Rothschild setting up in Riyadh + Ajlan eyes investments worth USD 1 bn in China

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Welcoming Cenomi as our first partner for EnterpriseAM Saudi

Good morning, wonderful people. It’s one of the slowest mornings for news that we can remember — slow even by the standards of a Monday. You can expect things to pick up today as we slide toward the Founding Day long weekend (and as the countdown to Ramadan is now below the three-week mark).

A programming note before we get underway this morning:

We are delighted to welcome our friends at Cenomi as our first pillar advertiser of EnterpriseAM Saudi. Readers in the Kingdom will need no introduction to Cenomi: It is Saudi’s largest fully integrated retail and shopping center player whose vibrant destinations connect consumers to international brands, in store and online. Who among us hasn’t walked Cenomi’s wide hallways with friends and families on a scorching day?

Longtime Enterprise readers know we love nothing more than an entrepreneurial success story, and that’s Cenomi in a nutshell. Cenomi traces its roots to 1990, when Fawaz Alhokair and his brothers Abdulmajid and Salman opened two menswear stores in Riyadh. In the years since, the company has grown to become a leading international retail and shopping center player and the gateway to the Kingdom for major global brands including Inditex, Apple, Decathlon, Subway, as well as a host of home-grown entries.

Tadawul-listed Cenomi is a proud standard bearer for the Saudi business community in global markets. In addition to representing more than 90 leading brands in the Kingdom, Cenomi Retail is a player in 10 countries across the Middle East and CIS.

Cenomi Centers has 22 assets with some 5k stores in 10 cities across the Kingdom, including the iconic lifestyle centers Mall of Arabia Jeddah and Nakheel Mall Riyadh. Cenomi’s portfolio also includes our friends at Marakez, the leading mixed-used developer in Egypt with District 5 and the Mall of Arabia, among other destinations.

Cenomi walks the walk when it comes to innovation, too: Already the largest owner, developer, and operator of shopping centers and complexes in the Kingdom, Cenomi aims to open in 2025 Jawharat Riyadh and Jawharat Jeddah — destinations that will offer “lifestyle experiences in partnership with some of the world’s most iconic brands” and aim to once again redefine retail in the Kingdom.

From Saudi Arabia to the UAE, Egypt, and the region’s climate and logistics markets, Enterprise is available without charge thanks to the generous support of our advertisers. We hope you’ll join us in thanking Cenomi for making this possible.

HAPPENING TODAY-

#1- The Saudi Capital Market Forum gets underway this morning in the capital city, with speakers set to include the ministers of finance, investment, and economy and planning, as well as CMA Chairman Mohammed ElKuwaiz and top Tadawul officials.

The two-day event includes three tracks each day and an absolutely packed list of speakers. The three tracks for today include:

The greatest success story of the 21st century: Including a fireside chat with CMA boss ElKuwaiz, and 1:1 sessions with top officials from Aramco, Neom, and KAFD
Unleashing the potential of Saudi capital markets, where we’re excited to see what comes out of the session on derivatives, billed as the “next big thing”
The tech Advantage: Leveraging Innovation in Capital Markets, which will go deep into everything from the role of artificial intelligence in capital markets to the future of digital finance in the Kingdom.

A who’s-who of national, regional, and global industry figures will be on site and on stage. Saudi Capital Markets Forum is supported by our friends at Cenomi, HSBC, EFG Hermes, Al Hammadi, Retal, and CI Capital.

Can’t attend in person? Live stream the proceedings in the comfort of your office on theforum’s Youtube feed.

Want to go deeper? You can tap or click here to check out the full agenda. The website also includes shuttle bus, parking, and Uber drop-off instructions for attendees arriving at King Abdullah Financial District.

#2- Also this morning: The Future of Business 2024 Forum gets underway in Dammam.

WEATHER- Today is looking sunny and cheerful in Riyadh and Madinah, with a few whisps of cloud set to sweep over Makkah.

