Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) The Royal Commission for Jubail and Yanbu (RCJY) is expected to unveil within the next two weeks additional investments at SAR 600 million, Mosleh Al Otaibi, the commission’s chairman, told Argaam. The new investments will target manufacturing and pharmaceutical industries as well as support for small-and-medium enterprises.
2) Saudi Arabia’s non-oil growth accelerated one percent year-on-year (YoY) in 2017 compared to a 0.23 percent in 2016, said Al Rajhi Capital. The pace of growth will continue in 2018, supported by the government’s plan to spend SAR 978 billion under its 2018 budget.
3) Saudi Automotive Services Company (SASCO) expects the impact of new fuel prices to reflect on its financial statements from the first quarter of 2018, it said in a statement.
4) Saudi Public Transport Co. (SAPTCO) has signed a SAR 61.5 million Murabaha financing agreement with Al Rajhi Bank. The funds will be used for the purchase of 50 Mercedes buses.
Separately, Deputy Minister of Transport Saad Al Khalb told Argaam that SAPTCO’s exclusive concession will end in 2019/2020, after which the market will be open to competition from other companies.
5) Jabal Omar Development Co. has paid to the finance ministry the loan commissions worth SAR 231.2 million under the facility secured by the company in December 2011.
6) Bupa Arabia for Cooperative Insurance Co. (Bupa Arabia) has signed a third party administration (TPA) services agreement with Saudi Aramco to provide TPA services to Aramco employees, retired employees, and their dependents.
7) Abdulmohsen Al Hokair Group for Tourism & Development Co.’s board of directors has named Omar Samara as chief executive officer starting from January 1, 2018.
8) The Saudi Capital Market Authority (CMA) has fined Etihad Atheeb Telecommunication Co. (Atheeb Telecom) SAR 100,000 for violating listing rules, the regulator said in a statement.
9) Jarir Marketing Co. (Jarir Bookstore) opened a new showroom in Tabuk city with a total investment of SAR 32 million. The financial impact will reflect on Q1 2018 earnings.
10) Oil prices started the year on a positive note, with Brent crude rising above the $67-level. The global benchmark was last trading up 0.4 percent at $67.11/bbl, while WTI crude rose 0.3 percent to $60.60/bbl.
Wirte to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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