Where we stand in the race for data center supremacy

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WHAT WE’RE TRACKING TODAY

Conflict between Iran and Israel, the IMF / World Bank spring meetings, and earnings season set up a very busy news week

Good morning, friends. It’s a slow start to what promises to be an exceptionally busy news week at home and abroad, with many of the week’s big stories having a whiff of geopolitics to them.

Driving the news for the foreseeable future:

#1- Are we looking at an Iran-Israel war? Saudi, G7, Egyptian, and G20 leaders are all pushing Tel Aviv and Tehran to cool off lest they tip things over into a wider regional conflagration. It’s the singular priority in policymaking circles this morning, as underscored by the banner headline in the Wall Street Journal: Biden wanted to avoid a regional war. Now he’s got one.

The key message to Israel, per Politico: Don’t do something you’ll regret. Saudi has expressed “deep concern” about the attack and is calling on both sides to exercise restraint. (More than that in this morning’s Diplomacy section, below.)

Riyadh and Abu Dhabi could be key to how this all plays out, Reuters notes, given our unique positions as intermediaries between Iran, Israel, and the United States.

#2- How will markets react? Traders around the world are taking Iran’s missile and drone attack on Israel — unprecedented though it may have been — with a grain of salt:

US stock futures ticked up overnight and European futures inched down ever so slightly;
Major Asian benchmarks have recouped some of their losses in early trading this morning after sagging a modest 1.3-1.5% at the opening bell;
Gold and oil prices — both on an upward march of late — pulled back slightly yesterday;
The USD is holding steady.

#3- The wildcard: How will Netanyahu react? And on what time scale? International leaders will have plenty of forums in which to express “deep concern” this week, with G7 foreign ministers and EU heads of state both set to meet on Wednesday and G20 finance ministers meeting on Thursday.

Also “top of mind” as we keep shrugging off the post-Eid blues:

#4- The IMF and World Bank annual meetings get fully underway later today in Washington, DC. The IMF will release its World Economic Outlook and part of its Global Financial Stability report tomorrow and its fiscal monitor on Wednesday.

Finance Minister Mohamed Al Jaadan will lead the Saudi delegation to the meetings, a Finance Ministry statement said. Al Jadaan lead a meeting of the IMF’s top policy advisory body, the International Monetary and Financial Committee (IMFC), his first since he was named chair of the committee for a three-year term. The delegation also includes Sama Governor Ayman Al Sayari, Saudi Fund for Development CEO Sultan Al Marshad and other officials.

#5- It’s earnings season once again. Saudi companies have until 19 May to release 1Q figures and the trickle will turn into a flood this week in the West, with Goldman Sachs, Bank of America, Morgan Stanley, and BNY Mellon all set to release between today and tomorrow.

Not enough news in the pipeline for you? The halving of BTC should take place sometime around Saturday, Donald Trump’s criminal hush-money trial gets underway today in New York City, and India kicks off its 44-day parliamentary election process on Friday.

GET READY FOR THE WEF IN RIYADH

MEANWHILE- There are less than two weeks to go until Riyadh is host to a special meeting of the World Economic Forum. The headline: “Global collaboration, growth and energy for development.”

A who’s who will be in town for the gathering: Everyone from IMF boss Kristalina Georgieva (who just got a second term in office) to General Atlantic chief William Ford, and (sigh) the NYT’s Thomas Friedman (maybe his Uber driver will get a name check in a column?).

On the agenda: Everything from AI and the energy transition to forest fires, digital healthcare, and “the Middle East under stress.”

Sound smart: Aramco CEO Amin Nasser and Lubna Olayan are among the co-chairs of the gathering and have helped set the agenda.

OIL WATCH-

Growth in oil use will slow this year, the International Energy Agency says, in stark contrast with Opec, which as we noted yesterday is predicting “robust oil demand” during the summer, leaving its 2024 forecast unchanged in its latest monthly report. The Opec nemesis says “demand will increase by 1.2mn barrels per day this year, a 130k b/d reduction on its previous monthly forecast” thanks to stabilizing demand in China and a mild winter.

The risk to both forecasts: Brent crude is at about USD 90 / barrel right now — and could go to USD 100 or above if Israel and Iran don’t cool off, CNBC writes.

