Here’s what you need to know before Tadawul trading on Wednesday

Here’s what you need to know before Tadawul trading on Wednesday
(File/AFP)
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Updated 29 June 2022

Here’s what you need to know before Tadawul trading on Wednesday

Here’s what you need to know before Tadawul trading on Wednesday

RIYADH: Saudi stocks regained some momentum on Tuesday, mirroring a rise in oil prices after China eased lockdown restrictions.

TASI surged 2.1 percent to 11,671, buoyed by a 3.3 percent rise in oil giant Aramco and a 3.4 percent leap in the Kingdom’s biggest lender Saudi National Bank.

The parallel market, known as NOMU, also recorded a 0.6 percent gain to end the day at 20,358 points.

With Saudi Arabia leading the gainers in the Gulf, stock exchanges of Abu Dhabi, Dubai, and Qatar added 1.9, 1.1, and 1.1 percent, respectively.

This was followed by marginal gains amounting up to 0.3 percent in the Omani and Kuwaiti indexes, while Bahrain’s BAX bucked the trend to close 0.3 percent lower.

Elsewhere in the Middle East, Egypt’s benchmark index EGX30 extended losses as it slipped 0.8 percent.

In energy trading, Brent crude reached $117.44 a barrel by 9:09 a.m. Saudi time on Wednesday, while US West Texas Intermediate traded at $111.44 a barrel.

Stock news

  • The Saudi Investment Bank, known as SAIB, completed the issuance of SR2 billion ($533 million) worth of Riyal-denominated Sukuk
  • Saudi Telecom Co., better known as stc, received its board’s approval to repurchase up to 15 million shares at SR453 million for an employee incentive plan
  • Derayah REIT fund received the board of directors’ approval to restructure its financing, which stood at SR748 million by 2021 end
  • Ayyan Investment Co. almost completed construction works at Al Salam Hospital and expects to obtain the required licenses to begin trial operations by the third quarter of 2022
  • Hail Cement Co.’s shareholders approved buying back 4.9 million shares and keeping them as treasury shares
  • Saudia Dairy and Foodstuff Co.'s shareholders approved a dividend distribution of SR3 per share for the second half of its financial year ended March 31, 2022
  • Naseej for Communication and Information Technology Co. was awarded a deal valued at SR14.5 million to implement a project in the field of e-education and training
  • Shareholders of the Red Sea International Co. will vote on a capital reduction of 50 percent to SR302 million in the next general assembly meeting
  • Saudi Advanced Industries Co. appointed Youssef Al-Qafari as board chairman instead of Abdullah Al-Juraish, who retains his membership in the board of directors
  • Abdullah Saad Mohammed Abo Moati for Bookstores Co. posted a 183 percent profit surge to SR15.1 million for its fiscal year ending March 31, 2022
  • Dar Al Arkan Real Estate Development Co. named Yousuf Al Shelash chairman of the board and Majed Abdul Rahman Al Qasim vice-chairman
  • Retal Urban Development Co. bought SR339 million worth of residential lands within the Sedra Masterplan Community
  • Shareholders of Saudi Arabia Refineries Co. approved a dividend payout of SR0.5 per share for 2021
  •  SABIC Agri-Nutrients Co. will distribute SR4 per share in dividends for the first half of the current year

Calendar

  • June 30, 2022

End of the Wafrah for Industry and Development Co.’s subscription to new shares

End of Petro Rabigh’s subscription to new shares

  • July 4, 2022

Launch of single-stock futures trading on Tadawul

  • July 7, 2022

Saudi Exchange will close for Eid Al Adha holidays and resume trading on July 13


Mohammed Bin Rashid Aerospace Hub to open region’s first vertical aerospace complex

Mohammed Bin Rashid Aerospace Hub to open region’s first vertical aerospace complex
Updated 19 August 2022

Mohammed Bin Rashid Aerospace Hub to open region’s first vertical aerospace complex

Mohammed Bin Rashid Aerospace Hub to open region’s first vertical aerospace complex
  • Facility will offer 86 leasable units in bid to attract SMEs, startups

DUBAI: Mohammed Bin Rashid Aerospace Hub at Dubai South announced that its Suppliers Complex, the first vertical aerospace facility in the region, will be completed in September, Emirates News Agency reported.

The facility is seeking to attract SMEs and startups by providing solutions for multipurpose activities.

The Suppliers Complex is a G+3 development with more than 12,000 square meters of light industrial space, allowing aerospace companies to quickly establish operations.

The facility has 86 leasable units for companies that provide maintenance services, trade aircraft parts, and operate aircraft as well as drones.

“The new facility is in line with our mandate to provide the aviation industry with the required infrastructure and facilities to set up their businesses as part of the overall ecosystem that we have at MBRAH,” MBRAH CEO Tahnoon Saif said.

“We are also offering exclusive incentives to companies, mainly startups and SMEs, and we will spare no effort to cement Dubai’s position on the world aviation map,” Saif added.

