9 things you need to know before Tadawul opens

Here is what you need to know before the Saudi Stock Exchange (Tadawul) opens on Sunday.

1) The Saudi Stock Exchange (Tadawul) will open one hour earlier starting today, with trading hours observed between 10:00 am and 3:00 pm local time. The pre-trading session will be held from 9:30 am until 10 am, and the post-trading session will take place daily between 3 pm and 4 pm.

2) Saudi deputy crown prince Mohammed bin Salman recently told Bloomberg in an interview that the kingdom is preparing to create the world’s largest sovereign wealth fund to help control more than $2 trillion and help wean the kingdom off of oil. 

3) Oil tumbled more than 4 percent on Friday after the Saudi deputy crown price said the country will only freeze production if Iran and other major producers agree to join. Brent crude closed at $38.67/bbl, while WTI crude ended the session at $36.79/bbl.

4) Standard & Poor’s (S&P) has downgraded five Tadawul-listed banks due to increased economic risks amid lower oil prices. The ratings of National Commercial Bank (NCB), Al Rajhi Bank, Riyad Bank, Saudi British Bank, and Samba Financial Group were cut one notch to BBB+ from A-, with a stable outlook.

5) Saudi Basic Industries Corporations (SABIC) said it has started commercial production at its carbon black and utilities unit on Friday. The petrochemical giant also launched a trial run of its polybutadiene rubber unit on March 31.

6) Yanbu National Petrochemical Company (YANSAB) said it will pay a SAR 1 per share dividend for H2-2015 on April 14.

7) The Saudi Arabian Mining Company (Maaden) has started commercial production at Ad Duwayhi mine of its subsidiary Maaden Gold and Base Metals Company on Friday. Commercial operations at Jabal Sayid Copper Mine, which is owned by its affiliate Maaden Barrick Copper Company, were delayed due to final mechanical testing that still needs to be completed.

8) The National Shipping Company of Saudi Arabia (Bahri) has signed a Murabaha Facility Agreement worth SAR 1.4 billion with Riyad Bank on Friday to finance the construction of five Very Large Crude Carriers (VLCCs). The deal will extend for a period of 10 years and six months. The 5 vessels will be mortgaged to Riyad Bank as collateral.

9) Red Sea Housing Services Company said that its subsidiary in Jebel Ali (Dubai) has finalized a $7 million deal on Friday, to acquire 90 percent of Malaysia’s AM Modular Sdn Bhd, a leading designer and manufacturer of prefabricated modular buildings.