The QE Index declined 0.2% to close at 9,957.0. Losses were led by the Real Estate and Banks & Financial Services indices, falling 4.1% and 0.9%, respectively.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QE Index declined 0.2% to close at 9,957.0. Losses were led by the Real Estate
and Banks & Financial Services indices, falling 4.1% and 0.9%, respectively. Top
losers were Ezdan Holding Group and Qatar Navigation, falling 7.5% and 6.2%,
respectively. Among the top gainers, Mesaieed Petrochemical Holding Company
gained 6.9%, while Al Khaleej Takaful Insurance Company was up 4.4%.
GCC Commentary
Saudi Arabia: The TASI Index gained 0.1% to close at 8,659.0. Gains were led by the
Cap. Goods and Commercial & Prof. Svc indices, rising 1.8% and 1.1%, respectively.
Abdullah A.M. Al-Khodari rose 10.0%, while Saudi Arabian Amiantit was up 9.9%.
Dubai: The DFM Index gained 0.8% to close at 2,641.4. The Telecommunication
index rose 1.8%, while the Transportation index gained 1.7%. Khaleeji Commercial
Bank rose 8.4%, while Aramex was up 2.7%.
Abu Dhabi: The ADX General Index gained 0.2% to close at 5,079.4. The Energy
index rose 2.2%, while the Banks index gained 0.3%. Sharjah Group rose 5.3%,
while Eshraq Properties Company was up 4.6%.
Kuwait: The Kuwait Main Market Index gained marginally to close at 4,781.0. The
Banks index rose 1.1%, while the Telecommunications index gained 0.8%. KAMCO
Investment Company rose 9.0%, while Al-Enma'a Real Estate Co. was up 8.8%.
Oman: The MSM 30 Index gained 0.7% to close at 4,156.5. Gains were led by the
Financial and Services indices, rising 1.1% and 0.1%, respectively. Taageer Finance
rose 5.2%, while Construction Materials Ind. was up 3.3%.
Bahrain: The BHB Index gained 0.5% to close at 1,420.3. The Commercial Banks
index rose 1.0%, while the other indices ended flat or in red. Ahli United Bank rose
1.8%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding 19.30 6.9 1,284.2 28.4
Al Khaleej Takaful Insurance Co. 9.19 4.4 3.8 7.0
Islamic Holding Group 22.78 3.5 95.7 4.3
Qatar Cinema & Film Distribution 18.60 2.6 0.2 (2.2)
United Development Company 13.70 2.5 2,075.8 (7.1)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
United Development Company 13.70 2.5 2,075.8 (7.1)
Doha Bank 19.50 1.0 2,057.8 (12.2)
Mesaieed Petrochemical Holding 19.30 6.9 1,284.2 28.4
The Commercial Bank 44.50 (1.5) 1,121.8 13.0
Gulf Warehousing Company 42.00 0.0 770.2 9.2
Market Indicators 19 Mar 19 18 Mar 19 %Chg.
Value Traded (QR mn) 405.8 322.8 25.7
Exch. Market Cap. (QR mn) 561,045.4 564,195.0 (0.6)
Volume (mn) 13.5 9.0 50.2
Number of Transactions 6,704 5,808 15.4
Companies Traded 45 43 4.7
Market Breadth 23:20 24:14 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,104.27 (0.0) (0.0) (0.2) 13.9
All Share Index 3,024.37 (0.8) 0.3 (1.8) 14.9
Banks 3,726.37 (0.9) (0.1) (2.7) 13.8
Industrials 3,225.57 0.8 0.5 0.3 15.4
Transportation 2,228.24 (0.6) 0.1 8.2 12.9
Real Estate 2,005.91 (4.1) 2.3 (8.3) 17.8
Insurance 2,991.61 0.7 0.6 (0.6) 18.2
Telecoms 924.82 (0.4) (2.5) (6.4) 19.5
Consumer 7,431.20 1.0 (0.1) 10.0 15.2
Al Rayan Islamic Index 3,962.80 0.6 0.7 2.0 13.8
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
National Industrial. Co Saudi Arabia 18.40 3.3 9,545.4 21.7
Comm. Bank of Kuwait Kuwait 0.52 3.0 44.7 4.0
Mouwasat Medical Serv. Saudi Arabia 80.30 2.8 245.7 (0.2)
Bank Dhofar Oman 0.15 2.7 608.1 (7.2)
Burgan Bank Kuwait 0.34 2.4 7,739.4 22.7
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
DP World Dubai 15.86 (4.1) 562.6 (7.3)
Al Ahli Bank of Kuwait Kuwait 0.32 (2.4) 3.3 9.2
Emaar Economic City Saudi Arabia 10.00 (2.2) 4,872.6 26.4
VIVA Kuwait Telecom Co. Kuwait 0.83 (2.1) 60.2 4.0
Jarir Marketing Co. Saudi Arabia 153.80 (1.9) 132.4 1.2
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%
