
Oman: The MSM 30 Index fell 0.7% to close at 3,984.9. Losses were led by the
Industrial and Financial indices, falling 2.0% and 0.5%, respectively. Galfar
Engineering and Con. fell 8.1%, while Oman Qatar Insurance was down 6.9%.
Bahrain: The BHB Index gained 0.1% to close at 1,443.2. The Investment index rose
0.5%, while the Commercial Banks index gained 0.2%. GFH Financial Group rose
1.8%, while Khaleeji Commercial Bank was up 1.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Investment Holding Group 5.83 10.0 3,353.3 19.2
Qatari German Co for Med. Devices 6.91 7.0 267.5 22.1
Qatar Cinema & Film Distribution 19.00 5.6 0.6 (0.1)
Qatar Oman Investment Company 6.20 4.9 233.1 16.1
Qatar First Bank 5.30 4.5 4,396.4 29.9
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 5.30 4.5 4,396.4 29.9
Investment Holding Group 5.83 10.0 3,353.3 19.2
Aamal Company 9.64 (4.4) 1,801.5 9.0
Qatar Aluminium Manufacturing 11.34 1.9 1,291.4 (15.1)
Ezdan Holding Group 10.80 (3.6) 837.2 (16.8)
Market Indicators 16 April 19 15 April 19 %Chg.
Value Traded (QR mn) 261.8 268.3 (2.4)
Exch. Market Cap. (QR mn) 573,738.1 573,262.3 0.1
Volume (mn) 18.5 14.8 25.3
Number of Transactions 6,836 6,476 5.6
Companies Traded 43 44 (2.3)
Market Breadth 20:21 19:25 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,876.96 0.4 (0.0) 4.0 14.3
All Share Index 3,126.72 0.1 (0.1) 1.5 14.7
Banks 3,880.04 0.3 0.4 1.3 13.6
Industrials 3,307.12 0.6 (0.7) 2.9 15.4
Transportation 2,414.64 1.2 (0.0) 17.2 13.3
Real Estate 1,943.88 (1.9) (1.1) (11.1) 16.0
Insurance 3,373.87 0.5 1.3 12.1 20.3
Telecoms 934.12 (1.0) (0.8) (5.4) 19.0
Consumer 7,899.51 0.0 (0.2) 17.0 15.4
Al Rayan Islamic Index 4,083.79 0.3 (0.2) 5.1 13.7
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Comm. Bank of Kuwait Kuwait 0.65 13.0 0.0 43.0
Saudi Arabian Mining Co. Saudi Arabia 57.90 3.8 1,364.0 17.4
Alinma Bank Saudi Arabia 25.80 3.0 13,802.8 12.3
Abu Dhabi Comm. Bank Abu Dhabi 9.37 2.9 2,734.1 14.8
Savola Group Saudi Arabia 34.60 2.8 788.5 29.1
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
National Bank of Oman Oman 0.17 (3.4) 808.7 (7.7)
Boubyan Petrochem. Co. Kuwait 0.92 (2.7) 597.2 (5.3)
Emaar Properties Dubai 4.93 (2.0) 7,072.5 19.4
Nat. Industrialization Co Saudi Arabia 19.68 (1.8) 4,417.9 30.2
DAMAC Properties Dubai 1.28 (1.5) 4,475.0 (15.2)
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%
Aamal Company 9.64 (4.4) 1,801.5 9.0
Islamic Holding Group 23.05 (4.4) 145.5 5.5
Ezdan Holding Group 10.80 (3.6) 837.2 (16.8)
Alijarah Holding 8.57 (2.8) 285.0 (2.5)
Dlala Brokerage & Inv. Holding 11.40 (2.6) 195.7 14.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 180.50 0.6 41,285.5 (7.4)
Qatar First Bank 5.30 4.5 23,330.3 29.9
Investment Holding Group 5.83 10.0 19,435.3 19.2
Aamal Company 9.64 (4.4) 17,243.8 9.0
Al Khaleej Takaful Insurance Co. 17.92 (0.9) 14,539.8 108.6
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* 10,258.75 0.4 (0.0) 1.5 (0.4) 71.53 157,605.9 14.3 1.5 4.3
Dubai 2,791.87 (0.5) 0.1 6.0 10.4 95.74 99,023.5 10.0 1.0 4.9
Abu Dhabi 5,213.63 (0.2) 3.2 2.7 6.1 58.42 143,752.0 14.5 1.5 4.7
Saudi Arabia 9,139.55 0.6 0.6 3.6 16.8 922.33 572,501.6 20.6 2.1 3.2
Kuwait 5,058.35 1.9 0.9 2.9 6.7 131.06 34,603.6 15.2 0.9 3.9
Oman 3,984.94 (0.7) 0.0 0.0 (7.8) 11.25 17,316.4 8.3 0.8 6.9
Bahrain 1,443.23 0.1 0.3 2.1 7.9 3.28 22,130.6 9.5 0.9 5.7
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,160
10,180
10,200
10,220
10,240
10,260
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 QE Index rose 0.4% to close at 10,258.8. The Transportation and
Industrials indices led the gains. The index rose on the back of buying
support from GCC and non-Qatari shareholders despite selling pressure
from Qatari shareholders.
