The QSE Index rose 1.6% to close at 9,196.6. Gains were led by the Real Estate and Banks & Financial Services indices, gaining 5.3% and 3.0%, respectively.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.6% to close at 9,196.6. Gains were led by the Real Estate and
Banks & Financial Services indices, gaining 5.3% and 3.0%, respectively. Top gainers
were Ezdan Holding Group and QNB Group, rising 7.8% and 5.1%, respectively.
Among the top losers, Islamic Holding Group fell 3.1%, while Ahli Bank was down
2.6%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.6% to close at 8,277.1. Gains were led by the
Media and Banks indices, rising 9.2% and 2.6%, respectively. Saudi Research and
Marketing Group rose 9.9%, while Saudi Industrial Investment Group was up 7.4%.
Dubai: The DFM General Index declined 0.2% to close at 3,082.1. The Consumer
Staples index fell 1.3%, while the Banks index declined 0.9%. Al Ramz Corporation
Investment & Development and Khaleeji Commercial Bank were down 2.0% each.
Abu Dhabi: The ADX General Index rose 0.5% to close at 4,706.6. The Banks index
gained 0.9%, while the Investment & Financial Services index rose 0.5%. Nat. Bank
of Umm Al Qaiw gained 10.1%, while Abu Dhabi Nat. Co. for Build. was up 8.0%.
Kuwait: The Kuwait Main Market Index fell 0.2% to close at 4,839.4. The Banks
index fell 0.3%, while the Financial Services index declined 0.2%. Kuwait Real
Estate Holding Company and Credit Rating & Collection Co. were down 9.8% each.
Oman: The MSM 30 Index rose 0.2% to close at 4759.7. The Financial index gained
0.2%, while the other indices ended in red. Ahli Bank rose 3.2%, while Bank Sohar
was up 2.7%.
Bahrain: The BHB Index fell marginally to close at 1,301.4. The Industrial index
declined 0.8%, while the Commercial Banks index fell 0.1%. Ahli United Bank and
Aluminium Bahrain were down 0.8% each.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 12.07 7.8 1,180.1 (0.1)
QNB Group 153.50 5.1 894.3 21.8
Qatar Oman Investment Company 7.20 2.9 1.3 (8.9)
Mesaieed Petrochem. Holding Co. 16.52 2.5 1,473.2 31.2
Qatar Industrial Manufacturing 39.90 2.3 10.3 (8.7)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Vodafone Qatar 9.28 0.9 5,610.9 15.7
Mesaieed Petrochem. Holding Co. 16.52 2.5 1,473.2 31.2
Ezdan Holding Group 12.07 7.8 1,180.1 (0.1)
QNB Group 153.50 5.1 894.3 21.8
Doha Bank 27.75 2.0 819.1 (2.6)
Market Indicators 19 April 18 18 April 18 %Chg.
Value Traded (QR mn) 446.1 360.1 23.9
Exch. Market Cap. (QR mn) 513,971.4 501,899.2 2.4
Volume (mn) 16.0 19.0 (15.5)
Number of Transactions 5,711 5,046 13.2
Companies Traded 44 42 4.8
Market Breadth 31:12 28:12 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,203.41 1.6 3.1 13.4 13.4
All Share Index 2,739.61 2.3 4.4 11.7 13.6
Banks 3,146.71 3.0 5.6 17.3 12.8
Industrials 3,103.26 1.0 1.0 18.5 15.5
Transportation 1,722.88 0.3 (0.7) (2.6) 11.2
Real Estate 2,026.60 5.3 10.7 5.8 13.5
Insurance 3,142.30 0.3 3.3 (9.7) 23.7
Telecoms 1,122.37 0.6 1.2 2.1 30.7
Consumer 5,568.36 0.2 0.9 12.2 12.7
Al Rayan Islamic Index 3,710.98 0.9 2.5 8.5 15.0
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Ind. Inv. Group Saudi Arabia 26.73 7.4 3,894.2 39.5
Saudi Arabian Mining Co. Saudi Arabia 57.39 6.1 2,669.5 10.6
QNB Group Qatar 153.50 5.1 894.3 21.8
Al Ahli Bank of Kuwait Kuwait 0.36 5.0 0.1 24.1
Banque Saudi Fransi Saudi Arabia 32.70 4.6 948.1 14.3
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Com. Bank of Kuwait Kuwait 0.38 (9.5) 50.1 5.3
Union National Bank Abu Dhabi 3.68 (2.7) 11.9 (3.2)
Dubai Islamic Bank Dubai 5.44 (2.0) 11,050.1 (12.1)
Co. for Cooperative Ins. Saudi Arabia 79.65 (1.9) 565.2 (15.6)
Oman Telecom. Co. Oman 0.86 (1.8) 396.7 (28.6)
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%
Islamic Holding Group 28.00 (3.1) 8.0 (25.3)
Ahli Bank 31.15 (2.6) 0.4 (16.1)
Zad Holding Company 73.00 (1.2) 65.4 (0.9)
Mannai Corporation 48.46 (1.1) 27.7 (18.6)
Investment Holding Group 5.64 (1.1) 463.3 (7.5)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 153.50 5.1 136,532.2 21.8
Vodafone Qatar 9.28 0.9 52,380.1 15.7
Industries Qatar 112.50 0.5 46,260.8 16.0
Mesaieed Petrochem. Holding Co. 16.52 2.5 24,124.4 31.2
Doha Bank 27.75 2.0 22,629.1 (2.6)
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* 9,196.62 1.6 3.1 7.3 7.9 122.92 141,187.9 12.4 1.4 4.8
Dubai 3,082.09 (0.2) (0.4) (0.9) (8.5) 45.00 104,695.6 10.8 1.1 5.9
Abu Dhabi 4,706.56 0.5 1.2 2.6 7.0 29.04 129,767.6 12.1 1.3 5.0
Saudi Arabia 8,277.14 1.6 5.8 5.2 14.5 1,596.49 521,280.0 18.3 1.8 3.2
Kuwait 4,839.37 (0.2) (0.5) (3.2) (3.2) 39.95 34,115.92 11.7 0.9 6.2
Oman 4,759.65 0.2 (0.4) (0.3) (6.7) 5.38 19,878.2 11.9 1.0 5.1
Bahrain 1,301.40 (0.0) 0.8 (1.3) (2.3) 4.11 19,935.9 8.8 0.8 6.3
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,000
9,050
9,100
9,150
9,200
9,250
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QSE Index rose 1.6% to close at 9,196.6. The Real Estate and Banks
& Financial Services 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.
