10 things to consider as Tadawul starts trading

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

1) Saudi Aramco has confirmed that it is in talks with the Kingdom’s sovereign wealth fund to acquire a stake in Saudi Basic Industries Corporation (SABIC).

2) Aldrees Petroleum and Transport Services Co. reported a net profit of SAR 42.8 million for the first half of 2018, a 30.5 percent year-on-year (YoY) increase on higher sales of petrol division and transport division.

3) Saudi Automotive Services Co. (SASCO) reported a net profit of SAR 15.28 million for H1 2018, a 39 percent YoY increase on higher sales, lower zakat expense and a SAR 3 million investment income.

4) Subscription for Leejam Sports Co.’s initial public offering (IPO) will start on August 1, for seven days ending on August 7.

5) Saudi Electricity Co is in talks with a group of international banks to issue a US dollar-denominated bond, Reuters reported, citing sources.

6) Mobile Telecommunications Co. (Zain Kuwait) said it received a ruling from the Supreme Court in the UK ordering Saudi Plastic Factory, one of the co-founders of Zain Saudi, to pay $527 million to Zain Kuwait.

7) Saudi Arabia’s holdings of US Treasuries stood at $162.1 billion in May, a rise of $2.2 billion month-on-month– the highest level since July 2015, new data released by the US Treasury showed.

8) Growth in Riyadh's residential property market will be driven by affordable housing, supported by the Saudi government’s continued focus on increasing home ownership amongst its nationals, real estate consultancy JLL said in a new report.

9) A joint venture involving Saudi Aramco and UAE-based Lamprell Plc is progressing towards construction on the Gulf region’s biggest maritime yard at the Ras Al-Khair site in Saudi Arabia.

10) Saudi Arabia has approved the formation of a Saudi-Kuwait coordination council, in a step aimed to strengthen economic ties between the two countries.

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