The QE Index declined 0.2% to close at 10,382.2. Losses were led by the Industrials and Telecoms indices, falling 2.1% and 1.3%, respectively.

1. Page 1 of 8
QSE Intra-Day Movement
Qatar Commentary
The QE Index declined 0.2% to close at 10,382.2. Losses were led by the Industrials
and Telecoms indices, falling 2.1% and 1.3%, respectively. Top losers were Al Khaleej
Takaful Insurance Company and Industries Qatar, falling 7.4% and 3.1%,
respectively. Among the top gainers, Doha Insurance Group gained 2.6%, while Qatar
Gas Transport Company Limited was up 2.3%.
GCC Commentary
Saudi Arabia: The TASI Index gained 0.4% to close at 9,227.9. Gains were led by the
Energy and Utilities indices, rising 1.2% and 1.1%, respectively. Chubb Arabia
Cooperative Insurance Company rose 7.9%, while Riyad Bank was up 3.6%.
Dubai: The DFM Index fell 0.4% to close at 2,811.1. The Insurance and Real Estate &
Construction indices declined 1.4% each. Al Salam Sudan declined 6.7%, while
Dubai Islamic Insurance and Reinsurance Company was down 4.5%.
Abu Dhabi: The ADX General Index gained 0.3% to close at 5,404.5. The Banks
index rose 0.6%, while the Telecommunication index gained 0.4%. Abu Dhabi
National Energy Co. rose 3.5%, while Methaq Takaful Insurance Co. was up 2.0%.
Kuwait: The Kuwait Main Market Index fell 0.7% to close at 4,909.2. The
Technology index declined 27.0%, while the Insurance index fell 1.1%. Automated
Systems Co. declined 27.0%, while Kuwait Syrian Holding Co. was down 11.4%.
Oman: The MSM 30 Index fell 0.5% to close at 3,958.1. Losses were led by the
Financial and Services indices, falling 0.8% and 0.1%, respectively. Dhofar Cattle
Feed fell 6.3%, while Oman and Emirates Investment Holding was down 5.6%.
Bahrain: The BHB Index fell 0.3% to close at 1,438.3. The Insurance index declined
0.9%, while the Investment index fell 0.6%. Khaleeji Commercial Bank declined
6.2%, while Bahrain National Holding Company was down 3.5%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Doha Insurance Group 12.00 2.6 0.1 (8.3)
Qatar Gas Transport Company Ltd. 21.90 2.3 330.8 22.1
QNB Group 191.00 2.1 294.3 (2.1)
Qatar Cinema & Film Distribution 20.87 1.8 1.1 9.7
Qatar Navigation 67.90 1.6 10.4 2.9
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Qatar First Bank 5.35 (0.9) 3,621.8 31.1
Vodafone Qatar 7.80 (2.6) 1,077.9 (0.1)
Qatar Aluminium Manufacturing 11.44 (0.5) 928.6 (14.3)
Industries Qatar 121.10 (3.1) 415.8 (9.4)
Mesaieed Petrochemical Holding 20.59 (2.9) 406.3 37.0
Market Indicators 23 April 19 22 April 19 %Chg.
Value Traded (QR mn) 264.3 202.9 30.3
Exch. Market Cap. (QR mn) 582,841.5 582,857.2 (0.0)
Volume (mn) 10.3 9.7 5.9
Number of Transactions 4,627 4,101 12.8
Companies Traded 46 43 7.0
Market Breadth 13:32 17:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 19,104.10 (0.2) 0.3 5.3 14.6
All Share Index 3,167.13 0.0 0.4 2.9 15.0
Banks 4,014.58 1.1 2.3 4.8 14.0
Industrials 3,264.85 (2.1) (2.0) 1.6 16.2
Transportation 2,481.61 1.8 2.2 20.5 13.5
Real Estate 1,924.94 (0.6) (2.0) (12.0) 15.9
Insurance 3,361.11 (0.8) 0.5 11.7 20.2
Telecoms 931.94 (1.3) (1.5) (5.7) 19.0
Consumer 7,816.50 (0.3) (1.2) 15.8 15.2
Al Rayan Islamic Index 4,068.67 (0.9) (0.9) 4.7 13.8
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Riyad Bank Saudi Arabia 27.55 3.6 2,792.5 39.0
Saudi Arabian Fertilizer Saudi Arabia 83.60 3.2 1,099.2 8.4
Almarai Company Saudi Arabia 60.00 2.6 1,159.0 25.0
Qatar Gas Transport Co. Qatar 21.90 2.3 330.8 22.1
Alawwal Bank Saudi Arabia 18.76 2.3 1,291.7 24.2
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
Comm. Bank of Kuwait Kuwait 0.56 (4.4) 56.0 23.0
Ahli Bank Oman 0.12 (4.0) 16.0 (13.7)
Industries Qatar Qatar 121.10 (3.1) 415.8 (9.4)
GFH Financial Group Dubai 1.05 (2.8) 20,106.4 16.4
National Bank of Oman Oman 0.17 (2.4) 260.0 (8.8)
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%
Al Khaleej Takaful Insurance Co. 15.00 (7.4) 320.1 74.6
Industries Qatar 121.10 (3.1) 415.8 (9.4)
Mesaieed Petrochemical Holding 20.59 (2.9) 406.3 37.0
Vodafone Qatar 7.80 (2.6) 1,077.9 (0.1)
