BlackRock hits the jackpot

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Schools are remote this morning as rain continues

Good morning, ladies and gents. It’s a big morning for foreign partnerships — BlackRock and PIF will launch a USD 5 bn asset manager headquartered in the capital city, while our friends at Mumtada have announced a tie-up with Mass General Birmingham to launch the first of a series of national rehabilitation and long-term care centers.

PSA- The kids need to dial into school once again, Riyadh school officials said overnight. We have more rain and a chance of heavy thunderstorms in the forecast, per the national weather center. Time to fire up Madrasati and Rawdhati… Look for a high today of 27°C and a low overnight of 19°C.

AND- There’s another storm moving into the UAE, sending schools there to remote learning tomorrow and Friday, EnterpriseAM UAE reports.

HAPPENING TODAY- The US Federal Reserve’s open markets committee wraps up a two-day meeting. Everyone and her cousin will be reading the sheep’s entrails afterward in search of clues as to its current thinking on when rate cuts might begin.

WATCH THIS SPACE-

#1- Tadawul Group will host the Hong Kong edition of its Capital Market Forum next Thursday, 9 May, according to a statement. Headlined “powering connections,” the two-day event is a partnership between Tadawul and the Hong Kong Stock Exchange (HKEX). You can find the agenda here and registration form here.

Top speakers at the first CMF event overseas in Hong Kong include Tadawul Group CEO Khalid Al Hussan, Saudi Exchange CEO Mohammed Al Rumaih, Capital Market Authority board member Abdulaziz bin Hassan, Deputy Investment Minister for Investment Development Saleh Al Khabti and others.

SOUND SMART- Tadawul officials and other policymakers have been on a drive to build closer ties with China. The first Saudi exchange-traded fund in Asia launched in Hong Kong this past December, PIF boss Yassir Al Rumayyan launched the HK version of the Kingdom’s flagship Future Investment Initiative conference in December, and ministers attended a high-profile China-Saudi investment conference in Beijing saw MoUs worth SAR bns signed.

#2- IPO WATCH- The IPO of healthcare outfit Qomel on parallel market Nomu was 2.75x oversubscribed, its financial advisor, Watheeq Capital, said in a statement to Tadawul yesterday. Qualified investors placed their orders on 21-25 April at a set price of SAR 80 apiece. Qomel is offering a 14.3% stake on Nomu.

What’s next: Watheeq Capital will complete procedures with Tadawul and then determine a date for Qomel’s listing on Nomu.

Use of proceeds: Qomel will use proceeds from the offering to invest in growth, including a SAR 100 mn pharma manufacturing facility being built by fully owned subsidiary Qomel Factory Co. in Sudair Industrial City.

ALSO- Miral Dental Group has set guidance pricing of SAR 100 per share for its direct listing on Nomu, Argaam reported. Trading will be limited to qualified investors. Direct listings allow a company to list its shares on the exchange without having to issue fresh stock or raise funds. Instead, current shareholders can simply opt to start offering shares for sale after the company’s stock is admitted to trading.

#3- Hamburgini-related food poisoning under control: Half of the reported cases of food poisoning related to local burger joint Hamburgini have been released from hospital, the Health Ministry’s spokesperson said on X. Hamburgini was indefinitely shut down last week amid multiple reports of food poisoning.

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DID YOU KNOW that we also cover Egypt and the UAE?

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THE BIG STORY ABROAD-

Just a couple of stories are getting very wide play in the global business press on an otherwise very quiet Wednesday morning. It’s a national holiday today from much of Europe (France, Germany, Italy, Spain, Sweden) to India, Korea, and Latin America in observance of labor day.

Here’s the rundown on what’s making headlines:

#1- Palace intrigue at HSBC: The Financial Times has the best insider take we’ve seen yet on the “shock exit” of Noel Quinn, the CEO of Europe’s biggest bank. “Inside HSBC headquarters, the narrative is that it was impossible for both Quinn and group chair Mark Tucker to continue in their roles.” Each effectively had a “three-year deadline” to leave the lender at around the same time — and Tucker wanted to oversee the selection of the third CEO his board will work with.

