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1 QSE Intra-Day Movement 9,050 9,000 8,950 8,900 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QSE Index rose 1.1% to close at 9, Gains were led by the Transportation and Real Estate indices, gaining 2.6% and 1.5%, respectively. Top gainers were Qatar Navigation and Al Khaleej Takaful Insurance Company, rising 8.0% and 4.4%, respectively. Among the top losers, Qatar Cinema & Film Distribution Company fell 9.9%, while Doha Insurance Group was down 3.4%. GCC Commentary Saudi Arabia: The TASI Index fell marginally to close at 8, Losses were led by the Insurance and Utilities indices, falling 1.1% and 0.9%, respectively. Al-Ahlia Ins. Co. declined 4.2%, while United Cooperative Assurance Co. was down 3.8%. Dubai: The DFM General Index gained 0.2% to close at 2, The Consumer Staples and Discretionary index rose 1.7%, while the Insurance index gained 0.7%. Takaful Emarat rose 10.0%, while Union Properties was up 9.3%. Abu Dhabi: The ADX General Index rose 0.3% to close at 4, The Consumer Staples index gained 2.0%, while the Real Estate index rose 1.6%. Abu Dhabi Ship Building Co. gained 14.4%, while Union Insurance Co. was up 13.4%. Kuwait: The Kuwait Main Market Index fell 0.1% to close at 4, The Basic Material index declined 0.7%, while the Banks index fell 0.5%. National Cleaning Co. fell 7.0%, while Credit Rating & Collection Co. was down 5.9%. Oman: The MSM 30 Index fell 0.1% to close at 4, Losses were led by the Financial and Industrial indices, falling 0.2% and 0.1%, respectively. Almaha Ceramics fell 2.2%, while National Bank of Oman was down 1.7%. Bahrain: The BHB Index gained 0.4% to close at 1, The Insurance index rose 2.2%, while the Investment index gained 0.7%. Khaleeji Commercial Bank rose 9.5%, while Bahrain National Holding Company was up 7.3%. QSE Top Gainers Close* 1D% Vol. 000 YTD% Qatar Navigation Al Khaleej Takaful Insurance Co (14.0) Qatar Electricity & Water Co The Commercial Bank Ahli Bank (16.5) Market Indicators 28 June June 18 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) 493, , Volume (mn) (7.2) Number of Transactions 3,723 2, Companies Traded Market Breadth 21:19 29:9 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 15, All Share Index 2, Banks 3, Industrials 2, Transportation 1, Real Estate 1, (17.0) 13.8 Insurance 3, (0.3) (12.1) 26.0 Telecoms 1, (7.7) 30.4 Consumer 6, (0.1) Al Rayan Islamic Index 3, GCC Top Gainers ## Exchange Close # 1D% Vol. 000 YTD% Qatar Navigation Qatar Jabal Omar Dev. Co. Saudi Arabia ,070.3 (30.7) Al Salam Bank-Bahrain Bahrain Qatar Electricity & Water Qatar Union National Bank Abu Dhabi (2.1) GCC Top Losers ## Exchange Close # 1D% Vol. 000 YTD% DAMAC Properties Dubai 2.05 (5.1) (37.9) Human Soft Holding Co. Kuwait 3.50 (2.7) 97.5 (6.3) Emaar Economic City Saudi Arabia (2.1) 2,002.0 (11.0) Gulf Bank Kuwait 0.24 (2.1) 8,244.3 (0.4) Al Hammadi Dev. & Inv. Saudi Arabia (1.9) (11.1) 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% Qatar Cinema & Film Distribution (9.9) 0.1 (27.9) Doha Insurance Group (3.4) 2.3 (10.7) Zad Holding Company (1.9) Al Khalij Commercial Bank (1.2) 3.1 (24.5) Gulf Warehousing Company (0.9) 2.4 (5.4) QSE Top Volume Trades Close* 1D% Vol. 000 YTD% Vodafone Qatar 8.81 (0.2) 3, Masraf Al Rayan (7.5) Ezdan Holding Group (32.1) Barwa Real Estate Company Qatar Navigation Regional Indices Close 1D% WTD% MTD% YTD% QSE Top Value Trades Close* 1D% Val. 000 YTD% QNB Group , Vodafone Qatar 8.81 (0.2) 30, Qatar Navigation , Masraf Al Rayan ,325.7 (7.5) Barwa Real Estate Company , Source: Bloomberg (* in QR) Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9, , Dubai 2, (3.7) (4.8) (16.3) , Abu Dhabi 4, (1.0) , Saudi Arabia 8, (0.0) , Kuwait 4, (0.1) (2.7) , Oman 4, (0.1) (0.8) (0.8) (10.3) , Bahrain 1, (1.6) , Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 7

