The QSE Index declined 1.1% to close at 9,014.3. Losses were led by the Real Estate and Telecoms indices, falling 4.8% and 1.9%, respectively.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 1.1% to close at 9,014.3. Losses were led by the Real Estate
and Telecoms indices, falling 4.8% and 1.9%, respectively. Top losers were Ezdan
Holding Group and Mesaieed Petrochemical Holding Company, falling 6.9% and
5.3%, respectively. Among the top gainers, Qatar General Insurance & Reinsurance
Company gained 4.3%, while Al Khaleej Takaful Insurance Company was up 1.9%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.6% to close at 8,158.1. Losses were led by the
Utilities and Transportation indices, falling 1.6% and 1.4%, respectively. SEDCO
Capital REIT Fund fell 10.0%, while Saudi Ceramic Co. was down 4.6%.
Dubai: The DFM General Index declined 1.1% to close at 3,030.8. The Real Estate &
Const. index fell 2.0%, while the Invest. & Fin. Services index declined 1.5%. Arab
Insurance Group fell 9.6%, while Aan Digital Services Holding Co. was down 8.3%.
Abu Dhabi: The ADX General Index rose 0.1% to close at 4,673.3. The
Telecommunications index gained 0.3%, while the Banks index rose 0.2%. Ras Al
Khaimah Co. for White Cement & Construction Materials gained 3.4%, while Abu
Dhabi National Energy Company was up 2.9%.
Kuwait: The Kuwait Main Market Index rose marginally to close at 4,836.1. The
Banks index gained 0.4%, while the Real Estate index rose 0.1%. Gulf Investment
House gained 19.4%, while Bayan Investment Company was up 12.5%.
Oman: The MSM 30 Index rose marginally to close at 4,731.3. The Financial index
gained 0.3%, while the Services index rose marginally. Al Madina Takaful rose
6.0%, while Oman Flour Mills was up 3.9%.
Bahrain: Market was closed on May 1, 2018.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar General Ins. & Reins. Co. 49.00 4.3 0.0 0.0
Al Khaleej Takaful Insurance Co. 11.00 1.9 2.4 (16.9)
Medicare Group 67.49 1.4 24.1 (3.4)
Zad Holding Company 70.50 0.7 22.2 (4.3)
Widam Food Company 63.39 0.6 23.5 1.4
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding 16.64 (5.3) 3,309.1 32.2
Vodafone Qatar 9.23 (1.8) 2,056.8 15.1
Aamal Company 10.55 (4.9) 1,063.0 21.5
Qatar Gas Transport Company Ltd. 14.70 0.1 715.3 (8.7)
Mazaya Qatar Real Estate Dev. 6.80 (2.0) 622.6 (24.4)
Market Indicators 01 May 18 30 April 18 %Chg.
Value Traded (QR mn) 221.4 402.4 (45.0)
Exch. Market Cap. (QR mn) 501,061.7 509,394.2 (1.6)
Volume (mn) 10.7 16.9 (36.6)
Number of Transactions 3,073 4,579 (32.9)
Companies Traded 42 41 2.4
Market Breadth 6:34 12:24 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,882.23 (1.1) (0.8) 11.1 13.4
All Share Index 2,666.66 (1.7) (1.4) 8.7 13.9
Banks 3,068.71 (1.2) (1.0) 14.4 12.5
Industrials 3,063.36 (1.4) 0.7 16.9 16.1
Transportation 1,776.65 (0.4) (2.7) 0.5 11.2
Real Estate 1,836.35 (4.8) (5.4) (4.1) 16.0
Insurance 3,094.22 0.5 (0.8) (11.1) 24.9
Telecoms 1,074.73 (1.9) (1.8) (2.2) 31.5
Consumer 5,851.00 (1.3) (0.5) 17.9 12.7
Al Rayan Islamic Index 3,661.21 (1.4) (1.4) 7.0 14.8
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Comm. Bank of Kuwait Kuwait 0.42 6.4 5.0 14.1
Rabigh Refining & Petro. Saudi Arabia 28.87 5.8 6,378.8 75.6
