A single point of failure

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WHAT WE’RE TRACKING TODAY

Cabinet greenlights amendment to bring private developers into government housing projects

Good morning, wonderful people. We’re closing out the week with a look at Saudi Arabia’s war-era fiscal cushion, where a single Red Sea pipeline and USD 90 crude are shielding the budget deficit from the worst of the shipping war — though analysts warn this workaround leaves the economy just one chokepoint away from a severe shock.

ALSO- The Public Investment Fund plans to consolidate its homegrown F&B brands under the Milaf Global platform to launch a global export push, Ashmore closes in on a third Riyadh school, and budget carrier flynas navigates war-spiked jet fuel costs in a fresh batch of 2Q earnings.

A quick update before we dive in: The Houthis said they struck two Saudi oil tankers — one off the coast of Yanbu and another in the Gulf of Aden. The Saudi side did not confirm the news. The Iran-backed group threatened to “escalate targeting Saudi oil tankers in the northern Red Sea to close all access points and prevent their passage.”

REMEMBER- The Iran-backed group fired on Abha airports in mid-July and said days later it would impose a blockade on Saudi-linked vessels crossing Bab Al Mandab.

Cabinet unlocks government housing land

The Cabinet approved an amendment allowing private developers to build housing on government land in exchange for ownership of part of that land, state news agency SPA reports. The mechanism: the government contributes planned land, a private developer builds housing with full infrastructure for eligible developmental housing families, and in return the developer receives a percentage of the land, which it can use or sell. The Municipalities and Housing Ministry will issue executive regulations after coordinating with relevant authorities.

The goal is to get idle land moving. Saudi Arabia has significant parcels that have sat undeveloped for years due to financing constraints, Sultan Al Osaimi, a real estate valuation fellow at Taqeem, tells EnterpriseAM. He expects the ownership allocations will likely be determined by the nature and economic value of each project, not by an investor’s desire to acquire land alone.

IN CONTEXT- The amendment builds on a series of real estate reforms aimed at increasing housing supply and cooling prices. Over the past year, Saudi Arabia expanded the white land tax to cover vacant properties, raised fees on idle land up to 10%, and introduced executive regulations for a vacant property tax.

The financing effect: Al Osaimi expects the model to give developers access to diversified funding on better terms, even if construction costs remain tied to material prices, labor, and supply chains. In the short-term, prices in prime locations may rise as investors identify prospects. Over the medium- to long-term, new supply should moderate the pace of increases. “The key question is not whether prices will rise or fall, but whether real estate production will increase,” he says.

The payoff will take time. The private sector is generally faster than the public sector on execution, but real estate expert, trainer, and media commentator Ahmed Al Faqih cautions us that the impact on housing supply “will not be fully reflected in the market for at least six years.”

Does the model sound familiar? The model follows the same fiscal logic running through PIF’s gigaproject recalibration and its recent co-investment frameworks. The government is using an existing asset — in this case, land — to attract private capital instead of funding projects directly. The aim is to speed up delivery while reducing the state’s upfront financial burden, Al Faqih says.

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Aramco Stadium enters the final stretch

Aramco Stadium is entering its final testing phase ahead of its planned November opening, Al Eqtisadiah reports. Operational, safety, technical, and hospitality tests are set to begin in September to prepare the 47k-seat venue in Al Khobar for handover to the Asian Football Confederation in December, ahead of the 2027 AFC Asian Cup.

REMEMBER- PIF-owned Roshn was seeking external investors for Aramco Stadium as part of a capital-recycling strategy, with JPMorgan leading the equity fundraising. Meanwhile, the Kingdom still has 15 stadiums and 132 training venues to build or renovate across five cities before 2034.

NHC lays out its 2030 strategy

NHC sets sights on 600k homes by 2030: The National Housing Company (NHC) plans to double the value of its residential portfolio to more than SAR 400 bn by 2030 from around SAR 200 bn today, while increasing its housing stock to 600k from 300k units, CEO Mohammed Al Buti said. The expansion will rely largely on private-sector partnerships, with NHC developing around 20% of projects directly, 20% with international developers, and the remainder with local developers.

What’s driving the plan? Al Buti expects demand to remain strong, particularly in major cities, with first-time homebuyers continuing to account for the bulk of purchases. The company also expects the Kingdom’s new foreign property ownership regime to support demand and plans to announce projects in areas open to non-Saudi buyers.