Investment Holding Group 5.49 (2.5) 191.3 12.3
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 191.00 2.1 55,913.6 (2.1)
Industries Qatar 121.10 (3.1) 50,275.4 (9.4)
Qatar Islamic Bank 170.15 0.7 40,989.5 11.9
Qatar First Bank 5.35 (0.9) 19,768.2 31.1
Qatar Aluminium Manufacturing 11.44 (0.5) 10,598.0 (14.3)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 10,382.18 (0.2) 0.3 2.7 0.8 72.30 160,106.6 14.6 1.6 4.2
Dubai 2,811.09 (0.3) (0.1) 6.7 11.1 79.67 99,636.3 9.9 1.0 4.8
Abu Dhabi 5,404.54 0.3 2.1 6.5 10.0 43.29 147,785.8 15.0 1.5 4.6
Saudi Arabia 9,227.93 0.4 0.3 4.6 17.9 911.33 578,354.1 20.7 2.1 3.2
Kuwait 4,909.18 (0.7) (1.1) (0.2) 3.6 89.43 33,712.3 14.7 0.9 4.0
Oman 3,958.08 (0.5) (0.6) (0.6) (8.5) 3.96 17,209.5 8.2 0.8 6.9
Bahrain 1,438.31 (0.3) (0.5) 1.8 7.6 3.76 22,050.0 9.4 0.9 5.8
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,340
10,360
10,380
10,400
10,420
10,440
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 8
Qatar Market Commentary
 The QE Index declined 0.2% to close at 10,382.2. The Industrials and
Telecoms indices led the losses. The index fell on the back of selling
pressure from Qatari shareholders despite buying support from GCC and
non-Qatari shareholders.
 Al Khaleej Takaful Insurance Company and Industries Qatar were the
top losers, falling 7.4% and 3.1%, respectively. Among the top gainers,
Doha Insurance Group gained 2.6%, while Qatar Gas Transport
Company Limited was up 2.3%.
 Volume of shares traded on Tuesday rose by 5.9% to 10.3mn from 9.7mn
on Monday. However, as compared to the 30-day moving average of
12.8mn, volume for the day was 19.4% lower. Qatar First Bank and
Vodafone Qatar were the most active stocks, contributing 35.1% and
10.5% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2019
% Change
YoY
Operating Profit
(mn) 1Q2019
% Change
YoY
Net Profit
(mn) 1Q2019
% Change
YoY
Qassim Cement Company Saudi Arabia SR 153.4 3.7% 57.1 4.7% 56.0 -2.0%
Saudi Arabian Fertilizer Company Saudi Arabia SR 718.7 -11.4% 295.6 22.4% 335.5 41.4%
Arab Sea Information System Co. Saudi Arabia SR 40.9 -17.3% -23.5 N/A -23.4 N/A
National Petrochemical Co. Saudi Arabia SR 2,020.0 -8.6% 376.0 -38.0% 187.0 -44.0%
Yanbu National Petrochemical Co. Saudi Arabia SR 1,522.0 -14.8% 379.0 -40.3% 390.6 -38.1%
Emirates Integrated Telecom. Co. Dubai AED 3,140.0 -5.7% 431.4 -12.2% 449.5 -12.3%
Emirates Telecom. Group Company Abu Dhabi AED 12,989.4 -0.9% 3,181.2 5.8% 2,212.0 4.7%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/23 EU European Commission Consumer Confidence April -7.9 -7.0 -7.2
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Earnings Calendar
Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status
MRDS Mazaya Qatar Real Estate Development 24-Apr-19 0 Due
MCGS Medicare Group 24-Apr-19 0 Due
QFBQ Qatar First Bank 24-Apr-19 0 Due
QIMD Qatar Industrial Manufacturing Company 24-Apr-19 0 Due
UDCD United Development Company 24-Apr-19 0 Due
MPHC Mesaieed Petrochemical Holding Company 25-Apr-19 1 Due
QCFS Qatar Cinema & Film Distribution Company 25-Apr-19 1 Due
QATI Qatar Insurance Company 28-Apr-19 4 Due
QAMC Qatar Aluminum Manufacturing Company 28-Apr-19 4 Due
QNNS Qatar Navigation (Milaha) 28-Apr-19 4 Due
IGRD Investment Holding Group 28-Apr-19 4 Due
QFLS Qatar Fuel Company 28-Apr-19 4 Due
MERS Al Meera Consumer Goods Company 28-Apr-19 4 Due
BRES Barwa Real Estate Company 29-Apr-19 5 Due
AHCS Aamal Company 29-Apr-19 5 Due
SIIS Salam International Investment Limited 29-Apr-19 5 Due
ZHCD Zad Holding Company 29-Apr-19 5 Due
QGRI Qatar General Insurance & Reinsurance Company 29-Apr-19 5 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 31.58% 55.38% (62,907,116.87)
Qatari Institutions 25.02% 20.66% 11,534,304.65
Qatari 56.60% 76.04% (51,372,812.22)
GCC Individuals 0.76% 0.81% (115,806.84)
GCC Institutions 11.09% 1.07% 26,504,859.14
GCC 11.85% 1.88% 26,389,052.30
Non-Qatari Individuals 10.55% 12.09% (4,092,680.83)
Non-Qatari Institutions 21.00% 10.00% 29,076,440.75
Non-Qatari 31.55% 22.09% 24,983,759.92

3. Page 3 of 8
Earnings Calendar
