The QE Index rose 0.7% to close at 10,010.5. Gains were led by the Industrials and Insurance indices, gaining 2.2% and 1.0%, respectively.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QE Index rose 0.7% to close at 10,010.5. Gains were led by the Industrials and
Insurance indices, gaining 2.2% and 1.0%, respectively. Top gainers were Qatari
Investors Group and Mesaieed Petrochemical Holding Company, rising 10.0% and
7.1%, respectively. Among the top losers, Salam International Investment Limited
fell 6.2%, while Qatar National Cement Company was down 4.4%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.4% to close at 8,592.0. Losses were led by the
Retailing and Telecommunication Services indices, falling 0.8% each. Abdullah A.
M. Al-Khodari Sons Co. fell 9.9%, while Al Rajhi REIT Fund was down 3.8%.
Dubai: The DFM Index gained 0.6% to close at 2,549.9. The Real Estate &
Construction index rose 1.7%, while the Banks index gained 0.7%. Aan Digital
Services Holding Co. rose 14.6%, while Mashreqbank was up 6.7%.
Abu Dhabi: The ADX benchmark index rose 0.6% to close at 5,069.1. The Real
Estate index gained 3.0%, while the Services index rose 2.0%. National Marine
Dredging Co. gained 14.9%, while Al Qudra Holding was up 14.6%.
Kuwait: The KSE Index declined 0.9% to close at 4,753.3. The Consumer Goods fell
2.1%, while the Basic Materials index declined 0.9%. Ithmaar Holding Co. fell
12.5%, while Al Masaken International Real Estate Development was down 10.0%.
Oman: The MSM Index fell 0.8% to close at 4,076.9. Losses were led by the Services
and Financial indices, falling 0.7% and 0.2%, respectively. Oman
Telecommunication fell 6.0%, while Dhofar Generating Company was down 2.9%.
Bahrain: The BHB Index gained 0.6% to close at 1,380.7. The Commercial Bank
index rose 0.8%, while the Industrial index gained 0.5%. Khaleeji Commercial Bank
rose 9.5%, while Zain Bahrain was up 5.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari Investors Group 25.96 10.0 121.5 (6.7)
Mesaieed Petrochemical Holding 16.68 7.1 2,897.4 11.0
Qatar Cinema & Film Distribution 17.70 6.6 7.1 (6.9)
Industries Qatar 130.70 2.9 129.0 (2.2)
Qatar Navigation 68.00 2.2 3.3 3.0
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding 16.68 7.1 2,897.4 11.0
Qatar Aluminium Manufacturing 11.93 0.6 1,050.8 (10.6)
United Development Company 15.00 (3.7) 772.6 1.7
Doha Bank 20.80 (1.3) 619.4 (6.3)
Vodafone Qatar 8.06 (0.5) 466.0 3.2
Market Indicators 17 Feb 19 14 Feb 19 %Chg.
Value Traded (QR mn) 231.4 286.8 (19.3)
Exch. Market Cap. (QR mn) 568,680.9 565,645.7 0.5
Volume (mn) 9.5 8.8 7.6
Number of Transactions 5,617 6,397 (12.2)
Companies Traded 44 44 0.0
Market Breadth 21:18 7:35 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,722.17 0.7 0.7 (2.3) 14.3
All Share Index 3,015.14 0.1 0.1 (2.1) 14.8
Banks 3,649.96 0.2 0.2 (4.7) 13.5
Industrials 3,186.91 2.2 2.2 (0.9) 15.1
Transportation 2,193.55 (0.4) (0.4) 6.5 12.7
Real Estate 2,172.83 (2.8) (2.8) (0.6) 19.5
Insurance 2,961.35 1.0 1.0 (1.6) 16.2
Telecoms 940.49 (0.2) (0.2) (4.8) 19.8
Consumer 7,156.89 0.7 0.7 6.0 14.6
