War risk delays Saudi bond sales

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WHAT WE’RE TRACKING TODAY

PIF eyes USD 5 bn anchor investment in SpaceX IPO

Good morning. The conflict heated up over the weekend as the US and Israel ramped up attacks on Iranian infrastructure, including the Middle East’s highest bridge and steel and petrochemical facilities. Iran hit back by downing US aircraft and targeting GCC gas, steel, and aluminum assets as well as Israeli energy assets.

Another 48-hour deadline? Trump came out once again while markets were closed and reiterated his deadline for Iran to open up Hormuz before the US bombs their power grid and takes Tehran back “into the stone age.” We have more on that in the news well, below.

Hubs are shifting to remote work — temporarily: Building managers at The King Abdullah Financial District, Business Gate, and Al Faisaliah Tower are directing tenants to work from home until tomorrow morning, the Wall Street Journal reported. Al Faisaliah houses Apple and JPMorgan Chase’s offices in Saudi, while Business Gate is home to Microsoft and Dell, all on Tehran’s list of retaliation against US tech corporations.

Flight disruptions also continue: Flynas has extended its suspension of flights to Abu Dhabi, Dubai, Sharjah, Doha, Bahrain, and other destinations until 15 April, while Flyadeal is also suspending flights to Amman, Damascus, and Dubai until 14 April.

ALSO- Italy’s Prime Minister Giorgia Meloni landed in Jeddah on Friday in an unannounced tour that includes Qatar and the UAE to send a message of solidarity and protect Italy’s energy supplies. The visit aims to assert the intention of big Italian companies to continue investing in the GCC, unnamed sources told Reuters.

WEATHER- Drizzle, drizzle: Light to moderate thunderstorms persist in the Northern Borders, Eastern, Riyadh, Qassim, Hail, and Madinah regions.

Riyadh: 32°C high / 22°C low;
Jeddah: 32°C high / 26°C low;
Makkah: 36°C high / 27°C low;
Dammam: 28°C high / 21°C low.

PSAs

The mandatory status adjustment deadline for land freight firms has been extended to 27 August, the Transport General Authority said on X on Thursday. The extension gives heavy freight businesses additional time to reclassify vehicle registrations from private to general transport and grants light freight operators a window to secure mandatory professional driver cards.

Watch this space

IPO — PIF to protect its SpaceX turf with IPO anchor bid: The Public Investment Fund (PIF) is considering a USD 5 bn anchor investment in SpaceX’s IPO, sources familiar with the matter told Reuters. This move would partly protect PIF’s stake of just under 1% in the company from dilution. Elon Musk’s SpaceX submitted its draft IPO registration confidentially to the US Securities and Exchange Commission, targeting a June listing, Bloomberg reports.

SpaceX aims to raise a record USD 75 bn in its debut, surpassing Aramco’s USD 29 bn IPO back in 2019 and potentially aiming for a valuation of over USD 1.75 tn, according to Bloomberg. Wealthy investors served by the underwriting banks are expected to form a large portion of the allocation.The firm is also mulling a dual-class structure, with the listing predicted to have a large retail component, possibly allocating as much as 30% of the offering to small investors.

The multi-bn USD investment reinforces PIF’s commitment to its international portfolio despite the ongoing regional war, a message Governor Yasir Al Rumayyan reiterated at the FII event in Miami. The fund’s global dealmaking continues, with PIF’s Savvy Games also nearing the close of a USD 6 bn purchase of mobile game maker Moonton from TikTok maker ByteDance.

REMEMBER- The fund’s new five-year strategy — expected in the upcoming weeks — will concentrate capital into a smaller pool of portfolio companies and scale them into global champions across sectors such as logistics, mining, religious tourism, and AI.

The Musk connection deepens: The PIF’s AI arm Humain became a significant minority shareholder in SpaceX’s xAI in February after investing USD 3 bn into the firm’s Series E round. This follows a November partnership with xAI to develop a data center network and deploy Grok models in the Kingdom.