 Ezdan Holding Group and QNB Group were the top gainers, rising 7.8%
and 5.1%, respectively. Among the top losers, Islamic Holding Group fell
3.1%, while Ahli Bank was down 2.6%.
 Volume of shares traded on Thursday fell by 15.5% to 16.0mn from
19.0mn on Wednesday. However, as compared to the 30-day moving
average of 12.7mn, volume for the day was 26.6% higher. Vodafone
Qatar and Mesaieed Petrochemical Holding Company were the most
active stocks, contributing 35.0% and 9.2% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Global Economic Data and Earnings Calendar
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/19 US Department of Labor Initial Jobless Claims 14-April 232k 230k 233k
04/19 US Department of Labor Continuing Claims 7- April 1,863k 1,845k 1,878k
04/20 EU European Commission Consumer Confidence April 0.4 -0.1 0.1
04/20 Germany German Federal Statistical Office PPI YoY March 1.9% 2.0% 1.8%
04/20 Germany German Federal Statistical Office PPI MoM March 0.1% 0.2% -0.1%
04/20 Japan Ministry of Internal Affairs & Communications Nat. CPI YoY March 1.1% 1.1% 1.5%
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 1Q2018 results No. of days remaining Status
QEWS Qatar Electricity & Water Company 22-Apr-18 0 Due
DHBK Doha Bank 22-Apr-18 0 Due
IHGS Islamic Holding Group 23-Apr-18 1 Due
WDAM Widam Food Company 23-Apr-18 1 Due
SIIS Salam International Investment Limited 23-Apr-18 1 Due
BRES Barwa Real Estate Company 24-Apr-18 2 Due
QATI Qatar Insurance Company 24-Apr-18 2 Due
QGTS Qatar Gas Transport Company Limited (Nakilat) 24-Apr-18 2 Due
QGRI Qatar General Insurance & Reinsurance Company 25-Apr-18 3 Due
QIMD Qatar Industrial Manufacturing Company 25-Apr-18 3 Due
ORDS Ooredoo 25-Apr-18 3 Due
ZHCD Zad Holding Company 26-Apr-18 4 Due
MCCS Mannai Corporation 29-Apr-18 7 Due
QNNS Qatar Navigation (Milaha) 29-Apr-18 7 Due
QCFS Qatar Cinema & Film Distribution Company 29-Apr-18 7 Due
UDCD United Development Company 29-Apr-18 7 Due
MERS Al Meera Consumer Goods Company 29-Apr-18 7 Due
QOIS Qatar Oman Investment Company 29-Apr-18 7 Due
AKHI Al Khaleej Takaful Insurance Company 29-Apr-18 7 Due
QFLS Qatar Fuel Company 29-Apr-18 7 Due
VFQS Vodafone Qatar 30-Apr-18 8 Due
AHCS Aamal Company 30-Apr-18 8 Due
ERES Ezdan Holding Group 30-Apr-18 8 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 26.78% 38.26% (51,205,864.91)
Qatari Institutions 19.35% 28.36% (40,206,135.82)
Qatari 46.13% 66.62% (91,412,000.73)
GCC Individuals 0.52% 1.19% (3,020,830.38)
GCC Institutions 5.89% 2.68% 14,343,095.31
GCC 6.41% 3.87% 11,322,264.93
Non-Qatari Individuals 7.25% 8.89% (7,320,761.41)
Non-Qatari Institutions 40.21% 20.61% 87,410,497.21
Non-Qatari 47.46% 29.50% 80,089,735.80

3. Page 3 of 8
News
Qatar
 KCBK's bottom line rises 74.8% QoQ in 1Q2018, in-line with our
estimate – Al Khalij Commercial Bank's (KCBK) net profit rose
74.8% QoQ (+5.3% YoY) to QR169.5mn in 1Q2018, in line with
our estimate of QR160.1mn (variation of +5.9%). Net interest
income increased 4.5% QoQ and 5.7% YoY in 1Q2018 to
QR244mn. The company's total revenue came in at
QR316.01mn in 1Q2018, which represents an increase of 11.5%
QoQ (+1.2% YoY). The bank's total assets stood at QR55.2bn at
the end of March 31, 2018, down 4.6% QoQ (-6.7% YoY). Loans
and advances to customers were QR34.37bn, declining by 2.1%
QoQ at the end of March 31, 2018. Customer deposits declined
3.8% QoQ to reach QR31.44bn at the end of March 31, 2018. EPS
amounted to QR0.47 in 1Q2018 as compared to QR0.45 in
1Q2017. KCBK’s CEO Fahad Al-Khalifa said the bank reported a
strong set of results for the three months ended March 31, 2018,
led by growth in operating income. He said the key contributor
to the increased operating income was net interest income,
which KCBK grew by 5.7%, compared to 1Q2018. “This was a
key goal in 2017 and remains so into 2018. We have also
reported healthy growth in non-interest income in line with our
strategy of maintaining a diversified revenue base. We have
generated top line growth by de-leveraging non-core and low
yielding assets, effectively managing our funding base,” he
said. As the bank grew top line revenues, it has continued to
maintain focus on operating costs, which are lower by 3%
compared to 1Q2017, resulting in an improved efficiency ratio
of 26%, which is one of the best in Qatar, Al-Khalifa said. “Risk
management continues to remain at the heart of our operating
philosophy. Our proactive approach in managing our loan
portfolio, coupled with a conservative approach to provisioning
has led to a reduction in net impairments compared to the same
period last year,” he continued. Notwithstanding the
introduction of IFRS 9 effective January 2018, net impairment
charges were lower by 6% compared to the first quarter last
year, according to Al-Khalifa. He said, “Our balance sheet
remains strong and liquid with 26% of total assets comprising
cash and high-quality investment securities, and our liquidity
cover ratio (LCR) is well above the minimum regulatory
requirement. Our capital adequacy ratio remains robust at
16.6%.” (QNBFS Research, QSE, Gulf-Times.com)
 QCSD amended the foreign ownership percentage of MPHC to
49% – Qatar Central Securities Depository (QCSD) announced
that it had amended the foreign ownership percentage in the
