The QSE Index rose 1.3% to close at 8,934.4. Gains were led by the Banks & Financial Services and Real Estate indices, gaining 2.3% and 2.0%, respectively.

1. Page 1 of 6
QSE Intra-Day Movement
Qatar Commentary
The QSE Index rose 1.3% to close at 8,934.4. Gains were led by the Banks & Financial
Services and Real Estate indices, gaining 2.3% and 2.0%, respectively. Top gainers
were Ahli Bank and Ezdan Holding Group, rising 4.9% and 3.9%, respectively. Among
the top losers, Al Khaleej Takaful Insurance Company fell 4.3%, while Islamic
Holding Group was down 3.9%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.6% to close at 8,070.7. Gains were led by the
Real Estate Mgmt & Dev. and Banks indices, rising 1.2% and 1.0%, respectively.
National Gypsum Co. rose 9.7%, while Nama Chemicals Co. was up 8.1%.
Dubai: The DFM General Index gained 0.4% to close at 2,905.0. The Investment &
Fin. Services index rose 1.8%, while the Real Estate & Const. index gained 1.2%. Al
Salam Bank - Bahrain rose 3.8%, while Amlak Finance was up 3.4%.
Abu Dhabi: The ADX General index rose 0.5% to close at 4,446.8. The
Telecommunication index gained 2.2%, while the Real Estate index rose 1.5%.
Comm. Bank International gained 14.5%, while National Takaful Co. was up 14.3%.
Kuwait: The Kuwait Main Market Index rose 0.1% to close at 4,874.4. The Consumer
Services index gained 0.3%, while the Financial Services index rose 0.2%. Al Madar
Finance and Inv. Co. gained 25.1%, while Amwal International Inv. was up 12.4%.
Oman: The MSM 30 Index rose 0.1% to close at 4,689.7. Gains were led by the
Services and Industrial indices, rising 0.4% and 0.1%, respectively. National Gas
rose 4.6%, while Almaha Ceramics was up 3.9%.
Bahrain: The BHB Index gained 0.1% to close at 1,272.1. The Insurance index rose
2.9%, while the Services index gained 0.2%. Bahrain National Holding Company
rose 10.0%, while Zain Bahrain was up 5.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 31.48 4.9 46.4 (15.2)
Ezdan Holding Group 9.50 3.9 208.9 (21.4)
QNB Group 149.89 3.4 283.7 19.0
Qatar Islamic Bank 105.40 3.2 79.3 8.7
Doha Insurance Group 12.50 3.1 0.3 (10.7)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Dlala Brokerage & Inv. Holding Co. 13.79 2.5 1,004.1 (6.2)
Mazaya Qatar Real Estate Dev. 6.89 (1.4) 778.2 (23.4)
Investment Holding Group 5.58 0.0 750.5 (8.5)
Qatar Oman Investment Company 7.24 2.1 604.8 (8.4)
Qatar First Bank 5.65 0.4 426.9 (13.5)
Market Indicators 14 May 18 13 May 18 %Chg.
