5 things you need to know on Tadawul today

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

1) The Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) rose to 55.8 in August from 55.7 in July, as new orders increased at a faster rate supported by a solid rise in new export orders.

2) Batic Investment and Logistics Co. (BATIC) has signed a memorandum of understanding (MoU) on Aug. 29 with Abdulqader Al-Muhaidib & Sons Co. and Himmah Group to fully acquire Al Muhaidib Land Transport Co. and Himmah Logistics Company.

3) Riyadh-based Water & Electricity Co. LLC has received expressions of interest from 55 local and foreign firms for the Rabigh 3 independent water project, according to a company statement.

4) Saudi Telecom Co. (STC) said Oman has postponed announcing the winner of its third mobile license to Nov. 30, instead of Sep. 4. STC, United Arab Emirates-based Etisalat Group, and Sudan’s Sudatel Telecom Group have bid for this license.

5) Oil prices were subdued on Wednesday, following the disruption from Hurricane Harvey. Brent crude was last down 0.4 percent at $53.17/bbl while WTI crude fell 0.2 percent to $48.56/bbl.

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