shares of Mesaieed Petrochemical Holding Company to become
49% of the company's capital, as of April 22, 2018. (QSE)
 IGRD to disclose its 1Q2018 financial results on April 28 –
Investment Holding Group (IGRD) announced its intention to
disclose its 1Q2018 financial results on April 28, 2018. (QSE)
 QFBQ to disclose its 1Q2018 financial results on April 29 –
Qatar First Bank (QFBQ) announced its intention to disclose its
1Q2018 financial results on April 29, 2018. (QSE)
 QIMD signed the “memorandum of understanding with Stewart
engineers – Qatar Industrial Manufacturing Company (QIMD),
represented by its CEO Abdul Rahman Al-Ansari signed the
Memorandum of Understanding (MoU) with Stewart Engineers
(SE), USA, represented by their CEO, Andrew Stewart in the
presence of HE Sheikh Ahmed Bin Jassim Bin Mohammed Al-
Thani, Minister of Economy and Commerce – Qatar and HE
Ambassador Anne Patterson, Chairman of the US-Qatar
Business Council, to study and evaluate a project to produce
Float Glass in Qatar. The signing ceremony took place as a part
of the ongoing visit of official Qatari Business delegation to US
to promote business cooperation between the two countries.
The MoU aims at evaluating the project from technical and
economic aspects and eventually preparing the detailed
engineering design for its implementation, if it is proven to be
feasible. (QSE)
 QFC hosts tax event to update its firms on new rules – The
Qatar Financial Centre (QFC) recently held an event to update
its firms on the new rules being introduced globally to
automatically exchange financial accounts information
between countries. During the event, firms were presented with
the context and key features of Common Reporting Standard
(CRS), and offered an in-depth explanation on the obligations of
financial institutions in QFC under CRS. The event also
provided the QFC with an opportunity to present the
arrangement agreed with the Ministry of Finance on how QFC
entities would need to comply with their obligations under CRS,
while explaining the process of reporting. Hamed Ali al-Saadi,
Chief Financial & Tax Officer at the QFC Authority commented
on the importance of hosting the event, “At the QFC, we take
pride in ensuring that we are always ahead of any changes in
international tax and fiscal laws, which are just one of the
many reasons our firms choose the QFC platform to expand and
grow.” (Gulf-Times.com)
 Qatar Chamber: New phase of trade cooperation between
Qatar, US – Qatar’s economic roadshow in the US, organized by
the Ministry of Economy and Commerce (MEC) has elevated the
economic and investment levels between the two countries,
according to Qatar Chamber chairman Sheikh Khalifa bin
Jassim al-Thani. Sheikh Khalifa said the tour witnessed the
signing of a slew of memoranda of understanding (MoUs) and
agreements between Qatari and American companies. He said
officials from both sides held several meetings to discuss ways
to enhance joint cooperation. They also reviewed bilateral
relations in the economic, trade, and investment fields, and
discussed the prospects of cooperation in several fields,
highlighting the investment opportunities available in the state
of Qatar. (Gulf-Times.com)
 US firm’s eye investments in Qatar’s pharmaceuticals,
agriculture sectors – US firms are keen on exploring investment
opportunities in Qatar's pharmaceutical, agriculture, and
services sectors, according to an official of the Washington-
based US Qatar Business Council. Also, the council’s
partnership with the Qatar Financial Centre and ongoing
discussions for a headquarters at the QFC is “critical in
engaging US companies in the Qatari market,” said Max McGee,
Associate Director, Business Engagements, at the US Qatar
Business Council. “Right now, there is a major need for
pharmaceuticals. We have heard from several Qatari companies
that they are in need of medical supplies, drugs, and are
interested in manufacturing those drugs in Qatar,” McGee told
Gulf Times. He added, “With Qatar Development Bank's recent

4. Page 4 of 8
announcement of opening nearly 40 farms in the next year,
there will most definitely be a need for more agriculture
technology companies and farm tech companies.” (Gulf-
Times.com)
 Qatar industrial production grows 2% YoY in February – A
robust secondary sector performance helped Qatar’s industrial
production gain traction this February on a yearly basis,
according to the official estimates. The country's Industrial
Production Index (IPI) reported a 2% increase YoY in the review
period, noted the figures released by the Ministry of
Development Planning and Statistics (MDPS). Nevertheless,
lower extraction of crude and slowdown in the manufacturing
of basic metals, chemicals, cement and rubber led to a 2.5%
decline in IPI in February 2018 on a monthly basis. The ministry
introduced IPI, a short-term quantitative index that measures
the changes in the volume of production of a selected basket of
industrial products over a given period with respect to a base
period 2013. The mining and quarrying index, which has a
relative weight of 83.6%, reported a 1.4% YoY jump in February
2018 owing to a 9.7% increase in other mining and quarrying
and 1.4% in the extraction of crude petroleum and natural gas.
