Saudi Arabia’s tourism sector is set for a golden decade thanks to game-changing 2023.

RIYADH: Saudi Arabia’s Tadawul All Share index rose on Thursday, gaining 42.57 points, or 0.36 percent, to close at 11,931.92. This marks the highest close since October 2022.

Total trading turnover on the benchmark index was SR7.19 billion ($1.91 billion) as 123 of the listed stocks advanced while 91 declined.

Likewise, the Kingdom’s parallel market Nomu also rose 231.09 points, or 0.96 percent, to close at 24,223.63. This comes after 37 of the listed stocks advanced while 21 declined.

Meanwhile, the MSCI Tadawul index rose 5.10 points, or 0.33 percent, to close at 1,543.06.

The best performing stock of the day was Maharah Human Resources Co. The company’s share price jumped 4.83% to SR78.20.

Other top performers included Allianz Saudi Fransi Cooperative Insurance Co. as well as National Agricultural Development Co.

The worst performer was Al-Baha Investment and Development Co., whose shares fell 7.14 percent to SR0.13.

Other underperformers were Riyad Bank as well as Abdullah Saad Mohammed Abo Moati for Bookstores Co.

On the messaging front, Obeikan Glass Co. disclosed the decision of its board of directors to approve the transfer of the firm from Nomu to the main market.

According to a Tadawul statement, the decisions also include the appointment of AL Rajhi Capital as financial advisor for the purpose of the transition, based on the requirements of the listing rules.

In addition, Obeikan Glass Co. also announced the board of directors’ decision to distribute SR 64 million in cash dividends to shareholders for 2023.

A stock exchange filing revealed that the total number of shares eligible for dividends stood at 32 million, with a dividend per share of SR2.

In addition to this, the statement also revealed that the percentage of dividends to the par value of the shares is 20 percent.

On the other hand, in Thursday’s trading session Maharah Human Resources Co. saw its shares rise 2 percent to SR76.80.

This marked the highest price for the stock in more than four years, since October 2019.

Also, shares of Alkhorayef Water and Energy Technology jumped 5 percent to SR196.40.

With Thursday’s rise, the stock’s gains since the beginning of this month have reached about 25 percent and since the beginning of this year to more than 30 percent.

In addition, Salama Cooperative Insurance Co. announced the distribution of compensation amounts worth SR 7.55 million to rights holders who did not exercise their right to subscribe for the new shares.

Also Naqi Water Co. announced the signing of a lease acquisition contract for industrial land located in the second industrial city of Riyadh.

According to a Tadawul statement, this land is owned by the Saudi Industrial Cities and Technology Zones Authority, known as MODON.

The acquisition agreement, in cooperation with Saudi Pump Spare Parts Co., includes the transfer of the lease to Naqi Water Co.

In addition, Gulf General Cooperative Insurance Co. announced that its Shariah advisor, namely the Shariah Review Bureau, and its appointed Shariah Supervisory Committee have reviewed the firm’s activities in the light of Shariah specifications.

An exchange filing revealed that the key activities that were reviewed and certified were the segregation of accounts for both shareholder groups and policyholders, investments made and insurance policies.

Meanwhile, Rabigh Refining and Petrochemical Co. announced an unscheduled shutdown of its high olefins catalytic cracking facility to perform emergency maintenance on the facility.

According to a statement from Tadawul, this maintenance work aims to carry out necessary repairs to ensure the safety and reliability of the device.

The financial impact will be reflected in the fourth quarter of 2023 and the first quarter of 2024.

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