10 things you need to know on Tadawul today

25/09/2018 Argaam

 

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

 

1) Saudi Basic Industries Corp (SABIC) has hired banks to arrange a series of fixed-income investor meetings ahead of its proposed dual-tenor US dollar-denominated bond issue, according to Reuters.

 

2) Saudi Arabia's King Salman will sponsor the inauguration ceremony of the Haramain high-speed railway on Tuesday, said Minister of Transport Nabil Ala'amoodi.

 

3) Saudi Aramco’s CEO Amin Nasser said he cannot say whether the oil giant will go public by 2020, CNBC reported.

 

Meanwhile, he added that talks to acquire a majority stake in SABIC are at an "early stage" but the proposed acquisition is “central to Saudi Aramco's plans to diversify its revenue stream.”

 

4) Saudi Arabia’s GDP per capita is projected to increase to $24,416 by 2022 from $21,209 in 2017, rising by 15 percent in 5 years, Spain-based FocusEconomics said.

 

5) As Saudi Arabia prepares to join the MSCI Emerging Markets Index in the second half of 2019, it could attract inflows of $10 billion from passive investors, The Institute of International Finance noted.

 

6) National Company for Learning & Education issued a prospectus for its initial public offering (IPO) on Tadawul after obtaining the approval of the Capital Market Authority (CMA) last May.

 

7) Al Tayyar Travel Group’s contract with the Ministry of Education to provide travel services to students enrolled in the Kingdom's scholarship program ended as of Sept. 21.

 

8) Saudi Arabia’s Ministry of Municipal and Rural Affairs issued around 68,300 construction permits in the first nine months of 2018, while demolition licenses stood at 1,025 for the period, Al-Eqtisadiah reported.

 

9) The market value of Saudi Public Pension Agency’s investments stood at SAR 68.5 billion in 2017, with the investment return rising to over 9 percent year-on-year.

 

10) Oil rose for a second day on Tuesday, remaining within range of a four-year high reached during the previous session. Brent crude was up 21 cents at $81.41/bbl, while WTI crude rose 18 cents to $72.26/bbl.

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