8 things to consider as Tadawul starts trading

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

1)  Saudi Investment Bank’s (SAIB) buyback of the shareholding of J.P. Morgan International Finance Limited into SAIB was a positive and promising deal, CEO Musaed Al-Mineefi told Argaam.

2) The second phase of Rabigh Refining and Petrochemical Company’s (Petro Rabigh) mega downstream complex is nearly complete, and the project is expected to start operations next month, MEED reported.

3) Saudi Arabian Mining Company (Maaden) has named Darren Davis as the new acting chief executive officer, effective July 1.

4) The ban on Saudi Ground Services Co.’s (SGS) founding shareholders from selling shares was lifted on Sunday, June 24, three years after the company’s listing on Saudi Stock Exchange (Tadawul).

5) The general assembly of Middle East Healthcare Co. (MEAHCO), which owns and operates Saudi German Hospitals, has approved a 20 percent cash dividend for the fiscal year 2017, at SAR 2 per share, amounting to SAR 184.08 million.

6) MetLife AIG ANB Cooperative Insurance Company said Julio Garcia-Villalon has resigned as the non-executive board member from June 24.

7) Saudi Aramco and UAE's Abu Dhabi National Oil Co. (ADNOC) has signed a deal, which allows ADNOC to partner in the building of the planned $44 billion crude oil refinery in Ratnagiri, Maharashtra.

8) Saudi Arabia’s real gross domestic product (GDP) will reach 2.2 percent this year, supported by higher oil prices, the Institute of International Finance (IIF) said in a recent report.

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