2 Qatar Market Commentary The QSE Index rose 1.1% to close at 9, The Transportation and Real Estate indices led the gains. The index rose on the back of buying support from non-qatari shareholders despite selling pressure from Qatari and GCC shareholders. Qatar Navigation and Al Khaleej Takaful Insurance Company were the top gainers, rising 8.0% and 4.4%, respectively. Among the top losers, Qatar Cinema & Film Distribution Company fell 9.9%, while Doha Insurance Group was down 3.4%. Volume of shares traded on Thursday fell by 7.2% to 8.6mn from 9.2mn on Wednesday. Further, as compared to the 30-day moving average of 11.5mn, volume for the day was 25.3% lower. Vodafone Qatar and Masraf Al Rayan were the most active stocks, contributing 39.3% and 6.5% to the total volume, respectively. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 32.80% 36.27% (9,565,919.65) Qatari Institutions 15.73% 26.43% (29,453,877.51) Qatari 48.53% 62.70% (39,019,797.16) GCC Individuals 0.30% 0.42% (322,526.03) GCC Institutions 1.99% 2.23% (670,122.36) GCC 2.29% 2.65% (992,648.39) Non-Qatari Individuals 6.64% 7.70% (2,905,029.78) Non-Qatari Institutions 42.55% 26.95% 42,917, Non-Qatari 49.19% 34.65% 40,012, Source: Qatar Stock Exchange (* as a % of traded value) Global Economic Data and Earnings Calendar Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 06/28 US Department of Labor Initial Jobless Claims 23-June 227k 220k 218k 06/28 US Department of Labor Continuing Claims 16-June 1,705k 1,717k 1,726k 06/29 UK UK Office for National Statistics GDP QoQ 1Q % 0.1% 0.1% 06/29 UK UK Office for National Statistics GDP YoY 1Q % 1.2% 1.2% 06/28 EU European Commission Industrial Confidence June /28 EU European Commission Services Confidence June /28 EU European Commission Consumer Confidence June /28 EU European Commission Economic Confidence June /28 Germany German Federal Statistical Office CPI MoM June 0.1% 0.1% 0.5% 06/28 Germany German Federal Statistical Office CPI YoY June 2.1% 2.1% 2.2% 06/29 Germany Deutsche Bundesbank Unemployment Change (000 s) June -15k -8k -12k 06/29 France INSEE National Statistics Office PPI MoM May 0.6% -0.7% 06/29 France INSEE National Statistics Office PPI YoY May 2.9% 2.3% 06/29 France INSEE National Statistics Office CPI MoM June 0.1% 0.1% 0.4% 06/29 France INSEE National Statistics Office CPI YoY June 2.1% 2.1% 2.0% 06/29 Japan Ministry of Economy Trade and Industry Industrial Production MoM May -0.2% -1.0% 0.5% 06/29 Japan Ministry of Economy Trade and Industry Industrial Production YoY May 4.2% 3.4% 2.6% 06/29 Japan Economic and Social Research Institute Consumer Confidence Index June /30 China China Federation of Logistics Manufacturing PMI June /30 China China Federation of Logistics Composite PMI June 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 2Q2018 results No. of days remaining Status QNBK QNB Group 11-Jul Due QGTS Qatar Gas Transport Company Limited (Nakilat) 11-Jul Due QIBK Qatar Islamic Bank 15-Jul Due MARK Masraf Al Rayan 16-Jul Due UDCD United Development Company 18-Jul Due CBQK The Commercial Bank 18-Jul Due ABQK Ahli Bank 19-Jul Due DHBK Doha Bank 19-Jul Due AKHI Al Khaleej Takaful Insurance Company 3-Aug Due Source: QSE Page 2 of 7

3 News Qatar QCB: Qatari Riyal now trading close to fixed peg rate Qatari Riyal is now trading close to its fixed peg rate, in both off-shore and on-shore forex market and confidence has been regained after the speculative attack in the offshore market since the blockade, according to Qatar Central Bank (QCB). QCB has adopted the exchange rate policy, through fixing the value of the Qatari Riyal against the US Dollar at a rate of QR3.64 per Dollar as a nominal anchor for its monetary policy. Qatari Riyal was subject to speculative attack in the offshore market since the embargo. As per the data provided by Reuters, the exchange rate reached the highest of in November 2017, QCB stated in its report. (Gulf-Times.com) Qatari banks cross-border assets in regions except GCC, Europe and North America grew 30% by end of 2017 Qatar s domestic banks saw declines in cross-border assets in the GCC, the European and North America; whereas they saw substantial expansion in the other countries, including Asia, during Qatar s