ADVISORS- SpaceX tapped Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley for senior roles in the IPO. It is also enlisting international banks to manage regional orders, with Citigroup coordinating their efforts. Barclays will handle the UK, while Deutsche Bank and UBS are overseeing European demand, and the Royal Bank of Canada will manage Canadian orders. Meanwhile, Mizuho Financial Group will lead regional allocations in Asia, and Macquarie Group will focus on Australia.

LOGISTICS — The US has doubled its reins. assurances for ships transiting the Strait of Hormuz to USD 40 bn to lower “war risk” barriers for shippers, Bloomberg reports. The US International Development Finance Corporation (DFC) expanded the program with insurers including AIG, Berkshire Hathaway, Travelers, Liberty Mutual Ins., Starr, CNA, and Chubb.

Upping the ante: The move builds on a USD 20 bn DFC program launched last month to revive shipping through the strait, but operators remain deterred by drone, missile, and naval mine risks despite Trump’s security assurances. The program’s lack of naval escort protections also isn’t boosting confidence.

Why it matters: The US has had to sweeten the pot because the strait’s disruption has driven up global energy prices, pushing US gasoline prices above USD 4 per gallon. Analysts say ins. costs and shipping activity are unlikely to normalize unless Iran’s military threat is reduced.

But there are other routes, courtesy of Saudi: The Kingdom’s East-West pipeline officially hit 100% capacity late last month at 7 mn bbl / d. This bypass is credited with preventing oil prices from hitting catastrophic highs. Meanwhile, on land, Saudi Arabian Railways launched a new 1.7k km rail freight route last month, connecting the Eastern Province to the Jordanian border and the Red Sea to bypass the strait entirely for non-oil goods.

Market watch

Opec+ is weighing an output increase it may not be able to deliver: Opec+’s eight members will meet on Sunday to discuss a possible increase in oil output — a step that would signal readiness to ramp up supply if flows through Hormuz resume, Reuters reports, citing two sources who said that formal consultations haven’t begun yet, while a third source said a pause remains on the table.

BACKGROUND- At its March meeting, Opec+ agreed to a modest 206k bbl / d increase for April after holding output flat in 1Q on oversupply concerns, just as the war began disrupting flows from key Middle East producers. Disruption escalated into the largest oil supply shock on record, with Saudi, Iraqi, Kuwaiti, and UAE output severely curtailed.

The main question is, how does any increase — if approved — actually reach the market? With no clear signs of a reopening of Hormuz, any increase would likely have little immediate impact on supply, serving merely as a signal that barrels are ready once tankers can move again. Other members such as Russia, Kazakhstan, Algeria, and Oman sit outside the chokepoint, but their ability to raise output is limited.

“We need to react, at least on paper,” one Opec+ source told the newswire. The oil cartel is leaning on quotas as forward guidance rather than physical supply, using production targets to manage expectations. It’s a signaling game — an effort to cool down markets — until flows normalize.

Where things stand for us: Saudi’s oil exports declined by 50% m-o-m in March to an average of 3.33 mn bbl / d, as Iran continues to block tankers, Bloomberg reported, citing tanker tracking data. The monthly value does not include cargoes that remained stranded in the Gulf after being loaded onto vessels, amounting to some 55 mn barrels.

REMEMBER- The Kingdom currently depends on the East-West pipeline, which has a 7 mn bbl / d capacity, to supply its refineries and ports on the Red Sea. The full capacity includes 5 mn bbl / d for export through Yanbu, with the rest sent to refineries or used in power and desalination plants. We also supply customers in Europe and North America from storage tanks on Egypt’s Mediterranean coast and have several supertankers near Japan’s Okinawa island.

Data point

89 mn — that’s the number of visitors the Kingdom’s entertainment sector welcomed in 2025, the Saudi Gazette reported on Thursday. The sector issued 6.5k licenses last year and added 472 new entertainment destinations, bringing the total to 975 — up from 513 in 2024.

Sports

The Don returns: Cristiano Ronaldo scored twice on his return from a month-long injury as Al Nassr defeated bottom side Al Najma 5-2 in the Saudi Pro League on Friday. The 41-year-old had missed the club’s previous two league matches, as well as Portugal’s friendlies against Mexico and the US.

