Aramco hikes diesel prices for manufacturers by 53%, but impact on consumers should be limited

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Foreigners to be allowed to own property from this year?

Good morning, friends, and happy Thursday to you all. We have a busy-but-workaday issue for you this morning.

Up first:

MORNING DISTRACTION- A 13-year-old kid in the United States has become the first person ever to “finish” Tetris — by breaking the game’s brain as he forced it into a “kill screen.” The kid, who goes by the streamer name Blue Scuti, set new world records for lines cleared, level reached, and overall score. The story is getting a play on the front pages of both Bloomberg and Reuters, suggesting they may have gamers on their overnight shifts.

Fancy a game right now? It may give your corporate IT people a fit, but head over to Tetris’website and play in your browser without charge. Use the left and right arrows. The down arrow drops the piece to the bottom. The up arrow rotates each piece as it falls.

WEATHER- Fog everywhere: The national weather service is advising folks to exercise caution with fog expected in Makkah and Riyadh, with other areas experiencing light to medium rainfall.

WATCH THIS SPACE-

#1- Iran’s national flag carrier has scrapped the resumption of flights to the Kingdom.Flights from Tehran, Mashhad, and Isfahan to Jeddah for pilgrims were supposed to begin yesterday and are a centerpiece of the recent detente between the two countries. Iran’s state news agency IRNA said the flights didn’t take off as planned because of a permit issue and an Iranian official later said the flights had been delayed because of a “technical issue … nothing serious,” Bloomberg reports.

#2- Is Aramco about to award two massive EPC contracts? Aramco could be close to awarding two large EPC contracts for the expansion of the world’s largest offshore oilfield, Safaniyah, within the coming weeks, market tracker ChemAnalyst reports, citing sources it says have knowledge of the transaction.

The two contracts are probably worth a combined USD 4-5 bn and Aramco is said to be close to finalizing the list of bidders. India’s Larsen & Toubro (L&T) is reportedly the preferred bidder for one contract, while Hyundai Engineering & Construction leads in the race for the second.

Why it matters: The expansion of Safaniyah will help keep Aramco on track towards its target to raise its oil production capacity to 13 mn barrels per day (bpd) by 2027 from a current 12 mn bpd.

!_Link09_! #3- A new law allowing foreigners to buy property will go into effect this year,Saudi Authority of Accredited Valuers (Taqeem) member Ahmad Al Fakih told Asharq Business in an interview yesterday. He provided no further details on the law’s provisions.

#3-Gas Arabian Services (GAS) could be making the move to Tadawul’s main market from Nomu, according to a disclosure to Tadawul yesterday. It said it hired Yaqeen Capital as financial advisor for the transition from the parallel market.

** You’re reading Zero Issue #23 of EnterpriseAM KSA.

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DATA POINTS-

#1- More than 1.1k new industrial licenses in 2023: The Ministry of Industry and Mineral Resources issued 158 new industrial licenses in October and 1.1k licenses in 10M 2023, Aleqtesadia writes, citing a ministry report.

The most active sector for new manufacturings starts in October? Food (with 31 licenses), followed by mineral products, metal products, electrical equipment, and rubber and plastics.

#2- The aviation sector transported over 101 mn passengers in 11M 2023, Mubasher reported yesterday, citing a statement by the General Authority of Civil Aviation (GACA). The figure, which is the highest in the kingdom’s history, came on the back of a 42% rise in destinations to 150 globally.

!_Subhed_! OIL WATCH-

Aramco may be looking at crude price cuts to Asian customers next month despite the worsening crisis in the Red Sea, Reuters reported yesterday, citing five refining sources in a survey.

What the pundits are saying: “Saudi Arabia needs to lower prices to defend its market share as the prices for other oil are significantly lower,” said one respondent to a Reuters survey. At play: Rising US production and the need to push more oil into Asia amid shipping disruptions making it more difficult to send Saudi crude to Europe and beyond.

AND-OPEC+ looks on track to hold a monitoring meeting on 1 February, the newswire reported yesterday.

THE BIG STORIES ABROAD-

#1- Nearly 100 killed in Iran bomb attack: Two explosions have killed at least 95 people and injured 211 at a ceremony marking the fourth anniversary of Iranian military commander Qasem Soleimani’s assassination by the US. The death toll is still being updated, but already stands as the deadliest attack on the country since the Iranian revolution in 1979.

