8 things you need to know on Tadawul today

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

1) The Saudi Arabian Monetary Authority (SAMA) is making rules tougher for insurance companies, part of the central bank’s strategy to create a smaller market with stronger players, Reuters reported.

2) Saudi Arabia's Ministry of Commerce and Investment (MOCI) has issued 16 steel and cement export licenses, following the Kingdom’s decision to cancel all export duties on steel and halve cement export tariffs, Al-Eqtisadiah newspaper reported.

3) Middle East Specialized Cables Co. (MESC) has approved the voluntary liquidation of its 57.5 percent-owned subsidiary in Jordan, MESC for Medium and High Voltage Cables. A liquidator has been appointed in Jordan.

4) Banque Saudi Fransi’s (BSF) board of directors has appointed an independent team to investigate employees’ incentives violations, the lender said in a statement.

5) Qassim Investment Holding Co.’s case against Al Bandariyah Group has been adjourned to Dec. 6, 2017. In January, the company had filed a lawsuit against Al Bandariyah Group before the Riyadh-based Board of Grievances.

6) United Cooperative Assurance’s (UCA) board of directors accepted on Wednesday the resignation of chief executive officer Mishaal Afif, effective on Nov. 1.

7) Saudi Arabia’s gross domestic product (GDP) is expected to contract by 1 percent in 2017, before rebounding next year at 1.2 percent as the country’s recent economic adjustments begin to materialize, National Commercial Bank said in a recent report.

8) Oil prices eased on Thursday, after climbing in the previous session following OPEC monthly report that forecast higher demand in 2018. Brent crude was last down 0.6 percent at $56.62/bbl while WTI crude fell 0.5 percent to $51.05/bbl.

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