Al Rayan Islamic Index 3,862.82 0.8 0.8 (0.6) 14.3
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Aldar Properties Abu Dhabi 1.71 3.6 15,031.2 6.9
Industries Qatar Qatar 130.70 2.9 129.0 (2.2)
Agility Public Warehous. Kuwait 0.79 2.5 1,873.9 (1.1)
Emaar Properties Dubai 4.18 2.0 13,454.4 1.2
Emaar Malls Dubai 1.62 1.9 6,657.2 (9.5)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Oman Telecomm. Co. Oman 0.69 (6.0) 838.7 (12.7)
Comm. Bank of Kuwait Kuwait 0.52 (6.0) 1,264.9 3.4
Co. for Cooperative Ins. Saudi Arabia 56.90 (2.4) 307.4 (5.6)
National Mobile Telecom. Kuwait 0.71 (2.3) 1.2 (0.8)
Qatar Islamic Bank Qatar 145.10 (2.0) 70.7 (4.5)
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%
Salam International Inv. Ltd. 4.51 (6.2) 22.5 4.2
Qatar National Cement Company 61.00 (4.4) 132.8 2.5
Ezdan Holding Group 13.10 (4.1) 347.8 0.9
Gulf International Services 14.15 (3.7) 357.1 (16.8)
United Development Company 15.00 (3.7) 772.6 1.7
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Mesaieed Petrochemical Holding 16.68 7.1 47,244.6 11.0
Qatar Fuel Company 181.20 1.8 24,676.8 9.2
Industries Qatar 130.70 2.9 16,840.0 (2.2)
QNB Group 178.00 0.5 15,094.0 (8.7)
Doha Bank 20.80 (1.3) 12,938.0 (6.3)
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* 10,010.54 0.7 0.7 (6.6) (2.8) 63.52 156,216.6 14.3 1.5 4.4
Dubai 2,549.93 0.6 0.6 (0.7) 0.8 45.83 93,543.9 8.1 0.9 5.5
Abu Dhabi 5,069.07 0.6 0.6 0.5 3.1 29.82 138,575.2 14.2 1.5 4.8
Saudi Arabia 8,592.01 (0.4) (0.4) 0.4 9.8 502.02 543,253.3 18.7 1.9 3.3
Kuwait 4,753.28 (0.9) (0.9) (0.9) 0.3 55.39 32,863.3 15.7 0.8 4.4
Oman 4,076.88 (0.8) (0.8) (2.2) (5.7) 4.73 17,792.1 8.4 0.8 6.4
Bahrain 1,380.72 0.6 0.6 (0.8) 3.2 2.68 21,097.8 9.3 0.9 5.9
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,900
9,950
10,000
10,050
10,100
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 QE Index rose 0.7% to close at 10,010.5. The Industrials and
Insurance 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.
 Qatari Investors Group and Mesaieed Petrochemical Holding Company
were the top gainers, rising 10.0% and 7.1%, respectively. Among the
top losers, Salam International Investment Limited fell 6.2%, while
Qatar National Cement Company was down 4.4%.
 Volume of shares traded on Sunday rose by 7.6% to 9.5mn from 8.8mn
on Thursday. Further, as compared to the 30-day moving average of
9.3mn, volume for the day was 1.4% higher. Mesaieed Petrochemical
Holding Company and Qatar Aluminium Manufacturing Company were
the most active stocks, contributing 30.6% and 11.1% to the total
volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
4Q2018
% Change
YoY
Operating Profit
(mn) 4Q2018
% Change
YoY
Net Profit
(mn) 4Q2018
% Change
YoY
Jabal Omar Development Co. * Saudi Arabia SR 1,962.6 245.0% 812.5 N/A 193.8 N/A
Rak Properties* Abu Dhabi AED 101.4 -67.6% – – 150.5 -21.5%
Manazel Real Estate* Abu Dhabi AED 974.7 13.1% – – 239.1 8.4%
United Paper Industries#**
Bahrain BHD 3247.5 6.3% – – -12.1 N/A
Inovest* Bahrain USD 27.7 19.5% 12.5 2.8% 14.0 139.2%
Bahrain & Kuwait Insurance Co.* Bahrain BHD 81.6 37.1% – – 3.2 21.7%
National Hotels Company* Bahrain BHD 6.5 N/A – – 1.1 -48.3%
