The QSE Index rose 0.3% to close at 8,630.7. Gains were led by the Transportation and Insurance indices, gaining 2.2% and 2.0%, respectively.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 0.3% to close at 8,630.7. Gains were led by the Transportation
and Insurance indices, gaining 2.2% and 2.0%, respectively. Top gainers were Al
Meera Consumer Goods Company and Gulf Warehousing Company, rising 4.8% and
4.6%, respectively. Among the top losers, The Commercial Bank fell 2.8%, while
Ezdan Holding Group was down 2.6%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.7% to close at 7,277.1. Gains were led by Real
Estate Mgmt & Dev’t and Energy indices, rising 1.9% and 1.3%, respectively.
Makkah Construction and Dev. rose 4.9%, while Dallah Healthcare Co was up 3.7%.
Dubai: The DFM Index gained 0.1% to close at 3,463.6. The Consumer Staples index
rose 2.3%, while the Telecommunication index gained 2.1%. Al Salam Group
Holding rose 6.0%, while Al Salam Bank - Bahrain was up 5.8%.
Abu Dhabi: The ADX benchmark index rose 1.5% to close at 4,548.4. The Banks
index gained 2.0%, while the Industrial index rose 1.9%. Commercial Bank
International gained 14.1%, Ras Al-Khaimah Cement Co. was up 12.7%.
Kuwait: The KSE Index rose 0.8% to close at 6,454.2. The Telecommunications
index gained 2.4%, while the Insurance index rose 2.3%. Wethaq Takaful Insurance
Company gained 20.0%, while Salbookh Trading Co. was up 16.3%.
Oman: The MSM Index rose 0.3% to close at 5,104.9. The Financial index gained
0.7%, while the Industrial index rose marginally. Al Madina Investment rose 3.5%,
while Al Jazeera Services was up 2.7%.
Bahrain: The BHB Index fell 1.0% to close at 1,312.3. The Commercial Banks index
declined 2.1%, while the Service index fell 1.3%. National Bank of Bahrain declined
3.1%, while Bahrain Telecommunication Co. was down 2.9%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Meera Consumer Goods Co. 153.00 4.8 32.6 5.6
Gulf Warehousing Co. 48.65 4.6 111.0 10.6
Mesaieed Petrochemical Holding 13.38 3.7 522.9 6.3
Qatar International Islamic Bank 57.00 3.5 96.0 4.4
Al Khaleej Takaful Insurance Co. 14.25 3.3 10.1 7.6
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 14.65 2.0 2,119.6 1.9
Qatar Gas Transport Co. Ltd. 16.61 1.9 644.2 3.2
Mesaieed Petrochemical Holding 13.38 3.7 522.9 6.3
Masraf Al Rayan 38.93 0.8 510.8 3.1
Qatar First Bank 6.37 (1.1) 496.7 (2.5)
Market Indicators 04 Jan 18 03 Jan 18 %Chg.
