The non-oil rebound

1

WHAT WE’RE TRACKING TODAY

Riyadh, Ankara move to relax official travel rules

Good morning, all. The return to normalcy is the theme for today’s issue. The non-oil private sector showed partial recovery in April after contracting for the first time in over 5 years in March and regional travel is showing signs of a rebound.

But that doesn’t mean we haven’t felt the consequences of the war. Our fiscal deficit hit SAR 125.7 bn (c. 35.5 bn) during the first quarter of the year — the figure is dangerously close to the USD 44 bn the government has penciled in for the entire year — thanks to a dip in oil revenues and an uptick in government spending.

^^ We’ll have more on our 1Q performance in tomorrow’s issue.

PSAs

Gov’t extends mining applications deadline: Investors now have until 31 July to submit prequalification applications for mining exploration licenses across eight sites, the Industry and Minerals Resources Ministry posted on X. The licenses target gold, silver, copper and associated minerals, and iron.

The decision includes sites in Riyadh, Hail, and Aseer, as well as Ashhab Al Dhiab, Jabal Muniya, Al Khashabi, Wadi Khiyam, Jabal Makhit, Al Khushaimiyah, Dhalan Sammar Al Har, and Jabal Idsas.

^^ Investors can access technical data and competition documents via The Taadeen platform.

Businesses subject to withholding tax must file their April tax returns by Sunday, 10 May via the Zakat, Tax, and Customs Authority’s (Zatca) website, the authority said in a statement. Firms face a 1% penalty for every 30 days of delay.

Watch this space

DIPLOMACY — No-visa travel between Saudi and Turkey? Saudi Arabia and Turkey are expected to finalize a no-visa travel agreement for holders of special and diplomatic passports today when the Turkey-Saudi Coordination Council meets, Reuters reports, citing a Turkish diplomatic source.

Why it matters: Ankara is targeting USD 10 bn in bilateral trade with the Kingdom in the near term. Easing travel for special passport holders — a group that includes senior officials and some business leaders — removes a key administrative hurdle for firms pursuing cross-border agreements and government-linked projects.

We’ve been cozying up with Ankara: Ties have continued to warm following Turkish President Recep Tayyip Erdogan’s visit to Riyadh in February, during which the two sides discussed moving forward with a Turkey-GCC freetrade agreement and exploring joint investments.

OIL WATCH — Aramco has reduced the price of its flagship Arab Light crude by USD 4 per barrel for June, setting the new cost at a USD 15.50 premium — the second highest on record — above local benchmarks, according to a price list seen by Bloomberg. Official pricing might not reflect the ultimate cost paid by refiners, as these prices apply to Ras Tanura loadings, industry insiders said. Shipments from Yanbu could involve extra fees.

M&A Watch — FCC commissioner raises alarm bells over PIF-backed Warner Bros merger: US Federal Communications Commission (FCC) official Anna Gomez has identified Paramount’s PIF-backed acquisition of Warner Bros. Discovery as a potential national security risk, as it would constitute foreign investment in US broadcasting, Reuters reports.

ICYMI: Paramount submitted a request to the regulator last week to bypass statutory limits on foreign ownership of US broadcasting assets, as foreign entities would own slightly less than 50% of the merged entity. The merger is backed by some USD 24 bn in commitments from the Public Investment Fund and other GCC sovereign wealth funds.

INFRASTRUCTURE — Taif Road extension 65% complete: The Royal Commission for Riyadh City said that the extension of Taif Road — part of the first phase of a SAR 13 bn main and ring road development program — is 65% complete. The 9.7 km extension runs from the Laban neighborhood to Qiddiya, and will have the capacity to handle up to 440k vehicles daily.

Riyadh to Mumbai. Abu Dhabi to Singapore. Dubai to London. Cairo to Shenzhen.

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The big story abroad

The wavering ceasefire in the US-Iran conflict is in the headlines this morning. Despite Iran's strikes on the UAE, US Defense Secretary Pete Hegseth has maintained that the truce still holds. President Donald Trump announced a “short” pause on US efforts to escort ships out of the Strait of Hormuz “to see whether or not the Agreement can be finalized and signed.” Echoing sentiments of deescalation, Secretary of State Marco Rubio confirmed that the offensive stage of Washington’s campaign is over.

Could we bid farewell to quarterly earnings? The Securities and Exchange Commission is considering dropping the mandatory requirement of quarterly reporting, opting to keep disclosures a semi-annual occasion. The move by the US regulator coincides with Trump’s call for deregulation for Wall Street.

