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MIDEAST DAYBOOK: Dubai World Unit Sued; Abu Dhabi, IPIC Bonds

Abu Dhabi government officials will meet fixed-income investors in Beijing, Hong Kong and Singapore to update them on its economy, a government official said.

Two Singapore units of Drydocks World LLC, the ship repair unit of state-owned Dubai World, which is attempting to restructure $24.9 billion of debt, were sued in Singapore’s High Court for not paying suppliers.

Muammar Qaddafi’s forces carried out air and artillery strikes on oil facilities midway along Libya’s coastline as fighting flared across a desert area that is now the east-west dividing line in the nation’s civil war.

Egypt plans to sell 5.5 billion Egyptian pounds ($931

WHAT TO WATCH: * Saudi billionaire Prince Alwaleed bin Talal embarked on a

plan to invest more than 500 million riyals ($133 million) in

Saudi stocks after political unrest in the Middle East pushed

down equity prices. * Dubai World, the state-owned holding company seeking to alter

terms on $24.9 billion of debt, will sign an agreement to

restructure its debt within a week, Chairman Sheikh Ahmed bin

Saeed Al Maktoum said. * International Petroleum Investment Co., an investment company

owned by Abu Dhabi, is selling $4.4 billion of bonds in euros

and pounds as Brent crude rose on concern Libya’s turmoil

will spread to other oil-producing nations. * Egyptian inflation and interest rate decision. * Mubadala Development Co., an Abu Dhabi government-owned

investor, has offered to buy a stake in state-owned Dubai

Aluminium Co. to create a new holding company, Gulf News

reported, citing Dubai’s deputy ruler. * The International Monetary Fund said economic growth in Qatar

this year will likely reach 20 percent, after 16 percent

growth last year. * U.A.E. Central Bank meeting with banks on Islamic finance

operations in Abu Dhabi. * Saudi Arabian authorities have listened to the demands of

Shiite Muslims in the Eastern Province and believe that

dialogue, not protests, is the best way to solve problems,

Foreign Minister Saud al-Faisal said. * Activists in the United Arab Emirates are circulating an

online petition demanding that members of the 40-member

Federal National Council, an advisory body to the government,

be elected. * Emirates, Dubai’s government-owned airline, dropped plans to

sell bonds to finance expansions, President Tim Clark said. * Syria plans to sell 1 billion Syrian pounds ($21.4 million)

of one-year notes at an auction March 14, according to the

central bank.

MARKETS: * Dow Jones Industrial Average fell less than 0.1 percent. * Crude oil futures for April delivery rose 0.3 percent to

$104.66 a barrel in electronic trading on the New York

Mercantile Exchange at 7:40 a.m. in Dubai. * Gold for April delivery fell less than 0.1 percent to $1,429.9

an ounce. * Dubai Financial Market General Index advanced 2.2 percent, QE

Index rose 2 percent; Kuwait Stock Exchange Index and ADX

General Index climbed 1.3 percent each, Bahrain All Share

Index gained 1.2 percent, and Muscat Securities Market rose

0.2 percent. Tunis Stock Exchange’s Tunidex gained 0.1

percent, while and Morocco Casablanca Stock Exchange Index

rose less than 0.1 percent. * Saudi Arabia’s market is closed for the weekend.

EQUITY MOVERS: * Kingdom Holding (KINGDOM AB) is still in talks with Zain on

the Kuwaiti company’s stake in Zain Saudi unit, Kingdom

Holding Chairman Prince Alwaleed bin Talal was cited as

saying by Reuters. * Emaar Properties PJSC (EMAAR UH), builder of the world’s

tallest skyscraper in Dubai, had its price estimate

cut at Credit Suisse Group AG, citing “potential delivery

delays in international projects.”

FINANCIAL RESULTS AND MEETINS * Kuwait Cement Co. (KCEM KK), the Gulf state’s biggest publicly

traded cement maker by market value, posted an increase in

full-year profit to 13.36 million dinars ($48 million) from

12.8 million a year ago. * Gulf Finance House (GFH BI) board meeting. * Orascom Development Holding AG (ODHN SW) said it postponed the

announcement dates of its 2010 full-year and first-quarter

2011 financial results as well as its annual general meeting,

citing the political events in Egypt and a delay in the audit

process at units in the country.

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