Two more Tadawul IPOs are in the market

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi hospitality industry will add 320k new hotel rooms by 2030, more than originally forecast

Good morning, friends. We have a big issue for you this morning with two share sales now in the market — one in healthcare and the other in infrastructure — as the first half of the 2024 IPO season gains steam.

AND- There is no sign that things will quiet down much over the weekend, as Riyadh prepares for the arrival of hundreds of big names in town for a special two-day meeting of the World Economic Forum, which runs Sunday and Monday. US Secretary of State Antony Blinken is among those expected to attend.

MEANWHILE- King Salman left Jeddah’s King Faisal Specialist Hospital yesterday after a “routine checkup” earlier in the day, state news agency SPA reported yesterday. The King attended Tuesday’s weekly cabinet meeting, its first since the Eid Al-Fitr holiday.

DATA POINTS-

#1- The hospitality sector will add some 320k new hotel rooms by 2030, global property consultant Knight Frank said in a press release. A little more than two thirds of the new rooms be upscale or luxury (four- and five-star hotels), bringing the total market share of luxury hotel rooms in Saudi up six percentage points to 72%.

By the numbers: Knight Frank’s forecasts for new rooms by 2030 is more bullish than the Tourism Ministry’s plan to add 250k keys to cater to the influx of tourists. The higher figure comes as the market adapts to the government’s updated target of 150 mn tourist trips per year (by domestic travelers and foreign tourists) by 2030.

Speaking of travel: Travelers filed 924 complaints with the General Authority of Civil Aviation (GACA) in March, GACA data showed. Saudia Airlines received the lowest number of complaints last month — 10 per 10k passengers — followed by Flynas and Flyadeal. For airports, Prince Muhammad bin Abdulaziz International Airport in Medina was the subject of the fewest complaints among international airports during the month, coming in at fewer than 1 complaint per 1 mn passengers.

#3- The ICT sector’s market value hit SAR 166 bn in 2023, after growing at a compound annual rate of 8% from 2018-2023, according to Communications, Space and Technology Commission (CST) data. Average mobile internet speed in the Kingdom reached 215 MB last year, with a 99% internet penetration rate. Some 31 local and global cloud services providers are now registered with CST.

WATCH THIS SPACE-

The IMF is coming to town: The International Monetary Fund (IMF) has opened a regional office in Riyadh to help upgrade partnership “with the region and beyond,” the Washington-based lender said in a statement. The regional office opened during a two-day conference organized by the Finance Ministry and the IMF yesterday. It will be led by Senegal’s Abdoul Aziz Wane, the IMF said. Wane most recently served as director of the IMF’s Africa Training Institute.

Scope of work:The office, which will “scale up capacity building, regional surveillance, and outreach,” will cover the Middle East and North Africa, Afghanistan and Pakistan, Assistant Finance Minister for Macro Fiscal Policies and International Relations Abdulmohsen Alkhalaf told Aleqtisadiah.

Background: The Cabinet approved in March an agreement to set up a regional office for the IMF in the capital.

FROM THE CONFERENCE- Economy and Planning Minister Faisal Alibrahim stressed the necessity of early exposure to regional and global competition to ensure domestic industry is able to level up, according to Aleqtisadiah. “We will challenge ourselves to ensure economic growth is sustainable. [Existing] investment strategies will bolster the strong a economy and develop competition [at home,]” he said.

PSA-

WEATHER- Expect some dust with a high today of 34°C and an overnight low of 21°C in Riyadh, according to our favorite weather app. Conditions in Makkah and Dammam will be just about identical.

SPORTS-

The Saudi Table Tennis Paralympic Team brought home 10 medals from the Jordan International Para Championship, securing two golds, seven slivers and a bronze, according state news agency SPA.

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THE BIG STORY ABROAD-

Yesterday, it was Tesla. Today, it’s Meta’s earnings getting ink everywhere in the Western business press (Reuters | Bloomberg | FT | CNBC). The company’s shares fell as much as 19% in after hours trading — wiping out nearly USD 200 bn of its market value after raising capital expenditure guidance (it’s looking to ramp up spending on AI) and providing a cautious sales growth forecast. CEO Mark Zuckerberg defended his plans in a call with analysts, saying it will need to “grow our investment envelope meaningfully before we make much revenue from some of these new products.”

