Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) The International Monetary Fund (IMF) has revised upwards its forecast on Saudi Arabia’s economic growth in 2018 to 1.6 percent, an increase of 0.5 percentage points from its October projections, noting the support from stronger oil prices.
2) Riyad Bank is planning to issue primary and secondary bonds and instruments in the domestic and international market in Saudi riyals, US dollars, and potentially other currencies.
3) Saudi Automotive Services Co.’s (SASCO) 2017 financial results are “fair”, if market challenges are taken into account amid stable profit margins on fuel, higher power and energy tariffs, Riyadh Almalik, the company’s chief executive, told Argaam.
4) The National Shipping Company of Saudi Arabia (Bahri) on Monday received a very large crude carrier (VLCC) named “Kassab”.
5) Saudi Chemical Co. will increase capital of its subsidiary AJA Pharmaceutical Industries Co. by 138 percent from SAR 63 million to SAR 150 million.
6) Jadwa REIT Saudi Fund’s (Jadwa REIT Saudi) initial public offering (IPO) closes today.
7) Riyad REIT Fund will pay a 3 percent cash dividend for the second half of 2017 at SAR 0.30 per unit, amounting to SAR 15 million.
8) Al Yamamah Steel Industries Co. board of directors has recommended a 5 percent cash dividend for H2 2017, to be issued at SAR 0.5 per share, amounting to SAR 25.4 million.
9) Saudi Arabia has selected two potential sites for its first nuclear power plant project, for which the tendering process is expected this year.
10) Oil prices recovered on Tuesday, with Brent crude climbing 0.5 percent to $69.38/bbl in early session. WTI crude was last up 0.6 percent at $63.94/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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