Ronaldo’s locker-room dissent highlights uneven spending in the SPL

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Turkish President bolsters ties in Riyadh visit

Good morning, everyone, and happy THURSDAY. Our big story today dives into the locker-room drama that saw Cristiano Ronaldo miss a league game reportedly in protest over what he views as uneven spending on the league’s Big Four. A weak transfer window for Al Nassr contrasted with aggressive Al Hilal transfers that culminated in a surprise move by Karim Benzema into the SPL leader, stoking the Don’s fears that his team’s lineup is falling behind.

Also on today’s issue: Foreign real estate owners could trigger a repricing of REITs, management consultancy Kearney thinks real assets tokenization is a USD 500 bn opportunity for the Gulf, and the morning routine of Rajhi Invest Group CEO Mohammed El Samman.

BUT FIRST- Riyadh is getting cozier with Ankara: Turkish President Recep Tayyip Erdogan wrapped up his visit to Riyadh where he met Crown Prince Mohammed bin Salman, to tighten bonds between the two countries, state news agency SPA reports.

Their sit-down focused on expanding non-oil trade, as well as strengthening public- and private-sector engagement, and moving forward on a Turkey-GCC free trade deal. Plans to deepen cooperation in investment, hydrocarbons, climate, the digital economy, transport, tourism, health, education, and defense and security were also discussed.

At the Saudi-Turkey Investment Forum, Saudi Arabia and Turkey signed 10 agreements across multiple sectors, and Turkish Trade Minister Omer Bolat expressed hope that 2026 will be the year the Kingdom and Turkey hit their short-term trade target of USD 10 bn.

ICYMI- The Kingdom will establish two solar farms in Turkey at an investment cost of USD 2 bn, under an agreement inked during the visit. The two farms will add a combined 2 GW of capacity, powering over 2 mn households. A Turkish state-owned company will ink a multi-decade power-purchase agreement securing the energy generated.

WEATHER- Thunderstorms with rain and hail are expected over Makkah, Al Baha, Asir, and Jazan, while fog and light showers may form overnight and in the early morning across these areas and parts of northern the Kingdom. Dusty and gusty winds are forecast across the Northern Borders, AlJouf, Riyadh, Qassim, Eastern Province, and Madinah, extending to southern Tabuk.

Riyadh: 22°C high / 14°C low.
Jeddah: 30°C high / 23°C low.
Makkah: 30°C high / 23°C low.
Dammam: 22°C high / 14°C low.

Watch this space

TRADE — The UK and the GCC are entering the “final step” of freetrade negotiations, with British Trade Minister Chris Bryant in Riyadh this week to hammer out the final details, unnamed British sources told Aleqtisadiah.

Bryant’s visit precedes Prince William’s first official landing in Riyadh on Monday, 9 February, with the agreement expected to take center stage as a geopolitical priority boosting cooperation on tech, clean energy, defense, and more.

More than freetrade on the table: The visits coincide with the three-day Riyadh Defense Show set to be held on 9 February. The Kingdom has been keen on joining the development and production of the cutting-edge Tempest stealth fighter jet program under the UK-Japan-Italy Global Combat Air Program (GCAP).

CONSTRUCTION— Expo Riyadh 2030 to break ground this year: Work on participant pavilions is slated to begin by mid-2026, with the main project buildings following in 3Q, Chief Delivery Officer at Expo 2030 Riyadh Murad Al Sayed told Aleqtisadiah.

Contract awards will pick up pace too, with those for the Saudi and Iconic Pavilions, two infrastructure projects, and a suite of engineering works due to be issued this year, Al Sayed said.

Progress so far: About 1.5 mn sqm — roughly 25% of the total area — has been leveled by Al Akaria, with major infrastructure and network works already starting after contracts were awarded to Nesma and Partners.

ENERGY — The Kingdom emerged as the surprise “breakout” star of grid-scale battery storage in 2025. We added almost 3 GW in 2025, jumping from no batteries on the grid in 2024 to fifth worldwide for annual installed capacity, according to an exclusive Volta report seen by the Financial Times.

“It’s really been a 180-degree turn,” Wood Mackenzie’s Research Associate Cecilie Kristiansen told the salmon-colored paper. Fast approvals, a state-owned utility, and direct government backing stripped out the usual friction and accelerated deployment. The Energy Ministry is targeting some 48 GWh of grid-scale storage by decade-end.

