10 things to consider as Tadawul starts trading

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

1) Dar Al-Arkan Real Estate Development is “seriously” looking at foraying into the Maldives resorts market, as part of plans to expand its recurring income portfolio, company chief executive Ziad El Chaar told Argaam.

2) Abdullah Al Othaim Markets Co. has opened its 40th branch in Egypt, the Saudi-listed supermarket chain said in a statement.

3) Saudi German Hospital has signed an agreement with Al Marjan Island in Ras Al Khaimah to establish a 100-bed specialty hospital.

4) Jabal Omar Development Company (JODC) said its memorandum of understanding (MoU) with UAE’s Meraas has expired, and talks are being held to renew the MoU.

5) MetLife AIG ANB Cooperative Insurance Co.’s shareholders approved the board’s proposal to reduce capital by 48.57 percent to SAR 180 million from SAR 350 million.

The stock’s fluctuation limit after capital reduction will be based on a share price of SAR 24.66, the Saudi Stock Exchange (Tadawul) said in a statement.

6) The Saudi hotel industry’s business cycle is witnessing a “temporary downturn” amid higher supply and weak demand, according to Dur Hospitality’s CEO Badr Al Badr.

7) Qassim Cement Co. reported a net profit of SAR 57.2 million for Q1 2018, a fall of 28.7 percent year-on-year (YoY), due to a decline in sales value and volume.

8) Aldrees Petroleum and Transport Services Co. posted a net profit of SAR 24.6 million for the first quarter of 2018, a 68.5 percent YoY jump on higher sales and increased revenue.

9) Saudi Arabia is preparing to lay the foundations for Al-Qiddiya entertainment megacity project in Riyadh next Wednesday April 25, sources told Argaam.

10) Crude oil prices closed last week above $74-level, shrugging off US President Donald Trump’s comments on OPEC’s role in pushing up oil prices. Brent crude rose 0.4 percent to close at $74.06/bbl, while WTI crude gained 0.1 percent to reach $68.4/bbl.

Meanwhile, OPEC said the compliance level by OPEC and non-member producers to the output-curb deal hit a record-high of 149 percent in March.

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