10 things you need to know on Tadawul today

10 things you need to know on Tadawul today
Saudi Aramco received a favorable ruling from US District Court for Southern District of Texas on Nov. 17, 2020. (File/AFP)
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Updated 23 November 2020

10 things you need to know on Tadawul today

10 things you need to know on Tadawul today

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

1) Saudi Aramco received a favorable ruling from US District Court for Southern District of Texas on Nov. 17, 2020, to dismiss the case brought by alleged heirs of Khalid Abu Al-Waleed Al-Hood Al-Qarqani in their claim to enforce a roughly SAR 67.3 billion purported foreign arbitral award.

2) Saudi Telecom Co. (STC) sold a 15 percent stake in STC Pay, a fully-owned subsidiary, to Western Union for SAR 750 million.

3) National Industrialization Co. (Tasnee) delayed the restart of operations at its Titanium Ilmenite Smelter Plant to Q3 2021, citing precautionary lockdown measures due to COVID-19.

4) National Company for Learning and Education’s (NCLE) net profit after Zakat and tax increased by 15 percent year-on-year to SAR 57.8 million for FY 2019/2020 ending on Aug.31, 2020. The board also recommended an 8 percent cash dividend for the period.

5) Saudi Real Estate Co. (Al Akaria) sold its entire stake of 6.1 percent in Hail Cement Co. for SAR 96.9 million.

6) Jarir Marketing Co. announced the closure of its showroom in Abu Dhabi-based Jimi Mall.

7) Tihama Advertising and Public Relations Co. agreed on an early repayment of the existing Islamic Murabaha with White Door Holding Co.

8) Saudi Ground Services Company (SGS) signed a three-year contract with Wizz Air Abu Dhabi to provide ground handling services in airports across the Kingdom.

9) Nama Chemicals Co. received an offer from the Saudi Industrial Development Fund (SIDF) to reschedule insolvent loans.

10) Crude oil prices edged up on Monday morning, with Brent crude gaining 24 cents to $45.07/bbl, while WTI crude rose marginally to $42.43/bbl.

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PIF to help KSA become a global renewable energy leader, says minister

Minister of Investment Khalid Al-Falih. (Argaam)
Minister of Investment Khalid Al-Falih. (Argaam)
Updated 7 min 9 sec ago

PIF to help KSA become a global renewable energy leader, says minister

Minister of Investment Khalid Al-Falih. (Argaam)
  • The Public Investment Fund will act as a key investment driver, Al-Falih said

RIYADH: Saudi Arabia aims to be a world leader in the field of renewable energy, Al Arabiya TV Channel reported, citing Minister of Investment Khalid Al-Falih.

The Public Investment Fund (PIF) will act as a key investment driver, Al-Falih added.

The global economy has begun to shift to other energy sources, the minister said, noting that the Kingdom made a strong push towards this transformation through its renewable energy strategy, as Minister of Energy Prince Abdulaziz bin Salman announced ambitious goals to produce 50 percent of renewable energy in the Kingdom.

Al-Falih also noted that the strategies and policies announced by the Kingdom aim to maintain its leadership in energy sector, as it was during the oil era, amid transitioning to global leadership beyond oil amid the current global transformation.

According to data compiled by Argaam, the PIF’s board of directors, chaired by Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, Mohammed Bin Salman, approved the fund’s strategy for the next five years to 2025.