Tickers Company Name Date of reporting 1Q2019 results No. of days remaining Status
AKHI Al Khaleej Takaful Insurance Company 29-Apr-19 5 Due
MCCS Mannai Corporation 29-Apr-19 5 Due
QOIS Qatar Oman Investment Company 29-Apr-19 5 Due
DOHI Doha Insurance Group 29-Apr-19 5 Due
ORDS Ooredoo 29-Apr-19 5 Due
KCBK Al Khalij Commercial Bank 29-Apr-19 5 Due
VFQS Vodafone Qatar 30-Apr-19 6 Due
QGMD Qatari German Company for Medical Devices 30-Apr-19 6 Due
DHBK Doha Bank 30-Apr-19 6 Due
Source: QSE
Stock Split Dates for Listed Qatari Companies
Source: QSE
News
Qatar
 QIGD posts ~39% YoY decrease but ~69% QoQ increase in net
profit in 1Q2019 – Qatari Investors Group's (QIGD) net profit
declined ~39% YoY (but rose ~69% on QoQ basis) to QR51.5mn
in 1Q2019. EPS decreased to QR0.41 in 1Q2019 from QR0.68 in
1Q2018. (QSE)
 DBIS reports net profit of ~QR1mn in 1Q2019 – Dlala Brokerage
and Investments Holding Co. (DBIS) reported net profit of
~QR1mn in 1Q2019 as compared to net profit of QR1.3mn in
1Q2018 and net loss of QR5.4mn in 4Q2018. EPS amounted to
QR0.04 in 1Q2019 as compared to QR0.05 in 1Q2018. (QSE)
 ZHCD’s AGM and EGM endorses items on its agenda and
approves the distribution of 85% cash dividend – Zad Holding
Company (ZHCD) held its Annual General Meeting (AGM) and
Extraordinary General Meeting (EGM) on April 23, 2019. The
AGM approved the board of directors recommendation for a
distribution of 85% (i.e. QR8.5 per share) cash dividends to the
shareholders of the company for 2018. The EGM passed the
following resolutions: (i) The EGM approved the board
recommendation to amend the company’s Articles of
Association pursuant to the circulars of QFMA to increase the
shareholding limit of none-Qatari investors in the company up
to 49% of the share capital, (ii) The EGM approved the board
recommendation to amend the company’s Articles of
Association pursuant to the circulars of QFMA to amend the
nominal value of the company share to become QR1 per share,
(iii) The EGM approved the board recommendation to amend
article number 69 of the Articles of Association concerning
Zakat, (iv) The EGM approved the amendment of paragraph no
3 of Article no 25 in the Articles of Association increasing the
number of shares required for the company’s board of directors

4. Page 4 of 8
membership to become 1mn shares, and (v) The EGM delegated
the board to make the required changes and carry out the
process to amend the company’s Articles of Association
according to the above. Emphasis on prudent risk management
and its drive for sustainable growth have helped ZHCD achieve
a consistent and profitable growth trajectory in 2018, according
to a top company official. ZHCD’s board member Abdulla Ali Al-
Ansari said the construction of the company’s state-of-the-art
cold storage facility, which became operational last year, as
well as the establishment of a fully-integrated state-of-the-art
edible oil refining and packaging facility were strategic
investments that helped continue further growth and
expansion. “It has also been our guiding principle to invest
surplus funds in projects with high yield potential and low risk,
which are strategic and long term in nature. In the absence of
such opportunities, we prefer to return the funds to our
shareholders,” Al-Ansari added. (QSE, Gulf-Times.com)
 QSE receives ministry approval for Baladna IPO – Qatar Stock
Exchange (QSE) has received approval from the Ministry of
Commerce and Industry regarding the Initial Public Offering
(IPO) of Baladna, which is set to be listed very soon, a top
official of the Qatari bourse said. Baladna, one of the leading
Qatari food producing companies, which helped Qatar achieve
self-sufficiency in terms of the production of fresh milk and
other dairy products in record time, had announced its plans
early last year to hold its IPO inspired by the vision of HH the
Amir Sheikh Tamim bin Hamad Al Thani, and by the company’s
desire to support the national production efforts through new
projects that enhance the contribution of the private sector.