Value Traded (QR mn) 213.3 184.8 15.4
Exch. Market Cap. (QR mn) 494,508.2 485,265.5 1.9
Volume (mn) 7.5 10.0 (25.4)
Number of Transactions 3,714 3,035 22.4
Companies Traded 43 43 0.0
Market Breadth 26:15 25:15 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 15,741.40 1.3 2.1 10.1 13.3
All Share Index 2,619.51 1.7 2.3 6.8 13.7
Banks 3,068.65 2.3 3.0 14.4 12.5
Industrials 3,057.82 1.9 2.7 16.7 16.1
Transportation 1,772.43 (0.6) (0.2) 0.3 11.2
Real Estate 1,720.26 2.0 3.2 (10.2) 15.0
Insurance 2,934.56 1.4 1.5 (15.7) 23.7
Telecoms 988.80 (0.8) (0.5) (10.0) 29.0
Consumer 5,770.01 1.0 0.2 16.3 12.5
Al Rayan Islamic Index 3,598.69 0.9 1.5 5.2 14.6
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Al Ahli Bank of Kuwait Kuwait 0.34 5.9 2.8 16.9
QNB Group Qatar 149.89 3.4 283.7 19.0
Qatar Islamic Bank Qatar 105.40 3.2 79.3 8.7
Dubai Financial Market Dubai 1.00 3.1 11,502.9 (10.7)
Dar Al Arkan Real Estate Saudi Arabia 12.25 3.0 63,837.5 (14.9)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Mobile Telecom. Co. Saudi Arabia 6.71 (2.9) 4,875.6 (8.2)
GFH Financial Group Dubai 1.42 (2.7) 24,793.6 (5.3)
Human Soft Holding Co. Kuwait 3.66 (2.2) 69.8 (2.1)
Emirates NBD Dubai 10.00 (2.0) 209.3 22.0
Qatar Navigation Qatar 55.00 (1.6) 4.2 (1.7)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Insurance Co. 11.00 (4.3) 6.9 (16.9)
Islamic Holding Group 29.30 (3.9) 15.6 (21.9)
Qatar General Ins. & Reins. Co. 48.00 (1.6) 3.0 (2.0)
Qatar Navigation 55.00 (1.6) 4.2 (1.7)
Mazaya Qatar Real Estate Dev. 6.89 (1.4) 778.2 (23.4)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
QNB Group 149.89 3.4 42,037.7 19.0
Industries Qatar 115.74 2.7 31,723.0 19.3
Qatar Electricity & Water Co. 194.90 1.2 16,769.6 9.5
Dlala Brokerage & Inv. Holding 13.79 2.5 13,665.2 (6.2)
Masraf Al Rayan 34.30 0.2 12,865.7 (9.1)
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* 8,934.39 1.3 2.1 (1.9) 4.8 109.35 135,841.4 13.3 1.4 4.9
Dubai 2,905.03 0.4 0.8 (5.2) (13.8) 67.27 102,430.1 10.0 1.1 5.8
Abu Dhabi 4,446.81 0.5 0.2 (4.8) 1.1 21.01 123,093.1 11.9 1.3 5.4
Saudi Arabia 8,070.69 0.6 2.0 (1.7) 11.7 1,505.91 510,371.6 18.1 1.8 3.2
Kuwait 4,874.41 0.1 (0.2) 0.8 (2.5) 23.64 34,103.3 14.6 0.9 3.9
Oman 4,689.66 0.1 0.2 (0.8) (8.0) 7.98 19,590.6 11.8 1.0 5.1
Bahrain 1,272.07 0.1 0.1 1.1 (4.5) 3.72 19,861.5 8.3 0.8 6.4
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
8,800
8,850
8,900
8,950
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 rose 1.3% to close at 8,934.4. The Banks & Financial
Services and Real Estate indices led the gains. The index rose on the
back of buying support from GCC and non-Qatari shareholders despite
selling pressure from Qatari shareholders.
 Ahli Bank and Ezdan Holding Group were the top gainers, rising 4.9%
and 3.9%, respectively. Among the top losers, Al Khaleej Takaful
Insurance Company fell 4.3%, while Islamic Holding Group was down
3.9%.
 Volume of shares traded on Monday fell by 25.4% to 7.5mn from 10.0mn
on Sunday. Further, as compared to the 30-day moving average of
10.4mn, volume for the day was 27.8% lower. Dlala Brokerage &
Investment Holding Company and Mazaya Qatar Real Estate
Development were the most active stocks, contributing 13.4% and
10.4% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases and Global Economic Data
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2018
% Change
YoY
Operating Profit
(mn) 1Q2018
% Change
YoY
Net Profit
(mn) 1Q2018
% Change
YoY
Amlak Finance Dubai AED – – – – 5.9 5.5%
National General Insurance Co. Dubai AED 121.1 -33.2% – – 8.5 0.9%
Al Ramz Corporation Investment
and Development
Dubai AED – – – – 12.8 -16.5%
Emaar Development Dubai AED 3,265.2 95.1% – – 819.3 62.0%
United Foods Company Dubai AED 122.8 7.5% – – 5.5 -11.7%
Al Wathba National Insurance Co. Abu Dhabi AED 81.5 -5.4% – – 26.8 91.1%
Methaq Takaful Insurance Co. Abu Dhabi AED 118.2 54.3% – – 4.3 -22.9%
United Insurance Co. Abu Dhabi AED 29.7 3.1% – – -0.6 N/A
Al Dhafra Insurance Co. Abu Dhabi AED 98.8 -30.0% – – 16.2 82.0%
Dana Gas Abu Dhabi AED 440.0 1.9% – – 51.0 27.5%
Ras Al Khaimah Poultry and
Feeding Co.
