The QE Index declined 0.1% to close at 10,715.3. Losses were led by the Real Estate and Consumer Goods & Services indices, falling 1.5% and 0.3%, respectively.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QE Index declined 0.1% to close at 10,715.3. Losses were led by the Real Estate
and Consumer Goods & Services indices, falling 1.5% and 0.3%, respectively. Top
losers were Gulf Warehousing Company and Zad Holding Company, falling 4.1% and
2.6%, respectively. Among the top gainers, Qatari German Company for Medical
Devices gained 6.5%, while Qatar Cinema & Film Distribution Company was up 4.3%.
GCC Commentary
Saudi Arabia: The TASI Index rose 1.2% to close at 8,623.9. Gains were led by the
Utilities and Diversified Financials indices, rising 4.3% and 2.3%, respectively.
Eastern Province Cement Co. rose 8.2%, while Arabian Cement Co. was up 7.1%.
Dubai: The DFM Index gained 0.5% to close at 2,542.8. The Banks index rose 1.3%,
while the Services index gained 0.6%. Gulfa Mineral Water & Processing Industries
Co. rose 14.9%, while Gulf General Investments Company was up 5.0%.
Abu Dhabi: The ADX benchmark index rose 0.2% to close at 5,137.3. The Consumer
Staples index gained 1.1%, while the Telecommunication index rose 0.6%. Ras Al
Khaimah Cement Co. gained 5.9%, while Abu Dhabi Islamic Bank was up 1.6%.
Kuwait: The KSE Index rose marginally to close at 4,804.7. The Technology index
gained 1.9%, while the Telecommunications index rose 0.7%. Shuaiba Industrial
Co. gained 20.3%, while Arabi Holding Group Co. was up 7.1%.
Oman: The MSM Index rose 0.1% to close at 4,169.1. However, all the indices closed
in the red. Oman Telecommunication rose 1.7%, while Bank Nizwa was up 1.1%.
Bahrain: The BHB Index gained 0.4% to close at 1,403.7. The Commercial Bank
index rose 0.9%, while the other indices remained flat or ended in the red. National
Bank of Bahrain rose 1.5%, while Ahli United Bank was up 1.3%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatari German Co for Med. Devices 6.60 6.5 287.6 16.6
Qatar Cinema & Film Distribution 16.51 4.3 0.6 (13.2)
Qatar Islamic Insurance Company 56.99 2.3 2.3 6.1
Al Khaleej Takaful Insurance Co. 9.70 2.1 11.7 12.9
Doha Bank 21.60 1.6 655.5 (2.7)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar Aluminium Manufacturing 12.22 (1.1) 763.5 (8.5)
Vodafone Qatar 8.24 (0.1) 674.3 5.5
United Development Company 16.70 (0.2) 660.0 13.2
Doha Bank 21.60 1.6 655.5 (2.7)
Qatar Gas Transport Company Ltd. 20.66 0.5 441.3 15.2
Market Indicators 05 Feb 19 04 Feb 19 %Chg.
Value Traded (QR mn) 186.6 247.1 (24.5)
Exch. Market Cap. (QR mn) 614,767.7 616,916.2 (0.3)
Volume (mn) 6.7 8.3 (19.2)
Number of Transactions 4,249 5,452 (22.1)
Companies Traded 45 45 0.0
Market Breadth 9:31 24:16 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,879.16 (0.1) (0.0) 4.0 15.6
All Share Index 3,244.84 (0.4) 0.0 5.4 16.3
Banks 3,870.69 (0.2) (0.7) 1.0 14.3
Industrials 3,411.70 (0.2) 0.3 6.1 16.2
Transportation 2,299.67 0.3 2.6 11.7 13.3
Real Estate 2,540.15 (1.5) 1.6 16.1 22.9
Insurance 3,126.21 0.0 (2.8) 3.9 17.4
Telecoms 1,022.72 (0.2) 0.2 3.5 41.5
Consumer 7,285.99 (0.3) (0.1) 7.9 14.9
Al Rayan Islamic Index 4,072.57 (0.2) 0.2 4.8 15.9
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Southern Prov. Cement Saudi Arabia 43.70 5.7 474.4 18.6
Saudi Cement Co. Saudi Arabia 57.50 5.3 265.9 18.4
Saudi Electricity Co. Saudi Arabia 17.36 4.8 1,732.4 14.7
Kingdom Holding Co. Saudi Arabia 8.59 4.8 1,110.8 10.1
Yanbu Cement Co. Saudi Arabia 29.65 4.0 1,267.3 23.5
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
HSBC Bank Oman Oman 0.12 (2.4) 1,922.7 2.5
Phoenix Power Co. Oman 0.09 (2.1) 15.1 (10.7)
Gulf Bank Kuwait 0.27 (1.8) 30,161.3 7.1