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The big story abroad

Tehran has 48 hours to open the Strait of Hormuz or face intense attacks, according to US President Donald Trump’s latest threat to the Islamic Republic. Tensions are especially high as Washington continues to search for a missing airman from one of two downed warplanes. Trump’s emphasis on the waterway contradicts previous signaling that his administration had largely abandoned the task of reviving traffic in the strait.

Closer to home, the conflict continues to damage key infrastructure. Kuwait Petroleum Corporation’s headquarters caught fire after an Iranian strike. The building — which also houses the nation’s Oil Ministry — was evacuated, and no injuries were reported.

Five EU countries have called for a windfall tax on the income of energy companies, following the spike in fuel prices stemming from the US-Iran war and the closure of the Strait of Hormuz. Finance ministers from Germany, Italy, Spain, Portugal, and Austria have argued that such a levy would help fund relief for consumers currently facing high fuel costs.

Meanwhile, in the world of finance: The jury is still out on whether the recent strain on the private credit sector — with investors demanding their money back from some funds — will simply blow over or usher in a full-blown financial crisis. Concerns surrounding the sector are rooted in how much private lending backs software companies, which are currently facing existential threats due to innovations in artificial intelligence.

Why Saudi debt markets are on hold

Are Saudi debt markets facing a pricing strike? Issuers are stepping back from the debt capital markets as a 20-30 bps war premium creeps into investment-grade spreads, nudging borrowing costs just high enough to make most issues uneconomical in the near term.

“The market appears to be overpricing short-term geopolitical risks,” Sarah Alyasiri, financial strategist at CFI Financial Global, tells EnterpriseAM. “Current spreads reflect a level of uncertainty that isn’t fully aligned with the Kingdom’s fiscal position,” she added, pointing to strongly underestimated fundamentals such as low sovereign debt, strong financial buffers, and spending commitments tied to the diversification agenda.

The high spreads are causing a delay in debt issuances. Alyasiri estimates that several bn USD worth of planned debt sales have been postponed, as borrowers opt to wait out the regional unrest rather than lock in elevated funding costs.

It’s a tactical pricing strike. “There’s still liquidity, but it doesn’t make sense to tap the market right now,” Zeina Rizk, partner and portfolio manager at Amwal Capital, tells EnterpriseAM. Volatile conditions make it difficult to build order books without offering a meaningful concession, she added.

Who will be most affected?

For now, international bond markets are the most affected, Alyasiri told us. That’s where pricing reacts fastest to global risk sentiment, and where activity has pulled back the most.

“The high-yield names are definitely more exposed, but I don’t see them exposed in a situation where I see an imminent default,” Rizk said. Real estate developers, giga-projects, and capital-heavy infrastructure firms also count among the most sensitive here, given how reliant they are on phased issuance and refinancing cycles, Alyasiri added. Even a temporary slowdown starts to tighten conditions for more leveraged players with limited flexibility, she said.

BUT- Alyasiri also points to pockets of complacency, particularly around quasi-sovereign names where implicit government support is still largely taken for granted. That assumption holds in normal conditions but could be tested if global liquidity stays tight for longer, she added.

A waiting game

The good news? Most can afford to wait. Issuers were very active in 4Q 2025 and the first two months of 2026, Bank Nizwa’s Muhammad Ahsan tells us. The USD 11.5 bn raised by the Finance Ministry in January covers a significant portion of the external financing needs as per the budget. Many corporates and banks also raised bonds and sukuk from international markets, with Aramco, Saudi Energy, and the PIF also capitalizing on the favorable window, according to Ahsan.

By the numbers: Roughly USD 27 bn was raised across sovereigns, banks, and government-related entities earlier in the year, according to Rizk, covering a significant portion of annual funding needs. “I don’t see any substantial financing risk [this year], neither for sovereigns nor corporates,” she said.

The alternatives

For those in need of financing, the local market could suffice. “The local sukuk and bond market is another avenue for fundraising and it will be sufficient to meet requirements in times when international funding is scarce,” Ahsan added. Sukuk markets are also holding up better than bond markets, “supported by consistent regional demand,” Alyasiri said.