HAPPENING TODAY-

Economic cooperation is on the agenda as Foreign Minister Prince Faisal bin Farhan lands in Pakistan today, a statement on X by Pakistan’s Foreign Ministry read. The two-day visit by the FM comes nearly a week after Pakistan’s prime minister discussed a USD 5 bn investment package during a meeting in Makkah with Crown Prince Mohammed bin Salman.

Farhan is leading a large delegation, with reports suggesting he is being joined by officials from the water and agriculture, energy, investment, and industry and mineral resources ministries.

REMEMBER- Saudi has been among key backers of crisis-hit Pakistan, which is now struggling with depleted reserves. The Kingdom has extended the term of a USD 3 bn in deposit at the State Bank of Pakistan for an additional year, maturing in December this year. Pakistan also received last year USD 2 bn in financial assistance from the Kingdom to shore up finances.

WATCH THIS SPACE-

Homegrown fintech Funding Souq has gotten the green light from the Saudi Central Bank (Sama) to provide crowdfunded debt solutions to SMEs, it said in a press release. “We are pleased to announce that we have officially obtained our license from the Saudi central Bank,” CEO and founder Martin Jaouni said last week. The Riyadh-based fintech, founded in 2020, offers financing and investment services to SMEs by connecting them to retail and institutional investors.

PSAs-

#1- WEATHER WARNING- The General Directorate of Civil Defense has urged the public to stay cautious and avoid flash flood-prone areas until Wednesday, it said in a post on X, yesterday.

Intermittent thunderstorms are in the cards through Wednesday for the Riyadh, Eastern Province, and Al-Qassim.

#2- Umrah visas will be valid for three months at most starting from the date of issuance and expiring on 15 Zu Al-Qa’dah of every Islamic calendar year, instead of the previous expiration date of 29 Zu Al-Qa’dah, per a post on X by the Ministry of Hajj and Umra. The Ministry advised pilgrims in a separate post to leave the Kingdom before their visas expire

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CIRCLE YOUR CALENDAR-

The Gulf Film Festival (GFF) runs through Thursday, 18 April in Riyadh. Organized by the Film Commission in cooperation with the Gulf Cooperation Council (GCC) General Secretariat, the five-day event will showcase a selection of 29 films from across the region. It will also include three training workshops and six educational seminars focused on fostering artistic dialogue and raising awareness of cinema's social impact.

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

Automechanika Riyadh will open on Tuesday, 30 April till Thursday, 2 May at the Riyadh International Convention and Exhibition Center. The annual trade fair will showcase the automotive industry’s latest advances and innovations.

The King Salman bin Abdulaziz Royal Reserve Festival will kick off today at the Cultural Center in Al-Qurayyat governorate, state news agency SPA reports. The art and culture event runs until Thursday, 18 April.

A snapshot of Saudi’s data center industry as we angle for regional leadership

Saudi and the UAE have both made it clear they have ambitions to be the region’s AI superpower, and realities of demand (if bulls are right), cash on hand, and national sovereignty suggest each will carve out unique roles.

There are 24 operational data centers in Saudi today with a capacity of 123 MW, according to a report by market researcher Arizton. Another 37 facilities are in the cards, the report reads. Meanwhile, the UAE currently hosts 52 data centers with an overall capacity of 235 MW, Bloomberg reports citing data platform analytics platform DC Byte.

But we’re well behind advanced economies: Germany alone has more than 1 GW of data center capacity, according to the business news information service.

AI is expected to contribute USD 135 bn to Saudi Arabia’s economy by 2023, a recent report from PwC showed.

(Sound smart: Data center capacity is measured in MW because energy is the only common denominator for the power-hungry centers. Data centers house thousands of servers as well as networking equipment and cooling systems, all of which consume massive amounts of power.)

In context: Data centers provide the kind of computational power required for training and deploying complex AI models. Localizing the facilities speeds up their performance and makes them more accessible to local users at higher speeds, thereby potentially streamlining progress in AI technology, according to Digital Reality.

