The QSE Index rose 0.5% led by gains in the Banks & Financial Services and Telecoms indices. National Leasing and Widam Food Co. were the top gainers rising 3.3% and 2.3% respectively, while Mannai Corp fell 3.5%. Regional indices were mixed with Abu Dhabi rising 0.4% and Oman up 0.2% while Saudi Arabia fell 0.1%, Dubai declined 0.3% and Kuwait dropped 0.6%. Earnings reports from Saudi companies showed revenue declines and mixed profit results. Global PMIs were mixed with improvements in the US and declines in the UK and Eurozone.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.5% to close at 10,752.1. Gains were led by the Banks &
Financial Services and Telecoms indices, gaining 1.2% and 0.9%, respectively. Top
gainers were National Leasing and Widam Food Co., rising 3.3% and 2.3%,
respectively. Among the top losers Mannai Corp fell 3.5%, while Doha Insurance Co.
was down 2.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.1% to close at 6,966.5. Losses were led by the
Consumer Services and Retailing indices, falling 1.1% and 0.8%, respectively. Saudi
Marketing Co. fell 2.2%, while Altayyar Travel Group was down 1.7%.
Dubai: The DFM Index declined 0.3% to close at 3,620.7. The Services index fell
2.1%, while the Consumer Staples index declined 1.6%. Ekttitab Holding Co. fell
4.6%, while Emirates Islamic Bank was down 3.8%.
Abu Dhabi: The ADX benchmark index rose 0.4% to close at 4,569.5. The Banks
index gained 0.9%, while the Insurance index rose 0.1%. National Takaful Co.
gained 14.6%, while Abu Dhabi Shipbuilding Co. was up 6.3%.
Kuwait: The KSE Index declined 0.6% to close at 6,739.7. The Telecommunication
and Insurance indices declined 2.7% each. Kuwait Cable Vision fell 8.9%, while Gulf
Franchising Holding Co. was down 8.8%.
Oman: The MSM Index rose 0.2% to close at 5,791.1. Gains were led by the
Industrial and Financial indices, rising 0.5% and 0.2%, respectively. Oman Fisheries
rose 5.6%, while Alizz Islamic Bank was up 4.4%.
Bahrain: The BHB Index fell 0.4% to close at 1,344.2. The Commercial Banks index
declined 0.8%, while the Services index fell 0.7%. Nass Corporation declined 10.0%,
while Ithmaar Holding was down 5.1%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
National Leasing 16.74 3.3 1,149.7 9.3
Widam Food Co. 66.00 2.3 113.7 (2.9)
Commercial Bank 31.70 2.3 169.6 (2.5)
Qatar Electricity & Water Co. 230.00 2.2 58.1 1.3
Masraf Al Rayan 40.80 1.7 336.7 8.5
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
National Leasing 16.74 3.3 1,149.7 9.3
Barwa Real Estate Co. 39.70 (0.4) 1,123.8 19.4
Qatar General Ins. & Reins. Co. 40.85 (2.3) 1,000.0 (13.1)
Ezdan Holding Group 15.44 1.4 920.2 2.2
Vodafone Qatar 9.24 (0.5) 912.4 (1.4)
Market Indicators 01 Mar 17 28 Feb 17 %Chg.
