The QE Index rose 0.7% to close at 10,457.6. Gains were led by the Banks & Financial Services and Transportation indices, gaining 1.8% and 0.8%, respectively.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QE Index rose 0.7% to close at 10,457.6. Gains were led by the Banks & Financial
Services and Transportation indices, gaining 1.8% and 0.8%, respectively. Top
gainers were The Commercial Bank and QNB Group, rising 3.3% and 2.8%,
respectively. Among the top losers, Zad Holding Company fell 5.4%, while Qatar
National Cement Company was down 4.0%.
GCC Commentary
Saudi Arabia: The TASI Index gained 0.1% to close at 9,237.8. Gains were led by the
Comm. & Professional Svc and Utilities indices, rising 1.2% and 0.9%, respectively.
Qassim Cement Co. rose 6.5%, while Al Moammar Info. Systems Co. was up 4.9%.
Dubai: The DFM Index fell 0.3% to close at 2,802.6. The Consumer Staples and
Discretionary index declined 1.8%, while the Real Estate & Const. index fell 1.6%.
Khaleeji Commercial Bank declined 5.5%, while Dar Al Takaful was down 4.3%.
Abu Dhabi: The ADX General Index fell 0.2% to close at 5,394.7. The Inv. & Fin.
Services index declined 1.1%, while the Real Estate index fell 0.7%. Sharjah Cement
& Ind. Dev. Co. declined 5.0%, while Methaq Takaful Insurance Co. was down 3.7%.
Kuwait: The Kuwait Main Market Index fell 0.3% to close at 4,894.3. The
Technology index declined 8.3%, while the Oil & Gas index fell 2.0%. Hilal Cement
Company declined 16.6%, while Kuwait Portland Cement Co. was down 13.6%.
Oman: The MSM 30 Index fell 0.2% to close at 3,950.3. Losses were led by the
Financial and Industrial indices, falling 0.3% each. Oman and Emirates Investment
Holding and Oman Fisheries were down 4.7% each.
Bahrain: The BHB Index gained marginally to close at 1,438.5. The Commercial
Banks and Investment indices each rose marginally. Esterad Investment Company
rose 0.9%, while Bahrain Telecommunication Company was up 0.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
The Commercial Bank 49.45 3.3 241.7 25.5
QNB Group 196.40 2.8 390.7 0.7
Doha Bank 21.23 1.8 714.3 (4.4)
Al Khalij Commercial Bank 11.90 1.7 6.3 3.1
Qatar Islamic Insurance Company 55.40 1.5 16.6 3.1
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
United Development Company 14.18 (3.2) 1,316.3 (3.9)
Qatar First Bank 5.27 (1.5) 1,150.9 29.2
Vodafone Qatar 7.74 (0.8) 909.5 (0.9)
Investment Holding Group 5.37 (2.2) 740.5 9.8
Doha Bank 21.23 1.8 714.3 (4.4)
Market Indicators 24 April 19 23 April 19 %Chg.
Value Traded (QR mn) 292.5 264.3 10.7
Exch. Market Cap. (QR mn) 588,746.7 582,841.5 1.0
Volume (mn) 9.7 10.3 (5.6)
Number of Transactions 5,146 4,627 11.2
Companies Traded 42 46 (8.7)
Market Breadth 19:22 13:32 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,242.80 0.7 1.1 6.0 14.7
All Share Index 3,195.14 0.9 1.3 3.8 15.1
Banks 4,086.28 1.8 4.1 6.7 14.2
Industrials 3,250.19 (0.4) (2.4) 1.1 16.2
Transportation 2,500.92 0.8 3.0 21.4 13.6
Real Estate 1,929.79 0.3 (1.7) (11.8) 15.9
Insurance 3,371.45 0.3 0.8 12.1 20.3
Telecoms 933.45 0.2 (1.3) (5.5) 19.0
Consumer 7,848.74 0.4 (0.8) 16.2 15.3
Al Rayan Islamic Index 4,053.57 (0.4) (1.2) 4.3 13.8
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
DP World Dubai 18.15 3.7 244.0 6.1
The Commercial Bank Qatar 49.45 3.3 241.7 25.5
Arab National Bank Saudi Arabia 26.10 3.0 1,300.9 22.7
QNB Group Qatar 196.40 2.8 390.7 0.7
Dubai Investments Dubai 1.63 1.9 28,161.0 29.4
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
National Industrial. Co Saudi Arabia 18.64 (3.2) 3,029.7 23.3
Nat. Shipping Company. Saudi Arabia 28.60 (2.6) 1,780.2 (14.4)
Emaar Properties Dubai 4.81 (2.0) 10,652.4 16.5
Saudi Arabian Fertilizer Saudi Arabia 82.00 (1.9) 356.0 6.4
National Petrochem. Co. Saudi Arabia 27.70 (1.8) 292.4 14.0
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%
Zad Holding Company 122.90 (5.4) 6.9 18.2
Qatar National Cement Company 68.00 (4.0) 48.6 14.3
Qatari German Co. for Med. Dev. 6.26 (3.5) 24.0 10.6
United Development Company 14.18 (3.2) 1,316.3 (3.9)
Qatar Oman Investment Co. 6.11 (3.0) 17.6 14.4
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 196.40 2.8 76,120.9 0.7