Ezdan Holding Group 11.36 (7.5) 579.4 (12.5)
Qatar Navigation 63.00 (6.2) 19.4 (4.6)
Mannai Corporation 48.01 (2.0) 30.5 (12.6)
Gulf International Services 13.85 (1.9) 101.8 (18.5)
Qatar Electricity & Water Co. 171.00 (1.7) 53.6 (7.6)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Qatar Fuel Company 194.00 2.0 52,893.5 16.9
The Commercial Bank 44.50 (1.5) 50,777.6 13.0
Doha Bank 19.50 1.0 39,732.7 (12.2)
Gulf Warehousing Company 42.00 0.0 31,987.2 9.2
United Development Company 13.70 2.5 28,171.9 (7.1)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 9,957.03 (0.2) (0.1) (1.5) (3.3) 111.27 154,119.2 13.9 1.5 4.4
Dubai 2,641.43 0.8 2.6 0.2 4.4 66.01 95,555.6 8.4 1.0 5.1
Abu Dhabi 5,079.38 0.2 1.6 (1.1) 3.3 59.09 138,615.8 14.2 1.5 4.9
Saudi Arabia 8,658.95 0.1 0.9 2.0 10.6 992.95 548,645.6 19.3 1.9 3.3
Kuwait 4,780.98 0.0 0.8 0.2 0.9 161.00 33,052.4 15.9 0.9 4.3
Oman 4,156.49 0.7 2.0 0.3 (3.9) 8.59 17,953.2 8.7 0.8 6.3
Bahrain 1,420.32 0.5 0.8 0.5 6.2 15.81 21,728.9 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)
9,940
9,960
9,980
10,000
10,020
10,040
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 QE Index declined 0.2% to close at 9,957.0. The Real Estate and
Banks & Financial 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.
 Ezdan Holding Group and Qatar Navigation were the top losers, falling
7.5% and 6.2%, respectively. Among the top gainers, Mesaieed
Petrochemical Holding Company gained 6.9%, while Al Khaleej Takaful
Insurance Company was up 4.4%.
 Volume of shares traded on Tuesday rose by 50.2% to 13.5mn from
9.0mn on Monday. Further, as compared to the 30-day moving average
of 10.1mn, volume for the day was 34.0% higher. United Development
Company and Doha Bank were the most active stocks, contributing
15.3% and 15.2% 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
Zahrat Al Waha for Trading Co.* Saudi Arabia SR 488.5 15.7% 53.0 -17.0% 34.7 -26.1%
Sadara Chemical Company* Saudi Arabia SR 13,115.4 75.2% -1,478.3 – -3,860.0 –
Yanbu Cement Co.* Saudi Arabia SR 767.1 -16.3% 94.9 -69.7% 91.2 -71.4%
Electrical Industries Co. * Saudi Arabia SR 705.9 -18.8% 29.3 -60.3% 7.1 -87.6%
Eastern Province Cement Co.* Saudi Arabia SR 566.0 -11.7% 69.0 -30.3% 70.0 -34.6%
Savola Group* Saudi Arabia SR 21,814.6 -8.5% 277.0 -65.5% -520.4 –
Nama Chemicals Co. * Saudi Arabia SR 624.3 4.3% 62.2 208.3% 35.3 –
Source: Company data, DFM, ADX, MSM, TASI, BHB. (*Financials for FY2018)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/19 UK UK Office for National Statistics Jobless Claims Change February 27.0k – 15.7k
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
MRDS Mazaya Qatar Real Estate Development 20-Mar-19 0 Due
AKHI Al Khaleej Takaful Insurance Company 25-Mar-19 5 Due
QFBQ Qatar First Bank 27-Mar-19 7 Due
QGMD Qatari German Company for Medical Devices 27-Mar-19 7 Due
ZHCD Zad Holding Company 30-Mar-19 10 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 25.01% 38.17% (53,385,714.92)
Qatari Institutions 45.88% 33.83% 48,885,901.14
Qatari 70.89% 72.00% (4,499,813.78)
GCC Individuals 0.62% 0.57% 201,723.66
GCC Institutions 0.43% 1.60% (4,725,955.16)
GCC 1.05% 2.17% (4,524,231.50)
Non-Qatari Individuals 6.51% 10.99% (18,166,400.55)
Non-Qatari Institutions 21.54% 14.84% 27,190,445.83
Non-Qatari 28.05% 25.83% 9,024,045.28

3. Page 3 of 7
News
Qatar
 IGRD's bottom line rises ~162% YoY and ~225% QoQ in 4Q2018
– Investment Holding Group's (IGRD) net profit rose ~162% YoY
(~+225% QoQ) to ~QR27mn in 4Q2018. In FY2018, IGRD
reported net profit of QR58.4mn compared to QR40.7mn in
FY2017. EPS increased to QR0.70 in FY2018 from QR0.49 in
FY2017. The board of directors recommended distribution of
2.5% of the company’s share capital as cash dividends to the
shareholders. (QSE)
 QIBK completes successful issuance of $750mn Sukuk – Qatar
