What new labor law amendments mean for employers

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WHAT WE’RE TRACKING TODAY

THIS MORNING: A new tender for mining exploration licenses coming up

Good morning, wonderful people. We’re about to slide into the weekend with a not-too-busy issue that has a little bit of everything — major changes to the labor law, Aramco acquiring an additional stake in Rabigh Refining, and, of course, an avalanche of earnings.

WEATHER- There’s a 50/50 chance the downpour will grind to a halt tomorrow, or drag on until the end of next week, according to a warning issued by the National Center for Meteorology earlier this week. Jeddah has heavy rains in the cards for today and tomorrow, while Riyadh will enjoy clear skies with a high of 44°C and a low of 30°C today.

WATCH THIS SPACE-

#1- Saudi Electricity Company boosted its capex spending by 62.5% y-o-y in 1H 2024 to SAR 25.1 bn to improve service quality and efficiency, it said in its earnings release. The investments were earmarked for adding fresh generation capacity, as well as shoring up its grid. The energy generation and distribution company has raked in SAR 18.5 bn in financing agreements, with the funds earmarked for investments in the company’s growth.

ALSO- Fitch upgraded the PIF and Aramco-owned company’s credit rating in May to A+ with a stable outlook from A with a stable outlook, it added.

#2- Seven fresh mining exploration licenses are up for grabs, the Industry and Mineral Resources Ministry said in a post on X. The sites are located in Riyadh, Asir, and Makkah. Investors will have to place their bids in early September, while the projects will be awarded at the end of next month, according to a separate statement.

BACKGROUND- Saudi is ramping up investment in mineral exploration: The ministry unveiled earlier this year a fresh incentive package worth SAR 685 mn to boost mineral exploration in the Kingdom. The program was rolled out in collaboration with the Investment Ministry and aims to reduce early-stage risk for exploration companies. It comes as part of efforts to expand the sector and tap reserves of gold, phosphate, and others. The nation’s untapped mineral resources are now worth as much as USD 2.5 tn, or 90% more than the last forecast in 2016, officials said in January.

The ministry issued a total 31 new mining licenses in June, it said in a post on X. The total includes 12 for exploration, 11 for building material quarries, 5 for surplus mineral ore, and 3 for extraction, bringing the total number of active mining licenses in the Kingdom to 2.3k.

#2- Incentives for foreign investors in the local gaming sector: Investors can apply for tickets between SAR 50k and SAR 10 mn through an initiative supported by the Saudi Development Bank and the Communications and Information Technology Ministry, Aleqtisadiah reports. The sector’s initiatives across the sector totalled SAR 3 bn last year.

DATA POINTS-

#1- Saudi Arabia Railways (SAR) transported more than 5.1 mn passengers in 1H 2024, up 17% y-o-y, it said in a post on X. SAR operated a total of 17.2k trips (up 5% y-o-y) and transported 9% more cargo compared to 1H 2023.

#2- King Abdulaziz Port in Dammam set a new record in the Kingdom by handling 20.5k containers on a single vessel, according to a Mawani statement.

SPORTS-

#1- Nigerian national team captain William Troost-Ekong is heading to Al Khalood, after the SPL club agreed on an undisclosed fee with Greek football club Paok and on personal terms, sports journalist Fabrizio Romano said on X. The 30-year-old Nigerian led his national team to the AFCON finals earlier this year, before losing against Ivory Coast.

#2- Al Ittihad is the 7th biggest spender in the summer transfer window globally, according to data from Transfermarkt. The club, which finished 5th in the SPL last season, has already brought in 18 players, spending a total of EUR 96.7 mn. The transfer window in Saudi closes Sunday, 6 October.

#3- World number one Iga Swiatek is the first to qualify for the tennis season finale in Riyadh, after the Polish defending champion maintained first place in the PIF Race for the WTA Finals with a total of 11k points, which will be held from 2-9 November, according to a statement from the women's tennis governing body.

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THE BIG STORY ABROAD-

There’s no single story clearly capturing the international press’ imagination this morning, giving us instead a mixed bag of the latest from the US presidential race and some analysis on the Palestine-Israel conflict.

Kamala Harris and her newly-minted running mate Tim Walz are making campaign stops in key swing states in the Upper Midwest — a critical area to ensure they get voted into the White House this November. Harris’ campaign raised some USD 36 mn in the first 24 hours after announcing Walz as her vice presidential pick (Reuters | New York Times | AP | Guardian).