Meanwhile, in the world of AI: Meta is developing a personalized AI assistant designed to streamline daily tasks for its global user base. Sources with knowledge of the matter compared the initiative to services offered by OpenClaw, which enables users to deploy autonomous agents capable of executing complex tasks independently.

But is AI a bubble waiting to pop? JPMorgan CEO Jamie Dimon and BlackRock CEO Larry Fink say no. They have argued, in separate comments, that Wall Street’s massive investments in AI tech and infrastructure are justified. Fink argues that AI spending is the “opposite” of a bubble, saying that “we have supply shortages; demand is growing much faster than anyone has anticipated.”

ALSO- Supply chain woes hit PIF-backed Lucid Group hard last quarter, causing the EV maker to suspend its annual forecast after a massive revenue miss. A February supply chain hiccup stalled Gravity SUV deliveries, significantly impacting 1Q performance.

Bouncing back

The Saudi non-oil private sector found its footing again in April. The headline index rose to 51.5, up from March’s 48.8, according to the Riyad Bank Saudi Arabia PMI (pdf). The move back above the 50.0 threshold signals a modest recovery in operating conditions on the back of domestic demand, though the improvement is dampened by aggressive price hikes and constricted supply chains.

Domestic demand steps up: Internal demand was the primary driver of growth in April. While regional war-jitters caused some clients to hesitate, domestic orders surged as local customers returned to the market after a volatile March. The new orders sub-index recovered to 51.5 from March’s 45.2, helping offset the sharpest decline in export orders in the survey’s 17-year history, Reuters reported.

While the recovery is a positive sign, the big jump is partly a “temporary re-boost” linked to the monthlong ceasefire, MENA economist Hamzeh Al Gaaod tells EnterpriseAM, as the pause in hostilities has allowed flight activity and general business operations to resume. Al Gaaod says the current PMI level still reflects a broader slowing trend that began before the conflict, rather than a complete return of customer confidence.

The caveat: One factor propping up the numbers is Saudi Arabia’s role as a regional hub during the crisis, as significant trade flows have been rerouted through the Kingdom to supply other GCC nations that were cut off due to the closure of the Strait of Hormuz. While this logistical necessity has supported the PMI figure, Al Gaaod warns that it “doesn't really show the full picture of what a genuine reopening of Hormuz would look like,” serving instead as a “precursor” to a potential re-acceleration once regional tensions fully ease.

MEANWHILE- Businesses are grappling with a massive spike in costs. Input prices — driven by high raw-material and freight expenses — surged at the fastest rate since the survey began in 2009, as Middle East shipping routes remain under duress. To protect their margins, companies raised their selling prices at a near-record pace.

And supply chain bottlenecks are driving a stock build-up and local pivot: Saudi firms proactively increased inventories to hedge against shipping disruptions, despite a second consecutive month of falling purchases. Longer delivery times pushed a shift to local suppliers, while stockpiling helped firms work through backlogs and return to overall growth in business activity.

Sentiment for the year ahead improved: Despite the dual pressures of regional instability and rising costs, Saudi businesses expect activity to strengthen over the next 12 months, buoyed by the Kingdom's pipeline of domestic infrastructure projects, according to Riyad Bank’s Chief Economist Naif Al Ghaith.

GCC travel market in “patchwork” recovery, Saudi resilient

The ceasefire is nearly a month old, and the needle on regional travel is finally moving again — but unevenly and not everywhere. Saudi Arabia has been by far the most resilient throughout the conflict.

Recovery is happening: Searches and bookings across travel marketplace Wego’s platform are ticking up around 10% since the ceasefire, and hotels in the worst-hit markets have more than doubled occupancy w-o-w in the second week after hostilities erupted.

Saudi is the standout. The Kingdom is “pretty much business as usual,” Wego Chief Business Officer Mamoun Hmeidan tells EnterpriseAM. Flight routing and airspace barely budged even at the peak of the war, with the Kingdom’s travel market taking only around a 10% hit throughout — a fraction of what other GCC markets absorbed.

DATA POINT- Searches on Wego were up 15.5% y-o-y, and bookings were essentially flat at 0.7% y-o-y since the start of the ceasefire until mid-April. That’s against a wider regional picture, where overall GCC search activity was still down 6.7% y-o-y at the time.

Religious travel in particular is holding up strongly. The Kingdom pulled in 18.5 mn Umrah visitors from outside its borders last year, and Wego expects that number to keep climbing. “Pilgrimage flows linked to Hajj and Umrah are less price-sensitive and less discretionary than typical leisure demand, providing a consistent underpinning even during periods of regional uncertainty,” Richard Maslen, head of analysis at CAPA – Centre for Aviation, tells EnterpriseAM.

