Non-oil private sector expands at a slower rate in November

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WHAT WE’RE TRACKING TODAY

THIS MORNING: PIF will reportedly get a gigantic chunk of EA

Good morning, ladies and gents. We’re wrapping up budget week with highlights from the annual budget forum, where ministers outlined the hallmarks of next year’s spending plans: more focus on quality, smarter allocation of funding, deeper private sector participation, and flexibility to reassess and recalibrate the big projects.

We also have the latest PMI figures from Riyad Bank in today’s issue. The non-oil private sector expanded at a slower rate in November, with new orders extending growth streak and output levels continuing to rise. Let’s dive in.

WATCH THIS SPACE-

#1- PIF will reportedly get a gigantic chunk of EA: The Public Investment Fund’s (PIF) record leveraged buyout of Electronic Arts (EA) is set to hand it a 93.4% stake, almost full control, of the Nasdaq-listed gaming giant, Wall Street Journal, reports citing a filing to Brazil’s antitrust regulator. US private equity firm Silver Lake is slated to take 5.5% and Jared Kushner’s Affinity Partners 1.1% once the consortium-led takeover closes, according to the filing.

Both Silver Lake and Affinity Partners count PIF as a limited partner, amplifying the sovereign wealth fund’s look-through exposure to the acquisition.

REFRESHER- The PIF-led consortium agreed in September to take EA private in a USD 55 bn all-cash leveraged buyout, funded with some USD 36.4 bn of equity and USD 20 bn of debt fully underwritten by JPMorgan. The offer values EA at USD 210 a share, around 25% above its predeal close and above its prior all-time high, with PIF rolling its existing 9.9% stake. The transaction is expected to close in 1Q 2027 subject to regulatory and shareholder approvals, after which EA will be delisted from Nasdaq.

#2- GCC aims to finalize joint air defense shield: GCC states are focused on completing a unified air defense network “in the near future,” GCC Secretary-General Jasem Al Budaiwi told Al Arabiya on Tuesday (watch: runtime: 21:45), ahead of the 46th GCC summit. He described the meeting as “extremely important” in light of recent attacks on Qatar, including an Iranian missile strike on Al Udeid US base and an Israeli strike on a meeting of senior Hamas members in Doha, which highlighted the need for a coordinated defensive posture. The bloc will also focus on increasing defense training programs and making them more comprehensive.

Regional energy integration is also a focus, including linking southern Iraq to the Gulf electricity grid, The National reports, citing Al Budaiwi. The first 500 MW are expected in early 2026, before scaling that to 2 GW. The project could also extend Gulf electricity exports to other Arab states facing shortages, he added.

The GCC Summit’s final communique emphasized the importance of cooperation in renewable energy, AI and tech, as well as trade and tourism, and encouraging investment in strategic projects, particularly in infrastructure, transport, energy, communications, water, and food. On the trade front, the bloc is finalizing agreements with New Zealand and South Korea, Al Budaiwi is quoted as saying by the National.

#3- Prince Mohammed bin Salman Stadium is on track, set to “start taking shape by the middle of next year,” Shireen Hamdan, global director of designer company Populous told AGBI. The 45k-seat stadium in Qiddiya is designed to host 2034 World Cup fixtures, as well as Saudi Pro League football clubs in the following years.

Development is not affected by cutbacks to other infrastructure projects, Hamdan said, adding she expects it to be finished before 2031. Projects tied to time-sensitive events, including the men’s soccer tournament and Expo 2030, are reportedly being prioritized over other capital-intensive construction projects such as Neom.

An SAR 4 bn construction contract — awarded in October 2024 to a Saudi-Spanish consortium — is just a portion of the project expected to cost a lot more by the time it opens for business, according to Populous.

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THE BIG STORY ABROAD-

It’s a pretty slow news day in the business press, with no one story dominating headlines. Among those getting ink:

#1- HSBC has appointed Brendan Nelson as chairman, making his interim role permanent seven months after launching a search to replace former chair Mark Tucker. The decision came just a day after CEO Georges Elhedery said Nelson was not seeking the position permanently. Nelson joined the bank’s board in September 2023 and has been serving as interim chair since October. He will continue to chair the Group Audit Committee until HSBC releases its 2025 results in February, after which a successor will be announced. (Reuters | Wall Street Journal | Financial Times)

#2- Meta has poached Apple’s head of user interface design Alan Dye to accelerate its push into AI-powered devices. Dye, who led Apple’s user interface design team since 2015 and played a key role in products like the Apple Watch, iPhone X, and Vision Pro headset, will join Meta as chief design officer. His departure adds to recent senior exits at Apple, including COO Jeff Williams and AI chief John Giannandrea. (Financial Times | Bloomberg | Reuters)

#3- Bond investors are sounding the alarm over the US Treasury appointing Kevin Hassett as the next Federal Reserve chair, fearing he could bow to political pressure from President Donald Trump to cut interest rates aggressively, Financial Times reports. The Treasury has sought market feedback on potential candidates, including Hassett, during November meetings. Hassett, a former Trump adviser and economist, has emerged as a frontrunner to replace Jay Powell when his term ends in May 2026.