MEANWHILE- Hamas’ appointment of Yahya Sinwar as its new political chief is the subject of analysis pieces in Bloomberg, the Financial Times, and the Wall Street Journal, all of whom are looking at Sinwar’s past and what his appointment means for Gaza and the prospects of a ceasefire with Israel.

Over in Bangladesh: Nobel laureate Muhammad Yunus, who has long been a political adversary of Bangladesh's deposed Prime Minister Sheikh Hasina, has been appointed as the country's interim leader. (France24 | CNN | BBC)

OLYMPICS-

Another eventful day at the Paris Olympics kicked off with the 20 km mixed walk race — the latest discipline added to the Olympics this year — which was won by the Spanish duo Álvaro Martín and María Pérez.

FIRST UP- Our very own 27-year-old Dunya Abu Taleb was one step away from becoming the first Saudi woman to win an Olympic medal, before losing the bronze match in the -49 kg category to Iran's Mobina Nematzadeh. Abu Taleb started her day yesterday by defeating Israeli player Abishag Semberg in the round of 16.

Australia had its best Olympic day in history yesterday, adding four golds to its haul. Most notably, 21-year-old Keegan Palmer held on to the men's skateboarding gold after first winning in during the Tokyo 2020 games, where the sport made its debut. Yesterday’s wins pushed Australia to third place in the medal standings with 18 golds — five more than host France in fourth place.

Moroccan Soufiane El Bakkali successfully defended his title in the 3,000m steeplechase after one thrilling tactical race. El Bakkali became the first athlete to bag the event’s gold back-to-back since 1936.

Bahrain’s Salwa Eid Naser has qualified for the women’s 400m final tomorrow after coming first in the semifinals, giving Manama a chance at securing a second medal after 4-year-old Winfred Yavi clinched the women’s 3km steeplechase title on Monday.

The medal standings now at the Paris Olympics:

USA (27 gold, 94 overall)
China (25 gold, 65 overall)
Australia (18 gold, 41 overall)
France (13 gold, 51 overall)
UK (12 gold, 49 overall)
Korea (12 gold, 27 overall)

Want to see when your favorite sport is on? Check out the official schedule here.

CIRCLE YOUR CALENDAR-

Small and medium enterprises regulator Monsha’at will hold a franchise tour of five cities on 12-13 August (Monday and Tuesday). The tour, which starts in Khobar and includes stops in Abha, Qassim, Hail and Jeddah, will showcase success stories in the sector. The tour then picks up with seven stops scheduled for an installment next year.

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 New Global Sport Conference 2024 is happening on Saturday and Sunday, 24-25 August, bringing together top figures from sports, esports, gaming, entertainment, and technology. This year’s theme is the Future of Fandom, highlighting fans’ role in building brand equity and revenue.

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.

New amendments to the labor law

Newly-approved labor law makes changes to foreign worker contracts, maternity leave: Recent amendments to the Labor Law — which the Cabinet approved at its meeting earlier this week — introduced changes to the rules on resignation and termination procedures, extended maternity leave, new rules for calculating overtime, and updated policies for foreign workers' contracts. The amendments go into effect six months after publication in the official Gazette. You can find the full text here (pdf).

Foreign workers’ contracts: If a non-Saudi employee’s contract lacks a specified duration, it is deemed to be one year from the employee’s start date, with automatic renewal for similar terms if the work continues. Previously, the contract duration matched the employee’s work permit period. Also, employers must either provide suitable housing and transportation for their foreign workers or offer appropriate allowances in place of these benefits.

Train up Saudi employees, but don’t necessarily replace foreign workers: Employers are still required to train up and improve their Saudi employees’ skills, but they are no longer required to train them specifically to replace non-Saudi employees.

How resignation + termination is now going to be handled: An employee’s resignation becomes effective either upon acceptance by the employer, after 30 days if unanswered, or after any approved extension up to 60 days. Employees can withdraw their resignation within 7 days unless already accepted by the employer. The contract remains in force during the notice period, and both parties must meet their obligations.

Notice period: For indefinite-term contracts, the notice period for monthly salaries is now 30 days for employees and 60 days for employers, down from 60 days for both parties previously. For non-monthly salaries, a 30-day notice is required from either party.

