Saudi tops Gulf IPO league table in 1H 2024

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: China’s Envision Energy to build wind turbine manufacturing plant in Saudi Arabia -report

Good morning, everyone. As has been the case in recent weeks, there’s no theme running through an issue, but there’s still plenty of business news as we settle into the dog days of summer.

This morning’s issue includes… a report on the 1H 2024 regional IPO market (we’re at the top of the league table) … news that Stc might be shifting its eye to Vodafone Portugal after it failed to acquire Altice Portugal … and manufacturing news including what could be a PIF-backed wind turbine plant and word that Henkel has opened its Pert plant in the capital.

Let’s jump right in:

HAPPENING THIS WEEK- The Real Estate General Authority’s Real Estate Brokerage Forum kicks off tomorrow at the Riyadh International Convention and Exhibition Center. The event will look at amendments to the brokerage system that went into effect in January 2023, as well as real estate platforms and the future of real estate market with speakers from Al Watania Real Estate, the Digital Government Authority, and proptech outfits Aqar, and Bayut. You can register for the event here.

REFRESHER- The broker regulations cover licensing and training, advertising regulations, brokerage contracts, and transaction recording. The regulations were released in July 2022 and came into effect this past January.

WEATHER- It’s another hot day in Riyadh, with a daytime high of 43°C and an overnight low of 29°C. Expect a strong breeze in Makkah with the mercury peaking at 45°C during the day before dropping to 33°C at night. Jeddah is looking at a high of 40°C and a low of 31°C.

WATCH THIS SPACE-

A wind turbine manufacturing plant, courtesy of China? The Public Investment Fund could sign an agreement this week with China’s second-largest wind turbine manufacturer, Envision Energy, to set up a wind turbine manufacturing plant here, Bloomberg reports, citing people it says were familiar with the matter.

The report says Envision would be the largest shareholder in the venture, with Riyadh-based, privately owned renewable energy firm Vision Industries taking a stake alongside PIF.

Envision is no stranger to Saudi: It is supplying wind turbines for the USD 8.5 bn Neom Green Hydrogen project, which will use 4 GW of solar and wind power to create clean hydrogen. The plant promises to be the world’s largest utility-scale green hydrogen facility, producing 1.2 mn tons of green ammonia annually.

BACKGROUND- This plays nicely into both the Kingdom’s bid to boost domestic production of renewable energy and to localize manufacturing of both critical industries advanced technologies.

DATA POINT- Credit quality at local banks improved as non-performing loans dropped to to 1.4% of outstanding facilities in 1Q 2024 from 1.7% a year earlier on the back of stronger risk profiles and effective risk management, Arab News reports citing data from the Saudi Central Bank (Sama).

PSAs-

#1- Global management consultancy Arthur D. Little has made King Abdullah Financial District (Kafd) in Riyadh its regional HQ, the firm said in a post on Linkedin. The inauguration ceremony was attended by Investment Minister Khalid Al Falih and Kafd CEO Gautam Krishna Sashittal. “This new office marks a significant milestone in our journey to support the Kingdom's economic transformation and growth,” Arthur D. Little said.

IN CONTEXT- Earlier this year, the government rolled out tax incentives for foreign companies that relocate their regional headquarters to the Kingdom — and state institutions are helping with the push. The incentives are part of a plan that is a cornerstone of Crown Prince and Prime Minister Mohammed bin Salman’s drive to build a diversified, globally significant non-oil economy, and has been in the works since February 2021. Companies that don’t declare Saudi their regional HQ run the risk of being ineligible to bid for government contracts.

#2- Residents of Sharurah, in Najran province, will be financially compensated for extended power outages over the weekend, Okaz reported, citing a text message by the Saudi Electricity Company (SEC) to residents in the area. SEC apologized for the disruption of services and said SAR 2k in compensation would be added to each affected client’s account.

REMEMBER: This is the second power outage this month following an outage last week that affected Hittin, Al Nakheel, Al Aqeeq, and Al Ghadeer. It was caused by an unaffiliated contractor damaging a main electrical transmission line while working on a public project.