 Investment Holding Group and Qatari German Company for Medical
Devices were the top gainers, rising 10.0% and 7.0%, respectively.
Among the top losers, Aamal Company and Islamic Holding Group were
down 4.4% each.
 Volume of shares traded on Tuesday rose by 25.3% to 18.5mn from
14.8mn on Monday. Further, as compared to the 30-day moving average
of 12.8mn, volume for the day was 44.4% higher. Qatar First Bank and
Investment Holding Group were the most active stocks, contributing
23.8% and 18.1% 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)
1Q2019
% Change
YoY
Operating Profit
(mn) 1Q2019
% Change
YoY
Net Profit
(mn) 1Q2019
% Change
YoY
Oman Oil Marketing Oman OMR 141.4 -2.7% – – 1.1 -37.7%
Dhofar Fisheries & Food Industries Co. Oman OMR 3.1 264.5% – – 0.1 N/A
Muscat Gas Oman OMR 2.2 -14.8% – – 0.1 -27.1%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/16 US Federal Reserve Industrial Production MoM March -0.1% 0.2% 0.1%
04/16 UK UK Office for National Statistics Jobless Claims Change March 28.3k – 26.7k
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 1Q2019 results No. of days remaining Status
MARK Masraf Al Rayan 17-Apr-19 0 Due
QIBK Qatar Islamic Bank 17-Apr-19 0 Due
CBQK The Commercial Bank 17-Apr-19 0 Due
ABQK Ahli Bank 18-Apr-19 1 Due
NLCS Alijarah Holding 18-Apr-19 1 Due
QIIK Qatar International Islamic Bank 21-Apr-19 4 Due
QISI Qatar Islamic Insurance Company 21-Apr-19 4 Due
GWCS Gulf Warehousing Company 21-Apr-19 4 Due
QGTS Qatar Gas Transport Company Limited (Nakilat) 21-Apr-19 4 Due
WDAM Widam Food Company 22-Apr-19 5 Due
DBIS Dlala Brokerage & Investment Holding Company 23-Apr-19 6 Due
QFBQ Qatar First Bank 23-Apr-19 6 Due
QIGD Qatari Investors Group 23-Apr-19 6 Due
QIMD Qatar Industrial Manufacturing Company 24-Apr-19 7 Due
UDCD United Development Company 24-Apr-19 7 Due
QCFS Qatar Cinema & Film Distribution Company 25-Apr-19 8 Due
QAMC Qatar Aluminum Manufacturing Company 28-Apr-19 11 Due
QNNS Qatar Navigation (Milaha) 28-Apr-19 11 Due
IGRD Investment Holding Group 28-Apr-19 11 Due
QFLS Qatar Fuel Company 28-Apr-19 11 Due
MERS Al Meera Consumer Goods Company 28-Apr-19 11 Due
BRES Barwa Real Estate Company 29-Apr-19 12 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 40.51% 52.12% (30,386,599.88)
Qatari Institutions 14.48% 14.89% (1,082,737.76)
Qatari 54.99% 67.01% (31,469,337.64)
GCC Individuals 1.48% 1.98% (1,297,398.99)
GCC Institutions 6.24% 0.87% 14,061,921.22
GCC 7.72% 2.85% 12,764,522.23
Non-Qatari Individuals 14.31% 12.62% 4,406,677.03
Non-Qatari Institutions 22.98% 17.52% 14,298,138.38
Non-Qatari 37.29% 30.14% 18,704,815.41

3. Page 3 of 8
Earnings Calendar
Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status
AHCS Aamal Company 29-Apr-19 12 Due
SIIS Salam International Investment Limited 29-Apr-19 12 Due
ZHCD Zad Holding Company 29-Apr-19 12 Due
QGRI Qatar General Insurance & Reinsurance Company 29-Apr-19 12 Due
AKHI Al Khaleej Takaful Insurance Company 29-Apr-19 12 Due
MCCS Mannai Corporation 29-Apr-19 12 Due
QOIS Qatar Oman Investment Company 29-Apr-19 12 Due
DOHI Doha Insurance Group 29-Apr-19 12 Due
ORDS Ooredoo 29-Apr-19 12 Due
KCBK Al Khalij Commercial Bank 29-Apr-19 12 Due
VFQS Vodafone Qatar 30-Apr-19 13 Due
QGMD Qatari German Company for Medical Devices 30-Apr-19 13 Due
DHBK Doha Bank 30-Apr-19 13 Due
Source: QSE
Stock Split Dates for Listed Qatari Companies
Source: QSE

4. Page 4 of 8
News
Qatar
 QSE announced stock split days for listed Qatari companies –
Please refer to the table above (QSE)
 QNCD's net profit declines 26.4% YoY and 48.5% QoQ in
1Q2019 – Qatar National Cement Company's (QNCD) net profit
declined 26.4% YoY (-48.5% QoQ) to QR66.5mn in 1Q2019. The
company's revenue came in at QR213.1mn in 1Q2019, which
represents a decrease of 11.7% YoY (-1.0% QoQ). EPS decreased
to QR1.02 in 1Q2019 from QR1.38 in 1Q2018. (QSE)
 S&P publishes its report on the Qatari banking system – S&P
Global Ratings (S&P) published its report on Qatar, ‘Banking
Industry Country Risk Assessment: Qatar’. In its report, S&P
