Libya’s National Transitional Council elected Abdurrahim el-Keib, a former electrical engineering professor at the University of Alabama, as the country’s interim prime minister.
El-Keib takes over from Mahmoud Jibril, who resigned when Libya’s “liberation” was declared on Oct. 23, three days after the death of Muammar Qaddafi and the fall of his hometown of Sirte to forces loyal to the transitional administration.
* Orascom Construction Industries (ORCI EY) said it won a 700 million-pound contract to build a fertilizer plant for Egyptian Chemical Industries Co. * Oman Cement Co. (OCOI OM) was downgraded to “Hold” from “Buy” at Global Investment House. * Saudi Electricity Co. (SECO AB) signed three contracts valued at 1.2 billion riyals ($320 million) to build two transformer stations and extend cables in the Mecca and eastern regions. * Union National Bank PJSC (UNB UH) may sell a five-year dollar-denominated benchmark-size bond, according to two bankers familiar with the transaction.
* Abu Dhabi Ship Building PJSC reported a third quarter loss of 14.8 million dirhams, compared with a profit of 49 million dirhams a year ago, according to a statement on the Abu Dhabi securities exchange today.
WHAT TO WATCH:
* Qatar Petroleum and Exxon Mobil Corp. inaugurate today the Barzan natural gas venture in Qatar. * Egypt plans to raise 12 billion Egyptian pounds at a government bonds auction on Nov. 2.
MARKETS: * Dow Jones Industrial Average fell 2.3 percent. * Crude oil fell 0.8 percent to $92.47 a barrel in New York at 7:59 a.m. Dubai time. * Dubai’s DFM General Index fell 0.6 percent. * Qatar’s QE Index fell 0.3 percent. * Egypt’s EGX30 Index was little changed. * Muscat Securities Market Index added 0.3 percent. * Abu Dhabi’s ADX General Index fell 0.3 percent. * Saudi Tadawul All Share Index lost 0.09 percent. * Kuwait Stock Exchange Index rose 0.2 percent. * Bahrain All Share Index fell 0.2 percent.
GENERAL NEWS: * Bahrain is still planning to sell Islamic bonds, said Sheikh Salman bin Isa Al Khalifa, executive director of banking operations at Bahrain’s Central Bank. * Oil production this month by the Organization of Petroleum Exporting Countries rose to the highest level in almost three years as gains in Libya and Angola outpaced a Saudi cut, a Bloomberg News survey showed. Production increased 125,000 barrels, or 0.4 percent, to average 30.14 million barrels a day. * Iraq will recruit 10,000 police by the end of 2012 to help secure pipelines and other energy installations against sabotage attacks, the country’s oil police directorate said. * The Saudi economy is expected to grow about 5 percent this year, with bank lending to the private sector proceeding at a “reasonable” rate, central bank Governor Muhammad al-Jasser said. * Saudi Arabia’s purchasing managers’ index rose to 56.7 points in October from 56.3 points in September, when it reached a record low, according to the SABB HSBC Purchasing Managers’ Index.
CONFERENCES: * Executives from Abu Dhabi’s state oil and gas companies speak at a two-day global energy markets conference at the Emirates Center for Strategic Studies and Research in Abu Dhabi. * Kuwait Financial Forum conference continues in Kuwait City.