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The big story abroad

The latest from the regional war is dominating headlines this morning. Iran has reached an agreement with Oman on a proposal that would give the Islamic Republic control over ships passing through the Strait of Hormuz. While the US has yet to confirm or comment on the news, the development is in line with US President Donald Trump’s recent remarks regarding an imminent agreement to reopen the strait.

IN CONTEXT- The US has repeatedly reiterated that it would not agree to any agreement giving Iran control over Hormuz.

This does not mean the war is over: Iran has reportedly threatened to attack Gulf energy infrastructure if the US launches fresh attacks on its territory.

And over on Wall Street: A wave of cyberattacks targeted major Wall Street financial services firms and ‌money managers, including Point72 Asset Management, Millennium Management, Two Sigma Investments, and Citadel. The voice phishing attacks mark the latest in a series of cybersecurity breaches targeting Wall Street, which have intensified thanks to AI tools.

AI leadership shakeup: Google DeepMind CEO Demis Hassabis has stepped down from his post, one of several people in leadership positions who are leaving the company. The shakeup comes amid growing investor and industry concerns that Google is failing to keep pace with its rivals in the AI sphere.

A pipeline and high oil prices are carrying Saudi Arabia through the shipping war. Both are one closure away from failing

Saudi Arabia’s budget deficit narrowed sharply in 2Q, even as the war ground into its fifth month, a result that makes sense only if you follow the crude. With the Strait of Hormuz shut, the Kingdom pushed about 5 mn bbl / d of oil exports west through the East-West Pipeline to the Red Sea port of Yanbu, and higher prices did the rest, S&P Global Ratings head of Emerging Markets Credit Research Zahabia Gupta tells EnterpriseAM. Strip out that single workaround, and the fiscal picture looks very different.

A more useful way to read the Red Sea disruption is as a sorting mechanism, not a blockade. The Houthis have threatened to close the Bab Al Mandab strait, Saudi Arabia’s second maritime outlet after Hormuz, but the escalation so far has been about “which ships get through and which do not,” rather than a direct hit on Saudi oil, geopolitics and geoeconomics analyst Celine Bteish tells us. Chinese-chartered vessels carrying Saudi crude moved through unimpeded last week, she says, while other traffic stayed exposed.

Two cushions explain the calm. The first is price. With a market consensus of USD 85-90 a barrel holding through the end of 2026, “the price is compensating for the volume,” Bteish says, even as less crude moves through the pipeline than before the war. The second is the balance sheet: spreads on Saudi debt sat only 30 to 40 basis points above pre-war levels, Gupta says, which she puts down to the Kingdom’s net asset position of roughly 50% of GDP. “It’s those buffers that give them that resilience,” she adds.

Why it matters

The workaround has a single point of failure. The 2Q improvement rode on Yanbu and Petroline staying open while Hormuz was closed. Obstruct Bab Al Mandab at the same time Hormuz stays shut and the effects can “really layer up,” because the Suez Canal cannot absorb a wholesale rerouting and the alternative around southern Africa is slower and costlier, Gupta says. More than 60% of Saudi exports are bound for East Asia and East Africa, and those routes now lean on a strait that “cannot be fully substituted,” S&P economist Valerijs Rezvijs tells us.

A new maritime coalition will not, on its own, change the math. Riyadh’s move to stand up a multinational force to protect Red Sea shipping does little for investor sentiment. “Not by itself, as long as the conflict continues,” Gupta says. Even US naval escorts got some ships out without really lifting flows during the peak phases. Talks between Washington and Tehran are due to resume, but “a big trust deficit between the key parties” makes a broad settlement soon unlikely, according to Gupta. The last nuclear agreement took around 18 months to negotiate.

Beyond crude, the exposure runs through chemicals and transport. Petrochemicals are Saudi Arabia’s second-largest export industry after oil and gas, at 10-15% of the total. They are squeezed both by feedstock costs and by an oil-production rate that Rezvijs estimates is running about 40% below its February level. Customs revenue fell some 24% y-o-y in 2Q, Gupta says.

Working the other way, “rising disposable incomes resulting from recent labor market reforms" and the consumer spending that follows “are likely to continue supporting non-oil economic activity,” Rezvijs argues.