Zooming out: The Middle East deployed some 12 GWh of storage last year, as it picked up the pace to catch up with other regions. Falling battery costs and the surge in solar and wind are doing the heavy lifting globally.

Data point

SAR 16 bn— that’s the total value of consumer spending via point-of-sale (PoS) in the Kingdom in the week ending 31 January, up 27.8% w-o-w, according to the Saudi Central Bank’s latest weekly report (pdf). Shoppers were busy, with the number of transactions climbing 16.5% w-o-w to 248.8 mn.

The breakdown: Almost every retail category saw gains as the month wrapped up. Freight and courier services led the surge, jumping 69.3% w-o-w to SAR 62.4 mn, followed by jewellery, whose spending shot up 55.5% w-o-w to SAR 613.7 mn. Other sectors also saw healthy growth, including telecommunications (+47.1%), laundry services (+44.4%), food and beverages (+38.6%), and apparel, clothing, and accessories (+35.4%). Education was the only sector to dip, with spending falling 19.5% w-o-w.

Riyadh continued to account for the largest share of PoS transactions at SAR 5.4 bn, followed by Jeddah at SAR 2.2 bn.

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The big story abroad

The US and Iran agree to talks — with no set agenda: The US and Iran agreed to meet on Friday in Oman. Washington insists that negotiations zero in on Iran’s missile arsenal, its backing of proxy groups in the region, and its response to protests at home. The Islamic Republic is only willing to discuss its nuclear program.

MEANWHILE, IN MARKET NEWS- The tech selloff continues: Fears that rapid advances in AI could undermine software business models have resulted in USD 1 tn in losses over the past week. Stocks and bonds of Silicon Valley players of all sizes saw hundreds of bns in losses in just two days.

^^ We have more on the software selloff in the news well, below.

Amid AI hubbub Alphabet steps up spending: Google parent Alphabet is doubling its capex for the year to up to USD 185 bn as it doubles down on AI, it said in its latest earnings release (pdf). The figure is well above the USD 120 bn penciled in by analysts and the USD 91 bn spent last year.

Circle your calendar

The AlUla Conference for Emerging Market Economies will take place 8-9 February at Maraya Hall in AlUla. The two-day event will bring together finance ministers, central bank governors, and policymakers, with the opening remarks set to be delivered by Finance Minister Mohammed Al Jadaan and IMF Managing Director Kristalina Georgieva.

Keep an eye on these two heavyweight policy panels:

The first day will see a discussion on the implications of global uncertainty for the international monetary and financial system, featuring Sama governor Ayman Al Sayari and moderated by Tobias Adrian, director of the IMF’s Monetary and Capital Markets Department
Day two will see a deep dive into private sector-led growth in emerging markets, examining the role of the state and rising public debt, with Ahmed Kouchouk, Egypt’s Minister of Finance; Muhammad Al Jasser, Chairman of the Islamic Development Bank Group; and Anna Bjerde, Managing Director of Operations at the World Bank, moderated by Jihad Azour, Director of the IMF’s Middle East and Central Asia Department.

Ronaldo’s dissent highlights uneven spending in the SPL

It’s hard to think Ronaldo would ever be upset with Al Nassr, given the GBP 488k a day he reportedly makes just from his base salary, under the mega contract he signed in June last year that made him football’s first b’naire ever. And yet, Ronaldo was not named for the lineup against Al Riyadh last Monday, and is said to be sitting out the next game against Al Ittihad on Friday too.

What’s the deal? Circulating reports claim the Portuguese legend, who turns 41 today, is dissatisfied with what he perceives as the PIF favoring Al Hilal in transfer spending. Uneven financial backing from the sovereign fund has seen some clubs strengthen their lineups while others falter as he sees it.

The claim is not without merit: The latest transfer window — which officially closed on Monday — was absent any major additions to aid Ronaldo in the field, while other PIF-owned clubs went more aggressive in their spending.

And then the Karim Benzema move came in. The former Ballon D’Or winner left Al Ittihad and donned the blue shirt under an 18-month contract this week. Benzema joins heavy hitters such as Neves, Nunez, and Bounou, arguably giving the current league leader the strongest lineup in the SPL. That’s not good news for Ronaldo, who is yet to win a league title since he joined Al Nassr in 2022.

Governance issues seem to be at play, too. Sources told ESPN the Public Investment Fund suspended sporting director Simão Coutinho and CEO José Semedo back in June, effectively freezing major capital deployment.