Saudi Arabia’s non-oil private sector expands at a slower rate in November

Saudi Arabia's non-oil private sector continued to expand in November, albeit at a slower rate, according to the Riyad Bank Saudi Arabia PMI (pdf). The seasonally adjusted figure dropped to 58.5 in November, down from 60.2 in October, which was the second-fastest level since September 2014.

New orders slowed down from October’s peak, but it remains one of the fastest rates recorded in 2025. The new orders subindex dropped to 64.6 in November after jumping to 68.1 a month earlier, according to Reuters. Activity levels rose in November supported by the growing demand and ongoing projects, and “new orders extended a growth streak of over five years, though the pace moderated slightly from October’s surge,” Riyad Bank Chief Economist Naif Al Ghaith wrote. Firms attributed the improvement to elevated demand in the domestic market and a pickup in new orders from international markets, but at a slower pace than October.

Output levels continued its expansion on the back of robust demand and new orders levels, with 30% of the surveyed businesses citing an increase in their output compared to the previous month, while only 1% recorded declines. The output subindex rose to 63.7 in November, marking the highest reading in 10 months, Reuters reported.

New orders’ moderated in November, with the trend expected to continue in December. Still, “production growth has remained strong, supported by companies accelerating project completion ahead of year-end,” Head of Specialized Research at Argaam Investments Ahmed Ramzy told EnterpriseAM.

Purchasing activity growth levels decelerated from October levels despite higher purchasing requirements leading to increased buying activity and stock accumulation. Inventory growth saw a modest increase during November — but the weakest in three years — as firms acquired more input to fulfill rising orders.

Employment remained solid but slowed down in November, after hitting its quickest rise in nearly 16 years in October. Firms increased their hiring to meet elevated demand and unfinished business. However, work backlog grew for the fifth month in a row, marking its longest period of accumulation in six years.

Input cost inflation decelerated to an eight- month low amid a modest increase in purchase prices, according to the report. Meanwhile, output prices edged up for the sixth month in a row, but at a slower pace.

Business sentiment: Non-oil companies expressed their most optimistic future outlook in five months during November, supported by healthy demand and new projects, according to the report. “The PMI story has been extremely positive and we think will continue running positive for at least the entirety of next year,” TS Lombard’s MENA Economist Hamzeh Al Gaaod told EnterpriseAM. Next year is expected to see non-oil growth momentum from the continued spending capex, despite the possibility of reducing it by nearly 2%, Al Gaaod added.

2026 budget signals shift to quality growth, smarter spending, and deeper private sector participation

The Kingdom’s 2026 budget is balancing spending and sustainability: “Spending efficiency does not mean reducing budgets; it means maximizing the return on every riyal spent,” Finance Minister Al-Jadaan said at the 2026 Bugdet Forum (watch, runtime: 6:53). This principle has evolved from a ministry-led process into a government-wide culture, ensuring that all officials focus on delivering higher-impact outcomes.

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We’ve been going counter-cyclical: The Kingdom’s fiscal policy has shifted from following the economic cycle to moving against it. Al Jadaan said. Spending is increased during periods of slower growth to stimulate the economy, while faster growth accompanied by inflation prompts moderate spending reductions. This approach enabled the Kingdom to achieve an average non-oil growth of 5% annually over the past eight years, despite negative oil sector growth of approximately 0.5%, Al Jadaan.

Saudi is open to any adjustments to announced Vision 2030 projects, including cancelations, deferrals, acceleration or expansion, Al Jadaan said during Wednesday’s briefing. The Public Investment Fund will make these decisions on projects such as Neom, based on analyzing the details of each project and recalibrating them into the right direction, the finance minister added.