#2- Demand for artificial intelligence drove sales growth at Amazon’s cloud division in 1Q — a fact you now know because every single news outlet from the FT and Wall Street Journal to Bloomberg is leading with that story at the top of their homepages as we head to dispatch this morning. Germany’s Handelsblatt notes that both Google and Microsoft Azure (both admittedly smaller players) grew their AI cloud businesses twice as fast in the fourth quarter. Amazon’s profit more than tripled, comfortably ahead of analyst expectations.

#3- Benjamin Netanyahu is signaling he will push ahead with a ground assault on Rafah “with or without a deal.” Speaking as Cairo-brokered ceasefire talks continued, Netanyahu said, “The idea that we will stop the war before achieving all of its goals is out of the question. We will enter Rafah and we will eliminate Hamas’ battalions there — with or without a deal,”

We’ll know more tonight: Hamas is expected to reply later today to Israel’s latest proposal and Israel says it’s not talking until it does.

#4- Pro-Palestinian protests on US college campuses — and heavy-handed responses to them — are also getting plenty of ink. Columbia President Minouche Shafik is still under fire from both sides, New York City is massing police next to the campus after protesters “dramatically” took over a building, and those occupying the building have been threatened with expulsion.

OIL WATCH-

#1- Iraq and Kazakhstan have laid out their plans to catch up with Opec-mandated oil cuts they didn’t comply with in 1Q 2024, Bloomberg reports, citing an emailed statement from Kazakhstan’s Energy Ministry and an Iraqi official who asked not to be named. Both countries have been pumping “several hundred thousand barrels a day” more than the limit they agreed to meet.

What’s next on production cuts: The oil cartel is next scheduled to convene on Saturday, 1 June to determine whether or not to extend its oil-market-balancing production cuts into 2H 2024.

#2-Bahrain is in the search for investors to fund a vital pipeline that transports crude from Saudi, Bloomberg reported yesterday citing sources it says are familiar with the matter. The pipeline, which connects Saudi oil processing facilities at Abqaiq with Bahrain’s Bapco refiner, has the capacity to transport up to 350k barrels of oil per day. The sources said the Bahraini government could raise a few hundred mn USD from the sale to investors.

CIRCLE YOUR CALENDAR-

Automechanika Riyadh is still open until tomorrow at the Riyadh International Convention and Exhibition Center. The annual trade fair will showcase the automotive industry’s latest advances and innovations.

BlackRock lands USD 5 bn commitment from PIF to launch multi-asset investment platform based in Riyadh

BlackRock, the world’s largest asset manager, has lined up a USD 5 bn commitment from the Public Investment Fund (PIF) as part of a push to grow in the Kingdom, the two outfits said in a statement yesterday. The US-headquartered investment giant is setting up a new entity — BlackRock Riyadh Investment Management — which will be run by BlackRock and PIF.

A team in Riyadh to bring it together: A Riyadh-based investment team will manage the multi-asset platform, which will integrate strategies across multiple asset classes. It will also be looking to secure additional funding from local and foreign investors. The team will be “supported by BlackRock’s industry-leading global asset management platform,” they said.

What they said: “The continued growth of the kingdom’s capital markets and diversification of its financial sector will contribute to future prosperity for its citizens,” BlackRock CEO Larry Fink said. “Saudi Arabia has become an increasingly attractive destination for international investment.”

Investing in talent: BlackRock Saudi Investment Management (or Brim, as the unit will be known) will staff up by “relocating experienced investment professionals” and will run a graduate training course to develop young Saudi talent.

REMEMBER- BlackRock has had its eye on Saudi for a while: The world’s biggest asset manager has been on what Bloomberg earlier this year called an “aggressive hunt for growth in Saudi Arabia.” Fink is here to visit multiple times per year, its 20-person Saudi team (now set to grow) is the biggest among its peers and challengers, and the firm is “embedding itself in different parts of the country’s institutions and capital markets,” the business information service wrote.

This announcement makes clear what the dinner was about… The firm hosted a private gathering earlier this week in Riyadh to highlight potential investments in the Kingdom for key corporate executives and regional investors. Key speakers at the event included PIF Governor Yasir Al Rumayyan and Energy Minister Prince Abdulaziz bin Salman.

The story is getting plenty of attention in the global press: Financial Times | Retuers | Bloomberg | Wall Street Journal.