BACKGROUND- The cushioning started before the shooting. Saudi Arabia had already begun trimming its gigaproject pipeline and tightening fiscal discipline ahead of the war, as Bteish and Rezvijs note, which softened the blow. Rezvijs cautions that a prolonged conflict could force further project scale-backs.

The most durable mark is on defense. “This war will scar the region for a very, very long time,” Bteish says, and the clearest evidence is in how Riyadh now approaches a security posture long underwritten by Washington. The share of defense spending going to domestic production has climbed from 4% in 2018 to 25% by end-2024, with a target of 50% by 2030. Cheap drones that inflicted real damage on Gulf targets, set against expensive US kit, are pushing the Kingdom toward homegrown missile and drone capacity and what Bteish calls “a diversification of defense partners.”

What’s next: Watch the balance of payments. The near-term concern is the double-lock, with both sea gates closing together. Over a longer horizon, S&P is tracking whether higher fiscal deficits are sustained, the growth in the government interest burden as a share of revenue, and the pace of increase in banks’ external debt after slowing this year. Bteish flags sovereign bond issuance as the tell on how much capital the Kingdom needs to attract and whether investors still want the risk. On the current evidence, they do.

Milaf Global to consolidate PIF’s food and beverage brands

The Public Investment Fund (PIF) is consolidating its homegrown food and beverage brands under a single business platform, Milaf Global, with a mandate to take distinctly Saudi products to international markets, people familiar with the matter tell EnterpriseAM.

The consolidation will bring several of PIF’s consumer brands under one umbrella:

Noug, the camel milk range;
Jazean, the specialty Arabica coffee brand;
Milaf’s own premium date range;
Milaf Cola, a carbonated drink sweetened with date extract.

The rationale: The move gives each brand access to shared distribution infrastructure, unified marketing, and export muscle rather than operating independently, the sources say.

Each brand is rooted in something Saudi Arabia has. The Kingdom is the world’s largest date exporter, and Milaf’s wager is that the Ajwa date, Madinah-sourced and steeped in cultural significance, can become a consumer brand.

The products: Milaf Cola is already available in Australia and New Zealand, with broader global expansion planned. Jazean sources premium Arabica from the mountains of Jizan in Saudi Arabia’s southwestern highlands, with a mandate to take “the wonders of Arabica coffee global,” as per its website. Meanwhile, Noug is the camel milk play launched in 2023. It makes everything from flavored milk to gelato.

The bigger play: Milaf Global is an export infrastructure platform for Saudi-made products, as Saudi looks for new sources of economic value beyond oil. A date cola, a specialty coffee, and a camel milk range carry distinct origins, cultural weight, and growing consumer interest in markets where provenance matters.

What to watch: How these products are actually performing domestically is not yet clear from public data. All are relatively young brands with no publicly reported sales figures. Whether the commercial fundamentals justify the export push, or whether this is sovereign-funded market development ahead of genuine consumer demand, is the question to watch.

Ashmore closes in on a third Riyadh school agreement as institutional money rolls up Saudi K-12

Ashmore Investment, Saudi Arabia’s Education Investment Fund, is closing a third Riyadh school agreement that would make it one of the capital’s largest private K-12 operators. The fund is targeting deployment of more than SAR 430 mn across three investments once the pending transaction, Project Grow, is completed, CEO and Managing Director Ahmed Al Mohaisen tells EnterpriseAM. The platform is aiming for a capacity of more than 15.5k students in the coming academic year, with almost half of those seats added through expansion under Ashmore’s ownership.

The fund is built by acquisition and brownfield expansion rather than new builds. Its first agreement was Al Nobala Schools in Riyadh in July 2025, followed in April by Project Oasis, which brought in Matrix International Schools and Wahat Al Alson School in the city’s east. Successful education investing “is not about acquiring schools. It is about partnering with founders, strengthening institutions, and expanding proven operators," Al Mohaisen says.

Ashmore wants to partner with five or more operators across national and international curricula and has used the same playbook to grow a full Al Salam campus into a purpose-built Al Manar site — which enrolled more than 1.8k students in its first year.

Why it matters

The market is growing exponentially: Mindspire, EFG Hermes’ K-12 education arm, plans to grow to at least 15 schools in Saudi Arabia within three years, targeting three to four additions by next year alone. Rikaz will also set up an investment fund alongside First Avenue, AlMajdiah and SNB Capital will develop new schools and refurbish existing ones. Meanwhile, Al Masar Al Shamil Education inked an MoU to acquire 60% of Al Qalam Educational Trading.

