Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) The International Monetary Fund (IMF) has raised its 2018 growth forecast for Saudi Arabia for the second time this year, on the back of higher oil prices. The IMF expects Saudi economy to grow by 1.9 percent this year, up 0.2 percentage points from its April projections.
2) Saudi Arabia’s aviation sector is set to witness an impressive growth in the coming years, given Jeddah's positioning as an international hub and proximity to Makkah, Arab News reported, citing a senior Boeing executive.
3) Riyad Bank reported a net profit of SAR 2.2 billion for the first half of 2018, a 16 percent year-on-year (YoY) increase, as total operating income rose on higher net special commission income, and net and trading gains.
4) Saudi Arabian Mining Company (Maaden) said its subsidiary Maaden Bauxite and Alumina Co. (MBAC) has amended the tenures of outstanding debt worth SAR 3.750 billion ($ 1 billion) with Saudi Public Investment Fund (PIF), and secured new loans to refinance current obligations.
5) Tronox Limited has signed agreements to start negotiations to sell Ashtabula complex in Ohio, which is currently owned by the National Titanium Dioxide Company Limited (Cristal), in case the US trade regulators demand the sale as a condition to approve the Tronox-Cristal merger.
6) Mouwasat Medical Services Co. has completed the trial run in Mouwasat Hospital-Al Khobar, the Saudi medical services provider said in a statement.
7) Aljazira Mawten REIT Fund will pay a 5 percent cash dividend for the first half of 2018, at SAR 0.5 per unit, amounting to SAR 5.9 million, Aljazira Capital, the fund manager, said in a statement.
8) Alujain Corporation (Alujain) might not disclose its financial results for Q2 2018 on time, as the National Petrochemical Industrial Co. (NATPET), which is 57.4 percent-owned by Alujain, may be late to reveal its results.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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