Riyadh: 23°C daytime / 13°C overnight
Makkah: 30°C daytime / 16°C overnight
Madinha: 27°C daytime / 14°C overnight

WATCH THIS SPACE-

#1- Global advisory firm Rothschild will be setting up shop in King Abdullah Financial District to offer its full suite of M&A, debt, and equity advisory offerings to local clients in what the firm said in a statement, adding that the move reflects its “commitment and conviction to the growth potential” of the Kingdom.

The Riyadh office will be led by Nasser Alissa (LinkedIn) who was appointed managing director and head of Saudi Arabia in 2022. The team will include seven bankers with a possibility for doubling the number in the medium term, Bloomberg quotes Saeed Al Awar, partner and head of the Middle East at Rothschild, as saying.

The firm has recently advised Tadawul on its acquisition of a minority stake in Dubai Mercantile Exchange and Rocco Forte Hotels on a 50% stake sale to the Public Investment Fund.

#2- Ajlan & Bros Holding Group is looking to make investments worth more than USD 1 bn in China’s petchems, renewables, and tech sectors this year, senior VP Vincent Yan tells the South China Morning Post.

Ajlan is talking to “top-tier listed companies” in sectors including tech, oil, renewables, electric vehicles and petrochems, the newspaper quotes Yan as having said.

Part of Ajlan’s pitch: It’s a natural partner to take Chinese companies into the Kingdom, pointing to how it has helped Chinese equipment makers, gold miners, courtiers, and tech outfits enter the SAudi market.

BACKGROUND- Ajlan and China’s Oriental Energy inked a manufacturing agreement worth up to USD 7.5 bn on the sidelines of the China-Saudi Investment Conference in Beijing in December 2023.

#3- Are US equities starting to look a little bit frothy? That’s the take from Katie Martin in her latest Long View column in the Financial Times, wherein she notes that “the phrase ‘irrational exuberance’ keeps cropping up conversations with investors. This is not normal, and not a great sign.” (She’s calling back to former Fed boss Alan Greenspan’s warning that many, in retrospect, say correctly identified the early days of the so-called dot-com bubble.)

Sure, you can see signs investors may be a little irrationally exuberant about Meta, Microsoft, and Nvidia shares, but what worries Martin most is “the glassy-eyed belief that these US stocks’ ascent represent some kind of new revolutionary productivity paradigm, led by artificial intelligence and spilling its bounty across corporate America, that is really stirring memories of the dotcom boom and bust.” Go read: Bubble talk builds in frothy US stocks.

SIGN OF THE TIMES- Education Minister Yousef Al-Benyan led a delegation to Canadato meet with school and university officials as well as government officials in Ottawa and Toronto.

On the agenda: Cooperation on everything from medical education to how to embed entrepreneurial incubators in the universities. The visit is a welcome sign of full normalization of ties between Ottawa and Riyadh.

THE BIG STORY ABROAD-

It’s a mixed bag this morning in the global business press. The Financial Times leads with news that Apple has been slapped with its first-ever fine in the European Union — a EUR 500 mn hit after an antitrust probe urged on by Spotify. The fine comes just days ahead of Apple rolling out an iOS update that will allow the sideloading of apps and separate marketplaces on its phones in the EU after pressure from the regulator.

The Wall Street Journal, meanwhile, notes that a USD 355 mn “New York fraud ruling against Donald Trump stands to put a serious dent in his bank account.” The Donald is barred from being an exec at any New York company for three years and has blocked him from applying for loans from any financial institution chartered in New York state.

Closer to home: Bloomberg notes that “Ken Moelis's long courtship of governments in Dubai and Saudi Arabia is paying off,” pointing to tombstones for Aramco and Adnoc and whispers among competitors that “Moelis has turned its Middle Eastern operation into one of the bank’s biggest revenue generators per employee — no mean feat in a part of the world that's not known for big fees.”

Deutsche Bank is also having a moment in the global business press: The Wall Street Journal has a long take out that notes Christian Sewing may have shored up the fate of the storied institution, but investors have yet to (fully) buy into his turnaround story. And everybody and her brother is taking note of the fact that Deutsche has (a) ordered managers back to work four days a week — and (b) banned the practice of working from home on Fridays and Mondays. (Fortune | Bloomberg | Still more Bloomberg | Financial News)

MORNING MUST READ-

Speaking of working from home and other ideas reshaping the workplace: Have you heard of meeting-free Fridays ? Did you know that one recent survey found working from home could increase your odds of missing out on a promotion — or of being fired?