Qatar Fuel Company 201.90 1.0 21,285.0 21.6
Industries Qatar 121.00 (0.1) 21,273.3 (9.4)
Masraf Al Rayan 36.30 (0.4) 19,989.5 (12.9)
Qatar Islamic Bank 170.70 0.3 19,200.7 12.3
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* 10,457.56 0.7 1.1 3.5 1.5 80.00 161,728.7 14.7 1.6 4.2
Dubai 2,802.58 (0.3) (0.4) 6.4 10.8 83.58 99,403.3 9.9 1.0 4.8
Abu Dhabi 5,394.70 (0.2) 1.9 6.3 9.8 54.65 147,767.0 15.1 1.5 4.6
Saudi Arabia 9,237.77 0.1 0.4 4.7 18.0 950.99 577,806.4 20.8 2.1 3.2
Kuwait 4,894.32 (0.3) (1.4) (0.5) 3.3 60.92 33,653.7 14.6 0.9 4.1
Oman 3,950.34 (0.2) (0.8) (0.8) (8.6) 2.33 17,175.5 8.2 0.8 7.0
Bahrain 1,438.46 0.0 (0.5) 1.8 7.6 4.22 22,052.1 9.4 0.9 5.8
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,350
10,400
10,450
10,500
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 0.7% to close at 10,457.6. The Banks & Financial
Services and Transportation 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.
 The Commercial Bank and QNB Group were the top gainers, rising 3.3%
and 2.8%, respectively. Among the top losers, Zad Holding Company fell
5.4%, while Qatar National Cement Company was down 4.0%.
 Volume of shares traded on Wednesday fell by 5.6% to 9.7mn from
10.3mn on Tuesday. Further, as compared to the 30-day moving average
of 12.8mn, volume for the day was 24.3% lower. United Development
Company and Qatar First Bank were the most active stocks,
contributing 13.5% and 11.8% 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
Saudi International Petrochem. Co. Saudi Arabia SR 1,121.6 -4.2% 267.4 -5.7% 114.7 -24.2%
Saudi Industrial Investment Group Saudi Arabia SR 2,020.0 -8.6% 454.0 -28.7% 178.0 -10.6%
Saudi Industrial Development Co. Saudi Arabia SR 50.1 12.1% -3.2 N/A 3.0 1,664.7%
Sahara Petrochemicals Co. Saudi Arabia SR 365.3 N/A 176.8 19.6% 142.7 1.8%
Tabuk Cement Co. Saudi Arabia SR 52.8 12.9% 8.0 N/A 3.6 N/A
Arabian Cement Co. Saudi Arabia SR 189.1 -5.3% 48.7 N/A 37.1 N/A
ASharqiyah Development Co. Saudi Arabia SR – – -0.7 N/A -0.7 N/A
Bahrain Kuwait Insurance Company Bahrain BHD 17.6 5.8% – – 0.8 -23.9%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/24 US Mortgage Bankers Association MBA Mortgage Applications 19-April -7.3% – -3.5%
04/24 France INSEE National Statistics Office Business Confidence April 105 104 105
04/24 Japan Bank of Japan PPI Services YoY March 1.1% 1.1% 1.1%
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
MPHC Mesaieed Petrochemical Holding Company 25-Apr-19 0 Due
QATI Qatar Insurance Company 28-Apr-19 3 Due
QAMC Qatar Aluminum Manufacturing Company 28-Apr-19 3 Due
QNNS Qatar Navigation (Milaha) 28-Apr-19 3 Due
IGRD Investment Holding Group 28-Apr-19 3 Due
QFLS Qatar Fuel Company 28-Apr-19 3 Due
MERS Al Meera Consumer Goods Company 28-Apr-19 3 Due
BRES Barwa Real Estate Company 29-Apr-19 4 Due
AHCS Aamal Company 29-Apr-19 4 Due
SIIS Salam International Investment Limited 29-Apr-19 4 Due
ZHCD Zad Holding Company 29-Apr-19 4 Due
QGRI Qatar General Insurance & Reinsurance Company 29-Apr-19 4 Due
AKHI Al Khaleej Takaful Insurance Company 29-Apr-19 4 Due
MCCS Mannai Corporation 29-Apr-19 4 Due
QOIS Qatar Oman Investment Company 29-Apr-19 4 Due
DOHI Doha Insurance Group 29-Apr-19 4 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 27.28% 43.07% (46,191,020.22)
Qatari Institutions 16.42% 16.98% (1,632,674.29)
Qatari 43.70% 60.05% (47,823,694.51)
GCC Individuals 0.47% 0.53% (184,545.91)
GCC Institutions 4.92% 6.56% (4,801,534.89)
GCC 5.39% 7.09% (4,986,080.80)
Non-Qatari Individuals 6.58% 8.67% (6,120,903.33)
Non-Qatari Institutions 44.33% 24.18% 58,930,678.64
Non-Qatari 50.91% 32.85% 52,809,775.31

3. Page 3 of 8
Earnings Calendar
Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status
ORDS Ooredoo 29-Apr-19 4 Due
KCBK Al Khalij Commercial Bank 29-Apr-19 4 Due
VFQS Vodafone Qatar 30-Apr-19 5 Due
QGMD Qatari German Company for Medical Devices 30-Apr-19 5 Due
DHBK Doha Bank 30-Apr-19 5 Due
Source: QSE
Stock Split Dates for Listed Qatari Companies
Source: QSE
News
Qatar
 UDCD posts ~20% YoY decrease but ~52% QoQ increase in net
profit in 1Q2019 – United Development Company's (UDCD) net