MBRAH is a free-zone destination for the world’s leading airlines, private jet companies and associated industries. The hub provides high-level connectivity to global aerospace players.

Home to maintenance centers as well as training and education campuses, MBRAH aims to strengthen Dubai’s engineering industry and realize the emirate’s vision of becoming a leading aviation hub.

 


Qatar sees 12-fold jump in surplus on energy profit

Qatar sees 12-fold jump in surplus on energy profit
(Getty)
Updated 19 August 2022

Qatar sees 12-fold jump in surplus on energy profit

Qatar sees 12-fold jump in surplus on energy profit

RIYADH: Qatar witnessed a 12-fold jump in its budget surplus to 47.3 billion riyals ($12.8 billion) in the first half of 2022, compared to 4 billion riyals in the same period last year, driven by soaring energy revenues.

Oil and gas revenue surged 58 percent to 150.7 billion riyals during the period, recompensating the increased government spending on wages and salaries, Bloomberg reported citing data.

Qatar revenues are mainly generated by long-term contracts to supply liquefied natural gas, typically tied to the price of oil. 

The Gulf country is benefiting from Europe’s interest in diversifying its gas supply away from Russia in the long-term. Qatar tries to tie up buyers for new LNG contracts for very long period, Bloomberg said.

The International Monetary Fund projected the country’s economy will grow 5.4 percent this year and generate a surplus equivalent to about $45 billion. 

Qatar is preparing to host this year’s soccer World Cup.

The World Cup organizers have said they’re anticipating a $17 billion boost to the country from hosting the soccer tournament.


Abu Dhabi eyes double money through Miami Hotel record selling price

Abu Dhabi eyes double money through Miami Hotel record selling price
(Shutterstock)
Updated 19 August 2022

Abu Dhabi eyes double money through Miami Hotel record selling price

Abu Dhabi eyes double money through Miami Hotel record selling price

RIYADH: Abu Dhabi sovereign wealth fund is exploring the sale of the Miami Beach Edition Hotel in which the property could fetch more than $580 million, as it is seeking to more than double its money.

This deal would mark a record on a price-per-room basis for the Miami market, Bloomberg reported citing people familiar with the matter.

Abu Dhabi Investment Authority, also known as ADIA, acquired the Edition for $230 million in 2015 from Marriott International. 

The hotel has 294 rooms and suites including oceanfront bungalows, and restaurants designed by Jean-Georges Vongerichten, according to its website.

ADIA is working on exploring the interest of potential buyers with an adviser, one of the people said, asking to be anonymous. ADIA spokesman declined to comment to Bloomberg. 


Saudi Arabia, Uzbekistan sign agreement in the energy field

Saudi Arabia, Uzbekistan sign agreement in the energy field
Updated 19 August 2022

Saudi Arabia, Uzbekistan sign agreement in the energy field

Saudi Arabia, Uzbekistan sign agreement in the energy field

JEDDAH: Saudi Arabia’s Ministry of Energy signed a memorandum of understanding with its Uzbek counterpart on August 18, to develop cooperation and exchange information and experiences between both countries, in the energy field, Saudi Press Agency reported.

This comes on the second day of the Saudi-Uzbek Business Council in Jeddah, that was held on the sidelines of the visit of the Uzbek President Shavkat Mirziyoyev to the Kingdom.

This deal covers the areas of petroleum, gas, electricity, renewable energy, energy efficiency, petrochemicals, and hydrogen.

It also includes the circular carbon economy and its technologies with the aim of limiting the effects of climate change, such as carbon capture, reuse, transport and storage.

Saudi Arabia and Uzbekistan have already signed over 10 investment agreements, worth over SR45 billion ($12 billion), on Wednesday, covering different sectors.


IsDB, Uzbekistan strengthen cooperation

IsDB, Uzbekistan strengthen cooperation
Updated 19 August 2022

IsDB, Uzbekistan strengthen cooperation

IsDB, Uzbekistan strengthen cooperation

JEDDAH: Islamic Development Bank President Mohammed Al-Jasser met with Uzbekistan President Shavkat Mirziyoyev on August 18 to discuss strengthening cooperation between both parties, Saudi Press Agency reported.

A letter of intent was signed during the meeting to provide a framework for facilitating cooperation, promoting rapid processing and approval of projects and operations that are part of the work program of the IsDB Group for Uzbekistan in 2022.

The meeting comes on the second day of the Uzbek President's visit to the Kingdom.

Mirziyoyev stressed that his government has implemented comprehensive reforms with the aim of improving the business and investment environment, enhancing regional cooperation, improving the agricultural sector, and promoting innovation and entrepreneurship to reach the goal of achieving dignity for all people by 2026.

Both parties reviewed views on the National Development Strategy of Uzbekistan 2026, and agreed on the need to align the bank's country strategy with the national document, a task that will be worked on as a priority, according to Al-Jasser.

The two sides also emphasized the need to facilitate the joining of more co-financiers to participate in financing larger projects.