MIDEAST DAYBOOK: Qatar Sells $13.7 Billion Bond; Dubai World

Qatar’s government sold 50 billion riyals ($13.7 billion) of Islamic and conventional bonds to local banks as the country seeks to absorb excess cash with lenders. The Qatar Investment Authority invested 5.5 billion riyals to raise its stake in local banks to 20 percent.

Dubai World, a state-owned company restructuring debt, will focus on its ports, dry docks and free-zone business as it approved the company’s budget for 2011-2012.

Zain, Kuwait’s biggest phone operator, will look to expand in emerging markets if a planned deal to sell a 46 percent stake to Emirates Telecommunications Corp. falls through, Chief Operating Officer Barrak al-Sabeeh said.

The United Nations prosecutor investigating the killing of former Lebanese Prime Minister Rafiq Hariri filed an indictment yesterday, the imminence of which led to the collapse of Lebanon’s government last week.

WHAT TO WATCH: * Nasdaq Dubai holds a press conference to discuss a proposal to change the market listing rules. * Investment Dar and its reconstituted coordinating committee meet the Kuwaiti company’s banks and investors in Kuwait City. * Qatar’s bourse will extend its trading hours and change the tick size for share movements from Feb. 1. * Russian President Dmitry Medvedev visits Jordan. Medvedev holds talks with Palestinian Authority President Mahmoud Abbas in Jericho. * Argentine President Cristina Fernandez de Kirchner visits Qatar. * Abu Dhabi Oil Refining Co. started maintenance on a condensate unit at its Ruwais facility on Jan. 15 as scheduled, two people familiar with the plan said.

CONFERENCES: * Arab Business Initiative Forum in Sharm El Sheikh, Egypt. * World Future Energy Summit in Abu Dhabi. * Middle East refinery maintenance conference in Abu Dhabi.

MARKETS: * Dow Jones Industrial Average rises 0.5 percent. * MSCI Asia Pacific Index gains 0.6 percent. * Oil for February delivery rose 0.2 percent to $91.16 in electronic trading on the New York Mercantile Exchange at 8 a.m. Dubai time. * Gold futures for February delivery rose 0.2 percent to $1,363.8 an ounce. * Dubai Financial Market General Index rose 0.5 percent, EGX 30 Index slumped 2.4 percent, ADX General Index lost 0.9 percent and Kuwait Stock Exchange Unweighted Index fell 0.1 percent. Tadawul All Share Index retreated 0.3 percent, Muscat Securities Market slipped 0.1 percent, Bahrain All Share Index lost 0.3 percent, QE Index dropped 0.9 percent. Tunis Stock Exchange reopens after it was closed for “administrative” purposes yesterday.

EQUITY MOVERS: * Aldar Properties PJSC (ALDAR UH) expects to return to profit in 2011, The National reported, citing Chief Financial Officer Shafqat Malik. * Orascom Telecom Holding SAE (ORTE EY) obtained the support of its senior secured lenders “for relief from representations, warranties and covenants in the credit agreements” related to Orascom Telecom Algeria. * Dar Al Arkan Real Estate Development Co. (ALARKAN AB) had its ratings withdrawn at Moody’s Investors Service.

EARNINGS: * Doha Bank (DHBK QD) board meeting on financial results. * Saudi Electricity Co. (SECO AB) fourth-quarter loss narrowed to 295 million riyals from 532 million riyals in the year- earlier period. It misses the mean estimates of three analysts. * Savola Azizia United Co. SAVOLA AB) posted a 99 percent drop in fourth-quarter profit to 2 million riyals. * Kingdom Holding Co. (KINGDOM AB) fourth-quarter profit advanced to 234.6 million riyals from 155.5 million riyals a year ago. * Red Sea Housing Services Co. (REDSEA AB) reported a 2.4 percent decline in fourth-quarter profit to 22.4 million riyals from a year ago. * Saudi Cement (SACCO AB) fourth-quarter profit rose to 152 million riyals from 145.5 million riyals a year earlier. * Bank Al-Jazira (BJAZ AB) fourth-quarter loss narrowed to 27 million riyals from 266 million riyals loss a year ago. * Southern Province Cement Co. (SOCCO AB) reported a 9 percent decline in fourth-quarter profit to 165 million riyals. * Saudi Pharmaceutical Industries & Medical Appliances Corp. (SPIMACO AB) posted a 20 percent increase in fourth-quarter profit to 70 million riyals. * Al Khaleej Training and Education Co. (ALKHLEEJ AB) fourth- quarter profit fell 21 percent to 19.8 million riyals.

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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