(Gulf-Times.com)
 Qatar’s private sector credit growth set to increase – Qatari
banks expect private sector credit growth in the country to pick
up speed in 2018 as companies borrow and invest to expand
their business, taking advantage of opportunities created by a
regional political impasse. The government and state-linked
companies has long been the mainstay of credit growth and will
continue to be, especially as Qatar prepares to host the 2022
FIFA World Cup. But a political rift that erupted between Qatar
and Saudi Arabia, the UAE, Bahrain and Egypt in June and the
subsequent scaling back of some companies and investments
from those countries is creating a vacuum gradually being
filled, in part, by Qatar's private sector. QNB Group is targeting
the private sector to contribute around 50% of lending growth
in 2018, up from 22.5% in 2017, said a spokesman for QNB
Group, the largest bank in the Middle East and Africa by assets
and the lender that has benefited most from huge government
spending in recent years. (Gulf-Times.com)
 MEC booklet to ease process for foreign investors – The
Ministry of Economy and Commerce (MEC) has issued a booklet
in Arabic and English to provide all necessary information and
data to potential investors in Qatar. This was announced by
MEC's Business Development and Investment Promotion
Department director Abdul Basit al-Ajji at a discussion
organized in cooperation with US-Qatar Business Council at
Raleigh, North Carolina for the members of the delegation
taking part in Qatar's economic roadshow. "The booklet
includes all the information and data of interest to investors
regarding the registration mechanism, and the various
commercial sectors in the country," explained al-Ajji. Also
featured are addresses of all government entities related to
investment. Issued periodically, the booklet would ease the
process for foreign investors and introduce them to the basic
economic scene in Qatar with the related laws, legislations and
incentives. (Gulf-Times.com)
 QTA, Chinese firm in deal to boost Qatar tourism – Qatar
Tourism Authority (QTA) has signed a Memorandum of
Understanding (MoU) with Qunar.com, a Chinese online travel
information provider and search engine, to promote Qatar as a
tourism destination in China. Rashed AlQurese, Chief
Marketing & Promotion Officer at QTA and Yongcan Son,
Overseas Business Director at Qunar.com signed the MoU on
the sidelines of the China Outbound Travel & Tourism Market
(COTTM) which recently concluded in Beijing. QTA’s signing
with Qunar.com marks the second big deal QTA seals in Beijing
this COTTM. It comes as part of a host of web-based promotions
and marketing activities to complement QTA’s on-the ground
efforts in China. (Peninsula Qatar)
 Ezdan Holding Group joins Cityscape with mega projects –
Ezdan Holding Group and its subsidiaries will participate in the
seventh edition of Cityscape Qatar, which will be held at the
Doha Exhibition and Convention Centre from today until April
25. The group will exhibit a “myriad of its giant property, hotel
and commercial projects, coupled with competitive promotional
packages to trigger a boom in the local market,” it was
announced. Ezdan’s participation at Cityscape is part of the
running promotional leasing campaign for Ezdan Oasis, a mega
realty project spread over 1mn sq m in Al Wukair. It boasts of
9,346 multi-purpose units, offering a variety of spacious,
furnished residential units, as well as 577 different commercial
units, including restaurants, cafes, pharmacies, bakeries and
state-of-the-art amenities. (Gulf-Times.com)
 Qatar discusses Comprehensive Air-Services Agreement with
EU – The Comprehensive Air-Services Agreement with the EU
was on the top of the agenda of Fourth Consultative Meeting
held between Qatar and the European Union (EU) on Thursday.
The negotiations round of 4th Consultative Meeting in air
transport field lasted for two days, from April 18 to 19.
