7 things to watch on Tadawul today

7 things to watch on Tadawul today
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Updated 02 December 2020

7 things to watch on Tadawul today

7 things to watch on Tadawul today

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

1) The Capital Market Authority (CMA) approved on Dec. 1 the deregulation of the market institutions’ commission of buying and selling listed equities on Nomu-Parallel Market for both seller and buyer. The Saudi Stock Exchange (Tadawul) and CMA commission will remain unchanged.

2) Citigroup Saudi Arabia and Goldman Sachs Saudi Arabia received a notification from NatWest Markets Plc and Banco Santander S.A. on completion of the accelerated book building process to sell 115.88 million shares in Saudi British Bank (SABB).

3) Aljazira Takaful Taawuni Co. and Solidarity Saudi Takaful Co. obtained on Nov. 30, 2020, the approval of the Saudi Central Bank (SAMA) for merger.

4) Arriyadh Development Co. (ARDCO) received letters from the General Authority of Zakat and Tax (GAZT), requiring it to adjust its Zakat reports for the period from 2015 to 2018, and pay Zakat differences worth SAR 103.14 million ($27.5 million).

5) The creditor objection period for the merger between Al-Ahlia Insurance Co. and Gulf Union Cooperative Insurance Co. will end on Thursday, Dec. 3, 2020.

6) National Agricultural Marketing Co. (Thimar) clarified that the SAR 22.41 million ruled by the court in its favor is related to a claim made against an investor to pay the funds remaining from purchasing part of Thimar’s stake in one of its associates.

7) Brent crude on Wednesday declined 39 cents to reach $47.03 per barrel. WTI crude decreased 43 cents to reach $44.12/bbl.

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Riyadh investment forum sends ‘message of optimism’ with global linkup

FII is described as an international platform for debate between global leaders, investors and innovators. In 2019, 24 investment deals worth $20 billion were announced at the event. (AFP/File Photo)
FII is described as an international platform for debate between global leaders, investors and innovators. In 2019, 24 investment deals worth $20 billion were announced at the event. (AFP/File Photo)
Updated 58 min 37 sec ago

Riyadh investment forum sends ‘message of optimism’ with global linkup

FII is described as an international platform for debate between global leaders, investors and innovators. In 2019, 24 investment deals worth $20 billion were announced at the event. (AFP/File Photo)
  • FII embraces unique high-tech format in bid to reinvent global economy

DUBAI: Olympic medalists, political leaders, Nobel laureates and global CEOs are among speakers due to take part in the fourth edition of the Future Investment Initiative (FII), a two-day event that will embrace a hybrid format for the first time when it starts on Wednesday.

Jamaican eight-time Olympic gold medalist Usain Bolt is one of the star speakers among the 150 names set to take part in the event, organized under the theme “The Neo-Renaissance.”

Travel restrictions as a result of the coronavirus pandemic mean some speakers will attend in person in Riyadh, while many others will participate virtually from hubs in New York, Paris, Beijing and Mumbai.

Other high-profile speakers announced in recent days include Sen. Matteo Renzi, former prime minister of Italy; Kevin Rudd, former Australian prime minister; Alberto Fernandez, president of Argentina; and Bruno Le Maire, French finance and economy minister.

READ MORE: FII confirms over 140 global speakers for 2021 event

FII is described as an international platform for debate between global leaders, investors and innovators. In 2019, 24 investment deals worth $20 billion were announced at the event, as the Saudi Arabian economy opened up to foreign investment.

Richard Attias, CEO of organizing body the FII Institute, told Arab News that pandemic restrictions mean the 2021 event will be “totally different” from the first editions.

“But we still need to carry a message of optimism, a message that the global economy should not stop and cannot stop. This is why we are hosting this conversation in a unique format.

“The conversation will be about the rebirth of the global economy. In fact, this rebirth will be the neo-renaissance of the global economy. I hope this renaissance will positively affect all sectors. Under the leadership of the FII Institute, speakers and participants will discuss how the investment world, the sports industry, the sustainability industry — how all these industries will be reinvented.”

Attias said that the two-day event will embrace “first time ever” conference technology, “which is bringing together all participants in a virtual world.”