9 things you need to know on Tadawul today

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

1) Saudi Arabia said on Thursday it would cancel all export duties on steel for two years and slash cement export tariffs by 50 percent to encourage local industries and producers, and enhance competition.

2) Saudi Arabia said Qatar's boycott will continue "until Doha adjusts its position." The country's foreign minister said the Kingdom will take additional steps after consultation with Egypt, Bahrain and the UAE. The four countries cut diplomatic ties with Qatar last month, and had later sent Doha a list of 13 demands to end sanctions.

3) Al Jouf Cement Co. has called an extraordinary general assembly meeting on July 17. The agenda includes a voting on the board’s recommendation for a capital increase by 10 percent to SAR 1.43 billion.

4) Qassim Investment Holding Co.’s (QACO) general assembly has approved a 2.5 percent cash dividend of SAR 7.5 million (SAR 0.25 per share) for Q1 2017.

5) Saudi Arabia’s food and beverage sector continues to be defensive despite short-term economic challenges and cautious spending, Aljazira Capital said in a report.

6) Makkah Construction and Development Co. has signed a 20-year management agreement with Millennium & Copthorne Middle East Holdings Limited.

7) The Saudi Ministry of Environment, Water and Agriculture is planning to reduce stalled projects to less than 10 percent by the end of 2017.

8) Saudi Arabia added 739 factories by the end of 2016 bringing the total to 7,746 with a total investment of over SAR 1.1 trillion, data from the Ministry of Energy, Industry and Mineral Resources showed.

9) Oil prices edged up on Thursday. Both Brent crude and WTI crude were last up 0.7 percent at $48.12/bbl and $45.44/bbl, respectively.

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