(Peninsula Qatar)
 New mega projects to boost self-sufficiency in food production
– The self-sufficiency in local vegetable production stands at 24
percent, 86 percent in dates, and about 50 percent in green
fodder, said Sheikh Faleh bin Nasser Al Thani, assistant
undersecretary of the Ministry of Municipality and
Environment for agricultural, livestock and fisheries affairs. He
said that self-sufficiency in milk and dairy products in the
country has increased to more than 82%, while fresh chicken
and eggs cover more than 98% and 23% respectively of Qatar’s
market consumption. The number of animals for commercial
purpose increased to about 1.6mn heads, while self-sufficiency
in fish reached about 80%. (Peninsula Qatar)
International
 US weekly jobless claims dip in latest week – New applications
for US unemployment benefits fell last week, indicating
continued job growth after a slowdown in March. Initial claims
for state unemployment benefits fell 1,000 to a seasonally
adjusted 232,000 for the week ended April 14, the Labor
Department said. Data for the prior week was unrevised.
Economists polled by Reuters had forecast claims falling to
230,000 in the latest week. The economy created 103,000 jobs
in March, the fewest in six months. Economists largely
dismissed the slowdown as payback after strong gains in
February. They also blamed cooler temperatures for the
moderation in hiring. The labor market is considered to be near
or at full employment. The unemployment rate is at a 17-year

5. Page 5 of 8
low of 4.1%, not far from the Federal Reserve’s forecast of 3.8%
by the end of this year. The Fed’s “Beige Book” report indicated
that businesses remain upbeat about the economy, with tight
labor markets and strong borrowing seen as a sign that
economic growth is likely to continue. (Reuters)
 Pricey US home sales soar as buyers ignore new tax code – A
housing shortage, strong economy and robust demand have
pushed many homes in major US cities over $1mn, offsetting
buyers’ concerns about the reduced benefits of owning a pricey
property under President Donald Trump’s tax reform, data
show. Home sales at $750,000 and above have surged by double
digits annually in the past three years, closings data from
realtor.com show for 30 counties on the east and west coasts.
Sales below $750,000 are down in the past two years due to a
scarcity of homes priced around $500,000 and below and the
lower end’s larger market size has pulled down overall sales, the
data show. While the Trump tax plan affects homes for sale
above $750,000, the fact that overall sales fell suggests the new
tax law is not the main culprit for the decline. The new law caps
the deductibility of mortgage debt at $750,000 and annual
property taxes at $10,000. This was expected to hurt home sales
as fewer people would be able to utilize mortgage interest and
property deductions when paying taxes. (Reuters)
 Eurozone consumer confidence rises in April – Eurozone
consumer confidence unexpectedly rose in April, according to
figures released by the European Commission. The European
Commission said a flash estimate showed Eurozone consumer
morale rose to 0.4 in April from 0.1 in March, without providing
details on what caused this rise. Analysts polled by Reuters had
on average expected consumer confidence to fall to -0.2. In the
European Union as a whole, consumer sentiment decreased by
0.5 to -0.8. (Reuters)
 UK retail sales slide in first-quarter after March snow – British
shoppers stayed home in March as they felt the chill from the
‘Beast from the East’, leading to the biggest quarterly fall in
retail sales in a year and weighing on first-quarter economic
growth, official figures showed. Unusually cold and snowy
weather caused retail sales volumes to drop by 1.2% compared
with the month before, the Office for National Statistics said, a
bigger fall than most economists polled by Reuters had
expected. Looking at the quarter as whole, sales dropped by
0.5% compared with the final three months of 2017 - the
biggest fall since Q1 2017. The ONS said this was likely to lop
0.03%age points off first-quarter GDP growth, which other
analysts forecast at around 0.3%. Sterling fell to a one-week
low after the data, which caps a week where wages rose more
slowly and inflation dropped quicker than expected, raising
doubts about how far the Bank of England will raise interest
rates this year. (Reuters)
 German growth likely to slow in first quarter: finance ministry –
German economic growth could slow slightly in the first
quarter, but the upswing in Europe’s largest economy remains
robust and broad-based thanks to strong domestic and foreign
demand, the finance ministry said. The German economy,
which grew by 0.6% on the quarter in the last three months of
2017, is enjoying a consumer-led upswing. Company
investments and exports have kicked in as additional growth
drivers in recent months. From January to March, tax revenues
of the federal government and the 16 regional states rose 4.1%
YoY, the finance ministry said. That is roughly in line with the
projected rise of 4.2% for the whole year. The German
government will update its 2018 growth forecast next week. In
January, it projected gross domestic product to expand by 2.4%
this year. Germany’s leading economic institutes said on
Thursday they expect the economy to grow by 2.2% this year
and by 2.0% in 2019. (Reuters)
 New Italy forecasts to raise 2018 GDP growth to 1.6% – Italy
will slightly raise its forecast for economic growth this year to
1.6% from 1.5% when the Treasury issues new projections next
week, government sources have told Reuters. The forecast for
2019, on the other hand, will be lowered to 1.4% from 1.5%
currently, the sources said, due to the negative effect on the
economy of planned increases in sales tax. The increase in this
year’s forecast may surprise economists, as most recent data
has pointed to a slowdown. Industrial output posted monthly
drops in January and February, the first back-to-back declines
since the middle of 2016, and purchasing managers’ indexes for
the manufacturing and services sectors also declined in
February and March. The Bank of Italy forecast last week that
gross domestic product rose just 0.2% in the first quarter, which
would be the smallest increase since the third quarter of 2016.
