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MIDEAST DAYBOOK: Egypt T-Bills Sale, Banks Closed; Sorouh Loss

Egypt paid yields that were close to the highest in two years at its first debt auction since the ouster of President Hosni Mubarak amid investor concern over the economic effects of 18 days of demonstrations.

Egypt’s ruling army council said it aims to hand power to a

Islamic bonds from the Persian Gulf may extend last week’s rally as the resignation of Mubarak bolstered investor confidence that turmoil in the Arab’s world’s most populous nation will subside.

Sorouh Real Estate PJSC reported a loss of 199 million dirhams ($54 million) in the fourth quarter after Abu Dhabi’s second-biggest property developer by market value set aside money to cover impairments and provisions.

WHAT TO WATCH: * Egypt has ordered the country’s banks to close on Feb. 14 due

to protests by some bank employees. Banks will also be shut

for a public holiday on Feb. 15.

CONFERENCES: * U.A.E. Oil Minister Al-Hamli Speaks at OPEC commemorative

event in Abu Dhabi. * Gulf Navigation Holding holds a press conference to discuss

the company’s strategy for 2011-2015.

MARKETS: * Dow Jones Industrial Average gained 0.4 percent. * Oil for March delivery rose 0.1 percent to $85.63 a barrel in

electronic trading on the New York Mercantile Exchange at

8:16 a.m. Dubai time. * Gold futures fell 0.2 percent to $1,358 an ounce. * QE Index climbed 0.7 percent, ADX General Index and Muscat

Securities Market rose 0.6 percent each, Dubai Financial

Market General Index advanced 0.4 percent, while Bahrain All

Share Index gained 0.1 percent. Kuwait Stock Exchange Index

fell 0.3 percent, while Saudi Arabia Tadawul All Share Index

dropped 0.1 percent.

EQUITY MOVERS: * Drake & Scull International PJSC (DSI UH), a Dubai-based

construction and engineering company, won a contract valued at

2 billion riyals from Saudi Aramco. * Abu Dhabi Commercial Bank PJSC (ADCB UH) hired Sapnesh Varma

as head of bond trading. Varma joined Abu Dhabi Commercial

Bank from Emirates NBD PJSC (EMIRATES UH). * Kingdom Holding Co. (KINGDOM AB), controlled by Prince

Alwaleed bin Talal, sold 1 million square meters of land to

Real Estate Investment Co. Ltd. at 250 riyals a square meter

to develop the second “Kingdom City.” Banque Saudi Fransi will

finance the project (BSFR AB). * Banque Saudi Fransi (BSFR AB), a Saudi lender part-owned by

Credit Agricole SA, said provisions for bad assets fell 89

percent in the fourth quarter. * Saudi Electricity Co. (SECO AB) signed five contracts valued

at 766 million riyals ($204 million) with local companies to

build and expand transformer stations and a power link in the

kingdom, the Saudi Press Agency reported.

FINANCIAL RESULTS: * Kuwait Finance House (KFIN KK), the country’s largest Islamic

lender, said full-year profit dropped to 105.9 million dinars

from 118.7 million dinars in 2009. * Tamweel PJSC (TAMWEEL UH), the home finance company majority

owned by Dubai Islamic Bank PJSC (DIB UH), reported a profit

of 26 million dirhams in 2010 after a loss of 54.5 million

dirhams a year earlier. * National Cement Co. (NCC UH), a United Arab Emirates maker of

the building material, said full-year profit declined to 59.5

million dirhams from 133.7 million in 2009. * Abu Dhabi Islamic Bank (ADIB UH) to announce results. * Qatar Electricity & Water Co. (QEWS QD) announces results.

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