CIRCLE YOUR CALENDAR-

Riyadh will host the International Conference on Sand and Dust Storms in the ArabianPeninsulafrom Monday, 4 March to Wednesday, 6 March. The conference will address regional challenges caused by sand and dust storms and discuss monitoring systems, mitigation strategies, economic and infrastructural impacts, and more.

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

Riyadh will host a World Economic Forum special meeting on 28-29 April.

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

Four of Saudi Arabia’s seven largest banks saw NPLs dip last year

Four of the nation’s seven largest banks saw their portfolio of non-performing loans dip last year, but an increase in NPLs at three of the seven saw the collective figure rise 32% year-on-year, financial information service Mubasher reports after an analysis of the lenders’ financial statements.

The seven institutions: Saudi National Bank (SNB), Al Rajhi Bank, AlJazira Bank, Banque Saudi Fransi, Bank Albilad, Alinma Bank, and Arab National Bank (ANB). Together, they held NPLs worth SAR 13 bn at the end of last year, Mubasher says.

A high NPL to total loans ratio suggests rising credit risk and will generally see banks take steps to tighten credit requirements and start collecting receivables.

In context: Total NPLs at all seven of the banks are (very) comfortably within safety margins.

ANB saw the largest uptick in NPLs in percentage terms, with the figure rising 5x y-o-y to SAR 1.5 bn in 2023. Saudi Fransi followed with a 3x uptick to SAR 4.2 bn, while the NPLs of SNB grew 85% y-o-y to SAR 3.9 bn.

Alinma kept a tight rein on the quality of its assets, with NPLs clocking in at just SAR 826 mn last year, down from SAR 1.1 bn in 2022. AlJazira followed with a 37% y-o-y decline to SAR 192 mn, while Al Rajhi saw a 31% y-o-y drop in NPLs to SAE 3.1 bn and Albilad saw an 11% fall to SAR 290 mn.

Non-performing loans to individuals rose 14% last year at the seven banks studied to close at SAR 4.8 bn, or about 37% of the total portfolio of non-performing assets held by the seven banks. Only Al Rajhi and SNB saw year-on-year drops in the value of NPLs written to individual borrowers.

What do banks do with NPLs? First off, they try to collect. When that fails, they could look to negotiate restructured terms with borrowers at terms and on a timeline that could make repayment feasible or write the loans off entirely, taking a charge on their books that acknowledges the loss. Lenders also take provisions, taking reversible charges against facilities that are overdue.

Pan Gulf Marketing debuted on Nomu yesterday. PLUS: Bahrain’s GFH gears up for listing on Tadawul

Shares of Pan Gulf Marketing (PGM) started trading on Nomu yesterday with shares opening at SAR 51 a piece, according to a Tadawul statement. The IPO was 109% oversubscribed by orders from qualified investors, Argaam reports. PGM took a 12% stake to market amounting to 600k shares, according to the prospectus (pdf).

SOUND SMART- Nomu is Tadawul’s version of London’s AIM, offering lighter listing and financial reporting requirements in a bid to attract companies at earlier stages of development, including smaller businesses and startups. There is no profitability requirement to list on Nomu, which is open only to qualified investors (read: most day-trading retail investors need not apply). Want to go deeper? Tap or click here.

Some companies use Nomu as a stepping stone to “upgrade” to the main market, as burger chain Burgerizzr did late last year.

ADVISORS-Yaqeen Capital quarterbacked the transaction as financial advisor and lead manager, while PKF acted as the legal advisor.

IN OTHER CAPITAL MARKETS NEWS-

Bahrain’s GFH Financial Group has appointed SNB Capital as advisor for its potential listing on Tadawul, Argaam reports. The listing is still subject to regulatory approval. The investment group’s shares are already listed on the Bahrain and Kuwait stock exchanges as well as on the UAE’s ADX and DFM.