Finger pointing: No group or nation has claimed responsibility for the attack, but Iranian parliamentarians have pointed the finger at Israel. Washington said the attack was likely the work of an Islamic State-linked group.

The Foreign Ministry condemned the attack, which took place in the southeastern city of Kerman

#2- It’s still looking messy in the Red Sea, where Hapag-Lloyd said it won’t be steaming through the Suez Canal for at least a week and will instead send ships around the Cape of Good Hope. Hapag is the world’s fifth-largest shipping company; its decision comes just a couple of days after Maersk also decided to give the canal a pass.

Sound smart: About 12% of global trade passes through the Suez Canal. The last disruption there, caused by the grounding of the ship Ever Given back in 2021. The current situation is already having a bigger impact on global shipping than the Ever Given did.

#3-Harvard President Claudine Gay has resigned following allegations of plagiarism and criticism of her response to what some claim is anti-Semitism on campus, exposing the fractures and culture wars that the university is under pressure to address. (Washington Post | New York Times | Reuters | BBC | Bloomberg)

CIRCLE YOUR CALENDAR-

The Future Minerals Forum will take place from Tuesday, 9 January through to Thursday, 11 January in Riyadh. The event will bring public and private sector players to chew over the creation of resilient mineral value chains in Africa, Western Asia, and Central Asia.

Riyadh will host the Spanish Super Cup Semi Finals between Real Madrid and Atletico Madrid on Wednesday, 10 January at 10pm. Barcelona and Osasuna will also go head to head on Thursday, 11 January in Riyadh at 10pm.

You can still enjoy the tunes blasting out of the Beats of Saudi until Friday, 19 January in Riyadh and Jeddah.

Tickets are on sale for the 2024 Saudi Arabian Grand Prix, scheduled for Jeddah from 7-9 March.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Aramco hikes diesel prices for manufacturers by 53%

Aramco has sent notified industrial and petrochemical companies that it is raising the price of diesel 53% to SAR 1.15 per liter this year from SAR 0.75 last year. Tadawul-listed players are reporting that they expect the price hike to hit their cost of production in 1Q 2024, with many saying they’re looking for ways to minimize the impact on their bottom line (see examples here and here and here).

Doing the math: Petrochemicals giant Sabic said it expects feedstock prices to surge by c. 1.7% of the company’s annual cost of sales on the back of Aramco’s hike in feedstock prices, with the impact materializing in the current quarter, according to a disclosure to Tadawul. Fertilizers maker Sabic Agri-Nutrients is forecasting c. 3.8% increase of the company’s annual cost of sales, while Yanbu National Petrochemical Co (Yansab) expects an increase averaging 2.8% of the company's annual cost of sales.

Investors reacted as you might expect: Shares in nearly all Tadawul-listed cement and petrochemical companies plunged at the end of trading yesterday, with Yanbu Cement down 4.1% and Sabic Agri-Nutrients falling 3.4%.

Aramco has hiked prices for domestic consumers only three times since 2016. Price increases in the last two years have only been limited to SAR 0.11-0.12 per liter, according analysts at EFG Hermes Research, making this an unprecedented price hike.

Don’t expect a big pass through to consumer inflation: “Impact on consumer names should not be that significant, in our view, as total transport costs are less than 5% of total cash costs for most names. Also, in comparison to 2016 this is not as relevant as prices of electricity, gasoline, etc. also rose significantly then and consumption trends are generally better now,” EFG Hermes Research said.

Saudi Arabia’s purchasing manager’s index was stable in December 2023

The non-oil economy remained solidly in growth territory in December: The headline PMI stayed basically flat from November at 57.5 last month, according to Riyad Bank Saudi Arabia PMI report (pdf). A PMI reading above the 50 mark indicates growing business activity.

New orders hit a six-months high: New orders rose to 68.3 in December, the highest rate since June, up from 66.3 in the previous month, while output remained basically flat at 61.

Higher input purchases to cover orders: The increase in purchasing inputs has directly influenced a rise in stock levels, the report adds, without providing further information.

More jobs, but slower growth in employment: While more jobs were added on the market last month, employment levels grew at a slower pace than in November. Unemployment declined to 8.6% in 3Q 2023, down from 9.9% in 3Q 2022.

Businesses saw serious gains with reduced supplier delivery times, marking the sharpest recorded time cut since the survey began 14 years ago, the report reads.

The break-down of the index: The PMI is a weighted average of the following five indices: new orders (30%), output (25%), employment (20%), suppliers’ delivery times (15%) and stocks of purchases (10%).