Mumtada Medical is launching a rehabilitation and long-term care center in Riyadh with Mass General, eyes national expansion

Mumtada, Mass General Brigham team up on specialized rehab services: Mumtada Medical Company and Mass General Brigham will kick off operations at a facility in Riyadh for long-term post-acute care and rehabilitation by the end of 2024, as part of a new partnership agreement between the two, according to a statement (pdf).

What they’re building: The facility in Riyadh will have 200 beds, with 27 specialized clinics and 17 dialysis units, according to the statement. It will be supported by a diagnostics lab, pharmacy, radiology, and include both intensive care and high-dependency units serving adults and pediatrics.

It’s just the start: Mumtada is also developing other facilities in the country, the statement says, noting that it is in “advanced stages” on other announcements that will see it “rapidly expand” its footprint.

Who’s who: Mumtada is a specialized rehabilitation and long-term post-acute care company founded by Fawaz Alhokair, who is also Mumtada’s chairman. Mass General Brigham is a Massachusetts-based integrated healthcare network. The network includes several teaching, community, and specialist hospitals, as well as medical experts.

The market by the numbers: Mumtada, led by our friend CEO Aiman Shalbi, estimates that Saudi will need some 18k long-term care and rehabilitation beds by 2030, pegging the market as being worth up to USD 14 bn.

What the partnership will entail: The partnership will see “world-renowned physicians, therapists, nurses and subject-matter experts” from Mass General Brigham’s Spaulding Rehabilitation who will “actively engage in clinical programming, workforce plan development, quality plan development, information technology, and on-site commissioning support for Mumtada.”

What Mumtada is bringing to the table: “In this partnership, we will apply our understanding of the Saudi population, our ability to rapidly design, develop, build, operate, and scale large facilities and businesses,” Alhokair said.

Ma’aden acquires 25% stake in JV with Mosaic + Sabic as Mosaic exits stage left

Ma’aden ups its stake in JV with Mosaic + Sabic: Saudi Arabian Mining Company (Ma’aden) is acquiring an additional 25% stake in Ma’aden Wa’ad Al Shamal Phosphate (MWSPC) — its joint venture with petrochemicals giant Sabic and the Mosaic Company — to bring its total stake in MWSPC to 85%, it said in a disclosure to Tadawul.

The details: Mosaic will offload its entire 25% stake in MWSPC in exchange for 111 mn newly issued shares in Ma’aden, which will amount to 2.9% of Ma’aden’s share capital following the transaction. The mining company set a share swap ratio for its outgoing shares of 0.53 for every 1 share in MWSPC, which brings the total transaction value — including guarantor’s rights and the fertilizer product marketing agreement — to SAR 5.6 bn. Both parties will be held to a lock-up period of 5 years.

Advisors: Our friends at HSBC are financial advisors to Ma’aden, while AS&H Clifford Chance will provide counsel to Ma’aden.

IN CONTEXT- The Industry and Mineral Resources Ministry unveiled last month a SAR 685 mn incentive program for mining exploration in the Kingdom as it aims to expand the sector and tap reserves of gold, phosphate and others.

ALSO- Ma’aden’s Wa’ad Al Shamal Phosphate 3 project was among 12 private-sector projects selected for government incentives and support under the Shareek program last month.

IN OTHER M&A NEWS-

Tadawul-listed Almunajem Foods signed a share purchase agreement to acquire an additional 23% of Balady Poultry Trading Co, Almunajem said in a Tadawul disclosure yesterday. Almunajem will snap up the stake — equivalent to 1.51 mn shares — at SAR 120 per share, valuing the transaction at a total of SAR 181.3 mn.

Ownership structure post-transaction: Once the acquisition closes, Almunajem will hold a 40% stake in Balady Poultry, after previously holding a 17% stake, it said in the disclosure.

Background: Almunajem had acquired an initial 17% stake in Balady Poultry in March in a transaction worth SAR 134 mn, after signing a non-binding MoU to snap up Balady Poultry stakes. The Saudi Advanced Industries Company also snapped up 567.2k shares in Balady Poultry from “multiple shareholders” over separate batches dating back from September 2023 until March.