The company otherwise posted solid revenues for 1Q 2024, rising 27% y-o-y to USD 36.5 bn, while net income more than doubled to USD 12.37 bn, according to its earnings release.

ALSO- Binance founder Changpeng Zhao could face up to three years in prison for anti-money laundering and sanctions violations. Friends and acquaintances of Zhao sent in 350 pages worth of letters to bail him out, Bloomberg reports.

IN OTHER TRIAL-RELATED NEWS- An Arizona grand jury has indicted 18 people — most of whom are former US President Donald Trump’s Republican allies — on charges of fraud, forgery, and conspiracy, for falsely declaring the Trump president in 2020. Trump himself was named an unindicted co-conspirator. (Reuters | New York Times | Axios)

AND- McKinsey is under investigation in the United States, where the Justice Department is looking into its advisory work for the manufacturers of opioids, the Wall Street Journal writes in an exclusive.

ALSO GETTING PLAY- A mega mining transaction around the corner? Australian minerBHP has reportedly made a play for British multinational miner Anglo American in what could be the industry’s largest acquisition in years. The takeover would come as BHP looks to expand its portfolio of copper mines amid the energy transition, the Financial Times cites sources as saying.

CIRCLE YOUR CALENDAR-

Riyadh will host the 2024 IsDB Group annual meeting from Saturday, 27 April until Wednesday, 30 April.

Riyadh will host the RiseUp Summit from Saturday, 27 April until Tuesday, 30 April at the King Abdulaziz City for Science and Technology (KACST).

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.

Saudi Smash will open on Saturday, 4 May until Saturday, 11 May at the King Abdullah Sports City in Jeddah. The smash event is Saudi’s first World Table Tennis (WTT) Grand Smash.

Saudi Arabia’s Fakeeh Care Group to sell 21.5% in Tadawul IPO

Dr Soliman Abdulkader Fakeeh Hospital (Fakeeh Care Group) plans to sell a 21.5% stake on Tadawul’s main market through an offering of both new and existing shares, according to a prospectus (pdf). The IPO by the private healthcare provider comes as listings in Saudi pick up pace — and as a growing number of healthcare companies pull the trigger on IPOs. It got clearance from the Capital Market Authority (CMA) to go public in late March.

What’s Fakeeh Care? Founded in Jeddah in 1978 by Dr Soliman Fakeeh, Fakeeh Care is a leading private healthcare provider in the Kingdom with four hospitals and a total of 835 beds, five medical centers, and one medical college. It treated 1.5 mn patients last year, up from 1.2 mn in 2020.

What they said: “We’re in the right industry at the right time,” Fakeeh Care President Dr. Mazen Soliman Fakeeh told Bloomberg. “Healthcare is very promising in Saudi Arabia, especially with Vision 2030 and the plans to privatize and corporatize and expand on public and private insurance,” he said of Crown Prince and Prime Minister Mohammed bin }}’s diversification plan.

Use of proceeds: The company plans to use the proceeds — after deducting SAR 75 mn in offering fees — to “support the company’s growth strategy and general corporate purposes,” the prospectus said, without providing further details.

Ironing out the details: The hospital group plans to offer 30 mn new shares and 19.8 mn existing shares held by the Fakeeh family. Upon completion of the offering, current shareholders (members of the Fakeeh family) will collectively own a 77% stake in the company. It did not disclose details on how much it plans to raise from the offering.

The timeline: Bankers will start taking orders from institutional investors starting Thursday, 2 May to Wednesday, 8 May, while orders from retail investors will run from Tuesday, 21 May to Wednesday, 22 May. The offering price will be determined at the end of the bookbuilding process.

INDUSTRY BACKGROUND- Healthcare operators have been lining up to IPO: Al Hammadi (2015) and Saudi German Healthcare (2016) led the way, with Dr Sulaiman Al Habib, pharma group Al Nahdi Medical, and drugmakers Jamjoom Pharma and Avalon Pharma all having followed suit. Aster DM Healthcare, meanwhile, is said to be looking to spin off its GCC unit with a dual listing on Tadawul and the Dubai Financial Market.

FAKEEH’S BOTTOM LINE

A snapshot of the latest results: The healthcare group’s adjusted net income was up 15.3% y-o-y to SAR 414 mn in 2023, while revenues grew at a CAGR of 10.8% between 2020 to 2023 to SAR 2.3 bn, the prospectus shows.