DP World Dubai 22.99 3.3 117.8 (8.0)
Advanced Petrochem. Co. Saudi Arabia 52.29 2.1 359.5 13.9
Burgan Bank Kuwait 0.26 1.9 385.4 (9.7)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
DAMAC Properties Dubai 2.58 (6.9) 1,111.9 (21.8)
Dar Al Arkan Real Estate Saudi Arabia 13.43 (3.2) 26,739.4 (6.7)
Qatar Int. Islamic Bank Qatar 55.02 (3.1) 14.5 0.8
Al Ahli Bank of Kuwait Kuwait 0.32 (2.7) 9.8 10.7
Saudi Int. Petrochemical Saudi Arabia 20.35 (2.3) 4,517.0 16.6
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 10.44 (6.9) 356.1 (13.6)
Mesaieed Petrochemical Holding 16.64 (5.3) 3,309.1 32.2
Aamal Company 10.55 (4.9) 1,063.0 21.5
Ahli Bank 30.00 (3.7) 20.0 (19.2)
Qatar International Islamic Bank 55.02 (3.1) 14.5 0.8
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Mesaieed Petrochemical Holding 16.64 (5.3) 56,829.3 32.2
Qatar Fuel Company 137.50 (2.2) 22,146.1 34.7
Masraf Al Rayan 35.00 (1.6) 20,675.9 (7.3)
Vodafone Qatar 9.23 (1.8) 19,443.8 15.1
QNB Group 149.15 (1.2) 12,142.8 18.4
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* 9,014.32 (1.1) (0.8) (1.1) 5.8 60.80 137,641.6 13.4 1.4 4.9
Dubai 3,030.75 (1.1) (0.4) (1.1) (10.1) 54.79 104,307.4 10.3 1.1 5.7
Abu Dhabi 4,673.31 0.1 (0.5) 0.1 6.2 31.20 128,923.6 12.3 1.4 5.2
Saudi Arabia 8,158.06 (0.6) (1.1) (0.6) 12.9 1,335.79 512,427.0 17.8 1.8 3.3
Kuwait 4,836.08 0.0 1.0 0.0 (3.3) 38.32 33,868.2 14.9 0.9 3.7
Oman 4,731.27 0.0 0.2 0.0 (7.2) 10.50 19,784.2 11.8 1.0 5.1
Bahrain#
1,257.88 (0.4) (0.4) (4.6) (5.5) 10.66 19,585.0 8.0 0.8 6.5
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any;
#
Data as of April 30, 2018)
9,000
9,050
9,100
9,150
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 6
Qatar Market Commentary
 The QSE Index declined 1.1% to close at 9,014.3. The Real Estate and
Telecoms indices led the losses. The index fell on the back of selling
pressure from Qatari and non-Qatari shareholders despite buying
support from GCC shareholders.
 Ezdan Holding Group and Mesaieed Petrochemical Holding Company
were the top losers, falling 6.9% and 5.3%, respectively. Among the top
gainers, Qatar General Insurance & Reinsurance Company gained 4.3%,
while Al Khaleej Takaful Insurance Company was up 1.9%.
 Volume of shares traded on Tuesday fell by 36.6% to 10.7mn from
16.9mn on Monday. Further, as compared to the 30-day moving average
of 10.7mn, volume for the day was 0.5% lower. Mesaieed Petrochemical
Holding Company and Vodafone Qatar were the most active stocks,
contributing 30.7% and 19.2% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2018
% Change
YoY
Operating Profit
(mn) 1Q2018
% Change
YoY
Net Profit
(mn) 1Q2018
% Change
YoY
Dar Alarkan Real Estate
Development Co.
Saudi Arabia SR – – 436.5 349.0% 331.1 2,629.8%
United Electronics Company Saudi Arabia SR – – 25.1 79.3% 21.6 66.2%
Marka Dubai AED 20.4 -38.8% -2.6 N/A -8.0 N/A
Emirates Driving Company Abu Dhabi AED 55.2 -5.7% – – 34.0 34.4%
Arkan Building Materials Co. Abu Dhabi AED 251.0 10.0% – – 11.7 10.4%
Abu Dhabi National Insurance Co. Abu Dhabi AED 1,219.2 12.8% – – 95.2 28.6%
Sharjah Group Company Abu Dhabi AED 3.8 -1.4% – – 1.3 -34.6%
Sharjah Cement and Industrial
Development Co.