Layer in the Kingdom’s heavy domestic anchoring — strong point-to-point flows and significant government-backed investment in capacity and infrastructure — and the picture sharpens.

One product to watch: Wego has been quietly accelerating its partnership with the Kingdom's Ministry of Hajj and Umrah, which will let users apply for their Umrah visa, book flights and hotels, and book a full package entirely through the platform. Wego has already successfully issued its first test visa, and the full product is set to go live right after Hajj season wraps, in time for the Umrah season opening in early June.

The regional picture

A patchwork rebound, not a uniform one. “In the two weeks following the ceasefire, we’ve seen a clear but uneven rebound in aviation demand across the GCC,” Maslen says. “The initial response has been strongest in core hub markets, where connectivity, airline scale, and transfer traffic provide a faster recovery base.”

Hmeidan echoed this sentiment. Dubai, Abu Dhabi, the UAE were 20-30% recovered, and Oman has been business-as-usual throughout. But not everyone is catching the updraft. “Kuwait, unfortunately, is still out of action,” with the airport hit multiple times and still not back in operation. Bahrain is “quite distressed.” Put it all together, and the most-affected markets were collectively running at around 40% of where they should be when we talked to Wego in mid-April.

The recovery is real, but it’s still too early to call it, Hmeidan says. The caveat is that with the ceasefire still in question and no firm agreement reached between the US and Iran, “the situation has not yet resolved completely.”

It’s looking good in the medium term. “What we see now is very short-term. We're still seeing demand, we’re still seeing searches, but a bit shifted toward late 3Q and the beginning of 4Q,” Hmeidan says. Most of the regional events originally slated for February through April were postponed — some will land in August, and most from October onward — and that pipeline alone should pull recovery numbers back into meaningful territory.

Still, ambitious tourism targets? Probably off the table this year. “Everybody's aware of that because we missed a very critical period,” Hmeidan says, referring to the peak travel window that normally hits in the final weeks of Ramadan — compounded this year by overlapping school holidays. That period coincided with the core of the conflict, and the Eid Al Adha season falls during a naturally slower stretch before summer.

The displaced demand created new winners. As corridors closed and travelers looked for alternatives, demand shifted — and a few destinations absorbed the overflow. Saudi outbound bookings to Egypt are up 6.2% y-o-y, while UAE outbound bookings to Egypt are up 15.6% y-o-y. Bookings to Pakistan jumped 48.8% y-o-y, Bangladesh 60.9% y-o-y, and India 5.3% y-o-y — a pattern Hmeidan attributes in part to expats heading home. “Egypt is definitely taking the interest of travelers that would consider coming to the region at this point in time,” he tells us.

The sector was better equipped this time around

The airlines learned from Covid — and it shows. Hmeidan praised how the industry handled the disruption this time around, compared with the chaos of five years ago. Full refund policies were in place almost immediately, every ticket became flexible, and changes were quick. Hotels — especially resorts and beach properties — flooded the market with offers. The payoff: occupancy rates in most hotels in the affected countries recovered quickly from the first-week dip, gaining almost 100% w-o-w in the second week, Hmeidan says.

Maslen sees the same playbook from a sector-wide vantage point. “The aviation sector's operational response has been both rapid and critical to restoring traveler confidence. Airlines moved quickly to introduce flexible booking policies, fee waivers, and refund options, effectively reducing the perceived risk of travel. At the same time, pricing strategies were adjusted to stimulate demand without undermining long-term yield.”

“Confidence returns faster when risk is removed from the booking decision,” Maslen said, adding that the quick moves ultimately restored trust to some extent.

Even more earnings

Another handful of companies are out with their quarterly earnings — Riyadh Cables Group, Marafiq, Sipchem, Gasco, and Saudi Cement.

Riyadh Cables Group

Riyadh Cables Group reported a 10.1% y-o-y increase in net income to SAR 282 mn in 1Q 2026, while revenue rose 11.2% y-o-y to SAR 2.8 bn over the same period, it said in a Tadawul disclosure. The growth was attributed to higher sales volumes and a better product mix.

Marafiq

The Power and Water Utility Company for Jubail and Yanbu (Marafiq) saw its net income rise 8.2% y-o-y to SAR 127.6 mn in 1Q 2026 on the back of lower finance charges and stronger finance income, it said in a Tadawul filing. Gains were offset by higher fuel costs, a dip in other operating income, and a jump in expected credit loss provisions. Revenues increased 6.5% y-o-y to SAR 1.8 bn.

