Kuwait to start building world’s largest petroleum research center: oil ministry

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RIYADH: Saudi stocks closed higher on Tuesday, bucking the downward trend in most Middle Eastern and global markets.

TASI rebounded from three days of losses to advance 0.5 percent to 12,300, while the parallel market Nomu lost 0.5 percent to 22,251.

Stock exchanges of Abu Dhabi, Kuwait, Dubai, and Egypt dropped 2.5, 2.2, 1.5, and 1 percent, respectively.

While those of Qatar, Bahrain, and Oman edged down between 0.2 and 0.4 percent.

In energy trading, oil prices recorded gains on Wednesday as tight supply outweighed concerns over a potential recession and China’s COVID-19 curbs.

Brent crude added 0.6 percent to $114.28 a barrel and US West Texas Intermediate gained nearly 0.7 percent to $110.53 a barrel as of 9:11 a.m. Saudi time.

Stock news

Unitholders of Jadwa REIT Saudi Fund will receive quarterly dividends of SR37 million ($9.9 million) in total 

Saudi Indian Co. for Cooperative Insurance, known as Wafa Insurance, has been delisted from the Saudi stock exchange

Retal Urban Development Co. announced its offering price range between SR112 and SR120 per share as it seeks to join Saudi Arabia’s initial public offering boom this year

Al Sagr Cooperative Insurance Co. has been suspended from trading on the Saudi exchange due to its failure to announce Q1 financial results in the specified time frame

Jabal Omar Development Co. saw its losses narrow by 47 percent to SR182 million in the first quarter, due to improved post-pandemic business operations

Al Jouf Cement Co. recorded a profit decline of 73 percent to SR5.55 million for the first quarter of 2022

Tourism Enterprise Co., known as Shams, made profits of SR87,549 in the first quarter of 2022 after recovering from SR941,441 losses in the same period a year earlier

Amana Cooperative Insurance Co.’s net loss before Zakat has widened by 25 percent to SR29 million in the first quarter

Arabian Pipes Co. swung into losses of SR13.2 million last quarter

East Pipes Integrated Co. for Industry announced the resignation of board chairman Omar Mohammed-Nabil Almidani as well as its vice chairman Balkrishan Gopiram Goenka

Saudi Cable Co.’s losses slightly widened in the first quarter to reach SR37.2 million

Anaam International Holding Group turned in a profit of SR2.8 million in the first quarter due to a rise in revenue

Shareholders of Scientific & Medical Equipment House are set to receive SR1 per share in cash dividends for 2021

Calendar

May 25, 2022

End of Amwaj International Co.’s IPO subscription

Aqaseem Factory for Chemicals and Plastics Co.’s listing on Nomu

Start of Retal Urban Development Co.’s IPO book-building

May 26, 2022

National Environmental Recycling Co. will start trading on the parallel market Nomu

End of Ladun Investment Co.’s IPO book-building

May 30, 2022

Close of Anaam International Holding Group’s rights trading

May 31, 2022

End of Retal Urban Development Co.’s IPO book-building

June 2, 2022

Close of Anaam International Holding Group’s new shares subscription