banking sector lowered their cross-border assets, in particular from the GCC region where the decline was the highest (39%), while assets with European countries and North America also shrank 19% and 22% respectively, Qatar Central Bank (QCB) stated in its Financial Stability Review However, as at end December 2017, assets with other countries including Asian countries grew considerably by 30% thereby increasing their share to total cross-border asset to 21.1%. Cross-border credit declined considerably for the GCC and European region, while it grew for other Middle East and North Africa (MENA) region and other countries. Assets with foreign financial institutions (FFI) fell across all regions with the highest decline recorded for the GCC. Nevertheless, investment assets grew 10% in the GCC region and 69% (from a low base) in the North American region. Thus, the distribution of cross border assets, especially assets with FFIs changed considerably in (Gulf-Times.com) BRES launches QR105mn project to expand Al Khor sports facilities Barwa Real Estate Company (BRES) awarded Al Bader Construction and Steel Works with the construction of QR105mn Al Khor Sports Facilities expansion project, which is expected to be completed within 18 months. The project is an extension of the Al Khor Recreation Facilities project for workers at the Industrial Area of Al Khor City. (Gulf- Times.com) Ahli Bank to disclose its semi-annual financials on July 19 Ahli Bank announced that it will disclose its semi-annual financial reports for the period ending June 30, 2018 on July 19, (QSE) United Development Company to disclose its semi-annual financials on July 18 United Development Company announced that it will disclose its semi-annual financial reports for the period ending June 30, 2018 on July 18, (QSE) Barwa Al Sadd Company signs agreement for purchasing of Millennium Plaza Hotel and The Wellness Center s 25% stake Barwa Real Estate Company s (BRES) subsidiary, Barwa Al Sadd Company signed an agreement for purchasing 25% of Millennium Plaza Hotel and the Wellness Center located at Barwa Al Sadd Development, from Katara Hospitality at a purchase price of QR167,214,172. The company aims from this purchase transaction to support the operating real estate portfolio of BRES in a way that contributes in realizing the sustainable growth and enhances the rights of the stakeholders. (QSE) QNCD announces provisional acceptance at its plant number five Qatar National Cement Company (QNCD) announced that the remaining parts (kiln, crusher, raw mill and homogenizing) of plant number five has been handed over to QNCD. The designed capacity of the kiln is 5000 ton per day clinker. Accordingly the full plant has been handed over to QNCD. (QSE) Qatar s e-payment system handles QR3.9tn in 2017 Qatar s secure electronic network payment system handled a whopping QR3.9tn in 2017 and registered growth both in terms of value and volume compared to the previous year, according to Qatar Central Bank. Nearly 85% of the total value was through the internationally-recognized identification code for banks around the world, SWIFT or the Society for Worldwide Interbank Financial Telecommunication. The local NAPS or the National ATM & POS Switch (NAPS), which is an interface that hosts and settles all local retail electronic transactions flowing between banks in Qatar, handled a similar share in terms of total volume of transactions, QCB said in its 9th Financial Stability Review. Transactions under QATCH last year increased in terms of both value (9.2%) and volume (9.3%) over 2016, QCB stated. Even though transactions processed by SWIFT system saw only a slight increase in value of 0.6% in 2017, the volume growth of 10.1% indicated that more SWIFT transactions with similar or less value per transaction took place during (Gulf-Times.com) Qatar completes first phase of QR14.3bn water storage project The Prime Minister and Interior Minister HE Sheikh Abdullah Bin Nasser Bin Khalifa Al Thani commissioned the first phase of the QR14.3bn reservoir