10 things to consider as Tadawul starts trading

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

1) Saudi Aramco has agreed to supply China's Huajin Chemical Industries Group with 12 million barrels of crude oil, Reuters reported, citing sources.

2) Saudi Arabia’s Ministry of Health is said to be evaluating bids for the second phase of King Faisal Medical City and is expected to award the main construction contract by early March.

3) Saudi Arabia’s GDP is expected to grow 1.7 percent in 2018 backed by a 1.8 percent growth in non-oil private sector and increased government spending this year, Riyad Capital said in a report.

4) Saudi Arabian General Investment Authority’s (SAGIA) has extended the permit period granted to foreign investors to five years, with an option to reduce to a minimum of one year, Saudi Press Agency reported.

5) Banks in Saudi Arabia enjoy strong liquidity, Talaat Hafez, Secretary General of the Media and Banking Awareness Committee of Saudi Banks said in a statement. His statement came after General Authority of Zakat and Tax (GAZT) informed banks of additional zakat claims.

6) Alawwal Bank would have to pay an additional zakat claim of SAR 282 million for the years 2005-2013, after GAZT applied a new accounting method to the long-term investments of banks.

Separately, the lender said it expects a net decrease of shareholders’ equity by 0.47 percent to 1.12 percent as of January 1, following the implementation of IFRS9 Standard.

7) Saudi Industrial Export Co. (SIECO) has received a favorable final court ruling to recover insurance fees of SAR 14.05 million from Afia International Co.

8) Halwani Bros Co.'s performance in 2017 was reasonable, given challenging conditions in the company's main markets, according to chief executive Saleh Ahmed Al Hefni.

9) Musharaka REIT Fund said it will pay a 3.5 percent cash dividend for the first six months of operations, starting from August 17, 2017.

10) Oil prices dipped slightly on Tuesday, ending their positive streak. Brent crude and WTI crude were last trading down 0.1 percent each at $67.42/bbl and $63.84/bbl, respectively.

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