The legally-mandated leave is now going to run for 12 weeks, up from 10 weeks previously. The law includes a mandatory six-week maternity leave immediately following childbirth, and now allows the remaining six weeks of leave to be taken at the employee’s discretion. Women can begin their maternity leave up to four weeks before their expected delivery date.

Paternity leave: Men are entitled to full paid leave for the birth of their child, within seven days of the birth. The seven-day window was not specified previously.

Overtime calculation: Employers must pay employees 50% more than their basic hourly wage for overtime. Alternatively, with employee consent, they can offer paid compensatory leave instead of extra pay. This provision for compensatory leave is new.

Aramco is getting another slice of Petro Rabigh + extending a fresh loan

Saudi Aramco is acquiring an additional 22.5% stake in Rabigh Refining and Petrochemical Company (Petro Rabigh), after signing a binding sale and purchase agreement. the two companies said in two separate disclosures to Tadawul (here and here). Petro Rabigh is a joint venture between Aramco and Japan’s Sumitomo Chemical.

The details: Sumitomo Chemical will sell down its position in Petro Rabigh to hand Aramco the stake for SAR 7.0 apiece, bringing the total value of the sale to SAR 2.6 bn (USD 702 mn). The transaction will bring Aramco’s stake in Petro Rabigh to c.60%, while Sumitomo will continue to hold a 15% stake. The remaining 25% stake will remain listed on Tadawul as freefloat shares.

Aramco + Sumitomo to waive loans, extend fresh funding: Under the agreement, Aramco and Sumitomo will also provide Petro Rabigh with an additional SAR 5.3 bn (c.USD 1.4 bn) in funding, in addition to waiving SAR 5.6 bn (USD 1.5 bn) worth of existing revolving loans the two companies had previously extended to Petro Rabigh, according to the disclosures.

The moves are meant to help turn around Petro Rabigh’s finances, after the company extended its losses to SAR 1.4 bn in 1Q 2024. The first-quarter performance brought its cumulative losses to SAR 8.9 bn, equivalent to more than 53% of its capital. Saudi regulations stipulate that a listed company whose losses exceed 50% of its capital must take action to address its financial position or dissolve the company entirely.

The story also got ink from Bloomberg and Reuters.

IN OTHER M&A NEWS-

Gulf Ins. Group (GIG) has sold its 28.5% stake in Buruj Cooperative Ins. to Cigalah for SAR 121.8 mn, with the transaction going through after receiving regulatory approval, Buruj said in a disclosure to Tadawul. The transfer means Cigalah has now replaced GIG as one of Buruj’s largest shareholders, the disclosure said.

Delivery solutions startup Blend raises SAR 5 mn in a pre-seed round

Homegrown foodtech startup Blend has raised SAR 5 mn in a pre-seed round, according to a press release. The round saw backing from a group of angel investors.

Where are the funds going? The company will use the proceeds to develop Blend’s tech solutions for the restaurant, cafe, hypermarket, and cloud kitchen sectors, the statement said. Blend has also outlined expansion plans and aims to move into Kuwait and Bahrain by the end of next year and establish a regional presence by the close of 2026.

The pitch: Established in 2023, the startup allows restaurants and cafes to manage orders from various delivery services through a unified platform that is designed to streamline order management and tracking. Blend has so far been integrated with five KSA-based food delivery services.

REMEMBER- Saudi Arabia’s food delivery market is on the up and up: The sector is projected to be worth as much as USD 14.9 bn by 2028, up from USD 10 bn in 2023, as the number of food delivery startups continues to scale. Local food delivery startups raised a total of USD 266.2 mn in the five years up to 2023.

Blend has graduated from a string of accelerators: The foodtech startup graduated from the Misk Accelerator, and the MVPLab Accelerator, while also maintaining a presence with SME authority Monsha’at’s Zaka Center.

Another wave of results

It’s yet another busy earnings day with results from Kingdom Holding, SAL Saudi Logistics Services, Balady Poultry Trading, Saudi Manpower Solutions, Rasan, and Dar Al Arkan Real Estate Development.

KINGDOM HOLDING-

Kingdom Holding Company (KHC) reported SAR 624.2 mn in net income in 2Q 2024, up 112.4% y-o-y on the back of rising returns on equity and lower expenses, including withholding and income tax, the company said in a disclosure to Tadawul. Prince Alwaleed bin Talal’s investment giant saw revenues dipping 6.7% y-o-y during the quarter to hit SAR 647.5 mn, due to lower hotel revenues, according to the disclosure.

