The QSE Index declined 0.5% to close at 10,314.2.

1. Page 1 of 7
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.5% to close at 10,314.2. Losses were led by the Insurance
and Banks & Financial Services indices, falling 0.9% and 0.7%, respectively. Top
losers were Ahli Bank and Islamic Holding Group, falling 9.9% and 2.6%,
respectively. Among the top gainers, Commercial Bank rose 2.5%, while Al Khalij
Commercial Bank was up 2.4%.
GCC Commentary
Saudi Arabia: The TASI Index rose marginally to close at 6,790.7. Gains were led by
the Media and REITs indices, rising 5.5% and 3.0%, respectively. Aljazira Takaful
Taawuni Co. rose 5.0%, while Altayyar Travel Group was up 4.7%.
Dubai: The DFM Index declined 0.9% to close at 3,468.6. The Transportation index
fell 3.8%, while the Insurance index declined 3.4%. Islamic Arab Insurance Co. fell
10.0%, while Air Arabia was down 6.7%.
Abu Dhabi: The ADX benchmark index rose 0.1% to close at 4,388.0. The Banks
index gained 0.7%, while other indices ended flat or in red. Gulf Cement Co. gained
2.7%, while First Gulf Bank was up 1.7%.
Kuwait: The KSE Index rose 1.2% to close at 6,790.4. The Financial Services index
gained 2.5%, while the Basic Materials index rose 2.1%. Al-Salam group holding co.
gained 10.0%, while National Ranges Co. was up 8.6%.
Oman: The MSM Index fell 0.3% to close at 5,697.6. Losses were led by the Services
and Financial indices, falling 0.3% each. Gulf Investment Services fell 5.9%, while
Renaissance Services was down 2.9%.
Bahrain: The BHB Index gained 0.3% to close at 1,374.6. The Hotel & Tourism index
rose 4.1%, while the Industrial index gained 1.0%. Ithmaar Holding rose 6.5%,
while Gulf Hotel Group was up 6.4%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Commercial Bank 31.25 2.5 4,511.5 (3.8)
Al Khalij Commercial Bank 14.50 2.4 21.9 (14.7)
Qatar Islamic Insurance Co. 66.50 1.7 6.2 31.4
Qatar First Bank 9.26 1.1 369.5 (10.1)
Qatar German Co. for Medical Dev. 9.75 0.8 6.1 (3.5)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Commercial Bank 31.25 2.5 4,511.5 (3.8)
Vodafone Qatar 8.90 (0.8) 1,393.3 (5.0)
Barwa Real Estate Co. 34.10 (2.0) 1,184.0 2.6
Qatar International Islamic Bank 68.60 (0.1) 928.0 9.2
National Leasing 17.45 (1.9) 922.3 13.9
Market Indicators 14 Mar 17 13 Mar 17 %Chg.
Value Traded (QR mn) 665.9 567.9 17.3
Exch. Market Cap. (QR mn) 554,492.9 556,734.1 (0.4)
Volume (mn) 16.2 16.1 0.6
Number of Transactions 6,993 6,035 15.9
Companies Traded 39 39 0.0
Market Breadth 11:26 14:23 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 17,044.99 (0.3) (1.2) 0.9 15.1
All Share Index 2,896.04 (0.4) (1.2) 0.9 14.8
Banks 2,944.87 (0.7) (2.4) 1.1 13.0
Industrials 3,330.48 0.0 (0.8) 0.7 19.5
Transportation 2,348.16 (0.5) (0.3) (7.8) 13.2
Real Estate 2,318.66 (0.3) (0.9) 3.3 15.2
Insurance 4,400.44 (0.9) (0.7) (0.8) 17.5
Telecoms 1,188.04 0.3 0.7 (1.5) 21.1
Consumer 6,385.96 (0.5) 0.9 8.3 14.3
Al Rayan Islamic Index 4,076.54 (0.6) (0.3) 5.0 16.4
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Ithmaar Holding Bahrain 0.17 6.5 300.0 32.0
Nat. Ind. Group Holding Kuwait 0.13 4.7 1,042.2 9.8
Al Tayyar Travel Group Saudi Arabia 31.24 4.7 8,031.0 (14.8)
Saudi Research & Mark. Saudi Arabia 28.46 4.0 653.0 (16.0)
Agility Kuwait 0.60 3.4 2,479.4 (3.2)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Al Ahli Bank Qatar 33.35 (9.9) 0.1 (10.2)
Air Arabia Dubai 1.11 (6.7) 20,728.2 (16.5)
Nat. Mobile Telecom. Kuwait 1.18 (4.8) 0.3 (1.7)
Mobile Telecom. Co. Kuwait 0.43 (4.4) 28,417.0 4.9
