Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) Saudi Arabia’s Capital Market Authority (CMA) has amended the rules governing the Qualified Foreign Investor (QFI) program, easing qualification requirements for foreign investors, their affiliates, foreign portfolio managers and their managed funds, in addition to expanding the range of institutional investors eligible under this framework. The new rules come into effect starting January 23.
2) Mulkia Investment Company said its Mulkia-Gulf Real Estate REIT has acquired a 76 percent stake in Vivienda Hotel Villas Al Hada for SAR 95 million.
3) Bank Albilad’s general assembly approved board member Fahad bin Abdullah Al-Qasem’s engagement in competitive activities.
4) Saudi Arabian Oil Co. (Saudi Aramco) has invited international banks, who are seeking to act as global coordinators in the oil firm’s proposed initial public offering (IPO), for meetings later this month, Reuters reported.
5) Saudi Arabia’s budget for 2018 and spending outlays by the Public Investment Fund (PIF) and National Development Fund will drive the growth in cement sector, according to analysts.
6) Riyadh-based ACWA Power has reached the financial close for three solar photovoltaic (PV) projects under Round 2 of Egypt Feed-in Tariff programme II, with an aggregate capacity of 165.5-megawatt peak (MWp).
7) Saudi Arabia has topped the Middle East and North Africa (MENA) countries by value of desalination projects under construction, with a project pipeline of $4 billion, according to BMI Research.
8) Oil prices touched a three-year high on Wednesday driven by OPEC-led production cuts. Brent crude was last trading up 0.5 percent at $69.17/bbl, while WTI crude rose 0.8 percent to reach $63.47/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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