#3- You can now report any defects in medical devices and supplies to the Saudi Food and Drug Authority (Sfda) online, the authority said in a post on X. These include products such as blood pressure monitors, contact lenses, thermometers, home nebulizers, and laser hair removal devices, among others. Consumers must attach the purchase invoice, a photo of the item, and photos of any injuries sustained due to the use of the product.

ALSO- An unnamed establishment was fined SAR 500k by the Sfda for tampering with expiry dates on poultry products, state news agency SPA reported. The authority seized 5 tons of food including poultry products with doctored expiry dates and poultry and meat from unknown sources at the facility’s warehouse in Riyadh.

SPORTS-

New Al Qadsiah CEO tipped as Rangers FC savior: James Bisgrove, who jumped ship as CEO at Rangers FC to assume the same role at newly promoted Al Qadsiah, might offer up a solution to bail out his former employers which are looking to make room for new signings amid some financial struggles, Ibrox News reported.

Bisgrove’s plan could see him bringing some senior players from the Scottish side to the Saudi Pro League. “Maybe he’ll be able to help us in terms of one or two outgoings. Maybe one or two of the boys will be playing their football towards the end of their careers [in Saudi],” ex-Rangers player Derek Ferguson said.

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

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday before 7am Riyadh time — without charge, thanks to our friends at Cenomi.
***

THE BIG STORY ABROAD-

Donald Trump is still in front pages everywhere — this time after formally taking the Republican nomination. He has named Ohio Senator JD Vance as his running mate — Vance was once a Trump critic and is a sharp populist — in a move that the Wall Street Journal says could be aimed at clinching victory in the Midwest battleground states.

Trump made his first public appearance since his assassination attempt — with a big bandage on his ear — at the Republican National Convention, which is still underway at dispatch time.

ALSO- A US judge dismissed a criminal case over Trump’s handling of classified documents, in the latest legal victory for the former president, the WSJ reported separately. The judge in the case is a Trump appointee who has made a series of baffling or unorthodox rulings in the case.

AND- Trump will force Ukraine-Russia peace talks if he’s elected president, says Hungary’s prime minister, Viktor Orbán.

OVER IN FRANCE- The fragile unity within the country’s New Popular Front is fraying as coalitions within the party fail to agree over a new prime minister, France24 reports. The government is set to convene on Thursday for the first time to elect a new president of the national assembly, equivalent to the speaker of the house.

IN THE BUSINESS PRESS- Apple’s shares rose to a record high after Morgan Stanley identified the stock as a “top pick,” giving it a valuation of USD 3.62 tn, attributing the choice to the iPhone manufacturer’s AI efforts, which it expects to help boost sales.

SPEAKING OF APPLE- Fellow iSheep can now download the beta version of iOS 18 (and iPad, macOS, watch OS 18, and macOS Sequoia). (The Verge)

AND IN EARNINGS NEWS- Goldman Sachs saw its net income more than double in 2Q 2024 to USD 3 bn due to a recovery in dealmaking. Morgan Stanley is set to report its earnings today.

CIRCLE YOUR CALENDAR-

The Crawford vs Madrimov boxing showdown will take place on Saturday, 3 August at the Los Angeles BMO Stadium. The event is the highlight of the Los Angeles Riyadh Season Card which features five other bouts. You can check them out here.

Aramco is set to release its 1H 2024 results on Tuesday, 6 August, according to its website. You can tune into the audio webcast of its earnings call here. The oil giant’s net income dipped a bit more than 14% in 1Q 2024 to SAR 102.3 bn.

Cybersecurity training event SANS Riyadh Cyber Leaders August 2024 will run from Sunday, 18 August to Thursday, 22 August at the Hyatt Regency Riyadh Olaya.

The eight-week Esports World Cup runs until Sunday, 25 August Riyadh’s Boulevard City. The world’s top esports clubs are competing for a pool of USD 60 mn — the largest purse in esports.

The TotalEnergies CAF Super Cup Final 2024 between Egyptian rivals Al Ahly and Zamalek will be held in Riyadh on Friday, 27 September. The venue and kick-off time of the match will be announced at a later date.