Gulf Hotels Group* Bahrain BHD 35.1 -5.8% – – 6.9 -37.3%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018,
#
Figures in ‘000, ** Financials for 3Q2018-19)
Earnings Calendar
Tickers Company Name Date of reporting 4Q2018 results No. of days remaining Status
QAMC Qatar Aluminum Manufacturing Company 20-Feb-19 2 Due
QOIS Qatar Oman Investment Company 20-Feb-19 2 Due
MERS Al Meera Consumer Goods Company 24-Feb-19 6 Due
QFLS Qatar Fuel Company 25-Feb-19 7 Due
BRES Barwa Real Estate Company 25-Feb-19 7 Due
QISI The Group Islamic Insurance Company 25-Feb-19 7 Due
QNNS Qatar Navigation (Milaha) 25-Feb-19 7 Due
QCFS Qatar Cinema & Film Distribution Company 26-Feb-19 8 Due
MCCS Mannai Corporation 26-Feb-19 8 Due
AHCS Aamal Company 27-Feb-19 9 Due
QGRI Qatar General Insurance & Reinsurance Company 4-Mar-19 14 Due
SIIS Salam International Investment Limited 6-Mar-19 16 Due
DBIS Dlala Brokerage & Investment Holding Company 13-Mar-19 23 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 38.01% 49.33% (26,189,007.11)
Qatari Institutions 28.45% 21.33% 16,491,713.10
Qatari 66.46% 70.66% (9,697,294.01)
GCC Individuals 1.01% 0.88% 314,960.65
GCC Institutions 2.94% 2.67% 624,949.21
GCC 3.95% 3.55% 939,909.86
Non-Qatari Individuals 14.99% 14.86% 291,451.61
Non-Qatari Institutions 14.60% 10.94% 8,465,932.54
Non-Qatari 29.59% 25.80% 8,757,384.15

3. Page 3 of 6
News
Qatar
 QGTS 4Q2018 net income down 3% YoY but up 9% QoQ
exceeding our estimate by 9%; DPS flat at QR1 slightly below
our estimate; Maintain Accumulate at QR21 – Qatar Gas
Transport Company Limited's (QGTS) posted a net profit of
QR233mn in 4Q2018, beating our estimate of QR214mn
(variation of +9%). Operating metrics were in line with our
estimates, with adjusted revenue of QR878mn lower by 1.5%
relative to our estimate of QR891mn and adjusted EBITDA of
QR679mn flattish vs. our forecast of QR681mn. Most of the beat
for the quarter came from lower than expected finance charges,
which came in at QR287mn (-2.5% YoY, -6.1% QoQ) vs. our
estimate of QR309mn despite total debt for 2018 coming in
exactly in-line with our model at QR19.8bn. In FY2018, Nakilat
reported 5% YoY growth in net profit to QR891mn. Excluding
the 2017 one-off item (available for sale investments), the
company’s 2018 net profit saw a 14% growth. The board has
recommended a cash dividend of QR1 per share (compared to
our estimate of QR1.05 per share) to be approved by
shareholders at the Annual General Assembly scheduled on
March 19, 2019. In terms of catalysts, we believe expansion of
Qatar’s LNG output from 77 MTPA to 110 MTPA is a significant
driver. Currently our model does not assume any fleet
expansion and we will incorporate such expansion once more
details are revealed. We foresee significant upward revision to
our estimates and price target once we factor in this expansion.
Also, QGTS is targeting FSRUs with one vessel already added to
the fleet. We note that the company’s ships have 40-years of
life vs. maximum debt life of 25 years (last debt maturing 2033),
creating refinancing opportunities to increase fleet size.