Pundits welcomed the flexibility: Abu Dhabi Commercial Bank’s chief economist told Bloomberg the remarks spark confidence in the government’s ability to rein in capital expenditure, whil Goldman Sachs’ Farouk Sousa said the transparency is increasingly reassuring that “the financial and economic considerations will trump the social and political drivers of investment,” leading markets to look more favorably on Saudi’s investment landscape.

The Economy Minister shared the view: “There is now a transition from achieving at any cost…to a stage of achieving at the right cost and maximizing the impact.” Economy and Planning Minister Faisal Al Ibrahim said.

Investment needed for the next 10 years ranges between SAR 3.5-4 tn, opening the door for increased private sector participation and enabling it to take a more leading role in the Kingdom’s development, Al Ibrahim said. “In the next stage, quantitative growth is important, but the priority is quality,” Al Ibrahim said, adding that achieving sustainable, high-quality growth relies on innovation, qualitative investments, and private sector leadership.

Policy incentives are now focused on sectors with higher productivity and value-added potential, while efforts continue to reduce uncertainty and encourage private sector-led job creation, local production, and global market participation.

Humain is the new Aramco: AI will be a key economic accelerator, enhancing productivity, attracting talent, and fostering innovation in sectors such as energy and health, Al Ibrahim said. Non-oil sector growth is expected at 4.5-6% in 2026 and the medium term with initiatives like Humain positioning Saudi Arabia as a leader in the economy of the future, similar to the role Aramco played in the oil and gas sector.

Jafurah gas plant’s first phase comes online

Aramco has started production from its Jafurah gas plant, as the first phase came online with 450 mn cf / d of capacity, according to the 2026 budget statement (pdf). Production is expected to reach 2 bn cf / d by 2030.

We had a rough idea: Earlier this month, it was reported that the USD 100 bn development — which holds an estimated 230 tn cubic feet of gas, 75 bn barrels of oil, and abundant ethane for petrochemical production — is set to begin within weeks.

SOUND SMART- Jafurah could be the largest “unconventional” gas field outside the US. It’s what the industry calls “unconventional,” or more commonly a “shale” field that demands the use of fracking techniques to bring reserves into production. It’s also the largest liquid-rich shale gas field in the Middle East, according to Aramco’s website, and the Kingdom's largest gas field that isn’t associated with an oil field.

Aramco aims for the field’s output to surpass ExxonMobil’s combined oil and gas production by 2030. Using seawater for fracking to conserve freshwater, the company has cut costs below US gas price benchmarks and lifted its gas production growth target from 60% to 80% by 2030, expecting an additional USD 12-15 bn in annual cashflow without new capital spending.

Roster of investors: The consortium investing in Aramco’s Jafurah gas infrastructure project reportedly includes the Public Investment Fund (PIF) and other global sovereign wealth funds. Heavyweights like the PIF’s Hassana pension fund and the Arab Energy Fund will join the agreement as part of the group. Other investors include Mubadala Investment Co. and Lunate from the UAE, Abrdn Investcorp Infrastructure Partners from Bahrain, GIC from Singapore, and National Pension Service from South Korea, alongside the Bank of China, the Industrial and Commercial Bank of China, and China Construction Bank, and the Agricultural Bank of China

REFRESHER- Aramco closed an USD 11 bn lease and leaseback agreement for its Jafurah gas processing facilities with a consortium led by BlackRock's GIP and including the PIF, Hassana, the Arab Energy Fund, and other Asian and Middle East investors during FII9. The agreement creates a new subsidiary, Jafurah Midstream Gas Company, owned 51% by Aramco and 49% by the consortium, which will lease the assets back to Aramco for 20 years. The consortium reportedly raised a financing package of nearly USD 10 bn in September to fund the investment.

PIF ups LIV capital to USD 5 bn as operating losses mount

The Public Investment Fund approved a USD 113 mn increase in the share capital of LIV Golf Investments, Money in Sports reported, citing a filing submitted to the Jersey Financial Services Commission on 1 Dec. The most recent pump puts the total 2025 increase at USD 1.1 bn, sending the capital of the top company at LIV’s structure to just over USD 5 bn.

Is LIV in trouble? Increases are necessary to cover operating losses incurred by the PIF-backed tour, estimated at a monthly average of some USD 100 mn, the sports-focused newsletter says.

DATA POINT- Tour prize money reached USD 405 mn this year alone, spread over only 14 tournaments and player bonuses, compared to USD 509 mn across 44 tournaments organized by the rival PGA Tour.