Ezdihar Real Estate, Al Istithmar Capital bank on rising demand for offices in Riyadh with SAR 1.1 bn real estate fund

Ezdihar Real Estate Development has launched a SAR 1.1 bn real estate fund with Al Istithmar Capital — a wholly owned subsidiary of Saudi Investment Bank (Saib), according to a statement (pdf) yesterday. The fund aims to develop a landmark business park in Riyadh.

In detail: The development, which spans a 103k sqm “prime plot,” is situated on the King Saud University campus in Riyadh along Prince Turki I Road. It will be designed as a “Grade A office park” with direct connections to King Khalid International Airport and major projects in the capital. The location has been “strategically chosen to attract leading businesses looking for premium office space in a dynamic area.”

A SMART INVESTMENT- Grade A office occupancy levels in Riyadh hit 98%, which is among the highest globally, a 3Q 2024 report (pdf) by real estate services provider Savills showed. “Activity remains so strong that under-construction buildings have recorded healthy pre-commitment levels,” it said.

About the firms: Ezdihar Real Estate Development — a part of Ezdihar Holding under the Fawaz Alhokair Group — aims to develop over 1 mn sqm of leasable area and deliver 2k residential units across major cities in the Kingdom by 2030. Al Istithmar Capital is the investment arm of Saib.

Riyadh’s rising demand for offices has been luring many: Earlier this year, SNB Capital and Alshegrey Investment Group launched the SAR 1 bn Al Ahli Al Basateen Real Estate fund. The SNB (the investment banking arm of SNB, the kingdom’s largest bank by assets) and Alshegrey are looking to capitalize on rising demand in Riyadh for offices and commercial real estate.

Court rules for Middle East Paper as years-long legal battle with Environment Ministry continues

Middle East Paper Co. was handed a favorable final verdict in a property rights case against the Environment, Water and Agriculture Ministry (Mewa), it said in a regulatory filing to Tadawul. Middle East Paper is 23%owned by the Public Investment Fund (PIF), which became the paper manufacturer’s largest shareholder in January.

What we know: The court of appeal upheld an initial ruling by Jeddah Administrative Court annulling compensation of SAR 2.6 mn ordered by the ministry’s evaluation committee.

What’s the issue? Mewa seized property belonging to Middle East Paper in 2007 and offered compensation of SAR 2.6 mn nine years later. The company claimed in a suit filed last September that officials had improperly valued the asset and demanded compensation closer to SAR 74 mn, citing an independent valuation report.

Al Khorayef Group, LG Chem set to manufacture desalination membranes locally

A push for local desalination: Al Khorayef Group signed a cooperation agreement with South Korean petrochemicals giant LG Chem to build an industrial complex in Saudi to manufacture seawater reverse osmosis (SWRO) membranes and a technical center, the leading industrial group said in a statement. The agreement was signed on the sidelines of the Saudi Water Forum, which concludes tomorrow in Riyadh.

What we know: The industrial complex and technical center will begin operations in 2026 and looks to “meet growing demand on desalination in the region,” the statement said. The plant is set to manufacture 300k membranes annually and will see an investment of some SAR 320 mn, state news agency SPA reported yesterday.

What went down at the forum: A number of partnership agreements and MoUs were signed between government institutions and the private sector to help develop the uses of recycled water and promote the adoption of technology in water management, according to SPA.

Also signed at the forum:

A cooperation agreement between PIF-owned Saudi Investment RecyclingCompany and German wastewater treatment solutions GI Aquatech to “bolster joint cooperation.”
Three agreements between the Saudi Irrigation Organization and unnamed local and foreign firms to develop the uses of recycled water and to develop agricultural production in the Kingdom.
An agreement between Alkhorayef Water and Power, local contractor Al Awael and Civil Works Co. to set up two projects in Dammam and Al Khobar.

Strategic dialogue with Japan is in the cards

Cabinet approved yesterday an MoU between the government and Japan to establish a strategic dialogue at the foreign minister level, state news agency SPA reported yesterday.

