6 things to watch on Tadawul today

6 things to watch on Tadawul today
Al Mashaar REIT Fund incurred a net loss of SAR 40.1 mln (SAR -0.70/unit) for Q4 2020 against a net profit of SAR 6.2 million a year earlier. (File/AFP)
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Updated 14 January 2021

6 things to watch on Tadawul today

6 things to watch on Tadawul today
  • Emaar Economic City Co.’s (Emaar EC) board of directors appointed Ahmed Yousef Boshnak as managing director
  • Brent crude on Thursday gained 54 cents to reach $49.25 per barrel

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

1) Tihama Advertising and Public Relations Co. signed a memorandum of understanding (MoU) with Majal Al Soura for Communications and Information Technology Corporation and Integrated Production Corporation for Artistic Production.

2) Ataa Educational Co.’s shareholders approved the board’s recommendation on paying cash dividend at 10% of capital, or SAR 1 a share, for FY 2019/20 ended July 31, 2020.

3) Arabian Shield Cooperative Insurance Co.’s (Arabian Shield) board of directors recommended a 33.33% capital hike to SAR 400 million from SAR 300 million through the issuance of bonus shares.

4) Al Mashaar REIT Fund incurred a net loss of SAR 40.1 mln (SAR -0.70/unit) for Q4 2020 against a net profit of SAR 6.2 million a year earlier.

5) Emaar Economic City Co.’s (Emaar EC) board of directors appointed Ahmed Yousef Boshnak as managing director.

6) Brent crude on Thursday gained 54 cents to reach $49.25 per barrel. WTI crude also increased 62 cents to reach $46.26/bbl.


IMF: Iraq has requested emergency assistance

IMF: Iraq has requested emergency assistance
Updated 48 min 15 sec ago

IMF: Iraq has requested emergency assistance

IMF: Iraq has requested emergency assistance
  • The OPEC member’s economy has only a small manufacturing base and almost all goods are dollar-priced imports

Iraq has requested emergency assistance from the International Monetary Fund and talks are ongoing between the parties, the IMF said late on Sunday.
Iraqi Finance Minister Ali Allawi told Bloomberg News earlier that Iraq was in talks with the IMF for a $6 billion loan package.
“The Iraqi authorities have requested emergency assistance from the IMF under the Rapid Financing Instrument, and indicated their intention to also request a longer-term arrangement with the Fund in support of planned economic reforms,” an IMF representative said in an emailed statement.
“Discussions of the authorities’ request for emergency assistance are ongoing.”
The IMF’s Rapid Financing Instrument provides quick financial assistance, which is available to all member countries facing an urgent balance-of-payments need.
Financial assistance under the RFI is provided without the need for a full-fledged program or review, according to the IMF website https://bit.ly/3c6YubX.
Iraq may ask for an additional $4 billion in low-cost loans through another program linked to government reforms, Allawi said on Sunday.
Iraq devalued the dinar last month after a collapse in global oil prices, a major source of Iraq’s financial resources.
Allawi told Bloomberg that Iraq also planned other types of funding to help plug the budget gap. Once the spending plan was approved, the government would move to issue $5 billion in domestic bonds to expand its financial base.
The OPEC member’s economy has only a small manufacturing base and almost all goods are dollar-priced imports.