8 things you need to know on Tadawul today

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

1) Saudi Arabia’s Capital Market Authority (CMA) plans to ease requirements for foreign institutional investors on Tadawul, as the Kingdom aims to attract more capital into the market under ongoing economic reforms, the market regulator said in a statement.

2) National oil firm Saudi Aramco and Saudi Basic Industries Corp. (SABIC) have signed a memorandum of understanding (MoU) to develop a fully integrated crude oil to chemicals complex in the Kingdom, the two said in a joint statement

3) Saudi Airlines Catering Co. has signed a five-year contract worth SAR 501 million with Flynas to provide inflight catering and logistics services, as well as retail onboard products. The positive impact is expected to show in Q4 2017, Catering said.

4) Saudi Industrial Export Co. (SIEC) has inked a contract with Al Jouf Cement Co. to export 72,000 tons of cement to Jordan annually. The financial impact of the contract will be disclosed in Q1 2018, the two firms said in separate statements.

5) Dur Hospitality Company’s (Dur) has appointed board member Naser M. Alsubeaei as vice-chairman, effective immediately until the end of the current term on Dec. 31, 2018.

6) Al Rajhi Bank’s general assembly approved reappointing Abdullah bin Suleiman Al Rajhi as chairman of the board for the new three-year term starting Nov. 14, 2017.

7) Anaam International Holding Group Co. has appointed Raied Katy as vice-chairman of the board. The decision will be effective until Nov. 27, 2018.

8) Oil prices edged lower on Monday, although markets remain supported by the possibility that OPEC might decide to extend the output cap deal beyond March 2018 at its meeting on Nov 30. Brent crude was last down 0.1 percent at $63.83/bbl while WTI crude fell 0.4 percent to $58.7/bbl.

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