RIYADH: Saudi Arabia’s Tadawul All Share Index closed in red on Thursday, losing 68.61 points, or 0.57 percent, to settle at 11,892.44. 

The total trading turnover of the benchmark index was SR10.9 billion ($2.9 billion), as 51 of the listed stocks advanced, while 185 retreated.  

The MSCI Tadawul Index also decreased by 8.95 points, or 0.60 percent, to close at 1,489.42. 

The Kingdom’s parallel market Nomu gained 247.96 points, or 0.79 percent, to close at 31,444.21. This comes as 33 of the listed stocks advanced, while 49 retreated. 

The best-performing stock of the day was Savola Group, with its share price surging by 9.97 percent to SR36.95. 

Other top performers included Middle East Specialized Cables Co., which saw its share price rise by 5.14 percent to SR41.90, and Arabian Centers Co., which saw a 3.94 percent increase to SR21.62. 

Bawan Co. and Al-Baha Investment and Development Co. also saw a positive change, with their share prices surging by 3.64 percent and 3.23 percent to SR57 and SR0.32, respectively. 

The worst performer of the day was Fitaihi Holding Group, whose share price fell by 6.68 percent to SR4.05. 

Arabian Contracting Services Co. and AYYAN Investment Co. also saw declines, with their shares dropping by 4.17 percent and 14.42 percent to SR156.40 and SR3.87, respectively.  

Moreover, Raydan Food Co. and East Pipes Integrated Co. for Industry also saw declines in today’s session, with their share prices dropping by 3.32 percent and 3.30 percent to SR22.10 and SR135, respectively. 

On Nomu, the top performer was Leaf Global Environmental Services Co., with its share price surging by 13.29 percent to reach SR110. 

In second place was Intelligent Oud Co. for Trading, which saw an 8.92 percent surge in terms of share price to SR48.25, followed by National Environmental Recycling Co., which saw a 6.71 percent surge in its share price to reach SR8.11. 

Saudi Azm for Communication and Information Technology Co. and Gas Arabian Services Co. also fared well with 6.16 percent and 4.67 percent increases, respectively. 

On the announcement front, United Electronics Co., also known as eXtra, has recommended repurchasing up to 3 million ordinary shares to be held as treasury shares, according to a filing with the Tadawul. 

The board highlighted that the current market price of the company’s stock is below its fair value, prompting the buyback proposal. 

The repurchase will be financed through eXtra’s internal resources, including proceeds from the successful initial public offering of its subsidiary, United International Holding Co. 

Currently, 4.4 percent of eXtra’s share capital is held as treasury shares. The company highlighted that repurchased shares will not carry voting rights at shareholders’ meetings. 

The proposed buyback is subject to approval by the extraordinary general meeting. It will also require compliance with financial solvency requirements outlined in the executive regulations of the Companies Law governing listed joint-stock companies. 

ACWA Power Co. has also submitted a request to the Capital Market Authority to increase its capital through an SR7.13 billion rights issue, according to a bourse filing. 

The company stated that further updates regarding the capital increase will be disclosed in due course. 

Red Sea International Co.’s subsidiary, Fundamental Installation for Electric Work Co., has signed an agreement to increase its credit facilities with Saudi Awwal Bank by SR100 million, according to a statement to Tadawul. 

As a result, the total value of the facilities will rise to SR296.11 million, with the financing period extending until Dec. 18, 2025. 

The agreement includes a promissory note of SR296.10 million signed by Fundamental Installation for Electric Work, Red Sea International, and MSB Holding, as well as Fares Esamet Al-Saadi and Zeyad Al-Sayegh. 

Personal guarantees of SR14.50 million and SR29.01 million were also provided by Al-Sayegh and Al-Saadi, respectively, while MSB Holding and Red Sea International issued corporate guarantees of SR101.56 million and SR151.01 million, respectively. 

The additional credit facilities aim to increase the limit of letters of credit to support the import and procurement of goods for one of the company’s projects. 

United Electronics Co.’s share price increased by 3.05 percent in Thursday’s trading session to reach SR98. 

ACWA Power Co. Saw a 2.13 percent drop in its share price to close Thursday’s trading at SR377.60.

Red Sea International Co.’s share price dropped 1.06 percent to settle at SR0.60 by Thursday’s end.

RIYADH: Women’s leadership and achievements were the focus of a dynamic summit in Riyadh, where a series of panel discussions and workshops highlighted empowerment, career success, and navigating the changing business landscape.

The Forbes Middle East Women’s Summit, a two-day event held at the Riyadh International Convention & Exhibition Center, concluded on Dec. 19, celebrating the significant contributions of women across the region.

The summit featured two primary stages: the Empowerment Arena and the She Leads Hub. Discussions at the Empowerment Arena explored vital topics, including advancing healthcare as part of Vision 2030, promoting women’s leadership, and redefining entrepreneurship.

At the She Leads Hub, panels delved into strategies for professional success, enhancing well-being and sustainability, and empowering women in leadership positions.

Notable attendees included Princess Doaa bint Mohammed, CEO of Al Mohra Education Co. and former supreme president of the Arab Women’s Authority, and Princess Lamia bint Majed Saud Al-Saud, secretary-general and board member of Alwaleed Philanthropies.

Mishaal Ashemimry, the first female aerospace engineer in the Gulf Cooperation Council and founder of MISHAAL Aerospace, delivered an inspiring open mic session titled “The Hard Decisions You Have to Make to Pursue Your Passion.” She urged attendees to take bold steps in their careers, despite the obstacles they may face.

Speaking to Arab News, Ashemimry shared that her passion for space began during a family trip to the desert of Unaizah, a governorate in Al-Qassim.

“I looked up to the sky. I was called upon by the stars because I was very curious about them. I couldn’t get enough answers about the stars, so I decided, well, I gotta go to space to understand this stuff, and the only way to go to space is to make a rocket,” she said.

Ashemimry, who overcame numerous challenges from people who doubted and underestimated her, emphasized that resilience, determination, and perseverance are essential for success in business.

“You will fail and you will stumble. You will face people who will be against you. You need to believe in yourself and be determined enough to achieve what you want,” she added.

American-Jordanian abstract artist Aida Murad, one of the summit’s featured artists, presented a colorful collection of paintings. In an interview with Arab News, Murad shared her experiences as both an artist and entrepreneur in Saudi Arabia.

“I feel very empowered here. It’s a high-value-based culture, so when your values align, things become much easier. People and companies are also highly accessible here — more so than in other countries where I’ve done business. I think it’s because there’s a genuine eagerness to invite value-aligned individuals to Saudi Arabia,” she said.

Murad also highlighted the importance of adaptability and building connections as key strategies for business expansion.

She added: “Create a target list. It sounds simple, but it’s often the most basic things that people overlook. Take the time to read your audience. There are moments when they’re overwhelmed and others when they’re more available — timing is everything.”

Furthermore, she underscored the significance of understanding Saudi Arabia’s unique business culture. “There are countless events here for networking — attend them. It’s straightforward, but here, business isn’t conducted over emails as much as it is in person or through WhatsApp. Understanding how people communicate and conduct business here is crucial to building meaningful connections.”