profit declined ~20% YoY (but rose ~52% on QoQ basis) to
~QR176mn in 1Q2019. EPS decreased to QR0.48 in 1Q2019 from
QR0.61 in 1Q2018. The revenues of the real estate giant, which
is the master developer of The Pearl-Qatar and Gewan islands,
stood at QR530mn for the period. UDCD’s Chairman, Turki bin
Mohammed Al Khater said, “I am pleased to see UDCD getting
off to a good start in 2019. These results are especially
noteworthy given the challenging market conditions under
which they were generated. With many significant
developments coming up at The Pearl-Qatar to complement the
properties already developed, it shows that the future for UDCD
is indeed bright, with the development of The Pearl-Qatar in full
bloom.” Al Khater added, “UDCD is well positioned to sustain
its success, given the broad mix of quality assets that are
available at The Pearl-Qatar. With a portfolio that includes land
plots, apartments and townhouse developments to sell, and
office, residential, retail, and hospitality units to lease, all set
within in a safe, secure and self-sufficient community, The
Pearl-Qatar has become the crown jewel of Qatar’s real estate
market. Designed and constructed to the highest of
international standards, its quality, ambiance, and aesthetics
are unmatched in the State of Qatar.” UDCD’s President, CEO
and Member of the Board, Ibrahim Jassim Al Othman said, “ The
volume of leased retail properties is holding steady year over
year making The Pearl-Qatar the premier location for retailers
and residents alike.” (QSE, Peninsula Qatar)
 QFBQ reports net profit of QR3.2mn in 1Q2019 – Qatar First
Bank (QFBQ) reported net profit of QR3.2mn in 1Q2019 as
compared to net loss of QR47.1mn in 1Q2018 and net loss of
QR56.4mn in 4Q2018. Total Income increased 71.0% YoY and
7.7% QoQ in 1Q2019 to QR57.5mn. The bank's total assets
stood at QR3.3bn at the end of March 31, 2019, down 31.3%
YoY. However, on QoQ basis, the bank's total assets increased
1.8%. Financing assets were QR1.5bn, registering a decline of
0.2% YoY (-0.9% QoQ) at the end of March 31, 2019. Financing
liabilities declined 71.1% YoY and 45.0% QoQ to reach QR0.2bn
at the end of March 31, 2019. Earnings per share amounted to

4. Page 4 of 8
QR0.02 in 1Q2019 as compared to loss per share of QR0.24 in
1Q2018. QFBQ’s new Chairman, Sheikh Faisal bin Thani Al
Thani said, “We are glad to see the turnaround performance of
the bank by generating a net profit in the first quarter. Positive
results are a direct manifest that QFBQ is back on the right
track with a new strategy that executive management has
developed and implemented. This is only the start and I am
looking to see more over the current financial year. Board and
the executive management team’s efforts fruited these positive
results. With the new elected BoD, assisted by the executive
team, we will work together to mine new opportunities and
avail them for the best interests of QFBQ shareholders,
customers and depositors.” Key highlights for the current
period were a total income growth of 71% compared to the
same period of 2018, mainly driven by an increase in fee based
income on structured products and investments from QR6.5mn
to QR14.4mn, and increase in net financing income from
QR3.2mn to QR11.9mn. The increase in fee-based income is due
to the bank’s newly implemented business strategy of moving
away from asset-based income generation to being a fee income
based business. The increase in net financing income was
mainly driven by a reduction in the costs of funding due to
better management of the bank’s loan to deposit ratio and more
competitive profit rates offered on deposits. The bank’s
stakeholders are witnessing the results of revised strategy
where the bank is undergoing a transformational shift from a
proprietary based investment model to having a diversified
base of fee-based revenue streams. Aligning to this new
strategy, QFBQ has already begun generating fee income by
offering client-focused investment products, primarily in real
estate and aviation. At the recently concluded bank’s AGM,
QFBQ shareholders have elected a robust well-diversified new