Saudi Arabia’s Public Investment Fund sits atop the sovereign fund league table for 2023

PIF tops the list of SWFs globally thanks to a flurry of investments at home, abroad: The Public Investment Fund has ranked first in 2024 Global SWF report (pdf) with an 33% y-o-y increase in investments in 2023 to USD 31.6 bn, wrapping up some 49 transactions and dethroning Singapore's sovereign wealth fund Government of Singapore Investment Corporation (GIC). This is the first time in five years that GIC loses its top rank on the list, moving down to the second place.

The methodology: Global SWF tracks 653 state-owned investors, including sovereign wealth funds (SWFs), public pension funds, and central banks, which jointly manage USD 49.7 tn in assets.

Here’s everything you need to know:

PIF flexed the most muscle in 2023: Last year, the fund acquired US gaming company Scopely for USD 4.9 bn for, via subsidiary Savvy Games Groups. It took over Standard Chartered’s aircraft leasing division in a USD 3.6 bn purchase and SABIC’s steel unit Hadeed for USD 3.3 bn. This is in addition to transactions involving Nintendo in Japan, Vale Basic Materials in Brazil, Heathrow airport and Rocco Forte Hotels in the UK, among others.

Extreme diversification: “The variety of [transactions] shows the unparalleled bandwidth and reach of PIF and its subsidiaries, which are forming a wide net to capture any value-add for Saudi Vision 2030,” said Global SWF Managing Director Diego Lopez.

A victory lap for PIF’s co-investors: The fund has established strategic joint ventures in the mining, automotive, tire and steel sectors with Ma’aden, Pirelli, Hyundai, Baosteel and Aramco.

The value of the fund’s listed US equities grew 18% on an annual basis: While the fund didn’t make any major changes to its positions, the rise came on the back of an increase in the value of existing stocks. Lucid Motors continues to be the fund’s largest public holding with a 63% stake.

A penchant for EVs? PIF directly invested in EV manufacturing and the entire automotive value chain in 2023. It began its affair with automaker Lucid back in 2018 when it pumped USD 1 bn in the Tesla rival, in addition to launching its own EV maker Ceer in a JV with Taiwan’s Foxconn.

About 42% of the fund’s total investments where in Saudi Arabia as PIF balances a mandate to create wealth abroad while deploying capital at home to drive the transformation of the economy.

Looking into its crystal ball, Global SWF thinks:

Norway’s Norges Bank will be the world’s largest SWF by assets under management by 2030, followed by PIF with USD 2 tn in AUM and then Japan’s GPIF;
Neom will launch an airline this year.

Big props to the Crown Prince: The report notes that while PIF is the oldest wealth fund in the Gulf, it wasn’t until Crown Prince and Prime Minister Mohamed bin Salman kickstarted its overhaul in 2015 that it pushed into foreign investments.

NDF got a mention, too: The report highlighted the National Development Fund’s agreement to fund the construction of the world’s largest green hydrogen production plant to be built in Oxagon city at NEOM.

THE REGIONAL ANGLE

GCC SWFs maintain presence in the top ten: These include the PIF, UAE’s ADIA, Mubadala and ADQ, along with Qatar’s QIA, referred to as the “oil five” in the report. In 2023, the AuM of GCC SWFs reached a historical peak of USD 4.1 tn, and investments worth USD 82.3 bn.

The report named the GCC its “region of the year” thanks ot “sustained high level of oil prices. Gulf SWFs have reaped the rewards of the fiscal windfalls and recovered quicker than others from the 2022 financial markets debacle.”

THE INT’L ANGLE

Emerging markets are pocketing more investments than any other region: Some 50% of the investors acquired positions in emerging markets more than any other region, with China, Indonesia, Brazil and India attracting a lot of attention.

Investors were most bullish on real estate: More than 25% of investments were channeled into the real estate sector, while the financial sector secured 19% and the infrastructure sector 18%.

Norway was the 2023 fund of the year: The fund of the year award was given to the co-chief investment officers of fund manager Norges Bank Investment Management (NBIM), Daniel Balthasa r and Pedro Furtado Reis. NBIM invests on behalf of the Norwegian Government Pension Fund Global (GPFG).

WORTH READING

#1- The report draws a very interesting comparison between the Saudi and UAE approaches to envisioning the roles of and managing their SWFs in pages 38 and 39.

