Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) Kingdom Holding Co.’s associate firm, Jeddah Economic Co. (JEC), has awarded a SAR 620 million contract to Al-Fouzan Trading & General Construction Co. to build the infrastructure networks of Jeddah Tower and Jeddah Economic City.
2) Al Rajhi REIT Fund’s initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) was 174 percent oversubscribed, raising SAR 740 million, fund manager Al Rajhi Capital said.
3) Alinma Bank has appointed Saad Attia Al-Ghamdi as deputy chairman of the board of directors for the current term, ending May 20, 2019.
4) Sadara Chemical Company has signed a number of agreements with Al Fozan Group to sell and lease back the Sadara Solids and Liquids Handling Center (Packaging Center).
5) National Medical Care Co. (Care) has obtained regulatory approval to renew its medical services contract with Saudi Arabia’s General Organization for Social Insurance (GOSI), for a period of three years starting January 1, 2018.
6) The initial public offering (IPO) of Saudi Arabia’s flour mill companies is expected to be announced in Q2 2018, after regulatory approvals, financial advisor HSBC Saudi Arabia said.
7) Saudi Real Estate Development Fund (REDF) reported a record SAR 30 billion in non-performing loans by end of 2017, due to "a segment of citizens failing to pay back housing loan installments,” housing ministry said.
8) Saudi Arabia’s real gross domestic product growth is expected to return to positive in 2018, following a contraction in 2017, supported by the fiscal consolidation approach outlined in 2018 budget, Moody's Investors Service said.
9) Crude oil recovered slightly on Thursday amid reports of a decline in US crude inventories. Brent crude was last up 0.1 percent at $69.47/bbl, while WTI crude rose 0.3 percent to $64.18/bbl.
Wirte to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
Comments
{{DisplayName}}
{{ElapsedTime}}