10 things to watch on Tadawul today

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

1) Saudi Basic Industries Corp. (SABIC) signed a memorandum of understanding with Fujian Provincial Government in China to develop a world scale petrochemical complex in Fujian.

2) Saudi Aramco awarded a contract to China Harbour Engineering Arabia for the construction of two drilling islands under the company’s Berri Increment Programme.

3) Jabal Omar Development Co. obtained the initial licensing to sell 741 off-plan hotel units in the third phase of Jabal Omar Address Makkah project.

4) Kingdom Holding Company's (KHC) board of directors approved purchasing 4.76 million shares in the US ride-hailing firm Lyft at a total value of SAR 846 million.

5) Saudi Arabia published the executive regulations of the much-anticipated bankruptcy law, which took effect as of September 10.

6) The Mediterranean and Gulf Insurance and Reinsurance Co.’s (MedGulf)  general assembly approved a 100 percent capital hike to SAR 800 million from SAR 400 million through a rights issue.

7) Saudi Paper Manufacturing Co.’s shareholders approved a 45.56 percent capital cut to SAR 245 million from SAR 450 million.

8) The Capital Market Authority has given its approval to Osool & Bakheet Investment Company's request to offer, register and list Maarif REIT units on the Tadawul as real estate investment traded fund.

9) The total value of assets under management  by Saudi-based investment funds jumped 25.5 percent year-on-year to SAR 110.2 billion by the end-2017, according to Saudi Arabian Monetary Authority.

10) Saudi Arabia’s third-largest bank Samba Financial Group's profitability is expected to remain solid and support its overall credit profile, Moody’s Investors Service said.