BoD that consists of prominent economic and business figures
which will definitely support QFBQ transactions volume and
work to improve the bank’s financial performance over the
current financial year. (Company releases, Peninsula Qatar)
 MRDS’ net loss widens to QR11.5mn in 1Q2019 – Mazaya Qatar
Real Estate Development (MRDS) reported net loss of
QR11.5mn in 1Q2019 as compared to net loss of QR6.3mn in
1Q2018 and QR5.5mn in 4Q2018. Loss per share amounted to
QR0.099 in 1Q2019 as compared to loss per share of QR0.055 in
1Q2018. (QSE)
 MCGS' net profit declines 0.4% YoY and 53.5% QoQ in 1Q2019 –
Medicare Group's (MCGS) net profit declined 0.4% YoY (-53.5%
QoQ) to QR20.4mn in 1Q2019. The company's operating income
came in at QR128.2mn in 1Q2019, which represents an increase
of 0.6% YoY (+1.1% QoQ). EPS amounted to QR0.72 in 1Q2019
as compared to QR0.73 in 1Q2018. (QSE)
 QIMD posts ~33% YoY decrease but ~15% QoQ increase in net
profit in 1Q2019 – Qatar Industrial Manufacturing Company's
(QIMD) net profit declined ~33% YoY (but rose ~15% on QoQ
basis) to QR34.0mn in 1Q2019. EPS decreased to QR0.71 in
1Q2019 from QR1.07 in 1Q2018. (QSE)
 QCFS' bottom line rises ~16% YoY and ~49% QoQ in 1Q2019 –
Qatar Cinema and Film Distribution Company's (QCFS) net
profit rose ~16% YoY (~+49% QoQ) to QR3.1mn in 1Q2019. EPS
increased to QR0.50 in 1Q2019 from QR0.44 in 1Q2018. (QSE)
 Nebras Power Investment Management signs a binding
agreement to acquire 80% equity stake in four Greenfield solar
PV projects in Brazil – Nebras Power Investment Management,
a Dutch affiliate of Nebras Power has signed a binding
agreement to acquire 80% equity stake in four Greenfield solar
PV projects in Brazil from Canadian Solar, a leading global solar
PV developer and solar panels manufacturer. The acquisition
provides Nebras Power with access to the attractive and fast
growing Brazilian renewable power market and is line with
Nebras Power's stated objectives of establishing itself as a
leading international power developer. The portfolio being
transacted is the largest bifacial solar PV portfolio to commence
construction in Latin America with a total capacity of 482.6MW
peak. The Greenfield projects are Salgueiro Solar Holding
114.3MW peak, Francisco Sa Solar Holding 114.3MW peak,
Jaiba Solar Holding 101.6MW peak and Lavras Solar Holding
152.4MW peak. Nebras Power’s Chairman, Fahad Hamad Al-
Mohannadi said, “Nebras Power is strengthening its
international expansion with successful and reputable partners
and makes a foray into key market, Brazil. This transaction not
only conforms this vision, but at the same time increases
Nebras power's global capabilities while bringing further
geographic and technologic diversification to its portfolio."
(QSE, Gulf-Times.com)
 Aamal Company appoints Imran Chughtai as Chief Financial
Officer – Aamal Company has appointed Imran Chughtai as
Chief Financial Officer. Chughtai will follow Mohamed Ramahi,
who is now appointed as the adviser to the CEO of Aamal
Company, and the Chief Financial Officer of Al Faisal Holding,
which is Aamal Company’s majority shareholder. Previously,
he was group Chief Financial Officer for Zuellig Pharma. He has
held senior finance leadership roles with Huawei Technologies
and with Whirlpool Corporation across Europe and Asia. (Gulf-
Times.com)
 Qatar’s first dry gas seal repair, testing facility opens in Ras
Laffan – The opening of Qatar’s first dry gas seal and testing
facility in Ras Laffan will help attract more international
companies to the country amid efforts to stimulate private
sector participation in major projects, a Qatar Petroleum’s (QP)
official has said. “You will play an important part in
encouraging small businesses in Qatar to bring in other major
players to support the economy of Qatar, and at the same time,
to develop local companies in Qatar,” QP Industrial Cities
Directorate Vice President Abdulaziz Al-Muftah said, referring
to the facility opened by US-based company John Crane, a
global leader in rotating equipment solutions, supplying
engineered technologies and services to process industries.