Value Traded (QR mn) 236.6 198.8 19.0
Exch. Market Cap. (QR mn) 477,778.9 477,249.5 0.1
Volume (mn) 8.7 8.6 1.1
Number of Transactions 3,983 3,739 6.5
Companies Traded 41 42 (2.4)
Market Breadth 22:18 16:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 14,473.13 0.3 1.2 1.3 13.9
All Share Index 2,474.04 0.1 0.7 0.9 13.9
Banks 2,706.28 (0.4) 1.1 0.9 11.6
Industrials 2,652.48 0.9 1.2 1.2 17.6
Transportation 1,823.88 2.2 3.8 3.2 13.7
Real Estate 1,899.48 (1.4) (2.1) (0.8) 13.1
Insurance 3,515.33 2.0 (1.3) 1.0 23.7
Telecoms 1,112.33 0.2 1.1 1.2 20.6
Consumer 5,042.44 0.6 3.6 1.6 12.1
Al Rayan Islamic Index 3,502.33 1.0 3.5 2.4 16.3
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Makkah Const. & Dev. Co. Saudi Arabia 78.28 4.9 1,545.9 3.4
Dallah Healthcare Co. Saudi Arabia 107.61 3.7 172.7 6.5
Qatar Int. Islamic Bank Qatar 57.00 3.5 96.0 4.4
Mobile Telecom. Co. Kuwait 0.48 3.0 5,754.3 9.7
Qatar Insurance Co. Qatar 53.00 2.9 105.9 1.9
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
National Bank of Bahrain Bahrain 0.63 (3.1) 65.0 (2.3)
Bahrain Telecom. Co. Bahrain 0.20 (2.9) 42.0 (2.0)
Ahli United Bank Bahrain 0.68 (2.9) 170.0 (3.6)
The Commercial Bank Qatar 27.50 (2.8) 120.4 (4.8)
Emaar Malls Dubai 2.18 (2.2) 3,873.2 2.3
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%
The Commercial Bank 27.50 (2.8) 120.4 (4.8)
Ezdan Holding Group 11.80 (2.6) 471.9 (2.3)
Qatar Oman Investment Co. 7.80 (1.9) 7.5 (1.3)
Qatar German Co for Medical Dev. 6.40 (1.8) 17.3 (0.9)
Medicare Group 74.00 (1.5) 36.7 5.9
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
United Development Co. 14.65 2.0 30,710.6 1.9
QNB Group 127.00 (0.8) 27,881.2 0.8
Qatar Islamic Bank 97.00 (0.9) 24,251.8 0.0
Masraf Al Rayan 38.93 0.8 19,948.0 3.1
Ooredoo 92.00 0.3 16,078.6 1.4
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* 8,630.67 0.3 1.2 1.3 1.3 64.56 131,245.9 13.9 1.3 4.6
Dubai 3,463.57 0.1 2.8 2.8 2.8 161.14 109,653.3 N/A 1.3 4.1
Abu Dhabi 4,548.43 1.5 3.4 3.4 3.4 52.49 118,638.9 16.2 1.3 4.4
Saudi Arabia 7,277.06 0.7 0.6 0.7 0.7 1,078.97 452,287.6 17.0 1.6 3.3
Kuwait 6,454.16 0.8 0.7 0.7 0.7 67.90 93,358.4 15.5 1.0 5.4
Oman 5,104.87 0.3 1.1 0.1 0.1 7.35 21,246.4 12.3 1.0 5.1
Bahrain 1,312.33 (1.0) 0.5 (1.5) (1.5) 5.16 20,325.1 7.8 0.8 6.0
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
8,600
8,620
8,640
8,660
8,680
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index rose 0.3% to close at 8,630.7. The Transportation and
Insurance indices led the gains. The index rose on the back of buying
support from Qatari shareholders despite selling pressure from GCC and
non-Qatari shareholders.
 Al Meera Consumer Goods Company and Gulf Warehousing Company
were the top gainers, rising 4.8% and 4.6%, respectively. Among the top
losers, The Commercial Bank fell 2.8%, while Ezdan Holding Group was
down 2.6%.