And plans for growth: Fakeeh plans to have seven hospitals with 1.6k beds and nine medical centers by 2028. It said it has secured multiple plots in Jeddah and Riyadh and signed lease agreements in Makkah under its growth plan.

Background: Fakeeh Care had been mulling a share sale since last year.

Advisors: Our friends at HSBC are acting as sole financial adviser. HSBC is joint bookrunner together with our friends at EFG Hermes as well as ANB Capital. Moelis is advising the selling shareholders, while AlRajhi Bank, Saudi National Bank, Arab National Bank, SAB, Alinma Bank and Bank Aljazira are serving as receiving banks.

Miahona is set to kick off the bookbuilding process of its Tadawul IPO next week

Miahona is going public on Tadawul with a secondary share sale: Riyadh-based water treatment company Miahona is planning to sell 48.3 mn ordinary shares — good for a 30% stake — on Tadawul’s main market, according to prospectus (pdf).

What’s Miahona? Founded in 2008, the company operates in eight cities across the Kingdom, covering the full water management cycle from extraction and supply to recycling. Miahona has seven subsidiaries, with clients including Aramco, Saudi Water Partnership Company, National Water Company, Saudi Authority for Industrial Cities and Technology Zones (Modon), and the General Authority for Civil Aviation.

The details: Investment holding company Vision Invest — the sole owner of Miahona — will sell the 30% stake in the offering and retain 70% after the sale, according to the prospectus. Vision Invest’s shares will remain locked up for six months after the start of trading.

Use of proceeds: No fresh capital will be injected into the company — Vision Invest will take home the proceeds from the offering after paying an estimated SAR 28 mn in fees associated with the transaction.

The price range for the IPO will be made public next Monday, 29 April, triggering the start of the bookbuilding process. Institutional investors can place orders until Thursday, 2 May, for a minimum of 100k shares and a maximum of 8 mn shares each.

Some 20% of the offering will be available for individual investors for subscription from Tuesday, 21 May, to Wednesday, 2 May, with a minimum subscription of 10 shares and a maximum of 2.5 mn each. Final allotment of shares is slated for Sunday, 26 May.

MIAHONA’S BOTTOM LINE

A snapshot of the latest results: The company’s net income rose 25% y-o-y to SAR 44 mn in 3Q 2023, and revenues increased 8.5% y-o-y to SAR 225.6 mn.

ADVISORS- Our friends at EFG Hermes KSA are quarterbacking the transaction as financial advisor, bookrunner, and underwriter, along with Saudi Fransi Capital (SFC) which is also separately acting as the lead manager. SFC and Riyad Bank are receiving agents. Latham & Watkins is acting as legal counsel, while PwC is financial due diligence advisor, KPMG are serving as auditors, and Arthur D. Little as market consultant.

Expectations of a slow oil price recovery this year weigh on Saudi economic growth outlook –Reuters poll

The most recent Reuters poll of economists shows the domestic economy growing at a 1.9% clip in 2024, marking a downward revision of 2.1 percentage points from the 3.0% growth forecast in a January poll, the newswire reports. The Kingdom’s economy contracted 0.9% in 2023 — after posting 8.7% growth the year before — on the back of a 9% drop in oil activity.

The least optimistic of the bunch:

The government expects the economy to rebound in 2024 to post4.4% growth;
The International Monetary Fund trimmed slightly its growth forecast to 2.6% this year, down from the 2.7% it penciled back in January.
The World Bank slashed earlier this month the Kingdom’s growth forecast to 2.5% in 2024, down from the 4.1% it had expected in January 2024. On the flipside, the bank said it sees the non-oil economy growing a strong 4.8% in 2024, up from its 4.3% projection last November.

THE CULPRIT- Voluntary oil cuts: “The slower expansion in the Saudi economy this year will be down to ongoing oil production curbs... due to be maintained through Q2 at least. When looking at the non-oil sector, we hold a more bullish outlook,” Emirates NBD MENA Economist Daniel Richards is quoted as saying.

MEANWHILE- Inflation is expected to average at 2.0% in the Kingdom this year, the poll found. Consumer prices. reversed a two-month upward trend, dipping to 1.6% y-o-y in March 2024, down from 1.8% in February. “Across the Gulf economies, we think there could be a slight bump to inflation profiles over the coming months, but nothing significant,” said Capital Economics’ MENA Economist James Swanston.