(Reuters)
Regional
 GCC Secretary-General, WTO Director-General discuss
cooperation – Abdullatif Bin Rashid Al Zayani, Secretary-
General of the Gulf Cooperation Council (GCC), discussed with
Roberto Azevedo, Director-General of the World Trade
Organisation (WTO) ways to enhance joint cooperation in
various sectors, and the organization’s efforts to promote trade
relations across the world. In a statement issued by the GCC
Secretariat General, the two sides discussed ways to strengthen
the participation of regional organizations in the work of WTO
committees to achieve further benefits for the GCC trade sector.
(GulfBase.com)
 Middle East renewables sector to register 24% CAGR by 2025 –
The regional renewables sector is set to grow at CAGR of 24%
by 2025, as countries, including Turkey and Pakistan accelerate
capacity deployment to meet looming targets, according to
Manar Al Moneef, president and CEO of GE Renewable Energy
in the Middle East. (GulfBase.com)
 SNC-Lavalin wins Saudi Aramco gas plant contract – SNC-
Lavalin, an engineering and construction group, said it has been
awarded a multimillion-dollar contract by Saudi Aramco to
install additional facilities at its Wasit Gas plant, in KSA’s
Eastern Province. Wasit Gas Plant is one of the largest gas
plants to come onstream in Saudi Arabia. The scope of work
includes the construction of the Arabiah condensate handling
facility and sour water disposal unit project, besides the
installation of process equipment as well as related civil and
structural, piping, electrical and instrumentation and control
systems, according to a statement from the Canadian builder.
Work is already under way with a target completion date of late
2019, it added. (GulfBase.com)
 Al-Falih: Premature to discuss easing cuts in June – Saudi
Arabia’s Energy Minister, Khalid al-Falih said it is premature to
discuss easing cuts at June meeting. He added that OPEC and

6. Page 6 of 8
non-OPEC producers will continue to look at oil inventories but
also need to look at oil investment. He further said long-term
cooperation between OPEC and non-OPEC oil producers does
not mean extending existing cuts. (Reuters)
 Turnaround in Saudi Arabia to begin with modest GDP growth
in 2018 – Saudi Arabian economy that witnessed slow growth
during the last three years and a negative growth of -0.7% last
year is projected to grow in the range of 1.9%, according to
projections by the Institute of International Finance (IIF).
Earlier this week, the International Monetary Fund (IMF)
projected the real GDP growth at 1.7%. Both the organizations
stated the economic prospects of the Kingdom have improved
somewhat, supported by fiscal stimulus and higher oil prices.
(GulfBase.com)
 KPMG to create over 700 jobs in Saudi Arabia in 5 years – KPMG
Al Fozan & Partners, a leading provider of audit, tax, and
advisory services, has announced plans to create more than 700
jobs over the next five years with special focus on Saudi
nationals. The company has achieved significant growth in its
audit, tax, and advisory business and expects to make a similar
increase in the upcoming years from both public and private
sectors that will use professional firms to help them transform
their businesses to keep pace with the changes in the country’s
economy. (GulfBase.com)
 UAE’s energy minister: Oil prices are not artificially high –
UAE’s Energy Minister, Suhail Mohamed al-Mazrouei stated
that oil prices were not artificially high and OPEC and non-
OPEC countries were playing their role to correct the market.
(Reuters)
 Taqa raises $1.75bn from a two-tranche bond issue – Abu Dhabi
National Energy Company (Taqa) raised $1.75bn in a two-
tranche US dollar denominated bond issue that was 4.7 times
oversubscribed. The two tranches consisted of bonds with
maturities of 7 years with a coupon of 4.375%, and bonds with
maturities of 12 years with a coupon of 4.875%. The proceeds
from the issue will be used to refinance existing debt. Citi and
HSBC acted as the global coordinators for the bond issue. The
joint lead managers were Citi, First Abu Dhabi Bank, HSBC,
ING, Mizuho, Scotiabank and SMBC Nikko. The bonds will be
traded on the London Stock Exchange, and are expected to be
rated ‘A3’ by Moody’s and ‘A’ by Fitch. (GulfBase.com)
 Etisalat, Indra partner to boost digital solutions – UAE-based
telecom provider, Etisalat has partnered with Indra, a
technology and consulting company, to enhance and widen its
digital solutions portfolio in multiple sectors. The partnership
allows both parties to share best practices and training,
industry expertise and explore business opportunities as well as
strengthen their position in the markets they operate. Indra
offers a comprehensive range of proprietary solutions and
specialises in the development of end-to-end technology
solutions in fields such as defense and security, transport and
traffic, energy and industry, telecommunications and media,
financial services, and public administrations and healthcare.
Etisalat signed a teaming agreement with Indra to further
develop innovative solutions and accelerate its business across
these multiple industries. (GulfBase.com)
 UAE’s e-Dirham generates $1bn govt revenue in 1Q2018 – The
federal government revenue collection through e-Dirham in the
UAE reached more than AED4bn ($1.08bn) in 1Q2018,
representing an increase by 82% compared to the same period
last year. This achievement confirms the e-Dirham’s role and
popularity in the cashless payment industry for government
services. The number of e-Dirham cards issued in 1Q2018
exceeded 3.3mn, while the number of transaction receipts
reached 3,516,903 in the same period. (GulfBase.com)
 FTA for timely submission of tax returns – The Federal Tax
Authority (FTA) has called on businesses registered for Value
Added Tax (VAT), and whose quarterly and monthly tax
periods ended by March 31, 2018, to file their tax returns and
pay their due taxes by April 29, 2018. In a press statement, the
authority explained that according to the Federal Decree-Law
No. (8) for 2017 on VAT and its Executive Regulations, tax
returns must be submitted to the FTA no later than the 28th of
each month, or according to the law no. (7) of 2017 on Tax
Procedures the following day if the 28th falls on public holiday.