Al Hilal, on the other hand, appears to have strong private capital backing its signings, with its six transfers during the latest window — Benzema included — reportedly funded by Prince Alwaleed Bin Talal. The b’naire prince has vested interests in Al Hilal as he’s part of the non-profit that owns 25% of the club, and is said to be in negotiations to take the remaining 75% off the PIF’s hands.

The long history and strong fundamentals give Al Hilal an edge in attracting private capital. The club reported total revenues of USD 340 mn (SAR 1.27 bn) for the 2024-2025 season, the highest figure ever for a Saudi sports organization. Sponsorship and partnership revenues went up by 16.5% compared to the previous season following the club’s stunning victory against Manchester City in the Fifa Club World Cup.

Al Nassr’s earnings are not out yet, but estimates put the club’s revenues at USD 110 mn — roughly a third of Al Hilal’s figure. The revenue gap could help explain why Al Hilal has been able to pursue more aggressive signings and maintain a higher commercial profile.

Is Saudi Arabia nearing the death of the REIT access premium?

Saudi REITs are quietly being repriced as the door to direct foreign ownership swings open. New rules allowing foreigners to buy property directly and opening Saudi-listed companies with assets in Makkah and Madinah to global investors are eroding the access premium that long supported REIT valuations.

The result? A shifting investment thesis. “When REITs were the only practical gateway for foreign capital, investors were willing to pay for the wrapper. Now that direct ownership is possible, even if still selective and regulated, that premium becomes harder to justify,” Sarah Alyasiri, a capital markets analyst at CF Trade, tells EnterpriseAM.

The REIT wrapper is being stripped of its scarcity value. In equity terms, that turns what was once a growth-plus-yield story into a pure yield and asset-quality trade. Investors are shifting away from passive yield vehicles toward the few remaining pockets of scarcity — most notably listed exposure to the Holy Cities.

That re-pricing is gradual: “What we’re watching is whether discounts to Net Asset Value (NAV) become more persistent and whether simpler REIT structures start to underperform vehicles that offer either operational upside or unique exposure. The adjustment happens over valuation cycles, not overnight,” Alyasiri tells us.

Market backdrop

REITs are still a small and relatively young corner of Tadawul. As of late 2025, the market comprised 19 listed REITs across the main market and Nomu, with a combined market capitalization of around USD 4 bn (as of August 2025). Balance sheets are modest, with the median REIT managing assets of roughly USD 370 mn, and sector IPOs slowing down after an initial burst of listings in 2019-2020.

The vehicles that benefit from corporate tax exemptions are required to distribute at least 90% of net income and can provide exposure to asset classes and locations that are otherwise hard for foreigners to access, which Alyasiri says creates a potential valuation buffer for the very few REITs with exposure to the Holy Cities.

How the Riyadh rent freeze is being priced in

The five-year freeze on residential and commercial rents in Riyadh, which went live in September 2025, is also capping REITs income growth. S&P Global sees it forcing revisions to cashflow models and valuations for leased assets, even as demand for office, residential, and retail space remains strong.

“In valuation terms, a Riyadh-heavy REIT should be treated as a stabilized income asset rather than a growth vehicle,” Alyasiri said. With market yields near 7.3% and inflation around 3%, she estimates the headline real yield at about 4% before fees, financing costs, and maintenance capex, leaving a thinner investable return.

Several listed REITs rely heavily on rental income from assets within Riyadh’s urban boundary, particularly office and warehouse-heavy portfolios in central districts. For those vehicles, Alyasiri said, real returns are effectively capped unless managers can bypass the rent freeze through asset rotations and value-add ploys.

In practice, only a narrow set of REITs is positioned to respond. Alyasiri said mandates and execution risk (not balance-sheet capacity) are the main constraints, with large renovations requiring upfront capital, operational depth, and a willingness to disrupt near-term payouts. As a result, she expects selective, targeted upgrades rather than broad portfolio-wide repositioning.

Where the upside still is

With strings attached: “If more compliant vehicles emerge with real exposure [to Makkah and Madinah], demand could exceed supply and support a premium, but it depends entirely on execution and mandate flexibility,” she said, adding that “investors are no longer paying for rental growth, they’re paying for cashflow visibility, balance-sheet strength, and the manager’s ability to create optionality.”