Islamic Bank (QIBK), rated ‘A1/A-/A’ (all ‘Stable’) by
Moody’s/Standard & Poor's/Fitch, successfully priced $750mn
five-year Sukuk at par with a profit rate of 3.982% (equivalent
to a credit spread of 150bps over USD Mid-Swaps). The Sukuk
was met with strong investor demand as evidenced by the large
order-book which closed at $3.1bn, representing an
oversubscription rate of 4.1 times. In terms of geography, 46%
of the Sukuk was allocated to Asian investors, followed by
Middle Eastern accounts (23%), Europe (21%) and US/other
(10%). In total, non-Middle Eastern investors were allocated
77% of the Sukuk, which is a remarkable outcome and one of
the highest international allocations achieved by any bank
from the region. Of the total, 60% of the investors were fund
managers, 26% were banks & private banks and 14% were
insurance companies & agencies. More than 140 investors from
28 countries spanning Europe, Asia, US and the Middle East
participated in the Sukuk. Barclays, Barwa Bank, Boubyan
Bank, Crédit Agricole CIB, QInvest, QNB Capital and Standard
Chartered Bank acted as joint lead managers & book-runners on
this transaction, with Deutsche Bank as a co-manager. The
$750mn Sukuk was a drawdown under QIBK's existing $4bn
program and the Trust Certificates will be listed on the Irish
Stock Exchange. (QSE)
 AHCS appoints Sheikh Mohamed bin Faisal Al Thani as CEO –
Aamal Company (AHCS) announced the board of directors’
decision of February 26, 2019 to appoint Sheikh Mohamed bin
Faisal Al Thani as the CEO of the company. In addition, Sheikh
Mohamed will continue to serve in his current position as
AHCS’ Managing Director. (QSE)
 CEO: Nakilat all set to expand fleet to serve new customers;
approves cash dividend of QR1 per share – Qatar Gas Transport
Company Limited (Nakilat) is all prepared to acquire any
number of new vessels to serve new customers once Qatar’s
LNG production capacity will increase 43% to 110mn tons per
annum (MTPA), the company’s CEO, Abdullah Al Sulaiti said.
Al Sulaiti said, “It is for Qatar Petroleum (QP) to decide about
the number of new vessels it will require to transport additional
LNG to new customers. Once QP places orders with us, we will
acquire the new vessels without any delay.” With a fleet
strength of 70 vessels, Al Sulaiti said, Nakilat has one of the
world’s largest LNG fleet comprising of 65 LNG carriers, as well
as four large LPG carriers and one Floating Storage
Regasification Unit (FSRU). According to earlier reports, QP
will require as many as 60 large LNG vessels once all the
expansion projects are complete. Earlier addressing
shareholders at the meeting, Nakilat’s Chairman, Mohammed
bin Saleh Al Sada said that Nakilat continued to push
boundaries and successfully implemented several long-term
growth strategies by strengthening its international presence
and diversifying its fleet towards maintaining global leadership
in LNG transportation. Meanwhile, Nakilat’s AGM approved the
distribution of cash dividend of QR1 per share to shareholders.
(Qatar Tribune)
 BRES launches phase three of Madinat Al Mawater project –
Barwa Real Estate Company (BRES) announced the award of
the construction of the third phase of Madinat Al Mawater
project to the Contractor ‘Hassanesco Trading and Contracting
(HCC)’ for a value of QR335mn, with the implementation of this
phase to be completed within a period of 18 months. The project
embraces a total construction built-up area of around 167,072
square meters. BRES’ Vice Chairman and Managing Director,
Issa bin Muhammad Al Muhannadi said that the third phase of
Madinat Al Mawater project is considered one of the largest
phases of the project to date and is to be built with high quality
in the construction and with an integrated infrastructure.
