Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) SK Advanced’s joint venture with PolyMirae to build a polypropylene (PP) plant in South Korea will ensure sales of propylene as feedstock to the new project, Advanced CEO Abdullah Mogbil Al Garawi told Argaam.
2) The general assembly of Saudi Electricity Co. (SEC) has approved a 7 percent cash dividend for the fiscal year 2017, at SAR 0.7 per share, amounting to SAR 547 million.
3) King Abdullah Economic City (KAEC) has launched a SAR 102 million natural gas pipeline project in the Industrial Valley, in partnership with Jazz Arabia Services.
4) The Saudi investment funds were net sellers on the Saudi stock market (Tadawul) last week with net sales of SAR 32.6 million -- the first such selloff since the week ending July 28, 2016.
5) Retail loans issued by Saudi banks have increased after the royal decree last year allowing women to drive, Saudi Press Agency (SPA) reported, citing Talaat Hafez, Saudi Banks’ spokesman.
6) ACWA Power is mulling an initial public offering “sooner rather than later” in order to meet growing requirements for cash, Bloomberg reported, citing CEO Paddy Padmanathan.
7) Saudi Arabia and Kuwait have stopped the production of oil in the jointly operated oilfields in the Neutral Zone that lies between the two countries, Kuwait’s Minister of Oil Bhakeet Al-Rashidi said.
8) Saudi Arabia's estimated 500,000 barrels per day increase in oil production is likely to boost growth in its oil sector by five percentage points, adding nearly two percent to year-on-year GDP growth, Capital Economics (CE) said in a new report.
9) Saudi Arabia is among the top five countries with the highest investment growth expectations, as corporate spending in the Middle East and North Africa (MENA) is expected to rise this year, according to a survey by American Express Middle East.
10) Saudi Arabia's Al Ahsa Oasis is among the 30 sites that UNESCO will be considering for World Heritage Site status as the committee meets in Bahrain this week.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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