Sipchem

Sahara International Petrochemical (Sipchem) slipped into the red, posting a net loss of SAR 215.3 mn in 1Q 2026, while revenues fell 37.7% y-o-y to SAR 1.2 bn, according to a Tadawul disclosure. The drop was the result of weaker sales volumes and lower selling prices amid supply chain challenges, alongside a shift to losses from equity-accounted investees.

Gasco

National Gas and Industrialization Holding (Gasco) posted a 32.8% y-o-y jump in net income to SAR 82.2 mn in 1Q 2026, buoyed by higher sales, other income, and associate contributions, as well as lower finance and zakat costs. Revenue increased by 14.9% to SAR 962.4 mn on stronger gas and empty-cylinder sales and growth in commercial projects and other services.

Cement companies see lower bottom lines in 1Q

Saudi Cement’s bottom line was down 7.6% to SAR 100 mn in 1Q, due to “lower quantity and value sold.” Revenue also took an 8.5% hit to reach SAR 382.8 mn.

ALSO- Riyadh Cement reported a 21% y-o-y decline in net income to SAR 60 mn in 1Q 2026, due to lower average selling prices and sales volume and higher cost of sales. The company’s revenue also declined by 11.1% y-o-y to SAR 200 mn during the same period.

Cement demand declined by up to 10% versus normal levels since the regional tensions escalated, CEO Shoeil Al Ayed told Aleqtisadia. However, the sector’s limited reliance on long- and medium-term contracts allowed firms to remain flexible, keeping the decline contained within that range.

Logistical constraints drove new demand patterns: Quarterly production levels also stayed almost the same y-o-y at 13.4 mn tons in the first quarter, although logistical disruptions shifted demand patterns, including higher demand for white cement in some GCC markets due to maritime shipping constraints, Al Ayed said.

Neom port gains role in Saudi Red Sea logistics pivot

The Kingdom is repurposing the Port of Neom into a trade hub, linking the Gulf with Europe and Africa to reduce reliance on the Strait of Hormuz after Iranian disruptions, according to the Financial Times. The port is reportedly fully operational, with a 1.5 mn TEU capacity, and is handling rising cargo flows to help reroute trade away from the strait, part of a gradual westward shift in the economic center, supported by growing investment in ports and logistics along the Red Sea.

Despite the wider Neom gigaproject being scaled back, its infrastructure is being used, with Sage Institute for Foreign Affairs’ Elana DeLozier noting that Neom “was probably not originally about hedging against threats to the Hormuz, but that could theoretically become more of a focus.”

Limited infrastructure, however, continues to weigh on the shift, including the lack of a direct Red Sea rail link, capacity constraints at Yanbu Port, and delays to the Riyadh-Jeddah landbridge rail project (now expected by 2034), according to the salmon-colored paper.

Emaar taps Nesma for KAEC infrastructure works

Emaar picks Nesma for KAEC infrastructure build-out

Emaar awards KAEC infrastructure contract: Emaar Economic City has awarded Nesma and Partners Contracting a SAR 547.3 mn contract for infrastructure works in the Industrial Valley and Special Economic Zone at King Abdullah Economic City, including phase one of the King Salman Automotive Cluster, it said in a Tadawul filing.

Preparing KAEC for foreign buyers? The award bolsters KAEC’s infrastructure ahead of expected demand from foreign investors following the Foreign Property Ownership Law. Emaar CEO Abdulaziz Alnowaiser said in January that KAEC is “especially well suited” for non-Saudi ownership given its location outside tightly restricted urban zones and its proximity to holy sites. The company is preparing international marketing campaigns to attract foreign buyers.

Metafare bags USD 1 mn

Digital health startup Metafare secured USD 1 mn in its first funding round, according to a press release. The round was backed by Harmonics Ventures and a group of family offices. The company plans to gradually enter wider GCC markets as demand for tech-enabled preventive healthcare solutions grows.

About the company: Founded in 2025, the platform uses virtual reality and AI to deliver remote healthcare sessions focused on physical fitness and mental well-being.

SAR 2.4 bn infrastructure development project awarded

Ladun + Al Ayuni tapped for Riyadh infrastructure development: The Royal Commission for Riyadh City has awarded a consortium of Ladun Investment and Al Ayuni Investment and Contracting two contracts worth around SAR 2.4 bn to develop infrastructure for the first phase of the Real Estate Balance Program, according to two disclosures to Tadawul.

What’s in store? The contracts involve the development of three areas in Riyadh, with the consortium handling master planning, designs, and full infrastructure.

The USD 3.2 tn tension

Are Gulf SWFs the new underwriters of the intelligence economy? State Street CEO Ron O’Hanley, speaking at the Milken Institute Global Conference in Los Angeles this week, has described the GCC’s deployment of capital as “an enormous export of capital to lots of people in this room” reshaping how transactions play out globally.