Foreign ownership limits add another layer. As a listed name nears its foreign ownership cap, Alyasiri explained that markets typically respond with either a scarcity premium if demand holds up, or capped upside and higher volatility as marginal buying power fades. The effect shows up more in liquidity and short-term price action than in fundamentals, particularly when foreign investors are the marginal buyers.

Tokenization is a USD 500 bn opportunity for the Gulf -Kearney

The Gulf is sitting on a USD 500 bn untapped potential. According to a recent report (pdf) by management consultancy Kearney, asset tokenization — the process of converting physical and financial assets into blockchain-based digital tokens — is poised to reshape the region’s economy by 2030. This shift promises to unlock fractional ownership, accelerate settlements, and streamline asset transfers within regulated markets.

The breakdown: Private markets represent the largest potential at around USD 154 bn, reflecting persistent liquidity and access constraints. Public equities follow at roughly USD 121 bn, alongside bank deposits at about USD 84 bn, funds (USD 58 bn), real estate (USD 52 bn), and commodities (USD 14 bn).

Digital asset regulation across the GCC is advancing at uneven speeds. The UAE and Bahrain lead with comprehensive frameworks covering tokenization, trading, crypto payments, sandboxes, and virtual asset service providers.

Saudi Arabia is taking a more measured, institutional-first approach. As a comprehensive virtual assets framework is still pending, we launched national real estate tokenization infrastructure in November 2025 while restricting retail crypto and prioritizing productive assets, with broader policy clarity expected in 2026. Qatar and Oman have basic but restrictive frameworks, while Kuwait has yet to show formal regulatory progress.

From pilot to execution: With asset classes identified, meaningful scale emerging, and early regulatory and infrastructure foundations in place, the GCC’s focus is shifting from theory to execution, the report said. Moving beyond pilot projects now depends on resolving structural challenges, particularly regulatory clarity and integrating blockchain systems with existing financial frameworks.

The next phase hinges on the region’s institutional heavyweights — sovereign wealth funds, banks, and large developers — to provide the scale and credibility needed to build liquid markets for tokenized assets. Ultimately, success will depend on how effectively the GCC aligns standards and develops platforms that allow these assets to circulate at scale.

Who’s the first non-Saudi owner of a local club?

The first non-Saudi owner of a local football club Ben Harburg was profiled by Bloomberg yesterday. Less than a year after his takeover of Al Kholood, Harburg appears to be pleased with the FC so far — “We are about where we hoped to be in the league, and qualifying for the semi-finals of the King’s Cup with three of the four best clubs was the cherry on the top,” he told Bloomberg.

The Sports Ministry is happy with the move, with a ministry spokesperson telling Bloomberg that Al Kholood’s performance this season is testament of what Harburg brings to the table.

ICYMI- Harburg led US-based sports-focused investor Harburg Group fully acquired Al Kholood Club last July, marking the first complete takeover of a Saudi football team by a non-Saudi owner. Harburg, according to Bloomberg, had picked Al Kholood out of a choice of three clubs, the other two being Al Akhdoud and Al Orobah.

2025 earnings: Bank Albilad up 8.7% while Halwani Bros falls 4.6%

Bank Albilad is out with 2025 earnings

Bank Albilad posted an 8.7% y-o-y rise in net income to SAR 3.1 bn in 2025, driven by a 9.2% increase in total operating income that outpaced operating expenses, it said in a disclosure to Tadawul. The bank’s total financing income grew 4.7% y-o-y to SAR 7.4 bn over the same period, while its investment income jumped 17.3% to SAR 1.7 bn.

Dividends: The bank’s board recommended distributing SAR 825 mn in dividends for 2H 2025 at SAR 0.55 per share, it said in a separate disclosure. The distribution date will be determined later.

Halwani Bros

Halwani Bros Company’s net income slid 4.6% y-o-y to SAR 42.6 mn in 2025, weighed down by weaker consolidated sales, higher administrative and distribution costs, and increased financing expenses from its Egypt subsidiary, it said in a disclosure to Tadawul. Meanwhile, revenue fell 6.7% y-o-y to SAR 903.9 mn, pressured by lower export sales and adverse currency movements at its Egypt subsidiary.

ALSO- The company inked a SAR 100 mn shariah-compliant credit facility with Emirates NBD Bank, it said in a separate disclosure. The one-year, renewable facility will go to supporting the company’s working capital needs and is fully backed by a promissory note.

MUHIDE raises funds for expansion in Series A round

Homegrown fintech MUHIDE closed a Series A round, raising an undisclosed amount, according to a press release. The round — backed by Saudi family conglomerate Asyad Group — will enable the startup to expand its team and upgrade its platform.