Saudi Arabia’s non-oil exports fell on an annual basis in February 2024, while imports are on an upward trend

Non-oil exports excluding re-exports fell 4.1% y-o-y in February 2024, according to the latest data from the General Authority for Statistics (pdf). Including re-exports — which increased in value by 32.3% y-o-y — total non-oil exports rose 4.4% during the month.

What are re-exports? These are products that one country imports and re-sells to another country as-is, without providing added value or labor input in the process. This can happen for various reasons, including taking advantage of price differences between markets, fulfilling orders, or redistributing goods to other markets where there is demand.

Our non-oil import bill is 3x the value of our non-oil exports: The ratio of non-oil exports — including re-exports — to imports fell to 34.6% in February 2024, down from 37.3% in February 2023, due to a significant 12.3% increase in imports.

China is Saudi’s biggest trade partner: Saudi exports to China accounted for 13.2% of total exports in February, followed by India at 10%, and Japan at 9%. Chinese products and services also accounted for the largest share of Saudi’s imports during the month (20%), followed by USA 8%, India 7%, and the UAE.

Aramco and Rongsheng Petrochemical sign agreement for cross-investment in refining units

Aramco, China’s Rongsheng closer to buying stakes in each other’s units: Oil giant Aramco signed a framework agreement with privately-owned Chinese refiner Rongsheng Petrochemical to purchase stakes in each other’s units, the Chinese refiner said in a statement. The agreement comes months after the two parties signed an MoU in January to explore the possibility of the transaction.

What we know: The framework would see Aramco acquire a 50% stake in Ningbo Zhongjin, a unit of Rongsheng Petrochemical, while the Chinese refiner would take 50% of the Saudi Aramco Jubail Refinery (Sasref). No further details were provided on the financial details or expected timeline for the potential transaction.

About the units: Sasref was designed as an export refinery and has been wholly-owned by Aramco since 2019. It processes crude oil into petroleum products and produces 305k barrels per day (bbl / d) of oil. Zhejiang-based company Ningbo Zhongjin is a petrochemical complex that produces aromatic paraxylene, isobutane, liquid oxygen, petroleum coke, hexane, propylene, and other chemicals. The company’s primary market is China.

Aramco and Rongsheng are no strangers: Aramco closed last year the acquisition of a 10% stake in Rongsheng Petrochemical for USD 3.4 bn through its Netherlands-based subsidiary, Aramco Overseas Company.

And Aramco has been interested in Chinese refineries: Earlier this week, Aramco signed an MoU with China’s Hengli Group to explore acquiring a 10% stake in its subsidiary Hengli Petrochemical. It said last year that it aims to become a strategic investor in Jiangsu Shenghong Petrochemical through a potential acquisition of a 10% stake in the refiner which owns and operates a 320k bbl / d integrated refinery and petrochemicals complex. The interest in Jiangsu Shenghong came weeks after it signed a MoU with Shandong Yulong Petrochemical to discuss a potential 10% stake acquisition in the refiner which processes c. 400k bbl/d of crude oil.

First Mills’ net income up 5.4% y-o-y in 1Q 2024 as production grows

First Mills’ net income rose 5.4% y-o-y to SAR 77.7 mn in 1Q, it said in a disclosure to Tadawul. The company reported revenues of SAR 276.4 mn during the quarter, rising 8.2% y-o-y.

Key drivers: First Mills attributed the rise in net income during the first three months of the year to a growth in production and new capacities on the back of full operation of Mill C in Jeddah. Strong sales from its flour and feed segments and cashflow optimization also fueled the growth in net income.

A look at how products fared: Flour sales by First Mills accounted for 58.6% of total revenues in 1Q on the back of capacity expansion and two-digit growth in small pack products. The contribution of feed sales to revenues came in higher y-o-y over the same period to 28.3% due to improved demand. However, bran sales’ contribution to revenues was down y-o-y to 13.1% after the firm prioritized intake in feed production to help meet the growing demand.

Background: First Mills is among one of several state-owned flour milling firms that were sold to the private sector by the government in recent years under its privatization program for the industry. It was the first of the group to go public in a closely watched USD 266 mn IPO in May of last year.

King Salman’s checkup + Lindsey Graham are driving the conversation on Saudi in the global press

It’s a quiet day for Saudi in the foreign press today, with the conversation being driven largely by state-run SPA’s release of a statement explaining that King Salman was in and out of hospital in Jeddah for what it said was a routine checkup. The story got wide pickup in the global press, as did the IMF’s opening of a regional office in Riyadh.