Abu Dhabi AED 9.2 -28.2% – – 3.7 -20.0%
International Holdings Company Abu Dhabi AED 112.4 18.8% – – 9.5 -21.1%
Gulf Cement Co. Abu Dhabi AED 135.3 8.6% – – -2.9 N/A
Bahrain Ship Repairing &
Engineering Company
Bahrain BHD 2.1 -5.4% – – 0.8 -14.0%
Bahrain National Holding
Company
Bahrain BHD 9.1 22.0% – – 0.6 -68.1%
Delmon Poultry Company Bahrain BHD 3.6 -7.7% – – 0.3 165.9%
Bahrain Flour Mills Company Bahrain BHD 1.9 5.6% 0.1 10.1% 0.8 -58.5%
Solidarity Bahrain Bahrain BHD – – – – 0.6 122.4%
Arab Insurance Group Bahrain USD 169.1 -2.1% – – 0.5 3.5%
GFH Financial Group Bahrain USD – – – – 36.5 14.3%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
05/14 Japan Bank of Japan PPI YoY April 2.0% 2.0% 2.1%
05/14 Japan Bank of Japan PPI MoM April 0.1% 0.1% -0.1%
05/14 India Press Information Bureau of India Wholesale Prices YoY April 3.2% 2.9% 2.5%
05/14 India India Central Statistical Organization CPI YoY April 4.6% 4.4% 4.3%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 38.61% 42.84% (9,023,411.51)
Qatari Institutions 14.34% 17.63% (7,020,927.22)
Qatari 52.95% 60.47% (16,044,338.73)
GCC Individuals 1.18% 1.25% (157,967.94)
GCC Institutions 5.41% 3.36% 4,375,143.86
GCC 6.59% 4.61% 4,217,175.92
Non-Qatari Individuals 11.70% 11.83% (284,968.49)
Non-Qatari Institutions 28.76% 23.08% 12,112,131.30
Non-Qatari 40.46% 34.91% 11,827,162.81

3. Page 3 of 6
News
Qatar
 MSCI emerging markets index increases weight on several
Qatari companies – MSCI announced changes to its emerging
markets index (effective on market close of May 31, 2018). As
part of the review, Qatar as a whole will see an increase in its
weight as part of the review with pro forma weights at 0.79%,
up from 0.59% currently. QNB Group (QNBK) along with QIBK
and QEWS, will experience weight increases as well with QNBK
being the biggest beneficiary due to its almost doubling of
weight in the MSCI EM Pro Forma Index (0.34% from 0.18%).
On the other hand, as the market expected, QGTS will be
removed from the standard index and included in the small-cap
index. The result of the review should see significant foreign
cash inflows into Qatar as part of the rebalancing with street
estimates calling for ~$800mn in net inflows on
implementation date. (QNBFS Research)
 KCBK announces the possible disposal of its subsidiary – Al
Khaliji France, fully owned subsidiary of Al Khalij Commercial
Bank (KCBK), currently engaging with interested third parties
in respect of a possible disposal of 100% of its shares.