Software selloff deepens as AI worries rattle markets

A new AI productivity suite caused a stir in global markets, pushing stocks of software and analytics companies down in the US and Europe amid concerns that AI could disrupt their revenue models.

What happened?

Investors reacted sharply to the launch of Anthropic’s AI productivity tools for its Claude Cowork platform, which can automate regulatory work and other corporate tasks, the Financial Times reports. The market took the launch as a signal that companies whose business models rely on professional services and data analytics could see their work reliably automated by AI tools soon.

US tech stocks led the sell-off, with Nasdaq falling 1.4% and S&P 500 shedding 0.8%. The JPMorgan index tracking US software stocks also lost 7%, taking its YTD decline to 18%.

The rout was fueled by fears that even market heavyweights like Microsoft, Nvidia, and Oracle could be vulnerable. Nvidia fell 2.8%, Microsoft lost 2.9%, and Oracle dropped 3.4% as investors digested the implications of AI-driven efficiency gains for corporate clients. “All the software players are clients of the hyperscalers,” such as Amazon, Microsoft, and Alphabet, and these companies stand to be affected by the disruption, Jones Trading’s Mike O’Rourke told the salmon-colored paper.

There’s also the concern about rising costs in AI hardware. AMD shares fell 8% despite beating revenue estimates and forecasting USD 9.8 bn in sales for the quarter. The company was “entering 2026 with strong momentum,” led by “rapid scaling” of its data center business, CEO Lisa Su said. However, soaring memory chip prices have raised worries over margins, affecting not just AMD but also Intel and Apple.

Europe and Asia were not spared: The selloff also extended to European stocks, with the LSEG losing 12.8% and advertising firms such as Publicis and WPP seeing declines of 9% and 12%. Over in Asia, Indian IT companies such as Tata Consultancy Services and Infosys lost 6-7.1%, while Xero Ltd in Australia fell 16% in Sydney trading, Bloomberg reports.

What’s next?

The sell-off is being framed as a moment for the market to separate AI winners from losers, and investors are weighing their next moves carefully as software and analytics firms face both growth prospects and potential disruptions from AI. “Our sense from investor discussions is that general appetite to step in remains generally low,”JP Morgan analyst Toby Ogg told Reuters.

MARKETS THIS MORNING-

The tech selloff is continuing to echo through markets, as investors ditch their tech stocks for cyclical stocks. Asia-Pacific Indices opened in the red this morning, led by South Korea’s Kopsi.

TASI	11,341	+0.1% (YTD: +8.1%)
MSCI Tadawul 30	1,531	+0.3% (YTD: +10.4%)
NomuC	23,810	-1.0% (YTD: +2.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	49,632	+1.3% (YTD: +18.7%)
ADX	10,542	+0.7% (YTD: +5.4%)
DFM	6,662	+0.7% (YTD: +10.2%)
S&P 500	6,883	-0.5% (YTD: -0.5%)
FTSE 100	10,402	+0.9% (YTD: +4.7%)
Euro Stoxx 50	5,970	-0.4% (YTD: +3.1%)
Brent crude	USD 69.46	+3.2%
Natural gas (Nymex)	USD 3.47	+0.1%
Gold	USD 5,028	+1.6%
BTC	USD 72,992	-3.6% (YTD: -16.6%)
Sukuk/bond market index	915.41	-0.1% (YTD: -0.4%)
S&P MENA Bond & Sukuk	151.49	+0.1% (YTD: -0.3%)
VIX (Volatility Index)	18.86	+4.8% (YTD: +27.8%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.1% yesterday on turnover of SAR 5.2 bn. The index is up 8.1% YTD.

In the green: Almajed Oud (+6.0%), Senaat (+5.8%) and Alkathiri (+5.5%).

In the red: Elm (-6.0%), Abo Moati (-3.6%) and UCA (-3.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 1.0% yesterday on turnover of SAR 18.1 mn. The index is up 2.2% YTD.

In the green: Time (+7.3%), iOud (+6.9%) and Knowledge Tower (+6.3%).

In the red: Mulkia (-11.0%), First Avenue (-9.1%) and Balady (-8.5%).