The World Economic Forum (WEF) special meeting in Riyadh received praise from the ministers. They said the hosting of the event comes under the Kingdom’s efforts to boost global economic growth amid its unprecedented economic transformation. The ministers also expressed appreciation for King Salman’s sponsorship of the Riyadh-hosted Islamic Development Bank (IsDB) annual meetings. The support by Saudi reflects its keenness on continued cooperation with the IsDB bank to support economic cooperation between member states and others, they said.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Gaza also got a mention: The Cabinet also discussed exerted efforts by Saudi and its partners in regards to a ceasefire in Gaza and an international recognition of an independent Palestinian state. They reiterated Saudi’s support to stability and development in the Middle East and elsewhere.

Also approved at yesterday’s Cabinet meeting:

A cooperation agreement between the government and Bahrain on energy;
An MoU between the government and Nigeria on oil and gas;
An MoU between the Industry and Mineral Resources Ministry and its counterpart in the Democratic Republic of Congo on mining;
An MoU for industrial cooperation between the Industry and Mineral Resources Ministry and its Tunisian counterpart;
A cooperation agreement between State Security Presidency and their counterparts in Pakistan on the fight against terrorism.

Infobip unveils first data center in Saudi. Plus: manufacturing, waste management and logistics

TECHNOLOGY-

#1- Global cloud communication firm Infobip launched its first data center in Saudi, according to a statement (pdf). The data center, colocated at an unnamed local service provider, will host and process data across the Kingdom in line with international data security standards, the statement read.

In context: Infobip’s announcement comes amid rising global industry interest in the Kingdom and new data sovereignty regulations that will require many providers to house and process Saudi data in the Kingdom. Check out our primer here.

#2- Communications and IT Minister Abdullah Alswaha discussed potential investment in emerging technologies and government digitalization with the digital economy ministers of Armenia, Estonia and Rwanda, state news agency SPA reported. Alwaha’s meetings were on the sidelines of the World Economic Forum (WEF) special meeting in Riyadh.

MANUFACTURING-

Jeddah-based pharma manufacturer and distributor Cigalaha Healthcare is set to localize the production and supply of 29 pharma products under a freshly-penned partnership with Turkish pharma player Abdi Ibrahim, Cigalah’s CEO Yasser Naghi told Aleqtisadiah. The partnership will see both pharma firms manufacturing treatments for heart disease, cancer, diabetes and nervous system impairments and biopharma.

Phase one of the joint venture will see some SAR 180 mn deployed over the next five years, with the goal of manufacturing up to 150 varieties of pharma products by the end of the period. The plant — which is scheduled for launch in 1Q 2025 — is expected to generate some SAR 500 mn in revenues, Naghi said. It aims to meet local and neighboring Gulf markets demand, he added.

WASTE MANAGEMENT-

Alkhorayef Water and Power Technologies (Awpt) signed a 15-year operation and maintenance agreement worth SAR 1.7 bn with the National Water Company for four sewage treatment plants in Al Ahsa, it said in a disclosure to Tadawul.

HEALTHCARE-

ICT solutions provider Perfect Presentation Commercial Services (2P) signed a two-year contract worth SAR 201 mn to operate and develop Health Ministry’s contact centers, it said in a disclosure to Tadawul.

LOGISTICS-

Mawani adds new shipping service to Jeddah port: The Saudi Port Authority (Mawani) has added a new weekly shipping service, operated by the Mediterranean Shipping Company (MSC), to Jeddah Islamic Port, according to a statement. The service, dubbed Levante Express, will connect Jeddah with ports in northern and southern Europe, including Italy’s La Spezia Port and the Port of Naples, Turkey’s Port of Mersin, and Egypt’s Alexandria. It will offer a capacity of up to 15k TEUs.

RETAIL-

Local FMCG distributor Baazeem Trading will become the exclusive distributor for food products by Egypt-based food manufacturer Kellogg Tolaram Noodles in the local market, it said in a disclosure to Tadawul. The contract, which is valued at SAR 20 mn, entails distributing Kellogg Tolaram’s food products to supermarkets, mini markets, wholesale and others. Baazeem anticipates annual sales growth of SAR 20 mn annually over the course of the three-year contract , it added.

