8 things to consider as Tadawul starts trading

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

1) Saudi Aramco has picked New York, London and Hong Kong for the international portion of its planned initial public offering (IPO), Reuters reported.

2) Global equity index compiler MSCI said it will include state-run Saudi Aramco in its Saudi Arabia Index at the time of the oil giant’s initial public offering (IPO).

3) The Saudi government is taking managerial control of Saudi Binladin Group (SBG) and looking into a potential transfer of some of the construction giant’s assets to the state. Some shareholders in the group may transfer part of their stakes to the government to settle outstanding dues with authorities, Reuters reported.

4) Saudi Arabian Monetary Authority (SAMA) has allowed lenders to raise the mortgage loan limit up to 90 percent, from 85 percent of the total value of unit value for Saudi first-time buyers.

5) United Wire Factories Co.’s net profit for the fiscal year 2017 slumped 69 percent to SAR 25.6 million, as compared to nearly SAR 82 million the previous year.

6) SAMA has lifted ban on United Cooperative Assurance Co. (UCA) to issue and renew mandatory auto insurance policies, as of January 11.

7) Al Rajhi REIT Fund’s initial public offering (IPO) will close today. The offering started on January 1, targeting a fund size of SAR 1.62 billion.

8) Oil prices closed last week with gains amid tightening global markets. Brent crude rose 0.9 percent to $69.87/bbl, while WTI crude added 0.8 percent to reach $64.3/bbl.

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