Medium-term, we believe the shipyard business, which is no
longer loss making, could further improve. (QNB FS Research,
QSE, Gulf-Times.com)
 Vodafone Qatar announces the list of candidates for board
membership – Vodafone Qatar's board of directors, in its
meeting dated February 11, 2019, has approved the list of
candidates for the independent membership election. The
approved list of candidates will be presented to the company’s
AGM scheduled on March 4, 2019, during which the three
independent board members will be elected from the list of
approved candidates. The other four board members were
appointed by Vodafone Qatar and Qatar Foundation in
accordance with Article 29 of Vodafone Qatar's Articles of
Association. (QSE)
 Ooredoo to hold its AGM and EGM on March 19, 2019 –
Ooredoo’s board of directors invited its shareholders to attend
the Ordinary Assembly Meeting (AGM) and Extraordinary
Assembly Meeting (EGM), which will be held on March 19,
2019. If there is no quorum, an alternative meeting will be held
on March 31, 2019. (QSE)
 QGRI postpones disclosure of the financial statements ended
December 31, 2018 to March 4, 2019 – Qatar General Insurance
& Reinsurance Company (QGRI) announced that the company
will postpone its board meeting from February 18, 2019 to
March 4, 2019 to discuss and adopt financials for the period
ended December 31, 2018. (QSE)
 IHGS announces the extension of the term of board of directors’
membership for a period of three years from 2019-2021 –
Islamic Holding Group’s (IHGS) board of directors announced
the extension of the opening period of the candidacy for
membership of the board of directors for its new session until
2:00 pm on February 24, 2019 instead of the previously
announced date ending on February 18, 2019 for a period of
next three years. Shareholders who wish to apply for
membership of the board of directors and have membership
requirements must obtain applications from the company's
main office from 8:00 am to 2:00 pm until February 24, 2019.
(QSE)
 QFC targeting 10 listings on QSE, eyes 5% of capitalization –
Qatar Financial Centre (QFC) is targeting 10 listings on the
Qatar Stock Exchange (QSE) as it aims to account for 5% of QSE
market capitalization in another three years. This was disclosed
by QFC Authority’s CEO, Yousuf Mohamed Al-Jaida at a
meeting to unveil its strategies beyond 2022, to be implemented
in association with Qatar Development Bank, Aspire Zone
Foundation and Msheireb Properties. Already two exchange
traded funds (ETFs) – one sponsored by Masraf Al Rayan and
another by Doha Bank – has been incorporated under the QFC
and listed on the QSE. Moreover, Qatar First Bank, which is also
a QFC authorized entity, is listed on the domestic bourse.
Indications are that family-owned companies may create
holding companies (under the QFC umbrella), which in turn
may seek listings. Similar is the case with those sovereign-
backed entities that wish to go public. In its 2017-2022
roadmap, QFC had stated it would allow more stock listings and
financial products on the bourse, including ETFs, Sukuk, real
estate investment trusts and family-owned companies in order
to achieve 5% of QSE market capitalization. Al-Jaida said
overseas institutional investors were net buyers of about
$2.3bn on the QSE during 2018, which was more than triple the
foreign flows into the neighboring countries. (Gulf-Times.com)
 QFC to triple asset size to $70bn; help create $20bn sport
market – Qatar Financial Centre (QFC) unveiled its aggressive
2022 strategic roadmap aims to enable it to emerge as a major
financial hub in MENA and South Asian region. The QFC 2.0
expansion plans target to triple the size of QFC’s assets to
$70bn and create 10,000 high skilled jobs in the private sector,
in addition to increasing the total number of firms on the QFC
platform to 1,000. Creation of four strategic clusters, namely,
Sports, Digital, Financial and Media, and a New Emerging Belt
Initiative (NEBI) are the key highlights of QFC’s 2022 Strategy.
QFC also aims to list at least 10 of its licensed companies on the
Qatar Stock Exchange (QSE) by 2022. As part of the New
Emerging Belt Initiative (NEBI), QFC will develop an economic
corridor that focuses on strategic alliances with markets such
as Kuwait, Oman, Turkey, Pakistan and India. These new
emerging markets have been identified because they possess a
large potential for future growth, especially considering that
their combined GDP is estimated to be approximately $2.1tn,
with total global FDI from these markets exceeding $150bn.
Elaborating on the ambitious plans, QFC Authority’s CEO,
Yousuf Mohamed Al Jaida said that Qatar is a well-positioned
international player in all the above said four strategic clusters.