#2- Paul O’Brien, the former deputy CIO of the Abu Dhabi Investment Authority, has interesting views on how to “mix and match” investments in 2024 — see page 19.

Acwa Power starts commercial operations at final phase of Sudair solar plant

Sudair plant kicks off operations on third phase: Acwa Power received the commercial operation certificate to begin operating the third and final phase of its 1.5 GW Sudair solar project from the Saudi Power Procurement Company (SPPC), according to a Tadawul filing. This phase adds 25% of the total project, achieving its full operating capacity. The company expects the impact to be reflected in its 1Q financial statements.

REMEMBER- This has been in the works: Acwa Power began commercial operations of 75% of the Sudair project in November after receiving the commercial operation certificate from SPPC and expected the impact of the 1.125 GW in operation to be reflected in its 4Q financial statements.

About Sudair: The project is set to become one of the largest single-contracted solar PV plants globally and the largest of its kind in the kingdom. It is the first project under the PIF’s renewable energy program, and has recorded the second-lowest cost globally for solar PV electricity production at USD 1.239 cents/kwh. Once fully operational, the renewable energy program aims to deliver 70% of the kingdom’s renewable energy goals, according to Acwa Power. Acwa Power and Water and Electricity Holding Company (Badeel) each hold a 35% stake in Sudair, and an Aramco subsidiary owns the remaining 30%.

Acwa has more in the bag: The company plans to officially start its largest China operations this quarter, building on previous purchases from China of products worth USD 30 mn in the energy, water, and green hydrogen sectors.

Al Rajhi Bank refinances its real estate portfolio in SAR 5.8 bn transaction with SRC

PIF-owned SRC extends real estate refinancing agreement with Al Rajhi Bank:Saudi Real Estate Refinance (SRC) — a wholly owned subsidiary of the PIF — has extended its real estate refinancing agreement with Al Rajhi Bank with an additional SAR 5.8 bn, it said in a statement on Linkedin yesterday. This brings the total refinancing between the SRC and Al Rajhi Bank to SAR 10.8 bn, according to the statement.

The pitch: The partnership between the SRC and Al Rajhi Bank comes under efforts to “establish a benchmark secondary housing finance market in the kingdom.” It aims to make home finance more accessible and flexible to citizens to encourage homeownership by providing necessary liquidity and capital management to the SRC.

One that beats last year’s: In March, the SRC signed with Al Rajhi Bank a portfolio purchase agreement to refinance over SAR 5 bn in real estate financing portfolio in what was the largest of its kind in the banking industry at the time.

Amiantit divests from International Infrastructure in bid to deleverage

Amiantit sells subsidiary to Alinma Bank to settle debt: Pipe manufacturer Amiantit has settled a SAR 573 mn debt it had owed to Alinma Bank by transferring full ownership of its subsidiary International Infrastructure Management and Operation to the lender, the company said in a disclosure to Tadawul. The move cuts the company’s outstanding debt to lenders by 50%.

Amiantit will also recover SAR 65 mn from scrapping a hedging transaction related to the sold subsidiary. The proceeds will not show in the cashflow statement of the company, the statement reads.

International Infrastructure returned to profitability in 2022 with a net profit of SAR 10 mn after incurring losses of SAR 63 mn in 2021 and SAR 82 mn the year before.

Amana Group hired by Emerson to build industrial hub at Spark

Amana Group tapped by Emerson for Spark job: Local construction company Amana Group was hired by software and engineering powerhouse Emerson to set up its industrial manufacturing hub at the King Salman Energy Park (Spark), TradeArabia reported yesterday, citing a joint statement by the companies The facility is one of Emersen’s largest investments in the MENA region, they said without disclosing financial details.

About the facility:The new hub will offer various services, including control systems engineering, testing, and the production of differential pressure (DP) transmitters and control valves among others. It will adhere to Emerson’s net zero emission goals and SPARK’s sustainability standards. It is slated to begin operations by the end of this year.

What’s Spark? Located in the oil-rich Eastern Province, Spark is being developed as an industrial ecosystem and energy hub aimed at boosting the kingdom’s energy value chain.

Sarco chairman, board member step down as company’s bottom line erodes

Sarco chairman resigns: The Saudi Arabian Refineries Company (Sarco) announced the resignation of its chairman, Prince Mohammed bin Khalid bin Turki Al Saud, “for personal reasons,” it said in a disclosure to Tadawul yesterday. It also announced the resignation of board member Fahad bin Abdulrahman Al Muakeel, attributing the resignation to Al Muakeel’s “reservation about the company’s work and poor results,” according to a separate disclosure.