Arabtec Holding Co. Dubai 0.85 (4.0) 22,916.9 (34.8)
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Ahli Bank 33.35 (9.9) 0.1 (10.2)
Islamic Holding Group 63.30 (2.6) 81.9 3.8
Barwa Real Estate Co. 34.10 (2.0) 1,184.0 2.6
National Leasing 17.45 (1.9) 922.3 13.9
Qatar Industrial Manufacturing 42.70 (1.8) 4.3 (4.0)
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Commercial Bank 31.25 2.5 138,815.8 (3.8)
QNB Group 144.50 0.0 96,356.9 (2.4)
Medicare Group 100.00 (0.9) 66,247.8 59.0
Qatar International Islamic Bank 68.60 (0.1) 63,670.2 9.2
Industries Qatar 113.90 0.5 41,933.9 (3.1)
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* 10,314.20 (0.5) (1.5) (3.6) (1.2) 182.87 152,319.2 15.1 1.5 3.8
Dubai 3,468.58 (0.9) (1.5) (4.5) (1.8) 175.13 106,909.1 14.8 1.2 3.9
Abu Dhabi 4,387.96 0.1 (1.6) (3.6) (3.5) 39.32 115,745.1 12.5 1.4 5.6
Saudi Arabia 6,790.71 0.0 (1.8) (2.6) (5.8) 997.88 425,096.2 16.8 1.6 3.5
Kuwait 6,790.40 1.2 1.2 0.1 18.1 164.88 94,776.6 22.9 1.3 3.5
Oman 5,697.61 (0.3) (1.6) (1.4) (1.5) 16.13 22,843.7 10.9 1.1 5.0
Bahrain 1,374.57 0.3 1.6 1.8 12.6 6.28 21,975.8 9.0 0.8 4.6
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
10,200
10,250
10,300
10,350
10,400
10,450
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 7
Qatar Market Commentary
 The QSE Index declined 0.5% to close at 10,314.2. The Insurance 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.
 Ahli Bank and Islamic Holding Group were the top losers, falling 9.9%
and 2.6%, respectively. Among the top gainers, Commercial Bank rose
2.5%, while Al Khalij Commercial Bank was up 2.4%.
 Volume of shares traded on Tuesday rose by 0.6% to 16.2mn from
16.1mn on Monday. Further, as compared to the 30-day moving average
of 10.6mn, volume for the day was 52.3% higher. Commercial Bank and
Vodafone Qatar were the most active stocks, contributing 27.9% and
8.6% 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)
2016
% Change
YoY
Operating Profit
(mn) 2016
% Change
YoY
Net Profit
(mn) 2016
% Change
YoY
Al-Jouf Agricultural Dev. Co.* Saudi Arabia SR – – 78.1 6.7% 77.7 7.3%
Anaam Int. Holding Group* Saudi Arabia SR – – 2.0 -90.2% 3.7 -82.3%
Middle East Specialized Cables Co.* Saudi Arabia SR – – 27.4 N/A 79.8 N/A
Source: Company data, DFM, ADX, MSM, TADAWUL (*FY2016)
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
03/14 Germany German Federal Statistical Office CPI MoM February 0.6% 0.6% 0.6%
03/14 Germany German Federal Statistical Office CPI YoY February 2.2% 2.2% 2.2%
03/14 India India Central Statistical Organization CPI YoY February 3.7% 3.6% 3.2%
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 board meeting No. of days remaining Status
AHCS Aamal Company 15-Mar-17 0 Due
Source: QSE
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 24.96% 28.62% (24,383,483.33)
Qatari Institutions 28.86% 41.57% (84,635,054.21)
Qatari 53.82% 70.19% (109,018,537.54)
GCC Individuals 0.49% 0.17% 2,158,633.27
GCC Institutions 7.05% 8.94% (12,599,600.35)
GCC 7.54% 9.11% (10,440,967.08)
Non-Qatari Individuals 6.52% 5.55% 6,441,435.86
Non-Qatari Institutions 32.13% 15.15% 113,018,068.76
Non-Qatari 38.65% 20.70% 119,459,504.62

3. Page 3 of 7
News
Qatar
 AKHI reports net loss of QR5.3mn in 4Q2016 – Al Khaleej
Takaful Group (AKHI) reported net loss of QR5.3mn in 4Q2016
as compared to net profit of QR3.8mn in 3Q2016. EPS amounted
to QR0.52 in 2016 as compared to QR1.70 in 2015. The board of
directors recommended distribution of cash dividend of 6% of
the nominal share value (amounting to QR0.60 per share).