QSE’s CEO, Rashid bin Ali Al Mansoori said, “We have very
recently received approval from Ministry of Commerce and
Industry for the Baladna IPO, and are going to start the process
of listing very soon. We are in touch with the promoters of the
company, and the exact date has not been decided yet, this
depends on the shareholders’ decision. But what I can say is
that it is going to be listed very soon.” Baladna recently
announced that is now producing over 320 tons of fresh milk
per day and has acquired more than 95% of the market share
within 20 months after it ramped up production following the
blockade. (Peninsula Qatar)
 Vodafone Qatar makes 5G available in Qatari homes –
Vodafone Qatar stated it continues its leadership in driving
digital innovation with news that it is making 5G technology
commercially available with the launch of its latest innovation
- Vodafone GigaHome - the new home Internet solution.
Vodafone GigaHome covers every size house with guaranteed
Wi-Fi in every room using a state-of-the-art Giga-Wi-Fi Hub
powered by Vodafone’s GigaNet network, including fiber and
5G, the company stated. (Gulf-Times.com)
 Demand for service industries on the rise, as major construction
projects head towards completion – There is greater demand
now for service-oriented businesses in Qatar as major
construction projects in the country are nearing completion.
According to Haidar Mshaimesh, Acting General Manager of
International Fairs and Promotions (IFP) Qatar, which is the
organizer of the 16th Project Qatar, the country’s construction
market is currently in a transition phase. He said, “There are
more and grand investment opportunities in the construction
market. Many projects are nearing completion, so there are
more opportunities for service businesses such as landscaping,
lighting, smart technology, as well as for developing new iconic
projects.” (Peninsula Qatar)
International
 ELFA: US business borrowing for equipment falls 10% in March
– US companies’ borrowing to spend on capital investments fell
10% in March from a year earlier, the Equipment Leasing and
Finance Association (ELFA) stated. Companies signed up for
$8.2bn in new loans, leases and lines of credit last month, down
from $9.1bn a year earlier. Borrowings jumped 39% in March
from the previous month. “First quarter new business volume
got off to a slow start, relative to 1Q last year. This was not
unexpected,” ELFA’s CEO, Ralph Petta said, adding that the
overall US economy continued to perform reasonably well.
“Headwinds to this benign scenario include a softening in
global economies and continued international trade frictions,
particularly with China and Europe,” Petta said. Washington-
based ELFA, which reports economic activity for the $1tn
equipment finance sector, stated credit approvals total 75.3%,
down from 76.0% in February. The Equipment Leasing &
Finance Foundation, ELFA’s non-profit affiliate, stated its
monthly confidence index in April is 58.3, down from 60.4 in
March. (Reuters)
 Top US officials to hold trade talks in China next week – The US
Trade Representative Robert Lighthizer and Treasury Secretary
Steven Mnuchin will travel to Beijing for trade talks beginning
on April 30, the White House stated. It stated Chinese Vice
Premier Liu He, who will lead the Beijing talks for China, will
also travel to Washington for more discussions starting on May
8. “The subjects of next week’s discussions will cover trade
issues including intellectual property, forced technology
transfer, non-tariff barriers, agriculture, services, purchases,
and enforcement,” the White House stated. Beijing and
Washington are seeking a deal to end a bitter trade war marked
by tit-for-tat tariffs that have cost the world’s two largest
economies billions of Dollars, disrupted supply chains and
rattled financial markets. (Reuters)
 US new home sales hit one-and-a-half-year high on lower
mortgages, prices – Sales of new US single-family homes rose to
a near one-and-a-half-year high in March, boosted by lower
mortgage rates and house prices. New home sales increased
4.5% to a seasonally adjusted annual rate of 692,000 units last
month, the highest level since November 2017. February’s sales
pace was revised down to 662,000 units from the previously
reported 667,000 units. Economists polled by Reuters had
forecasted new home sales, which account for 11.7% of housing
market sales, decreasing 2.5% to a pace of 650,000 units in
March. New home sales are drawn from permits and tend to be
volatile on a month-to-month basis. They increased 3.0% from
a year ago. The median new house price dropped 9.7% to
$302,700 in March from a year ago, the lowest level since
February 2017. The drop was because of an increase in the
share of homes sold in the $200,000-$300,000 price range.
