8 things you need to know on Tadawul today

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

1) Banque Saudi Fransi (BSF) said it has terminated the bank’s managing director and CEO Patrice Couvegnes, effective Nov. 14. He has been replaced by Rayan bin Mohammed Fayez.

2) Savola Group’s chief executive Rayan Fayez resigned on Monday, after accepting another job offer. The resignation will be effective Feb. 8, 2018.

3) Al-Hassan Ghazi Ibrahim Shaker’s (Shaker) board of directors has appointed Azzam Al-Mudaiheem as its new chief executive officer, effective Nov. 19.

4) US-based MSCI has added Dar Al-Arkan Real Estate Development Co. to its Saudi Arabia Large Company Index. Also, Abdullah Al Othaim Markets Co., Saudi Real Estate Co. (Al Akaria) and United Electronics Co. (eXtra) have been added to Saudi Arabia Small Cap Index.

5) Al Sorayai Trading and Industrial Group (Al Sorayai Group) has appointed Wasatah Al Maliah Co. (Wasatah Capital) as financial adviser for its potential capital cut.

6) BMI Research revised upwards its mid-term forecast on Saudi Arabia’s gas production to 161.1 billion cubic meters (bcm) in 2022, compared to its earlier estimates of 156.5 bcm.

7) The National Water Co. has awarded 42 projects in Riyadh, Jeddah, and Taif at a total value of SAR 2.1 billion, in line with the Kingdom’s National Transformation Program 2020.

8) Crude oil fell below $62-mark on Wednesday over renewed fears of oversupply. Brent crude was last down 1.4 percent at $61.37/bbl, and WTI crude fell 1.2 percent to $55.04/bbl.

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