Value Traded (QR mn) 345.8 700.9 (50.7)
Exch. Market Cap. (QR mn) 579,441.8 577,684.7 0.3
Volume (mn) 9.2 15.9 (41.8)
Number of Transactions 4,661 6,712 (30.6)
Companies Traded 42 39 7.7
Market Breadth 23:17 12:25 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,600.96 0.8 (1.2) 4.2 15.8
All Share Index 2,986.50 0.7 (1.2) 4.1 15.3
Banks 3,056.29 1.2 (0.6) 4.9 13.5
Industrials 3,400.96 0.0 (0.6) 2.9 20.2
Transportation 2,496.03 (0.0) (2.4) (2.0) 14.1
Real Estate 2,381.65 0.8 (2.9) 6.1 15.9
Insurance 4,449.26 0.8 (0.3) 0.3 17.9
Telecoms 1,257.51 0.9 (1.6) 4.3 22.3
Consumer 6,399.17 (0.2) (1.3) 8.5 13.8
Al Rayan Islamic Index 4,129.31 0.1 (1.4) 6.3 16.9
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Enaya Coop. Ins. Saudi Arabia 17.55 6.7 2,017.8 8.3
Etihad Atheeb Telecom. Saudi Arabia 3.71 4.5 5,028.7 25.8
National Leasing Qatar 16.74 3.3 1,149.7 9.3
Saudi Fisheries Saudi Arabia 12.44 2.9 1,068.3 (10.8)
Commercial Facilities Kuwait 0.18 2.3 1,887.6 15.4
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Ithmaar Holding Bahrain 0.19 (5.1) 1,336.8 48.0
National Real Estate Kuwait 0.10 (3.7) 4,879.6 0.0
Gulf Cable & Elec. Ind. Kuwait 0.54 (3.6) 191.1 44.0
Mannai Corp Qatar 83.00 (3.5) 10.6 3.8
Dubai Financial Market Dubai 1.41 (3.4) 23,660.7 12.8
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Mannai Corp 83.00 (3.5) 10.6 3.8
Doha Insurance Co. 17.95 (2.9) 1.0 (1.4)
Qatari Investors Group 58.30 (2.8) 185.7 (0.3)
Islamic Holding Group 61.10 (2.7) 91.5 0.2
Qatar General Ins. & Reins. Co. 40.85 (2.3) 1,000.0 (13.1)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Barwa Real Estate Co. 39.70 (0.4) 44,771.6 19.4
Qatar General Ins. & Reins. Co. 40.85 (2.3) 40,850.0 (13.1)
Industries Qatar 115.30 (0.2) 32,734.2 (1.9)
QNB Group 153.00 1.3 25,065.6 3.3
National Leasing 16.74 3.3 18,992.9 9.3
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* 10,752.10 0.5 (1.6) 0.5 3.0 94.97 159,172.7 15.8 1.6 3.7
Dubai 3,620.68 (0.3) (0.4) (0.3) 2.5 141.18 109,727.4 15.4 1.3 3.7
Abu Dhabi 4,569.53 0.4 (1.8) 0.4 0.5 56.65 118,667.1 12.8 1.4 5.4
Saudi Arabia 6,966.53 (0.1) (1.1) (0.1) (3.4) 883.78 435,552.6 17.2 1.6 3.4
Kuwait 6,739.73 (0.6) (1.0) (0.6) 17.3 105.68 95,308.7 22.5 1.2 3.5
Oman 5,791.12 0.2 (1.0) 0.2 0.1 32.42 23,288.0 10.9 1.2 4.9
Bahrain 1,344.16 (0.4) (0.4) (0.4) 10.1 6.29 21,485.8 8.6 0.7 4.3
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,680
10,700
10,720
10,740
10,760
10,780
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index rose 0.5% to close at 10,752.1. The Banks & Financial
Services and Telecoms indices led the gains. The index rose on the back
of buying support from non-Qatari shareholders despite selling pressure
from Qatari and GCC shareholders.
 National Leasing and Widam Food Co. were the top gainers, rising 3.3%
and 2.3%, respectively. Among the top losers Mannai Corp fell 3.5%,
while Doha Insurance Co. was down 2.9%.
 Volume of shares traded on Wednesday fell by 41.8% to 9.2mn from
15.9mn on Tuesday. Further, as compared to the 30-day moving average
of 9.3mn, volume for the day was 0.6% lower. National Leasing and
Barwa Real Estate Co. were the most active stocks, contributing 12.5%
and 12.2% 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)
2016
% Change
YoY
Operating Profit
(mn) 2016
% Change
YoY
Net Profit
(mn) 2016
% Change
YoY
Allianz Saudi Fransi Coop. Ins. Co.* Saudi Arabia SR 836.3 4.1% – – 3.7 -17.2%
Al Alamiya for Coop. Ins. Co.* Saudi Arabia SR 310.8 -22.7% – – 6.1 97.9%
Trade Union Coop. Insurance Co.* Saudi Arabia SR 954.5 12.8% – – 0.8 -21.3%
Al Sagr Cooperative Insurance Co.* Saudi Arabia SR 176.0 -79.6% – – – –
Nat. Shipping Co. of Saudi Arabia* Saudi Arabia SR – – 1,827.1 -7.7% 1,759.1 -3.2%