(Qatar Tribune)
 QSE holds workshop for listed companies on investor relations
mandatory rules – Qatar Stock Exchange (QSE) held a workshop
for listed companies in relation to the forthcoming introduction
of a mandatory IR (investor relations) Rules regime. QSE has
invested in a number of initiatives in the area of IR over recent
years and this represents a further commitment to best practice
in Qatar. Feedback from local and international investors
suggested that Qatari listed companies are making significant
strides in this area, but QSE recognizes the need for continuing
improvement since good IR has knock-on effects in terms of
valuation, liquidity and ultimately trust in the Qatari market. In
relation to the IR Rules, QSE’s CEO, Rashid Mansoori said, “The
existing disclosure rules are based on regional best practice and
Qatari companies clearly meet these regulatory standards.
What we are talking about is doing more than the regulatory
minimum which is an important differentiating factor for
emerging markets.” The IR Rules consist of a number of base
line provisions in the QSE Rulebook and further requirements
published in February. In summary, as from October 1, 2019,
each company listed on QSE will be required to (i) Appoint an
Investor Relations Officer, (ii) Create and maintain a dedicated
investor relations section on its website, and (iii) Publish an
investor presentation and hold at least one investor conference
call after publication of its annual, semi-annual and quarterly
reports. (QSE)
 MERS announces date for dividends distribution to
shareholders – Al Meera Consumer Goods Company (MERS)
announced that starting from March 19, 2019, dividends for the
financial year ended December 31, 2018 will be distributed as
per the shareholders list as on March 17, 2019, as provided by
the Qatar Central Securities Depository. (QSE)
 ERES’ EGM endorses items on its agenda – Ezdan Holding Group
(ERES) announced that the Extraordinary General Assembly
(EGM) meeting was held on March 18, 2019 and the company’s
EGM endorsed items on its agenda. (QSE)
 Qatar hosts global launch of world’s first Islamic digital e-
token, ‘iDinar’ – Qatar hosted the global launch of ‘iDinar’, the
world’s first Islamic digital e-token platform, on the sidelines of

4. Page 4 of 7
the ‘5th Doha Islamic Finance Conference’ held in Doha. The
iDinar platform is a block-chain based e-token, in which initial
value of one Dinar e-token is backed by 1gm of physical gold,
Ibadah Inc’s Executive Chairman, Faidzan Hassan said on the
sidelines of the launch event. He said, “The iDinar allows the
advantages offered by block-chain in terms of confidentiality
and ease of transfer, among others. As an exchange, we have
what we call a ‘hybrid’ exchange, which is based on barter
trading that is Shari’ah-compliant. As a digital exchange,
transactions run on real time. Ibadah also offers a market place
to be able to trade stocks, shares, bonds, and Sukuk, among
others, as well as commodities like gold.” The digital iDinar e-
token serves not only as a form of digitalized gold investment
portfolio, but also the advances in current block-chain
technology enables the iDinar e-token to be used as a value
transference and settlement denominator for exchange,
trading, and payment settlements. According to Ibadah’s
Spokesperson, Abbas Ali, through its incorporated company in
Qatar, Ibadah has been given principal approval by Qatar
Financial Centre (QFC) to operate the ‘iDinar eXchange’, a
multi-product digital trading platform which trades the iDinar
with and against other commodities, financial instruments and
products, as well as major fiat currencies globally. (Gulf-
Times.com)
 Qatar to launch ‘Energy Bank’ with targeted $10bn capital –
Qatar will launch an ‘Energy Bank’ with a targeted capital of
$10bn to fund hydrocarbon-centric projects across the world, a
move that will make Doha a leading player across verticals in
the global oil and gas industry. Qatar Financial Centre (QFC)-
based bank, which already has got commitments to the tune of
$2bn from international investors (of the $2.5bn paid up), will
progressively scale up its capital base to become the world’s
largest Islamic lending institution. It is expected to be
operational by the fourth quarter of this year. The lender, which
is planning to have representative offices in the Middle East
and North Africa region and other parts of the world, will
specialize in funding projects related to oil and gas,
petrochemicals and renewable energy. It will offer competitive
and innovative products, corporate and project financing, as
well as asset management services. (Gulf-Times.com)
 Data drives Ooredoo’s nearly QR30bn revenue in 2018;
shareholders approve cash dividend of QR2.5 per share – Driven
mainly by Ooredoo’s two major markets, Qatar and Indonesia,
data revenue contributed QR14.2bn, or 47%, of the group’s total
revenue in 2018, Chairman Sheikh Abdulla bin Mohamed bin
Saud Al-Thani said. Ooredoo Group earned total revenue of
nearly QR29.9bn last year with most of its companies showing
robust performance with growth in data business. Addressing
the shareholders, Sheikh Abdulla said Ooredoo’s continued
support to businesses, SMEs and government was reflected in
its B2B revenues, which stood at QR5.2bn in 2018. The
Chairman announced that Ooredoo will soon be offering
surprise 5G services to its subscribers, which will take effect
from the upcoming Emir’s Cup until the FIFA World Cup 2022.