stated, “We classify the banking sector of Qatar (AA-
/Stable/A-1+) in group '5' under our Banking Industry Country
Risk Assessment (BICRA). Qatar has a wealthy economy, with
high GDP per capita, at about $69,700 in 2018. It holds the third-
largest proven natural gas reserves in the world, and is one of
the largest exporters of Liquefied Natural Gas globally. We
believe Qatar has effectively managed the ongoing boycott's
impact on its economy. (Bloomberg)
 GDI sells its ‘Al-Doha’ jack-up rig to India's Star Matrix for
$1.9mn – Gulf Drilling International (GDI), a subsidiary of Gulf
International Services (GISS), has sold the ‘Al-Doha’ jack-up rig
to India’s Star Matrix for $1.9mn, the company announced.
Delivered in 1981 by Mitsubishi Heavy Industries, the
Mitsubishi MD T76J-Viii self-elevating, independent-leg
cantilever jack-up drilling rig, Al-Doha has a long and
successful operational history offshore Qatar. GDI has impaired
the drilling rig Al-Doha as declared in its 2018 financial
statements due to being off contract and unmarketable in its
present technical conditions. GDI, as part of its efforts to
modernize its fleet and provide the most modern and efficient
assets to its clients, decided to recycle Al-Doha in an
environmentally-responsible manner and in compliance with
the Hong Kong International Convention for the safe and
environmentally sound recycling of ships. With the sale of the
Al-Doha complete, the company will continue to operate eight
jack-ups, eight land rigs, two lift-boats, and one
accommodation barge. (Qatar Tribune)
 GWCS announces the establishment of its subsidiary in India –
Gulf Warehousing Company (GWCS) announced the
establishment of its subsidiary in India, LEDD Technologies
India Private Limited, established on April 3, 2019. GWCS also
established Prime Container Services, a Qatar-based limited
liability company, with a capital of QR300,000 and 100% owned
by GWCS. (QSE)
 AKHI announces the end of service of Ali Reza Al Bannai as
CEO of the company – Al Khaleej Takaful Insurance Company
(AKHI) announced the end of service of Ali Reza Al Bannai, as
CEO of the company as of April 17, 2019. The board of directors
decided to delegate the board member Abdullah Ali Al Ansari to
the duties of the temporary basis. (QSE)
 MRDS’ AGM approves the distribution of 5% cash dividend and
postpones its EGM – Mazaya Qatar Real Estate Development
(MRDS) held its Ordinary General Assembly Meeting (AGM) on
April 16, 2019, and endorsed items on its agenda. The
company’s shareholders approved board of directors’
recommendation to distribute cash dividend of 5% (i.e. QR0.5
per share). MRDS postponed its Extraordinary General
Assembly Meeting (EGM), which scheduled on April 16, 2019,
due to lack of quorum. (QSE)
 IGRD’s EGM endorses items on its agenda – Investment Holding
Group’s (IGRD) EGM endorsed items on its agenda held on April
16 2019 and ratified in its meeting the following: (i) Amended
the Article 5 of the Memorandum of Association by splitting the
nominal value of the share to become QR1, in alignment with
the decision of Qatar Financial Markets Authority in its fourth
meeting in 2018 convened on December 16, 2018, (ii) Amended
the Article 27 of the Memorandum of Association whereby the
member of the board of directors has to own 100,000 of the
company shares, in lieu of 10,000 shares, and (iii) Delegated the
Chairman, Ghanim Sultan Al Hodaifi Al Kuwari or whoever he
may delegate, to sign singly, on the official necessary
procedures to sign, authenticate and register the amendment of
the Memorandum of Association of the company. (QSE)
 QIA's Project Maple II completes GBP625mn project refinancing
– Qatar Investment Authority’s (QIA) Project Maple II BV
subsidiary stated it completed GBP625mn refinancing of 8
Canada Square in London’s Canary Wharf area. Refinancing
was completed with a syndicate of six banks, Crédit Agricole
CIB, DekaBank, Deutsche Bank, DBS Bank, HSBC and Intesa
Sanpaolo. The building serves as HSBC’s global headquarters.