And then there’s data sovereignty: Countries around the world want to keep close tabs on their data — and to control who it might be shared with, and when. Concern about data sovereignty are at the heart of proposed regulations on which the Saudi Data and AI Authority is now seeking public feedback, as we reported last month.

Saudi is vying for the lead: The Kingdom plans to boost its data center capacity by an additional 467 MW over the coming years, with a future supply that outpaces the UAE’s 343 MW of planned data center capacity over the same period.

By the numbers: The local data center market was valued at USD 1.78 bn in 2023, and is projected to grow at a CAGR of 10% until it hits USD 3.2 bn in 2029, the Arizton report reads.

Incentives: The government is offering lower energy rates for large cloud providers to set up shop here, a subsidy that the UAE has failed to match, according to Equinix MENA MD Kamel Al-Tawil. The Kingdom is also mulling over plans to fastrack licenses and approvals for foreign companies interested in developing the local digital infrastructure.

WHO’S DOING WHAT? FOREIGN INVESTORS

Per a report by market research and consulting firm Blackridge:

Oracle has a USD 1.5 bn investment plan for local data centers including the existing Oracle cloud Jeddah region and the upcoming Oracle cloud region in Neom. Its planned Oracle cloud Riyadh region will be hosted by Stc-owned regional data center provider Center3. The cloud infrastructure company also has a new data center in the pipeline slated to go online in 2026 with a capacity of 60 MW.

Dubai-based Damac Group and fiber firm Cinturion have a planned data center and cable landing station in Jeddah’s King Abdullah Economic City with a total capacity of 33 MW and IT load of 10 MW. Damac unit Edgnex is currently working on additional facilities in Dammam and Riyadh. Edgnex has also signed an MoU with Salam, Cinturion, and Emaar, the Economic City to develop a digital infrastructure hub in KAEC. This is part of Damac’s USD 1 bn data center development strategy.

Chinese internet services giant Tencent Holding wants to up its cloud business game inSaudi and the UAE. The Shenzhen-based firm is particularly interested in offering cloud storage services to local gaming companies, as a starting point for further investments in computing power for AI applications, and developing an Arabic language model.

Amazon Web Services recently unveiled a plan to invest more than USD 5.3 bn in cloud infrastructure here.

New York-listed customer experience management platform Sprinklr has unveiled a localdata hosting solution on Google Cloud for Saudi clients who need local data hosting solutions. The collaboration with Google Cloud marks Sprinklr’s first big expansion into the domestic market.

WHO’S DOING WHAT? DOMESTIC INVESTORS

Riyadh-based DataVolt is pledging USD 5 bn to locally develop sustainable data centers, with a planned capacity of over 300 MW. The data services provider is currently operational in Riyadh, Dubai and California.

The USD 500 mn Tonomus digital communication facility owned by NEOM is set to operate software controlled networks supporting up to 60 locations by 2025 and a total of 200 mn loT devices by 2030. Another data center is in the works in Neom under a partnership between stc and its subsidiary solutions by stc.

Al-Moammar Information Systems Company (MIS) is set to carry out a USD 414 mn expansion of two data centers in Dammam. The company entered into an agreement with Saudi Fransi Capital in 2021 for the construction, design and administration of six data centers with an expected budget of USD 2.6 bn.

Alibaba-STC have entered a partnership that will see the Chinese tech giant earmark USD 238 mn to develop cloud computing infrastructure in the Kingdom.

THE GAME-CHANGER? A USD 40 bn PIF fund. The Public Investment Fund may be cooking up a world-scale AI play, with officials said to be exploring the setup of a USD 40 bn fund to invest in artificial intelligence. The fund would make PIF the world’s largest investor in AI and it could start investing as early as the second half of this year. The fund would invest in everything AI, from chipmakers and AI companies to data centers.

Banks will lead uptick in corporate earnings in 1Q 2024 –Al Jazira Capital

Al Jazira Capital sees a strong performance by banks compensating for falling profitability at telecoms companies as petrochemical players in its coverage universe start to return to profitability.

Al Jazira expects a 5.2% y-o-y rise in the combined net income of the 51 companies it has under active coverage. The uptick to a combined SAR 16.3 bn will be led by 11.8% growth in bank earnings, while cement producers will see their net income rise almost 33%. Healthcare providers will far well thanks to growth in admissions and better pricing power, while tourism and transportation players are benefiting from rising tourism and air traffic activity. Fintech and media companies should also report growing bottom lines.