Alahli Takaful Co.* Saudi Arabia SR 356.3 -1.3% – – 4.9 291.3%
Saudi United Cooperative Ins. Co.* Saudi Arabia SR 1,016.6 35.0% – – 8.9 146.6%
Arabia Insurance Cooperative Co.* Saudi Arabia SR 419.1 -35.9% – – 6.8 -1.7%
Malath Coop. Ins. & Reins. Co.* Saudi Arabia SR 2,167.9 16.3% – – 11.7 46.4%
Najran Cement Co.* Saudi Arabia SR – – 160.1 -48.2% 124.7 -51.2%
Saudi Arabian Amiantit Co.* Saudi Arabia SR – – -65.1 N/A -250.8 N/A
Deyaar Development* Dubai AED 428.3 66.6% 218.9 54.8% 216.1 -25.8%
Al Ahlia Insurance Company*#
Bahrain BHD – – – – 31.8 N/A
Bahrain Commercial Facilities Co. * Bahrain BHD 30.0 23.5% 40.4 16.1% 19.9 14.4%
Source: Company data, DFM, ADX, MSM, TADAWUL (*FY2016,
#
Values in ‘000)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/01 US Mortgage Bankers Association MBA Mortgage Applications 24-February 5.8% – -2.0%
03/01 US Markit Markit US Manufacturing PMI February 54.2 54.5 54.3
03/01 UK Markit Markit UK PMI Manufacturing SA February 54.6 55.8 55.7
03/01 EU Markit Markit Eurozone Manufacturing PMI February 55.4 55.5 55.5
03/01 Germany Deutsche Bundesbank Unemployment Change February -14k -10k -25k
03/01 Germany Deutsche Bundesbank Unemployment Claims Rate SA February 5.9% 5.9% 5.9%
03/01 Germany German Federal Statistical Office CPI MoM February 0.6% 0.6% -0.6%
03/01 Germany German Federal Statistical Office CPI YoY February 2.2% 2.1% 1.9%
03/01 France Markit Markit France Manufacturing PMI February 52.2 52.3 52.3
03/01 China China Federation of Logistics Non-manufacturing PMI February 54.2 – 54.6
03/01 China China Federation of Logistics Manufacturing PMI February 51.6 51.2 51.3
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 board meeting No. of days remaining Status
MRDS Mazaya Qatar 14-Mar-17 12 Due
QFBQ Qatar First Bank 14-Mar-17 12 Due
AKHI Al Khaleej Takaful Insurance 14-Mar-17 12 Due
AHCS Aamal Company 15-Mar-17 13 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 26.88% 40.36% (46,628,390.83)
Qatari Institutions 24.68% 14.79% 34,215,369.77
Qatari 51.56% 55.15% (12,413,021.06)
GCC Individuals 0.75% 1.94% (4,123,401.13)
GCC Institutions 1.54% 4.03% (8,617,136.24)
GCC 2.29% 5.97% (12,740,537.37)
Non-Qatari Individuals 18.97% 9.49% 32,809,424.96
Non-Qatari Institutions 27.18% 29.39% (7,655,866.53)
Non-Qatari 46.15% 38.88% 25,153,558.43

3. Page 3 of 6
News
Qatar
 IQCD’s AGM & EGM endorses items listed on its agenda and
approves the distribution of 40% cash dividend – Industries
Qatar (IQCD) announced the resolutions of Annual General
Assembly and Extraordinary General Assembly Meeting (AGM
& EGM) held on February 28, 2017 and approved the proposal of
the board of directors to distribute dividend payment of QR4 per
share, representing 40% of the nominal share value. (QSE)
 QGRI to hold its AGM & EGM on March 21 – Qatar General
Insurance and Reinsurance Company (QGRI) announced the
agenda for its Ordinary and Extraordinary General Assembly
Meeting (AGM & EGM), to be held on March 21, 2017. In case
the required quorum is not met, a second meeting will be held
on March 27, 2017. One of the items of agenda is to approve the
board’s recommendation for a dividend payment of QR1.5 per
share, representing 15% of the nominal share value. (QSE)
 QNCD to commission two cement mills; production capacity set
to increase by 5,500 tons per day – Qatar National Cement
Company (QNCD) plans to “commission two cement mills of its
Plant 5 in 1H2017 to increase production capacity” by 5,500
tons per day. The commissioning of the mills are among
QNCD’s plans for the year, according to Chairman and
Managing Director Salem bin Butti al-Naimi, who addressed
shareholders during the company’s AGM held at the Sheraton.