This year’s edition of security-focused expo Intersec Saudi Arabia will run from Tuesday, 1 October to Thursday, 3 October at the Riyadh International Convention and Exhibition Center.

Saudi tops Gulf IPO league table with USD 2.1 bn in proceeds in 1H 2024

Saudi accounted for the lion’s share of proceeds flowing into Gulf IPOs in 1H 2024: Saudi raised USD 2.1 bn in IPO proceeds in the first half of 2024, accounting for 59% of total IPO proceeds in Gulf Cooperation Council countries during the period, investment bank Kuwait Financial Centre (Markaz) said in a recent report (pdf). Saudi IPOs saw proceeds up 141% from the same period last year.

Out of a total of 23 offerings in the Gulf during the first half, 19 were in the Kingdom with three in the UAE, and one in Kuwait.

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

Tadawul vs Nomu: Tadawul’s main market saw eight IPOs in 1H 2024 according to Enterprise calculations, raising some USD 1.95 bn in proceeds, while the exchange’s parallel market for smaller, earlier-stage companies Nomu saw 11 IPOs, generating USD 143 mn over the same period, by our math.

The year started strong on the main market and accelerated in 2Q, with multiple IPOs in the market at the same time meeting strong investor appetite. The breakdown:

Regional broadcaster MBC Group rang the bell on Tadawul in January, offering a strong start to the year.

Avalon Pharma was quick to follow with a SAR 492 mn main market IPO in February;
Modern Mills followed suit in March;
Fakeeh Care went to market in 2Q with the largest IPO of the first half;
Labor agency Smasco’s heavily oversubscribed offering saw its shares rise 20% in its debut
Water treatment outfit Miahona saw its shares pop nearly 30% in its debut in early June
Homegrown fintech Rasan, up the maximum allowed 30% in its debut late last month
Aluminum products maker Talco, which rose 14% on day one of trading.

Meanwhile, eleven companies offered shares on Nomu, including Pan Gulf Marketing, WSM Information Tech, Al Modawat Specialized Medical, Quara Finance, Al Mohafaza Education, Taqat Mineral Trading, Mohammed Hadi Al Rasheed, Horizon Educational, Leaf Global Environmental Services, Neft Alsharq, and Yaqeen Capital.

The regional view: GCC IPOS raised USD 3.6 bn in 1H 2024, marking a 32% y-o-y decline from USD 5.3 bn in the same period last year. IPO proceeds in the UAE were down 67% y-o-y during the period to USD 1.3 bn through three offerings, while Kuwait raised USD 147 mn from its first IPO since 2022.

Two out of five of the GCC’s top IPOs in Q1 were Saudi: Dr Soliman Abdulkader Fakeeh Hospital raised some USD 764 mn in what was the largest IPO on Tadawul in 1H 2024. Proceeds from the hospital’s IPO accounted for 21% of total GCC IPO proceeds during the period. Modern Mills also raised USD 314 mn in proceeds after taking a 30% stake to the market, with the offering accounting for 9% of total GCC IPO proceeds during the period.

Healthcare IPOs hit the bullseye in the GCC: The healthcare sector accounted for nearly 22% of total IPO proceeds in the GCC with some USD 788 mn in proceeds. This was led by Fakeeh’s IPO. The technology sector accounted for 14% at USD 515 mn followed by the industrials sector with 12% among other sectors.

BACKGROUND- Saudi was IPO king of 2023, dominating issuances in the GCC with 35 of 46 IPOs tracked separately by Kamco Invest (pdf) in January. The figure includes listings on both Tadawul’s main market as well as Nomu. The UAE led the region last year in terms of total IPO proceeds.