(Bloomberg)
 Qatar Petroleum wins exploration rights in five offshore blocks
in Argentina – Qatar Petroleum (QP) has won exploration rights
in five offshore blocks in the North Argentina, and Malvinas
West basins in Argentina. The winning bids were announced by
Argentina’s Secretariat of Government of Energy (SGE) at the
end of a public tender process that started in November 2018.
They will be subject to customary confirmation and regulatory
approvals by the Argentinean authorities. QP won the
exploration rights for blocks MLO-113, MLO-117, and MLO-118
in the Malvinas West basin as part of a consortium comprising
an ExxonMobil affiliate (operator with a 70% interest) and a QP
affiliate (with a 30% interest). QP also won the exploration
rights for blocks CAN-107 and CAN-109 in the North Argentina
basin as part of a consortium comprising an affiliate of Shell
(operator with a 60% interest) and an affiliate of QP (with a
40% interest). Minister of State for Energy Affairs, and
President and CEO of QP, HE Saad bin Sherida Al-Kaabi said,
“We are pleased to have been awarded these offshore
exploration blocks, which further strengthen QP’s footprint
within Argentina along with our existing Neuquén basin
unconventional assets. This important result marks yet another
step towards implementing our international growth strategy,
and maximizing synergies with our existing strong base in Latin
America.” The exploration blocks offered during the public
tender included 38 shallow, deep and ultra-deep water offshore
blocks in the Austral, North Argentina, and Malvinas West
basins. QP participated in the bid round as a non-operating
partner. (Gulf-Times.com)
 QGRI sets to open major project in Algeria – Qatar General
Insurance & Reinsurance Company (QGRI) is to open its
flagship real estate project in Algeria within six months,

5. Page 5 of 8
according to a top official of the group. QGRI is developing one
of the biggest mixed-use real estate projects in the capital city
of Algiers. It’s a project consisting of 11 buildings, including a
luxury hotel (Marriot), office buildings, a mall and shopping
centers, which are on the verge of completion. QGRI’s CEO,
Hassan Ahmed Hassan Al Efrangi said, “Our investment in
Algeria, especially the real estate project, is one of the best in
our investment portfolio. It is a very huge project which is
almost ready, and we will start opening it within six months.”
Al Efrangi added, “In addition to this project we have many
other projects within Algeria and Oman in many other areas.”
(Peninsula Qatar)
 Qatari investments in Amman Stock Exchange amount to
$1.3bn – The volume of Qatari investment in Amman Stock
Exchange at the end of March reached $1.3bn. The statistical
data released by the Jordan Securities Depository Center
showed that the volume of Qatari investment ranked second in
the list of Arab investments in Amman Stock Exchange, in
terms of ownership of securities by nationality. The center
pointed out that the number of securities owned by Qatari
investors amounted to about 183.197mn securities last month.
Statistics showed that the number of Qatari investment
contributions in securities ownership reached 377,000
contributions in that period. (Peninsula Qatar)
 Albania open to investments in tourism, energy, and
infrastructure development – Albania is offering Qatar a wide
range of investment opportunities in tourism, energy, and
infrastructure development, as well as Public Private
Partnership (PPP) schemes, according to Albanian Prime
Minister, Edi Rama. Rama made the statement in a meeting
with Qatar Chamber officials led by First Vice Chairman
Mohamed bin Towar Al-Kuwari. The Prime Minister said
Albania has a strong energy sector and is the second source of
water in Europe after Norway. He said the Southeastern
European country has a lot of potential in hydrocarbons and, at
the same time, it is part of the new Trans Adriatic Pipeline,
which brings gas to Europe through Azerbaijan. Al-Kuwari said,
“The door is open to Albanian companies to cooperate with
their Qatari counterparts in the projects that are being
implemented in Qatar, especially in the fields of infrastructure
and preparation for the 2022 FIFA World Cup. There are many
investment opportunities for Albanian companies in the Qatari
market, and the government is working to attract FDI and to
promote the business and investment climate, and to facilitate
the establishment of new projects in all areas.” (Gulf-
Times.com)
 Qatari tour operators upbeat as industry makes post-blockade
recovery – Doha-based tour operators are upbeat with the
country’s tourism sector showing post-blockade recovery
trends. The number of foreign tourists who have visited Qatar
in the first two months of the year has increased by 8% to
376,106 visitors in January and February this year from 347,624
visitors during the same period in 2018. Qatar International
Adventures’ (QIA) Managing Director and Owner, Walid Al
Jaouni said, “The number of foreign visitors is increasing and
more people are getting to know about the country. Following
the government’s strategy, we have also opened new
marketing strategies to attract the Chinese, Indian, Russian,
and Iranian markets. We’re bringing in more foreign tour
operators to show them what we have here in Qatar so they can
start sending tourist groups. And that is already working.”