Al-Naimi said the company aims to complete the construction
of Plant 5 by operating the kiln and other utilities during the
2H2017. To meet market demands and the company’s
objectives, QNCD will increase the production capacity of
washed sand and calcium carbonate. Al-Naimi said QNCD will
dispose Cement Plant 1, including all of its accessories in Umm
Bab after it was closed in June 30, 2016 to control the
company’s overall cost and maintain its commitment to safety
and environmental standards. (Gulf-Times.com)
 BMI: Building materials demand set to rise in Qatar on strong
project pipeline – The demand for building materials in Qatar’s
construction sector will continue to accelerate in the run up to
the FIFA 2022 World Cup on the back of robust growth and a
strong project pipeline, a new report showed. “The government
policy will serve to help mitigate bottlenecks with regard to
matching growing demand with an adequate supply of building
materials,” BMI Research said in a report. Growing amounts of
aggregate building materials will be required to “fuel rapid
expansion” in Qatar’s construction sector, which, with the
upcoming FIFA 2022 World Cup, is expected to drive annualized
average real growth of 12%. “We expect that prudent
government policy under the auspices of state-owned Qatar
Primary Materials Company (QPMC) will help to facilitate
building material supplies to the private sector, allowing the
government to successfully implement its ambitious
infrastructure build out,” BMI said. According to the Fitch
Group company, Qatar’s investment program will spur well-
diversified growth spanning the country’s infrastructure
spectrum, with transport and commercial construction projects
in particular set to be major beneficiaries. The country’s
construction boom will in turn buoy demand for primary
construction materials. (Gulf-Times.com)
 Qatar population reaches all-time high at 2.67mn – According
to the figures released by the Ministry of Development
Planning and Statistics (MDPS), Qatar's population has reached
an all-time high of 2,673,000 on February 28, 2017, climbing
3.8% compared to the previous month. The previous highest
population figure of 2,637,000 was recorded on November 30,
2016. The latest figures also reveal that compared to the
population during February 2016, there was a 5% rise last
month. The population of February 2016 was a little over
2.5mn. (Gulf-Times.com)
 CEO: QFC on a mission to create 10,000 jobs in 5 years – Qatar
Financial Centre (QFC) is on a mission to create 10,000 jobs in
the next five years, its Chief Executive Officer said. The move is
part of QFC's bid to aid the government's economic
diversification efforts and to encourage private sector
participation in the process, Yousuf Mohamed al Jaida said
while addressing a business gathering in Doha. "QFC is an
integral part of the Qatari economy. In keeping with that
general character, we have decided to increase the number of
companies on board to 1,000, from the current 340, by
2022,"Jaida said while addressing dignitaries of the Qatar
Businessmen Association and a visiting trade delegation from
Malta. More firms coming under its fold, the QFC CEO said,
would go a long way in expanding the local market and
strengthening the private sector, besides generating jobs. He
said it would also facilitate the diversification of government's
revenues. (Qatar Tribune)
 QBA, Malta business delegation focuses on mutual investment
opportunities – The Qatari Businessmen Association (QBA)
welcomed a delegation from the Republic of Malta during a
meeting that discussed investment opportunities and
partnerships between Qatar and Malta. In a statement, the QBA
described the meeting as an important step in a series of events
and activities carried out by the association to promote and
support economic relations and trade between the two
countries. The event also contributed in paving the way for
businessmen in Qatar and Malta to set up trade and investment
partnerships and open up new areas of business development
sectors, as well as a positive reflection on the economy of both
countries. The QBA said the meeting comes in the context of
the growth in relations between Qatar and Malta to a new level
of cooperation, which aims to open channels of communication
with businesses in Malta, and to identify investment
opportunities to serve the interests of both parties. The QBA
said Qatar’s business community is witnessing great
developments in all areas, especially in infrastructure projects.
The state, it added, has developed in a number of laws and
strategies that help investors easily set up companies in Qatar.