Abu Dhabi AED 172.7 4.4% – – 12.2 4.6%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
News
Qatar
 Robust earnings expansion helps Qatar-listed companies
enhance net profitability in the first quarter – Robust earnings
expansion, especially in the industrials, consumer goods,
banking and transport sectors, helped Qatar-listed companies
better net profitability YoY in 1Q2018. Qatar’s listed companies
have reported a cumulative net profit of QR10.96bn in 1Q2018
with banking and industrials together contributing more than
76% of the total net earnings. The cumulative net profitability
is up 2.95% YoY in 1Q2018 compared to about 1% growth in the
corresponding period of 2017, according to the Qatar Stock
Exchange data. The bourse’s main 20-stock Qatar Share Index
was up 0.59% during January-March this year against 0.44%
decline in the comparable period of 2017. The industrials,
consumer goods, banking and transport scripts were seen
outperforming the main index. The industrials sector, which
has nine listed constituents, witnessed 28.01% rise in net
profitability to QR2.38bn compared to 7.66% increase in the
year-ago period. The sector, which contributed 21.72% to the
overall net profitability, was the best performer in the bourse as
its index vaulted 10.18% in 1Q2018 against 0.19% fall in 2017
period. The banks and financial services sector reported 12.24%
rise in cumulative net profit to QR5.95bn compared to a 4.34%
growth in the comparable period of 2017. The sector, whose
share was 54.29% in the overall net profitability, witnessed its
index gain 4.27% in 1Q2018 against 3.4% in the year-ago
period. (Gulf-Times.com)
 Umm Al Houl plant due to open in October – Qatar’s mega Umm
Al Houl Power Plant is expected to be operational in October
2018. After completing 99% of the project works, the Qatar
Electricity & Water Company (QEWS) is now involved in the
final preparations before the launch of the project, according to
QEWS’ General Manager and Managing Director, Fahad Bin
Hamad Al Mohannadi. When the plant is completed, this
project shall provide 25% of the electricity and 30% of the
water needs in Qatar. Al Mohannadi also said the first phase of
QEWS’ Solar project will be completed by the end of 2020. The
investment in the project would range in between $500mn to
$700mn. (Peninsula Qatar)
 QDB signs deal with five global VC firms for QR100mn SME
fund – Qatar Development Bank (QDB) signed agreements with
five international venture capital firms that would provide
more than QR100mn worth of funding for Qatari small and
medium-sized enterprises (SMEs). QDB’s CEO, Abdulaziz Bin
Nasser Al Khalifa signed agreements with Iris Capital partner
Alexander Wiedmer; Entrepreneurs Roundtable Accelerator
(ERA) managing partner Murat Aktihanoglu; 212 Fund
managing partner Numan Numan; IDG Capital partner Vineet
Kapur, and AfricInvest founding partner Aziz Mebarek during
the ‘QDB Investment Forum’. Al Khalifa said the total value of
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 56.07% 55.23% 1,842,837.71
Qatari Institutions 19.19% 20.15% (2,122,476.61)
Qatari 75.26% 75.38% (279,638.90)
GCC Individuals 1.20% 1.09% 259,799.71
GCC Institutions 3.72% 3.39% 726,572.64
GCC 4.92% 4.48% 986,372.35
Non-Qatari Individuals 10.38% 10.13% 545,941.78
Non-Qatari Institutions 9.45% 10.02% (1,252,675.23)
Non-Qatari 19.83% 20.15% (706,733.45)

3. Page 3 of 6
the agreements exceeds QR100mn and is the first tranche of the
bank’s $100mn ‘Fund of Fund’ initiative launched more than a
year ago. He said FoF is the process of yellow service investing
into VC funds to get exposure to major international companies,
bring them potentially to Qatar, set up their offices here, ensure
that they actively contribute to the entrepreneurial ecosystem,
and ensure sufficient liquidity and help Qatar startups scale up
globally. (Gulf-Times.com)
 Qatar Central Bank sells QR1.5bn of Treasury bills – Qatar
Central Bank sold QR1.5bn of Treasury bills. It sold QR900mn of
three-month bills at a yield of 2.49%, QR400mn of six-month
bills with 2.69% yield, and QR200mn of nine-month bills at
2.84%. Last month, the central bank sold QR550mn of three-
month bills at a yield of 2.65%, QR300mn of six-month bills
with 2.8% yield, and QR150mn of nine-month bills at 3%. Qatar
Central Bank’s international reserves and foreign currency
liquidity edged up in March, official data showed. The reserves
and liquidity, a measure of the central bank’s ability to support
the Riyal currency, rose to $37.8bn last month from $37.6bn in
February. (Zawya, Reuters)
 MDPS: Qatar’s nominal GDP rises 9.4% to QR160.88bn in
4Q2017 – Qatar’s gross domestic product (GDP) at current
prices, or nominal GDP, increased 9.4% to QR160.88bn in
4Q2017 compared with QR147.04bn in the same quarter a year
ago, according to the 23rd issue of the quarterly publication,
‘Window on Economic Statistics of Qatar’, by released by
Ministry of Development Planning and Statistics (MDPS).
