7 things you need to know on Tadawul today

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

1) Dow Chemical Co. and Saudi Arabian Oil Co. (Saudi Aramco) have signed a non-binding memorandum of understanding to allow Dow to acquire an additional 15 percent ownership from Aramco in Sadara Chemical Co. (Sadara), a joint venture by the two companies.

2) Saudi Arabian Amiantit Co. said most of the legal formalities are complete for the closure of the merger with Hobas Europe of Austria. Amiantit expects the financial impact to reflect in Q3 2017.

3) Saudi Arabian Mining Company (MAADEN) said its subsidiary Maaden Waad Al Shamal Phosphate Co. exported its first shipment of phosphate fertilizers. The company transferred 26,000 tons of diammonium phosphate to Ras Al Khair port, from where it was shipped.

4) Tourism Enterprise Co. (Shams) is still evaluating available investment opportunities with regards to its capital increase, the company said on Monday.

5) Albilad Makkah Hospitality Fund’s private placement was completed, after it raised up to SAR 440 million. The shariah-compliant fund’s capital was raised to SAR 1.14 billion.

6) Saudi Arabia’s Sharbatly Group plans to invest $2.15 billion in Egypt, the Egyptian Ministry of Investment and International Cooperation said on its website.

7) Oil prices edged up on Tuesday, with Brent crude last higher by 0.4 percent at $52.07/bbl and WTI crude up 0.5 percent at $46.78/bbl. The Hurricane Harvey on the Texas Gulf Coast will affect oil markets worldwide, with a mixed impact expected on energy prices in the near term, Dubai-based Emirates NBD said.

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