(Gulf-Times.com)
International
 US small business borrowing falls in January – Borrowing by
small US firms fell in January to the lowest level in three
months; data released showed a signal that small-business
owners are not betting on faster demand for the coming year, at
least not yet. The Thomson Reuters/PayNet Small Business
Lending Index fell to 123.3 in January from 134 in December,
and was the lowest since October, when the index sank to

4. Page 4 of 6
119.8. Movements in the index typically correspond with
changes in gross domestic product growth a quarter or two
ahead. US President Donald Trump has embraced a range of
potential new policies, including tax cuts and infrastructure
programs, and bets those policies will boost corporate profits
have driven US equities to record levels since his election in
November. But some of Trump's policies, including on
immigration and trade, have increased uncertainty in some
sectors. Small business borrowing is a key barometer of growth
because small companies tend to do much of the hiring that
drives economic gains. (Reuters)
 US construction spending falls on weak government
expenditures – US construction spending unexpectedly fell in
January as the biggest drop in public outlays since 2002 offset
gains in investment in private projects, pointing to moderate
economic growth in the first quarter. The Commerce
Department said that construction spending declined 1.0% to
$1.18tn. Construction spending in December was revised to
show a 0.1% increase rather than the previously reported 0.2%
decline. Economists polled by Reuters had forecast construction
spending gaining 0.6% in January. Construction spending
increased 3.1% from a year ago. In January, public construction
spending tumbled 5.0 percent, the largest drop since March
2002. That followed a 1.4% decline in December. Public
construction spending has now decreased for three straight
months. Outlays on state and local government construction
projects dropped 4.8%, also the biggest drop since March 2002.
Spending on state and local government construction projects
has dropped for three straight months. (Reuters)
 Weaker Euro helps propel Eurozone factory growth to six-year
high – Eurozone manufacturing growth accelerated to a six-
year high in February as a weaker euro helped drive strong
demand for its exports, with inflationary pressure showing
further signs of recovering, a business survey showed. While
the upturn in Eurozone factory activity was not shared by all
major economies, particularly France, prices rose faster across
most countries in the region. The IHS Markit Eurozone
manufacturing Purchasing Managers' Index rose to 55.4 in
February -- the highest reading since April 2011 - from 55.2 in
January, although it inched down from a flash estimate of 55.5.
That reading is well above the 50 mark denoting growth and
suggests a solid pickup in activity. Optimism among Eurozone
manufacturers about future business is also surging. (Reuters)
 PMI: German manufacturing growth near six-year high –
German manufacturing expanded at the strongest rate in nearly
six years in February, a survey showed, suggesting factories
will push up overall growth in Europe's biggest economy at the
start of 2017. Markit's Purchasing Managers' Index (PMI) for
manufacturing, which accounts for about a fifth of the
economy, rose to 56.8 from 56.4 in January. It was the highest
reading since May 2011 and above the 50 line that separates
growth from contraction for the 27th consecutive month. The
final figure came in slightly weaker than a flash reading,
however. "The survey results suggest that manufacturing will
contribute to a strengthening in overall economic growth in the
first quarter," IHS Markit economist Trevor Balchin said.
Germany's quarterly growth rate was likely to rise to "at least"
0.6% in the first three months of 2017 from 0.4% in the final
three months of 2016, Balchin added. The survey showed
growth rates for output, new orders, exports and purchasing all
improved, with manufacturing new orders rising at the
strongest rate in just over three years. Companies in the goods-
producing sector reported increased demand from both
domestic and export customers, with Europe and Asia
mentioned as main sources of growth. (Reuters)
 German unemployment falls more than expected in February –
German unemployment fell more than expected in February,
data from the Federal Labor Office showed. The seasonally
adjusted jobless total fell by 14,000 to 2.592mn, the Labor Office
said. That was more than the predicted fall of 10,000 in a
Reuters poll. The adjusted unemployment rate remained
unchanged at 5.9%, the lowest level since German reunification
in 1990. (Reuters)