As for the pipeline? There’s lots more where that came from:

Electronics retailer Extra plans to IPO the unit that owns and operates Tasheel, its consumer finance arm, on Tadawul. The transaction is expected to hit the market this fall.
The Fourth Milling Company (MC4) and Arabian Mills Food Products have been cleared by the CMA for share sales on Tadawul;
Hotels and resorts operator Boudl has said it intends to go public;
Singapore’s Olam Group is mulling the IPO of its Olam Agri subsidiary on Tadawul;
Hypermarket operator Lulu is said to be eyeing a dual listing on Tadawul and ADX;
Aster DM Healthcare looks set to spin off its GCC assets and seek a dual listing on Tadawul and in the UAE;
Perfume maker Arabian Oud is said to have appointed bankers ahead of a share sale;
PIF-backed lender Riyad Bank is considering the listing of its investment banking arm Riyad Capital ;
Budget airline Flynas is reportedly looking to go public this year;
Plastics products maker ASG Plastic Factory ia taking a 10.6% stake to Nomu;
Local contractor Al Ashghal Almoysra is set to debut a 20% stake on the parallel market.

PIF PREPARING NUPCO FOR IPO?

The Public Investment Fund (PIF) has reportedly tapped SNB Capital, JPMorgan Chase, and Morgan Stanley for the planned IPO of its medical procurement firm Nupco, Bloomberg reported yesterday, citing sources it says are familiar with the matter. The offering could take place this year, the sources said. It is expected to raise less than USD 1 bn, Bloomberg reported earlier.

What’s Nupco? Established in 2009, Nupco is one of the Kingdom’s largest medical procurement companies. It supplies supplementary medical and medical devices to the health ministry, university hospitals, and others.

Stc advised to consider move for Vodafone Portugal after bid for Altice fails

Saudi Telecom (stc) might be turning its sights to Vodafone Portugal after the telecom giant’s bid to buy Altice Portugal reportedly failed, Portuguese newspaper Jornal Económico reports. Stc is being advised by market experts to consider a move for Vodafone Portugal, according to the media outlet.

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

Timing is everything: A possible play by stc for Vodafone Portugal comes after Vodafone Portugal was told by Portugal’s competition regulator that it couldn’t acquire Nowo, the country’s fourth-largest network operator. Vodafone Portugal is currently the country’s third largest operator.

REMEMBER- Stc has been looking to expand its Iberian footprint: Stc, which is 64% owned by the Public Investment Fund, acquired a 9.9.% stake in Spain’s Telefonica in September last year to become the telecom giant’s top shareholder. That prompted the Spanish government to embarked on a plan to increase its stake in the telecom operator to 10% to ensure stc doesn’t become Telefonica’s single largest shareholder.

Stc and Patrick Drahi, the owner of European telecom group Altice, reportedly endedtalks earlier this month that would have seen stc buy Altice’s telecoms business in Portugal, according to Portuguese business newspaper Eco. Talks reportedly collapsed after the two disagreed on the final price, Eco cites sources as saying. Stc submitted in March the highest binding offer to acquire Altice Portugal, which Eco estimates is worth c. USD 8 bn. However, Drahi was hoping to bag a lofty EUR 10 bn from the sale, a price tag that scared off most potential buyers.

Sama launches government banking services platform

Government agencies can now securely access and manage their accounts at the central bank through government banking services platform Naqd, which the Saudi Central Bank (Sama) launched earlier this week, according to state news agency SPA. The platform is designed to help these agencies securely access and manage their accounts at the central bank, facilitating financial transactions.

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

About the platform: Naqd aims to improve user experience, increase efficiency, and reduce the time needed for government banking procedures by providing instant access to account information and real-time transaction monitoring.

Part of a broader digitization strategy: The central bank wants to transform the financial sector into a smart financial hub, including recently launching the View My Bank Accounts verification service for individual customers at local banks and the new e-wallet regulations it proposed in May. Sama also issued its first digital bank license to STC Pay in April, the fintech is poised to become the GCC’s largest e-wallet with 12 mn customers.

Saipem lands contracts from Aramco worth USD 500 for two offshore projects

Saipem has landed two offshore projects worth a combined USD 500 mn from oil giant Aramco, the Italian drilling company said in a statement yesterday. The Milan-based energy contractor will carry out the engineering, procurement, construction and installation of a crude trunkline for the Abu Sa’fah oil field and introduce production maintenance programs for the Berri and Manifa fields. No further details were provided.

About the fields: The Abu Sa’fah oil field is a conventional oil field located in shallow water and jointly owned by Saudi and Bahrain. Its production capacity of 300k barrels a day is divided equally between the two nations. The Berri field is located both onshore and offshore along the eastern coast of the Kingdom, while the Manifa oil field is a huge six-reservoir shallow oil field. It hit its target of producing 900k barrels per day in 2017.

