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) L'Azurde for Jewelry Co. (L'Azurde) has signed a memorandum of understanding with Tamkeen Industrial & Trading Co. (Tamkeen) to acquire 100 percent equity stake of Izdiad Commercial Co. of Arabia, a limited liability company owned by Tamkeen.

2) Kingdom Holding Co.’s plan to raise nearly $1 billion in loans is on hold after Prince Alwaleed Bin Talal was detained under the country’s anti-corruption drive, Bloomberg reported, citing unnamed people familiar with the matter.

3) Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) has obtained Saudi Arabian Monetary Authority’s (SAMA) final approval to sell medical malpractice insurance to individuals.

4) Tourism Enterprise Co. (Shams) has appointed board member Abdullah Al Suwailem as deputy chairman, effective from Nov. 21, 2017.

5) Saudi Arabia’s Public Investment Fund (PIF) has finalized a deal to take over the unfinished $10 billion King Abdullah Financial District (KAFD) in Riyadh, Bloomberg reported.

6) Saudi Arabia’s insurance market is likely to see consolidation in the next few years with weaker companies merging with stronger players amid tightening solvency requirements and improved internal risk controls, Fitch Ratings said in a new report.

7) Saudi private sector’s GDP rose to SAR 1,226 billion in 2016 from SAR 948 billion in 2015, said Ahmed Al-Rajhi, the chairman of the Council of Saudi Chambers.

8) Oil prices edged higher on Wednesday supported by the expectations that OPEC will chose to extend the output deal beyond March 2018. OPEC members are scheduled to meet in Vienna next week. Brent crude was last up 0.6 percent at $62.96/bbl while WTI crude rose 1.5 percent to $57.68/bbl.

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