ADQ to sell first USD-denominated bonds in benchmark-sized issuance

ADQ mulls inaugural benchmark-sized USD bond issuance: Abu Dhabi sovereign wealth fund ADQ is reportedly selling its first dual-tranche USD-denominated benchmark sized senior unsecured bonds with tenors between five and ten years, Bloomberg and Reuters reported, citing people they say are familiar with the matter. A global investor call reportedly took place on Monday to discuss the debut offering.

Sound smart: A benchmark sized issuance usually has a minimum value of USD 500 mn.

ADQ is looking to diversify its funding sources for future acquisitions, according to one of the sources. In addition to its landmark USD 35 bn agreement with the Egyptian government back in February, ADQ has committed to plenty of investments over the last few months, including agreements in Kenya worth USD 500 mn and initiated a USD 180 mn tech-focused fund in Oman just last week.

The offering comes one week after Abu Dhabi’s first eurobond sale in three years, raising around USD 5 bn in one of the biggest emerging market transactions of the year, according to Bloomberg. Companies under Abu Dhabi’s ownership had around USD 113 bn in outstanding debt by the end of 2023, according to the bond prospectus.

DATA POINT: The wealth fund, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, manages around AED 720.5 bn (USD 196 bn) worth of assets.

ADVISORS- Our friends at HSBC Holdings and First Abu Dhabi Bank, alongside Citigroup, Crédit Agricole, Goldman Sachs International, and Standard Chartered will act as joint global coordinators and active bookrunners, according to Reuters and Bloomberg.

MARKETS THIS MORNING-

Most Asian markets are closed this morning in observance of Labor Day. The Nikkei was down about 0.7% in early trading, while Australia’s ASX 200 was off a bit more than 1%. Markets are also closed today in France, Germany, Italy, and Spain and will look to make up ground tomorrow after the broad Stoxx 600 closed down nearly 1.5% for the month of April. Futures suggest shares in London and New York will face selling pressure at the opening bell later today.

TASI	12,394.9	+0.2% (YTD: +3.6%)
MSCI Tadawul 30	1,561	-0.6% (YTD: +10%)
NomuC	26,336.3	+0.4% (YTD: +7.4%)
USD : SAR (SAMA)	3.75 Buy	3.75 Sell
Interest rates	6.5% repo	5.5% reverse repo
EGX30	24,449	-6% (YTD: -1.8%)
ADX	9,067	+0.05% (YTD: -5.3%)
DFM	4,156	-0.1% (YTD: +2.4%)
S&P 500	5,065	-1% (YTD: +6.6%)
FTSE 100	8,144	0.0% (YTD: +5.3%)
Euro Stoxx 50	4,921	-1.2% (YTD: +8.8%)
Brent crude	87.9	-0.6%
Natural gas (Nymex)	1.97	-2.8%
Gold	2,305.2	-2.2%
BTC	60,374.9	-4.3% (YTD: 117.3%)

THE CLOSING BELL: TADAWUL-

The TASI closed up 0.2% yesterday on turnover of SAR 7.5 bn. The index is up 3.6% YTD.

In the green: MCDC (+7.9%), Nadec (+7.3%) and Saudi Re (+7.2%).

In the red: Saudi Electricity (-3.7%), Chubb (-2.7%) and Raydan (-2.6%).

THE CLOSING BELL: NOMU-

The NomuC closed up 0.4% yesterday on turnover of SAR 54.8 mn. The index is up 7.4% YTD.

In the green: Future Care (+15.7%), AlBabtain Food (+7.9%) and SPC (+5.2%).

In the red: Ghida AlSultan (-14.7%), Taqat (-8.4%) and Academy of Learning (-7.6%)

CORPORATE ACTIONS-

Bank AlBilad’s board of directors recommended a capital hike to SAR 12.5 bn through issuing one bonus share for every four shares, it said in a disclosure to Tadawul.

And one for healthcare: King Faisal Specialist Hospital and Research Center was named the region’s most valuable healthcare brand on the back of a 31% increase in brand value to USD 1.5 bn. It ranked first in the region and 20th globally in Brand Finance’s Global Top 250 Hospitals list with a brand strength index score of 73.9/100.

CALENDAR

APRIL

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.

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.

27-28 May (Monday-Tuesday): Smart Data & AI Summit Saudi, JW Marriott Hotel, 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.

25-27 November (Monday-Wednesday): World Investment Conference, 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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