Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Sahara Petrochemicals Company said it will start periodic maintenance on plants of its affiliates, including Al-Waha Petrochemical Company, (produces propylene and polypropylene) and Sahara and Maaden Petrochemical Company, which makes caustic soda and EDC.
2) Yanbu National Petrochemical Co. (Yansab) said it has awarded an engineering, procurement and construction (EPC) contract worth SAR 373 million for an ethylene glycol DBN project to South Korea’s eTEC E&C.
3) Al Ahli Takaful has proposed a five percent cash dividend (SAR 0.5 per share) for fiscal year 2016.
4) The board of directors of Al-Babtain Power & Telecommunication Co. on Monday proposed issuing a 10 percent cash dividend (SAR 1 per share) for Q4-2016.
5) Amana Cooperative Insurance Co.’s board accepted on Monday the resignation of the company’s chief executive, Majed Al Sorour, for personal reasons.
6) Allianz Saudi Fransi Cooperative insurance Co. said it received a letter from the Council of Cooperative Health Insurance approving the renewal of its annual qualification.
7) The value of assets in Saudi Arabia’s mutual funds fell 15 percent year-on-year (YoY) to SAR 87.84 billion by the end of 2016, data issued by the Saudi Arabian Monetary Authority (SAMA) showed.
8) The Saudi tourism authority plans to lend SAR 397 million this year to encourage hospitality and tourism projects as the kingdom aims to diversify its economy and reduce its dependence on oil revenue.
9) The Ministry of Commerce and Investment (MOCI) has updated eight initiatives under its National Transformation Program in order to improve investor confidence and business climate in the kingdom.
10) Oil prices declined on Tuesday, with Brent crude last down 0.2 percent at $55.92/bbl and WTI crude slipped 0.1 percent to 53.15/bbl.
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