10 things to consider as Tadawul starts trading

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

1) Saudi Arabia's non-oil private sector growth accelerated to a six-month high in June, supported by a strong recovery in new orders and output, with the Purchasing Managers' Index (PMI) rising to 55 last month, Emirates NBD said in a new report.

2) Mohammed Abbaoui, Chief Financial Officer of Fawaz Abdulaziz Alhokair Co., told Argaam that the business environment in Saudi Arabia is healthy and assuring, and that his company’s sluggish sales recently were “incidental.”

3) Alinma Tokio Marine Co. said it has received Saudi Arabian Monetary Authority’s (SAMA) approval to renew its insurance activities license for three years.

4) Saudi Telecom Co. (STC) has signed agreements with Huawei, Ericsson and Nokia to expand its services and investments within the Kingdom, the firm said in a statement.

5) Saudi General Authority for Competition (GAC) has approved the economic concentration arising from the National Agricultural Development Co.’s (NADEC) acquisition of Al Safi Danone.

6) Saudia Dairy and Foodstuff Co.’s (SADAFCO) has approved a 20 percent cash dividend for the second half that ended on March 31, 2018, at SAR 2 per share, amounting to SAR 65 million.

7) Al Rajhi Capital released its second-quarter 2018 earnings forecast for Tadawul-listed firms, noting that heavyweight sectors, such as petrochemicals and banks, are likely to post moderately better numbers on a quarterly basis, excluding one-offs and shutdowns.

8) Development projects undertaken in Riyadh had reached 2,946 projects at the end of 2017, with a total value of SAR 342.9 billion, including private and not-for-profit ventures, according to Arriyadh Development Authority.

9) South Korea said it will cooperate with United Arab Emirates and the United States to win a bid for Saudi Arabia's first nuclear plant project, after state-run Korea Electric Power Corp. (KEPCO) was shortlisted along with four other bidders, Yonhap News reported.

10) Klaus Kleinfeld, chief executive officer of $500 billion NEOM project, has been appointed as advisor to Crown Prince Mohammed bin Salman, Bloomberg reported.

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