QFC’s new strategy aims to leverage its experience and

4. Page 4 of 6
expertise even further. Highlighting the potential of sports
industry businesses in Qatar, Al Jaida noted the market size of
the sports sector in Qatar is expected to reach $20bn (QR72bn)
by 2023. In 2017, estimated size of the global sports industry
was $1.3tn. The ecosystem of the global sports industry
generates $700bn annually. The QFC is aiming to attract sport
consultancy and advisory, sport legal advisory, sort financing
and contracting, sport event management and promotion, sport
technology companies. Moreover, it is eyeing Islamic finance’s
global coverage through Qatar, Turkey and Malaysia hubs, Al-
Jaida added. The QFC is also working very closely with Qatar
Development Bank to advance the country’s national FinTech
agenda. (Peninsula Qatar, Gulf-Times.com)
 Ooredoo, Colt to launch new cloud connectivity services –
Ooredoo, along with global connectivity provider, Colt
Technology Services (Colt) announced the launch of Ooredoo’s
Cloud Connect service for business customers to scale
innovation with global cloud providers. With Ooredoo Cloud
Connect, Ooredoo’s business customers can now establish
managed cloud connectivity from their local data centre to
global cloud service providers. Ooredoo Qatar’s Chief Operating
Officer, Yousuf Abdulla al Kubaisi said, “Our Ooredoo Cloud
Connect provides secure cloud connectivity to enable real-time
decision-making for digital transformation. Business customers
can offload their cloud management to Ooredoo, so IT staff can
focus on business innovation.” (Qatar Tribune)
 Siemens Qatar’s CEO: Digitalization, smart infrastructure key
to Qatar's urban development – Digitalization and smart
infrastructure are keys to helping cities like Doha provide a high
quality of life, prepare for future challenges, and offer an
environment that encourages economic growth, according to
Siemens Qatar’s CEO, Adrian Wood. Siemens, he said, is
currently collaborating with a number of customers to promote
smart buildings in Qatar through the development of a pilot
project focusing on the implementation of Siemens’ ‘Navigator’
technology. Analytical building performance tools from
Siemens - ‘Navigator’ and ‘Demand Flow’ - are able to identify
energy and water savings of up to 30%, he said. Digitalization
can help the infrastructure to drive economic development in
areas such as smart manufacturing, he noted. (Gulf-Times.com)
International
 CIPD: UK’s businesses plan to raise pay by most since 2012 –
British businesses plan to raise basic wages by the most in at
least seven years, due to recruitment difficulties and a need to
keep pay in line with competitors, a survey showed,
highlighting ongoing strength in Britain’s jobs market. The
Chartered Institute of Personnel and Development (CIPD), a
human resources professional body, stated private-sector
employers planned to increase basic pay rates this year by
2.5%, on average, the most since the survey started in 2012.
Britain’s labor market has proved resilient in the run-up to
Brexit, with unemployment falling to its lowest since the mid-
1970s, despite a broader slowdown that caused investment to
slide and cut overall growth in 2018 to its weakest since 2012.
(Reuters)
 ECB's Rehn sees Eurozone’s economy weakening – Recent data
point to a weakening Eurozone economy, the European Central
Bank’s (ECB) Olli Rehn told a German newspaper, adding that
interest rates would remain at the current level until monetary
policy goals have been met. The ECB has stated it aims to keep
interest rates at current record lows at least through the
summer but its longstanding rate guidance is increasingly out
of sync with market expectations due to an economic
slowdown. He attributed it to greater uncertainties outside
Eurozone, such as the trade conflict between the US and China
but also pointed to uncertainty over Brexit, protests in France,
fiscal issues in Italy and slower industrial production in
Germany. His comments come before an ECB meeting on March
7, when policymakers are widely expected to slash their growth
and inflation projections, as the Eurozone is experiencing its
biggest slowdown in half a decade. (Reuters)
 Japan's machinery orders slump as trade frictions bite –
Overseas orders for Japanese machinery posted their biggest
decline in more than a decade in December and manufacturers
expect orders to fall further this quarter as trade frictions weigh
on global demand. Data showed core machinery orders,
considered a leading indicator of capital expenditure, fell 0.1%
MoM in December. This was the first decline in three months
but was smaller than the median estimate for a 1.1% decrease.