 Volume of shares traded on Thursday rose by 1.1% to 8.7mn from 8.6mn
on Wednesday. However, as compared to the 30-day moving average of
12.3mn, volume for the day was 29.2% lower. United Development
Company and Qatar Gas Transport Company Limited were the most
active stocks, contributing 24.3% and 7.4% to the total volume,
respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings, Global Economic Data and Earnings Calendar
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
First Abu Dhabi
Bank
RAM
Ratings
Abu
Dhabi
LT/ST AAA/P1 AAA/P1 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency, BCA–Baseline Credit Assessment)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
01/04 US Department of Labor Initial Jobless Claims 30-December 250k 240k 247k
01/04 US Department of Labor Continuing Claims 23-December 1,914k 1,928k 1,951k
01/04 US Markit Markit US Services PMI December F 53.7 52.5 52.4
01/04 US Markit Markit US Composite PMI December F 54.1 – 53.0
01/04 EU Markit Markit Eurozone Services PMI December F 56.6 56.5 56.5
01/04 EU Markit Markit Eurozone Composite PMI December F 58.1 58.0 58.0
01/05 EU Markit Markit Eurozone Retail PMI December 53.0 – 52.4
01/05 EU Eurostat PPI MoM November 0.6% 0.3% 0.4%
01/05 EU Eurostat PPI YoY November 2.8% 2.5% 2.5%
01/05 EU Eurostat CPI Core YoY December A 0.9% 1.0% 0.9%
01/05 EU Eurostat CPI Estimate YoY December 1.4% 1.4% 1.5%
01/04 Germany Markit Markit Germany Services PMI December F 55.8 55.8 55.8
01/04 Germany Markit Markit/BME Germany Composite PMI December F 58.9 58.7 58.7
01/04 France Markit Markit France Services PMI December F 59.1 59.4 59.4
01/04 France Markit Markit France Composite PMI December F 59.6 60.0 60.0
01/05 France INSEE Consumer Confidence December 105 103 102
01/05 France INSEE CPI MoM December P 0.3% 0.3% 0.1%
01/05 France INSEE CPI YoY December P 1.2% 1.2% 1.2%
01/04 Japan Markit Nikkei Japan PMI Mfg December F 54.0 – 54.2
01/04 China Markit Caixin China PMI Composite December 53.0 – 51.6
01/04 China Markit Caixin China PMI Services December 53.9 51.8 51.9
01/04 India Markit Nikkei India PMI Services December 50.9 – 48.5
01/04 India Markit Nikkei India PMI Composite December 53.0 – 50.3
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 37.48% 33.99% 8,254,525.83
Qatari Institutions 22.55% 17.96% 10,843,283.17
Qatari 60.03% 51.95% 19,097,809.00
GCC Individuals 1.26% 1.65% (933,309.14)
GCC Institutions 3.16% 5.51% (5,556,641.59)
GCC 4.42% 7.16% (6,489,950.73)
Non-Qatari Individuals 10.47% 10.28% 438,522.30
Non-Qatari Institutions 25.09% 30.60% (13,046,380.57)
Non-Qatari 35.56% 40.88% (12,607,858.27)

3. Page 3 of 7
Earnings Calendar
Tickers Company Name Date of reporting 4Q2017 results No. of days remaining Status
GWCS Gulf Warehousing Company 14-Jan-18 7 Due
MARK Masraf Al Rayan 16-Jan-18 9 Due
QNBK QNB Group 16-Jan-18 9 Due
WDAM Widam Food Company 17-Jan-18 10 Due
QIBK Qatar Islamic Bank 17-Jan-18 10 Due
ABQK Ahli Bank 17-Jan-18 10 Due
VFQS Vodafone Qatar#
18-Jan-18 11 Due
DHBK Doha Bank 23-Jan-18 16 Due
CBQK The Commercial Bank 24-Jan-18 17 Due
QNCD Qatar National Cement Company 5-Feb-18 29 Due
Source: QSE (
#
Financial Results for nine months)
News
Qatar
 QNB Group: Qatar’s GDP growth to average 2.2% for 2017 –
Qatari economy will continue to be resilient against the
blockade and the growth momentum is expected to pick up in
the fourth quarter resulting in annual GDP growth of 2.2% in
2017, according to QNB Group. Citing the Ministry of
Development Planning and Statistics’ (MDPS) latest document
on Qatar’s 3Q2017 GDP, QNB Group’s weekly economic
commentary noted that real GDP growth accelerated to 1.9%
YoY in 3Q2017. The strong upturn was led by the hydrocarbon
sector which gained 0.2% in 3Q2017 compared to a contraction
of 3.1% in 2Q2017. The non-hydrocarbon sector remained
broadly stable at 3.6% in the quarter versus 3.7% in 2Q2017.
The improvement in growth likely reflects higher natural gas
output as oil production declined 8.4% from a year ago due to
Qatar’s compliance with the OPEC production cut agreement.
