Bloomberg News

MIDEAST DAYBOOK: Ennahda Leads Tunisia Vote, Saudi Mourns Prince

October 25, 2011

Oct. 25 (Bloomberg) -- Tunisia’s Islamic party Ennahdha said it won the biggest share of votes for a constituent assembly, in the first election since the ouster of Zine El Abidine Ben Ali in January. Official results are expected today.

Saudi Arabia, the world’s largest oil exporter, prepares to bury today Crown Prince Sultan bin Abdulaziz Al Saud who died on Oct. 22 in a New York hospital. Interior Minister Prince Nayef bin Abdulaziz is the most likely royal for the crown prince role among elderly members of the Al Saud family.

EQUITY MOVERS: * Emirates NBD PJSC (EMIRATES UH), the U.A.E’s largest lender by assets, expects earning, non-performing loans and revenue in the fourth quarter to be similar to those of the third quarter, CFO Surya Subramanian said. * Emirates NBD PJSC (EMIRATES UH) is monitoring the market for a possible bond sale, CEO Rick Pudner said.

FINANCIAL RESULTS: * Gulf Finance House EC (GFH BI) posted nine-month net income of $4.1 million compared with a loss of 162.2 million in the same period last year. * First Gulf Bank PJSC (FGB UH) said its third-quarter profit rose to 920 million dirhams from 848 million dirhams a year earlier.

WHAT TO WATCH: * Kuwait Petroleum Corp. (134410Z KK) set its price for a year’s supply of naphtha at a premium of $18.50 a metric ton to Middle East benchmark prices, according to two people with knowledge of the negotiations. * Iran plans to attract some $14 billion in foreign investment to implement petrochemical projects, National Iranian Petrochemical Organization Managing Director Abdolhossein Bayat said.

MARKETS: * Dow Jones Industrial Average rose 0.9 percent on Oct. 24 * Crude oil rose 0.7 percent to $91.92 a barrel in New York at 8:05 a.m. Dubai time. * Saudi Tadawul All Share Index declined 0.1 percent. * Egypt’s EGX30 Index gained 0.3 percent. * Dubai’s DFM General Index fell 0.3 percent. * Qatar’s QE Index increased 0.3 percent. * Muscat Securities Market Index slipped 0.02 percent. * Abu Dhabi’s ADX General Index rose 0.2 percent. * Kuwait Stock Exchange Index gained 0.2 percent. * Bahrain All Share Index dropped 0.03 percent.

GENERAL NEWS: * Jordan’s King Abdullah swore in the government of Prime Minister Awn al-Khasawneh, a former judge at the International Court of Justice, after telling him to speed up political change.

CONFERENCES: * MENA Mining Conference in Dubai. * Dubai Investments roundtable in Dubai. * HSBC briefing with Pedro Batos, Head of Asset Management for Latin America.

--With assistance from Zahra Hankir in Dubai. Editor: Maher Chmaytelli

To contact the reporter on this story: Tamara Walid in dubai at twalid@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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