The rival tour has apparently taken a step back from long-ongoing merger talks, wagering on LIV overstaying its welcome and losing backing from the PIF, the newsletter said. Top golfer Rory McIlroy recently took a swing at LIV for what he called “irrational spending,” arguing that it is making merger prospects with PGA unlikely.

Alwazn Almithaly opens books on Nomu IPO

Books opened yesterday for Alwazn Almithaly’s Nomu IPO, with the company guiding on a price range of SAR 75-78 per share, Tadawul said in a post on X. The subscription period will run until 9 December, with qualified investors able to place orders for up to 150.49k shares each and a minimum of 10, according to the prospectus. Final allocations are due on 14 December. The supplements retailer is taking a 15% stake to market in a secondary share sale.

Proceeds + market cap: The top of the range should see the Riyadh-based supplements retailer raise up to SAR 35.2 mn in IPO proceeds, implying a market cap of SAR 234.8 mn at listing, according to our calculations.

SOUND SMART- Price discovery is unusual for Nomu IPOs: Unlike most Nomu listings, which typically skip price discovery and list at a fixed price due to the market’s lighter-touch bookbuilding rules, Alwazn Almithaly opted to run a full price range. This suggests the company is seeking clearer valuation signals before launch to help anchor pricing for a relatively small float which can support more orderly trading after listing.

Where it ranks among its peers: At SAR 35.2 mn, Alwazn Almithaly’s float sits mid-pack among this year’s Nomu listings by proceeds raised, ranking around 14th out of 26 completed offerings. It slots just above Hawyia Auctions (SAR 31.2 mn) and Shmoh Almadi (SAR 30.8 mn), and below Alshehili (SAR 40 mn) and HKC Ceramics (SAR 41.6 mn).

ADVISORS- Alkhair Capital is quarterbacking the transaction as the lead manager and financial advisor, with ZH Partners providing counsel. Receiving agents include our friends at EFG Hermes alongside SNB Capital, Yaqeen Capital, ANB Capital, Alkhabeer Capital, Sab Invest, Alinma Capital, Derayah Financial, Alistithmar Capital, Al Jazira Capital, Riyad Capital, BSF Capital, Albilad Capital, Sahm, GIB Capital, Alrajhi Capital, Awaed, and Musharaka.

ALSO IN THE NOMU PIPELINE- The CMA approved Quality Education Company’s request to list a 20% stake on Nomu earlier in June. The regulator had also signed off on Afaq Al Arabiya for Transportation and Storage and Qudra for Communications and IT ’s IPOs in March, though the approvals have likely expired, as they are valid for only six months.

Siemens Energy names Hussein Shoukry as MD for Middle East + Africa

Siemens Energy appointed Hussein Shoukry (LinkedIn) as managing director for the Middle East and Africa, effective since the beginning of the month, according to a press release (pdf). Shoukry will be based in the UAE and oversee operations across 29 offices in the region, which saw EUR 9 bn in order intake in FY 2025.

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His background: Shoukry has been with Siemens for over two decades, joining Siemens Energy in 2021 and most recently serving as senior vice president for project execution, leading a 3.5k-strong team across global competence hubs in Romania, Mexico, and India.

ALSO- Jeddah Economic Company (JEC) has appointed Fabien Toscano (LinkedIn) as CEO, according to a LinkedIn post. He brings over 25 years of global experience in luxury real estate, large urban developments, including senior roles as CEO at AlUla Development Company, Managing Director at Lendlease Qatari Diar, and Hines. Toscano will lead the development of Jeddah Economic City and the Jeddah Tower, focusing on accelerating progress, and expanding international partnerships.

Al Hammadi to acquire 40% of Wareed Medica

M&A WATCH-

#1- Al Hammadi Holding Company has signed an agreement to acquire a 40% stake in Wareed Medical Company — a medical laboratory and home healthcare provider — through a SAR 113 mn capital increase that will fund Wareed’s expansion, with no payout to existing shareholders, it said in a disclosure to Tadawul.

The details: The SAR 113 mn will be paid in installments, starting with SAR 20 mn upfront and the remainder over up to five years based on performance-linked milestones. Al Hammadi will finance the transaction from its internal resources as it looks to expand its integrated healthcare ecosystem, strengthen its position in the laboratory and home healthcare segments, and diversify revenue streams. The General Authority for Competition still needs to sign off on the move.

#2- Fakeeh Care Group inked a non-binding MoU to acquire a 50.01% stake in Saudi teleradiology provider Diagnostic Elite for SAR 70 mn, including a capital contribution to fund expansion, it said in a disclosure to Tadawul. The stake, purchased from Fakeeh Real Estate with no proceeds to Diagnostic Elite, is subject to regulatory approvals and corporate updates.