Long-standing partners: Saipem had annual average orders of c. EUR 1.5 bn from Aramco between 2021 and 2023. It signed a 12-year contract with Aramco in 2020 for onshore engineering and construction activities. It said earlier this year that it is forecasting a 20% fall in average annual orders from Aramco until 2027 on the back of the oil giant’s decision to shelve plans of investment in new production capacity. However, it said Aramco’s suspension would not significantly impact its 2024 targets.

New hires at Snap and Sumitomo Mitsui Banking in Saudi

Snapchat owner Snap Inc has appointed Abdulla Alhammadi (LinkedIn) as its managing director in the Kingdom, it said in a statement picked up by Zawya. Alhammadi is no stranger to the company, having served as its regional business lead in Saudi since 2019. Alhammadi also held several leadership positions at Bahrain-based technology group Beyon where he served as vice chairman at its financial super app subsidiary between 2021 and 2023 among other earlier positions. He also held several positions in McKinsey and Company and Google among others.

Why this matters: Snapchat remains popular in the Kingdom with some 22 mn monthly users opening the app more than 50 times a day on average, according to the statement. It is pouring “significant investments within the Kingdom to serve the large community of Snapchatters, content creators, and advertisers, providing value for all on the platform.”

The big five in Saudi (in order or popularity): WhatsApp, Instagram, Tiktok, Snapchat, and X, as of the end of 2023.

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

Japan’s Sumitomo Mitsui Banking Corp. has hired Abdul Haleem Al Balooshi (LinkedIn) to head its bank coverage in Saudi, Bloomberg reported, citing people it says were familiar with the matter. Al Balooshi reportedly assumed his position earlier this month, the sources said. He has been serving for nearly three years as Societe Generale’s head of financial institutions and sovereigns business in Saudi. Al Balooshi also held key positions in the Gulf International Bank and Hsbc.

Saudi-Egypt power grid interconnection more than halfway complete

MANUFACTURING-

A new factory for Pert hair care products in town: German consumer goods manufacturer Henkel has opened a new factory in Riyadh that will produce hair care products for its Pert brand, according to a statement picked up by Zawya. The new facility positions Henkel as a local production hub and is expected to boost its regional exports, backed by a strong portfolio of locally-manufactured products, including the Persil laundry detergent and DAC disinfectant products. The company has another factory in the Saudi capital (for laundry- and home-cleaning products) and two (for adhesives) in Dammam.

INFRASTRUCTURE-

Saudi-Egypt grid interconnection 60% complete: The project connecting Saudi and Egypt’s power grids is 60% complete with electrical conduits currently being installed in the Gulf of Aqaba to convey 8 submarine cables, Asharq Business reported, citing an unnamed Egyptian government source. The 3 GW interconnection project is scheduled to be completed in two phases. The source estimated that the first 1.5 GW phase is set to go live in July 2025 and the second one in early 2026.

EDUCATION-

Inftah’s online platform to get a makeover by Sure Global Tech: IT solutions provider Sure Global Tech has signed a SAR 52 mn contract with the Entrustment and Liquidation Center (Infath) to revamp the independent governmental agency’s digital platform, a disclosure to Tadawul showed. The three-year contract will also see Sure provide technical support to Inftah and help accelerate liquidation procedures for its customers.

CEMENT-

Tadawul-listed Umm Al Qura Cement has joined the government’s industrial sector competitiveness program to help cut its production costs, it said in a disclosure to Tadawul. It said the program would help it raise the efficiency and quality of energy sources used in its facilities, bringing the financial hit from the increase of production costs due to rising fuel prices to 9% from an earlier 11%.

About the program: Launched by the Industry and Mineral Resources Ministry, the program offers financing to factories operating in vital economic sectors to help improve their operational efficiency by transitioning to more efficient fuels to lower the financial impact of energy and water price adjustments. It has earmarked some SAR 15 bn to provide financial solutions for the targeted sectors.

