Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) The Saudi stock market is ready to handle the initial public offering of Saudi Aramco, given the market's openness to foreign capital and the structural improvements introduced recently, Mohammed El-Kuwaiz, chairman of Capital Market Authority, told Argaam.
2) Saudi Arabia’s foreign reserves have improved on the recent oil market recovery and normalized foreign cash outlflows, Fahad Alshathri, Deputy Governor for Research and International Affairs at Saudi Arabian Monetary Authority (SAMA), told Argaam.
3) Saudi Arabia’s Council of Economic and Development Affairs launched the Quality of Life Program 2020, a SAR 130 billion initiative aimed at “improving individual and family lifestyles.”
4) Saudi Arabia's Real Estate Investment Trusts (REITs) market capitalization has surpassed $2 billion in the first quarter 2018 and will continue to expand, Knight Frank said in a report.
5) Saudi Arabia’s airline market is poised for rapid growth over the next few years as the Kingdom works to expand its aviation and tourism sectors to diversify its economy as part of the Vision 2030 reform plan, CAPA-Centre for Aviation said in a recent report.
6) Saudi Real Estate Co. (Al Akaria) has signed a memorandum of understanding (MoU) with AccorHotels for the operation and management of its hotels in Riyadh.
7) Saudi Research and Marketing Group’s (SRMG) wholly-owned subsidiary, Taoq International Public Relations Co., has won a five-year contract to provide media and marketing services for a value of SAR 71.8 million annually.
8) Saudi Industrial Services Co.’s (SISCO) reported a net profit of SAR 0.6 million for Q1 2018, a plunge of 97.3 percent year-on-year (YoY) due to lower revenue and sales volumes in all segments amid a slowdown in local consumption.
9) Abdullah Al Othaim Markets Co. has opened a new branch in Dammam, bringing its total branches in Saudi Arabia to 200.
10) Crude oil prices closed last week on a positive note. Brent crude gained 1.7 percent to reach $74.87/bbl while WTI crude added 1.9 percent to settle at $69.72/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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