The shareholders adopted the Ooredoo’s board of directors
recommendation to distribute 25% (of the nominal share value)
dividend for 2018, which translates into QR2.5 per share. (Gulf-
Times.com, Peninsula Qatar)
 Qatar’s IPI rises 1.5% MoM in January 2019 – Qatar’s Industrial
Production Index (IPI) reached 107.2 points in January 2019, an
increase by 1.5% compared to the previous month (December
2018), according to data released by Planning and Statistics
Authority (PSA). On YoY basis, the IPI of January 2019
increased by 0.6%. The mining and quarrying index, which has
a relative weight of 83.6%, showed an increase of 1.8% in
January compared to the previous month, due to the increase in
the quantities of crude oil and natural gas by 1.8%. The IPI of
mining increased 0.9% YoY. (Qatar Tribune)
 Commerce Minister: Qatar is the fifth largest Islamic finance
market – The Minister of Commerce and Industry, HE Ali bin
Ahmed Al Kuwari said Qatar is the fifth largest Islamic finance
market with bank assets of around $120bn at a growth rate of
over 10%. He said this during a speech at the opening of the
fifth Doha Islamic Finance Conference. He said as one of the
fastest growing sectors in the country, the Islamic finance
industry has witnessed remarkable international and domestic
growth. Today, Islamic banking assets account for more than
26% of Qatar’s banking system and Qatar’s Islamic banks are
among the largest Islamic banks in the world. The Minister said
Islamic banks in Qatar are an important element in the Islamic
finance market. In recent years, the State has established
ambitious plans to strengthen its capabilities by encouraging it
to offer various Islamic financial products and services by
taking advantage of the promising opportunities offered by
major infrastructure projects being implemented within the
framework of Qatar National Vision 2030 and the 2022 FIFA
World Cup. Financial technology has played an important role
in the development of Islamic finance and its position in the
global market, despite various risks and challenges associated
with this trend. (Qatar Tribune)
 Non-Qatari property ownership areas identified – Non-Qataris
can have freehold ownership of property in 10 areas, while 16
areas have been identified where they can use real estate for 99
years. This comes in implementation of Law No. 16 of 2018 on
the regulation of non-Qatari ownership and use of real estate.
The areas where non-Qataris can use real estate for 99 years
are: Msheireb (Area 13), Fereej Abdelaziz (14), Doha Al Jadeed
(15), New Al Ghanim (16), Al Refaa and Old Al Hitmi (17),
Aslata (18), Fereej Bin Mahmoud (22), Fereej Bin Mahmoud
(23), Rawdat Al Khail (24), Mansoura and Fereej Bin Dirham
(25), Najma (26), Umm Ghuwailina (27), Al Khulaifat (28), Al
Sadd (38), Al Mirqab Al Jadeed and Fereej Al Nasr (39) and the
Doha International Airport area (48). HE the Minister of Justice
and Acting Minister of State for Cabinet Affairs, Issa bin Saad
Al-Jafali Al-Nuaimi said the freehold ownership areas are: West
Bay (Area 66), The Pearl-Qatar (66), Al Khor Resort (74),
Rawdat Al Jahaniyah (investment area), Al Qassar
(administrative area 60), Al Dafna (administrative area 61),
Onaiza (administrative area 63), Al Wasail (69), Al Khraij (69)
and Jabal Theyleeb (69). These areas offer 100% guaranteed
return on investment and will represent a new investment
model not only in Qatar, but also in the region and the world, as
these areas combine capital development and promote cultural
co-existence between developers, owners and investors, given
their architectural symbolism that combines different world
cultures, QNA, citing a statement from the Minister, stated.