Ashmore frames the sector’s constraint as execution, not demand. “The biggest challenge is scaling successfully while maintaining educational quality,” Al Mohaisen says, adding that Ashmore’s wager is on the mid-tuition segment, where it argues demand outstrips supply and brownfield expansion lets proven operators add capacity faster and cheaper than greenfield builds.

What’s next: Ashmore aims to list the platform on Tadawul before the fund’s lifecycle ends, subject to market and regulatory conditions. The objective is “to build businesses that are capable of listing” on governance and sustainable growth, Al Mohaisen says. Project Grow’s completion is the near-term marker.

Flynas, Marafiq, Gasco, and more report 2Q 2026 earnings

War costs drag on flynas earnings

Budget airline flynas trimmed its 2Q 2026 net loss to SAR 240.6 mn from SAR 862.5 mn a year earlier, according to its earnings release (pdf). Revenue, meanwhile, increased by 3% y-o-y to SAR 2.2 bn during the same period.

The bottom line looks better than it did before: The prior-year quarter included SAR 1.08 bn in one-off IPO and ESOP listing costs. Excluding those costs, flynas swung from an adjusted net income of SAR 220 mn in 2Q 2025 to this quarter’s loss.

The war left its mark: It pushed the fuel bill up 86% y-o-y to SAR 838 mn as jet fuel prices more than doubled and kept part of the international network suspended. Flynas responded by cutting flight capacity by 15% y-o-y to protect margins, but passenger traffic fell faster, down 27% to 2.6 mn, and load factor slipped 8.4 points to 71.2%. Spreading a largely fixed cost base over fewer flights collapsed the gross margin to 1.2% from 21.1%.

Why revenue held up: Flynas pushed fares hard into the disruption. Unit revenue rose 22% y-o-y as tighter industry-wide capacity let carriers raise prices, lifting revenue despite fewer flights. The low-cost carrier business generated 73% of revenue, Hajj services contributed 25%, and general aviation the remaining 2%.

The half-year read: 1H revenue rose 6% y-o-y to SAR 4.2 bn, but flynas still posted a net loss of SAR 123 mn against a SAR 715 mn net loss a year earlier. Excluding last year’s listing costs, however, flynas swung from a SAR 368 mn adjusted net income to a loss.

Looking ahead: Flynas has withdrawn its full-year guidance but expects 3Q revenue growth in the low-to-high single digits and an EBITDA margin in the mid-teens to mid-20s, assuming no further escalation and jet fuel at around USD 145 a barrel. It began restoring capacity in July, though Kuwait and Iraq remain suspended. The second half hinges on regional stability and fuel prices.

Marafiq in the red

The Power and Water Utility Company for Jubail and Yanbu (Marafiq) swung to a SAR 46.5 mn net loss from a SAR 109.6 mn net income a year earlier, according to a Tadawul disclosure. Revenue increased 22.2% y-o-y to SAR 1.7 bn, though the comparison was boosted by a tariff adjustment in the prior-year quarter.

Elevated costs weighed down the books: Higher fuel, transmission, and wheeling costs, weaker demand from industrial customers in Jubail, and lower other operating income outweighed revenue growth.

The half-year read stayed positive: Over six months, Marafiq held onto net income at SAR 81.1 mn, though that’s down 64.4% y-o-y, while its top line rose 13.6% y-o-y to SAR 3.5 bn.

Gas prices lift Gasco earnings

Gasco Holding’s net income grew 9.8% y-o-y to SAR 59.2 mn in 2Q, according to a Tadawul filing. Revenue also rose 19.6% to SAR 884.9 mn, led by higher gas sales on stronger prices and volumes, alongside gains in commercial projects and transportation services.

On a 1H basis, net income increased 22% y-o-y to SAR 141.4 mn, and revenue was up 17.1% to SAR 1.9 bn.

SRMG returns to the black on lower costs

Saudi Research and Media Group (SRMG) swung back into the black in 2Q 2026, reporting SAR 1.7 mn in net income, compared to a net loss of SAR 9.7 mn in 2Q 2025, according to a Tadawul disclosure. Revenue was up 13.3% y-o-y to SAR 765.6 mn.