AND- CNN dives deep into South Carolina Republican Sen. Lindsey Graham’s efforts to drive closer US-Saudi ties as well as his relationship with Donald Trump, whose administration brokered 2020 agreements that saw the UAE and Bahrain recognize Israel.

MEANWHILE-Bloomberg is taking note of grammy-decorated American rapper Swiss Beatz’s venture into the world’s most lucrative camel races, which offer a USD 21 mn purse. He’s taking his team, the Saudi Bronx, to the local camel race, becoming the first American to do so.

Spanish contractor Urbas to build residential units at Riyadh’s Al Fursan. PLUS: education, debt and digital solutions

REAL ESTATE-

#1- The National Housing Company (NHC) signed an agreement with Spanish contractor Urbas to build 589 residential units at NHC’s Al Fursan project at a cost of SAR 1 bn, state news agency SPA reported. The project that is being developed by the Housing Ministry’s real estate investment arm is one of the biggest suburbs regionally. Spanning 35 mn sqm, Al Fursan is set to accommodate 250k people.

The agreement comes nearly a week after Housing Minister Majed Al Hogail said that his ministry will ink an agreement with an unnamed Spanish real estate developer to build residential units in Saudi. His statements came during a trip to Spain.

#2- PIF-owned Roshn is developing its first multi-use community complex in Dhahran, state news agency SPA reported. The Aldanah project, which spans 1.7 mn sqm, will be home to 10k residents. The complex’ units will be equipped with advanced energy-saving features, including modern insulation, solar water heaters and high efficiency air conditioning. Green spaces will cover 10% of the project’s total area. Aldanah is Roshn’s sixth mixed-use development across the Kingdom.

EDUCATION-

Italy’s Istituto Marangoni is coming to Saudi: Italian fashion school Istituto Marangoni will open a higher training institute in Riyadh for aspiring fashion designers in Riyadh in 2025 under a freshly-inked MoU with the Film Commission, they said in two separate statements (here and here). The institute will offer a three-year advanced diploma in the domains of fashion design, management, product, styling and creative direction among others. Prospective students can complete the diploma in Riyadh and join a six month internship during the last year of study or complete studies for a bachelor degree at any of the Milan-based fashion school’s international campus.

DEBT WATCH-

The National Debt Management Center (NDMC) has closed its SAR 7.4 bn April 2024 sukuk issuance, it said in a statement. The issuance included three tranches with varying maturities: SAR 2.2 bn maturing in 2029, SAR 1.6 bn maturing in 2031, and SAR 3.5 bn maturing in 2036.

TECH-

#1- German cybersecurity firm Legacy Technologies plans to break ground on a regional data center in Riyadh in early 2025 to provide sustainable solutions for vital industries in the region, its CEO Sem Köksal told Asharq Alawsat. The project, which comes under a partnership with local tech company Saudi Excellence, will provide energy solutions, AI solutions and others across various industries. It will be powered by renewable energy, according to Köksal.

#2- IT services firm Sure Global Tech was awarded a SAR 13.9 mn contract to develop technology systems for the General Authority of Foreign Trade, it said in a disclosure to Tadawu l. It will also help the trade authority adopt artificial intelligence and machine learning technologies to develop commodity supply chains.

INVESTMENTS-

Alsulaiman Group (ASG) plans to increase the number of its convenience store Circle K branches in Saudi and the GCC to 300 by 2029 from a current 40, its Group CEO Saud Alsulaiman told Zawya at the Dubai-hosted The Retail Summit. The new stores will open in hospitals, universities, office buildings and gas stations. He did not provide further details on the expansion or the cost of the investment.

ASG’s growth plan for 2029 also includes Ikea in Saudi and Bahrain, where it targets increasing the number of the furniture retailer stores to 30 from a current 9, according to Alsulaiman.

INFRASTRUCTURE-

Al Ahsa International Airport has been expanded to accommodate one mn passengers annually, up from a current 400k, state news agency SPA reported. The expansion project saw the addition of two international halls and ten departure and arrival dates for domestic and international flights.