Under pressure: Al Jazira sees petchem players starting to return to profitability after racking up losses in 4Q, while telecoms will see their bottom lines dip a combined 12% year-on-year.

REMEMBER- Q1 results for the petrochemicals sector are the first since Aramco hiked feedstock prices earlier this year. While most Tadawul-listed firms said they expect the price hike to hit their cost of production in 1Q 2024, Al Jazira Capital doesn’t forecast the impact of the hike in prices to fully materialize this quarter.

Red Sea crisis to bite: Al Jazira Capital said it expects the ongoing Red Sea crisis to take a toll on the petrochemicals industry due to shipment delays (cutting into revenues) and a rise in shipments costs (eating into margins).

BANKS-

Al Rajhi Bank, Alinma Bank, and Bank Al Bilad are expected to see their combined net income grow by 11.8% y-o-y in 1Q 2024 on the back of an increase in net interest margin and growth in financial positions, Al Jazira Capital said.

Al Rajhi Bank — the largest Islamic bank globally — will turn in a 5.7% y-o-y rise in net income to SAR 4.4 bn, while Alinma Bank’s net income is set to grow by 38.9% yo SAR 1.3 bn. It expects Al Bilad Bank’s net income to rise by 10% y-o-y to SAR 616 mn.

The three will see combined loan growth of 6.3% y-o-y in the period, with Alinma Bank leading the pack with a projected growth of 16% y-o-y. It sees combined deposits up 7.7% y-o-y during the period, led by 20.2% growth in deposits by Alinma Bank.

PETROCHEMICALS-

Nearly all petrochemical manufacturers that Al Jazira Capital covers are set for a drop in net income on an annual basis in the first quarter of the year despite a return to profitability when compared with the last quarter of 2023. Those include petrochemicals giant Sabic which is set to see net income down by 35.4% y-o-y in 1Q to SAR 424 mn. It sees Sabic Agri-Nutrients’ net income down by 9.7% y-oy during the period to SAR 885 mn, with Sipchem’s net income plunging by 67.8% y-o-y to SAR 151.3 mn.

Go deeper: Mubasher has more here, here and here.

Dairy and juice giant Nadec reappoints Abdulaziz Alrebdi as chairman

The board of Tadawul-listed dairy giant Natural Agricultural Development Company (Nadec) has Abdulaziz Saleh Alrebdi (bio) as its chairman for a new four-year term running through April 2028, it said in a disclosure to Tadawul yesterday. Alrebdi’s service on boards of major companies includes terms with Abdullah Al Othaim Markets and Al Hokair Group, among others.

Saudi Ground Services gets SAR 2 bn renewal of Flynas contract

LOGISTICS-

Saudi Ground Services (SGS) renewed its ground handling services contract with Flynas covering domestic and international flights for the next five years under a SAR 2 bn contract, it said in a disclosure to Tadawul. Flynas has recently joined the UN World Tourism Organization as an affiliate member, becoming the first Saudi airline and low cost carrier to join from the Middle East.

Market reaction: SGS shares rose 5.2% to SAR 51.50 a piece at yesterday’s close.

REAL ESTATE-

#1- Knowledge Economic City has inked two construction contracts for Al Alya project with Elkhereiji Commerce and Contracting, it said in two separate filings to Tadawul, here and here. Implementation includes structural, landscaping, electromechanical and site works on a total of 12 residential buildings — 396 apartments — for phase one of the Al-Alya mixed-use project in Madinah. The SAR 171 mn contract covers eight of the 12 complexes and will run for 20 months starting Sunday, 5 May 2024. The second contract includes the remaining four residential buildings for an additional SAR 117.5 mn. It will run for a period of 24 months.

#2- AlKathiriHolding has secured a SAR 21 mn infrastructure development project with the State Security Presidency, it said in a regulatory filing to Tadawul. Msandh Alemdad — a unit of Al Kathiri — will carry out the supply and implementation of structural, architectural, mechanical and electrical works of a building in Riyadh. No further details were provided.