Behind the turnaround: Sports broadcasting and the group’s publishing, visual, and digital content business drove revenue growth, but the return to positive earnings was mainly the result of lower costs. A reversal of expected-credit-loss provisions on trade receivables and lower G&A expenses did more to lift the bottom line than the higher top line.

The first half was also stronger: Net income rose 64.1% y-o-y to SAR 34.8 mn, while revenue increased 15.7% to SAR 1.54 bn.

Wataniya bounces back in 2Q

Wataniya Ins. posted a SAR 19.3 mn net income in 2Q 2026, up from a near-breakeven SAR 446k a year earlier, it said in a Tadawul disclosure. Revenue also grew 56.9% y-o-y to SAR 707.3 mn.

Behind the turnaround: The ins. book itself came back into the black, with net ins. results at SAR 14.1 mn, up from SAR 1.8 mn a year earlier — a jump the company ties to stronger performance in its directly written business. Earned premiums also climbed on underlying business growth, lifting revenue 56.9%. Investment income added the rest, up 32.1% y-o-y to SAR 20.4 mn.

The half tells a similar story: Net income for 1H increased 36.5% y-o-y to SAR 9.1 mn, while ins. revenue grew 48.7% to SAR 1.3 bn.

Lower margins push Retal into the red

Retal Urban Development swung to a SAR 17.2 mn net loss in 2Q 2026 from a SAR 66.1 mn net income a year earlier, even as revenue rose 28.7% y-o-y to SAR 628.7 mn on higher project completion rates and new developments, according to a Tadawul disclosure. Lower margins, higher business development and marketing costs, and weaker equity-accounted investment income outweighed revenue growth.

The half-year read: Net income dropped 68.7% y-o-y to SAR 42 mn on revenue of SAR 1.21 bn, up 14.3% y-o-y.

Al Harfi lands new solar project in Syria

Al Harfi Construction Company will develop 760 MW of solar power capacity in the Damascus countryside, backed by over 1 GWh of battery energy storage, state news agency SANA reports. The company inked three agreements for the projects with the Syria Electricity Company yesterday.

This marks Al Harfi’s second Syrian solar project announced this year: The company inked an MoU to set up a 210 MW solar project supported by an 827 MWh battery storage system.

Local players have been loving Syria: The agreements are the latest in a growing pipeline of Saudi investments in Syria, spanning energy, aviation, telecommunications, and real estate. Recent projects include the SAR 7.5 bn redevelopment of Aleppo International Airport, STC’s nationwide fiber-optic network, a joint venture between flynas and Syria to launch a new airline, and large-scale residential developments led by Saudi developers.

Morgan Stanley-led bank consortium prepares USD 15 bn bond sale to dump pre-built AI construction risk

A Morgan Stanley-led bank consortium is looking to get USD 15 bn of AI construction debt off its books by tapping the bond market, in the latest sign that Wall Street lenders are getting squeamish about holding AI infrastructure risk, the Financial Times reports. The debt is tied to a 2k-acre Google-backed data centre under construction in Hubbard, Texas, and leased to Anthropic.

A growing trend: Bulge-bracket banks have reportedly spent months looking for buyers on more than USD 50 bn of debt tied to separate data center projects leased to Oracle. Offloading exposure caps how much AI risk any one bank carries and frees up room to keep lending into the next play.

How the debt is structured tells you where the risk sits: Developer Nexus Data Centers built this specific loan around a delay-draw feature — meaning money gets released in stages as construction hits certain agreed-upon milestones, rather than all at once — and part of the package may get refinanced through leveraged loans instead of bonds, per the FT.

Google’s guarantee doesn’t cover the building phase, and that’s the whole crux of it: The backstop only applies once the facility is finished, so bondholders are effectively underwriting construction itself, delays, cost overruns, and the works. That’s why the debt is expected to price at speculative grade despite Google’s name being on the project. The campus’ dedicated on-site gas plant, which is built to dodge Texas grid delays, adds a second layer of risk to the same debt package.

If you’re wondering whether Gulf money is circling this one… Nothing so far suggests the region’s state-backed investors are in this specific sale, but they already have a dedicated vehicle for underwriting exactly the kind of AI infrastructure debt Wall Street is looking to offload here. Whether that firepower stretches to a transaction shaped like this one (construction-stage, speculative-grade, single-tenant) is an open question.