(GulfBase.com)
 Somalia’s foreign minister: DP World should rethink port deals
in Somalia – Somalia’s foreign minister said that Dubai’s state-
owned port operator, DP World should reconsider its contract
with the breakaway region of Somaliland and work with federal
authorities so that Somalia’s sovereignty is not violated. “We
are asking DP World to reconsider these agreements,
particularly the one in Berbera port since Somaliland is claiming
to be a state independent from Somalia,” Ahmed Isse Awad,
Somalia’s foreign minister, told Reuters. He said DP World’s
agreement to develop an economic zone and port in
Somaliland’s Berbera “bypassed the legitimate authority” of
Somalia, triggering “misunderstanding and disagreement” that
remained unresolved. (Reuters)
 ENBD expands in Saudi Arabia – Emirates NBD (ENBD), Dubai’s
largest bank, is ramping up its business in Saudi Arabia after
publishing impressive 1Q2018 figures. Profits at the bank were
underpinned by higher net interest income on the back of solid
loan growth. The bank reported that its balance sheet had
continued to strengthen with further improvements in credit
quality, coupled with solid liquidity and capital ratios. CEO
Shayne Nelson said: “We continued to expand the bank’s
international presence and opened a new branch in Jeddah last
month and we are in the process of opening two further
branches in the Kingdom of Saudi Arabia. We are well
positioned to utilize our strong franchise, digital capabilities
and financial strength to take advantage of growth
opportunities within the region.” (GulfBase.com)
 Abu Dhabi’s active building projects’ value hits $62.8bn – The
total value of the over 1,200 residential and commercial
building projects in Abu Dhabi has exceeded $62bn, according
to BNC Network, a project intelligence provider in the region. Of
the more than 1,600 active projects in the urban construction
sector, 76% belong to residential and commercial buildings
category. However, when split on value of the projects, 41% of
the projects belong to the residential and commercial buildings
category while the remaining 59% belong to other urban
construction projects such as hotels, hospitals and malls, the
report stated. (GulfBase.com)
 Abu Dhabi launches rental index to boost transparency – Abu
Dhabi’s Department of Urban Planning and Municipalities

7. Page 7 of 8
launched the Emirate’s first real estate rental index, compiling
rental values from across 100 areas of the capital, as part of the
government’s plans to increase transparency in the property
market and attract investors. The online portal, Ejarat Abu
Dhabi, “will enable developers and investors to get easy access
to a huge array of valuable information about the rental
market”, the department said in a statement during the
Cityscape exhibition in Abu Dhabi. The index is only intended
for real estate developers at present, but the department plans
to open the index to the public at a later date. (GulfBase.com)
 Chinese firms to invest $1bn in Abu Dhabi’s free zone – A total
of 15 Chinese companies have signed agreements to invest in
Abu Dhabi’s Khalifa Port Free Trade Zone (KPFTZ), the largest
free zone in the Middle East, totalling $1bn in value. The
announcement was made by Abu Dhabi Ports and the Jiangsu
Provincial Overseas Cooperation and Investment Company
Limited (JOCIC), reported Emirates news agency Wam. Under
the terms of last year’s investment cooperation agreement,
China-UAE Industrial Capacity Cooperation (Jiangsu)
Construction Management, a UAE company established by
JOCIC, would occupy and develop approximately 2.2 sq km of
the free trade zone for companies from the Chinese province of
Jiangsu. This area, now dubbed as the China-UAE Industrial
Capacity Cooperation Industrial Park, is part of the KPFTZ and
is expandable to reach 12.2 sq km. (GulfBase.com)
 Dana Gas plans to postpone decision on dividend – Dana Gas
said it plans to postpone the decision on the previously
recommended 5% cash dividend payment. The board, at its
meeting on the March 14 had taken the position that in view its
strong cash position, the company could afford to return some
of that cash to shareholders in the form of a dividend of 5%.
However, notwithstanding that the payment of the proposed
dividend is permitted under the terms of the Sukuk, on April 4
one of the Sukukholders obtained an ex parte injunction from
the English court against the company, preventing it from
declaring a dividend, the company stated. Dana Gas had earlier
outlawed its $700mn Sukuk because of changes in Islamic
finance. (GulfBase.com)
 IHC posts 12% rise in 2017 profit to $7.9mn – International
Holding Company (IHC), formerly known as International Fish
Farming Holding Company (Asmak), posted a net profit of
AED29.3mn ($7.9mn) in 2017 versus AED26mn in 2016,
marking a rise of 12%. The profit boost followed a growth in
sales revenue of 9%, up from AED348mn in 2016 to AED421mn
in 2017. Underpinning the improved profit and revenue was the
growth of IHC’s subsidiaries throughout the year, a statement
said. (GulfBase.com)
 Aldar to build world’s first commercial Hyperloop system –
Hyperloop Transportation Technologies (HyperloopTT) has
signed a historic agreement with Aldar Properties, a leading real
estate developer in Abu Dhabi, to launch the world’s first
commercial Hyperloop system, running 10-km long in a critical
development area between the Emirates of Abu Dhabi and
Dubai. An innovative transportation and technology company,
HyperloopTT is focused on realizing a novel system that moves
people and goods at unprecedented speeds safely, efficiently,
and sustainably. Bibop Gresta, chairman of HyperloopTT, said
“with regulatory support, we hope the first section will be
operational in time for Expo 2020.” (GulfBase.com)
 Iraq resumes payments of Gulf War reparations to Kuwait –
Iraq resumed paying Kuwait compensation for the destruction
of Kuwaiti oil fields and facilities during the 1990-91 Gulf War,
the United Nations said in a prepared statement. The payment
had been suspended since October 2014 because of security and
budgetary problems the Iraqi government has faced. “The
United Nations Compensation Commission (UNCC) today made
available $90 million to the Government of the State of
Kuwait,” the UN stated. “With today’s payment, the
Commission has paid out $47.9 billion, leaving approximately
$4.5 billion remaining to be paid to the only outstanding claim.”