Issuers also have access to bank liquidity if markets stay shut for longer, according to Rizk. Alyasiri agreed, saying that local banks — “the most stable funding channel” — are stepping in to fill the gap. Private credit is also starting to get more attention, especially from borrowers “seeking more certainty in execution,” Alyasiri added.

What’s next?

The trigger to reopen markets is still as blunt as it gets: “A ceasefire,” Rizk said. Alyasiri expects spreads to tighten relatively quickly in a de-escalation scenario, helped by strong global demand for high-quality emerging market credit.

Right now, the market is trading more on headlines than fundamentals — and that will keep issuers on the sidelines. “We’ve already seen how quickly sentiment can flip, a single stretch of positive news last week was enough to push markets from one-sided selling into aggressive bidding, with investors scrambling to put money to work again,” Rizk notes.

The current spread may not be too alarming, but it’s an entirely different story if the Kingdom enters the conflict. “The risk of not being priced is a prolonged conflict with Saudi Arabia getting involved militarily. It will push spreads much wider, and I expect military and defense spending to put pressure on the fiscal deficit as well,” Ahsan says.

Net foreign assets dip slightly in February

Net foreign assets in the Kingdom’s banking sector fell slightly to SAR 1.47 tn in February, down from SAR 1.48 tn in January, according to the Saudi Central Bank’s (Sama) latest monthly bulletin (pdf).

The breakdown: Sama’s net foreign assets remained nearly flat at SAR 1.7 tn. However, commercial banks saw their net foreign assets deficit widen significantly to SAR 230.8 bn in February, up from SAR 212.9 bn a month earlier.

The total assets of commercial banks hit SAR 5.07 tn by the end of February, up from SAR 5.02 tn in January, representing an 8.9% y-o-y increase. Total bank credit across all maturities rose 9.6% y-o-y to SAR 3.33 tn by the end of the month.

Personal loans remain the heavyweight of the credit market, accounting for more than SAR 1.45 tn. This was followed by corporate credit to real estate activities at SAR 400.4 bn, wholesale and retail trade at SAR 215.2 bn, and electricity, gas, and water supplies at SAR 217.5 bn.

MEANWHILE- Residential mortgages financed by banks declined 13.2% m-o-m to SAR 5.37 bn in February. This covered 8.35k new contracts, down from 9k in January.

Settled letters of credit (LCs) financing private sector imports stood at SAR 13.2 bn in February, a 4.3% y-o-y decrease. Building materials took the largest slice at SAR 2.77 bn, followed by motor vehicles (SAR 2.12 bn), food items (SAR 1.23 bn), appliances (SAR 1 bn), and machinery (SAR 554 mn).

New letters of credit — our look-ahead at future imports — totaled SAR 11.75 bn by the end of the month. This included SAR 3.1 bn for building materials, SAR 2.89 bn for motor vehicles, SAR 912 mn for appliances, SAR 590 mn for machinery, and SAR 379 mn for food items.

ALSO- Broad money supply (M3) grew 8.4% y-o-y to SAR 3.29 tn in February. Demand deposits made up 45.2% of the total, followed by time and savings deposits (36.5%), other quasi-money deposits (10.8%), and banknotes in circulation outside banks (7.5%). Total liabilities in the survey reached SAR 5.57 tn, up 6.3% y-o-y.

SOUND SMART- M3 is the broadest measure of money supply in an economy. It includes banknotes, current accounts, and other money that can be quickly mobilized (what econ-nerds call M2), as well as large time deposits, institutional money market funds, short-term repurchase agreements, and larger liquid funds.

Gov’t bonds continued their upward climb in February: Government and quasi-government bonds rose to SAR 658.2 bn, an 8.5% increase compared to February 2025. Meanwhile, bank credit to public sector enterprises reached SAR 251.9 bn, up 17.2% y-o-y.

US policy in Iran war isn’t sitting well with Saudi

Riyadh is growing disappointed with Washington’s handling of the Iran war, according to the Financial Times. Tensions stem from US threats to target Iranian energy infrastructure, suggestions that Gulf states fund the conflict, and the risk of a US withdrawal without an agreement. Riyadh is concerned that such a move could leave the GCC responsible for reopening the Strait of Hormuz while facing a more hostile Iran, with attacks on regional energy and desalination infrastructure carrying potentially devastating consequences.