INFRASTRUCTURE-

An advanced veterinary laboratory will be set up in Riyadh under a SAR 175 mn contract signed between the Environment, Water and Agriculture Minister Abdulrahman Al Fadhli and an unnamed specialized, state news agency SPA reported. The laboratory will study and monitor the spread of animal diseases and develop veterinary vaccines for local disease strains. It is set to be a regional reference laboratory for the Middle East.

ELECTRICITY-

Another transmission project by Keir International: Nomu-listed Keir International signed a contract with Saudi Electricity Company to install high-voltage underground cables, it said in a disclosure to Tadawul. The SAR 78.8 mn contract will see the company provide high-voltage underground cables connecting two stations in Wadi Al Dawasir.

Fed boss continues to (carefully) build a case for rate cuts, saying it looks like inflation is heading to the magical 2% zone

The US Federal Reserve continues to build a case for starting to cut interest rates. Fed boss Jerome Powell said yesterday 2Q 2024 US inflation readings “add somewhat to confidence" that inflation is heading towards the central bank’s 2% target, Financial Times reported. His remarks add to speculation that the Fed could start cutting interest rates as soon as September.

What he said: “Our test has been for quite some time that we want to have greater confidence that inflation was moving sustainably down towards our 2 percent target, and what increases confidence in that is more good inflation data,” Powell said at an event at the Economic Club of Washington. “And lately, we have been getting some of that.”

But Powell isn’t calling the ball: “Today I’m not going to be sending any signals one way or the other on any particular meeting,” Powell said. “Just to ruin the fun right at the beginning.”

Powell has been (cautiously) talking up the idea that inflation is cooling: He told Congress last week that he has “some confidence” that inflation is heading toward the 2% mark. He also said that the Fed doesn’t necessarily need to wait for inflation to fall to 2% before moving on interest rate cuts, adding to the speculation that the first cut could come this fall.

AND- Powell said that risks to the labor market were a key focus for the Fed along with elevated. “Now that inflation has come down and the labor market has indeed cooled off, we’re going to be looking at both mandates,” Powell said. “They’re in much better balance.” He said that “an unexpected weakening” in the labor market could stir a reaction by the central bank.

WHY THIS MATTERS- Powell’s comments were the last remarks he is scheduled to make before the Fed meets on July 30-31 at which the bank is widely seen leaving rates unchanged. The earliest most analysts expect a rate cut is at the September policy meeting.

MARKETS THIS MORNING-

Powell’s remarks yesterday were in line with market expectations and did little to move markets: Major Asian benchmarks are mixed this morning, with no big swing to in sight.

Across the pond: The Dow closed at another record high yesterday, gaining 200 points as traders shrugged off the attempted assassination of Donald Trump. Wall Street futures were up in overnight trading, while all of the major European benchmarks we track were down slightly.

TASI	11,948	+0.6% (YTD: -0.2%)
MSCI Tadawul 30	1,498	+0.7% (YTD: -3.4%)
NomuC	25,850	+0.6% (YTD: +5.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.0% repo	5.5% reverse repo
EGX30	27,952	-0.3% (YTD: +12.3%)
ADX	9,145	0.0% (YTD: -4.5%)
DFM	4,115	+0.3% (YTD: +1.4%)
S&P 500	5,631	+0.3% (YTD: +18.1%)
FTSE 100	8,183	-0.9% (YTD: +5.8%)
Euro Stoxx 50	4,983	-1.2% (YTD: +10.2%)
Brent crude	84.77	-0.1%
Natural gas (Nymex)	2.16	+0.1%
Gold	USD 2,428.90	+0.3%
BTC	USD 63,612	+4.5% (YTD: +51.4%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.6% yesterday on turnover of SAR 7.2 bn. The index is down 0.2% YTD.

In the green: Al Sagr Ins. (+10.0%), Gasco (+6.0%) and Jazira Takaful (+5.3%).

In the red: Talco (-7.7%), Rasan (-7.1%) and MBC Group (-6.5%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.6% yesterday on turnover of SAR 37.4 mn. The index is up 5.4% YTD.

In the green: Future Care (+10.3%), NBM (+10.0%) and Ghida Al Sultan (+6.1%).