project of the Qatar General Electricity and Water Corporation (Kahramaa) in Umm Slal. The revisions to design and construction plans lowered project s total estimated cost to QR14.5bn from QR17.2bn. Second phase will boost capacity to 3.8bn gallons from first phase s 2.3bn gallons, with construction starting after (Gulf-Times.com, Bloomberg) Remittances from Qatar continued to fall in 2017 Remittances from Qatar continued to fall in 2017 in contrast to the global recovery in this area, Qatar Central Bank s (QCB) latest report showed. According to QCB s ninth Financial Stability Review, remittances from Qatar during 2016 reflected the fall in oil prices and the global trend. It continued to fall during 2017 in contrast to the global recovery. The decline in remittances to the UAE, a major recipient country, during 2017 contributed largely to lower remittances from Qatar. It also contributed to the fall in share of the top five countries from 68% to 65% and to GCC countries from 22% to 17%. In the April 2018 issue of World Bank s Migration and Development Brief, QCB stated it was observed that remittance to low- and middle-income regions increased in 2017 by 8.5% to $466bn, reversing the Page 3 of 7

4 declining trend observed in the past two years. (Gulf- Times.com) Qatar s foreign investment law could be a game changer The draft-law on foreign investment which will allow non-qatari businesses to have 100% capital in companies in all sectors of the economy is set be a game changer for the Qatari economy. Interviews and enquiries with several Qatar-based businesses leaders, investors and experts representing different countries from Asia, Europe and North America suggest that investors are anxiously waiting to know more about the new law. The draftlaw, which has already received cabinet s approval early this year, aims at accelerating economic development and industrial diversification as part of Qatar s long term vision. The draft-law opening the Qatari economy for 100% non-qatari capital is going to be a game-changer for the local economy as well as the entire region. Within weeks after the Qatari government announced about the law we started receiving calls from Mexican companies and investors asking more details about the upcoming law, Juan Cepeda, Director of ProMexico (Middle East), the trade and investment promotion arm of the Ministry of Economy said. (Peninsula Qatar) Hassad to invest $500mn in Sudan s food sector Hassad, a subsidiary of Qatar Investment Authority, announced its intention to invest $500mn in Sudanese agricultural and food sectors over the next three years. The announcement was made after signing a memorandum of understanding (MoU) with a Sudanese company specialized in the field of agriculture and food in the Sudanese capital Khartoum. Hassad s CEO, Mohamed Al Sadah said the MoU with the Sudanese side was in line with Hassad s new vision and strategy to become a successful strategic investor in the global food and agriculture value chains. (Gulf-Times.com) Qatar, US discuss energy ties Bilateral energy cooperation between Qatar and the US was at the centre stage of the discussions between Qatar Petroleum s President and CEO, Saad Sherida Al Kaabi and US Secretary of Energy Rick Perry in Washington, DC. Al Kaabi and the accompanying delegation also held talks with the assistant secretary of state for the Bureau of Energy Resources, Francis R Fannon, which tackled energy cooperation between Qatar and the US. Further, Qatar Petroleum showcased its developments, activities, and projects, as well as recent advances in Qatar s gas industry at the 27th World Gas Conference (WGC 2018), which will conclude on July 1 in Washington, DC. Qatar Petroleum s high-level delegation to this event was headed by the company s Al Kaabi, and with the participation of Qatargas CEO, Sheikh Khalid Bin Khalifa Al Thani, and Senior Executives from both companies. (Gulf- Times.com, Peninsula Qatar) International US first-quarter GDP growth trimmed; labor market strong The US economy slowed more