Gas output likely rose due to production normalization after
temporary shutdowns for maintenance in the first half of the
year. Growth in the manufacturing and finance sectors, the first
and third largest sub-sectors, both increased in 3Q2017.
Manufacturing rose 5.0% in the quarter marking its fastest
growth in three years likely due to increased production
capacity coming online. The financial sector also rebounded,
growing by 5.5% in 3Q2017 compared to 4.8% growth in
2Q2017. (Peninsula Qatar)
 QNB Financial Services emerges topper in brokerage businesses
– QNB Financial Services, the brokerage arm of QNB Group,
ranked top in Qatar’s brokerage businesses, after grabbing
27.81% of the total value of shares traded on Qatar Stock
Exchange (QSE) during the month of December 2017. By
garnering 24.89% of the total traded value during the month,
The Group Securities stood second, followed by Dlala Brokerage
(12.92%). Through a total of 15,230 transactions, the combined
value of shares traded by QNB Financial Services stood at
QR2.89bn in December 2017. The Group Securities’ value stood
at QR2.59bn, QSE’s trading data showed. On cumulative basis,
from the beginning of the year 2017, The Group Securities
ranked top, accounting for trading 23.37% (QR33bn) of the total
value traded on QSE in 2017. This against 27.07% (QR39bn)
recorded during the same period in 2016. (Peninsula Qatar)
 QFMA approves not to suspend stock trading on AGM day from
January 1 – Qatar Stock Exchange (QSE) announced that Qatar
Financial Markets Authority (QFMA) approved a proposal not
to suspend trading on the shares of the companies listed on the
QSE on AGM days from January 1, 2018. The QFMA approval
included a set of procedures to be followed in implementing the
decision in terms of identifying the shareholders eligible to
attend the general assembly meeting and the shareholders
entitled to bonus shares as well as the date of payment. (QSE)
 KCBK opening candidacies for membership of the board in its
new term for the next three years – The board of directors of Al
Khalij Commercial Bank (KCBK) announced that the
nominations for election of two non-independent members who
will serve a three-year term starting January 7, 2018 till January
21, 2018 in KCBK’s board of directors are now open in
accordance with the terms and conditions set forth under the
Board Nomination and Election Policy approved by the General
Assembly of Shareholders. (QSE)
 Doha Bank’s CEO: Foreign investment law to drive Qatar
economy – The new draft law to allow 100% ownership for
foreign investors in most sectors of the economy will position
Qatar as a leading economic power in the region, according to
the Doha Bank’s CEO, R Seetharaman. The reform would drive
the pace of economic development and security of investment
in Qatar. “Qatar is an ‘AA’ rated country. It has enough enablers
and further the reform for non-Qatari investors is an
opportunity to attract investments from global investors. This
will also strengthen inflow of investments to Qatar in
comparison to other opportunities available in the region,”
Seetharaman said. The regulatory reform pertaining to non-
Qatari investors, Seetharaman said, encourages investment
from investors in the fields of bank and insurance companies,
subject to appropriate approvals. Non-Qatari investors may also
invest in other areas allowed by a decision of the council of
ministers. “This reform aims to invoke interest from non-Qatari
investors, support Qatar’s diversification, and drive the pace of
economic development and security of investment in Qatar,” he
said. (Qatar Tribune)
 Al Kaabi: QP benchmarking with world-class firms to be first
tier – Qatar Petroleum (QP) is benchmarking itself with world
class companies with the aim of being first tier in everything it
does, according to Qatar Petroleum’s President and CEO, Saad
Sherida Al Kaabi. Al Kaabi said, “When I was appointed as CEO
three and a half years ago, I had a different vision for QP. We
had to focus on our core businesses, and so I made sure that we
consolidated our subsidiaries to become fully aligned. As you

4. Page 4 of 7
saw, the international arm Qatar Petroleum International (QPI)
was folded into QP. The marketing arm was folded into QP. We
restructured the business to have a flatter, more focused
organization. We got out of all non-core business and
optimized, put in a lot of efficiencies.” He further added, “As a
result, we have a much more robust organization, very focused
across the board, with our more-than 70 subsidiaries. All these
boards and the CEOs are representatives of QP, they are my
employees as part of QP, and they act on behalf of QP and for
the interests of QP and its shareholders.” (Gulf-Times.com)
 Qatar Chamber official underscores government role in
developing local industries – Government support played a
significant role in helping develop local industries, said Qatar
Chamber’s Director General, Saleh Bin Hamad Al Sharqi. Al
Sharqi said that government policies that support local
production such as raising procurement of local products from
30% to 100% had helped boost the presence of local products in
the market. These decisions were a real boost to local products
as they contribute greatly to enhancing national industries and
encouraging Qatari businessmen to establish new projects. The
Chamber is committed to supporting national industries and
investors by facilitating all challenges they could face by
cooperating with the Ministry of Energy and Industry. (Gulf-
Times.com)
 Amended free zones law to drive more investments to Qatar,
says Qatar Chamber – The amended provisions in the law on
investment free zones will help attract more local and foreign
investments to the country, according to the Qatar Chamber’s
Chairman, Sheikh Khalifa Bin Jassim Bin Mohamed Al Thani.