Comprehensive income tells a different story: Kingdom Holding reported a comprehensive net loss of SAR 17.8 mn in 2Q 2024, compared to SAR 52.7 mn in comprehensive income during the same quarter last year.

KHC’s net income rose 76.4% y-o-y in 1H 2024 to SAR 820.4 mn, while revenues dipped 11% y-o-y during the six-month period to SAR 1.2 bn. Total comprehensive income came in at SAR 1.9 bn, up 17% y-o-y.

SAL-

SAL Saudi Logistics Services’ net income leaped 42.8% y-o-y to SAR 155.5 mn in 2Q 2024, on the back of a boost in core operations and cost savings, it said in an earnings release (pdf). Meanwhile, revenues were up 19.5% to SAR 405.5 mn during the quarter, driven by a ramp up in e-commerce and general cargo volumes and an 88% spike in sales from the company’s logistics solutions segment.

On a 1H basis: SAL’s bottom line grew 70.7% y-o-y to SAR 363.9 mn in 1H 2024, while revenues were up 26.3% at SAR 858 mn.

DIVIDENDS- The logistics player will distribute SAR 116 mn in dividends for 2Q 2024, at SAR 1.45 per share, the company said in a disclosure to Tadawul. Distributions will be made within 15 business days of Tuesday, 13 August.

BALADY-

Balady Poultry Trading reported a 96.5% y-o-y rise in its bottom line to SAR 31.3 mn in 2Q 2024, according to an earnings release (pdf). The company’s top line grew 30% y-o-y during the period to SAR 217.7 mn.

On a 1H basis: The company’s net income rose 78.6% y-o-y to SAR 71.9 mn in 1H 2024 on the back of a boost to daily production, it said in a disclosure to Tadawul. Meanwhile, revenues increased 30.5% y-o-y to SAR 449.6 mn.

REMEMBER- Smasco’s IPO went live in June, drawing in strong demand with the institutional tranche of the offering closing 128x oversubscribed and drawing in orders worth SAR 115 bn. The company is also planning to sell an additional 30% stake in a secondary offering.

SAUDI MANPOWER SOLUTIONS-

Smasco shows mixed results in first earnings post Tadawul debut: Saudi Manpower Solutions’ (Smasco) net income fell 15% y-o-y to SAR 35.8 mn in 2Q 2024, it said in a disclosure to Tadawul. The drop was attributed to lower gross income and revenue on the back of price ceilings and regulations, higher expenses, one-off costs, higher rents, and other factors. Meanwhile, revenues were up 3.5% y-o-y to SAR 486.6 mn over the same period, driven by improvements in the firm’s non-core operations.

On a 1H basis:Smasco noted a net income of SAR 74.1 mn in 1H 2024, down 4.5% y-o-y, while revenues were up 4.7% at SAR 953.8 mn, the disclosure said.

RASAN-

Rasan reports maiden post-IPO earnings: Fintech player Rasan — which debuted on the Tadawul in June — saw its net income rise 62.2% y-o-y in 2Q 2024 to SAR 8.8 mn, it said in a disclosure to Tadawul. The company’s revenues were up 21.5% y-o-y during the quarter to SAR 63.5 mn. Rasan also reported SAR 18.3 mn in net income in 1H 2024, up 140.7% y-o-y, with revenues up 20.7% y-o-y to SAR 130.5 mn.

DAR AL ARKAN REAL ESTATE DEVELOPMENT-

Dar Al Arkan reported a 12.7% y-o-y increase in net income to SAR 165.1 mn in 2Q 2024, it said in an earnings release (pdf). Higher property sales and non-operating income from Murabaha deposits drove the increase, offsetting increased operating expenses, lower income from associates, and higher financing costs. The company’s revenues rose 16.4% y-o-y to SAR 961.6 mn over the same period. Dar Al Arkan’s 1H 2024 net income grew 20.7% y-o-y to SAR 318.7 mn and revenues were up 14.8% to SAR 1.8 bn.

Team Saudi shines at the international nuclear science olympiad with four medals

A round of applause for our nuclear champions: The Saudi nuclear sciences national team secured four medals at the International Nuclear Science Olympiad, state news agency SPA reported. Mohamed Aqreeqsh secured the Kingdom’s only silver medal, while Hassan Al Awad, Hala Al Abad, and Azzam Al Amri all secured a bronze medal each.