than previously estimated in the first quarter amid the weakest consumer spending in nearly five years, but growth appears to have since regained momentum on the back of a robust labor market and tax cuts. Gross domestic product increased at 2.0% annual rate in the January- March period, the Commerce Department stated in its third estimate of first-quarter GDP, instead of 2.2% pace it reported last month. The economy grew at 2.9% rate in the fourth quarter. The downgrade to first-quarter growth reflected weaker consumer spending and a smaller inventory build than the government had estimated last month. A $1.5tn income tax cut package, which came into effect in January, is expected to spur faster economic growth in the second quarter, putting annual GDP growth on track to achieve the Trump administration s 3% target. (Reuters) US core PCE price index hits 2%; spending slows US consumer prices accelerated in the year to May, with a measure of underlying inflation hitting the Federal Reserve s 2% target for the first time in six years. The US central bank increased interest rates early this month for a second time this year and forecast two more rate hikes by the end of Inflation is pushing higher in part because of a tightening labor market, which is characterized by 3.8% unemployment rate. Consumer prices as measured by the personal consumption expenditures (PCE) price index rose 0.2% after a similar gain in April. In the 12 months through May, the PCE price index surged 2.3%. That was the largest rise since March 2012 and followed 2.0% increase in April. Excluding the volatile food and energy components, the PCE price index advanced 0.2% for a sixth straight month. (Reuters) Eurozone s inflation rises past ECB target on energy, food costs Eurozone s inflation rose to its highest rate in more than a year this month as surging energy prices pushed price growth above the European Central Bank s (ECB) target, even if only temporarily, data from Eurostat showed. Inflation in the 19 countries sharing the Euro rose to 2% in June from 1.9% a month earlier, in line with analyst expectations as a big surge in energy costs more than offset a muted rise in the price of services and industrial goods. The ECB targets inflation at just below 2% and has unleashed unprecedented stimulus to revive price growth which has missed this target for five years running after a double-dip recession. (Reuters) Eurozone s economic sentiment slips in June but above expectations Economic sentiment in the 19 countries sharing the Euro currency slipped in June but by less than expected, as consumers and managers in the construction sector became more downbeat. The European Commission s Economic Sentiment Index fell to points in June compared to in May but was above the expected in Reuters poll of 34 economists. Sentiment among managers in manufacturing and services was unchanged from May and also above expectations. Economists have noted that, while growth in the bloc has run out of steam in the second quarter, it should pick up in the second half of the year. (Reuters) Greece s retail sales rise 1.3% in April, led by supermarkets Greece s retail sales by volume rose 1.3% in April compared to the same month last year after 1.5% increase in March, statistics service ELSTAT stated. Retail sales were led higher by supermarkets and pharmaceuticals, the data showed. Greece s economy grew for a fifth straight quarter in January-to-March, helped by stronger exports. Gross domestic product expanded 0.8% in the first quarter, accelerating from an upwardly revised 0.2% in 4Q2017. The EU Commission sees the economy growing by 1.9% this year, while the International Monetary Fund projects growth of 2.0%. (Reuters) Page 4 of 7