The framing signals a shift in how Gulf capital is viewed on the global stage. Gulf sovereign wealth funds (SWFs) have graduated from LPs writing checks to driving allocation and shaping terms and structures. GCC governments and SWFs have deployed some USD 3.2 tn in capital globally.

Why this new reality is particularly fragile now: “The Iran war, and what that is triggering now, I believe will be a big realignment of capital flows,” O’Hanley said. Regional escalations risk forcing Gulf firepower to turn inward to focus on domestic defense and reconstruction, thus costing US tech firms and AI hyperscalers their primary underwriter, according to the Council on Foreign Relations ’ Rebecca Patterson. Saudi Arabia's PIF already cut international allocations to 20% down from 30% in April, and there’s no replacement pool.

The counter-narrative? Mubadala is bullish on the US. With 44% of its portfolio already stateside, Deputy Group CEO Waleed Al Muhairi calls it “the best risk-reward” globally and sees a “V-shaped recovery” ahead, with further upside in AI infrastructure, energy, and healthcare.

Not everyone at Mubadala agrees. CIO Oscar Fahlgren told the same audience the world is “standing just in front of the worst energy crisis we have seen in living memory” and that markets haven’t begun to price the Strait of Hormuz closure’s effect on the real economy.

The global finance elite is hungry for a bumper year regardless. Apollo, Blackstone, and Morgan Stanley executives at Milken all flagged expanding M&A pipelines and a reopening IPO window for quality issuers, with Apollo President Jim Zelter pointing to “the ocean of private capital in aggregate.” Private credit, in particular, seems to be back in favor, with Carlyle CEO Harvey Schwartz framing them as a healthier “distributor of risk.”

The catch? All of this rests on a market PGIM’s John Vibert called “priced to perfection” — with much of the actual geopolitical risk “not yet priced in.”

Could the yield chase be going global? “Emerging markets, a forgotten asset class for the last six, seven years, became now a considerable asset class for global portfolios,” BTG Pactual Chairman Andre Esteves said, while MUFG’s US macro strategy head George Goncalves flagged that global rates are finally offering “competition for the US for the first time.”

MARKETS THIS MORNING-

South Korea’s Kospi soared over 5% to hit fresh highs earlier this morning as markets jumped on hopes of easing regional tensions. Apart from the Kospi, Asia-Pacific markets are closed for public holidays. Wall Street is also set to open higher, with futures in the green.

TASI	11,007	-0.8% (YTD: +4.9%)
MSCI Tadawul 30	1,466	-0.7% (YTD: +5.7%)
NomuC	22,726	-0.4% (YTD: -2.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	52,558	+1.1% (YTD: +25.7%)
ADX	9,791	-0.3% (YTD: -2.0%)
DFM	5,729	-0.9% (YTD: -5.3%)
S&P 500	7,259	+0.8% (YTD: +6.0%)
FTSE 100	10,219	-1.4% (YTD: +2.9%)
Euro Stoxx 50	5,870	+1.8% (YTD: +1.3%)
Brent crude	USD 109.87	-4.0%
Natural gas (Nymex)	USD 2.78	-0.4%
Gold	USD 4,560	-0.2%
BTC	USD 81,177	+1.4% (YTD: -7.0%)
Sukuk/bond market index	923.46	+0.9% (YTD: +0.5%)
S&P MENA Bond & Sukuk	151.40	0.0% (YTD: -0.3%)
VIX (Volatility Index)	17.38	-5.0% (YTD: +16.3%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.8% on Tuesday on turnover of SAR 5 bn. The index is up 4.9% YTD.

In the green: Grunenfelder Saady Holding (+6.5%), Aldawaa Medical Services (+6.3%), and Saudi Enaya Cooperative Ins. (+4.1%).

In the red: Red Sea International (-5.9%), Saudi Research and Media Group (-5.1%), and Saudi Ground Services (-4.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.4% on Tuesday on turnover of SAR 23.9 mn. The index is down 2.5% YTD.

In the green: WSM for Information Technology (+7.5%), Mayar Holding (+5.9%), and Paper Home (+5.5%).

In the red: Sure Global Tech (-7.8%), Arabian Plastic Industrial (-5.9%), and Digital Research (-5.7%).

CALENDAR

MAY

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

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

30 August-1 September (Sunday-Tuesday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

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

SEPTEMBER

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

23 September (Wednesday): Saudi National Day.

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

OCTOBER

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

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

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

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

NOVEMBER

25-29 November (Wednesday-Sunday): 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.

2027

FEBRUARY

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

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Riyadh, Ankara move to relax official travel rules