OIL & GAS-

Oil and gas drilling company Ades Holding was awarded a SAR 350 mn jack-up drilling project in Qatar, with what it says is “one of the major international oil companies,” according to a company press release (pdf). The one-year contract is subject to renewal for up to 18 months. Operations on the rigs are scheduled for kick off in 2H 2024.

EDUCATION-

National Company for Learning and Education (NCLE) has inked a 20-year lease contract valued at SAR 87 mn to operate an educational complex in Riyadh, it said in a statement to Tadawul.

HEALTHCARE-

Scientific and Medical Equipment House signed a five-year agreement with the Health Ministry, valued at SAR 180.3 mn to supply cooked food services for Madinah-based hospitals including King Fahd Cardiac Center, Uhud, and Al-Miqat General, it said in a statement to Tadawul.

Market regulators and IMF hold first joint conference on sidelines of spring meetings

The inaugural IMF and IOSCO conference kicks off todaywith three panels: The International Monetary Fund (IMF) and the International Organization of Securities Commissions (IOSCO) will hold their first joint conference today on the sidelines of the IMF Spring meetings in Washington. Headlined “Stabilizing the future: Managing the nexus between growing capital markets and stability implications,” the conference will deliver high-level discussions on funding market resilience, the rising significance of private funds, as well as cooperation between central banks and securities regulators.

The first panel will look into how to avoid liquidity crunches in various funding markets, including short-term funding markets, corporate bond, and government bond markets. Speakers will include Egyptian Financial Regulatory Authority (FRA) Chairman Mohamed Farid as well as officials from the IMF, Barclays, and Blackrock.

The second panel will explore reasons behind the rise of private funds over the last decade to reach an excess of USD 11 tn. It will untangle risks emerging from the rise of the sector and how policymakers could address such risks to financial stability. Speakers will include the head of the UK Financial Conduct Authority.

One for the regulators: The conference’s high-level policy panel will bring together representatives of central banks and securities regulators to chew over how to regulate a market in which non-banks are increasingly important. Speakers include IOSCO Chairman Jean-Paul Servais, and a top US Treasury Department official.

THE MARKET THIS MORNING-

Major Asian benchmarks are down across the board this morning as traders absorb yesterday’s Iranian missile and drone attack on Israel — itself a response to Israel’s unprecedented attack on Iran’s embassy compound in Damascuts. The Shanghai Composite is taking it in stride, off 0.3% in early trading, while the Hang Seng, Kospi, and Nikkei are all down 1.1-1.3%. US stock futures are up slightly and European futures have edged a bit lower overnight.

TASI	12,667	-0.3% (YTD: +5.9%)
MSCI Tadawul 30	1,615	-1% (YTD: +4.2%)
NomuC	26,390	+0.5% (YTD: 7.6%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	28,504	+1.3% (YTD: +14.5%)
ADX	9,237	-0.02% (YTD: -3.6%)
DFM	4,244	-0.1% (YTD: +4.5%)
S&P 500	5,123	-1.5% (YTD: 7.4%)
FTSE 100	7,995.6	+0.9% (YTD: +3.6%)
Euro Stoxx 50	4,955	-0.2% (YTD: +9.6%)
Brent crude	90.45	+0.8%
Natural gas (Nymex)	1.8	+0.3%
Gold	2,374	+0.1%
BTC	64,121	+2.1% (YTD: +53.2%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.3% yesterday on turnover of SAR 6.3 bn. The index is up 5.9% YTD.

In the green: Atheeb Telecom (+10%), Acwa Power (+6.7%) and SSP (+6.2%).

In the red: Sipchem (-4.7%), ANB (-4.1%) and SNB (-3.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.5% yesterday on turnover of SAR 44.8 mn. The index is up 7.6% YTD.

In the green:Raoom (+19.9%), Paper Home (+9.6%) and AlRashid Industrial (+9.5%).

In the red: AlBabtain Food (-8.6%), Naseeh Tech (-8.3%) and AlMujtama Medical (-7.8%)

CORPORATE ACTIONS-

#1- Tawuniya’s BoD recommended the distribution of a SAR 150 mn dividend for 2023 at SAR 1 per share, it said in a disclosure to Tadawul yesterday.