The details:The consideration comprises SAR 55.35 mn in cash for the shares and SAR 14.65 mn for expansion funding. Upon completion, Fakeeh Care will become the controlling shareholder. Diagnostic Elite currently operates six medical centers and plans to expand to 16 facilities across the Kingdom, with over 75% of the transaction outlay supporting growth and technology enhancements.

Emerging markets surge on AI optimism, though India lags behind

The AI-driven stock market rally is causing a split between emerging markets, with some indices recording their strongest performance in years, and others experiencing a rout. Still, EM stocks are on track for their best year in nearly a decade, with the MSCI EM index up around 31% YTD, and funds tracking the markets like the USD 141 bn Vanguard FTSE Emerging Markets index up 23.5% YTD, marking the highest growth since 2017.

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China and South Korea are amongst the top performers, thanks to tech-heavy stocks tied to semiconductors and software, according to the Financial Times. AI-tied stocks like Alibaba Group, up 139% YTD and Taiwan Semiconductor Manufacturing, up 35% YTD, are among those seeing the biggest gains. Heavy concentration in these names, however, has also increased benchmark risk.

On the flipside, Indian equities have underperformed other emerging markets by the widest margin in more than three decades amid uncertainty over a US-India trade agreement, faster AI adoption in east Asia, tighter fiscal and monetary policy, and murky earnings visibility, the FT quotes analysts as saying. The MSCI India index booked its weakest return since 1993, with 2.5% in USD terms this year. Foreign investors have pulled out over USD 16 bn from the market, the second-largest outflow on record.

Funds were redirected to higher-performing EM markets linked to the AI boom, and investors treated India as a “funding trade” this year to finance long positions elsewhere in the region, Goldman Sachs global emerging market equity strategist Sunil Koul said.

ALSO ON PLANET FINANCE-

Anthropic enlists Wilson Sonsoni for IPO: US AI firm Anthropic — creator of the Claude chatbot and a major OpenAI rival — has brought on US law firm Wilson Sonsini to handle its work for a possible IPO, the Financial Times reports, citing sources familiar with the matter. The move comes at a time of sky-high valuations for tech startups, with OpenAI recently valued at USD 500 bn during a secondary share sale. The firm is eyeing a 2026 listing date, one source told FT.

The AI firm is reportedly seeking a private round valuing it at more than USD 300 bn and has held informal talks with banks but not yet chosen underwriters. An Anthropic spokesperson said no decision has been made on if or when it will go public.

REMEMBER- Abu Dhabi AI investor MGX was reportedly in early fundraising talks with Anthropic when Anthropic CEO Dario Amodei was on a tour in the Middle East, as it eyes a USD 170 bn valuation with a USD 5 bn new funding round set to be led by Iconiq Capital, with potential investments from the the Qatar Investment Authority and Singapore’s sovereign fund GIC.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei leading gains, up 1.4%, along with China’s CSI 300 which was up 0.2%. Meanwhile, South Korea’s Kospi dropped nearly 1%, and Hong Kong’s Hang Seng fell 0.2%. Over on Wall Street, futures are little changed after stocks rallied yesterday on hopes of a Fed rate cut next week in light of positive jobs data.

TASI	10,575	+0.4% (YTD: -12.1%)
MSCI Tadawul 30	1,387	+0.2% (YTD: -8.1%)
NomuC	23,811	+0.4% (YTD: -24.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.5% repo	4.0% reverse repo
EGX30	4,316	+1.2% (YTD: +39.8%)
ADX	9,871	+1.3% (YTD: +4.5%)
DFM	5,907	+1.2% (YTD: +14.5%)
S&P 500	6,850	+0.3% (YTD: +16.5%)
FTSE 100	9,692	-0.1% (YTD: +18.6%)
Euro Stoxx 50	5,695	+0.2% (YTD: +16.3%)
Brent crude	USD 62.87	+0.3%
Natural gas (Nymex)	USD 4.98	-0.2%
Gold	USD 4,235	+0.1%
BTC	USD 93,367	+0.6% (YTD: -0.3%)
Sukuk/bond market index	918.73	0.0% (YTD: +1.8%)
S&P MENA Bond & Sukuk	151.96	0.0% (YTD: +8.6%)
VIX (Volatility Index)	16.08	-3.1% (YTD: -7.3%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.4% yesterday on turnover of SAR 3.6 bn. The index is down 12.1% YTD.