(Gulf-Times.com)

5. Page 5 of 7
 Qatar Chamber discusses ways to improve business
environment in private education – Qatar Chamber’s education
and health committees have held separate meetings to discuss
ways to facilitate access to licenses for new medical facilities
and mechanisms to support investment in education. During its
meeting, the Health Committee called for the need to overcome
all obstacles that may face employers in the field of health, and
to determine the required standards and prices of medical
services with the need to adhere to the quality of services. On
the other hand, the Education Committee discussed a number of
issues related to the field of education, including the criteria for
accreditation of some certificates, student upgrading systems,
mechanisms and methodology for determining school fees, the
role of the Ministry of Education in supporting and encouraging
Qatari investors, supporting schools, and the mechanisms of
collecting fees from students to maintain financial flows for the
smooth functioning of the educational process. (Gulf-
Times.com)
International
 US manufacturing sector slowing as economy loses steam – US
manufacturing output fell for a second straight month in
February and factory activity in New York state hit nearly a
two-year low this month, offering further evidence of a sharp
slowdown in economic growth early in the first quarter. The
Fed stated manufacturing production dropped 0.4% last month,
held down by declines in the output of motor vehicles,
machinery and furniture. Data for January was revised up to
show output at factories falling 0.5% instead of slumping 0.9%
as previously reported. It was the first back-to-back decline
since mid-2017. Economists polled by Reuters had forecasted
manufacturing output rising 0.3% in February. Production at
factories increased 1.0% in February from a year ago.
Manufacturing accounts for about 12% of the economy.
(Reuters)
 UK’s employers defy approach of Brexit with hiring spree –
British employers ramped up their hiring at the fastest pace
since 2015 in the three months to January as the labor market
defied broader Brexit weakness in the overall economy. The
number of people in work increased by 222,000, helping to push
the unemployment rate down to its lowest since the start of
1975 at 3.9%, official data showed. The increase in hiring was
stronger than all forecasts in a Reuters poll of economists and
pushed the proportion of the population in work to an all-time
high. (Reuters)
 German investors cheered by hopes of Brexit delay, trade
progress – The mood among German investors improved by
much more than expected in March, a survey by the ZEW
research institute showed, as a potential delay to Britain’s
departure from the European Union buoyed sentiment. The
ZEW research institute stated its monthly survey showed
economic sentiment among investors rose to -3.6 from -13.4 in
February. Economists had expected an increase to -11.0. A
separate gauge measuring investors’ assessment of the
economy’s current conditions dipped to 11.1 from 15.0 in the
previous month. Markets had predicted a fall to 11.7. The
stronger-than-expected ZEW reading bucked a recent run of
weak data on the German economy, Europe’s largest, which
stalled in the final quarter of last year, just skirting recession.
(Reuters)
 German economic advisors slash 2019 growth forecast to 0.8%
– A panel of advisers to the German government slashed its
growth forecast for this year to 0.8% and warned risks related
to Britain’s departure from the European Union, trade disputes
and a sharper than expected slowdown in China remained high.
The group that advises the German government on economic
policy had in November forecast that Europe’s largest economy
would expand by 1.5% this year. The panel stated economic
growth had slowed significantly, partly due to problems in the
chemical and auto sectors and warned that a spiral of
protectionist measures had the potential to push the economy
into recession. The group predicted the economy would grow by
1.7% in 2020. (Reuters)
 INSEE: French growth seen firming as impact of protests wanes
– French quarterly growth will firm in the first half the year as
consumer spending benefits from improving household incomes
and recovering business confidence after protests at the end of
last year, the INSEE statistics agency stated. The Eurozone’s
second-biggest economy is set to post growth of 0.4% in both
the first and second quarters, up from 0.3% in the final three
months of last year, INSEE forecasted in its quarterly economic
outlook. The economy would have grown 0.4% at the end of
last year as well if it were not for the impact of the yellow vest
anti-government unrest, which INSEE estimated at 0.1
percentage point. INSEE stated higher incomes would help
consumer spending rebound 0.5% in the first quarter after flat
lining at the end of last year in the face of the unrest, which
forced many stores in central Paris to be boarded up during the
peak holiday shopping period. (Reuters)
 French Finance Minister cuts 2019 growth forecast to 1.4% –
The French economy should grow about 1.4% this year,
Finance Minister Bruno Le Maire said, revising down the
forecast of 1.7% growth in this year’s budget. Le Maire told the
Senate’s law and economic affairs commissions that the yellow
vest anti-government unrest had in the short-term trimmed 0.2
percentage points off growth in 2018 and 2019. “Growth should
be about 1.4% in 2019, a number that I will confirm when the
stability program is presented,” Le Maire said. The government
usually updates its growth estimate in April when it sends its
annual stability program to the European Commission.