(Reuters)
 UK employers fear Brexit hit to economy, but plan more hiring –
British employers are their most worried about the economy
since the 2016 Brexit referendum, but they also plan to hire

5. Page 5 of 8
extra staff, according to a survey that showed the surprising
strength of the jobs market. More firms were downbeat about
the outlook for jobs and investment than were optimistic for
only the second time since the Recruitment and Employment
Confederation began its surveys in June 2016, the month of the
referendum. However in the short term, companies planned to
increase their headcount, especially for temporary workers,
possibly reflecting their reluctance to make longer-term
commitments to investment. Recruitment & Employment
Confederation’s CEO, Neil Carberry said, “The more positive
figures on hiring for temporary workers suggest that many
businesses are turning to agency work to help them navigate
the unpredictability they currently face. This might be driven
by waiting to see whether permanent hiring is justified, or by
using additional labor to meet demand rather than making big
capital investments.” (Reuters)
 China state-owned firms' 1Q2019 profits rise 15.6% YoY in
1Q2019 – Profits earned by China’s state-owned firms in the
first three months of the year rose 15.6% from the same period
a year earlier, the Ministry of Finance stated. Total profits stood
at 819.77bn Yuan in the period, while revenue increased 8.9% to
14tn Yuan. State firms’ liabilities increased 8.8% on an annual
basis to 122.57tn Yuan by end-March. Profits of state firms in
oil and transportation sectors grew significantly in January-
March, the ministry stated. (Reuters)
Regional
 Gulf OPEC members ready to raise output if there is demand –
Gulf OPEC producers can step in to meet any oil supply shortage
following a US decision to end waivers on buyers of Iranian
crude, however will first wait to see whether there is actual
demand, OPEC and industry sources said. The US has decided
not to renew exemptions from sanctions against Iran granted
last year to buyers of Iranian oil, taking a tougher line than
expected. Gulf oil producers are committed to market stability
and have the capacity to raise production, however, any
decision to boost output has to be a measured one depending on
demand, the sources said. (Reuters)
 Rystad Energy: Saudi Arabia and allies can replace lost Iranian
oil – Saudi Arabia and several of its allies have enough spare
capacity to replace any loss in crude supply prompted by tighter
US sanctions on Iran, and most of it will be of similar quality,
according to consultant Rystad Energy. Saudi Arabia, OPEC’s
largest producer, the UAE, Iraq and Russia have cut output by a
combined 1.3mn barrels a day since October, and that supply
could return to the market within three to four months, Rystad
Head of Oil Market Research, Bjornar Tonhaugen said in a
report. Iran currently exports about 1.1mn bpd, he wrote.
(Bloomberg)
 IEA: Ready to act to ensure oil market well supplied if
necessary – Global oil markets are currently well supplied with
comfortable levels of spare production capacity, the
International Energy Agency (IEA) has stated. “The IEA will
continue to monitor the oil market closely, advise member
countries, and remain engaged with major producers and
consumers. As ever, the IEA stands ready to act if necessary to
ensure markets remain well supplied,” it stated. The agency’s
statement follows an announcement from the administration of
President Donald Trump that the US will not renew any
sanctions waivers for buyers of Iranian oil. “Further tightening
of sanctions on Iran will have an impact on its export capacity;”
the nation shipped about 1.1mn bpd of crude and condensate in
April, the IEA stated. Global spare production capacity has risen
to 3.3mn bpd, with 2.2mn bpd held by Saudi Arabia and around
1mn bpd by the UAE, Iraq and Kuwait. “The IEA notes that with
global economic growth increasingly fragile, consumers and
producers should take steps to avoid higher oil prices that will
prove painful to all alike.” (Bloomberg)
 Saudi Arabia’s March consumer prices fall 2.1% YoY and 0.1%
MoM – General Authority for Statistics in Riyadh published
consumer price indices for March, which showed that consumer
prices fell 2.1% YoY and 0.1% MoM. Price index for housing,
fuels and water fell 0.3% MoM. (Bloomberg)
 Saudi Arabia's Alinma Bank CEO says open to merger
opportunities – Saudi Arabia’s Alinma Bank is open to a merger
if a deal adds value for shareholders, its CEO, Abdulmohsen Al-
Fares said. “Mergers and acquisitions are part of a growth wave,
so we are working and looking at it closely, I believe in Alinma
Bank we will have many opportunities,” he said. Saudi Arabia’s
banking landscape is changing with lenders exploring mergers.