Highlighting bigger concerns about the external environment,
however, was a 21.9% MoM tumble in machinery orders from
overseas, the biggest fall since November 2007. A cabinet
official said the slump was partly due to the base effect of large
overseas orders seen over the past two months; however,
forecasts showed manufacturers expect overseas orders to fall
17.1% in the current quarter. Manufacturers surveyed by the
Cabinet Office forecast core orders will fall 1.8% in January-
March after decreasing 4.2% in October-December. The Cabinet
Office cut its assessment of orders to say they are stalling.
Orders from manufacturers fell 8.5% MoM in December after a
6.4% decline in November, due to lower orders from makers of
manufacturing equipment and electronics. Service-sector
orders rose 6.8%, faster than a 2.5% increase the previous
month due to a pick-up in orders from the telecommunications
sector. Despite this acceleration, economists are likely to
remain more concerned about the manufacturing sector and
global demand. (Reuters)
 China to lure foreign investment in its larger state-owned
enterprises – China will seek to attract foreign investment in its
larger state-owned enterprises (SOEs), which are undergoing
reforms to make them more competitive, the head of the
country’s state asset regulator said. China began a new round of
reforms in 2016, aimed at streamlining its lumbering SOEs by
introducing private capital, curbing overcapacity, shutting
down zombie subsidiaries and restructuring assets. “Private
and foreign firms should actively participate in reform and
development of central enterprises, and jointly explore ways of
deep cooperation including mixed-ownership”, Xiao Yaqing,
Chairman of the State-Owned Assets Supervision and
Administration Commission (SASAC), said. (Reuters)
Regional
 Saudi Arabian stocks will attract about $600mn as FTSE starts
inclusion – Saudi Arabian stocks will attract about $600mn
after FTSE Russell completed the first of five phases of adding
the nation’s shares to the index provider’s EM gauge, according
to calculations by equities strategist, Mohamad Al Hajj. SABIC

5. Page 5 of 6
will likely see inflows of $92.3mn, Al Rajhi of $80.2mn, National
Commercial Bank (NCB) of $58.4mn, Samba Financial Group of
$36.5mn, and Saudi Telecom Company (STC) of $34.4mn. FTSE
Russell announced on February 15, 2019 its semi-annual
review, in which it disclosed the list of Saudi Arabian
companies that will be added to its indexes in the first of five
tranches. The inclusion will be effective as of business close on
March 15, 2019. Kuwaiti stocks have been seen attracting
around $500mn after four major weight increases, with changes
to National Bank of Kuwait (NBK) being the most meaningful of
them. About $200mn is expected as inflows into Qatar, and
$15mn into the UAE. (Bloomberg)
 Saudi Arabia signs oil agreement to supply Pakistan with crude
oil – Saudi Arabia has signed an agreement to supply Pakistan
with crude oil and petroleum products to secure its fuel needs,
Saudi Arabia’s Energy Minister, Khalid Al-Falih said. Saudi
Arabia’s Crown Prince, Mohammed bin Salman arrived in
Pakistan and said that Saudi Arabia has signed investment
agreements worth $20bn during his visit to the country.
(Reuters)
 Saudi Arabia introduces 12-year domestic Riyal Sukuk – Saudi
Arabia has introduced a 12-year tenor domestic Riyal Sukuk for
the first time in February, Maaal reported, citing sources. The
Sukuk which was sold previously had maturities of 10, 7 and 5
years. (Bloomberg)
 ARNB posts 9.3% YoY rise in net profit to SR3,310mn in FY2018
– Arab National Bank (ARNB) recorded net profit of SR3,310mn
in FY2018, an increase of 9.3% YoY. Total operating profit rose
2.5% YoY to SR6,535mn in FY2018. Total revenue for special
commissions/investments rose 13.2% YoY to SR6,832mn in
FY2018. Total assets stood at SR178.3bn at the end of
December 31, 2018 as compared to SR171.7bn at the end of
December 31, 2017. Loans and advances stood at SR121.0bn
(+5.7% YoY), while customer deposits stood at SR140.9bn
(+3.6% YoY) at the end of December 31, 2018. EPS came in at
SR3.31 in FY2018 as compared to SR3.03 in FY2017. (Tadawul)
 UAE raises holdings of US T-bills in December – The UAE has
increased its holdings of US Treasury bonds by 0.88%, or
$500mn, MoM, to $56.8bn in December 2018. YoY, the GCC
nation’s US Treasury holdings declined 1.6%, or $900mn, in the
last month of 2018, compared to $57.7bn in December 2017,
data by the US Treasury Department showed. The UAE ranked
second among investors in the US Treasuries in the Arab world,
with Saudi Arabia taking the lead with $171.6bn in US treasury
holdings. (Zawya)
 Abu Dhabi Islamic Bank says it is not in the process of merging
– Abu Dhabi Islamic Bank (ADIB) has stated that it is currently
not in a process for a merger or acquisition. The UAE-based
lender stated that it “is always studying options available in the
market that will strengthen our client base and market value.”