In the red: Ladun (-7.4%), Fesh Fash (-4.7%) and AZM (-4.7%)

New UK prime minister, Crown Prince hop on a call

Crown Prince and Prime Minister Mohammed bin Salman told newly elected UK Prime Minister Kier Starmer that the Kingdom is keen on bolstering ties with the UK in a range of fields, state news agency SPA reported. The British PM’s office said Starner “praised the Crown Prince for his leadership to support regional stability and underlined the UK’s enduring commitment to peace and security in the region,” according to a statement.

IN OTHER DIPLO NEWS- Justice Minister Walid Al Samaani discussed enhancing judicial ties between Saudi and Qatar during a meeting with Qatari counterpart Ibrahim Al Mohannadi, SPA reported.

CALENDAR

JULY

4 July-25 August: (Thursday-Sunday): Esports World Cup, Boulevard Riyadh City, Riyadh.

17 July (Wednesday): Real Estate Brokerage Forum, Riyadh International Convention and Exhibition Center.

24 July (Wednesday): Stc shareholders to vote on PIF acquisition of Tawal.

21-30 July (Sunday-Tuesday): International Chemistry Olympiad, King Saud University, Riyadh.

AUGUST

3 August (Saturday): Riyadh Season Card featuring Terence Crawford vs. Israil Madrimov, Los Angeles BMO Stadium.

4 August (Sunday): Last day to apply to the Digital Government Authority (DGA) awards.

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

18 August (Sunday): New academic year begins.

18-22 August (Sunday-Thursday): SANS Riyadh Cyber Leaders August 2024, Hyatt Regency Riyadh Olaya.

27-29 August (Tuesday-Thursday): Saudi Fashiontex Expo, Riyadh.

SEPTEMBER

2-4 September (Monday-Wednesday): Saudi Warehousing & Logistics Expo, Riyadh.

2-4 September (Monday-Wednesday): Saudi Wood Expo, Riyadh.

3-5 September (Tuesday-Thursday): 24 Fintech, Front Exhibition & Conference Center, Riyadh.

9-11 September (Monday-Wednesday): International Manufacturing Congress, Riyadh.

10 September (Tuesday): Saudi Arabia Investors Forum, Riyadh.

10-11 September (Tuesday-Wednesday): SkyMove MENA, Riyadh.

10-12 September (Tuesday-Thursday): Saudi Sports Show, Riyadh.

10-12 September (Tuesday-Thursday): Global AI Summit, Riyadh.

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

16-19 September (Monday-Thursday): Foodex Saudi, Riyadh.

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

17-19 September (Tuesday-Thursday): Hotel & Hospitality Expo, Front Exhibition & Conference Center, Riyadh.

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam.

18-19 September (Wednesday-Thursday): IDC Saudi Arabia CIO Summit 2024, Riyadh.

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

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

27 September (Friday): CAF Super Cup Final 2024, Riyadh.

29 September (Sunday) - 1 October (Tuesday): Jeddah Construct Expo, Jeddah.

OCTOBER

1-3 October (Tuesday-Thursday): Intersec Saudi Arabia 2024, Riyadh.

5-7 October (Saturday-Monday): Middle East Education & Training Exhibition 2024, Jeddah.

15-16 October (Tuesday-Wednesday): Solar & Storage Live KSA, Riyadh.

16-17 October (Monday-Tuesday): Global Airport & Aviation Forum, Jeddah.

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh.

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

29-31 October (Tuesday-Thursday): Future Investment Initiative Conference, Riyadh.

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

NOVEMBER

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

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

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

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

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

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Dammam.

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam.

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

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

DECEMBER

1 December (Sunday): Opec+ to meet.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

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

11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034

23-26 December (Monday-Thursday): Aqarat Expo, Riyadh.

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh.

FEBRUARY 2025

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

14-15 February (Friday-Saturday): Formula E, Diriyah.

JUNE 2025

26 June (Thursday): 2024-2025 academic year ends.

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

2027

The World Water Forum takes place in Riyadh.

Sections

About

Privacy & Support

Get EnterpriseAM daily