“Definitely we are open to anything that will add value to our
shareholders. At the moment there is no dialogue whatsoever in
that direction,” he added. (Bloomberg)
 Fawaz Alhokair Group to open doors to US investors in IPO – It
is the first time US investors can buy shares of a Saudi Arabian
company in an Initial Public Offering (IPO) under a regulation
they are familiar with. Fawaz Alhokair Group, the Saudi
Arabian retailer that owns the franchise for brands like Banana
Republic and Zara, is offering shares in its mall unit under
Regulation S and Rule 144A of the US Securities Act. The group
plans to sell about 95mn shares in Arabian Centres Company in
what could be the Kingdom’s biggest IPO in five years.
(Bloomberg)
 Saudi Real Estate Refinance Company plans up to SR4bn Sukuk
sale this year – Saudi Real Estate Refinance Company (SRC),
modelled on US mortgage finance firm Fannie Mae, aims to
issue up to SR4bn of long-term Sukuk this year, its CEO, Fabrice
Susini said. The plan by SRC, a subsidiary of Saudi Arabia’s
sovereign Public Investment Fund (PIF), comes as it prepares to
purchase more home loan portfolios from mortgage financing
companies and banks to boost the Kingdom’s secondary
mortgage market. SRC, formed in 2017, is also keen to tap
foreign institutional investors for its debt sale this year, he said.
“Our strategy is clearly to tap the market twice this year, we are
really looking at probably issuing something between 2 and 4
billion Riyal that we may be issuing in two tranches,” he said.
SRC is looking at Sukuk in the 10- to 15-year range, to help
minimize refinancing risks. “Generally speaking we are trying
to issue as long as possible,” he added. He said that the
company is assessing whether it could also issue bonds in
currencies other than the local Riyal. In March, SRC completed
a SR750mn Sukuk issue with multiple tenors, under a program
that allows it to issue up to SR11bn of local currency
denominated Islamic bonds. (Reuters)
 Wall Street returns to Saudi Arabia as biggest deals entice CEOs
– Some of the world’s leading financiers are returning to Saudi
Arabia after the oil-rich Kingdom yielded some of the year’s

6. Page 6 of 8
biggest merger and bond deals. Saudi Arabia has been home to
some of the world’s hottest deals this year, as Europe and Asia
have languished. JPMorgan Chase & Co., Morgan Stanley,
HSBC, Citigroup Inc. and Goldman Sachs Group Inc. helped
Saudi Aramco raise $12bn of bonds in one of the most
oversubscribed debt offerings in history. Morgan Stanley and
JPMorgan are also advising the oil firm on its $69bn acquisition
of local chemical giant SABIC. (Bloomberg)
 Saudi Arabia says it is committed to keeping oil markets stable
– The Saudi Arabian cabinet reiterated its commitment to a firm
policy of keeping crude markets stable and balanced after a US
decision not to renew sanctions waivers for buyers of Iranian
oil. The Kingdom followed developments in the oil markets
with interest, state-run Saudi Press Agency reported. The
Kingdom welcomed the US move to “hold Iran accountable for
and to stop its destabilizing activities, its sponsoring and
support for terrorism,” it stated. (Bloomberg)
 RJHI posts 21.1% YoY rise in net profit to SR2,885mn in 1Q2019
– Al Rajhi Bank (RJHI) recorded net profit of SR2,885mn in
1Q2019, an increase of 21.1% YoY. Total operating profit rose
12.0% YoY to SR4,639mn in 1Q2019. Total revenue for special
commissions/investments rose 14.9% YoY to SR4,087mn in
1Q2019. Total assets stood at SR363.3bn at the end of March 31,
2019 as compared to SR348.4bn at the end of March 31, 2018.