5 Japan s industrial output declined far less than expected in May Japan s industrial output declined far less than expected last month and the jobless rate hit its lowest in over 25 years in a sign of a gradual economic recovery from a slump in the first quarter, though risks to the outlook have increased from US trade protectionism. Manufacturers surveyed by the Ministry of Economy, Trade and Industry expected output to rise 0.4% in June and 0.8% in July in an encouraging sign for capital expenditure. Economists expect output to continue to rise gradually as overseas economies gather strength, though the trade friction with the United States poses the biggest risk to the outlook. The jobless rate fell in May to 2.2%, the lowest in over 25 years as companies grappled with labor shortages. (Reuters) China s official services PMI rises to 55.0 Growth in China s services industry picked up slightly in June, an official survey showed, as the sector extended a run of strong activity. The official non-manufacturing Purchasing Managers Index (PMI) rose to 55.0 from 54.9 in May, well above the 50-point mark that separates growth from contraction. The services sector accounts for more than half of China s economy, with rising wages giving Chinese consumers more spending power. The composite PMI covering both manufacturing and services activity fell to 54.4 in June, from May s 54.6, also staying above the 50-mark that separates expansion from contraction. (Reuters) China s official factory PMI falls to 51.5 in June Growth in China s manufacturing sector slowed in June after a betterthan-expected performance in May, official data showed, raising concerns about a slowdown in the world s secondbiggest economy amid escalating trade tensions with the US. The official Purchasing Managers Index (PMI) fell to 51.5 in June, from 51.9 in May, but remained well above the 50-point mark that separates growth from contraction for the 23rd straight month. Analysts surveyed by Reuters had forecast the reading would dip marginally to (Reuters) India says April-May fiscal deficit at 55.3% of full-year target India reported a fiscal deficit of INR3.45tn during April-May period, or 55.3% of the budgeted target for the current fiscal year compared with 68.3% a year ago. Net tax receipts in the first two months of fiscal year that ends next March were INR1.02tn, government data showed. India expects to trim the deficit to 3.3% of GDP in this fiscal year, after meeting an upwardly revised fiscal deficit target of 3.5% of GDP in Moreover, India s end-march external debt stood at $529.7bn, up from $513.4bn as of end-december, according to the Reserve Bank of India. On a residual maturity basis, shortterm debt constituted 42% of total external debt at the end of March, slightly up from end-december s 42.4%. (Reuters) Regional Middle East sees continuous gas demand growth further Middle East sees continuous gas demand growth throughout the forecast period, primarily led by increasing needs in industry, power generation and seawater desalination. Global demand for natural gas is forecasted to increase at an average of 1.6% over the next five years with emerging Asian markets as the main engine for demand. China is set to dominate the rising gas demand. China alone accounts for a third of global demand growth to 2022, according to International Energy Agency s (IEA) Gas Analysis and forecasts to 2023 report. (Peninsula Qatar) Saudi Arabia kicks off sale of state flour mills but bidders seek details Saudi Arabia kicked off the sale of its flour mills, one of the first privatizations of the Kingdom and a litmus test for other large state asset sales to follow. Saudi Arabia s state grain buyer stated that it would start accepting applications for qualification of potential interested investors on August 26. The Kingdom will also make an announcement regarding the timeline for the qualification process on the same day. (Gulf- Times.com) UAE-Hong Kong trade rose to $10.87bn The total trade between the UAE and Hong Kong increased to $10.87bn in 2017 from $10.59bn in 2016, according to Hong Kong government statistics. According to them, major export commodities to Hong Kong from UAE in 2017 included power generating machinery and equipment; office machines and automatic data processing machines; miscellaneous manufactured articles; telecommunication