The sum owed, as well as the $90mn payment, goes towards an
overall claim of $14.7bn in damages by the Kuwait Petroleum
Corporation, the largest approved by the Geneva-based
commission, set up by the UN Security Council in 1991.
(Reuters)
 Pacts signed for OMR60mn desalination plant in Salalah –
Agreements for Salalah Independent Water Project were signed
between Oman Power and Water Procurement Company
(OPWP) and Acwa Power led consortium companies comprising
Veolia and Dhofar International Development and Investment
Company (DIDIC). The project, worth OMR60mn has
commercial operation deadline of 2020. The plant would have
capacity to generate 25mn gallons of desalinated water per day
using ‘reverse osmosis technology’ procured by the OPWP.
(GulfBase.com)
 Bahrain's credit profile to improve with adequate production
from new oil discovery – Bahrain, the Arabian Gulf’s smallest
oil producer, could reduce its fiscal deficit, boost growth,
improve its credit profile and relieve pressure on its currency if
it is able to adequately exploit its new oil and gas discovery,
Moody’s Investors Service said. The island Kingdom, which was
the first to discover and produce oil in the region, said earlier
this month it had discovered 20tn cubic feet of gas offshore and
80bn barrels of shale oil. Bahrain hopes to produce from the new
hydrocarbon discoveries in five years with potential help from
international oil companies. (GulfBase.com)
 Investcorp sells Dutch precision component manufacturer –
Investcorp, the Bahrain-based alternative investment firm that
has $21.3bn in assets under management, sold Veco Precision, a
Netherlands-based manufacturer of high-precision metal
components, to Gilde Buy Out Partners and Management. The
company, which counts Abu Dhabi strategic firm Mubadala
Investment Company as its largest shareholder, did not disclose
the value of the deal in a statement to Bahrain Bourse on
Thursday, where its shares are traded. (GulfBase.com)

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
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
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Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
60.0
80.0
100.0
120.0
140.0
160.0
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
QSE Index S&P Pan Arab S&P GCC
1.6% 1.6%
(0.2%)
(0.0%)
0.2%
0.5%
(0.2%)(0.5%)
0.0%
0.5%
1.0%
1.5%
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 1,335.60 (0.7) (0.7) 2.5 MSCI World Index 2,099.74 (0.8) 0.5 (0.2)
Silver/Ounce 17.12 (0.8) 2.7 1.1 DJ Industrial 24,462.94 (0.8) 0.4 (1.0)
Crude Oil (Brent)/Barrel (FM Future) 74.06 0.4 2.0 10.8 S&P 500 2,670.14 (0.9) 0.5 (0.1)
Crude Oil (WTI)/Barrel (FM Future) 68.38 0.1 1.5 13.2 NASDAQ 100 7,146.13 (1.3) 0.6 3.5
Natural Gas (Henry Hub)/MMBtu 2.78 0.4 (1.4) (21.5) STOXX 600 381.84 (0.4) 0.3 0.4
LPG Propane (Arab Gulf)/Ton 82.63 (0.4) (1.5) (15.5) DAX 12,540.50 (0.6) 0.4 (0.7)
LPG Butane (Arab Gulf)/Ton 86.00 0.6 3.3 (18.6) FTSE 100 7,368.17 (0.6) (0.1) (0.5)
Euro 1.23 (0.5) (0.3) 2.4 CAC 40 5,412.83 0.0 1.5 4.2
Yen 107.66 0.3 0.3 (4.5) Nikkei 22,162.24 (0.3) 1.7 1.9
GBP 1.40 (0.6) (1.7) 3.6 MSCI EM 1,168.24 (1.3) (0.2) 0.8
CHF 1.03 (0.4) (1.3) (0.0) SHANGHAI SE Composite 3,071.54 (1.7) (2.9) (4.0)
AUD 0.77 (0.8) (1.2) (1.8) HANG SENG 30,418.33 (0.9) (1.2) 1.3
USD Index 90.32 0.4 0.6 (2.0) BSE SENSEX 34,415.58 (0.1) (0.8) (2.5)
RUB 61.38 0.7 (1.3) 6.4 Bovespa 85,550.09 (0.5) 1.4 8.6
BRL 0.29 (0.9) 0.3 (3.0) RTS 1,145.80 (0.7) 3.7 (0.7)
88.3
87.1
78.1