Local businessmen and foreign investors should maximize the
use of incentives and advantages of Law No 21 of 2017 issued
by HH Sheikh Tamim Bin Hamad Al Thani, amending some
provisions of Law No. 34 of 2005 on Investment Free Zones.
The decree law is effective starting from its date of issue and is
to be published in the official gazette. Sheikh Khalifa said that
these advantages include increased privacy in dealing with the
customs, streamlined import and monetary mechanisms, and
greater freedom in transactions, among others. The amended
provisions make the free zone users eligible for several
incentives such as exemption of export and import duties,
waiver of restrictions on the origin of capital, and the freedom
to choose the project’s legal form. The amendments also ensure
users freedom to set product prices and profits, exemption from
capital assets and product requirements, and several other
perks for logistics and communication investors. (Gulf-
Times.com)
 Hotels number nearly doubled in Qatar in 2014-16 – The
number of hotels in Qatar almost doubled between the year
2014 and 2016 with luxury hotels driving the growth of
hospitality sector. The number of hotels in the country grew by
around 83% to 106 hotels in 2016 from 58 in 2014, according to
Ministry of Development Planning and Statistics data.
Matching the trend, the total number of hotel rooms also
increased by 46% during the period. There were total 13,937
hotels rooms in 2014 that increased to 20,308 in 2016. Luxury
hotels led from the front in pushing the growth of hospitality
industry as their number increased by 40% during the period.
There were total 33 luxury hotels in 2014 which rose to 46
hotels in 2016. (Peninsula Qatar)
International
 US job growth cools as labor market nears full employment;
wages up – US job growth slowed more than expected in
December amid a decline in retail employment, but a pick-up in
monthly wage gains pointed to labor market strength that
could pave the way for the Federal Reserve to increase interest
rates in March. The unemployment rate was unchanged at 17-
year low of 4.1%. Economists polled by Reuters had forecast
payrolls rising by 190,000 in December. The economy needs to
create 75,000 to 100,000 jobs per month to keep up with growth
in the working-age population. Taking the sting out of the
moderation in job gains, average hourly earnings rose 0.3%, in
December after 0.1% gain in the prior month. That lifted the
annual increase in wages to 2.5%, from 2.4% in November.