(QSE)
 MRDS’ bottom-line slips 95% QoQ in 4Q2016 – Mazaya Qatar
Real Estate Development Company’s (MRDS) bottom-line
declined 95.4% QoQ (down 97.0% YoY) to QR0.6mn in 4Q2016.
EPS amounted to QR0.68 in 2016 as compared to QR1.02 in
2015. Meanwhile, the company’s board of directors proposed to
the general assembly to distribute bonus shares of 5% (i.e. 5
shares for each 100 shares). (QSE)
 QFBQ reports net loss of QR265.6mn in 2016 – Qatar First Bank
(QFBQ), the leading Shari’ah compliant bank, reported net loss
of QR265.6mn in 2016, resulting mainly from the downward
revision of the valuations of some of its investments across
several markets. Despite the write-down of the investment
book, the bank’s total assets did not decline and closed at
~QR6bn at the end of December 31, 2016, mainly driven by the
increase in financing assets. QFBQ said the investment
portfolio continued to generate healthy dividends of QR13mn.
Additionally, financing assets increased by 33%, and will
generate recurring income during the coming years. QFBQ’s
Sukuk book continued to generate positive returns close to
QR30mn. The bank’s income from placement with financial
institutions has tripled mainly from cash deployment in
Shari’ah compliant money market funds. QFBQ’s CEO Ziad
Makkawi said, “Our private equity portfolio had consistently
generated significant returns over the last six years. Our
Turkish investments are still 47% higher than their acquisition
price and will continue to grow in sales and profitability and
occupy leading positions in their respective industries of
healthcare and retail. Our UK investments are still significantly
above our acquisition costs, both in pounds and riyals.
However, the ongoing global political and economic conditions
continue to weigh on our markets, and as a consequence, on our
overall profitability. Our 2016 revenues have been significantly
affected by reversals of previous years’ fair value gains on our
private equity investments, specifically in Turkey and the UK,
resulting in overall losses of QR265.6mn, the majority of which
are unrealized.” (Gulf-Times.com)
 QSE announces trading suspension in the shares of QNNS on
March 15 – Qatar Stock Exchange (QSE) announced trading
suspension of the shares of Qatar Navigation Company (QNNS)
on March 15, 2017 due to its AGM and EGM being held on the
day. (QSE)
 DBIS announces the closure of nominations for board
membership – Dlala Brokerage and Investment Holding
Company (DBIS) announced the closing of the nomination for
membership of the board of directors. The nominees for the
board membership of six vacancies are HE Sheikh Abdul
Rahman Bin Hamad Al Thani, HE Sheikh Suhaim Bin Khalid Al
Thani, Mr. Ali Hussein Al Sada, Mr. Jabir Hajjaj Al Shahwani,
Mr. Ahmed Mohamed Al Asmakh and Mr. Mohamed Mubarak
Al Khater representing Armed Forces Investment Fund. As well
as three members representing the incorporators, Ms. Moza
Mohamed Al Sulaiti representing Pension Fund, Mr. Walid
Raslan Al Abdullah representing Qatar Foundation Fund and
Mr. Khalid Abdullah Al Sowaidi representing Qatar Investment
Authority. (QSE)
 UDCD’s AGM endorses items listed on its agenda and approves
the distribution of 12.5% cash dividend – United Development
Company (UDCD) announced the resolutions of Annual General
Assembly Meeting (AGM) held on March 13, 2017 and endorsed
the recommendation of the board of directors to distribute cash
dividends of 12.5%, equivalent to QR1.25 per share. (QSE)
 MARK to hold AGM on April 2 – Masraf Al Rayan’s (MARK)
board of directors announced that the Ordinary General
Assembly Meeting (AGM) will be held on April 2, 2017. If the
quorum is not met, the alternate date will be April 9, 2017.
