9 things to consider as Tadawul starts trading

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

1) The Saudi Ministry of Labor and Social Development has issued new rules for expatriate work licenses and levy. Under the new regulations, a fee of SAR 100 will be paid by companies per foreign worker to issue a one-year work permit.

2) Seven regions have shown full compliance with Saudization requirements at gold and jewelry stores after two weeks of implementing the decision on Dec. 3, Khaled Abal Khail, the labor ministry's spokesperson, said.

3) Derayah REIT’s initial public offering (IPO), which is run by fund manager Derayah Financial Corporation Company, starts today in preparation for trading on the Saudi Stock Market (Tadawul).

4) Alandalus Property Co. has sold Alandalus Mall and Staybridge Suites Jeddah Alandalus Mall to Tamkeen for Investment and Real Estate Development Co., a wholly-owned subsidiary of Albilad Invest (the custodian).

5) Taiba Holding Co. (Taiba) signed a conditional agreement on Tuesday to purchase an additional 0.326 percent stake in Arab Resort Areas Co. (ARAC), in return of issuing new shares in Taiba to ARAC’s shareholders through a capital increase.

6) United Cooperative Assurance Co. (UCA) said its board of directors has approved the appointment of Faker Khamis Al Rais as the company’s acting chief executive officer.

7) Qassim Investment Holding Co. (QACO) has approved a purchase offer submitted by a shareholder in Pure Breed Poultry Co. to buy QACO’s 6.45 percent stake in the company for SAR 9.38 million, QACO said in a bourse statement.

8) Saudi Industrial Export Co. (SIECO) has appointed Saudi Kuwaiti Finance House as financial advisor for its prospective capital hike through rights issue, the company said in a bourse statement on Tuesday.

9) Oil prices edged lower on Wednesday, but Brent crude held above the $66-mark. The benchmark grade was last trading down 0.4 percent at $66.74/bbl, while WTI crude fell 0.4 percent to $59.76/bbl.

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