It’s gone on long enough: As Iran repeatedly struck key Gulf sites — data centers, airports, airbases, and gas fields — the Strait of Hormuz’s closure and its choking of supply chains persisted, and Houthi involvement emerged. Riyadh has been pushing to end this conflict to safeguard its economic plans and critical infrastructure. Trump’s recent threats and demands, however, run counter to that goal.

KHC to buy Breakthrough Energy stake, Parsons tapped for sports village, Tadawul warns of trading suspensions

KHC to buy Breakthrough Energy stake at 30% reduction

Prince Alwaleed is selling Bill Gates’ clean-tech firm to his own company: Kingdom Holding Company (KHC) inked a share purchase agreement to acquire a stake in Bill Gates-led Breakthrough Energy Ventures (BEV) from its own chairman, Prince Alwaleed bin Talal Al Saud, for USD 68 mn (SAR 255 mn), it said in a Tadawul disclosure. The stake, valued at USD 98 mn (SAR 367.5 mn) in audited 2024 accounts, was sold at a 30% reduction. KHC will fund the transaction through internal resources.

Why it matters: Prince Alwaleed is moving the Breakthrough Energy stake from his personal holdings to KHC, giving shareholders cut-rate exposure to moonshots in green hydrogen, fusion, and carbon capture. The move is part of KHC’s consolidation of the Prince’s tech wagers, including the transfer of his X shares in 2022 and the acquisition of an xAI stake in 2024.

Parsons to manage the design of Al Ittihad Sports Village

Al Ittihad Club Company tapped Parsons Corporation as project management consultant for the design of Al Ittihad Sports Village in Jeddah, the company said in a statement on Wednesday. The development, located near King Abdullah Sports City, will include the club’s headquarters, academy training pitches, performance centers, administrative buildings, and commercial assets.

Parsons is racking up a nice portfolio in the Kingdom: The US-based tech-focused is leading infrastructure design for phase one of New Murabba and holds a five-year contract for phase two of Diriyah. It has also worked with PIF on Neom’s The Line, Oxagon, Soudah Peaks, Rua Al Madina, King Salman International Airport, and AlWadi.

These companies have yet to disclose their 2025 earnings

Companies that have not yet announced their 2025 financials must do so by Wednesday, 29 April, or face trading suspension until disclosure, the exchange said in a statement.

From the Main Market: Saudi Industrial Export, Nama Chemicals, Takween Advanced Industries, Arab Sea Information System, Al Jouf Cement, Arabian Co. for Agricultural & Industrial Investment, United Cooperative Assurance, Methanol Chemicals, Aldawaa Medical Services, Raydan Food, and MEFIC REIT Fund.

From the Parallel Market: Rawasi Albina Investment, Osool and Bakheet Investment, Advance International for Communication & IT, Amwaj International, Leen Alkhair Trading, Molan Steel, and Sure Global Tech.

Gulf paychecks are the biggest in Asia -report

Middle East private-capital firms are outbidding Asia on compensation, with senior professionals pulling in up to USD 750k a year as firms lean on pay to secure scarce talent, according to Heidrick & Struggles’ 2025 Asia Pacific & Middle East Private Capital Investment Professional Compensation Survey (pdf).

Firms are competing for a narrow pool of dealmakers with execution and fundraising track records, particularly as Abu Dhabi and Riyadh scale as talent hubs and absorb new funds and strategies.

The Middle East is increasingly pulling professionals from established hubs, as the appeal of the region as a private capital growth market grows. “Global and regional managers alike are increasingly optimistic, viewing the region as a growth market for capital formation, alongside a growing interest in the Middle East as a destination for investment deployment,” the report said, adding that Riyadh and Abu Dhabi in particular are emerging as talent hubs in terms of both an influx of international talent and the sustained dominance of regional senior talent.

Disclaimer: The report notes it was written before the war hit the region, and that today “market conditions have become markedly more uncertain.”