(QSE)
 QFBQ to hold AGM on April 6 – Qatar First Bank (QFBQ) board
of directors announced the Ordinary General Assembly Meeting
(AGM) will be held on April 6, 2017. (Peninsula Qatar)
 Qatargas to double LNG supplies to Poland – Qatar will double
the supply of liquefied natural gas (LNG) to Poland to 2mn tons
per annum as part of efforts to strengthen the bilateral
economic and trade relations between the two countries.
Qatargas has signed a side agreement to the existing sale and
purchase agreement (SPA) with Polish Oil and Gas Company
(PGNiG). The new agreement will come into effect on January 1,
2018 and run until June 2034. Qatargas Chairman and Qatar
Petroleum President and Chief executive Saad Sherida al-Kaabi
said, “We are very pleased that we have signed this agreement,
which marks another milestone for us in Qatar as we continue
to meet the requirements of our customers worldwide.” (Gulf-
Times.com)
 Qatar to expand ties with Kyrgyzstan – Minister of Economy
and Commerce, HE Sheikh Ahmed bin Jassim Al Thani, stressed
the need to further strengthen economic relations between
Qatar and Kyrgyzstan. He was addressing the first session of
the Qatari-Kyrgyz Joint Committee on Economic, Commercial
and Technical Cooperation, held in Doha over two days. The
first session was chaired by Minister of Economy and Trade of
Kyrgyzstan Kojoshev Arzybek. During the session, the two
sides held official talks and reviewed aspects of co-operation in
various sectors of mutual interest for both countries. In his
speech, the Minister said the organization of this meeting
reflects the mutual keenness of the two countries to cement
bilateral relations and push them to new heights in all fields to
meet the joint aspirations and serve the common interests of
the two countries. (Peninsula Qatar)
 Qatar chamber explores investment opportunities in
Turkmenistan – Deputy Chairman of the Turkmenistan Cabinet
of Ministers Batyr Atdayev urged Qatari businessmen to invest
in Turkmenistan and to make use of the various opportunities
and facilities provided by the Turkmen government to foreign
investors. In an economic forum held at Qatar chamber (QC) for
a Turkmen delegation of officials and businessmen, Atdayev
said that his country has inaugurated multiple free zones and
facilities for the foreign investors. There are a number of equal

4. Page 4 of 7
investment opportunities for Qataris on the private and public
sector, he added. He presented Turkmen's important economic
indicators and the encouraging environment, highlighting that
the textile industry is one of the most important sectors in the
country, where 70 factories produce environmentally friendly
cotton that is then exported as fabric to almost 30 countries
around the world. (Bloomberg)
 Ooredoo to offer cloud-based device security solution – Ooredoo
will become the first across its market to offer an individual
cloud-based device security solution for all of its 138mn users.
The new security service will protect Ooredoo customers
against viruses, dangerous files and harmful websites across
their connected smart devices, fixed and business accounts.
The Ooredoo security service will work by automatically
blocking harmful downloads or files and alerting customers via
SMS. The security service will be provided by German security
specialist ‘Secucloud’, who recently signed a strategic
partnership agreement with Ooredoo Group at its headquarters
in Doha. (Gulf-Times.com)
International
 US producer prices rise broadly, point to firming inflation – US
producer prices increased more than expected in February as
the cost of services such as hotel accommodation pushed higher
and the YoY gain was the largest in nearly five years, pointing
to steadily rising inflation pressures. Firming inflation, together
with a tightening labor market, which is expected to generate
strong wage growth, could allow the Federal Reserve to raise
interest rates. The Labor Department said that its producer
price index for final demand increased 0.3% last month after
rising 0.6% in January. Economists polled by Reuters had
forecast a 0.1% uptick. In the 12 months through February, the
PPI jumped 2.2%, the biggest advance since March 2012 and
ahead of the 2.0% gain forecast in the Reuters poll. It followed a
1.6% increase in January. (Reuters)
 Eurozone industry output rises less than expected in January –
Eurozone industrial output increased less than expected in
January as firms' higher investment in machinery was partially
offset by a drop in the production of consumer goods, estimates
from the European Union statistics office showed. Eurostat said
industrial production in the 19-country single currency bloc
rose in January by 0.9% compared to the previous month, and
by 0.6% YoY. Both figures were lower than market
expectations. A Reuters poll of economists had forecast an
average monthly rise of 1.3% and a 0.9% YoY increase. The
lower-than-expected January figures were partly
counterbalanced by upwardly revised data for December when
industrial production fell by 1.2% on the month, less than the
1.6% drop initially estimated by Eurostat. On a yearly basis
output went up by 2.5% in December, more than the 2.0% rise
previously estimated. The monthly output rise in January was
mostly due to a surge in production of capital goods, like
machinery, which went up by 2.8%, fully offsetting an equal
drop in the previous month, in a sign of firms' improved
prospects of future sales. (Reuters)
 German investor morale improves less than expected in March
– The mood among German investors improved less than
expected in March, a survey showed, as uncertainties about the
outcome of major European elections and their effect on the
growth outlook for Europe's biggest economy remained high.
