PIF refinances USD 15 bn credit facility

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi could be looking to host the Olympic Games

Good morning, friends, and a very happy THURSDAY to us all. We have a rather busy issue with which to wrap the week — and the month of August — so let’s jump right in.

⚠️WEATHER WARNING- Storms continue through to next week: Makkah will continue to see heavy rain, flooding, and strong winds through to Saturday, the General Directorate of Civil Defense said, according to SPA. Madinah, Al Baha, Asir, Jazan, and Najran are also in for medium to heavy rain, the directorate said.

HAPPENING THIS WEEK-

The inaugural Saudi Arabia Snooker Masters kicks off tomorrow and wraps up next Saturday, 7 September, at Green Halls in Riyadh. The lineup includes seven-time world champion Ronnie O’Sullivan, Judd Trump, world No.1 Mark Allen, world champion Kyren Wilson, and Mark Selby, and 139 others with a purse of GBP 2.3 mn, according to The National. Also competing as a wild card is our very own 14-year-old Ziyad Al Qabbani. With its debut, the Saudi Snooker Masters is now the sport’s “fourth major.”

PSAs-

#1- Reminder that there are rewards for reporting tax violations: The Zakat, Tax, and Customs Authority (Zatca) offers rewards between SAR 1k and SAR 1 mn (capped at 2.5% of the value of the violations) for reporting valid tax violations, Zatca spokesperson Hamoud Al Harbi told state news agency SPA. Zatca has previously had this policy in place.

#2- We now have a revised national version of the Generic Statistical Business Process Model (GSBPM), according to a statement from the General Authority for Statistics (Gastat). This updated model, reflecting current international standards, provides a comprehensive framework for managing statistical processes, from data collection to publication. It is designed to boost the quality and uniformity of statistical practices across governmental and private sectors.

#3- Air conditioner manufacturers are required to obtain both the Energy Efficiency Card and the Gulf Conformity Mark, the Industry and Mineral Resources Ministry said on X. The certifications can be applied for on the Saudi Standards, Metrology and Quality Organization (Saso) platform here and here.

#4- The Environment Ministry is offering 27 land plots for lease in Najran to be used for poultry projects. Submissions can be filed through the Naama platform between today and 28 September.

#5- SFDA calls on biopharma experts who want to contribute to the development of vaccines, blood products: The Saudi Food and Drug Authority is calling on all seasoned biopharma professionals who are interested in helping the development of vaccines, blood products, biotherapeutics, and advanced therapies to join the experts’ list of the Research and Laboratories Sector, the authority said on X.

WATCH THIS SPACE-

#1- Olympics in Saudi? The Kingdom is exploring the possibility of bidding to host the Olympics as part of its extensive economic transformation, which includes heavy investments in sports, Saudi Esports Federation Chairman Prince Faisal bin Bandar bin Saud said, according to Bloomberg. “We as a country are setting up for doing more and more, and I think the Olympics is a logical step,” he said.

#2- Saudia lines up five-year expansion plans: The Kingdom’s flagship carrier Saudia is set to receive 191 new aircraft by 2032, adding to its current fleet of 188 aircraft, Director General Ibrahim Al Omar said on the Socrates podcast (listen, runtime: 2:14:28). New aircraft deliveries are set to kick off late next year and will include some 100 electric aircraft, Al Omar said. Saudia is also set to double the number of its destinations to 140 in the next five years in a bid to meet rising demand and to cater to upcoming mega events including Expo 2030 and the FIFA World Cup 2034, with the carrier angling for a position among the world’s top five airlines by 2027.

How will Saudia finance the upgrades? The carrier plans on lining up loans, as well as tapping its own resources from leasing and reselling aircraft to fund its fleet expansion, Al Omar said, adding that some 40% of Saudia’s fleet is currently leased out.

DATA POINTS-

Consumer spending in Saudi via point-of-sale (PoS) transactions declined 14.1% w-o-w for the week ending 24 August at SAR 11.7 bn, according to Sama’s weekly PoS report (pdf). Meanwhile, the number of weekly transactions fell 9.2% at 185.4 mn transactions.

The breakdown: Restaurants and cafes were the highest spending category during the period at SAR 1.6 bn, followed by food and beverages (SAR 1.5 bn), and miscellaneous goods and services (SAR 1.3 bn). Riyadh had the highest value of PoS transactions during the week at SAR 4.2 bn, followed by Jeddah (SAR 1.7 bn), and Dammam (SAR 590 mn), the report said.

OIL WATCH-

#1- Aramco dividends and non-oil revenue to support government budget: Greater returns from Aramco on the back of more performance-linked dividends and a boost in dividends per share will keep state hydrocarbon revenues this year on par with last year’s despite a downtick in export volumes, according to Jadwa Investment’s August Macroeconomic Update (pdf). Meanwhile, “higher non-oil budget revenue and higher government spending will largely cancel each other out” yielding a current account surplus, the report adds. It also revised its inflation forecast down to 1.7% from 2% on the back of global inflation cooling down, and consumer prices growing at a “stable and modest” rate.