Dog days of summer

On another slow day for Saudi in the foreign press: The scorching summer heat is wearing down delivery drivers, with one motorbike rider describing the relentless heat as “intense” and “deadly” to AFP. Although the Kingdom mandates a midday break to safeguard workers, many delivery drivers feel compelled to work through these hours to handle the lunchtime rush.

Two pipeline M&A transactions in the ins. + healthcare sector. Plus, commodities, infrastructure, logistics, education, space news

M&A WATCH-

#1- Gulf Union Al Ahlia Cooperative Ins. want to fully acquire Gulf General Cooperative Ins.: The two companies signed a non-binding MoU to explore a merger, involving due diligence and discussions on terms, according to two separate statements here and here. The merger would be through a share-swap agreement where Gulf Union Al Ahlia acquires 100% of the other company through a share swap agreement. No further information was disclosed.

#2- Egypt-based Medical diagnostic services provider City Lab plans to acquire a 50% stake in the Saudi Egyptian Company for Medical Laboratories by financing SAR 100k of the planned capital increase of the Jeddah-based company, according to a press release (pdf). The Saudi Egypt Company offered a stake worth EGP 250 mn to City Lab in March.

COMMODITIES-

Gov’t pays second installment of wheat arrears to farmers: State grains buyer General Authority for Food Security has paid SAR 314.5 mn to 682 farmers, settling arrears for buying 180k tons of wheat this year, state news agency SPA reported. This is the second installment of wheat arrears disbursed by the government for the 2024 harvesting season, which has seen the government procure 552.5k tons of wheat from 2.8k farmers as of mid-July.

ICYMI- The General Authority for Food Security paid SAR 295.2 mn to 792 farmers in the first installment of wheat arrears for this year in July.

SPACE-

Halo Space to conduct its next test flight in the Kingdom: Spanish space tourism startup Halo Space has chosen Saudi Arabia to conduct its coming test flight for stratospheric balloons using an uncrewed, full-sized prototype capsule that will soar 30 km above the earth, according to a statement picked up by Satellite Evolution.

More in the pipeline: Halo plans to establish a flagship operational base and final assembly site in Saudi Arabia, the statement read. It also plans to launch its first manned flight in 2025, before kicking off commercial flights in 2026, which will offer six-hour trips to view the Earth from a 35-km altitude.

INFRASTRUCTURE-

The Water & Power Engineering Company has completed a SAR 287 mn turnkey water utilities project in Qiddiya, according to a Linkedin post. Originally slated for 18 months, the project was finished in under 6 months. The tasked projects included two water pumping plants, a sewage treatment plant, a district cooling plant, a corridor trench, a culvert tunnel network, and ICT infrastructure.

EDUCATION-

The Culture Ministry has added 118 new institutions to its Cultural Scholarship Program, bringing the total to 278 across 15 countries, according to state news agency SPA. The US has the lead with 58 institutions included in the program, followed by the UK with 40. Notable additions include the University of San Francisco and Arizona State University in the US, and Royal Holloway University and University of Liverpool in the UK.

About the program: The program allows students to earn several academic degrees in cultural majors from international educational institutions, fully covering study costs, living expenses, and medical ins.

LOGISTICS-

Saudi Arabian Mining Ma’aden has inked a letter of intent with the Saudi national shipping carrier Bahri to leverage the would see the mining giant leverage Bahri’s logistics network to ramp up its exports, according to a statement from Bahri.

Qatar throws its weight behind US-backed mining investment vehicle amid concerns over China minerals dominance

A mining investment vehicle backed by the US’ development bank just got a big infusion of funds: Qatar’s sovereign wealth fund is investing USD 180 mn in Dublin-based TechMet, a company that has pumped USD 450 mn into rare earth mineral extraction and production in a bid to counter China’s dominance of the strategic minerals sector.

The agreement marks a win for the US in its broader push to get Gulf states to throw their financial weight behind the US’ campaign to limit reliance on Chinese-produced minerals. The country of 1.4 bn people accounts for 90% of global rare earth refining, giving it a big advantage in tech manufacturing, and produces 60% of the world’s EV battery-grade lithium — critical for the burgeoning EV sector and the green economy. Last year, China’s decision to impose export restrictions on gallium and germanium — key metals used in chip and EV manufacturing — sent ripples through the US and Europe, stoking fears that China might deploy its mineral dominance to effectively shut down key American and European industries.