Located in the Ras Laffan Industrial City (RLIC) security area,
the new service centre will provide John Crane with the
capabilities necessary for aftermarket support for its customers
within the region, while also allowing them to deliver quick
turnaround service capabilities and reduce downtime costs. For
nearly 40 years, Al-Ahed Trading and Contracting Company
has represented John Crane within Qatar, providing a range of
John Crane products and multidisciplinary services to oil and
gas customers within the region. The service center is part of
John Crane’s commitment to continue investing in and
developing its network of global service centers, as well as

5. Page 5 of 8
bolster support for local customer service needs. (Gulf-
Times.com)
 QGMD’s AGM endorses items on its agenda and postpones its
EGM to May 26 – Qatari German Company for Medical Devices’
(QGMD) AGM endorsed items on its agenda. Under the
supervision of Ministry of Commerce & Industry & company’s
external auditor’s representatives the below listed names have
been elected by cumulative voting. The board members names
are as follows: (i) Khamis Mubarak Khamis Zamel Al-Kuwari
independent member of the board of directors, and (ii) Saleh
Johar Saed Mohamed Al-Mohamed reserved independent
member in the event of a vacancy in the board of directors.
Further, QGMD postponed its EGM to May 26, 2019 due to lack
of quorum. (QSE)
 Cabinet nod to decision on regulations for non-Qatari capital in
economic activity – The Cabinet at its weekly meeting chaired
by Prime Minister HE Sheikh Abdullah bin Nasser bin Khalifa Al
Thani approved a draft decision of the Minister of Commerce
and Industry (MoCI) about the executive regulation of Law No 1
of 2019 on the non-Qatari capital in economic activity. The
Ministry of Commerce and Industry has prepared the draft
decision within the framework of implementing the provisions
of Law No 1 of 2019. The Cabinet also approved a draft law
amending certain provisions of Decree Law No 10 of 1974 on
the establishment of Qatar Petroleum and referred it to the
Shura Council. (Qatar Tribune)
 Qatar poised to export dairy products, courtesy Baladna –
Qatar’s relentless drive to achieve self-sufficiency in the wake
of the blockade is bearing fruits. The campaign for self-reliance
in food production is led by a Qatar-based company Baladna
Food Industries (Baladna), which has been able to meet nearly
100% of the dairy products need of the country with local
production but also hopes to export milk and other dairy
products to countries in the region soon. Baladna is in a position
to export milk and dairy products to the countries in the region,
according to Baladna’s Senior Marketing Director, Maher
Eldaly. (Qatar Tribune)
International
 MBA: US mortgage applications post biggest fall in four months
– The US mortgage applications to buy a home and to refinance
one recorded their steepest weekly decline in four months as
some mortgage rates increased to one-month highs, in step
with higher bond yields, Mortgage Bankers Association (MBA)
stated. The Washington-based industry group stated its
seasonally adjusted index on home loan requests to lenders fell
by 7.3% to 425.6 in the week ended April 19. The drop was the
biggest since a 9.9% decrease in the week of December 21.
Interest rates on conforming 30-year mortgages, with loan
balances of $484,350 or less, averaged 4.46% last week,
marking a one-month peak and edging up from 4.44% a week
earlier, MBA stated. (Reuters)
 German retail body upholds forecast of 2% sales growth this
year – Germany’s HDE retail association confirmed its forecast
that sales would increase by 2% this year, marking a tenth
straight year of growth, as shoppers benefit from record-high
employment and rising wages. HDE stated it expected retail
sales to grow to EUR537.4bn in 2019, adding that, in price-
adjusted terms, it saw a growth rate of 0.5%. “Consumers seem
to be largely unfazed by the economic slowdown,” HDE stated
after the government and institutes have cut their forecasts for
Germany’s economic growth. As exporters struggle with
weaker foreign demand, trade tensions and Brexit-related
uncertainty, Germany’s vibrant domestic demand is expected to
be the sole driver of growth this year and next. (Reuters)
 German business morale dips as economy loses steam – German
business morale deteriorated in April, a survey showed, bucking
expectations for a small rise and suggesting Europe’s largest
economy is losing momentum as trade tensions hamper its
exporters. The Munich-based Ifo economic institute stated its
business climate index fell to 99.2 from an upwardly revised
99.7 in the previous month. The April reading compared with a
consensus forecast for 99.9. “The German economy continues
to lose steam,” Ifo’s President, Clemens Fuest said. (Reuters)
 French industry morale fell in April to near three year low –
French industrial confidence fell in April to its lowest level in
nearly three years although overall business sentiment held
steady, a survey showed. The INSEE official statistics agency
stated its industrial confidence index fell to 101 points - the
lowest since June 2016 - from 103 in March, which was revised
down from a preliminary reading of 102. The result fell slightly
short of the 102 points expected on average in a Reuters’ poll of
economists. The overall business morale was unchanged from
March at 105, the highest level since November before
confidence took a knock from a series of violent street protests
against the government and the high cost of living. It was
revised up from 104 in a preliminary reading in March.