#2- Gulf Insurance Group’s BoDrecommended the distribution of a SAR 78.8 mn dividend for 2023 at SAR 1.5 per share, it said in a disclosure to Tadawul.

Riyadh, Abu Dhabi could be key to averting a wider regional conflict as Iran and Israel exchange strikes

Riyadh and Abu Dhabi could be key to preventing a wider regional war after Iran and Israel exchange unprecedented attacks, Reuters writes, noting that the two regional leaders have the right network of ties to Washington, Tel Aviv, and Tehran to guide things onto a less volatile path.

A spillover that everyone is trying to avoid: “Nobody wants an escalation. Everybody wants to contain the situation,” a Gulf source with knowledge of his government’s thinking said. “The pressure is not on Iran alone. The pressure is now on Israel not to retaliate,” the source said, adding that a retaliatory attack by Israel on vital Iranian sites “will affect all the region.”

Saudi is working overtime to put a lid on the brewing conflict: Foreign Minister Prince Faisal bin Farhan put in a call to his Iranian counterpart Hossein Amirabdollahian, state news agency SPA reported, while Defense Minister Prince Khaled bin Salman reached out to US Defense Secretary Lloyd Austin. Crown Prince Mohammed bin Salman, meanwhile, spoke with Iraqi Prime Minister Mohammed Shia Al Sudani.

The Foreign Ministry urged both sides to “exercise maximum restraint” in a statement on X. It warned of the “serious repercussions” for the region if either took things to the next level. The statement came just hours after Iran fired over 300 drones and missiles in what is Tehran’s first direct attack against Tel Aviv from its own soil. Iran said it carried out the strikes on Israeli military bases under its “inherent right for self defense” after Israel’s unprecedented attack on its embassy compound in Syria.

We’ll stop, if you do: Iran said it has concluded its retaliatory action against Israel, but warned of a “considerably more severe” response if Israel responds, its mission to the UN said in a post on X. Israeli war cabinet minister Benny Gantz said his country will “exact a price” from Iran in return, according to BBC. “We will build a regional coalition and exact the price from Iran in the fashion and timing that is right for us,” Gantz said.

US President Joe Biden reportedly told Israeli PM Benjamin Netanyahu that America will not be involved in retaliatory action against Iran, Reuters reported yesterday, citing officials. Washington will help Tel Aviv protect itself, but has no interest in a wider conflict, White House top national security spokesperson John Kirby said.

CALENDAR

APRIL

11-20 April (Thursday-Saturday): IMF and World Bank spring meetings, Washington, DC.

14-18 April (Sunday-Thursday): The King Salman bin Abdulaziz Royal Reserve Festival, Al-Qurayyat.

16 April (Tuesday): FEI World Cup Equestrian, Riyadh.

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

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

30 April-2 May: Automechanika Riyadh 2024 at Riyadh International Convention and Exhibition Center.

MAY

2-5 May (Thursday-Sunday): Townhall Expo, Riyadh.

6-9 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh.

6-9 May (Monday-Thursday): Saudi Smart Logistics, Riyadh.

13-15 May (Monday-Wednesday): Smart Future Expo, Riyadh.

13 May (Monday): Saudi Giga Projects, Riyadh.

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

20-21 May (Monday-Tuesday): Future Projects Forum, Four Seasons Hotel, Riyadh.

20-22 May (Monday-Wednesday): Future Aviation Forum 2024, 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

4-7 June (Tuesday-Friday): Saudi Sports Show, Riyadh.

4-7 June (Tuesday-Friday): Aqarat Expo, Riyadh.

5 June (Wednesday): World Environment Day.

14-22 June (Friday-Saturday): Banks and capital markets closed for Eid Al Adha holiday.

AUGUST

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

SEPTEMBER

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

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh.

24-26 September (Tuesday-Thursday) Saudi Infrastructure Expo, Riyadh International Convention and Exhibition Center, Riyadh.

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

NOVEMBER

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

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:

The AFC Champions League Elite

2025

FEBRUARY

10-13 February (Monday-Thursday): Leap 2025, the Kingdom’s premier tech investment conference

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