Poor results?Sarco reported a 85% y-o-y drop in net income to SAR 2.7 mn in 9M 2023, down from SAR 17.2 mn in the corresponding period a year earlier.

Alkhorayef lands a SAR 87 mn contract from NWC. Plus: News from Tasnee, Group Five Pipes Saudi, Aramco, Munawla, SIPCHEM

INFRASTRUCTURE

AWPT signs off contract for water network operations in Buraidah:Alkhorayef Water and Power Technologies Company (AWPT) signed off a SAR 87.2 mn contract with the National Water Company to operate and maintain water and sewage networks and their accessories in Buraidah for a period of 36 months, it said in a disclosure to Tadawul yesterday.

LOGISTICS

Munawla + SIPCHEM: Nomu-listed logistics company Munawla Cargo will provide land transportation services within the kingdom and neighboring Gulf Countries to Zamil Group Holding’s subsidiary Sahara International Petrochemical (SIPCHEM), according to a Tadawul regulatory filing. The value of the three-year contract wasn’t disclosed.

CONSTRUCTION

Tasnee begins ethylene crushing plant expansion: Privately-owned industrial and petrochemical company National Industrialization (Tasnee) has begun the expansion of its ethylene crushing facility with Sipchem, Arab News reported yesterday, citing statements by company CEO Mutlaq Al Morished to Al Ekhbariya. He said that his company was able to lower its loans by over 66% to less than SAR 9 bn and forecasted 1Q 2024 to see a slight 2%-3% increase in prices except for polypropylene which is witnessing a global glut.

MANUFACTURING

Group Five Pipes Saudi, Aramco sign off steel pipes contract: Spiral pipe provider Group Five Pipe Saudi has inked a SAR 34 mn contract with Aramco to manufacture and supply spiral-welded steel pipes for one of the oil company’s projects in the Eastern region, it said in a disclosure to Tadawul yesterday.

New finance-first holdco in Abu Dhabi now owns Chimera, Lunate, Beltone — and more

Abu Dhabi’s USD 239 bn International Holding Company (IHC) has set up a new finance-focused holding company named 2PointZero expected to hold more than USD 27 bn worth of assets including Chimera, Lunate, and Beltone Financial, according to an IHC statement (pdf).

2PointZero will also hold crypto mining player Citadel Technologies, Middle-East focused Sagasse Investments, private-markets focused firm Lunate, as well as Abu Dhabi’s International Resources Holding.

The company is “committed to having a transformative impact globally,” IHC Chairman Sheikh Tahnoon bin Zayed Al Nahyan said.

TASI	11,928.89	-1.6 % (YTD: -0.3%)
MSCI Tadawul 30	1,545.86	-1.9% (YTD: -0.3%)
USD : SAR (SAMA)	3.75	3.75
Interest rates	6% repo	5.5% reverse repo
EGX30	25,409	-0.4% (YTD: +2.1%)
ADX	9,715.51	+1.3% (YTD: +1.4%)
DFM	4,077.58	-0.3% (YTD: +0.4%)
S&P 500	4,704.81	-0.8% (YTD: -1.4%)
FTSE 100	7,682.33	-0.5% (YTD: -0.7%)
Euro Stoxx 50	4,448.13	-1.4% (YTD: -1.6%)
Brent crude	USD 78.25	+3.1%
Natural gas (Nymex)	USD 2.69	+0.8%
Gold	USD 2,049.70	+0.3%
BTC	USD 42,769.25	-4.9% (YTD: +154.2%)

THE CLOSING BELL-

The TASI fell 1.6% yesterday on turnover of SAR 11 bn. The index is down -0.3% YTD.

In the green: Anaam Holding (+9.4%), Alkhaleej Trng (+8.1%) and Al Baha (+7.7%).

In the red: Acwa Power (-5.4%), Catrion (-5.2%) and Nadec (-4.6%).

Asian shares are solidly in the red this morning, with Japan leading sentiment down as trading resumed after a prolonged New Year’s holiday that saw an earthquake and the burning of a Japan Airlines jet at Tokyo’s Haneda airport after it struck another airplane on landing. Futures suggest benchmark indexes in Europe (excluding the CAC40) will open in the green. It’s also looking good for Wall Street and Bay Street as we head into dispatch time.