Shell Oman Marketing Co. Oman 1.19 (1.7) 628.2 (19.9)
Dallah Healthcare Co. Saudi Arabia 66.70 (1.3) 243.8 18.7
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%
Gulf Warehousing Company 41.70 (4.1) 306.1 8.4
Zad Holding Company 121.78 (2.6) 41.9 17.1
Ezdan Holding Group 15.98 (2.2) 436.2 23.1
Qatari Investors Group 26.70 (2.0) 58.6 (4.0)
Salam International Inv. Ltd. 5.00 (1.8) 70.0 15.5
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Islamic Bank 159.30 0.2 19,927.7 4.8
QNB Group 194.95 (0.3) 15,988.4 (0.0)
Doha Bank 21.60 1.6 14,062.4 (2.7)
Gulf Warehousing Company 41.70 (4.1) 12,797.2 8.4
The Commercial Bank 41.95 (0.8) 11,997.5 6.5
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* 10,715.29 (0.1) (0.0) (0.0) 4.0 51.18 168,876.7 15.6 1.6 4.1
Dubai 2,542.82 0.5 (1.0) (1.0) 0.5 47.90 92,632.7 7.7 0.9 5.5
Abu Dhabi 5,137.30 0.2 1.8 1.8 4.5 59.92 140,114.7 13.5 1.5 4.7
Saudi Arabia 8,623.92 1.2 0.7 0.7 10.2 811.25 544,123.2 18.4 1.9 3.3
Kuwait 4,804.66 0.0 0.1 0.1 1.4 88.34 33,114.2 16.9 0.8 4.3
Oman 4,169.13 0.1 0.1 0.1 (3.6) 6.44 18,169.9 8.4 0.7 6.2
Bahrain 1,403.69 0.4 0.9 0.9 5.0 6.66 21,473.0 9.1 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)
10,600
10,650
10,700
10,750
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 declined 0.1% to close at 10,715.3. The Real Estate and
Consumer Goods & Services indices led the losses. The index fell on the
back of selling pressure from Qatari and GCC shareholders despite
buying support from non-Qatari shareholders.
 Gulf Warehousing Company and Zad Holding Company were the top
losers, falling 4.1% and 2.6%, respectively. Among the top gainers,
Qatari German Company for Medical Devices gained 6.5%, while Qatar
Cinema & Film Distribution Company was up 4.3%.
 Volume of shares traded on Tuesday fell by 19.2% to 6.7mn from 8.3mn
on Monday. Further, as compared to the 30-day moving average of
9.4mn, volume for the day was 28.3% lower. Qatar Aluminium
Manufacturing Company and Vodafone Qatar were the most active
stocks, contributing 11.3% and 10.0% 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
Aramex* Dubai AED 5,086.1 7.7% 643.0 16.1% 492.6 13.1%
Investcorp#
Bahrain USD 199.0 -4.3% 0.0 – 58.0 5.5%
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018;
#
Financial for 6M2018-19)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
02/05 UK Markit Markit/CIPS UK Services PMI January 50.1 51.0 51.2
02/05 UK Markit Markit/CIPS UK Composite PMI January 50.3 51.4 51.4
02/05 EU Markit Markit Eurozone Services PMI January 51.2 50.8 50.8
02/05 EU Markit Markit Eurozone Composite PMI January 51.0 50.7 50.7
02/05 Germany Markit Markit Germany Services PMI January 53.0 53.1 53.1
02/05 Germany Markit Markit/BME Germany Composite PMI January 52.1 52.1 52.1
02/05 France Markit Markit France Services PMI January 47.8 47.5 47.5
02/05 France Markit Markit France Composite PMI January 48.2 47.9 47.9
02/05 Japan Markit Nikkei Japan PMI Composite January 50.9 – 52.0
02/05 Japan Markit Nikkei Japan PMI Services January 51.6 – 51.0
02/05 India Markit Nikkei India PMI Services January 52.2 – 53.2
02/05 India Markit Nikkei India PMI Composite January 53.6 – 53.6
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 4Q2018 results No. of days remaining Status
UDCD United Development Company 6-Feb-19 0 Due
QISI The Group Islamic Insurance Company 10-Feb-19 4 Due
QIMD Qatar Industrial Manufacturing Company 10-Feb-19 4 Due
QEWS Qatar Electricity & Water Company 10-Feb-19 4 Due
IQCD Industries Qatar 11-Feb-19 5 Due
GISS Gulf International Services 13-Feb-19 7 Due
DOHI Doha Insurance Group 13-Feb-19 7 Due
ORDS Ooredoo 13-Feb-19 7 Due
MPHC Mesaieed Petrochemical Holding Company 14-Feb-19 8 Due
