MIDEAST DAYBOOK: Etisalat May Update on Zain Bid Details; Aldar

Emirates Telecommunications Corp. may announce an update on its plans to acquire a controlling stake in Kuwait’s Zain. Emirates Telecom, or Etisalat, had said its proposal will be terminated unless enough shareholders of Zain enter into a definitive transaction by Jan. 15.

VimpelCom Ltd.’s board will vote on a revised deal with a potentially lower price for Egyptian billionaire Naguib Sawiris’ phone assets on Jan. 16, according to two people familiar with the matter. Under the original deal, VimpelCom sought to obtain all of Italian mobile operator Wind Telecomunicazioni SpA and Sawiris’ 51.7 percent stake in Orascom Telecom Holding SAE.

Aldar Properties PJSC was lowered to “neutral” from “overweight” at JPMorgan Chase & Co. with a 12-month estimate of 2.60 dirhams a share. Aldar, Abu Dhabi’s biggest developer, agreed to sell real-estate assets including a Ferrari theme park and convertible bonds to the government for 19.2 billion dirhams ($5.2 billion) to reduce its debt.

WHAT TO WATCH: * Seminar on regulatory, legal and shariah issues of Islamic capital market products in Abu Dhbai. * Portuguese Prime Minister Jose Socrates and his delegation visits Qatar. * Tunisia replaced its leader for the second time in as many days amid violent street protests over unemployment and corruption. * Roaming MENA information technology conference in Dubai. * Iranian Oil Minister Masoud Mir-Kazemi holds a press conference in Tehran.

MARKETS: * Dow Jones Industrial Average rose 0.5 percent. * Oil traded rose 0.2 percent to $91.54. * Gold futures for February delivery fell $26.50, or 1.9 percent, to $1,360.50 an ounce. * Tadawul All Share Index rose 0.9 percent, Muscat Securities Market rose gained 0.6 percent, Bahrain All Share Index increased 0.3 percent, QE Index rose 0.2 percent, EGX 30 Index climbed 0.4 percent, while Tunis Stock Exchange Tunindex rose 0.4 percent. Dubai Financial Market General Index fell 0.2 percent, ADX General Index slipped 0.1 percent and Kuwait Stock Exchange Unweighted Index declined 0.2 percent.

EQUITY MOVERS: * Saudi Hollandi Bank (AAAL AB) reappoints Mubarak Abdullah Al-Khafrah as chairman for three years. * Yanbu National Petrochemicals Co. (YANSAB AB) reported a fourth-quarter profit of 554.8 million riyals after a loss of 7.3 million riyals in the year-ago period. * Damas International Ltd. (DAMAS DU) is “days away” from signing an agreement with banks to restructure more than 3 billion dirhams ($816.8 million) of debt, the National reported, citing Chief Executive Officer Adnan Fakhreddin. * Saudi Chemical Co. (SCCO AB) said fourth-quarter profit rose to 88 million riyals from 65 million riyals a year ago. * Saudi Investment Bank (SIBC AB) reported a fourth-quarter profit of 238 million riyals after a loss of 109 million riyals a year ago. * Saudi Ceramic Co. (SCERCO AB) reported a fourth-quarter profit of 56.8 million riyals compared with 51.2 million a year ago.