Discussions are at a very preliminary stage and there is no
certainty that any transaction will be entered into. It is
proposed that any transaction would be effected by way of a
private offering. A further announcement will only be made if
there is a development which requires the disclosure of further
information under the applicable laws. (QSE)
 Nakilat’s EGM approves proposed amendments to the Articles
of Association – Qatar Gas Transport Company Limited
(Nakilat) held its Extraordinary General Meeting (EGM) on May
13th, 2018. The EGM has approved all the proposed changes to
the Articles of the Association. (QSE)
 Ooredoo announces date to pay profits to Sukuk holders –
Ooredoo announced that Ooredoo Tamweel Limited (OTL), its
wholly owned subsidiary, pursuant to the terms and conditions
of the notes and the final terms, will pay its Sukuk holders’
periodic payment on June 4, 2018. (QSE)
 Total value of private investments in Qatar reaches QR26bn –
The combined value of private investments in Qatar reached
QR26bn, announced the Technical Committee for the
Encouragement and Participation of the Private Sector in
Economic Development Projects. Khamis Al Mohannadi, Head
of the Committee said that the private investments have
achieved the main objectives of the Ministerial Committee,
stressing that in the near future more initiatives, proposals and
projects will be announced. He said that the Committee is
currently preparing a database for the industrial sector in Qatar.
The first phase of the database will be completed within the
next six months. It will include the number of factories and
highlight the gap in certain industries. He pointed out that the
industrial data will provide the investors and the private sector
an idea about the sectors that need more investment. The
objective is to offer needful information that may help reduce
the risks involved. The database about the local market, on
which the businesses and individuals take their investment
decisions, is very important for both the Qatari industrialists as
well as the foreign investors. (Peninsula Qatar)
 Qatari Incorporation looking at stake buys in Turkish
companies – Qatari Incorporation is increasingly looking at
acquiring Turkish companies with three Qatar-based firms
contemplating stake purchases in agriculture and light
industries. Among the top ten foreign direct investment (FDI)
in Turkey is the Qatar Investment Authority and BRF joint
venture’s 92% stake in the food and beverage entity Banvit for
$470mn. Qatar’s investment focus has initially been on
Turkey’s financial and real estate sectors; it is increasingly
turning into food security and agriculture. An investor may
execute an acquisition in Turkey either through acquisition of a
company or acquisition of a certain business. On the important
role that Turkey can play in supporting Qatar’s economic
Growth, Ahmed Abu-Sharkh, Country Senior Partner at KPMG
in Qatar said, “It is clear that the economic ties between Turkey
and Qatar are going from strength-to-strength, as the brotherly
countries continue to build on well-established trade
relationships. With Qatar’s economy on a clear upwards
trajectory, many businesses are looking overseas to bolster
growth and for ways to enhance their local operations and
Turkey’s economic and regulatory profile make the country an
ideal destination for both investment and trading.” (Gulf-
Times.com)
 Qatari & Turkish firms to invest $5.2bn in petrochemical project
– Companies from Qatar and Turkey have joined hands to
invest over $5.2bn in an integrated petrochemicals complex and
energy projects to be built in Turkey, according to Turkish
Ambassador to Qatar, Fikret Ozer. The deal has been signed
between Metcap Energy Investments of Turkey and Fusion
Dynamics of Qatar, which will be investing about $5.2bn in a
50-50 joint venture in Turkey’s energy and petrochemical
industry, the Turkish envoy said on the sidelines of a seminar
on ‘Qatar-Turkey Trade and Investment Opportunities’, hosted
by KPMG. The petrochemicals project, with an investment of
$4bn, will be built in the Thrace Basin of Turkey with an annual
capacity of producing 2.6 million tons of methanol and one
million tons of light olefins for conversion to 400,000 tons of
polyethylene and 600,000 tons of polypropylene. The upcoming
project, said the Turkish Ambassador, will meet nearly half of
the country’s demand for raw materials that find use in plastics
and other related industries. (Peninsula Qatar)
 Ooredoo becomes world’s first operator to launch live 5G
network – Ooredoo has become the first operator in the world to
launch a live 5G network on the 3.5GHz spectrum band.
Ooredoo’s 5G network is the first commercially available 5G
network in the world and is an important technological
breakthrough for the telecommunications industry worldwide.