QAMC Qatar Aluminum Manufacturing Company 20-Feb-19 14 Due
QOIS Qatar Oman Investment Company 20-Feb-19 14 Due
MERS Al Meera Consumer Goods Company 24-Feb-19 18 Due
MCCS Mannai Corporation 26-Feb-19 20 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 27.91% 42.75% (27,693,106.09)
Qatari Institutions 33.13% 23.43% 18,113,508.64
Qatari 61.04% 66.18% (9,579,597.45)
GCC Individuals 0.80% 1.13% (620,319.31)
GCC Institutions 3.29% 3.34% (87,976.11)
GCC 4.09% 4.47% (708,295.42)
Non-Qatari Individuals 10.40% 11.44% (1,939,276.02)
Non-Qatari Institutions 24.46% 17.91% 12,227,168.89
Non-Qatari 34.86% 29.35% 10,287,892.87

3. Page 3 of 6
News
Qatar
 QCB issues treasury bills worth QR600mn – The Qatar Central
Bank (QCB) issued treasury bills for three, six and nine months,
with a value of QR600mn. The treasury bills are distributed as
follows; QR400mn for three months at an interest rate of 2.52%,
QR100mn for six months at an interest rate of 2.45%, and
QR100mn for nine months at an interest rate of 2.69%. (Qatar
Tribune)
 Qatar Petroleum and Exxon to go ahead with $10bn Texas LNG
project – Qatar Petroleum and ExxonMobil are going ahead with
the more than $10bn Golden Pass Terminal LNG project, located
in Sabine Pass, Texas. The project, which is owned by Golden
Pass Products, a joint venture of Qatar Petroleum (70%) and
ExxonMobil (30%), was announced yesterday. It will pave the
way for the construction of the Golden Pass LNG export facility
with a production capacity of about 16mn tons of LNG per year.
The project will commence soon, and is expected to create in
excess of 45,000 direct and indirect full-time jobs in the US
during the construction period, which is expected to take about
five years. It is estimated that the project will generate more
than $35bn of economic benefits in the US including federal,
state and local tax revenues over the life of the project. (Gulf-
Times.com)
 QNNS’ board meets to discuss the financial statements ended
December 31, 2018 on February 25, 2019 – Qatar Navigation
(QNNS) announced that its board of directors will meet on
February 25, 2019 to discuss and adopt financial statements of
the company for the period ended December 31, 2018. (QSE)
 CEO: The Commercial Bank to issue kangaroo bonds in 2019 –
The Commercial Bank (CBQK) is looking to jumpstart 2019 by
issuing around AUD200mn to AUD250mn Kangaroo bonds in
the next coming months, according to the bank’s CEO, Joseph
Abraham. However Abraham was quick to clarify that issuing
the Kangaroo bonds, a first for CBQK in Australia, in the first or
second quarter of 2019 would depend on investor appetite. “It’s
the first time we are issuing, so we’ll have to see the appetite,”
Abraham said, adding that the Kangaroo bonds form part of the
bank’s strategy to diversify funding by size, tenor, and
geography. In terms of raising funds, Abraham said CBQK has a
number of diversified providers of funding. “One thing that we
have importantly done is creating more diversification in our
funding profile,” he said. Abraham also gave a positive outlook
for Qatar in 2019, citing several indicators such as GDP growth,
budget surplus, rising global demand for LNG, and continued
investments in Qatar, among others. (Gulf-Times.com)
 Turkey, Oman will remain CBQK’s strategic markets – The
Commercial Bank’s (CBQK) CEO, Joseph Abraham said that
Turkey and Oman will continue to remain the strategic markets
of the bank. As Qatar continues to diversify its strategic foreign
investments, CBQK will keep on playing bigger roles in these
key markets. In terms of CBQK’s international operations,
Turkey and Oman remain key strategic markets through its
subsidiary Alternatif Bank and partner National Bank of Oman.