When compared to previous quarter’s revised estimate of
QR152.21bn, the report stated, the nominal GDP saw an
increase of 5.7%. The quarterly GDP at constant (2013) prices,
or real GDP, in the fourth quarter of 2017 stood at QR204.22bn,
a growth of 1.8% compared with the estimated QR200.69bn in
the same quarter in the previous year. However, the report
stated, compared with the previous quarter’s revised estimate
of QR209.0bn, real GDP in 4Q2017, registered a decrease of
2.3%. According to MDPS, the consumer price index (CPI) for
the fourth quarter of 2017, showed an increase of 0.3% when
compared to the previous quarter, and 0.3% decrease when
compared to the corresponding quarter of 2016. (Qatar Tribune)
 Qatar PMI points to economic resilience – Qatar Financial
Centre is set to officially release the first Qatar PMI on May 3,
2018. The newly launched report, compiled by IHS Markit, will
provide an important source of timely information on the
health of Qatar’s economy. Indeed, the Qatar PMI data collected
since April 2017 reveals the resilience of the non-oil private
sector over the past year, which is in line with the statistics
released by the Ministry of Development Planning and
Statistics (MDPS). The economy regained growth momentum
at a remarkable pace following the deterioration in business
conditions. The Qatari economy has weathered the challenges
with strength and resilience, due to swift government
responses. The deterioration in business conditions due to the
embargo remained as transitory and new trade routes were
quickly established. The situation has acted as a catalyst for
enhancing domestic food production and reducing reliance on a
small group of countries, as pointed by the IMF in the recent
Article IV mission statement. (Peninsula Qatar)
 Italian chambers in Asian markets eye Qatari investments –
Italian chambers of commerce based in Asia, South Africa and
the Gulf region are encouraging the Qatari private sector to
explore investment opportunities in various markets in Asia,
particularly in the construction and food industry. The
President of the Italian Chamber of Commerce in Qatar, Sheikh
Mohamed Bin Faisal Bin Qassim Al Thani, said Asia is a vibrant
market that could provide Qatar with new sources investments
and partnerships. Further, Bilateral trade between Qatar and
Italy grew almost 9% to €2.35bn in 2017 compared with the
volume of bilateral trade between the two countries in the
previous year, according to Carlotta Colli, Deputy Head of
Mission at the Embassy of Italy in Qatar. Addressing the Qatar
Asia Business Insight networking event, Colli said the growing
trade volume despite the ongoing economic blockade of Qatar
by some of its neighboring countries shows the mutual trust
between the two countries. (Gulf-Times.com, Qatar Tribune)
International
 US factory activity slows in April – US factory activity slowed
for a second straight month in April, with manufacturers
complaining about rising commodity prices in the wake of the
Trump administration’s tariffs on steel and aluminum imports.