Jaouni added, “This year is going to be much better than 2018.
While there are new and emerging big markets, we are actively
pursuing all markets. We’re developing our self internally by
adding more tours with more guides. Because what we got now
is enough, but the number of tourists is increasing so we need to
make more attractions and expand our operations.” (Peninsula
Qatar)
 Fendercare Marine expands marine product supply network
with Craig International in Qatar – Fendercare Marine, part of
James Fisher and Sons plc, has signed a new distribution
agreement with one of the global leaders in oilfield procurement
services, Craig International - a member of the Craig Group,
helping to improve customer service through the local stock
and supply of high-quality marine products. With the aim of
supporting customers locally in Qatar and adding value to the
procurement processes, the agreement with Craig International
means Fendercare Marine now offers a comprehensive range of
high-quality marine products from Doha, enhancing customer
service by increasing product availability and improving
efficiency. (Zawya)
International
 US manufacturing mired in soft patch in the first quarter – The
US manufacturing output was unchanged in March after two
straight monthly declines, resulting in the first quarterly drop
in production since President, Donald Trump was elected. The
weakness in manufacturing reported by the Federal Reserve is
in tandem with a moderation in the broader economy, and is
despite the White House’s America First policies, including
trade tariffs aimed at protecting domestic factories from what
Trump says in unfair foreign competition. Manufacturing
output last month was restrained by weak motor vehicle and
wood products production after falling 0.3% in February.
Economists polled by Reuters had forecasted manufacturing
production edging up 0.1% in March. Production at factories
dropped at 1.1% annualized rate in the first quarter. That was
the first quarterly drop since the third quarter of 2017 and
followed 1.7% pace of increase in the October-December period.
(Reuters)
 UK’s wage growth at new decade high as employers hire in the
face of Brexit – British workers’ pay grew at its joint fastest
pace in over a decade as employers extended their hiring spree,
adding to signs that uncertainty about Brexit is prompting firms
to take on workers rather than commit to longer-term
investments. Contrasting with other sluggish readings of
Britain’s economy, total earnings, including bonuses, rose by an
annual 3.5% in the three months to February, official data
showed, in line with a Reuters poll of economists. That was the
joint highest rate since mid-2008 although in the month of
February on its own the pace of wage growth slowed.
Employment grew by 179,000 in the three months to February,
in line with the Reuters poll forecast, helping to keep the
unemployment rate at 3.9%, its lowest since early 1975, the
Office for National Statistics stated. (Reuters)
 UK’s marketing spending rises despite Brexit, uncertainty
clouds forecast – British companies spent more on marketing in

6. Page 6 of 8
the opening quarter of 2019 despite uncertainty around Brexit,
but their budgets for the rest of the year could be the most
subdued since after the financial crisis, a survey showed. The
IPA Bellwether survey, conducted by IHS Markit, showed on
Wednesday that 21.6% of marketing executives raised their
budgets during the quarter, while just under 12.8% of
executives who took part in the survey cut their marketing
budgets. (Reuters)
 Germany's public debt to fall below EU ceiling this year – The
German government expects the country’s public sector debt to
fall below the European Union’s (EU) debt ceiling this year, a
draft document seen by Reuters showed. The document shows
debt is expected to fall to 58.75% of economic output in 2019,
below the 60% mark set by the bloc. It would be the first time
since 2002 that German debt falls below that mark. Finance
Minister Olaf Scholz said last year that Germany would achieve
this milestone by the end of 2018. However the document
showed that the government estimates public debt stood at
60.9% last year. (Reuters)
 Japan’s exports hit by weak China demand, raising risk of
economic contraction – Japan’s exports fell for a fourth straight
month in March as China-bound shipments slumped again,
reinforcing growing anxiety that weak external demand may
have knocked the economy into contraction in the first quarter.