(Reuters)
 Japan’s factory mood hits weakest since 2016 as trade rifts bite
– Confidence among Japanese manufacturers hit its weakest in
two-and-a-half years in March, a Reuters poll showed, as global
trade friction fuelled concerns that a postwar record growth
cycle driven by Abenomics may be over. The monthly poll,
which tracks the Bank of Japan’s (BoJ) closely watched tankan
quarterly survey, found confidence fell for a fifth straight
month while sentiment in the service sector held steady,
suggesting domestic demand is unlikely to offset external risks
such as the trade war and China’s slowdown. Both
manufacturers’ and service-sector morale is expected to rise
just slightly over the coming three months, underscoring a
bumpy road ahead for the world’s third largest economy,
according to the Reuters Tankan. The BoJ’s last tankan out in
December found the business mood held steady from three

6. Page 6 of 7
months ago, but business conditions were seen worsening
ahead amid trade war and slowdown in China. (Reuters)
Regional
 Saudi Arabia will spend $23bn to improve living in Riyadh –
Saudi Arabia stated that it will spend $23bn to boost the quality
of life in the capital Riyadh, increasing green space and
recreational areas and installing 1,000 works of art across the
city. The four projects unveiled are part of efforts to open up
Saudi Arabians’ cloistered lifestyles, encourage physical
activity and make life more fun in the conservative Kingdom,
alongside reforms to diversify the economy away from oil. They
are the latest in a series of planned development investments
that King Salman has launched at the side of his son, Crown
Prince Mohammed bin Salman. (Reuters)
 Saudi Arabia’s consumer prices fall for second straight month
in February – Saudi Arabia’s annual Consumer Price Index (CPI)
fell for a second straight month in February, signaling a
deflationary environment in the Arab world’s biggest economy.
The CPI for February fell 2.2% from a year earlier, as prices for
housing, water and energy all dropped, government data
showed. The index fell 0.2% from January, according to data
from the General Authority for Statistics. In January, it dropped
1.9% from a year earlier, the first decline since 2017, as the
effect faded of last year’s implementation of a value-added tax.
In February, the housing, water, electricity and fuel component
of the index dropped 8.2% from a year earlier. Clothing and
footwear slid 1.2%. The restaurant and hotel category rose
1.5% and education went up 1.2% from a year earlier. “A key
factor for the deflationary outlook for 2019 is the fall in rental
prices, which is dragging down the housing and utility sub-
component of the inflation basket,” Chief Economist at Abu
Dhabi Commercial Bank, Monica Malik said. ADCB has
projected 0.9% drop in CPI in 2019. (Reuters)
 Saudi Arabia’s new rules set to raise Islamic tax for some banks
– Saudi Arabia has set out new rules for the calculation of an
Islamic tax on banks that will result in them paying between
10% - 20% of net profit. The General Authority of Zakat & Tax
set limits for the taxable asset base of between four times and
eight times net profit, according to a statement. That is
equivalent to a corridor of between 10% and 20% of net income,
Bloomberg Intelligence Analyst, Edmond Christou said. Most of
the Kingdom’s major banks will end up paying the lower limit,
he wrote in a note. Saudi Arabia was in talks with local banks to
increase the tax rate to as high as 20% of net income,
Bloomberg News reported. The tax authority denied it has plans
to raise the levy. The current rate is 10% after deducting
returns on government bonds. Major banks in Saudi Arabia
reached settlements worth a combined $4.5bn with the tax
authority in December, ending a dispute over accounts
stretching back as far as 2002 in some cases. (Gulf-Times.com)
 ACWA Power buys Marubeni's stakes in Saudi Arabian energy
and water plant – ACWA Power bought partner Marubeni’s
holdings in Saudi Arabian facility that generates power and
desalinates seawater, ACWA stated. Saudi Arabian based
ACWA Power bought Marubeni’s 37% stake in 840 MW Rabigh
Arabian Water & Electricity Company, doubling ACWA’s
holding to 74% in company known as RAWEC. ACWA also
bought Marubeni’s 34% holding in Rabigh Power Company,
which provides services to RAWEC. RAWEC, on Saudi Red Sea
coast, provides power, water and steam to Petro Rabigh refining
and petrochemical business, a JV between Saudi Aramco and
Japan’s Sumitomo Chemical. Financial terms are not included in
the statement. (Bloomberg)
 Blackstone-backed GEMS to bid for top Saudi Arabian school
chain – GEMS Education, the Dubai-based school operator
backed by Blackstone Group LP, is in advanced talks to invest in
Saudi Arabia’s Maarif for Education & Training chain of
schools, according to sources. The deal for the largest owner
and operator of private schools in the Kingdom could be worth
about $400mn, sources said. Samba Capital is advising the
owners who are seeking to sell all or part of the company,
sources added. A final decision has not been made and the
company’s plans could change, they said. Maarif, owned by the
Al Blehed family, runs more than 100 schools across the
Kingdom, offering Arabic and internationally recognized
curriculums. Under Vision 2030, Saudi Arabia is encouraging
private-sector participation in education, as it seeks to wean
the economy off oil. Saudi Arabian schools will require over
1mn additional seats in Grades 1-12 by 2020, of which 150,000
should come from around 800 new private schools, according to
a report by PwC Middle East. (Bloomberg)
 RAK Bank said to weigh bond sale to help refinance debt –
National Bank of Ras Al Khaimah is considering selling bonds to
refinance existing debt, according to sources. The bank is
talking to lenders about a possible sale, but has not decided
whether to proceed with a deal, sources said. The company has
about $700mn of bonds maturing in June, according to data
compiled by Bloomberg. RAK Bank is considering a number of
options to replace a part or all of its bonds and discussions are
underway with various parties, an official at the bank said.