The ISM said its index of national factory activity dropped to a
reading of 57.3 last month from 59.3 in March. A reading above
50 in the ISM index indicates growth in manufacturing, which
accounts for about 12% of the US economy. (Reuters)
 UK’s factory growth sinks to 17-month low in April – British
manufacturing growth slid to a 17-month low in April, sending
sterling sinking and further reducing the chances of an interest
rate hike by the Bank of England next week. Markit/CIPS UK
Manufacturing Purchasing Managers’ Index (PMI) dropped a
full point to 53.9 in March, below the average forecast of 54.8 in
a Reuters poll of economists. IHS Markit satted weakness
centered especially on producers of consumer goods who have
been hit by the reduced spending power among households
caused by last year’s rise in inflation. (Reuters)
 PMI: Japan’s April services activity grows fastest in six months
– Activity in Japan’s services sector expanded at the fastest
pace in six months in April as new orders picked up, a private
survey showed, suggesting the economy got off to a strong
start in the second quarter. However, the survey also showed a
dip in business confidence as companies struggle to hire
workers amid a labor shortage. The Markit/Nikkei Japan
Services Purchasing Managers Index (PMI) rose to 52.5 in April
on a seasonally adjusted basis from 50.9 in March. (Reuters)
 India’s infrastructure output growth slows to three-year low in
2017-18 – India’s infrastructure growth slowed to a three-year
low of 4.2% in the fiscal year ending in March, indicating Prime
Minister Narendra Modi faces a tough challenge to boost
investment ahead of general elections due early next year.
Annual output growth was 4.2% during the 2017-18 fiscal year
that ended in March, lower than 4.8% in the previous year, and
dragged down by slower growth in the production of coal, steel
and electricity, according to data released by the Ministry of
Commerce and Industry. (Reuters)
Regional
 IMF: Need for MENAP to integrate – The International
Monetary Fund (IMF) said that there is a strong need for the

4. Page 4 of 6
countries across the MENAP (Middle East, North Africa,
Afghanistan, and Pakistan) to integrate further into the global
economy and diversify their products and services. This will
require greater access to finance for the private sector,
especially small and medium-sized enterprises and upgrading
workforce skills. The IMF’s Regional Outlook released noted
uncertainty surrounding oil prices, rising trade tensions, and
the effects of ongoing conflicts and their spillovers have further
constrained the region’s growth and remain risks going
forward. “To take full advantage of the growing global
economy, the region should accelerate key economic reforms.
The focus should be on improving the investment climate,
boosting productivity, and strengthening governance,” said
Jihad Azour, Director of the IMF’s Middle East and Central Asia
Department. High or rapidly increasing debt levels have forced
countries to take significant measures to reduce deficits, by
limiting government spending or mobilizing revenue.
(Peninsula Qatar)
 Citigroup sees MENA syndicated loans at more than $70bn –
The resurgence in syndicated loans in the Middle East and
North Africa (MENA) seems set for a slowdown as the deal
pipeline dries up, according to Citigroup Inc. Loans in the region
have rose 85% in 2018 to $33.4bn, helped by a jumbo $16bn
issue from Saudi Arabia, according to Bloomberg. Overall
volume will probably climb to more than $70bn, according to
Zain Zaidi, a Director for loans and acquisition finance at
Citigroup, the region’s biggest loan arranger. Syndicated loans
in MENA had fell 30% in 2017 to $82.9bn. (GulfBase.com)
 RJHI posts 7.3% YoY rise in net profit to SR2,383mn in 1Q2018 –
Al Rajhi Bank (RJHI) recorded net profit of SR2,383mn in
1Q2018, an increase of 7.3% YoY. Total operating income rose
7.5% YoY to SR4,142mn in 1Q2018. Total assets stood at
SR349.24bn at the end of March 31, 2018 as compared to
SR337.23bn at the end of March 31, 2017. Loans and advances
stood at SR229.04bn (-0.2% YoY), while customer deposits
stood at SR283.94bn (4.7% YoY) at the end of March 31, 2018.
EPS came in at SR1.47 in 1Q2018 as compared to SR1.37 in
1Q2017. (Tadawul)
 Saudi Arabia’s ICT spend to reach $40bn this year – Saudi
Arabia’s digital transformation continues to burgeon with
reports showing that the Kingdom’s ICT spend grew 6% in 2017
to over $36bn and is predicted to expand further this year to
reach the value of $40bn. With the pace of KSA’s digitization
continuing in rapid acceleration, Trend Micro, a global leader in
cyber security solutions, emphasized the need for a modernized,
integrated and secured system, noting the serious privacy and
security challenges that come with a vast web of
interconnected technologies. (GulfBase.com)
 UAE’s FDI outflow hits $16bn in 2016 – The total foreign direct
investment (FDI) outflow from the UAE reached $16bn in 2016,
ranking it 23 in the world in terms of FDI outflow and the first
in the Middle East, making it a net capital exporting country in
the world, said a top official. Jamal Al-Jarwan, Secretary-
General of the UAE International Investors Council (UAEIIC)
added that the UAEIIC is playing an instrumental role in
bridging the gap between public and private sector as well as
spearheading UAE’s investment in other countries. FDI flow in
to the UAE reaches $10.3bn in 2017, up from $9.6bn in 2016,
according to the UAE Competitiveness and Statistics Authority.