IN CONTEXT- UAE sovereign investor MGX’s AI Infrastructure Partnership with BlackRock, GIP, Microsoft, and Nvidia was structured from the outset to deploy USD 30 bn of equity, and as much as USD 100 bn in total investment value, including debt. MGX has also raised more than USD 50 bn from sovereign and institutional investors and plans to deploy up to USD 10 bn a year, closing one of the largest data center buyouts on record alongside BlackRock late last month — the USD 40 bn Aligned Data Centers acquisition.

MARKETS THIS MORNING-

Losses across tech firms pushed Asia-Pacific markets down this morning. South Korea’s Kospi led the drop — falling 4.6% — while Japan’s Nikkei and Hong Kong’s Hang Seng also suffered losses. Bucking the trend, the Shanghai Composite moved higher.

TASI	10,888	+0.3% (YTD: +3.8%)
MSCI Tadawul 30	1,459	+0.3% (YTD: +5.2%)
NomuC	22,127	-0.2% (YTD: -5.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	54,660	+0.3% (YTD: +30.7%)
ADX	10,111	+0.1% (YTD: +1.2%)
DFM	6,008	+0.4% (YTD: -0.7%)
S&P 500	7,724	-0.2% (YTD: +12.8%)
FTSE 100	10,888	+0.1% (YTD: +9.6%)
Euro Stoxx 50	6,477	-0.2% (YTD: +11.7%)
Brent crude	USD 80.10	+0.8%
Natural gas (Nymex)	USD 2.67	-0.6%
Gold	USD 4,349	+1.0%
BTC	USD 64,609	+0.5% (YTD: -26.3%)
Sukuk/bond market index	909.38	+0.1% (YTD: -1.1%)
S&P MENA Bond & Sukuk	150.91	+0.2% (YTD: -0.7%)
VIX (Volatility Index)	15.81	-4.2% (YTD: +5.8%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.3% yesterday on turnover of SAR 5.1 bn. The index is up 3.8% YTD.

In the green: Sport Clubs (+10.0%), Wataniya (+10.0%), and Allied Cooperative Ins. Group (+10.0%).

In the red: Marafiq (-10.0%), Retal Urban Development (-7.8%), and Jazira Takaful (-4.9%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 19 mn . The index is down 5.0% YTD.

In the green: Saudi Top (+18.3%), Digital Research (+11.0%), and Amwaj International (+9.8%).

In the red: Itmam Consultancy (-9.3%), Arabica Star (-8.9%), and Keir International (-7.9%).

CALENDAR

AUGUST

30 August-1 September (Sunday-Tuesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

31 August-3 September (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

SEPTEMBER

8-10 September (Tuesday-Thursday): The WTM Spotlight Riyadh, Riyadh Front Exhibition & Conference Center (RFECC), Riyadh.

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

28 September-1 October (Monday-Thursday): The International Conference on Theory and Practice of Electronic Governance (ICEGOV), Prince Sultan University, Riyadh.

OCTOBER

25-26 October (Sunday-Monday): The Global Proptech Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

26-28 October (Monday-Wednesday): ACHEMA Middle East, Riyadh International Convention & Exhibition Center.

26-29 October (Monday-Thursday): The Future Investment Initiative, King Abdulaziz International Conference Center, Riyadh.

28-29 October (Wednesday-Thursday): Procurement and Supply Chain Futures Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

28-29 October (Wednesday-Thursday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

30 October-1 November (Friday-Sunday): The New Global Sport Conference, Sofitel Hotel & Convention Centre, Riyadh.

NOVEMBER

11-12 November (Wednesday-Thursday): Aluminum Arabia, The Arena, Riyadh.

16-19 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre (Malham), Riyadh.

29 November-1 December (Sunday-Tuesday): The UN Trade and Development Global Supply Chain Forum, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;

2027

FEBRUARY

1-3 February (Monday-Wednesday): Energy Regulators Regional Association annual conference, Riyadh.

MARCH

21-25 March (Sunday-Thursday):The World Water Forum, Riyadh.

22–24 March (Monday-Wednesday): Capital Markets Forum, Four Seasons Hotel, Riyadh

APRIL

26-29 April (Monday-Thursday): World Energy Congress, Riyadh.

JUNE

1-3 June (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

Signposted to happen sometime in 2027:

The Ocean Race finishes in Amaala on the Red Sea;
Riyadh-Kudmi transmission line to be completed;
Aero Middle East and Sand & Fun takes place in Thumamah Airport, Riyadh.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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