(Gulf-Times.com)
 Fitch: Less funding pressure at Qatari Islamic banks than
conventional peers – Qatari Islamic banks have less foreign
funding and typically higher retail deposits than their
conventional peers and are therefore less at risk of deposit
flight, according to Fitch Ratings (Fitch). Nevertheless,
liquidity pressures remain as for all Qatari banks due to the
financial and economic sanctions on Qatar as well as higher
funding costs. Islamic banks made up 23% of sector assets at
end-2017. Qatari Islamic banks typically have better asset-

4. Page 4 of 6
quality metrics than their conventional peers. However, the
deterioration in metrics has been more pronounced due to
pressure on the contracting and real-estate sectors, in which
Islamic banks are concentrated, and to high single-name
concentration. Reserve coverage is also weaker for Islamic
banks. The average financing impairment charges-to-gross
financing ratio remains below conventional banks due to
specific asset-quality issues in a small number of conventional
banks. Islamic banks’ profitability metrics are mildly weaker
than their conventional peers due to lower returns on non-
financing assets. Nevertheless, the main difference in the
operating profit/risk-weighted assets (RWAs) ratio is QNB
Group pulling up the conventional banks due to its strong
metrics and lower RWAs. Rising rates and the political dispute
resulted in increased funding costs in 2017, continuing pressure
on profitability metrics. (Bloomberg)
 Qatar’s reforms can mitigate challenges arising from property
sector – The lending growth in Qatar property market was more
than 8% in first quarter 2018. Recently Qatar Cabinet has given
its nod to a draft law on the regulation of ownership and usage
of properties by non-Qataris in the country. Under the terms of
the draft law, non-Qataris may own and use properties in Qatar
in accordance with conditions specified by a decision of the
Cabinet and based on suggestions of the commission for
regulating non-Qatari ownership and use of real estate. The
provisions of the draft law are applicable to land space,
buildings and residential units, as well as certain units in
residential complexes. To attract greater tourism to Qatar,
major investment will be required in developing tourist
attractions, and bring successful initiatives such as Shop Qatar
and the Summer Festival. The retail market witnessed launch
of B Square Mall in Al Thumama in 2017, which combines retail
units with extensive entertainment and leisure provisions.
(Gulf-Times.com)
 Qatar, Somalia to enhance relations – HH the Amir Sheikh
Tamim Bin Hamad Al Thani and the President of Somalia,
Mohamed Abdullahi Farmajo, discussed ways to enhance
bilateral cooperation as well as developments on the Somali
front, in addition to regional and international issues of
common concern. At the outset of the talks held at the Amiri
Diwan, the Amir welcomed the Somali president, stressing that
the meeting will help in boosting the existing ties between the
two countries in all fields and that Qatar will continue to
support Somalia as well as efforts of the president to overcome
the different challenges and difficulties that he faces, wishing
security and stability for his country. (Gulf-Times.com)
International
 IMF presses German government to invest more to reduce trade
surplus – The International Monetary Fund (IMF) stepped up
pressure on Chancellor Angela Merkel’s government to help
reduce Germany’s high trade surplus by further increasing its
public investment. Germany should also consider pension
reforms to lengthen working lives, mitigating the need for
workers to save so much for retirement and lower the risks of
old-age poverty, the Fund stated. The IMF and the European
Commission have long urged Germany to boost domestic
demand by lifting wages and investment to reduce what they
call global economic imbalances. (Reuters)
 Greek January-April government primary budget surplus beats
target – Greece’s central government attained a primary budget
surplus of 2.334bn Euros in the first four months of the year,
well above its target thanks to higher tax revenues and lower
spending, finance ministry data showed. The government was
targeting a primary budget surplus, which excludes debt-
servicing costs, of 374mn Euros for the January-to-April period,
meaning the surplus outperformed the target by 1.96bn Euros.