Aramco, Mapei get regulatory approvals for separate mergers in Kuwait

Two Saudi companies have received separate approvals from Kuwait’s Competition Protection Agency that clear the way for them to go ahead with acquisitions in the country, the agency said on X (here, and here). The agency is reviewing two other requests for clearance from Saudi companies.

Oil giant Aramco has the go-ahead to buy EIG’s LNG unit, MidOcean Energy.Aramco finalized agreements to acquire a minority stake worth USD 500 mn in MidOcean Energy in September 2023.

The second merger involved chemical product manufacturers Mapei Saudi, Mapei Italy, and the Dammam-based waterproofing systems manufacturer Bituminous Products Saudi. Mapei acquired all shares of Bitumat, from a fund managed by Gulf Investment Corporation.

In the pipeline: Approval for Sabic’s Saudi Iron and Steel Company (Hadeed) to acquire 100% of Rajhi Steel in a transaction that would see the shareholders of Al Rajhi Investment get shares in Hadeed, CPA said in a separate post.

BUT- The agreement is contingent on the Public Investment Fund (PIF) getting the nod from the regulatory agency to acquire 100% ownership of Hadeed, after which PIF will sell an additional number of Hadded shares to Al Rajhi Investment. Sabic said in September 2023 that PIF would buy 100% of its stake in Hadeed.

New refund rules for delayed check-in, unfulfilled Hajj accommodation

Local pilgrims will be eligible for compensation from private-sector providers of pilgrimage services in case of delayed check-ins or other failures to uphold a commercial contract, Saudi Gazette reports. The new rules will be enforced by the Ministry of Hajj and Umrah.

Check-in delays: Service providers will be obliged to refund local pilgrims 2% of the package value at a minimum of SAR 300 in case of check-in delays of more than two hours for tent facilities at the holy sites. Similar delays for housing accommodation and / or failure to provide accommodation type that is similar to what is described in the package stipulate a 5% refund.

Failure to compensate pilgrims results in bigger refund amounts: In the case that the service provider doesn’t abide by the above rules and the pilgrim ends up filing a complaint with the ministry and in case that the investigation proves the customer’s claim, the company will be obliged to refund 10% of the package with a SAR 1.5k minimum. Recurring violations will result in refunds of up to 15% of the package value.

Sulaiman Al Habib, NADEC, Gulf Ins, Academy of Learning report results for FY2023

#1- Sulaiman Al Habib Medical Services’ net income rose 24% y-o-y to SAR 2 bn in 2023, it said in a disclosure to Tadawul yesterday. Revenues rose 14% y-o-y to SAR 9.5 bn in the same time period on the back of growth in the hospital and pharma segments.

The healthcare provider’s BoD has proposed a SAR 402.5 mn cash dividend payouts of SAR 1.15 per share for 4Q 2023 to be distributed on Monday, 4 March, it said in a Tadawul disclosure.

#2- The National Agricultural Development Company (NADEC)’s net income tripled y-o-y to SAR 302 mn in 2023, it said in a disclosure to Tadawul yesterday. Revenues rose 18.7% y-o-y to SAR 3.2 bn in the same period on the back of growth from the company’s dairy and food processing sector (19%) as well as the agricultural sector (6%).

#3- Gulf Ins. Group’s net income increased 8x y-o-y to SAR 128.5 mn in 2023, up from SAR 16 mn, it said in a disclosure to Tadawul yesterday. Revenues rose 5.7% y-o-y to SAR 1.6 bn in the same period on the back of growth from its property, casualty and health sectors.

#4- Academy of Learning Company’s net income rose 34.2% y-o-y to SAR 28.7 mn in 2023, it said in a disclosure to Tadawul yesterday. Revenues rose 48% y-o-y to SAR 93 mn over the same period on the back of opening new branches.

The company’s BoD has proposed SAR 9 mn cash dividend payouts of SAR 0.15 per share for 2H 2023, it said in a separate disclosure to Tadawul. The distribution will take place on Thursday, 4 April.

