7 things you need to know before Tadawul opens

Here’s what you need to know before the opening bell rings at the Saudi Stock Exchange (Tadawul) on Monday.

1) Jabal Omar Development Co. may consider paying dividends in the near future, if it maintains profitability and secures enough liquidity to meet operating requirements, chief executive officer Yasser Al-Sharif told Argaam. The developer also plans to launch investment products, such as real estate funds and sukuk, pay-to-own real estate, and introduce off-plan sales models.

2) Saudi Basic Industries Corporation (SABIC) signed on Sunday an agreement to acquire Shell Chemicals Arabia LLC’s 50 percent stake in Saudi Petrochemical Company (SADAF) for $820 million (SAR 3.08 billion).

3) Emaar The Economic City said it has awarded two infrastructure works contracts on Sunday to Al Arabia Maintenance & Spare Parts Co. LLC at a total value of SAR 51.3 million.

4) Rabigh Refining Petrochemical Company (Petro Rabigh) suspended operations on Thursday at its petrochemicals complex for a technical malfunction and restarted the facility again on Saturday. Financial impact will be announced later, it said.

5) Al Hokair Tourism plans to issue a 6.5 percent (0.65 per share) dividend for the second half of 2016, bringing the total dividend issued for FY16 to SAR 71.5 million (SAR 1.30 share).

6) Arab National Bank (ANB) has obtained approval from the Saudi Arabian Monetary Authority (SAMA) to set up a fully-owned subsidiary in the Cayman Islands to handle derivatives trading and repo activities, the bank said in a statement to Tadawul.

7) Elsewhere, Brent crude slipped slightly this morning, down 0.09 percent at $55.44/bbl. Baker Hughes data for week ending Jan. 20 showed US rigs rose by 35 to 694.

Write to Reem Abdellatif at reem.a@argaam.com