The central government surplus excludes the budgets of social
security organizations and local administration. (Reuters)
 China April industrial output up 7.0%, tops forecasts;
investment, retail sales miss – China’s industrial output grew
7.0% in April from a year earlier, much more than expected, but
fixed-asset investment growth slowed to 7.0% in the first four
months, below forecasts, official data showed. Analysts polled
by Reuters had predicted industrial output growth would rise to
6.3%, bouncing back from a softer-than-expected 6.0% reading
in March. Investment growth had been expected to ease only
slightly to 7.4% in the first four months from the same period a
year earlier, compared with 7.5% in January-March. Private
sector fixed-asset investment rose 8.4% in January-April,
slowing from growth of 8.9% in the first three months. Private
investment accounts for about 60% of overall investment in
China. Retail sales rose 9.4% in April from a year earlier,
missing expectations of an increase of 10.0%, compared with a
rise of 10.1% in March. China’s economy grew at a slightly
faster-than-expected pace of 6.8% in the first quarter, well
above Beijing’s target of around 6.5% for the full-year.
However, economists have stuck by forecasts that its
momentum will cool later in the year, even if Beijing and
Washington can reach a compromise in their heated trade
dispute. (Reuters)
 India’s WPI inflation accelerates to 3.18% in April – India’s
annual wholesale price inflation accelerated in April, helped by
higher fuel and food product prices, government data showed.
Annual wholesale price inflation last month rose to 3.18% from
a year earlier, higher than 2.47% rise in March, and an increase
of 2.86% forecast by economists in a Reuters poll. Wholesale
food prices in April rose 0.67% YoY, compared with a fall of
0.07% a month earlier. (Reuters)
Regional
 With oil glut almost gone, OPEC still cuts more than oil pact
demands – A global oil glut has been virtually eliminated due to
an OPEC-led pact to cut supplies that has been in place since
January 2017 and due to rising global demand. Despite this,
OPEC’s latest report noted that producers were cutting more
than required under the deal. Saudi Arabia said it cut output in
April to its lowest level since the supply deal began in January
2017. (Gulf-Times.com)
 Saudi Arabia’s public finances to stabilize this year as deficit
falls – Saudi Arabia’s public finances are expected to remain
solid with a gradual reduction in the fiscal deficit in 2018,
economists said. Saudi Arabia’s fiscal deficit widened in 1Q2018
to $9.2bn from $7bn in 1Q2017. Fiscal data for 1Q2018 showed
the deficit widening by 31% YoY, despite a healthy 15.4%
increase in government revenue in the quarter, largely driven
by non-oil government income from the implementation of

5. Page 5 of 6
value-added tax (VAT), excise duties and various other
government fees. (GulfBase.com)
 Dar Al Arkan launches phase two of $2.7bn project – Dar Al-
Arkan Real Estate Development Company (Dar Al Arkan)
launched the second phase of $2.7bn project in Riyadh that
features villas with interior designs by Italian fashion house
Roberto Cavalli. The Shams Al Riyadh project, one of the firm’s
major mixed-use developments in the capital, points to a
revival in the Kingdom’s real estate sector which was hit hard
in recent years as low oil prices squeezed state spending on new
projects and pushed the government to delay payments to
contractors. (Reuters)
 UAE exports to Japan up by 20% at AED22.68bn – UAE exports
to Japan rose by 20% to AED22.68bn in 1Q2018, up from
AED18.9bn in the corresponding period last year. According to
the data of the Japan External Trade Organization (JETRO), the
total value of trade between the two countries grew by around
13.5% to AED30.28bn in 1Q2018, up from AED26.7bn in
1Q2017. The UAE’s imports from Japan fell by around 2.4% to
AED7.6bn in cent, down from AED3.67bn in 1Q2017.