(Reuters)
 US services sector slows in December; still growing – US
services sector slowed in the final month of the year, but
continues to show growth, according to a recent business
survey. After three very strong months, Institute for Supply
Management said its monthly non-manufacturing index fell for
the second consecutive month, dropping below the average for
the past year, as new orders declined. The index fell 1.5 points
to 55.9%, lower than economists had expected. Any reading
above 50% indicates growth. Despite the decline, the sector has
been growing for 96 consecutive months, and is a main driver of
the US economy. (Peninsula Qatar)
 UK’s consumer lending growth slows to weakest since 2015 –
British consumers increased their borrowing by the smallest
amount since mid-2015 in the three months to November,
suggesting households are slowly reining in spending, Bank of
England (BoE) figures showed. BoE stated that unsecured
consumer lending in the three months to November grew at an
annualized rate of 8.5%, down from 9.3% in the three months to
October and its weakest since June 2015. (Reuters)
 UK’s small business confidence wanes in late 2017 – A mixer of
higher costs, weak domestic growth and lackluster consumer
demand is dampening optimism among British small
businesses, with confidence in Scotland dropping sharply to
near five-year low at the end of 2017, a survey showed. The
Federation of Small Business said confidence among its
members across Britain fell to a four-year low of -2.5 in the last
three months of 2017 from +1.1 points in the third quarter and
+20.0 in the first three months of the year. (Reuters)
 UK’s productivity growth hits six-year high – Britain’s
economic productivity perked up in the three months to the end
of September, growing at its fastest rate in more than six years,
in contrast to its historically weak performance over the
previous decade. Productivity in Britain has stagnated since the
global financial crisis even more than in most other advanced
economies, and has played a key role in squeezing Britons’
living standards. Over the past ten years productivity growth
was the weakest since modern records began and appears to be
the slowest since the early 1820s, according to the Office for
National Statistics. (Reuters)
 Eurozone’s inflation slows in December – Inflation in the
Eurozone slowed as expected in December, vindicating the

5. Page 5 of 7
European Central Bank’s (ECB) decision to keep its policy easy
despite growing pressure from Germany and other richer
Eurozone countries. Prices in the Eurozone grew by just 1.4%
YoY last month, or 10 basis points slower than in the previous
month due to smaller increases in food and energy prices. Once
those components are stripped out, core inflation was stable at
1.1%. (Reuters)
 German services growth strengthens in December – Growth in
Germany’s services accelerated at the fastest pace in two years
in December, a survey showed and suggesting Europe’s largest
economy ended 2017 on a highly positive note. Markit’s final
services index rose to 55.8 from 54.3 in November, helped by a
sharper increase in new business in all sections of the sector.
(Reuters)
 German retail sales rise more sharply than forecast in
November – German retail sales increased more than expected
in November, data showed, boosting hopes that private
consumption propped up growth in Europe’s biggest economy
at the end of last year. The volatile indicator, which is often
subject to revision, showed retail sales rose by 2.3% on the
month in real terms, the Federal Statistics Office stated. That
beat the Reuters consensus forecast for 1% increase and came
after an upwardly revised drop of 1% in October. Germans
reveling in record-high employment, a secure job market, rising
wages and low borrowing costs are casting their traditional
thriftiness aside to spend more, helping private consumption
replace exports as the main growth driver. (Reuters)
 China revises 2016 GDP slightly lower, keeps 6.7% growth
unchanged – China slightly trimmed its final 2016 GDP figure
after scaling back an initial estimate of the services sector, but
kept the annual GDP growth rate unchanged at 6.7%, according
to the National Bureau of Statistics. Final data from the bureau
shows the services sector grew 7.7% in 2016 to 38.3tn Yuan.
The sector, which accounts for half of China’s GDP, expanded
7.8% in the bureau’s initial estimate to 38.4tn Yuan. (Reuters)
 India lowers economic growth forecast ahead of budget – India
lowered its forecast for the current year’s economic growth
before a federal budget is released next month, as businesses
were hit by the chaotic launch of new nationwide tax last July.
India’s Finance Minister, Arun Jaitley earlier estimated the
economy would grow around 7.5% in the 2017-18 fiscal year,
generating enough tax to keep the fiscal deficit at 3.2% of GDP
after meeting spending targets. GDP is now estimated to grow
an annual 6.5% in 2017-18, slower than a provisional 7.1%
growth in 2016-17, according to Ministry of Statistics. Most
private economists have pared the growth forecast to 6.2% to
6.5% for this fiscal year, citing the teething troubles faced by
businesses during the roll out of a goods and services tax.