Mohammed El Samman, Group CEO of Rajhi Invest

My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Rajhi Invest Group CEO Mohammed El Samman (LinkedIn). Edited excerpts of our conversation:

I’m Mohamed El Samman, and I’m the Group CEO of Rajhi Invest. I’ve spent the better part of 20 years navigating the intersection of banking and investment. Before taking the helm at Rajhi Invest in May 2021, my career was built on the floors of institutions like HSBC, Al Ahly Capital, and Beltone. I’m an accountant by training, a CFA charterholder, and an alumnus of London Business School’s private equity program.

Rajhi Invest is one of Saudi Arabia’s most storied and dynamic investment powerhouses. Founded over 60 years ago by the late Sheikh Mohammad bin Abdul Aziz Al Rajhi, we manage a multi-bn USD diversified portfolio that touches nearly every pillar of the Saudi economy. Rajhi Invest is a crucial shareholder in Alrajhi Bank and maintains a massive footprint in industry through Rajhi Steel and Al Watania Gypsum. From real estate via Daem to essential consumer goods like Berain Water — where we recently closed a major 40% stake sale to Hassana Investment Company — we aren’t just investors; we are operators of the Kingdom’s essential infrastructure.

For me, each day actually begins from the night before. Before I sleep each night, I take stock of the day that’s coming to an end and what needs to be done the following day — that really helps me maintain focus throughout the day and avoid being purely reactive.

My day starts early, usually with a quiet moment to myself before the noise of the markets begins. I’m a big believer in getting an early start — and getting the day started with some sunlight to kickstart my transition from a “sleep state” and into productivity. I use my commute to read EnterpriseAM and other news sources to stay on top of global headlines and see how the overnight sessions might ripple into the GCC.

Once I’m in the office, my day is a series of strategy sessions and board meetings. I’m often moving between very different worlds — one hour it’s the technicalities of home appliances production, the next it’s a high-level banking discussion. My role is to bridge the gap between long-term family office heritage and modern institutional rigor.

I stay organized by being ruthless with my calendar and my focus. I rely on my team to filter the noise so I can focus on the signal. For me, organization isn’t just about a to-do list — it’s about ensuring that every meeting is driving toward a specific strategic milestone. If there’s no clear “why,” it doesn’t get a slot.

The trends taking shape in Saudi Arabia right now are unlike anything I’ve seen in my career. We are moving past the era of simple diversification into one of deep industrial and digital maturity. I’m seeing a massive flight to quality and a real appetite for institutional-grade governance in private companies. Within our own portfolio, the shift toward sustainable manufacturing and tech-enabled distribution is the next frontier.

Personally and professionally, my next steps are about building for the long term. I want to ensure that Rajhi Invest remains at the forefront of the Kingdom’s transformation, helping the next generation of Saudi and regional investment professionals navigate this new economic era. Looking further ahead, I eventually want to apply all my years of experience into building something from the ground up and setting up my own boutique investment outfit.

To decompress, I look for things that take me entirely out of the world of finance. I’m a reader, and I tend to gravitate toward history or leadership biographies — books that offer a different perspective on how the world works. A great read that I enjoyed a lot was Tuesdays With Morrie by Mitch Albom. When it comes to shows, I look for quality storytelling that allows for a total mental reset. It’s important to have that “off” switch — it’s what allows you to be sharp when you’re “on.”

The best piece of advice I’ve ever received? It’s a combination of two things that boil down to focusing on the fundamentals and keeping it simple. Focusing too much on the small things and trying to perfect your execution will only slow you down. Every business prospect has a heartbeat that you have to maintain by moving forward. Real value is built by focusing on the fundamentals, the operations, and the people. If you get those right, the scoreboard eventually takes care of itself.

CALENDAR

FEBRUARY

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

5 February (Thursday): Deadline to submit bids for EPC contract for Ras Mohaisen-Baha-Makkah Independent Water Transmission System.

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.

8-9 February (Sunday-Monday): AlUla Conference on Emerging Market Economies (ACEME), Maraya Hall, AlUla.

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

9-10 February (Monday-Tuesday): Private Sector Forum 2026, Riyadh.

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

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

11-14 February (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.

16 February (Monday): First day of Ramadan (TBC).

22 February (Sunday): Founding Day.

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.

18-23 March (Tuesday-Monday): Eid Al-Fitr holiday (TBC).

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.

22-23 April (Wednesday-Thursday): The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah.

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.

5-6 May (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

24-28 May (Sunday-Thursday): Eid al-Adha holiday.

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.

23 September (Wednesday): Saudi National Day.

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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