 China central bank injects $60.2bn of liquidity in February,
down sharply from January – China's central bank injected
413.85bn Yuan ($60.2bn) via short- and medium-term liquidity
tools in February, down 35% from the previous month,
signaling a bid to rein in rapid credit growth. That followed a
26% drop in January from December. Under its new "prudent
and neutral" policy, the People's Bank of China (PBOC) has
adopted a modest tightening bias in a bid to cool explosive
growth in debt, though it is treading cautiously to avoid hurting
economic growth. The central bank raised interest rates on its
reverse repurchase agreements (repos) and the SLF on February
3, following a rise in rates on the MLF in late January. The PBOC
lent 393.50bn Yuan to financial institutions via its medium-
term lending facility (MLF) in February, it said. Of the total, the
central bank lent 150bn Yuan for six months and 243.5bn Yuan
for one year. Outstanding MLF loans totaled 3.761tn Yuan at
the end of February, compared with 3.573tn Yuan at the end of
January, implying a net injection of 188.5bn Yuan. (Reuters)
Regional
 Saudi Arabia’s fiscal surplus forecast at SR162bn by 2020 – By
the year 2020, planned fiscal measures under the Saudi Arabia
government’s Fiscal Balance Program (FBP 2020), will result in
the government saving around SR362bn, leading to a fiscal
surplus of SR162bn, compared with a deficit of SR200bn if no
reforms are implemented. Jadwa forecast that oil revenue will
reach SR586bn by 2020, compared to SR520bn implied in FBP’s
baseline scenario, noting that its assumptions with regards to
growth in expenditure and non-oil revenue are close to the
targets in the FBP’s baseline scenario. The reduction in public
sector worker allowances and wage freeze will contribute to
55% of 2017 gross savings. A further 29% of these savings will
come from energy price reform, whilst new measures to
enhance the efficiency of spending and raise non-oil revenue
will contribute 12% and 4%, respectively. (GulfBase.com)
 Utilities projects worth of $84bn under way in UAE – There are
currently 401 active projects in the UAE’s utility sector, with an
estimated value of $84bn. The utilities sector constitutes 4% of
the number of active construction projects and 11% of the total
estimated value of ongoing construction. The number of
ongoing utility projects increased by 2% in January compared to
December 2016, even after considering the recent completion of
12 utility projects that have a combined estimated value of
around $87mn. The significant ongoing investment in the

5. Page 5 of 6
power sector is one of the best indicators of an aggressive
development plan in the years ahead. (GulfBase.com)
 CEO: Gulf Navigation seeking funds to double or triple fleet –
Gulf Navigation Holding’s Chief Executive Officer, Khamis
Juma Buamim said that Gulf Navigation Holding may sell
shares or Islamic bonds as the Dubai-based ship owner plans to
seek funds to double or triple its fleet of oil and chemical ships.
The company wants to acquire chemical and product tankers as
well as offshore support vessels, after it agreed last month to
settle historical liabilities. Gulf Navigation currently owns eight
chemical tankers and four crew boats. The company could sell
shares or issue short-term Islamic bonds, or Sukuk, to fund the
growth. (GulfBase.com)
 DIB rings bell to celebrate listing $1bn Sukuk on Nasdaq Dubai
– Mohamed Abdulla Al Nahdi, Deputy Chief Executive of Dubai
Islamic Bank (DIB), rang the market-opening bell to celebrate
the listing of a $1bn Sukuk by DIB on Nasdaq Dubai. The listing,
carried out under DIB’s $5bn Sukuk Program, was the largest
senior Sukuk issuance by a financial institution globally. It
brings the total value of DIB’s current Sukuk listings on Nasdaq
Dubai to $4.25bn, more than any other UAE issuer.
(GulfBase.com)
 Passenger traffic at Dubai airport hits 8mn in January – Dubai
International Airport (DXB) began the New Year in top gear as
monthly traffic in January reached an all-time high of 8mn
passengers. Passenger traffic rose 9.7% to 8,037,008 in January
2017, up from 7,327,637 in the same month in 2016. This
follows DXB’s performance in 2016 during which the airport
welcomed a record 83.6mn passengers. Eastern Europe
remained the fastest-expanding market in terms of percentage
growth (up 32.5%), followed by Asia (up 26.4%), South America
(up 18.6%) and Australasia (15.8%). (GulfBase.com)
 Fitch rates Kuwait's upcoming global medium-term notes
'AA(EXP)' – Fitch Ratings has assigned Kuwait's senior
unsecured notes to be issued under the country's upcoming
global medium-term note program an expected rating of
'AA(EXP)'. The assignment of the final rating is contingent on