Meanwhile, confidence in the dominant services sector held
steady in April at 105 while the March reading was revised up
from 103. (Reuters)
 RBI steps up liquidity management to make rate cuts count –
Reserve Bank of India’s (RBI) surprise announcement of new
open market purchases of government bonds is a sign the
central bank is stepping up efforts to increase the economic
impact of its policy decisions, analysts said. The RBI’s two rate
cuts this year, totaling 50 basis points, have not been followed
with moves of a similar magnitude by commercial banks, which
are reluctant to take risks while sitting on a pile of non-
performing loans. In an unexpected move late, the RBI
announced a new set of open market operations to purchase a
total of INR250bn worth of bonds in May, with the first auction
for INR125bn on May 2. (Reuters)
Regional
 Growth outlook lowered for Gulf Arab economies this year –
Expectations for growth in the Gulf Arab economies this year
have been lowered, according to a quarterly Reuters poll of
economists released, as oil output cuts, austerity measures and
sluggish non-oil growth continue to weigh on them. GDP in
Saudi Arabia will grow 1.8% in 2019 and 2.2% in 2020, the poll
of 23 economists projected. Three months ago, the forecasts
were for growth of 2.1% in 2019 and 2.2% in 2020. The Saudi
Arabian economy grew 2.21% in 2018, buoyed by strong oil
sector growth and recovering from a 0.74% contraction in 2017
when the economy was hit by weak oil prices and austerity
measures. “We see only marginal improvement this year for the
GCC compared to 2018, weighed down by oil supply cuts, with
the non-oil sector being the primary engine of growth,” Senior

6. Page 6 of 8
Economist for the Middle East at Oxford Economics, Maya
Senussi said. Growth expectations for the UAE - the most
diversified in the region - fell by 0.1 percentage point since the
last quarterly poll, to 3.0% for 2019 and 3.2% for 2020. The
latest poll continues to predict sizeable however improving
budget and current account deficits for the two weakest Gulf
Arab economies — Bahrain and Oman — through 2021. Bahrain
has stated that it is on track to deliver a balanced budget in
2022. (Reuters)
 Saudi Arabia starts year with budget surplus first time since
2014 – Saudi Arabia has started the year with a quarterly
budget surplus for the first time since the 2014 collapse in oil
prices. Saudi Arabia has posted a surplus of $7.41bn in the first
quarter, helped by an increase in non-oil revenue as well as
income from crude exports, Finance Minister, Mohammed Al-
Jadaan said. Total spending increased by 8% while revenue
jumped 48%. “These results clearly illustrate the remarkable
progress achieved in the performance of our fiscal position,” he
added. Higher oil revenue and the introduction of value-added
taxation as well as subsidy cuts have helped the Kingdom repair
public finances battered by lower crude prices. The budget
deficit narrowed to 5.9% of gross domestic product (GDP) last
year from 9.3% in 2017. “At first glance, the data seem
surprising given that oil revenue should be weaker year-on-
year in the first quarter based on price and production
performance,” Chief Economist at Abu Dhabi Commercial Bank,
Monica Malik said. “At the same time, we haven’t seen any
major new fiscal reforms, with the rise in an expat levy being
the main change. Transfers from government entities could be a
factor but we await more detailed data,” she added.
(Bloomberg)
 Saudi Arabia's Falih sees no need for swift output action after
Iran oil waivers end – Saudi Arabia’s Energy Minister, Khalid
Al-Falih said that he saw no need to raise oil output
immediately after the US ends waivers granted to buyers of
Iranian crude, however added that the Kingdom will respond to
customers’ needs if asked for more oil. He said that he is guided
by oil market fundamentals not prices, and that Saudi Arabia
remained focused on balancing the global oil market.