Loans and advances stood at SR236.4bn (+3.6% YoY), while
customer deposits stood at SR293.5bn (+3.4% YoY) at the end
of March 31, 2019. EPS came in at SR1.78 in 1Q2019 as
compared to SR1.47 in 1Q2018. (Tadawul)
 NCB posts 6.0% YoY rise in net profit to SR3,164.7mn in 1Q2019
– The National Commercial Bank (NCB) recorded net profit of
SR3,164.7mn in 1Q2019, an increase of 6.0% YoY. Total
operating profit rose 3.6% YoY to SR4,952.8mn in 1Q2019. Total
revenue for special commissions/investments rose 15.0% YoY
to SR4,863.4mn in 1Q2019. Total assets stood at SR466.3bn at
the end of March 31, 2019 as compared to SR438.9bn at the end
of March 31, 2018. Loans and advances stood at SR268.7bn
(+6.3% YoY), while customer deposits stood at SR309.7bn
(+0.2% YoY) at the end of March 31, 2019. EPS came in at
SR1.02 in 1Q2019 as compared to SR0.97 in 1Q2018. (Tadawul)
 UAE March M3 money supply rises 0.8% MoM – The Central
Bank of the UAE (CBUAE) published money supply, bank loans
and assets data for March, which showed that M3 money
supply rose 0.8% MoM. M1 money supply rose 2.2% MoM and
M2 money supply rose 0.6% MoM. Bank gross credit rose to
AED1,675.1bn in March from AED1,671.9bn in February. Total
bank assets fell to AED2,894.9bn in March from AED2,909.5bn
in February. (Bloomberg)
 DIB posts 13.9% YoY rise in net profit to AED1,336.3mn in
1Q2019 – Dubai Islamic Bank (DIB) recorded net profit of
AED1,336.3mn in 1Q2019, an increase of 13.9% YoY. Net
income rose 17.0% YoY to AED2,306.9mn in 1Q2019. Total
assets stood at AED226.5bn at the end of March 31, 2019 as
compared to AED223.7bn at the end of December 31, 2018.
Islamic financing and investing assets (net) stood at
AED146.8bn (+1.4% QoQ), while customers’ deposits stood at
AED159.2bn (+2.3% QoQ) at the end of March 31, 2019. EPS
remained flat YoY at AED0.17 in 1Q2019. (DFM)
 Dubai Islamic Bank weighs acquisition of local rival – Dubai
Islamic Bank (DIB), the UAE’s biggest Islamic lender, is
weighing the possible acquisition of its smaller rival Noor Bank.
The board has resolved to allow the bank to explore the possible
acquisition of Noor Bank and to revert to the board with
findings within three weeks,’ it has stated. The board has also
allowed the bank to hire financial advisors for due diligence and
provide an opinion on the valuation. DIB held preliminary
discussions with Noor Bank shareholders, sources said. The
acquisition will create a lender with $75bn in assets.
Investment Corporation of Dubai, the Emirate’s main state-
owned holding company, is the largest shareholder in DIB with
a 28% stake. It has also one of the biggest investors in Noor
Bank, a lender set up in 2008. DIB had assets of AED224bn at
the end of 2018 compared with Noor Bank’s AED51bn,
according to data compiled by Bloomberg. Meanwhile, DIB may
also consider other acquisitions in the UAE even as it considers
a buyout of Noor Bank, CEO, Adnan Chilwan said. DIB is
unlikely to consider an international target. (Bloomberg)
 Gulf Capital finalizes $136.14mn credit facility – Abu Dhabi-
based asset management firm Gulf Capital stated that it has
finalized a $136.14mn syndicated revolving credit facility from
its existing lenders. The four-year facility will be used to
increase the company’s liquidity and for investments in the
Middle East, it stated. (Reuters)
 Kuwait’s March consumer prices rise 0.8% YoY, but fall 0.18%
MoM – Central Statistical Bureau in Kuwait City published
Kuwait's consumer price indices for March, which showed that
the consumer prices rose 0.8% YoY. The consumer prices for
March fell 0.18% MoM. Price index for housing services fell
0.7% MoM. (Bloomberg)
 OPEC to discuss production at Jeddah meeting in May – OPEC
ministers will discuss the group’s crude production at a meeting
in Jeddah next month, Kuwait’s Oil and Water Minister, Khaled
Al-Fadhel told reporters. “When OPEC needs to make a decision
it will have to be a unanimous decision done by all ministers, a
decision will be made only after we review the prices and how it
influences the prices,” he said. “American sanctions against
Iran will be a hot topic to be discussed at the meeting,” he
added. Kuwait seeks the stabilization of oil prices globally
because it benefits producers and consumers. Kuwait is the
group’s 5th biggest-producer and has an output of ~2.7mn bpd.