the receipt of final documents conforming to information
already received. The rating is in line with Kuwait's Long-Term
Foreign-Currency Issuer Default Rating (IDR), which was
affirmed at 'AA' with a Stable Outlook. The rating of the bonds
is sensitive to changes in Kuwait's Long-Term Foreign-
Currency IDR. (Reuters)
 Kuwait hires banks for investor meetings – Kuwait has
mandated Citigroup, HSBC and JP Morgan as global
coordinators for fixed income investor meetings commencing
March 6, 2017. In addition, Deutsche Bank, NBK Capital and
Standard Chartered, together with the joint global coordinators,
are mandated as joint lead managers and joint book runners. A
debut senior unsecured US dollar benchmark bond offering
across five and 10 year maturities will follow. (GulfBase.com)
 Kuwait real estate sales down after a strong December –
Following a stellar performance in December, the real estate
market softened in January, as monthly sales fell back below
KD200mn. According to the National Bank of Kuwait (NBK),
the value of sales decreased to KD179.5mn, lagging last year’s
performance by 16%. This was despite a slight pickup in
transaction volumes, which rose by 2% YoY. January’s price
performance, as reflected in NBK’s real estate price indices,
indicated further stabilization in the residential sector and
convergence of trends across sectors. According to NBK, the
residential sector sales were steady, remaining close to the 2016
monthly average. (GulfBase.com)
 Oman will need external financing support – Oman's continued
large twin deficits imply a need for material external financing
to prevent sustained erosion in foreign assets and to defend the
US dollar peg. Further borrowing is likely to pressure external
debt, especially if a downgrade to non-investment grade
removes a source of technical support as debt levels increase
further. In the absence of material fiscal consolidation, debt
dynamics remain adverse and unanchored, despite the low
starting level for government debt. The sharp drop in oil prices
in 2016 and spending slippage have led to a large widening in
the fiscal deficit in 2016. The consolidated government fiscal
balance recorded a deficit of OMR5.2bn ($13.5bn, 22.6% of GDP)
in 2016, widening from OMR4.2bn ($10.8bn, 16.9% of GDP) in
2015. (GulfBase.com)
 Oman sets initial price guidance for three-tranche dollar bond –
The government of Oman released initial price guidance for a
three-tranche US dollar international bond with maturities of 5,
10 and 30 years. Initial price thoughts for the debt sale are in
the 215 basis points over mid-swaps area for the five-year
tranche, 325 bps over mid-swaps area for the 10-year tranche
and 425 bps over mid-swaps area for the 30-year portion. Each
tranche would be benchmark size, meaning upwards of
$500mn. Bank Muscat, Citi, Deutsche Bank, HSBC, ICBC
Standard Bank, JP Morgan, Societe Generale and Standard
Chartered are the book runners. (Reuters)

6. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by
the Qatar Financial Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time
only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no
liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on
specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the
information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS
does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with
Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely
on the historical technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Feb-13 Feb-14 Feb-15 Feb-16 Feb-17
QSE Index S&P Pan Arab S&P GCC
(0.1%)
0.5%
(0.6%)
(0.4%)
0.2%
0.4%
(0.3%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,249.48 0.1 (0.6) 8.4 MSCI World Index 1,856.34 1.0 0.8 6.0
Silver/Ounce 18.42 0.6 0.3 15.7 DJ Industrial 21,115.55 1.5 1.4 6.8
Crude Oil (Brent)/Barrel (FM Future) 56.36 1.4 0.7 (0.8) S&P 500 2,395.96 1.4 1.2 7.0
Crude Oil (WTI)/Barrel (FM Future) 53.83 (0.3) (0.3) 0.2 NASDAQ 100 5,904.03 1.3 1.0 9.7
Natural Gas (Henry Hub)/MMBtu 2.60 3.2 4.5 (29.5) STOXX 600 375.69 1.1 1.5 4.1
LPG Propane (Arab Gulf)/Ton 62.25 (4.2) (4.2) (13.2) DAX 12,067.19 1.5 2.2 5.3
LPG Butane (Arab Gulf)/Ton 72.00 (20.0) (26.5) (25.8) FTSE 100 7,382.90 0.8 0.7 3.1
Euro 1.05 (0.3) (0.2) 0.3 CAC 40 4,960.83 1.7 2.3 2.2
Yen 113.73 0.9 1.4 (2.8) Nikkei 19,393.54 (0.1) (0.7) 4.1
GBP 1.23 (0.7) (1.4) (0.4) MSCI EM 938.47 0.2 (0.5) 8.8
CHF 0.99 (0.3) (0.1) 1.0 SHANGHAI SE Composite 3,246.93 (0.1) (0.3) 5.6
AUD 0.77 0.3 0.0 6.5 HANG SENG 23,776.49 0.1 (0.8) 7.9
USD Index 101.78 0.7 0.7 (0.4) BSE SENSEX 28,984.49 0.8 0.2 10.9
RUB 58.32 (0.1) (0.1) (5.2) Bovespa 66,988.88 0.7 0.7 16.7
BRL 0.32 0.7 0.7 5.3 RTS 1,109.39 0.9 (1.7) (3.7)
123.2
102.1
100.4