(Bloomberg)
 Indian-Omani group strikes $3.85bn deal to build Sri Lanka oil
refinery – India’s Accord Group and Oman’s Ministry of Oil and
Gas have signed a $3.85bn deal to build an oil refinery in Sri
Lanka, the biggest single pledge of foreign direct investment
ever made in the country. The deal represents a challenge to
China, which had until recently been on track to be the
dominant foreign investor on the island, and a possible coup for
India. Sri Lankan officials said the 200,000 bpd refinery will be
built on 585 acres near the site of the new Hambantota
international port and a related industrial zone on the nation’s
southern coast. The refinery, construction of which is expected
to begin on March 24 and be completed in 44 months, is set to
produce 9mn metric tons of refined products a year for export
from the Hambantota port, which serves the busiest East-West
shipping route. Privately owned Accord Group will control 70%
of the joint venture and the Sultanate of Oman’s Ministry of Oil
and Gas the rest. (Reuters)
 Oman sells OMR75mn 28-day bills at yield 2.473%; bid-cover at
1.07x – Oman sold OMR75mn of bills due on April 17, 2019 on
March 18, 2019. Investors offered to buy 1.07 times the amount
of securities sold. The bills were sold at a price of 99.811, having
a yield of 2.473% and will settle on March 20, 2019. (Bloomberg)

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
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
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Feb-15 Feb-16 Feb-17 Feb-18 Feb-19
QSE Index S&P Pan Arab S&P GCC
0.1%
(0.2%)
0.0%
0.5%
0.7%
0.2%
0.8%
(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 1,306.56 0.2 0.3 1.9 MSCI World Index 2,120.43 0.1 0.6 12.6
Silver/Ounce 15.37 0.2 0.5 (0.8) DJ Industrial 25,887.38 (0.1) 0.1 11.0
Crude Oil (Brent)/Barrel (FM Future) 67.61 0.1 0.7 25.7 S&P 500 2,832.57 (0.0) 0.4 13.0
Crude Oil (WTI)/Barrel (FM Future) 59.03 (0.1) 0.9 30.0 NASDAQ 100 7,723.95 0.1 0.5 16.4
Natural Gas (Henry Hub)/MMBtu 2.93 1.0 0.7 (9.8) STOXX 600 384.29 0.8 1.1 12.8
LPG Propane (Arab Gulf)/Ton 67.88 (0.4) (0.7) 6.1 DAX 11,788.41 1.4 1.2 10.8
LPG Butane (Arab Gulf)/Ton 68.13 (0.9) (1.1) (2.0) FTSE 100 7,324.00 0.6 1.2 13.3
Euro 1.14 0.1 0.2 (1.0) CAC 40 5,425.90 0.5 0.7 13.7
Yen 111.39 (0.0) (0.1) 1.5 Nikkei 21,566.85 (0.0) 0.6 6.8
GBP 1.33 0.1 (0.2) 4.0 MSCI EM 1,070.95 0.2 1.3 10.9
CHF 1.00 0.2 0.3 (1.8) SHANGHAI SE Composite 3,090.98 (0.2) 2.3 27.0
AUD 0.71 (0.2) 0.0 0.6 HANG SENG 29,466.28 0.2 1.6 13.8
USD Index 96.38 (0.1) (0.2) 0.2 BSE SENSEX 38,363.47 0.1 0.8 7.4
RUB 64.39 0.0 (0.6) (7.6) Bovespa 99,588.37 0.1 1.6 16.2
BRL 0.26 0.1 0.7 2.4 RTS 1,219.78 0.5 1.9 14.1
99.2
93.1
82.5