When asked if Kuwait is ready to increase production, he said
that “as the minster of oil we haven’t discussed this issue as of
now, however when it comes to oil production we always need
to agree with what OPEC says.” (Bloomberg)
 Kuwait Cabinet allows KPC to borrow over next five years –
Kuwait Petroleum Corporation (KPC) has been permitted to
borrow from various financial institutions to fund investments
for the next 5 years by the Kuwait Cabinet, the company has
stated. KPC has three proposed funding options by way of
issuing bonds, borrowing from commercial banks or borrowing
from export credit agencies and the borrowing will be gradual.
KPC will coordinate with the Finance Ministry, Kuwait
Investment Authority, Central Bank of Kuwait (CBK) and the
local banking sector. The plan will be regularly reviewed. KPC is
said to reassess the $500bn spending plan. (Bloomberg)

7. Page 7 of 8
 Oman Aviation seeks to raise $6bn via loans or asset sales –
Oman Aviation seeks to raise $6bn via loans or asset sales. The
funds are required for the expansion of the aviation sector,
including building of new airports, expansion of Oman Air,
Oman Aviation Group CEO, Mustafa Al Hinai said. Privatization
of the aviation assets is under consideration which may take up
to 3 years to decide on it. Oman Air is a unit of Oman Aviation.
(Bloomberg)
 Oman sells OMR59mn 91-day bills at a yield of 2.549% – Oman
sold OMR59mn 91 day of bills due on July 24, 2019 on April 22,
2019. The bills were sold at a price of 99.368, having a yield of
2.549%, settling on April 24, 2019. (Bloomberg)
 Bahrain sells BHD100mn 364-day bills; bid-cover at 4.31x –
Bahrain sold BHD100mn 364 day of bills due on April 23, 2020.
Investors offered to buy 4.31 times the amount of securities
sold. The bills were sold at a price of 96.196, having a yield of
3.91% and will settle on April 25, 2019. (Bloomberg)

8. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mehmet.aksoy@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS is
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Page 8 of 8
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
45.0
70.0
95.0
120.0
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
QSE Index S&P Pan Arab S&P GCC
0.4%
(0.2%)
(0.7%)
(0.3%)
(0.5%)
0.3%
(0.3%)
(1.0%)
(0.5%)
0.0%
0.5%
1.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,272.45 (0.2) (0.2) (0.8) MSCI World Index 2,174.39 0.6 0.6 15.4
Silver/Ounce 14.84 (1.1) (0.9) (4.2) DJ Industrial 26,656.39 0.5 0.4 14.3
Crude Oil (Brent)/Barrel (FM Future) 74.51 0.6 3.5 38.5 S&P 500 2,933.68 0.9 1.0 17.0
Crude Oil (WTI)/Barrel (FM Future) 66.30 0.9 3.6 46.0 NASDAQ 100 8,120.82 1.3 1.5 22.4
Natural Gas (Henry Hub)/MMBtu 2.53 (3.1) (0.4) (20.6) STOXX 600 391.35 0.1 0.1 13.5
LPG Propane (Arab Gulf)/Ton 66.25 4.1 6.9 3.5 DAX 12,235.51 (0.0) (0.0) 13.6
LPG Butane (Arab Gulf)/Ton 69.63 3.1 5.5 0.2 FTSE 100 7,523.07 0.6 0.6 13.6
Euro 1.12 (0.3) (0.2) (2.1) CAC 40 5,591.69 0.1 0.1 15.7
Yen 111.86 (0.1) (0.1) 2.0 Nikkei 22,259.74 0.3 0.4 9.8
GBP 1.29 (0.3) (0.4) 1.4 MSCI EM 1,089.76 0.1 (0.3) 12.8
CHF 0.98 (0.4) (0.5) (3.8) SHANGHAI SE Composite 3,198.59 (0.7) (2.5) 31.2
AUD 0.71 (0.4) (0.7) 0.8 HANG SENG 29,963.24 0.0 0.0 15.8
USD Index 97.64 0.4 0.3 1.5 BSE SENSEX 38,564.88 (0.3) (1.9) 6.8
RUB 63.69 (0.2) (0.6) (8.6) Bovespa 95,923.24 0.9 1.3 7.1
BRL 0.26 0.4 0.4 (1.0) RTS 1,277.71 0.2 1.3 19.6
104.0
96.8
83.4