Abraham pointed to the investment in Alternatif Bank’s new
headquarters and its rebrand in 2018 as evidence of the bank’s
continuing commitment to Turkey. (Peninsula Qatar)
 CBQK would prefer to be a buyer if M&A plans emerge – The
Commercial Bank (CBQK) would prefer to buy another bank
rather than being acquired if consolidation plans emerge,
according to CBQK’s CEO, Joseph Abraham. Qatar’s third-
largest lender by assets does not currently have any strategic
plans for a merger, but if they were to materialize “you have to
be in a strong position, that you are the consolidator,” the CEO
said. National Bank of Oman, in which CBQK is the biggest
shareholder, is in talks to combine with Bank Dhofar to create
an entity with $20bn in assets. The Qatari lender stated in
December that it does not support the combination. For the
merger to go ahead the banks would need CBQK’s support and
“our final decision will be conveyed to the market in due
course,” Abraham said. (Bloomberg)
 GWCS upbeat for 2019; confident of posting promising results –
Qatar’s logistics and warehousing industry has huge untapped
growth potential as currently only a small share (less than one-
fifth) of the existing market potential is tapped by the local
companies, according to Gulf Warehousing Company’s (GWCS)
CEO, Ranjeev Menon. On the back of that, GWCS is very upbeat
about the year 2019, and the company is firm to maintain its
growth momentum for this year as well as coming years that it
has been registering for over the last one decade. Menon said,
“Qatar’s logistics market has significant potential to grow.
Looking at the outsourced components of the logistics of
warehousing, it’s only a small percentile, may be in the range of
between 10-15% of the total warehousing market. So we see a
great potential to grow.” Menon added, “We are diversifying
our operations predominantly within the logistics sector. In
2018 we added a new revenue stream, or product namely - GWC
Marine - along with a few other products. These are the new
platforms we are currently focusing on as part of our expansion
program.” (Peninsula Qatar)
 Over 320 aircraft to join Qatar Airways fleet in next few years –
Qatar Airways has 320 more aircraft to be delivered by various
plane-makers over the next few years, part of which will be
used for fleet replacement, Qatar Airways’ CEO, HE Akbar Al-
Baker said. “The average age of our aircraft is under five years,
so we require many aircraft for fleet replacement. We also need
many aircraft for meeting our exponential growth,” Al-Baker
said at a press conference on the sidelines of the ‘CAPA
Aeropolitical and Regulatory Affairs Summit’. Post-the
blockade on the country, Qatar Airways has launched some 24
new destinations, he pointed out. “We added 25 additional
aircraft in 2018 alone. Our fleet strength is more than 230 now.
As a matter of fact, we have already taken four more aircraft in
January alone,” Al-Baker noted. (Gulf-Times.com)
 Qatar, EU reach landmark ‘open skies’ agreement – Qatar and
the European Union (EU) have concluded negotiations for a
landmark Comprehensive Air Transport Agreement, which may
take effect before the year-end. The historic agreement will be
the first of its kind ever between the EU and a GCC member
state, providing a significant competitive edge to air carriers of
both sides and a sustainable framework for future operations.
As a result, all air carriers from the 28 European Union member
states and Qatar now have unlimited and unrestricted access to
their respective territories. (Gulf-Times.com)

4. Page 4 of 6
 No impact on Qatar-UK bilateral air services deal because of
proposed EU agreement – Qatar’s bilateral air services
agreement with the UK will not get affected because of the
Comprehensive Air Transport Agreement the country will soon
conclude with the European Union (EU), according to Qatar
Airways’ CEO, HE Akbar Al-Baker. Al-Baker said, “Brexit or no
Brexit, I am a big believer that aviation will continue as usual
because both sides need each other. European carriers have
huge investments in the UK and the UK carriers have huge
investments in Europe. So I think there could be little bit of
upheaval in the beginning because there are lots of ambiguities.
But soon it will be business as usual. As far as Qatar is
concerned, we have a bilateral air agreement with Her
Majesty’s government in the UK. This does not get affected by
the Comprehensive Air Transport Agreement with the EU.”