United Maintenance and Contracting lands SAR 1.8 bn racetrack contract for Speed Park. Plus: News from Knowledge Economic City, Four Winds, Keir International, Bahri, and Jadwa Investment

ENTERTAINMENT-

#1- United Maintenance and Contracting was awarded a SAR 1.8 bn contract to build a new racetrack and its associated infrastructure at Qiddiya Investment Company ’s (QIC) Speed Park, Meed reports. The new racetrack is poised to become a venue for hosting major events like the Formula 1 Grand Prix and MotoGP races.

About the park: A JV between local player El-Seif Engineering Contractor and China State Construction Engineering and Cooperation was chosen by QIC last year, to construct the buildings around the SAR 15 bn Speed Park.

#2- New streaming platform in GCC: Tech platform Yango launched entertainment superapp Yango Play in the UAE, Saudi Arabia and other GCC countries, according to a press release. Yango Play offers Arabic and international content, personalized music, and interactive games, as well as a bilingual AI assistant named “Yasmina” who answers questions and provides a chat function.

TOURISM-

Knowledge Economic City (KEC) will be able to sell apartments in its residence tower at the Madinah hub area under the Hilton brand and marketing trademark after signing an agreement with Hilton Worldwide, KEC said in a disclosure to Tadawul yesterday. The residential tower has 64 apartments. No further information was provided.

LOGISTICS-

#1-National shipping company Bahri and the Saudi Port AuthorityMawani are partnering to establish a 95k sqm logistics center at Jeddah Islamic Port, according to a statement. The center is expected to offer services including container maintenance, repair, cleaning, bonded storage, and haulage services will be offered at the logistics center.

#2- Four Winds is set to launch new freight routes as alternatives to the Red Sea amid ongoing tensions in the shipping route, according to a Friday press release. The company will offer services from ports in the Kingdom, Dubai, and Jordan, providing transit from Jebel Ali Port in Dubai to Jeddah in five days, Riyadh in three days, and from King Abdulaziz Port in Dammam to Jeddah in three days, and Riyadh in two days.

DEBT WATCH-

#1- Keir International has renewed a SAR 68 mn shariah-compliant credit facility with Saudi National Bank for 12 months, it said in a disclosure to Tadawul yesterday. Proceeds will be used to finance one of the company’s projects and to fund the issuance of bank guarantees and letters of credit.

#2- United Feed Manufacturinghas signed a SAR 591 mn financing facility withthe Agricultural Development Fund to establish 30 silos,the fund said in a statement. The silos will have a storage capacity of 450k tons. The company will also use the funding to purchase equipment and establish grain warehouses with the capacity to receive 750 tons of grains per hour. It will also finance the setting up of 21 packaging lines in Neom Ras Al Khair and Jazan.

The financing falls under the fund’s food security initiative, aimed at establishing a strategic grain reserve to stabilize food supply chains and mitigate any disruptions in the availability of goods and agricultural products.

M&A WATCH-

Kuwait’s Gulf Ins. Group is set to sell the entirety of its 28.5% stake in Buruj CooperativeIns.to parent company Cigalah Trading Establishment under a binding share sale and purchase agreement worth SAR 121.8 mn, Buruj said in a Tadawul disclosure.

REAL ESTATE-

Jadwa Investment has purchased a plot of leased commercial land in Jeddah’s Al Zahra district in a SAR 400 mn transaction and transferred its ownership to the Jadwa REIT Saudi Fund, according to a disclosure to Tadawul yesterday.

STARTUP WATCH-

Fincart regional HQ is coming to town: Egyptian shipping and financing solutions provider Fincart plans to open its regional headquarters in Saudi Arabia in 2Q 2024, CEO Mostafa Masry told Egyptian daily Al Mal. The startup also aims to launch operations throughout the remainder of the GCC by 2025 and in Morocco, Kenya, and Ethiopia later down the line, Masry said. The startup will soon close a funding round, which will be spent on improving its tech infrastructure and marketing.

About Fincart: The startup connects small businesses with local and international shipping companies, helping them scale up operations and has plans to work with fintech firms and banks to provide financing to small and micro enterprises.