Ministry of Finance data showed exports fell 2.4% in March
from a year earlier, compared with 2.7% drop predicted by
economists in a Reuters poll, and followed 1.2% decline in
February. The data reinforces worries that weak external
demand may hurt company profits and in turn curb business
expenditures, workers’ wages and consumer spending in a
broad hit to growth. The spectre of a first quarter contraction
would pile pressure on Prime Minister Shinzo Abe to once again
delay a planned sales tax hike in October needed to fix the
world’s heaviest public debt burden at twice the size of its
economy. The economy grew at an annualized rate of 1.9% in
the fourth quarter driven by business and consumer spending.
Bank of Japan’s (BoJ) Governor, Haruhiko Kuroda last week
stuck to his optimism that Japan’s export-dependent economy
will soon climb out of its doldrums as global growth recovers.
Kuroda, however, did warn of lingering risks to the global
outlook, including the outcome of U.-China trade talks and
Britain’s potentially messy departure from the European Union.
Markets expect the BoJ to stand pat at a rate review next week,
though some investors say the recent batch of soft indicators
may pile pressure on policymakers to add to the central bank’s
already massive stimulus later in the year. (Reuters)
 China’s first-quarter GDP growth steady at 6.4% beats
expectations for slowdown – China’s economy grew at a steady
6.4% pace in the first quarter from a year earlier, defying
expectations for a slowdown, as industrial output jumped
sharply. The upbeat readings, which also showed faster growth
in retail sales and investment, are likely to add to optimism that
China’s cooling economy may be starting to stabilize, relieving
some investor anxiety over sputtering global demand.
However, analysts said it is too early to call a sustainable
turnaround, and further policy support is likely needed.
Analysts polled by Reuters had expected growth to slow
slightly to 6.3% in the January-March quarter, the slowest pace
in at least 27 years. Industrial production jumped 8.5% in March
from a year earlier, the fastest pace in over four-and-a-half
years. The reading easily beat analysts’ estimates of 5.9% and
the 5.3% seen in the first two months of the year. Retail sales
rose 8.7% in March, also beating analyst’s estimates of 8.4%
growth and the previous 8.2%. Fixed-asset investment
expanded 6.3% in January-to-March from the same period a
year earlier, in line with estimates of 6.3%. Real estate
investment rose 11.8% in the first three months, quickening
slightly from the 11.6% gain in the January-to-February.
Analysts polled by Reuters expect China’s economic growth to
slow to a near 30-year low of 6.2% this year, as sluggish
demand at home and abroad and the Sino-US trade war
continues to weigh on activity despite a flurry of policy support
measures. The government aims for economic growth of 6.0%-
6.5% in 2019. On a quarterly basis, GDP in the first quarter grew
1.4%, as expected, but dipping from 1.5% in October-December.
(Reuters)
 China's economy still faces pressure, policy steps starting to
help – China’s economy still faces downward pressure, while
policy steps to support the economy are starting to bear fruit,
statistics bureau stated. Mao Shengyong, Spokesman for the
bureau, made the comments after official data showed China’s
economy grew at a steady 6.4% pace in the first quarter from a
year earlier, defying expectations for a slowdown, as industrial
output jumped sharply. There are favorable factors for
supporting industrial output growth and it is expected to
maintain a steady pace, Mao said. (Reuters)
Regional
 Saudi wealth fund unit to buy Jadwa's waste management
business – Saudi Investment Recycling, a wholly-owned
subsidiary of the Public Investment Fund (PIF), has agreed to
acquire Global Environmental Management Services from
Jadwa Investment, according to a statement. The business has
been sold for an undisclosed amount. The deal is expected to
close in 2Q2019. (Bloomberg)
 Saudi Aramco in talks for 25% of Reliance's refining and
petrochemical units – Saudi Aramco is in discussions to acquire
up to a 25% stake in Reliance Industries’ refining and
petrochemicals businesses, the Times of India (TOI) reported. A
minority stake sale could fetch around $10bn to $15bn, valuing
the Indian company's refining and petrochemicals businesses at
around $55bn to $60bn, the report stated. The agreement on
valuation could be reached around June, TOI reported, citing
sources. Goldman Sachs is said to have been mandated to
advise on the proposed deal, the report added. Saudi Aramco’s
interest in the operator of the world’s biggest refining complex
comes after Saudi Arabia’s Crown Prince, Mohammed bin
Salman’s visit in February, when he said that he expects
investment opportunities worth more than $100bn in India over
the next two years. Separately, Saudi Aramco’s CEO, Amin
Nasser has met Reliance Chairman Mukesh Ambani to discuss
Saudi Aramco’s businesses including crude, chemicals and non-
metallic. (Reuters)
 Saudi Arabia's Al Rajhi Bank sees boost to loans and margins –
Saudi Arabia’s second-biggest bank expects a pickup in loan
growth and improvement in margins this year as it seeks to
boost transparency for investors. Al Rajhi Bank sees assets

7. Page 7 of 8
growing in the mid-single digits and corporate lending rising
after its financing book gained just 0.2% in 2018, according to
CEO, Steve Bertamini. The bank also sees a sustained double-
digit growth in mortgages over the next few years after home
financing grew 27% last year. “Demand for corporate loans was
lower than what was expected and the pricing often was not
great, so we decided it was better to wait for pricing margins to
improve,” he said. “We have seen a good pick up in corporate
lending demand already this year, which is good start,” he
added. Al Rajhi Bank is seeking to boost home and corporate
financing as a key part of its growth plan to diversify away
from retail banking, which accounts for 72% of its loan book.