(GulfBase.com)
 Non-oil trade between Japan, UAE touches $15bn in 2017 –
Non-oil trade between the UAE and Japan has grown by 8.4% in
2017 and the two countries are focusing on strengthening ties
in various sectors, UAE Economy Minister Sultan Bin Saeed Al
Mansouri said. The non-oil trade between Japan and UAE
touched $15bn in 2017 with a growth of 8.4% over 2016 and the
average growth of non-oil trade between the two countries
during the past five years reached about 2.5%. “The rates are
excellent, but in my opinion does not proceed in parallel with
the strength of the two countries, not keep pace with the
strength of trade and investment ties between them. That
means there are a lot of opportunities and possibilities to
develop our economic cooperation that we did not benefit from
earlier,” said Al Mansouri. (GulfBase.com)
 London judge orders Dana Gas to hold dividends in English
bank account – A London judge ordered Dana Gas to pay any
dividends into an English bank account where the funds must
be held until a dispute over its $700mn Islamic bond is resolved,
sources said. Friday’s ruling is the latest twist in a complex legal
battle taking place in courts in London and the UAE, which
began last year when the UAE energy producer halted
payments on $700mn of Islamic bonds it said, had become
unlawful because of changes in Islamic finance. Holders of the
Sukuk contest its position and are demanding to be paid by
Dana Gas, which declined to comment on the ruling. (Gulf-
Times.com)
 Warba Bank’s net profit rises to KD2.92mn in 1Q2018 – Warba
Bank recorded net profit of KD2.92mn in 1Q2018 as compared to
KD1.36mn in 1Q2017. Net operating profit came in at KD6.86mn
as compared to KD3.80mn in 1Q2017. Total assets stood at
KD1.84bn at the end of March 31, 2018 as compared to
KD1.32bn at the end of March 31, 2017. EPS came in at
KD0.00048 in 1Q2018 as compared to KD0.00136 in 1Q2017.
(Reuters)
 Commercial Bank of Kuwait’s net profit sharply rises to
KD10.07mn in 1Q2018 – Commercial Bank of Kuwait’s recorded
net profit of KD10.07mn in 1Q2018 as compared to KD0.80mn in
1Q2017. Net operating profit came in at KD26.66mn as
compared to KD28.95mn in 1Q2017. Total assets stood at
KD4.29bn at the end of March 31, 2018 as compared to
KD4.27bn at the end of March 31, 2017. EPS came in at
KD0.0062 in 1Q2018 as compared to KD0.0005 in 1Q2017.
(Reuters)
 Oman, Kuwait to start work on $7bn refinery – Oman Oil
Company and Kuwait Petroleum Corporation jointly laid the
foundation stone for the $7bn Duqm Refinery project in Oman.
Duqm Refinery will bolster the production of diesel, jet fuel,
naphtha, Liquid Petroleum Gas (LPG), sulfur and pet coke as its
primary products. It also seeks advanced technology to
manufacture clean, high-quality products in compliance with
global standards for safety and the highest operational
standards. (GulfBase.com)
 Omran explores setting up REIT in Oman – Oman Tourism
Development Company (Omran) is weighing plans to set up a
Real Estate Investment Trust (REIT) designed to enable local
and international investors to invest in its expanding portfolio

5. Page 5 of 6
of hospitality assets. Omran’s CEO, Peter Walichnowski said,
“We are exploring funds management at the moment, which is
how to take (Omran’s) hotel assets and securitize them and put
them into an investment vehicle to allow the public and
investors to participate in the hospitality portfolio.”