Mannheim-based ZEW said its monthly survey showed its
economic sentiment index rose to 12.8 from 10.4 points in the
previous month. This undershot the Reuters consensus forecast
for rise to 13.1. A separate gauge measuring investors'
assessment of the economy's current conditions edged up to
77.3 points from 76.4 in February. This was also slightly weaker
than the Reuters consensus forecast which predicted a reading
of 78.0. ZEW President Achim Wambach said the fact that
sentiment only improved slightly reflected the current
uncertainty surrounding future economic development.
(Reuters)
 New China indicator shows service sector grows 8.2% YoY in
early 2017 – China's services sector expanded 8.2% YoY in
January-February, the statistics bureau said, unveiling a new
growth indicator amid the country's transition from an
industrial to services-led economy. The pace of service growth
in early 2017 is basically the same as at the start of last year,
the National Bureau of Statistics (NBS) said. The new monthly
indicator measuring services output was published for the first
time as China looks to provide more insight into a sector that
now accounts for more than half of the economy and most of its
growth. (Reuters)
 China's economy gets off to strong start in 2017 as investment
rebounds – China issued a raft of upbeat data showing the
economy got off to a strong start to 2017, supported by strong
bank lending, a government infrastructure spree and a much-
needed resurgence in private investment. Solid growth is
welcome news for China's policymakers as they turn their focus
to containing risks from a sharp build-up in debt ahead of a
major leadership reshuffle later this year. But economists are
not sure how long the pace can be sustained as the central bank
takes a tighter stance on credit and exporters brace for a surge
in US protectionism. Fixed-asset investment expanded more
strongly than expected in the first two months of the year as
growth in private investment more than doubled from 2016,
while surging demand for steel for new roads, bridges and
homes lifted factory output. That added to readings last week
showing robust imports, particularly of commodities such as
iron ore, and a sharp rise in producer prices which is boosting
industrial profits. (Reuters)
Regional
 Arab cooperative insurance market hits $33bn – The
cooperative insurance sector in Arab countries has grown to
$33bn, with the six members of the Gulf Co-operation Council
accounting for 25% or $9bn. The Islamic financing sector has
grown by 15 to 20% per annum since 2000 to reach $2tn by the
end of 2015. An integrated part of the international financial
system, the Islamic financing sector has been evolving since
1960 and now it includes banks, insurance and capital markets.
The sector is expected to grow at a fast pace, especially due to
increasing demand on its Shari’ah-compliant finance services.
(GulfBase.com)
 MENA power and utilities green solutions investment valued at
$8.7bn – According to the Ernst & Young (EY), mergers and
acquisitions in the renewable sector picked up in 2016 across
the Middle East and Africa (MENA) after a long period of slow
activity. Greenfield activities continue to dominate power and

5. Page 5 of 7
utility transactions in the region, attracting $8.7bn of
investment last year. Key investment announcements in
4Q2016 included the Kuwait Fund for Arab Economic
Development has coordinated a debt financing of $115.5mn to
set up a desalination plant in Egypt. The UAE also saw new
projects across coal, nuclear, and solar, funded by both local and
Asian investors, to support its raised renewable energy target
from 24% to 26% to help fight climate change. (GulfBase.com)
 OPEC says oil stocks still increasing, Saudi Arabia raise output –
Organization of the Petroleum Exporting Countries (OPEC) said
oil inventories have risen despite a global deal to cut supply and
raised its forecast of production in 2017 from outside the group,
suggesting complications in an effort to clear a glut and support
prices. OPEC also said its biggest producer Saudi Arabia
increased output in February by 263,000 barrels per day to
10mn bpd, after in January making a larger cut than required by
the OPEC accord to ensure strong initial compliance. OPEC is
curbing its output by about 1.2mn barrels per day (bpd) from
January 1, the first reduction in eight years. (Reuters)
 Saudi Arabia can achieve budget surplus by 2019 – According to
the Al-Rajhi Capital, if all the reforms outlined in the fiscal
balance program are implemented within the set timeline,
Saudi Arabia could achieve a budget surplus by 2019. The fiscal
balance program, unveiled after the announcement of the 2017
budget, comprises rationalizing government expenditure, cost
savings from energy and water-price reform partially offset by
household allowance pay-outs, new non-oil revenue sources
and enabling private sector growth. Analysts at Al-Rajhi
Capital said the government has identified value-added tax
(VAT), an expat levy, a municipal fee, an excise tax on harmful
products and luxury tariffs as major avenues for generating
non-oil revenue. In the conservative scenario (assuming lower
oil prices, execution delays in water/energy price reforms etc.),
the budget surplus will be achieved by 2020, they added.
