Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Umm Al Qura Cement Co. (UACC) said it has reached final settlement over the construction contract of its cement factory with the main contractor, Sinoma international Co. UACC will take delivery of the entire plant from Simona International and terminate the contract, receiving a 3.5 percent discount for delay in delivery.
2) Jabal Omar Development Co. said it has converted a commercial loan worth SAR 3 billion from the Saudi Ministry of Finance into a Murabaha facility.
3) Dallah Healthcare Co. (Dallah Health) has signed an agreement with AWJ Investment Co. to invest SAR 350 million in the new Jeddah hospital, which will be directly financed from its profit along with other bank facilities.
4) Jarir Marketing Co. (Jarir Bookstore) said it has reopened its showroom in Jeddah, which was damaged in a fire in September 2016. The total book value of damaged assets is SAR 14 million, while the insurance compensation received was SAR 17.3 million.
5) State-owned Saudi Aramco is planning to spend about $300 billion on upstream oil and gas projects over the next decade, Reuters reported on Monday, citing chief executive Amin Nasser.
6) Oil prices edged lower on Tuesday, despite OPEC’s forecast of higher demand growth next year and statements in support of output deal extension. Brent crude was last down 0.3 percent at $62.96/bbl, while WTI crude fell 0.2 percent to $56.63/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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