Bloomberg News

MIDEAST DAYBOOK: Tunisia Elections, Libya Says NATO Still Needed

October 27, 2011

Oct. 27 (Bloomberg) -- A leader of Tunisia’s Islamist Ennahdha party, Hamadi Jbeli, said he will be the party’s candidate to become prime minister of a new government, state- run Agence Tunis Afrique Presse reported yesterday.

The head of Libya’s ruling council Mustafa Abdel Jalil yesterday asked the North Atlantic Treaty Organization to continue its operations in the North African country for at least two more months after the overthrow and death of former leader Muammar Qaddafi.

EQUITY MOVERS: * Emirates NBD PJSC (EMIRATES UH) was placed on watch at Fitch Ratings for a possible downgrade on concerns about a rise in bad loans due to a weak property market and the global economy.

FINANCIAL RESULTS: *Dubai Financial Market PJSC (DFM UH) said its third-quarter loss tripled after trading values and volumes tumbled. * Bahrain Telecommunications Co. (BATELCO BI) reported a 14 percent drop in nine-month profit as competition in its domestic market increased. * Omani Qatari Telecommunications Co. (NWRS OM) said third- quarter profit rose 8 percent as the company reduced provisions and added fixed-line subscribers. * National Mobile Telecommunications Co. (NMTC KK) said third- quarter profit fell 13.5 percent mainly because of currency fluctuations in Algeria and Kuwait. * Gulf Bank KSC (GBK KK) said third-quarter profit rose 8.3 percent as the number of customers increased.

WHAT TO WATCH: * The United Arab Emirates’ economy will grow by 3.3 percent this year and 3.8 percent in 2012, the International Monetary Fund said. * Dubai’s Ruler Sheikh Mohammed bin Rashid Al-Maktoum approved real estate, commercial and tourism projects valued at more than 2 billion dirhams ($545 million) for the Wasl unit of the Dubai Real Estate Corp. according to a statment on his website.

MARKETS: * Dow Jones Industrial Average rose 1.4 percent on Oct. 26. * Crude oil increased 1.8 percent to $91.78 a barrel in New York at 07:31 a.m. Dubai time. * Egypt’s EGX30 Index fell 0.6 percent. * Dubai’s DFM General Index fell 1 percent. * Qatar’s QE Index rose 0.1 percent. * Muscat Securities Market Index added 0.1 percent. * Abu Dhabi’s ADX General Index increased 0.2 percent. * Kuwait Stock Exchange Index gained 0.1 * Bahrain All Share Index advanced 0.7 percent.

GENERAL NEWS: * Iraq will ask to rejoin OPEC’s quota system for crude output in 2014 as the holder of the world’s fifth-largest oil reserves boosts production from an average of 2.9 million barrels a day. * Jordan’s King Abdullah said he will consult the country’s parliament over the formation of governments in the future, the state-run Petra news agency reported.

--Editor: Maher Chmaytelli

To contact the reporter on this story: Ayesha Daya in Dubai at adaya1@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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