(Bloomberg)
 BOS posts 33% YoY rise in net profit to AED352mn in FY2018 –
Bank of Sharjah (BOS) recorded net profit of AED352mn in
FY2018, an increase of 33% YoY. Net interest income rose 10%
YoY to AED513mn in FY2018. Operating income fell 7% YoY to
AED726mn in FY2018. Total assets stood at AED29.2bn at the
end of December 31, 2018 as compared to AED30.5bn at the end
of December 31, 2017. Loans and advances stood at AED16.4bn,
while customers’ deposits stood at AED20.1bn at the end of
December 31, 2018. EPS came in at AED0.167 in FY2018 as
compared to AED0.127 in FY2017. (ADX)
 Oman starts bid round for six onshore oil and gas blocks –
Oman’s Ministry of Oil & Gas has invited bids from oil and gas
companies for six onshore blocks, according to the Ministry’s
website. The Blocks 58, 70, 73, 74, 75 and 76 are included in the
bid round. The bids will be accepted until May 30, 2019. Block
70 includes Mafraq, an undeveloped heavy oil field. Blocks were
relinquished by Petroleum Development Oman, the Ministry’s
Director of Petroleum Concessions, Suleiman Al Ghunaimi said.
(Bloomberg)

6. 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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
QSEIndex S&P Pan Arab S&P GCC
(0.4%)
0.7%
(0.9%)
0.6%
(0.8%)
0.6% 0.6%
(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 1,321.55 0.7 0.5 3.0 MSCI World Index 2,066.59 0.9 2.3 9.7
Silver/Ounce 15.79 1.1 (0.3) 1.9 DJ Industrial 25,883.25 1.7 3.1 11.0
Crude Oil (Brent)/Barrel (FM Future) 66.25 2.6 6.7 23.1 S&P 500 2,775.60 1.1 2.5 10.7
Crude Oil (WTI)/Barrel (FM Future) 55.59 2.2 5.4 22.4 NASDAQ 100 7,472.41 0.6 2.4 12.6
Natural Gas (Henry Hub)/MMBtu 2.59 (0.4) (1.1) (18.7) STOXX 600 368.94 1.2 2.5 7.6
LPG Propane (Arab Gulf)/Ton 68.50 3.8 12.1 7.9 DAX 11,299.80 1.7 3.1 5.4
LPG Butane (Arab Gulf)/Ton 85.00 10.4 24.1 21.4 FTSE 100 7,236.68 1.1 1.9 8.6
Euro 1.13 0.0 (0.2) (1.5) CAC 40 5,153.19 1.6 3.3 7.2
Yen 110.47 (0.0) 0.7 0.7 Nikkei 20,900.63 (1.1) 2.0 4.3
GBP 1.29 0.7 (0.4) 1.1 MSCI EM 1,030.64 (0.8) (0.5) 6.7
CHF 0.99 (0.1) (0.5) (2.4) SHANGHAI SE Composite 2,682.39 (1.4) 2.0 9.2
AUD 0.71 0.5 0.7 1.3 HANG SENG 27,900.84 (1.9) (0.2) 7.7
USD Index 96.90 (0.1) 0.3 0.8 BSE SENSEX 35,808.95 (0.7) (2.2) (3.1)
RUB 66.32 (0.5) 0.8 (4.9) Bovespa 97,525.91 0.2 2.9 15.8
BRL 0.27 0.6 0.7 4.9 RTS 1,177.50 1.8 (1.8) 10.2
97.7
91.7
77.9