CORPORATE ACTIONS-

Development Works Food Co. BoD is proposing increasing the company’s capital by SAR 90 mn through a rights issue, it said in a disclosure to Tadawul yesterday.

Mawani ranks higher globally in terms of handling containers. Plus: Roshn is claimed to be the best workplace in 2023

#1- Aramco CEO Amin Nasser is still tops: Aramco CEO Amin Nasser topped Forbes’s list of top Mideast CEOs for the third consecutive year. STC Group CEO Olayan Alwetaid came in eighth place, with the full list including 18 other Saudi executives.

#2- Mawani climbs eight positions on Lloyd’s List: The Saudi Ports Authority Mawani has ranked 16th, up from 24th on Lloyd’s List for handling the most containers, SPA reports. Mawani has also jumped 17 positions to rank 38 out of 160 countries in the World Bank’s logistics efficiency index.

#3-Roshn Group was crowned best workplace in 2023 by Best Places to Work for, a global employer of choice certification program, the real estate developer said in a press release yesterday.

CALENDAR

JANUARY

3-5 January, (Wednesday-Friday) AlUla Falcon Cup, AlUla.

9-11 January (Tuesday-Thursday): Future Minerals Forum, Riyadh.

13-14 January (Saturday-Sunday): International Conference on Economics, Finance and Accounting (ICEFA), Riyadh.

14-17 January (Sunday-Wednesday): The International Exhibition for construction and building materials (Saudi Projects), Jeddah.

14 January (Sunday): Start of Tuwaiq International Sculpture Symposium, Riyadh.

17-20 January (Wednesday-Saturday): Richard Mille AlUla Desert Polo 2024, AlUla.

22-24 January (Monday-Wednesday): Real Estate Future Forum, Riyadh.

26 January (Friday): Andrea Bocelli concert, AlUla.

26-27 January (Friday-Saturday): 2024 Diriyah E-Prix, Diriyah.

28-31 January (Sunday-Wednesday): Saudi Franchise Expo 2024, Jeddah.

FEBRUARY

4-6 February (Sunday-Tuesday): SIMEC International Expo, Riyadh.

8 February (Thursday): end of Tuwaiq International Sculpture Symposium, Riyadh.

5-7 February (Monday-Wednesday): Saudi HORECA 2024, Jeddah.

9 February- 23 March (Friday-Saturday): Desert X ALUla, AlUla

11- 12 February (Sunday-Monday): The Space Debris Conference, Securing the Future Growth of the Global Space Economy, Riyadh.

12-14 February (Monday-Wednesday): The International Petroleum Technology Conference (IPTC), Riyadh.

22 February (Thursday): Founding Day (national holiday)

26-29 February (Monday-Thursday): Big 5 Construct Saudi, Riyadh.

26-29 February (Monday-Thursday): FM EXPO SAUD

26-29 February (Monday-Thursday): Stone and Service Saudi Arabia, Riyadh.

MARCH

2 March (Friday): end of Noor Riyadh show, segment “Refracted Identities, Shared Futures”, Riyadh.

4-6 March (Monday-Wednesday): International Conference on Sand and Dust Storms in the Arabian Peninsula, Riyadh.

4-7 March (Monday-Thursday): LEAP 2024, Riyadh.

11 March (Monday): Flag Day (national holiday)

Signposted to happen sometime in March:

Ramadan

APRIL

29 April-1 May: Future Hospitality Summit at Al Faisaliah Hotel, Riyadh.

Signposted to happen sometime in April:

Eid Al-Fitr (national holiday)

MAY

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh.

21-23 May (Tuesday-Thursday): The Saudi Food Show, Riyadh.

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

5 June (Wednesday): World Environment Day.

Signposted to happen sometime in June:

Eid Al-Adha (national holiday)

AUGUST

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh

SEPTEMBER

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

23 September (Monday): National Day (national holiday)

DECEMBER

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification, Riyadh.

Signposted to happen sometime in 2024:

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Aramco hikes diesel prices for manufacturers by 53%, but impact on consumers should be limited

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THIS MORNING: Foreigners to be allowed to own property from this year?

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Alkhorayef lands a SAR 87 mn contract from NWC. Plus: News from Tasnee, Group Five Pipes Saudi, Aramco, Munawla, SIPCHEM

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New finance-first holdco in Abu Dhabi now owns Chimera, Lunate, Beltone — and more

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