Pre-Trading Thoughts

The Monetary Policy Committee decided on Thursday to cut policy rates by 225 basis points to 25% and 26% for overnight deposit and overnight lending rates respectively. The government is planning to replace many of the various fees charged by different entities with a single unified additional tax on net income, which aims to streamline the tax system and reduce the administrative burden on businesses. Saudi-owned agribusiness and Alkhorayef Group subsidiary Rakhaa for Agricultura...