7 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 has cut the fiscal deficit by 20 percent year-on-year (YoY) to SAR 46.5 billion in Q2 2017, the finance ministry said on Sunday. Deficit stood at SAR 26 billion in the previous quarter, implying a first-half deficit of SAR 72.7 billion.

2) Saudi Marketing Co. (Farm Superstores) plans to open three new branches in the second half of this year, chief executive Maher Al-Aswad told Argaam.

3) L'Azurde Company for Jewelry has signed an agreement with Saudi French Duty Free Operations and Management, making L’Azurde the exclusive vendor of gold, diamonds, and stone set jewelry and non-exclusive vendor of men’s accessories in five international terminals in Riyadh, Jeddah, and Dammam airports.

4) Etihad Etisalat Co. (Mobily) has signed framework agreements with Nokia, Huawei and Ericsson to modernize its mobile network. The three-year agreements could be worth SAR 2.4 billion, which will be funded from the company’s cash flow and available facilities.

5) Saudi Arabia’s Communications and Information Technology Commission (CITC) has allowed the offices of Saudi Telecom Co. (STC) and Mobily in Riyadh to reopen. The companies have signed agreements promising to amend their situations and implement the customer protection regulations.

6) Shareholders of Taiba Holding Co. have approved a deal to buy out Arab Resort Areas Co.’s – which is a subsidiary of Taiba – entire stake in Al Aqeeq Real Estate Development Co.

7) Oil prices declined on Monday, with Brent crude last down 0.2 percent at $52/bbl and WTI crude down 0.1 percent at $48.78/bbl.

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