Agricultural Development Fund ALSO ON OUR RADAR Bahri Buruj Cooperative Insurance Fincart Four Winds Gulf Insurance Group (GIG) Hilton Jadwa Investment Keir International Knowledge Economic City Qiddiya Investment Company (QIC) Saudi National Bank (SNB) Saudi Ports Authority United Feed Manufacturing

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PLANET FINANCE

Investors worry that Red Sea disruptions and consumer boycotts could put an end to US stock rally

S&P 500 jitters: While earnings forecasts for S&P 500 companies over the next 12 months are at a record high and have helped the index surpass the 5k mark for the first time earlier this month, the risk of Israel’s war on Gaza further disrupting Red Sea shipping and leading to larger consumer boycotts could potentially upend the index’s historic rally in the event that earnings forecasts have to be scaled back, writes Bloomberg.

A nightmare on Wall Street: Mentions of the Red Sea and geopolitics in American and European companies’ earnings calls have occurred as frequently in the first half of 1Q2024 as during the entirety of 4Q2023, according to data collected by Bloomberg.

ICYMI- Geopolitical uncertainty was the defining feature of forecasts for 2024 at the end of last year. A poll of 500 global institutional investors saw geopolitics as the biggest economic risk in 2024. Almost half of respondents (49%) cited “geopolitical bad actors” as a key concern.

MEANWHILE- Asian markets are mixed this morning as Shanghai opens for the first trading day since the weeklong Lunar New Year holiday. The Shanghai Composite and the Kospi are up, while the Hang Seng and Nikkei have slipped into the red in early trading. Europe looks set to open in the red later this morning, while the Nasdaq, Dow, and S&P look set to open the trading day flat.

TASI	12,502	+0.14% (YTD: +4.5%)
MSCI Tadawul 30	1,606	-0.2% (YTD: +3.6%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	29,126	+0.7% (YTD: +17.0%)
ADX	9,427	+0.2% (YTD: -1.6%)
DFM	4,259	+0.5% (YTD: +4.9%)
S&P 500	5,006	-0.5% (YTD: +4.9%)
FTSE 100	7,712	+1.5% (YTD: -0.3%)
Euro Stoxx 50	4,766	+0.5% (YTD: +5.4%)
Brent crude	USD 83.47	+0.7%
Natural gas (Nymex)	USD 1.61	+1.8%
Gold	USD 2,024.10	+0.5%
BTC	USD 51,874.54	+0.1% (YTD: +22.5%)

THE CLOSING BELL-

The TASI rose 0.14% yesterday on turnover of SAR 9.2 bn. The index is up 4.5% YTD.

In the green: Nadec (+10%), DWF (+9.9%) and Atheeb Telecom (+9.8%).

In the red: Solutions (-5.3%), AWPT (-3.9%) and Salama (-3.2%).

CORPORATE ACTIONS-

#1- The Saudi Investment Bank (SAIB) is set to distribute SAR 450 mn in dividends for 2H 2023 at SAR 0.45 per share, it said in a disclosure to Tadawul. Dividends will be paid out Wednesday, 6 March.

ALSO- SAIB is proposing a 25% capital increase to SAR 12.5 bn by way of issuing bonus shares, it said in a separate disclosure to Tadawul.

#2-Almasane Alkobra Mining has appointed Al Rajhi Capital as a market maker for its shares for a six-month period, which may be extended, it said in a disclosure to Tadawul.

#3- Academy of Learning’s board of directors decided to distribute SAR 9 mn in dividendpayouts for 2H 2023 at SAR 0.15 per share, it said in a disclosure to Tadawul. Dividends will be paid out on Thursday, 4 April.

CALENDAR

FEBRUARY

19-20 February (Monday-Tuesday): Saudi Capital Market Forum, King Abdullah Financial District, Riyadh.

20-21 February (Tuesday-Wednesday): Saudi Media Forum, 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

14-21 April (Sunday-Monday): IMF and World Bank spring meetings, Washington, DC

28-29 April (Sunday-Monday): World Economic Forum’s Special Meeting, Riyadh.

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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