(GulfBase.com)
 Consumer confidence in Saudi Arabia is rising – Over four in 10
local respondents expect the business conditions in Saudi
Arabia to improve within the next year, the latest results from
the Middle East Consumer Confidence Index survey carried out
by Bayt.com. 43% of respondents in Saudi Arabia believe that
the country’s economy has either improved or remained at the
same level during the past six months. When asked about
future expectations, 36% of Saudi respondents said that they
are optimistic about the economy improving. 23% of
respondents expect the economy to remain the same. When it
comes to current business conditions, a quarter of respondents
believe that the business conditions are either good or very
good, 35% believe that the conditions are average. Saudi
respondents are quite optimistic about business conditions
within the next year, where 43% of them believe that the
conditions will improve. 22% expect business conditions to
remain the same. (GulfBase.com)
 CMA received interest from GCC firms keen to list on its SME
market – Saudi Arabia's Capital Market Authority (CMA) has
received enquiries from companies from the Gulf Cooperation
Council (GCC) considering listing on its new parallel market.
Yarub Awadh Albadi, Head of CMA's IPO unit said that the
companies were in the process of appointing advisers to support
their potential listings. The Nomu market is designed for small
and medium sized businesses, requiring a market value of at
least SR10mn, minimum shareholder size of 35-50 shareholders,
and an offering of at least 20% of its shares. (Reuters)
 Stricter UAE bank rules against money laundering hurt SME
borrowing – According to the accountancy firm KPMG, anti-
money laundering regulations that are increasingly being
strengthened by UAE banks are making it more difficult for
small and medium-sized businesses to tap debt. Small &
Medium Enterprises (SMEs) have struggled to get financing in
recent years as banks become more particular about who they
give loans to after a spate of defaults left gaping holes in many
a bank’s balance sheet. Now lenders not only ask for assets to
back loans but also more information about the businesses they
finance, often to the chagrin of business owners and to
detriment of the wider economy that is reliant on small
enterprises. Banks were notified in December that anti-money
laundering rules had been amended with stricter regulations
that prevent customers from opening accounts with assumed
names, and the physical checking of forms of identification.
(GulfBase.com)
 IATA: UAE airlines likely to see falling profits in 2017 – The
Head of IATA said that the profitability of airlines based in the
UAE is likely to fall in 2017 amid limited growth in demand. The
UAE is home to Emirates, which flies more passengers’ long
haul than any other airline, as well as rapidly expanding Etihad
Airways and low cost carriers’ flydubai and Air Arabia. IATA
said that Middle East airlines are likely to see profits fall to
$300mn in 2017 from $900mn in 2016 in part due to high
capacity and limited demand growth, but did not give specifics
on UAE carriers at that time. (Gulf-Times.com)
 Deyaar is working on four projects worth AED2.7bn – Deyaar’s
CEO, Saeed Al Qatami said that Deyaar Development is
currently working on developing four projects in the residential
and hospitality sector for a total cost of up to AED2.7bn, adding
that two of these projects, Mont Rose and Atria, are expected to
be handed over by the end of 2017. Al Qatami pointed that the
company is currently working on the engineering designs of 3
new projects in Business Bay, Dubai Silicon Oasis and Dubai
South which would add 5.7mn square feet of build-up area to
the company’s balance of achievements. (GulfBase.com)
 Kuwait's $8bn bonds trade near Abu Dhabi after debut issue –
Kuwait’s $8bn debut international bond issue traded close to
Abu Dhabi bonds in the secondary market, suggesting the Gulf's
gold standard for sovereign debt now has competition for
investors' attention. Kuwait's government sold $3.5bn of five-
year bonds and $4.5bn of 10-year debt. Orders for the issue
totaled a massive $29bn. The five-year bond had tightened to
yield 2.85%, compared to 2.88% at issuance, while the 10-year
was yielding 3.56% against an initial 3.62%. That put Kuwait
inside the secondary market yields of similar bonds issued by
Qatar's government and only slightly wide of Abu Dhabi, which
was previously considered the safest credit in the region.