“Inventories are actually continuing to rise despite what is
happening in Venezuela and despite the tightening of sanctions
on Iran. I don’t see the need to do anything immediately,” he
added. The US has decided not to renew exemptions from
sanctions against Iran granted last year to buyers of Iranian oil,
taking a tougher line than expected. “Our intent is to remain
within our voluntary (OPEC) production limit,” he said, adding
that Saudi Arabia “will be responsive to our customers,
especially those who have been under waivers and those whose
waivers have been withdrawn.” (Reuters)
 Samba CEO sees loan pickup as higher oil boosts state spending
– Samba Financial Group (Samba) expects loan growth to pick
up as higher oil prices enable Saudi Arabia to increase spending,
CEO, Rania Nashar of the Kingdom’s third-biggest lender said.
"We are expecting loan growth because now oil prices are going
up," she said. "We’re seeing more government spending and
also on mortgage and small- and medium-sized enterprises,”
she added. Samba’s loan book shrank in 2018. Saudi Arabia
pledged to lift government expenditure by more than 7% this
year to help economic growth even as it grapples with the need
to clip its fiscal deficit and curb crude output under an OPEC
plans to support the oil prices. Bank lending increased 3.3% in
the 12 months through February, according to SAMA. The
Kingdom’s banking industry is also undergoing a
transformation. Samba expects the mergers of its competitors
to create "opportunities for the bank rather than challenges,
getting clients of two merged banks that don’t want to have
concentration, or to get more talent, we’re seeing this as more
of an opportunity, Samba isn’t planning a merger at the
moment, however “we are looking at all the opportunities and
studying all the proposals," she said. (Bloomberg)
 SAMA preparing rules to force insurance consolidation – SAMA
is working on regulations that will force consolidation in the
insurance industry, the bank’s Governor, Ahmed Al Kholifey
said. “Most insurance companies in Saudi Arabia have a small
market value and that is why we encourage them really to
consolidate, if there is no regulation to force that consolidation,
I don’t think it will take place," he said. There has been little
interest by insurance companies to consolidate, “we have only
seen two interests, one is at an advanced stage,” he added.
(Bloomberg)
 Tadawul targets 10% foreign stock ownership by end of 2020 –
The Tadawul is aiming to boost foreign ownership levels in
stocks to 10% by the end of next year, CEO, Khalid Al-Hussan
said. Foreigners currently hold just over 5% of the stocks traded
on the exchange. “There are four IPO in the pipeline, three of
them have planned to list on the main market and one on the
Nomu parallel market for small- and medium-sized companies,”
he said. First index future derivative will start trading in
3Q2019. Registered qualified foreign investors are currently at
775 and the number could double by the end of next month.
Saudi Arabia’s inclusion in MSCI Emerging Markets indexes will
start in the month of May. IPO of the stock exchange definitely
is "not happening in 2019," he added. He predicts ownership of
equities by foreigners will triple by 2022, driven by flows from
index trackers, as the country awaits the listing of its crown-
jewel, Saudi Aramco. “Since we opened up the market, we
wanted to make sure we have enough companies, diversified
sectors and industries,” he said. “We are ready for the Aramco
IPO, however as they change their plans, it gives more time for
the exchange to develop,” he added. (Bloomberg)
 Deutsche Bank sees $45bn flowing to Saudi Arabian equities –
Deutsche Bank sees $45bn flowing to Saudi Arabian equities.
Within that amount, $15bn will be from passive investors
tracking emerging-market benchmarks compiled FTSE Russell
and MSCI, and $30bn will come from active investors, the CEO
for the Middle East, Africa at Deutsche Bank, Jamal Al Kishi
said. The pace of active investor’s arrival will be a function of
market movements. He also said that Deutsche Bank is bullish
on the Saudi Arabian market. (Bloomberg)
 Saudi Arabia approves banking license for Credit Suisse –
Council of ministers in Saudi Arabia have approved the banking
license for Credit Suisse, the Zurich-based bank, Finance
Minister, Mohammed Al-Jadaan said. (Bloomberg)
 Saudi Arabian Minister says Saudi Aramco inaugural bond `only
the beginning' – Saudi Arabia plans to sell more bonds and the
debut Dollar debt offering by state-run oil giant Saudi Aramco is

7. Page 7 of 8
‘only the beginning,’ Energy Minister, Khalid Al-Falih said.
“There will be more, I won’t tell you what and when, and it
won’t be bonds only,” he said. "Aramco sooner than you think
will be accessing equity markets," he said. The 2021 IPO date
for the company "could slip a little bit, could come forward," he
added. (Bloomberg)
 March container transshipment at Saudi Arabian ports up 8.7%
YoY – The total container transshipment at Saudi Arabia’s nine
ports managed by Saudi Ports Authority (MAWANI) stood at
166.4 TEUs in March 2019 as compared to 153.0 thousand TEUs
in the same period year ago, representing a rise of 8.7% YoY,
Saudi Ports Authority stated. (Bloomberg)
 UAE’s March foreign assets rise to AED377.06bn – The Central
Bank of the UAE (CBUAE) published data on foreign assets as
at end of March, which showed that the total foreign assets
rose to AED377.06bn in March from AED359.0bn in February.