(GulfBase.com)
 INVESTB’s net profit narrows to AED64.7mn in 1Q2018 –
Invest Bank (INVESTB) recorded net profit of AED64.7mn in
1Q2018 as compared to AED89.7mn in 1Q2017. Net interest
income came in at AED121.7mn as compared to AED124.0mn in
1Q2017. Total operating income came in at AED177.7mn as
compared to AED177.8mn in 1Q2017. Total assets stood at
AED17.51bn at the end of March 31, 2018 as compared to
AED16.95bn at the end of December 31, 2017. Loans and
advances to customers stood at AED12.27bn, while customers’
deposits stood at AED14.42bn at the end of March 31, 2018. EPS
came in at AED0.04 in FY2017 as compared to AED0.06 in
FY2016. (ADX)
 Oman’s inflation rises by 0.58% in April – The inflation rate in
Oman rose marginally by 0.58% in April 2018, over the same
period in 2017, according to National Centre for Statistics and
Information (NCSI). The marginal increase in inflation was
driven by a rise in cost of major segments such as education
which rose 4.90%, rise in transport cost by 2.47% and
furnishing & household equipment with a rise of 1.27% in April
2018, over the same period of last year. However, foods and
non-alcoholic beverages group witnessed a marginal 0.72% fall
in April this year, compared to the same period of last year,
showed NCSI data. (GulfBase.com)
 Total set to develop natural gas resources in Oman – French
energy group, Total signed a memorandum of understanding
with the government of Oman to develop natural gas resources
in Oman. “Total and Shell as operator will develop several
natural gas discoveries located in the Greater Barik area on
onshore Block 6 with respective shares of 25% and 75%,” Total
stated. The project is expected to have initial production of
around 500mn cubic feet of gas per day, rising to a potential of
1bn cubic feet of gas per day. (Gulf-Times.com)
 SALAM’s net profit rises to BHD5.4mn in 1Q2018 – Al Salam
Bank-Bahrain (SALAM) recorded net profit of BHD5.4mn in
1Q2018 as compared to BHD4.9mn in 1Q2017. Income from
financing assets came in at BHD12.0mn as compared to
BHD10.8mn in 1Q2017. Total operating income came in at
BHD16.8mn as compared to BHD15.2mn in 1Q2017. Total
assets stood at BHD1.62bn at the end of March 31, 2018 as
compared to BHD1.59bn at the end of December 31, 2017.
Financing assets stood at BHD744.78mn, while placements
from customers stood at BHD605.28mn at the end of March 31,
2018. EPS came in at BHD0.003 in 1Q2018 as compared to
BHD0.002 in 1Q2017. (Bahrain Bourse)

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
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Page 6 of 6
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
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%
1.3%
0.1% 0.1% 0.1%
0.5% 0.4%
0.0%
0.5%
1.0%
1.5%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,313.50 (0.4) (0.4) 0.8 MSCI World Index 2,136.09 0.2 0.2 1.6
Silver/Ounce 16.52 (0.9) (0.9) (2.5) DJ Industrial 24,899.41 0.3 0.3 0.7
Crude Oil (Brent)/Barrel (FM Future) 78.23 1.4 1.4 17.0 S&P 500 2,730.13 0.1 0.1 2.1
Crude Oil (WTI)/Barrel (FM Future) 70.96 0.4 0.4 17.4 NASDAQ 100 7,411.32 0.1 0.1 7.4
Natural Gas (Henry Hub)/MMBtu 2.84 3.9 3.9 (19.8) STOXX 600 392.19 0.1 0.1 0.4
LPG Propane (Arab Gulf)/Ton 90.50 2.7 2.7 (8.6) DAX 12,977.71 (0.0) (0.0) 0.1
LPG Butane (Arab Gulf)/Ton 89.88 2.4 2.4 (17.2) FTSE 100 7,710.98 0.1 0.1 0.7
Euro 1.19 (0.1) (0.1) (0.6) CAC 40 5,540.68 0.1 0.1 3.9
Yen 109.66 0.2 0.2 (2.7) Nikkei 22,865.86 0.3 0.3 3.3
GBP 1.36 0.1 0.1 0.3 MSCI EM 1,168.90 0.4 0.4 0.9
CHF 1.00 (0.0) (0.0) (2.6) SHANGHAI SE Composite 3,174.03 0.3 0.3 (1.5)
AUD 0.75 (0.2) (0.2) (3.6) HANG SENG 31,541.08 1.4 1.4 4.9
USD Index 92.59 0.1 0.1 0.5 BSE SENSEX 35,556.71 (0.3) (0.3) (1.4)
RUB 61.85 (0.2) (0.2) 7.3 Bovespa 85,232.19 (1.1) (1.1) 1.5
BRL 0.28 (0.6) (0.6) (8.5) RTS 1,202.56 0.7 0.7 4.2
83.2
82.3
75.0