(Reuters)
 GFH starts work on $150mn Bahrain waterfront project – GFH
Real Estate (GFH) said it has officially started work on its
$150mn Harbour Row, a new residential and commercial
destination in the heart of Bahrain’s capital city Manama and

6. Page 6 of 7
located on the waterfront of the iconic Bahrain Financial
Harbour. Harbour Row has been envisioned by GFHRE to bring
to market world-class amenities, prestigious lifestyle brands
and global citizens together in a vibrant development which
will include some 475 residential units across six buildings.
Besides, it will also boast a broad range of expected retail
outlets and other related facilities which offers similar facilities
to other financial hubs around the world such as London
Docklands, South Beach Miami and Sydney. (GulfBase.com)
 Bahrain's Arcapita buys Dubai warehousing facilities for
$150mn – Bahrain-based investment firm Arcapita said it had
bought a group of warehousing facilities in Dubai for about
$150mn, raising the total value of its logistics portfolio in the
UAE to $250mn. Most of the new assets are in Dubai
Investments Park, which is owned by Dubai Investments.
Martin Tan, Arcapita’s Chief Investment Officer, said in a
statement that he believed his company had the option of
eventually exiting its investment by listing a real estate
investment trust on one of the region's bourses. (Reuters)

7. Contacts
Saugata Sarkar Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
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Page 7 of 7
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Feb-13 Feb-14 Feb-15 Feb-16 Feb-17
QSE Index S&P Pan Arab S&P GCC
0.0%
(0.5%)
1.2%
0.3%
(0.3%)
0.1%
(0.9%)
(1.0%)
(0.5%)
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 1,199.01 (0.4) (0.5) 4.1 MSCI World Index 1,842.98 (0.4) (0.2) 5.2
Silver/Ounce 16.87 (0.7) (1.0) 6.0 DJ Industrial 20,837.37 (0.2) (0.3) 5.4
Crude Oil (Brent)/Barrel (FM Future) 50.92 (0.8) (0.9) (10.4) S&P 500 2,365.45 (0.3) (0.3) 5.7
Crude Oil (WTI)/Barrel (FM Future) 47.72 (1.4) (1.6) (11.2) NASDAQ 100 5,856.82 (0.3) (0.1) 8.8
Natural Gas (Henry Hub)/MMBtu 3.04 (0.6) 1.9 (17.5) STOXX 600 373.46 (0.7) (0.4) 4.1
LPG Propane (Arab Gulf)/Ton 67.25 (1.5) 1.5 (6.3) DAX 11,988.79 (0.4) (0.2) 5.2
LPG Butane (Arab Gulf)/Ton 71.00 (0.7) (1.4) (26.8) FTSE 100 7,357.85 (0.7) 0.2 1.5
Euro 1.06 (0.5) (0.6) 0.8 CAC 40 4,974.26 (0.9) (0.8) 3.0
Yen 114.75 (0.1) (0.0) (1.9) Nikkei 19,609.50 (0.0) 0.2 4.4
GBP 1.22 (0.5) (0.1) (1.5) MSCI EM 939.97 0.2 1.5 9.0
CHF 0.99 (0.3) 0.1 0.9 SHANGHAI SE Composite 3,239.33 0.1 0.8 4.9
AUD 0.76 (0.2) 0.2 4.9 HANG SENG 23,827.95 (0.0) 1.1 8.1
USD Index 101.70 0.4 0.4 (0.5) BSE SENSEX 29,442.63 2.9 2.9 14.3
RUB 59.20 0.7 0.4 (3.8) Bovespa 64,699.46 (1.5) (0.4) 10.3
BRL 0.32 (0.5) (0.9) 2.6 RTS 1,063.69 (0.5) 0.7 (7.7)
118.2
99.2
97.8