7 things to consider as Tadawul starts trading

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

1) Saudi Aramco has signed a memorandum of understanding (MoU) with Ratnagiri Refinery and Petrochemicals Ltd (RRPCL) to jointly develop and build an integrated mega refinery and petrochemicals complex worth $44 billion in Ratnagiri, Maharashtra.

2) Funding pressure on banks in the Gulf Cooperation Council (GCC) countries is easing as government deposits increase in the wake of rising oil prices, Moody's Investors Service said in a new report.

3) Bank lending to the private sector in Saudi Arabia will steadily return to growth this year, boosted by higher oil prices and higher government spending, Reuters reported, citing David Dew, the managing director of Saudi British Bank (SABB).

4) Riyad REIT Fund’s capital hike subscription period, which started beginning of this month, will end today.

5) Aljazira Takaful Taawuni Co.’s board of directors has recommended a 7 percent cash dividend for fiscal year 2017 at SAR 0.7 per share, amounting to SAR 24.5 million.

6) Solidarity Saudi Takaful Co. has inked a non-exclusive marketing agreement with Theatle Insurance Agent to market and sell Solidarity’s insurance commercial and retail policies across the Kingdom.

7) Crude oil prices extended gains on Thursday, following their sharp rise yesterday amid fears of heightened military action in Syria. Brent crude was last up 0.4 percent at $72.31/bbl while WTI crude rose 0.5 percent to $67.14/bbl.

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