In the green: Luberef (+10.0%), Senaat (+7.9%) and SSP (+4.7%).

In the red: DWF (-4.6%), Almasar Alshamil (-4.3%) and SFICO (-3.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.4% yesterday on turnover of SAR 15.5 mn. The index is down 24.4% YTD.

In the green: Aaltwijri (+16.6%), Horizon Educational (+8.0%) and Alfakhera (+7.8%).

In the red: NAF (-8.1%), Taqat (-7.4%) and Quara (-5.8%).

CALENDAR

NOVEMBER

30 November -11 December (Sunday-Thursday): The Absher Tuwaiq Hakathon (remote).

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear and Radiological Emergencies, Riyadh.

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

2-4 December (Tuesday-Thursday): Black Hat MEA, Riyadh Exhibition and Convention Center, Malham.

3-5 December (Wednesday-Friday): Beyond Profit Forum, Ritz-Carlton Hotel, Riyadh.

7 December (Sunday): Beginning of real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, Riyadh.

8-9 December (Monday-Tuesday): Digital Acceleration and Transformation Expo (DATE), JW Marriott hotel, Riyadh.

8-9 December (Monday-Tuesday): Climate Action and Renewable Energy (CARE), JW Marriott hotel, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

11 December (Thursday): Deadline for title deed registration for 214.2k properties across Riyadh and the Eastern Province.

11 December (Thursday): Public school holiday.

11-13 December (Thursday - Saturday): The Absher Tuwaiq Hakathon (in-person).

15-17 December (Monday-Wednesday): Host Arabia, Riyadh Front Exhibition and Conference Center.

15-17 December (Monday-Wednesday): Saudi HORECA, Riyadh Front Exhibition and Conference Center.

16-17 December (Tuesday-Wednesday): Global Airports Forum (GAF) 2025, Riyadh International Convention and Exhibition Center, Riyadh.

19 December (Friday): The 2025 Saudi Toyota Championship wraps up.

25 December (Thursday): Title title deed registration deadline for 64.4k properties across neighborhoods in Madinah, Makkah, Riyadh, and the Eastern Province.

31 December (Wednesday): Zatca 22nd E-invoicing integration wave deadline.

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Title deed registration deadline for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province.

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

10-18 January (Saturday-Sunday): Public school mid-year break.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

15 January (Thursday): Title deed registration deadline for 31.7k properties in 14 neighborhoods in the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 January (Monday-Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

26-28 (Monday-Wednesday): IFAT Saudi Arabia, Riyadh Front Exhibition & Conference Center, Riyadh,

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

2-13 (Monday-Friday): 2026 Asian Road Cycling Championship and Paralympic Cycling, Qassim.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.

9-10 February (Monday-Tuesday): Global Games Show Riyadh 2026, Malf Hall, Riyadh.

9-14 February (Monday-Saturday): Asian Racing Conference, Crowne Plaza Riyadh RDC Hotel & Convention Centre, Riyadh.

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

15-17 February (Sunday-Tuesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front & Exhibition Center.

16 February (Monday) King Salman Stadium design-and-build contract prequalification submission deadline.

26 February (Thursday): Title deed registration deadline for 142.8k properties across 104 neighborhoods in Hail.

MARCH

12 March (Thursday): Deadline for real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.

21 March (Saturday): Fanatics Flag Football Classic, Kingdom Arena, Riyadh.

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

6 April (Monday): Procurement and Supply Chain Futures Forum, Al Faisaliah Hotel, Riyadh.

6-7 April (Monday-Tuesday): Real Estate Supply Chain Forum, Al Faisaliah Hotel, Riyadh.

12-15 April (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

20-22 April (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Al Faisaliah Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

21 April (Tuesday): GC Summit Saudi Arabia 2026, Saudi Arabia.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

MAY

3-5 May (Sunday-Tuesday): Sports Investment Forum (SIF), Riyadh.

3-9 May (Sunday-Sunday): The Global Sustainability Expo, The Arena Riyadh Venue.

JUNE

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

SEPTEMBER

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

OCTOBER

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

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production in 2026.
November: UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
November: The Esports Nations Cup, Riyadh.
The Intervision international music competition will take place in Saudi Arabia.
6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

Signposted to happen sometime in 2027:

The World Water Forum takes place in Riyadh.
The Ocean Race finishes in Amaala on the Red Sea.
Riyadh-Kudmi transmission line to be completed.

Signposted to happen sometime in 2Q 2027:

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

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