(Gulf-Times.com)
 Shell Qatar’s Chairman: Pearl GTL project is operating
efficiently – Shell Qatar’s Chairman and Managing Director,
Andrew Faulkner said the Pearl Gas-to-Liquids (GTL) project is
operating efficiently and achieving the business objectives for
which it was founded. Faulkner said Pearl GTL, which is the
largest of its type and managed by Shell Qatar is benefiting the
economic performance in the State of Qatar and is achieving
strong financial returns that contribute to the sustainable
development it seeks, and represents a serious opportunity for
professional development as there are more than 300 Qataris
occupying different positions. He added that the project also
represents investment opportunities for many local companies
through its operational and supply opportunities. The Pearl
project (a joint venture between Qatar Petroleum and Shell
Global) produces 1.6bn cubic feet of gas per day from the North
Field to produce 140,000 barrels per day of high-quality GTL
products, in addition to 120,000 barrels per day of natural gas
liquids and ethane. (Peninsula Qatar)
 Value of real estate transactions in Qatar declined WoW in the
last week of January 2019 – The volume of real estate
transactions in the sales contracts registered with the
Department of Real Estate Registration at the Ministry of
Justice from January 27 to 31 amounted to QR317,415,042.
According to the weekly bulletin issued by the Department, the
list of sold real estate includes lands, houses, residential
buildings, multi-use lands and multi-use buildings. Sales were
concentrated in the municipalities of Al Rayyan, Al Daayen,
Doha, Umm Salal, Al Khor, Al Thakhira, Al Wakrah and Al
Shammal. The volume of real estate trading during the period
from January 20 to 24 amounted to QR324,523,570. (Gulf-
Times.com)
International
 US services sector activity at six-month low; shutdown blamed
– US services sector activity slowed to a six-month low in
January as businesses worried about the impact of a partial
shutdown of the federal government on the economy. The
Institute for Supply Management (ISM) stated its non-
manufacturing activity index dropped 1.3 points to a reading of
56.7 last month. That was the lowest reading since July and
marked two straight monthly declines. A reading above 50
indicates expansion in the sector, which accounts for more than
two-thirds of US economic activity. The ISM’s new orders sub-
index for the services sector tumbled 5.0 points to a reading of
57.7 last month, the lowest since December 2017. Its business
activity or production gauge also fell sharply. There was also a
steep decline in the survey’s measure of export orders. The
survey’s services employment measure rose to 57.8 from a
reading of 56.6 in December. (Reuters)
 NRF: US retail sales expected to top $3.8tn in 2019 – US retail
sales are expected to rise between 3.8% and 4.4% to more than
$3.8tn in 2019, the National Retail Federation (NRF) stated,
citing high consumer confidence, low unemployment and rising
wages. Preliminary estimates showed retail sales grew 4.6% in
2018 to $3.68tn, exceeding the retail industry group’s forecast
for growth of at least 4.5%, NRF stated. The 2018 results are
based on Commerce Department data up through November but
include NRF estimates for December, as the agency was closed
during the recent government shutdown and has not yet
released December figures. (Reuters)
 UK economy flat-lines as Brexit nears, firms cut jobs – Britain’s
economy risks stalling or contracting as Brexit nears and a
global slowdown worsens, with firms in the dominant services
sector reporting job cuts for the first time in six years and
falling new orders. Sterling slipped to near two-week lows
against the dollar after a leading gauge of the world’s fifth-
biggest economy, the IHS Markit/CIPS UK Services Purchasing
Managers’ Index (PMI), fell to 50.1 in January from 51.2 in
December. That marked the PMI’s lowest level since July 2016
and was barely above the 50 mark that separates growth from
contraction. A Reuters poll of economists had expected a
reading of 51.0. Britain’s economy defied forecasts from some
economists that it would go into recession after the 2016
referendum vote to leave the EU. However growth slowed
sharply in late 2018 as worries mounted about an abrupt, no-
deal Brexit. Overall, the survey suggested Britain’s economy is
flat-lining after losing momentum late last year. (Reuters)
 Eurozone’s business growth ground to a halt in January –
Eurozone’s businesses expanded at their weakest rate since
mid-2013 at the start of the year as demand fell for the first
time in four years, with a manufacturing slowdown spreading
to services, a survey showed. Forward-looking indicators in the
