Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) Saudi Arabia’s cabinet has approved five regulations governing land ownership by joint stock agricultural firms, state-owned Saudi Press Agency reported.
2) National Commercial Bank (NCB) has set up Peregrine Aviation Topco Ltd., a wholly-owned special purpose vehicle in the Cayman Islands, after obtaining regulatory approvals.
3) Saudi Airlines Catering Co.’s (Catering) board of directors has recommended a 15 percent cash dividend for Q2 2017, at SAR 1.5 per share, amounting to SAR 123 million.
4) The Saudi Arabian Monetary Authority (SAMA) lifted on Aug. 14 its final warning issued to Saudi United Cooperative Insurance Co. (Walaa) to settle claims and complaints.
5) Saudi Arabia is set to resume work on Abraj Kudai hotel project in Makkah, Reuters reported. The development, worth around $3.5 billion, has been on hold since 2015 due to economic slowdown.
6) Saudi Arabian Oil Co. (Saudi Aramco) has received bids for the main contract of Hawiyah gas plant expansion project, which is estimated to cost between $1 billion and 1.3 billion, MEED reported.
7) Oil prices edged higher on Wednesday. Brent crude was last up 0.6 percent at $51.09/bbl and WTI crude rose 0.5 percent to $47.77/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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