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 Basic Industries Corp (SABIC) has teamed up with China Petroleum and Chemical Corporation (Sinopec) to work on three projects at an estimated cost of SAR 15 billion ($4 billion).

2) Methanol Chemicals Co. (Chemanol) has obtained the approval of the Saudi Industrial Development Fund (SIDF) to reschedule its remaining SAR 385 million loan.

3) Saudi Printing & Packaging Co.’s (SPPC) subsidiary Almadina Printing and Publishing Co. has won part of an education ministry contract to print school books, worth around SAR 74.2 million.  

4) The board of Chubb Arabia Cooperative Insurance Co. has recommended a dividend freeze for fiscal year 2016 to help support future growth and improve the company’s solvency margin.

5) Solidarity Saudi Takaful Co.’s board of directors does not plan to increase the company’s capital after reducing it, as the current capital is sufficient, chief executive Badr Al Anzi told Al Arabiya TV.

6) Etihad Etisalat (Mobily), Saudi Arabia’s second largest telecom operator, has signed a collaboration agreement with Saudi Post that allows the telco to sell its products and services across all Saudi Post offices and branches in the kingdom.

7) Oil retreated as markets reopened Monday, following Baker Hughes data that showed US rig count rose by 21 for week ending March 17. Brent crude fell 0.6 percent to $51.44/bbl and WTI crude declined 0.8 percent to $48.37.