Despite US cajoling, Qatar’s recent investment wasn’t always a sure thing. The GCC member maintains warm relations with Beijing, one of the biggest buyers of the country’s natural gas, and has indicated in the past that it doesn’t want its close relationship with the US to come at the expense of its ties with China. Many companies also remain leery of major investments in strategic minerals, given uncertainty about future EV demand and governments’ commitment to hitting their climate goals.

Still, an investment in TechMet allows Qatar to add to its existing portfolio in critical minerals, which currently includes an 8.6% stake in mining and commodity training giant Glencore. As Saudi Arabia and the UAE continue to eye investments in strategic minerals, this first collaboration between the US and a GCC state on minerals might not be the last.

MARKETS THIS MORNING-

Asian markets are mostly in the red in early trading this morning. The Nikkei is looking at the biggest losses, down almost 1.20% as of dispatch. The Kospi (-0.9%) and Hang Seng (-0.8%) are also down this morning.

TASI	11,730	+0.4% (YTD: -2.0%)
MSCI Tadawul 30	1,467	+0.1% (YTD: -5.4%)
NomuC	25,904	+0.8% (YTD: +5.6%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	28,628	+1.5% (YTD: +15%)
ADX	9,180	+1.1% (YTD: -4.2%)
DFM	4,198	+1.5% (YTD: +3.4%)
S&P 500	5,200	-0.8% (YTD: +9.0%)
FTSE 100	8,167	+1.8% (YTD: +5.6%)
Euro Stoxx 50	4,668	+2.0% (YTD: +3.2%)
Brent crude	USD 78.33	+2.4%
Natural gas (Nymex)	USD 2.09	-1.0%
Gold	USD 2,423	-0.4%
BTC	USD 55,186	-2.2% (YTD: +30.6%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.4% yesterday on turnover of SAR 7.0 bn. The index is down 2.0% YTD.

In the green: Petro Rabigh (+10.0%), Baazeem (+9.9%) and Albaha (+8.3%).

In the red: Malath Ins. (-6.1%), Walaa (-4.0%) and Rasan (-4.0%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.8% yesterday on turnover of SAR 32.2 mn. The index is up 5.6% YTD.

In the green: Pro Medex (+9.7%), Atlas Elevators (+8.9%) and United Mining (+8.6%).

In the red: Knowledgenet (-12.3%), Leaf (-8.0%) and Aqaseem (-5.9%)

CORPORATE ACTIONS-

#1- Arab National Bank will distribute SAR 1.3 bn in dividends at SAR 0.65 per share for 1H 2024, it said in a disclosure to Tadawul. Distribution is set for Wednesday, 21 August.

#2- Alkhabeer Capital will distribute SAR 13.2 mn in dividends to unitholders of its Alkhabeer Diversified Income Traded Fund for 1H 2024, at SAR 0.28 per unit, it said in a disclosure to Tadawul. Unitholders will receive their dividends within 10 business days of Monday, 19 August, the disclosure said.

#3- Knowledge Tower Trading Company’s board has recommended transferring SAR 897.2k in statutory reserves to its retained earnings, it said in a disclosure to Tadawul. The figure disclosed represents the statutory reserve balance as noted in the company’s financials for 1Q 2024.

#4- Theeb Rent a Car will distribute SAR 21.9 mn in dividends at SAR 0.5 per share for 2Q 2024, it said in a disclosure to Tadawul. The distribution date is set for Thursday, 22 August.

#5- Riyadh Cement will distribute SAR 120 mn in dividends at SAR 1 per share for 1H 2024, it said in a disclosure to Tadawul. The distribution date is set for Wednesday, 28 August.

CALENDAR

AUGUST

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

12-13 August (Monday-Tuesday): Monshaat Franchise Tour, Al-Khobar.

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.

24-25 August (Saturday-Sunday): New Global Sport Conference 2024 (NGSC24), Four Seasons Hotel Riyadh.

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.

10-11 September (Tuesday-Wednesday): Middle East LPG Expo – Saudi Arabia 2024, Intercontinental Hotel, 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-1 October (Sunday-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.

21-23 October (Monday-Wednesday): Global Health Exhibition 2024, 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.

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, 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.

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