(Reuters)
Regional
 Gulf investors increased their exposure to equities – Gulf
investors, who sought refuge in bonds and real estate after the
global financial crisis, have slowly increased their exposure to
equities despite its stellar performance last year, and experts
are urging them to invest even more. The exposure of Gulf
investors to equities has slowly increased to 20% compared to a
single digit earlier. Nisarg Trivedi, Director at Schroders said,
“In early 2000s, this market used to heavily investing in
equities and BRICS and emerging market was a significant part
of their portfolio. That changed due to global financial crisis,
and a small blip in the local economy, so people started moving
completely towards a safe zone.” (GulfBase.com)
 OPEC’s oil cut adherence rises in December – Organization of
the Petroleum Exporting Countries (OPEC) deepened
compliance with an oil supply cutting deal in December due to a
further decline in Venezuelan output and extra cuts by Gulf
exporters, showing strong commitment to the deal despite
higher prices. Adherence to the curbs rose to 128% from 125%
in November. The UAE for the first time since the deal took
effect in January 2017 pumped below its OPEC target, joining
Saudi Arabia and Kuwait. (Peninsula Qatar)
 Saudi Arabia’s non-oil private sector signaled growth at end of
2017 – December data signaled a strong end to the year 2017 for
the Saudi Arabian non-oil private sector, with a sharp
improvement in business conditions. Despite the rate of
expansion softening fractionally, the pace of growth remained
above the average registered throughout the year. Strong
increases in both output and new orders contributed to the
upturn. (GulfBase.com)
 No VAT on lease, mortgage deals signed before January 1 in
Saudi Arabia – The General Authority for Zakat and Income Tax
(GAZT) announced that all finance lease contracts or lease
contracts expired by acquisition and concluded before January
1, 2018, the date when value-added tax (VAT) was
implemented on assets including cars or real estate, are
exempted from VAT. (GulfBase.com)
 Saudi Arabia takes big step towards Saudi Aramco listing – The
Saudi Arabian government stated that Saudi Aramco was
converted into a joint-stock company, one in which shares can
be bought and sold from January 1, 2018. Saudi Arabia is
planning to sell 5% of Saudi Aramco, the world’s biggest oil
producer, via an initial public offering this year. The IPO, which
could be the world’s biggest, is at the heart of the Kingdom’s
plan to wean itself off oil. Proceeds from the sale should help
the economy diversify into other sectors, including tourism and
technology. Officials are still deciding whether to list Saudi
Aramco shares in New York, London, Hong Kong or Tokyo, in
addition to the Saudi stock exchange. (GulfBase.com)
 Saudi Aramco keeps Light oil pricing to Asia unchanged in
February – Saudi Aramco sets pricing for Arab Light crude to be
lifted in February at $1.65 per barrel more than regional
benchmark. (Bloomberg)
 Dar Al Arkan Real Estate Development Company expects IPO of
its property unit this year – Dar Al Arkan Real Estate
Development Company aims to conclude IPO of a minority
stake in Dar Al Arkan Properties Co. in 2018. Procedures for sale
are still in very early stages. Valuation of Dar Al Arkan
Properties’ assets is estimated about $720mn. (Bloomberg)
 Jadwa Investment launches Jadwa REIT Saudi Fund – Jadwa
Investment announced the offering of its second Shari’ah-
compliant real estate investment traded fund, ‘Jadwa REIT
Saudi Fund’. The new REIT fund will aim to invest in a
diversified manner across the Kingdom, and comes on the back
of the successful launch of Jadwa’s geographically focused
‘Jadwa REIT Al Haramain Fund’, which specializes in investing
in real estate properties within the two holy cities of Makkah

6. Page 6 of 7
and Madinah. The REIT has an initial size of SR1.58bn, of which
30%, or SR474mn, will be offered to the general public through
an initial public offer during the period of January 3 to January
23. Jadwa Investment will additionally invest SR89.4mn into
the fund. (GulfBase.com)
 Tadawul announces listing and trading units of AlAhli REIT
Fund (1) – Saudi Stock Exchange Company (Tadawul)
announced listing and trading units of AlAhli REIT Fund (1)
from January 8, 2018. (Reuters)
 UAE’s non-oil private sector growth hits 34-month high –
December data signaled a strong end to the year for the UAE’s
non-oil private sector, with business conditions improving at
the sharpest pace in 34 months. Steep expansions in output,
new orders alongside solid export demand growth underpinned
the most recent upturn. In terms of inflation, input cost
pressures softened during December, while selling prices fell for
the fourth month running. (GulfBase.com)
 Oman signs $210mn financing deal for key industrial project –
Oman’s government signed to obtain $210mn of financing from
Saudi Arabia for one of its key industrial projects, in a deal that
could help to ease concern about the health of the Sultanate’s
finances. The money will come from the Saudi Fund for
Development to support work at Duqm, where Oman is building
a multi-billion-Dollar industrial zone on its southern coast.