downbeat survey also suggested there will not be any
turnaround soon. That will make disappointing reading for
policymakers at the European Central Bank, who recently
ended their more than EUR2.6tn asset purchase stimulus
program. IHS Markit’s Euro Zone Composite Final Purchasing
Managers’ Index (PMI), considered a good measure of overall
economic health, dipped to 51.0 from December’s 51.1, its
lowest reading since July 2013. While that was higher than an
earlier flash reading of 50.7, it was barely above the 50 mark
that separates growth from contraction. Retail sales in the
Eurozone fell as expected in December, dragged down by the
steepest decline in shopping in Germany in 11 years, official
data showed. That reinforced the sense of an economy slowing
at the close of the year. (Reuters)
 Stronger German services cushion weaker manufacturing in
January – Business activity growth in Germany’s services
sector picked up for the first time in four months in January,
slightly lifting overall private sector growth in Europe’s largest
economy at the start of the year, a survey showed. Record-high

5. Page 5 of 6
employment, rising real wages and low borrowing costs are
supporting a domestically driven upswing in Germany, which is
facing increasing headwinds from a slowing world economy,
trade disputes and Britain’s departure from the EU. IHS Markit’s
final composite Purchasing Managers’ Index (PMI), which
tracks the manufacturing and services sectors that account for
more than two-thirds of the economy, rose to 52.1 from 51.6 in
December which marked a five and half year low. The reading
was above the 50 line that separates growth from contraction
and confirmed a preliminary estimate published last month. It
nevertheless suggested that the economy expanded at the
second-weakest rate of the past four years. In the services
sector, business activity growth increased to 53.0 in January
from 51.8 in the previous month, mainly driven by domestic
demand as new work received from abroad declined due to
heightened uncertainty, the survey showed. (Reuters)
 German state ready to buy company stakes to protect core
industry – Germany’s government could take stakes in key
domestic companies to prevent foreign takeovers, Germany’s
Economy Minister said, presenting a marked shift in industrial
strategy he said was needed to safeguard the country’s
prosperity. The pivot to a more defensive industrial policy is
driven by German concerns about foreign - particularly Chinese
- companies acquiring its know-how and eroding the
manufacturing base on which much of its wealth is built. “It can
go as far as the state taking temporary stakes in companies -
not to nationalize them and run them in the long run but to
prevent key technologies being sold off and leaving the
country,” the Minister said. The drive to protect and promote its
industry coincides with a lull in Germany’s economy, Europe’s
largest, which is losing momentum following a decade of robust
expansion. It also comes against a backdrop of growing
protectionist trends worldwide, with Washington and Beijing
embroiled in a damaging tariff dispute, and uncertainty
surrounding future trade relations between Britain and the
Eurozone. (Reuters)
 India’s services growth slows in January as new business slips
to four-month low – Growth in India’s dominant services sector
weakened for a second month in January but firms accelerated
hiring despite waning demand, a private survey showed. The
Nikkei/IHS Markit Services Purchasing Managers’ Index
declined to a three-month low of 52.2 in January from 53.2 in
December, but remained above the 50 mark separating growth
from contraction for an eighth month. (Reuters)
Regional
 Saudi Arabia’s December whole economy PMI at 56.2 vs 54.5 in
December – In a release by Emirates NBD and IHS Markit, the
purchasing managers’ index (PMI) for Saudi Arabia’s whole
economy rose to 56.2 in January from 54.5 in December and 53
in January 2018. This is the highest reading since December
2017. New Orders rose to 62.8 in January from 58.4 in
December. (Bloomberg)
 Saudi Arabia could borrow as much as SR118bn in 2019 – Saudi
Arabia could borrow as much as SR118bn this year to help
finance a budget deficit of SR131bn, Maaal reported, citing the
Head of the debt management office, Fahad Al-Saif. He expects
Saudi Arabia to borrow from international markets in one or
two sales. One sale will be a Sukuk expected in the second half
of 2019. (Bloomberg)
 UAE’s January whole economy PMI at 56.3 vs 54 in December –
In a release by Emirates NBD and IHS Markit, the purchasing
managers’ index (PMI) for UAE’s whole economy rose to 56.3 in
January from 54 in December, but fell from 56.8 in January 2018.