Still, the bank’s decision to hold off on some deals because of
low pricing meant that its market share in corporate loans fell
to 7.3% last year, from 7.7% in 2017, according to a
presentation on its website. Market share for mortgages rose to
27.9% from 25.4%. (Bloomberg)
 `Unsustainable' UAE rate climb seen reversing on tax giveaway
– An ‘unsustainable’ increase in the UAE’s lending benchmark
will reverse once the government doles out the tax revenue
whose withdrawal from deposits spurred the rise, according to
the biggest bank in Dubai. The three-month EIBOR has climbed
in the past three weeks despite a decline in a similar Dollar rate,
an oddity because the Dirham is pegged to the US currency. The
spread with the three-month LIBOR widened to 36bps last
week, the biggest differential in more than two years, according
to data compiled by Bloomberg. The federal government’s
“sudden withdrawal of cash from the large EIBOR-fixing banks”
is probably to blame, the Head of fixed-income research at
Emirates NBD, Anita Yadav said in a report. As banks came
under funding pressure, they responded by paying high
interbank rates to lure money ahead of quarter-end reporting,
she said. The government probably held as much as $11bn in
bank deposits following the introduction of a 5% value-added
tax (VAT) in early 2018, and cash built up because the
distribution of the proceeds to individual Emirates is yet to be
finalized, she added. EIBOR’s rise and its widening spread with
LIBOR came after the federal government is believed to have
withdrawn these deposits and placed them with the Ministry of
Finance, according to Emirates NBD. “This phenomenon is
likely to reverse once the money is distributed,” she said. The
widening EIBOR-LIBOR spread is unsustainable and likely to
mean-revert to lower levels within this quarter. The outlook for
interest rates in the US is another factor that should push
borrowing costs lower in the UAE, she said. (Bloomberg)
 UAE's Finablr to list on London Stock Exchange – UAE-based
payments and foreign exchange company Finablr has
confirmed plans to proceed with an Initial Public Offering (IPO)
on the London Stock Exchange, a week after the company
revealed it was considering a flotation. Finablr, whose brands
include UAE Exchange, Travelex Holdings and Xpress Money,
stated that the final offer price will be determined following a
book-building process, with the listing expected in May. Finablr
stated that it is planning to raise $200mn from the sale of new
stock, with some existing shares also being offered for sale. It
plans to sell at least 25% of its equity. Sources earlier told
Reuters the company intends to raise a total of about $500mn
from the offering. The sale prospectus is expected to be
published on or around May 1, 2019. (Reuters)
 Dubai's Majid Al Futtaim said to plan bond sale for refinancing –
Majid Al Futtaim Holding is planning a bond sale as the
operator of Carrefour SA stores in the Middle East seeks funds
to help repay debt, according to sources. The Dubai-based
owner of the City Centre malls is talking to banks for the
potential sale, sources said. The company could raise about
$500mn, they said. Majid Al Futtaim has a $500mn five-year
bond due in July, according to data compiled by Bloomberg. The
company, which has the second-lowest investment grade
rating at S&P Global, last sold bonds in March 2018 when it
raised $400mn from the sale of perpetual securities.
