7 things you need to know on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Sunday.

1) The National Shipping Company of Saudi Arabia (Bahri) said its 60 percent owned subsidiary Bahri Dry Bulk Co. signed contracts worth $120 million on Aug 25 with Hyundai Heavy Industries to build four bulk carriers.

2) Saudi Arabia Fertilizers Co.’s (SAFCO) board of directors has recommended a 7.5 percent cash dividend for the first half of 2017, at SAR 0.75 per share, amounting to SAR 312.5 million.

3) Jarir Marketing Co. opened a new showroom in Riyadh at a cost of SAR 90 million. The company expects the financial impact from the launch to reflect on Q3-2017 figures.

4) Saudi Telecom Co. (STC) is looking to buy Dubai-based Oger Telecom’s 55 percent stake in fixed-line operator Turk Telekom, worth $3.9 billion, Reuters reported.

5) Saudi supermarket chain Abdullah Al Othaim Markets Co. has opened its 28th branch in Egypt.

6) Credit demand in Saudi Arabia’s commercial banking sector will remain subdued in 2017, weighing on lenders’ profitability despite easing liquidity conditions in the Kingdom, BMI Research said in a recent report.

7) Oil closed with gains on Friday, with Brent crude up 0.7 percent at $52.41/bbl and WTI crude rising 0.9 percent to $47.87/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com