10 things you need to know on Tadawul today

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

1) Saudi Arabia’s non-oil growth is expected to pick up 1.7 percent in 2017 as its “bold” Vision 2030 economic reforms are implemented, the International Monetary Fund (IMF) said, adding that overall growth is expected to strengthen over the medium-term.

2) Saudi Arabia’s current account deficits will return to surplus by 2019, driven by a recovery in oil prices, BMI Research said in a recent report.

3) Mohammed Abdullah El-Kuwaiz has been named head of the Saudi Capital Market Authority, the Kingdom's market regulator, according to a royal decree.

4) Bank Albilad’s net profit for the second quarter climbed 30 percent year-on-year (YoY) to SAR 238.8 million, due to a rise in operating and investment income as well as gains on non-trading investments.

5) United Wire Factories Co. (Aslak) reported a net profit of SAR 493,000 in Q2 2017, compared to a profit of SAR 38.6 million in the year earlier quarter due to the slowdown of the construction sector.

6) Arabian Cement Co.’s Jordanian affiliate, Qatrana Cement, has signed a credit agreement worth SAR 530 million (JOD 100 million) with Arab Bank in Jordan.

7) National Metal Manufacturing and Casting Co.’s (Maadaniyah) board has appointed Mutlaq Al Morished as chairman of the board of directors for the current three-year term.

8) Saudi Re for Cooperative Reinsurance Co. (Saudi Re) said the due diligence to acquire 49.9 percent stake in Probitas Holdings Bermuda Limited (PHBL) has been substantially completed.

9) Saudi Arabian Oil Co. (Saudi Aramco) is considering building new facilities to boost production of Arabian Heavy crude from the Zuluf offshore oilfield, Reuters reported.

10) Crude oil fell 2.5 percent on Friday, with Brent ending the week at $48.06/bbl while WTI crude settled at $45.77/bbl.

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