(Bloomberg)
 Dubai’s Al Khaleej Sugar said to halt production amid supply
glut – Al Khaleej Sugar, the world’s largest port-based sugar
refinery, has halted production at its Dubai facility again in
recent months amid a global glut, sources said. The refinery,
which processes raw sugar into the white variety, is currently
closed, sources said. The stoppage follows a halt in production
that lasted from mid-December to early February as a flood of
sugar from India resulted in weak demand for the sweetener
produced by Al Khaleej. Refining profits have also fallen, with
white sugar’s premium over raw at the lowest for this time of
year since 2003. (Bloomberg)
 Mubadala plans to invest in logistics as property `gets pricey' –
Mubadala Investment Company is turning its attention to
logistics in the US and Asia after years of residential and
commercial real estate investments. The Abu Dhabi wealth
fund plans to invest in assets such as warehouses to diversify
its portfolio and achieve better returns, Mubadala’s Executive
Director of real estate and infrastructure, Ali Eid Almheiri said.
“Commercial and residential investments are starting to get
pricey from a yield perspective, there’s still opportunities in the
logistics sector to give us those returns, that’s what we’re
focusing on,” he said. (Bloomberg)
 SIB posts 6.0% YoY rise in net profit to AED151.7mn in 1Q2019
– Sharjah Islamic Bank (SIB) recorded net profit of AED151.7mn
in 1Q2019, an increase of 6.0% YoY. Total income rose 17.8%
YoY to AED472.1mn in 1Q2019. Net operating income rose
29.2% YoY to AED329.2mn in 1Q2019. Total assets stood at
AED44.72bn at the end of March 31, 2019 as compared to
AED44.75bn at the end of March 31, 2018. Investment in
Islamic financing stood at AED24.5bn (+1.5% YoY), while
customers’ deposits stood at AED26.4bn (+0.01% YoY) at the
end of March 31, 2019. EPS remained flat YoY at AED0.05 in
1Q2019. (ADX)
 Oman sells OMR54.5mn 28-day bills at yield of 2.482% – Oman
sold OMR54.5mn 28 day bills due on May 15, 2019 on April 15,
2019. The bills were sold at a price of 99.81, having a yield of
2.482% and will settle on April 17, 2019. (Bloomberg)
 Investcorp to raise at least $7bn for buyouts this year –
Bahrain-based alternative investment firm Investcorp intends
to raise at least $7bn this year for acquisitions, about the same
as it did last year, The National reported, citing Co-CEO, Rishi
Kapoor. China and India will be the two biggest Asian markets
for Investcorp. The company expects its GCC portfolio to rise to
between $1.5bn-$2bn in the next five years from $1bn, driven
by investments in social infrastructure such as healthcare,
education and entertainment. (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
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 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
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
QSEIndex S&P Pan Arab S&P GCC
0.6% 0.4%
1.9%
0.1%
(0.7%)
(0.2%)
(0.5%)(1.0%)
0.0%
1.0%
2.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,276.84 (0.9) (1.0) (0.4) MSCI World Index 2,163.08 0.1 0.2 14.8
Silver/Ounce 15.00 0.1 0.2 (3.2) DJ Industrial 26,452.66 0.3 0.2 13.4
Crude Oil (Brent)/Barrel (FM Future) 71.72 0.8 0.2 33.3 S&P 500 2,907.06 0.1 (0.0) 16.0
Crude Oil (WTI)/Barrel (FM Future) 64.05 1.0 0.3 41.0 NASDAQ 100 8,000.23 0.3 0.2 20.6
Natural Gas (Henry Hub)/MMBtu 2.66 (1.1) (3.3) (16.5) STOXX 600 389.21 0.1 0.3 13.6
LPG Propane (Arab Gulf)/Ton 63.25 (1.7) (4.9) (1.2) DAX 12,101.32 0.5 0.7 13.0
LPG Butane (Arab Gulf)/Ton 66.50 (1.3) (1.8) (4.3) FTSE 100 7,469.92 0.0 0.2 13.7
Euro 1.13 (0.2) (0.2) (1.6) CAC 40 5,528.67 0.2 0.3 15.2
Yen 112.00 (0.0) (0.0) 2.1 Nikkei 22,221.66 0.2 1.6 9.5
GBP 1.30 (0.4) (0.2) 2.3 MSCI EM 1,093.55 0.7 0.4 13.2
CHF 0.99 (0.4) (0.5) (2.6) SHANGHAI SE Composite 3,253.60 2.3 1.9 33.7
AUD 0.72 0.0 0.0 1.8 HANG SENG 30,129.87 1.0 0.7 16.4
USD Index 97.04 0.1 0.1 0.9 BSE SENSEX 39,275.64 0.7 0.9 9.1
RUB 64.10 (0.3) (0.4) (8.0) Bovespa 94,333.31 0.6 1.6 6.7
BRL 0.26 (0.9) (0.6) (0.6) RTS 1,255.45 0.7 0.2 17.5
102.7
96.0
82.4