Third wave of bond default looms in China

China’s economy is edging closer to a potential third wave of bond defaults, on the back of sluggish economic growth, tight government policies and high financing costs according to the latest report from S&P Global. This scenario, expected as early as next year, would mark the third wave of corporate defaults in 10 years, signaling that the government’s current directives might be “creating distorted incentives in the economy,” Charles Chang, greater China country lead for corporates at S&P told CNBC.

China has had “extremely few defaults” in the past year, with the corporate bond default rate plummeting to 0.2% in 2023, marking its lowest level in over eight years and significantly below the global average rate of around 2.6%, according to S&P data.

Unabating real estate woes: China’s efforts to curb financial risks and limit real estate developers’ reliance on the bond market for growth had adverse effects, dragging the real estate sector into a slump, which in turn impacted the overall economy.

The caveat: “Policies aimed at reining in excessive leverage drove the two default waves so far. More policies with similar aims, scale, and effects may lead to the next wave of defaults,” Chang said in the report.

TASI	12,355.7	-1% (YTD: +3.2%)
MSCI Tadawul 30	1,548.6	-1% (YTD: -2.1%)
NomuC	26,326.1	-1.4% (YTD: +7.3%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	25,917.6	-3.2% (YTD: +4.1%)
ADX	9,045.0	-0.1% (YTD: -5.6%)
DFM	4,167.3	0% (YTD: +2.7%)
S&P 500	5,061.9	-0.2% (YTD: +6.1%)
FTSE 100	8,036.7	-0.1% (YTD: +4.5%)
Euro Stoxx 50	4,983.6	-0.5% (YTD: +11.2%)
Brent crude	87.8	-0.7%
Natural gas (Nymex)	1.7	-5.7%
Gold	2,345.5	+0.2%
BTC	64,805.8	-2.9% (YTD: +137%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1% yesterday on turnover of SAR 8.5 bn. The index is up 3.2% YTD.

In the green: AlRajhi Takaful (+9.9%), Al Sagr Ins. (+6.4%) and First Mills (+5.6%).

In the red: AlBaha (-7%), NCLE (-6%) and ARDCO (-5.9%).

THE CLOSING BELL: NOMU-

The NomuC fell 1.4% yesterday on turnover of SAR 26.9 mn. The index is up 7.3% YTD.

In the green: Osool and Bakheet (+12.1%), APICO (+7.4%) and Lana (+3.6%).

In the red: Jahez (-5.9%), Al Hasoob (-3.6%) and Aqaseem (-3.4%)

CORPORATE ACTIONS-

#1- Shareholders of Alinma Bank approved a 25% capital hike to SAR 25 bn through capitalizing SAR 5 bn from retained earnings, it said in a regulatory filing (pdf). The capital hike is intended to strengthen the bank’s financial position to help it achieve strategic objectives, it added.

#2- Al Sagr Cooperative Ins. obtained the Capital Market Authority (CMA) approval to raise its capital by SAR 160k through a rights issue, according to a statement by the CMA. The offering price and number of shares to be offered will be determined by the ins. company after the market closes on the same day as the EGM meeting. The CMA’s approval comes months after Al Sagr’s board recommended increasing capital to SAR 300 mn through a SAR 160 mn rights issue.

#3- Shareholders of Riyadh Cement have approved a dividend of SAR 90 mn at SAR 0.75 per share for H2 2023, it said in a disclosure to Tadawul.

#4- Shareholders of real estate developer Riyadh Development approved a dividend of SAR 88.9 mn at SAR 0.50 per share for H2 2023, it said in a disclosure to Tadawul.

CALENDAR

APRIL

21-27 April (Sunday-Saturday): Innovation Week 2024 at KACST, Riyadh.

27-29 April (Saturday-Tuesday): RiseUp Saudi at KACST, Riyadh.

27-30 April (Saturday-Wednesday): IsDB Group Annual Meetings, Riyadh.

27-30 April (Saturday-Wednesday): Saudi International Luxury Week 2024, Jeddah.

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

28-29 April (Sunday-Monday): International Conference on Economics Finance and Accounting 2024, Riyadh.

28-30 April (Sunday-Tuesday): Saudi Mechanical Engineering Technology Conference and Exhibition 2024, Al Khobar.

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

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

30 April (Tuesday): GC Summit Saudi Arabia 2024, Riyadh.

30 April (Tuesday): HR Leaders Conference Riyadh 2024, Riyadh.

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.

14-15 May (Tuesday and Wednesday): Saudi Great Futures, 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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