(GulfBase.com)
 Alba closes $247mn export credit financing deal – Aluminium
Bahrain (Alba) successfully closed the first part of the second
tranche of $247.01mn Export Credit Agency (ECA) covered
financing facilities. It will finance the green anode plant, gas
treatment centers, pot tending machines and anode bake
furnace as well as related equipment for Alba’s Line 6
Expansion Project, said a statement. Alba’s Chairman of board
of directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said,
“We are extremely pleased with the support received from our
banking partners in the ECA-covered facilities. Their
commitment is a vote of confidence in Bahrain, Alba and its
landmark project – Line 6 Expansion Project. We also look
forward to secure the final part of second ECA-tranche as we
progress with the construction of Line 6 Expansion Project.”
(GulfBase.com)
 Goldman Sachs: Qatar, Saudi Arabia, Abu Dhabi, Oman
valuations are attractive – Sovereign bonds of countries such as
Qatar, Saudi Arabia, Abu Dhabi and Oman have relatively steep
curves and attractive valuations, while underperformance of
those in oil-exporting Middle East may have been driven by
increased issuance this year amid escalating geopolitical risk,
according to Goldman Sachs. Several emerging-market
sovereign bonds are inexpensive based on company’s model,
partly reflecting market developments since February and IMF
forecast revisions, this is especially the case for Middle East
that has underperformed other regions in recent risk-off period
and where IMF expects macro risk will decline next year
following higher oil prices. Oman in particular stands to benefit
from higher oil prices, predicted by IMF, although the risk of
downgrade to sub-investment grade remains. (Bloomberg)

6. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg (
#
Data as of April 30, 2018)
Source: Bloomberg (
#
Market closed on May 1, 2018) Source: Bloomberg (*$ adjusted returns;
#
Market closed on May 1, 2018)
60.0
80.0
100.0
120.0
140.0
Apr-14 Apr-15 Apr-16 Apr-17 Apr-18
QSE Index S&P Pan Arab S&P GCC
(0.6%)
(1.1%)
0.0%
(0.4%)
0.0% 0.1%
(1.1%)(1.5%)
(1.0%)
(0.5%)
0.0%
0.5%
SaudiArabia
Qatar
Kuwait
Bahrain#
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,303.91 (0.9) (1.5) 0.1 MSCI World Index 2,083.77 (0.1) (0.6) (0.9)
Silver/Ounce 16.17 (1.0) (2.1) (4.6) DJ Industrial 24,099.05 (0.3) (0.9) (2.5)
Crude Oil (Brent)/Barrel (FM Future) 73.13 (2.7) (2.0) 9.4 S&P 500 2,654.80 0.3 (0.6) (0.7)
Crude Oil (WTI)/Barrel (FM Future) 67.25 (1.9) (1.2) 11.3 NASDAQ 100 7,130.70 0.9 0.2 3.3
Natural Gas (Henry Hub)/MMBtu 2.77 0.7 (1.8) (21.7) STOXX 600 385.03 (0.8) (0.7) (1.1)
LPG Propane (Arab Gulf)/Ton 90.75 (6.0) 3.7 (8.3) DAX#
12,612.11 0.0 0.2 (1.7)
LPG Butane (Arab Gulf)/Ton 88.50 2.6 2.3 (18.4) FTSE 100 7,520.36 (0.9) (0.8) (1.4)
Euro 1.20 (0.7) (1.1) (0.1) CAC 40#
5,520.50 0.0 0.6 4.6
Yen 109.86 0.5 0.7 (2.5) Nikkei 22,508.03 (0.3) (0.3) 1.6
GBP 1.36 (1.1) (1.2) 0.7 MSCI EM 1,162.48 (0.2) 0.5 0.3
CHF 1.00 (0.6) (0.9) (2.2) SHANGHAI SE Composite#
3,082.23 0.0 0.0 (4.3)
AUD 0.75 (0.5) (1.2) (4.1) HANG SENG#
30,808.45 0.0 1.7 2.5
USD Index 92.45 0.7 1.0 0.4 BSE SENSEX#
35,160.36 0.0 0.5 (1.1)
RUB#
62.97 0.0 1.3 9.3 Bovespa#
86,115.50 0.0 (0.9) 6.9
BRL 0.29 (0.0) (1.4) (5.6) RTS#
1,153.96 0.0 (1.1) (0.0)
83.9
83.6
75.7