8 things to consider as Tadawul starts trading

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

1) Capital Market Authority has approved the amended market regulations designed for applying the updated independent custody model (ICM) and the new option for asset managers to aggregate orders, starting today.

2) Almarai Co. posted a net profit of SAR 513 million for Q4 2017, down 4 percent year-on-year (YoY) attributed to lower revenue due to loss of sales and decline in operating income due to assets impairment charges in Jordan.

3) Fawaz Abdulaziz Alhokair Co. (Alhokair) has appointed Sultan Fawaz Al-Hokair as deputy chairman of the board of directors, until the end of the current session on June 30, 2020.

4) Etihad Atheeb Telecommunications Co.’s board of directors recommended a 25 percent capital reduction to SAR 472.5 million from SAR 630 million to offset accumulated losses.

5) Dar Al-Arkan Real Estate Development Company is looking into introducing branded residential projects in Saudi Arabia, company CEO Ziad El Chaar told Argaam.

6) Saudi Arabia will need to invest $59 billion in its power generation, transmission and distribution network over the next five years to meet rising demand from a growing population and expanding economy, according to a recent report.

7) Saudi Electricity Company (SEC) has signed a one-year, $2.6 billion (SAR 9.75 billion) international syndicated bridge facility with eight banks.

8) Crude oil futures closed last week with declines. Brent crude was down 1 percent at $68.61/bbl, while WTI crude fell 0.9 percent to $63.37/bbl.

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