Oct. 26 (Bloomberg) -- Tunisia’s Islamic Ennahdha party is calling for a coalition with secular groups after saying it took the lead in national balloting, a sign of the strength of long-repressed Islamist movements following revolts in the region.
Former Libyan leader Muammar Qaddafi was buried in a secret desert location yesterday, and U.S. President Barack Obama said his death sends a “strong message” to other dictators that “people long to be free.”
EQUITY MOVERS: * Albaraka Banking Group BSC (BARKA DU) plans to apply for a banking license in Libya and to open more branches in Tunisia, Chief Executive Officer Adnan Ahmed Yousif said. * Boubyan Petrochemicals Co. (BPCC KK) said it will purchase a 12.5 percent stake in a Bahraini company from Arab Petroleum Investment Corp. for $30 million. * Sharjah Islamic Bank (NBS UH), a United Arab Emirates-based lender, may buy or establish an Islamic bank in Turkey, deputy chief executive Ahmed Saad said. * Commercial Facilities Co. (FACIL KK), a Kuwaiti consumer finance company, plans to sell as much as 50 million dinars ($182 million) of bonds maturing 2015, according to a preliminary prospectus. * Egypt Co. For Mobile Services (EMOB EY) posts 97 decline in third-quarter profit because of a higher corporate tax rate.
FINANCIAL RESULTS: * Abu Dhabi Commercial Bank PJSC (ADCB UH) reported a 91 percent jump in third-quarter profit, helped by a fall in interest expense and provisions. * Abu Dhabi Islamic Bank (ADIB UH) posted a third-quarter profit of 319.1 million dirhams compared with 314.5 million dirhams in the year ago period. * Ahli United Bank BSC (AUB BI) posted a third-quarter profit of $78.6 million, or 1.6 cents a share, compared with $65.2 million, or 1.3 cents a share, in the year-earlier period.
WHAT TO WATCH: * Iraq holds 360 billion barrels of recoverable oil and will need $700 billion in spending to rebuild its economy, an adviser to the Iraqi parliament’s energy committee said. * International sanctions imposed on Libya before the fall of Muammar Qaddafi may be lifted after a new government takes power in the country, Ali Tarhouni, a senior minister from the National Transitional Council, told reporters in Benghazi. * Qatar’s economic growth may ease to 5 percent next year as expansion of the emirate’s energy industry slows, the country’s economic planning board said. * Alcoa Inc., the largest U.S. aluminum producer, asked a judge to reopen a racketeering lawsuit filed against it by Bahrain’s state-owned aluminum producer, saying that it will seek to dismiss the case.
MARKETS: * Dow Jones Industrial Average fell 1.74 percent on Oct. 25. * Crude oil declined 0.2 percent to $92.99 a barrel in New York at 07:31 a.m. Dubai time. * Saudi Tadawul All Share Index rose 0.4 percent. * Egypt’s EGX30 Index gained 0.8 percent. * Dubai’s DFM General Index fell 0.5 percent. * Qatar’s QE Index slipped 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 declined 0.3 percent. * Bahrain All Share Index was unchanged.
GENERAL NEWS: * An Egyptian court will rule Nov. 22 on whether the country’s biggest publicly traded builder, Talaat Moustafa Group Holding, will be allowed to keep a 33-million-square-meter plot on the outskirts of Cairo. * At least 10 people have been killed in Yemen since late Monday amid clashes between security forces and protesters trying to oust President Ali Abdullah Saleh. * Libya’s National Transitional Council has asked the North Atlantic Treaty Organization to continue its Libyan mission for at least another month, Ali Tarhouni, a senior NTC minister, told reporters in Benghazi. * Libya’s National Transitional Council is delaying exports of natural gas until it can satisfy domestic needs for the fuel, Oil and Finance Minister Ali Tarhouni said. * Egypt, the world’s biggest wheat buyer, is seeking at least 55,000 metric tons of wheat in a tender today for Jan. 1 to Jan. 10 shipment, Nomani Nomani, the vice chairman of the General Authority for Supply Commodities, said.
CONFERENCES: * International Monetary Fund releases Regional Economic Outlook for Middle East and Central Asia at a press conference in Dubai. * Dubai Financial Market PJSC (DFM UH) to release third-quarter earnings.
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