This is the highest reading since June 2018. New Orders rose to
60.9 in January from 58.3 in December. (Bloomberg)
 Dubai's Empower secures $408mn syndicated loan – Dubai
district cooling company Empower stated that it has secured a
$408mn syndicated loan that it will use to finance capacity
expansion and infrastructure. The loan was secured from
Citibank, Emirates NBD, Standard Chartered, Mashreq Bank
and Samba Financial Group, Empower stated. Empower is a
joint venture between Dubai Electricity and Water Authority
and Dubai Holding subsidiary TECOM Group, according to
Dubai Holding’s website. (Reuters)
 Abu Dhabi expected to extend bailout loan to Dubai – Abu
Dhabi is expected to roll over for the second time $20bn of debt,
due next month, that it extended to Dubai during its financial
crisis a decade ago, sources said. Dubai got the aid from the oil-
rich capital of the UAE in 2009 after the global credit crisis
caused its real estate market to crash, threatening to force some
state-linked companies to default on billions of Dollars of debt.
In March 2014, the Abu Dhabi government and the Central
Bank of the UAE (CBUAE) agreed to refinance the debt for five
years at an annual interest rate of 1%. The rollover included a
$10bn, five-year loan that the Abu Dhabi government offered to
Dubai through two state-owned banks, and $10bn of five-year
bonds that Dubai issued to the central bank. “It is the same as
last time, the debt will likely be extended once again,” sources
said. (Reuters)
 Kuwait sees risk of oil supply shortage in 2019 due to Venezuela
– The Head of state-run Kuwait Petroleum Corp, Hashem
Hashem said that global oil supply could be hit this year by big
reductions in exports from Venezuela. The Trump
administration has imposed sweeping sanctions on Venezuelan
state-owned oil firm, PDVSA, aimed at severely curbing the
OPEC member’s crude exports to the US and at pressuring
socialist President Nicolas Maduro to step down. “One of the
known risks of supply shortage in 2019 would include the
continuing decline of Venezuelan crude oil production beyond
current expectations,” he said. “However the wild card recently
has been market perceptions of potential shortages mainly from
geopolitical pressures that have caused supply disruptions in
the past and therefore pose a real threat for 2019,” he added.
(Reuters)
 Oman sells OMR30mn 91-day bills at a yield of 2.526%; bid-
cover at 1.33x – Oman sold OMR30mn of bills due on May 8,
2019. Investors offered to buy 1.33 times the amount of
securities sold. The bills were sold at a price of 99.374, having a
yield of 2.526% and will settle on February 6, 2019. (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 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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns,
#
Market was closed on February 5, 2019)
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
1.2%
(0.1%)
0.0%
0.4%
0.1% 0.2%
0.5%
(0.5%)
0.0%
0.5%
1.0%
1.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,315.38 0.2 (0.2) 2.6 MSCI World Index 2,051.36 0.7 1.1 8.9
Silver/Ounce 15.85 (0.1) (0.4) 2.3 DJ Industrial 25,411.52 0.7 1.4 8.9
Crude Oil (Brent)/Barrel (FM Future) 61.98 (0.8) (1.2) 15.2 S&P 500 2,737.70 0.5 1.2 9.2
Crude Oil (WTI)/Barrel (FM Future) 53.66 (1.6) (2.9) 18.2 NASDAQ 100 7,402.08 0.7 1.9 11.6
Natural Gas (Henry Hub)/MMBtu 2.56 (0.4) (5.2) (21.2) STOXX 600 364.99 1.2 0.9 7.7
LPG Propane (Arab Gulf)/Ton 66.50 (2.9) (5.2) 3.9 DAX 11,367.98 1.5 1.1 7.4
LPG Butane (Arab Gulf)/Ton 71.25 (2.7) (5.3) 2.5 FTSE 100 7,177.37 1.3 1.2 8.4
Euro 1.14 (0.3) (0.4) (0.5) CAC 40 5,083.34 1.5 0.7 7.1
Yen 109.96 0.1 0.4 0.2 Nikkei 20,844.45 (0.2) (0.1) 4.6
GBP 1.29 (0.7) (1.0) 1.5 MSCI EM 1,051.90 0.4 0.2 8.9
CHF 1.00 (0.2) (0.4) (1.8) SHANGHAI SE Composite#
2,618.23 0.0 0.0 7.1
AUD 0.72 0.1 (0.2) 2.6 HANG SENG #
27,990.21 0.0 0.2 8.1
USD Index 96.07 0.2 0.5 (0.1) BSE SENSEX 36,616.81 0.3 0.3 (1.1)
RUB 65.62 0.0 0.2 (5.9) Bovespa 98,311.20 (0.4) 0.2 18.1
BRL 0.27 (0.0) (0.3) 5.8 RTS 1,223.48 1.0 1.0 14.5
99.4
93.2
83.4