equipment; sound recording and reproducing apparatus; and non-metallic mineral manufactures. Major import commodities from Hong Kong to UAE in 2017 included road vehicles; telecommunications equipment; sound recording and reproducing apparatus; electrical machinery, parts, appliances and apparatus along with miscellaneous manufactured articles and non -mineral manufactures. (GulfBase.com) Amanat Holdings acquires real estate assets of NLCS Dubai Amanat Holdings acquired the real estate assets of North London Collegiate School (NLCS) Dubai, a premium baccalaureate curriculum school for $98mn. Amanat Holdings has purchased the real estate from PNC Investments, the parent company of the Sobha Group. Additionally, Amanat has committed up to $12.3mn towards the school s future expansion plans. (GulfBase.com) Kuwait to raise oil output by 85,000 bpd Kuwait will raise oil output by 85,000 barrels per day (bpd), part of an agreement between OPEC and non-opec producers to increase production by 1mn bpd. Kuwait s Energy Minister, Bakhit Al-Rashidi said, Kuwait will raise its oil production to 2.785mn barrels, a daily increase of 85,000 compared to May, based on last week s production cut agreement. (Gulf-Times.com) Omran, Majid Al Futtaim to develop $13bn Muscat project Oman Tourism Development Company (Omran) and Majid Al Futtaim entered a partnership to develop $13bn mixed-use community, the Sultanate s largest urban development project that will create a new downtown area for the Muscat capital district. Omran and Majid Al Futtaim announced a strategic partnership to develop the western area of Madinat Al Irfan in Muscat, Oman. The joint venture will see the development of a vibrant mixed-use community that will serve as the new urban centre for Muscat. (GulfBase.com) Bahrain says Gulf allies to boost financial support Bahrain stated that its Gulf allies are to unveil a new support package to shore up its finances, which have been strained by seven years of persistent civil unrest. The Kingdom s central bank had intervened to defend the value of the Dinar, promising to maintain its peg to the Dollar against pressure on spot markets. Page 5 of 7

6 Investor confidence has been hit by the Kingdom s difficulties in finding new creditors to finance its large budget deficit. Bahrain s Finance Minister, Shaikh Ahmad Bin Mohammad Al Khalifa said, The Kingdom of Bahrain along with Saudi Arabia, the UAE and Kuwait will announce a new program to support the stability of the financial situation in Bahrain. (GulfBase.com) Page 6 of 7

7 Rebased Performance Daily Index Performance % 0.8% 0.4% 0.0% (0.4%) (0.0%) 1.1% (0.1%) 0.4% (0.1%) 0.3% 0.2% 40.0 May-14 May-15 May-16 May-17 May-18 QSE Index S&P Pan Arab S&P GCC Saudi Arabia Qatar Kuwait Bahrain Oman Abu Dhabi Dubai Source: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1, (1.3) (3.8) MSCI World Index 2, (1.2) (0.7) Silver/Ounce (2.1) (4.9) DJ Industrial 24, (1.3) (1.8) Crude Oil (Brent)/Barrel (FM Future) S&P 500 2, (1.3) 1.7 Crude Oil (WTI)/Barrel (FM Future) NASDAQ 100 7, (2.4) 8.8 Natural Gas (Henry Hub)/MMBtu (16.1) STOXX (1.1) (5.2) LPG Propane (Arab Gulf)/Ton (4.1) DAX 12, (1.9) (7.5) LPG Butane (Arab Gulf)/Ton (1.5) FTSE 100 7, (1.0) (3.1) Euro (2.7) CAC 40 5, (0.9) (2.7) Yen (1.7) Nikkei 22, (0.2) (1.7) (0.4) GBP (0.4) (2.3) MSCI EM 1, (1.7) (7.7) CHF (0.3) (1.6) SHANGHAI SE Composite 2, (3.1) (15.4) AUD (0.5) (5.2) HANG SENG 28, (1.3) (3.6) USD Index (0.9) (0.1) 2.5 BSE SENSEX 35, (1.6) (3.0) RUB (0.1) (0.2) 8.9 Bovespa 72, (18.5) BRL 0.26 (0.4) (2.4) (14.6) RTS 1, (0.0) Source: Bloomberg Source: Bloomberg (*$ adjusted returns) Contacts Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-nafoosi, CMT, CFTe Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) Tel: (+974) Tel: (+974) QNB Financial Services Co. W.L.L. Contact Center: (+974) PO Box 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 financial advice. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNBFS. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 7 of 7