What the backdrop was like before the war: Capital was flowing into infrastructure, as well as private debt, real estate, and private equity, reinforcing the need for firms to staff up (and pay up) to deploy it.

Base salaries and bonuses have risen for two consecutive years, with around two-thirds of firms reporting increases across both. That signals a sustained reset in pay levels rather than a one-off bidding war. Managing partners are averaging around USD 750k in total direct compensation, with partners and managing directors close behind at USD 719k, and principals at roughly USD 503k.

Bonuses are doing much of the work and, at the very top, can swing outcomes enough that some partners out-earn managing partners.

After the war, it’s about who sticks and who manages to navigate the conflict: Judgment is being priced in, specifically operators who can read “geopolitical shifts, capital flows, and market dynamics as a single picture,” Shadi El Farr, regional managing partner at Heidrick & Struggles, told Arabian Business.

The outlook had been positive for MPs for the next 18 months: Nearly 78% of firms expect base salaries to rise further over the next 18 months, according to the report.

The good news: As we’ve recently noted, private capital has been holding up, even against the backdrop of regional conflict.

TASI	11,268	-0.1% (YTD: +7.4%)
MSCI Tadawul 30	1,517	0.0% (YTD: +9.3%)
NomuC	22,552	0.0% (YTD: -3.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	46,399	-0.7% (YTD: +10.9%)
ADX	9,601	+0.2% (YTD: -3.9%)
DFM	5,485	-0.5% (YTD: -9.3%)
S&P 500	6,583	+0.1% (YTD: -3.8%)
FTSE 100	10,436	+0.7% (YTD: +5.1%)
Euro Stoxx 50	5,693	-0.7% (YTD: -1.7%)
Brent crude	USD 109.03	+7.8%
Natural gas (Nymex)	USD 2.80	-0.7%
Gold	USD 4,680	-2.8%
BTC	USD 67,264	+0.5% (YTD: -23.2%)
Sukuk/bond market index	911.81	-0.3% (YTD: -0.8%)
S&P MENA Bond & Sukuk	149.14	-0.3% (YTD: -1.8%)
VIX (Volatility Index)	23.87	-2.7% (YTD: +59.7%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.1% on Thursday on turnover of SAR 5.8 bn. The index is up 7.4% YTD.

In the green: SSP (+10.0%), Emaar EC (+10.0%), and MESC (+10.0%).

In the red: Raydan (-6.9%), SPCC (-3.9%), and Saleh Alrashed (-3.9%).

THE CLOSING BELL: NOMU-

The NomuC remained unchanged on Thursday on turnover of SAR 26.7 mn. The index is down 3.2% YTD.

In the green: Wajd Life (+8.1%), Yaqeen (+7.5%), and Group Five (+6.8%).

In the red: Time (-13.5%), Alhasoob (-10.0%), and NGDC (-9.8%).

CORPORATE ACTIONS-

The Capital Market Authority greenlit Seera Group Holding’s 8.7% capital reduction to SAR 2.7 bn, according to a Tadawul statement. The SAR 259.5 mn cut will trim shares to 274.05 mn from 300 mn. The move is still pending shareholder approval.

CALENDAR

APRIL

20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

20-22 April (Monday-Wednesday): Future Aviation Forum, Riyadh.

MAY

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

19-21 May (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

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

JUNE

15-17 June (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

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

21-24 June (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

22-24 June (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

JULY

6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

AUGUST

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

SEPTEMBER

9-10 September (Wednesday-Thursday): Procurement and Supply Chain Futures Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

9-10 September (Wednesday-Thursday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

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

23 September (Wednesday): Saudi National Day.

OCTOBER

12-15 October (Monday-Thursday): World Energy Congress, Riyadh.

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

NOVEMBER

24-28 November (Tuesday-Saturday): Aero Middle East and Sand & Fun, Thumamah Airport, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
September: Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center;
November: The UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;
SkyMove Air Cargo MENA, Riyadh;
The Intervision international music competition will take place in Saudi Arabia.

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;
Capital Markets Forum takes place in March in Riyadh.

Signposted to happen sometime in 2Q 2027:

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

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