10 things you need to know on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Wednesday.

1) Saudi Arabia’s Crown Prince Mohammad bin Salman announced on Tuesday a new economic zone project at a total investment of $500 billion. The new investment city, NEOM, will be set up on a total area of 26,500 square meters in northwest Saudi Arabia.

2) Mobile Telecommunications Company Saudi Arabia (Zain Saudi) reported a net profit of SAR 3 million in Q3 2017, improving from a net loss of SAR 266 million in the same period last year due to an increase in revenue, decrease in amortization, and lower financial charges.

3) National Company for Glass Industries (Zoujaj) said its net profit for Q3 2017 more than trebled year-on-year (YoY) to SAR 14.8 million, due to a rise in sales of glass bottles. Also, stoppage of glass bottle production incurred no costs.

4) Southern Province Cement Co. posted net profit of SAR 57 million for Q3 2017, down 67.2 percent YoY on lower selling prices due to competition in the market.

5) Sahara Petrochemicals Co. (Sahara) reported strong financial results for 9M 2017, due to the improved performance of subsidiaries, which offset the scheduled maintenance at Al Waha Petrochemicals Co. and Sahara & Maaden Petrochemicals Co. (SAMAPCO), chief executive Saleh Mohammed Bahamdan told Argaam.

6) Saudi Electricity Co. (SEC) said the Public Investment Fund (PIF) plans to partner with Softbank Vision Fund (SBVF) to develop a new solar power plan in line with Vision 2030.

7) Abdullah A.M. Al-Khodari Sons Co. has signed a contract with Abdullah Fouad Holding Co. to auction its surplus equipment during the period Nov. 14-16 at Al-Khodari yard in Dammam.

8) Capital Market Authority (CMA) has imposed a fine of SAR 283,878 on Fitaihi Holding Group for violating market rules. A fine of SAR 70,000 has also been imposed on Ahmad Fitaihi for practices constituting manipulation and fraud, and creating a misleading impression about the security of United Wire Factories Co. and National Gas and Industrialization Co. when he traded their shares from Jan. 16, 2013 to March 18 the same year.

9) Al Sorayai Trading and Industrial Group Company’s board of directors has approved a recommendation to appoint Nader Rashid Mohammed Al-Nasser as an independent board member as of date until the end of this term on July 15, 2018.

10) Oil prices were mixed on Wednesday, with Brent steady above the $58-mark. Brent crude was last up 0.1 percent at $58.39/bbl, while WTI crude was down 0.1 percent at $52.41/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com