Saudi Arabia and other Gulf states promised in 2011 to provide
$10bn of aid to Oman, but the money has been slow to come
and only a fraction has been disbursed. (Gulf-Times.com)
 Oman’s CMA fixes OMR20mn minimum capital for REIT fund –
Oman’s market regulator Capital Market Authority (CMA)
stipulated a minimum capital of OMR20mn for establishing a
real estate investment trust (REIT) fund. The new regulation,
which will enable property developers to unlock their assets
and allow small investors to invest in real estate projects, will
be announced this week, Sheikh Abdullah Salim Al Salmi, the
Executive President of the CMA said. As per the new regulation,
the funds can invest only in real estate projects that are 90%
complete. (GulfBase.com)

7. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg (
#
Market closed on January 5, 2018) Source: Bloomberg (*$ adjusted returns)
60.0
80.0
100.0
120.0
140.0
160.0
Dec-13 Dec-14 Dec-15 Dec-16 Dec-17
QSE Index S&P Pan Arab S&P GCC
0.7%
0.3%
0.8%
(1.0%)
0.3%
1.5%
0.1%
(1.6%)
(0.8%)
0.0%
0.8%
1.6%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,319.35 (0.3) 1.3 1.3 MSCI World Index 2,156.60 0.6 2.5 2.5
Silver/Ounce 17.13 (0.5) 1.1 1.1 DJ Industrial 25,295.87 0.9 2.3 2.3
Crude Oil (Brent)/Barrel (FM Future) 67.62 (0.7) 1.1 1.1 S&P 500 2,743.15 0.7 2.6 2.6
Crude Oil (WTI)/Barrel (FM Future) 61.44 (0.9) 1.7 1.7 NASDAQ 100 7,136.56 0.8 3.4 3.4
Natural Gas (Henry Hub)/MMBtu 2.96 0.0 0.0 0.0 STOXX 600 397.35 0.7 2.3 2.3
LPG Propane (Arab Gulf)/Ton 94.00 0.7 (3.8) (3.8) DAX 13,319.64 0.9 3.3 3.3
LPG Butane (Arab Gulf)/Ton 91.87 (1.2) (13.0) (13.0) FTSE 100 7,724.22 0.5 0.8 0.8
Euro 1.20 (0.3) 0.2 0.2 CAC 40 5,470.75 0.8 3.2 3.2
Yen 113.05 0.3 0.3 0.3 Nikkei 23,714.53 0.5 3.6 3.6
GBP 1.36 0.1 0.4 0.4 MSCI EM 1,201.01 0.7 3.7 3.7
CHF 1.03 (0.0) (0.0) (0.0) SHANGHAI SE Composite 3,391.75 0.3 2.8 2.8
AUD#
0.79 0.0 0.7 0.7 HANG SENG 30,814.64 0.2 2.9 2.9
USD Index 91.95 0.1 (0.2) (0.2) BSE SENSEX 34,153.85 0.6 1.2 1.2
RUB 56.99 0.2 (1.1) (1.1) Bovespa 79,071.47 0.4 5.9 5.9
BRL 0.31 0.2 2.6 2.6 RTS 1,219.89 0.5 5.7 5.7
89.1
89.0
83.0