Cash, bank balances and deposits with banks abroad rose by
AED17.8bn to AED307.6bn in the month of March. Investment
in foreign securities rose to AED55.3bn in March from
AED55.2bn in February. (Bloomberg)
 RAKBANK posts 32.3% YoY rise in net profit to AED269.7mn in
1Q2019 – The National Bank of Ras Al-Khaimah (RAKBANK)
recorded net profit of AED269.7mn in 1Q2019, an increase of
32.3% YoY. Net interest income rose 2.7% YoY to AED608.4mn
in 1Q2019. Operating income rose 8.5% YoY to AED1,001.0mn
in 1Q2019. Total assets stood at AED53.5bn at the end of March
31, 2019 as compared to AED52.7bn at the end of December 31,
2018. Loans and advances (net) stood at AED32.8bn (-0.2%
QoQ), while customers’ acceptances stood at AED0.5bn (-4.2%
QoQ) at the end of March 31, 2019. EPS came in at AED0.16 in
1Q2019 as compared to AED0.12 in 1Q2018. (ADX)
 UNB's net profit falls 40.4% YoY to AED251.4mn in 1Q2019 –
Union National Bank (UNB) recorded net profit of AED251.4mn
in 1Q2019, registering decrease of 40.4% YoY. Net interest
income rose 2.7% YoY to AED652.8mn in 1Q2019. Operating
income fell 4.0% YoY to AED847.7mn in 1Q2019. Total assets
stood at AED105.0bn at the end of March 31, 2019 as compared
to AED107.0bn at the end of December 31, 2018. Loans and
advances measured at amortized cost stood at AED72.2bn (-
0.1% QoQ), while customers’ deposits stood at AED76.6bn (-
1.1% QoQ) at the end of March 31, 2019. EPS came in at
AED0.07 in 1Q2019 as compared to AED0.14 in 1Q2018. (ADX)
 Mabanee unit signs initial accord for $1.4bn financing –
Shomoul Holding, a unit of Kuwait’s Mabanee, has signed an
initial agreement with nine GCC banks for $1.4bn to finance the
development of the Avenues Riyadh commercial complex.
(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
QSE Index S&P Pan Arab S&P GCC
0.1%
0.7%
(0.3%)
0.0%
(0.2%) (0.2%) (0.3%)
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,275.75 0.3 0.0 (0.5) MSCI World Index 2,168.81 (0.3) 0.4 15.1
Silver/Ounce 14.94 0.7 (0.3) (3.6) DJ Industrial 26,597.05 (0.2) 0.1 14.0
Crude Oil (Brent)/Barrel (FM Future) 74.57 0.1 3.6 38.6 S&P 500 2,927.25 (0.2) 0.8 16.8
Crude Oil (WTI)/Barrel (FM Future) 65.89 (0.6) 3.0 45.1 NASDAQ 100 8,102.02 (0.2) 1.3 22.1
Natural Gas (Henry Hub)/MMBtu 2.54 0.4 0.0 (20.3) STOXX 600 390.98 (0.6) (0.5) 12.8
LPG Propane (Arab Gulf)/Ton 67.00 1.1 8.1 4.7 DAX 12,313.16 0.1 0.1 13.7
LPG Butane (Arab Gulf)/Ton 70.25 0.9 6.4 1.1 FTSE 100 7,471.75 (0.9) (0.3) 12.6
Euro 1.12 (0.6) (0.8) (2.7) CAC 40 5,576.06 (0.8) (0.7) 14.9
Yen 112.19 0.3 0.2 2.3 Nikkei 22,200.00 (0.4) (0.0) 9.4
GBP 1.29 (0.3) (0.7) 1.2 MSCI EM 1,084.52 (0.5) (0.7) 12.3
CHF 0.98 (0.0) (0.6) (3.8) SHANGHAI SE Composite 3,201.61 0.2 (2.4) 31.4
AUD 0.70 (1.2) (1.9) (0.5) HANG SENG 29,805.83 (0.5) (0.5) 15.2
USD Index 98.17 0.6 0.8 2.1 BSE SENSEX 39,054.68 0.9 (1.0) 7.8
RUB 64.34 1.0 0.4 (7.7) Bovespa 95,045.43 (2.1) (0.9) 4.9
BRL 0.25 (1.8) (1.5) (2.8) RTS 1,263.97 (1.1) 0.2 18.3
104.4
97.1
84.0