#2- Pundits are divided on whether Opec+ will move forward with its proposed production boost next quarter, due to persistent concerns about demand impact prices, according to a Bloomberg survey. 12 analysts believe the cartel will proceed with the hike, while 11 think the move will be put on ice, and five expect it might be only partially implemented or dependent on a continued production freeze in Libya.

#3- A bearish outlook for oil next year: Goldman Sachs and Morgan Stanley lowered their price predictions due to rising global supplies, including potential increases from Opec+, Bloomberg reports. Goldman Sachs now forecasts benchmark Brent crude will average USD 77 / bbl, while Morgan Stanley estimates futures to range between USD 75-78. Both banks expect a surplus in the crude market, leading to lower prices throughout the year.

OUT AND ABOUT-

Make weekend plans for some Japanese-Brazilian-Peruvian fusion cuisine: The world-famous Sushisamba is opening its doors today in the King Abdullah Financial District, Riyadh, according to its website. You can book your dining experience here.

SPORTS-

The scoreboard for Saudi Pro League matchday 2 of 34:

Al Fateh vs. Al Ahli: 1-0
Al Feiha vs. Al Nassr: 1-4
Al Raed vs. Al Qadsiyah: 0-1
Al Ettifaq vs. Al Akhdoud: 1-0
Al Hilal vs. Damac: 3-2
Al Wehda vs. Al Orobah: 2-1

Today’s matches:

Al Riyadh vs. Al Kholood (6:55pm)
Al Khaleej vs. Al Shabab (9pm)
Al Ittihad vs. Al Taawoun (9pm)

#1- Nantes FC's Egyptian striker Mostafa Mohamed has reportedly turned down a EUR 15 mn offer to join the Saudi Pro League from an undisclosed club, according to L'Équipe.

#2- Al Ahli really want Victor Osimhen: Al Ahli submitted an improved offer from their GBP 60 mn to Napoli, attempting to out-bid Paris Saint-Germain and Chelsea who have also shown interest in the Nigerian striker, according to The Football Faithful. The value of the new bid was not disclosed.

#3- The Professional Fighters League returns to Saudi for its playoffs season, PFL MENA3: The semifinal matchups will be held on Friday, 20 September, in Riyadh at the PFL MENA Studio, Boulevard City. This event, part of a four-event season, features top fighters from the Bantamweight, Featherweight, Lightweight, and Welterweight divisions competing for a spot in the PFL MENA Finals and a chance to become the inaugural champions.

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THE BIG STORY ABROAD-

The international business press is uniformly leading its front pages this morning with Nvidia’s earnings, which we unpack in Planet Finance, below.

Also getting prominent coverage this morning: Telegram CEO and founder Pavel Durov was charged in France for being complicit in the spread of inappropriate images of children on the platform, in addition to complicity in illicit transactions, fraud, and drug trafficking. Durov was also charged with failure to comply with authorities on investigations into illegal activities happening on Telegram. French authorities ordered Durov to post EUR 5 mn bail and banned him from leaving the country. Durov was arrested on arrival in France earlier this week. (Bloomberg | Financial Times | Wall Street Journal | Washington Post | New York Times)

PLUS- OpenAI is in talks for another funding round that would give the ChatGPT maker a valuation of more than USD 100 bn, the Wall Street Journal reported. OpenAI is currently valued at USD 86 bn. The company is in talks with Thrive Capital — which alone could invest USD 1 bn — and other investors for its first funding round since the release of ChatGPT in early 2023. CNBC and the Financial Times also have the story.

The Public Investment Fund refinances a USD 15 bn credit facility

The Public Investment Fund has refinanced its 2021 USD 15 bn revolving credit facility from a syndicate of 23 regional and international unnamed financial institutions, it said in a press release. The three-year facility is extendable for an additional two years and is earmarked for “general corporate purposes,” the statement reads.

Speaking to the fund’s high creditworthiness: The sovereign wealth fund holds an A1 rating with a positive outlook from Moody’s, and an A+ rating with a stable outlook from Fitch.

The fund has raised USD 7 bn since the start of the year from two debt sales. Its GBP 650 mn offering — which was the second GBP-denominated debt issuance in Saudi history — was more than 6x oversubscribed in June.

REMEMBER- PIF ranked first in the 2023 Global SWF report with USD 31.6 bn worth of investment (+33% y-o-y. PIF last year wrapped-up some 49 transactions, dethroning Singapore's sovereign wealth fund Government of Singapore Investment Corporation (GIC).

IN OTHER DEBT NEWS-

Banque Saudi Fransi (BSF) has closed a SAR 3 bn tier-1 sukuk private offering under its SAR 8 bn sukuk program, according to a Tadawul disclosure. BSF had announced its intention to proceed with the offering earlier this month.

The details: The lender sold 3k shariah-compliant securities worth SAR 1 mn each at a 6% annual yield. Although the securities do not come with a specified maturity date, early redemption is possible under certain circumstances. Proceeds from the offering are earmarked for shoring up the bank’s capital base.

ADVISORS: Saudi Fransi Capital acted as the sole bookrunner, lead arranger, and manager on the transaction.

Makkah Construction and Development acquires a 30% stake in First Avenue Real Estate Development

Makkah Construction and Development Company (MCDC ) is acquiring a 30% stake in Riyadh-based developer First Avenue Real Estate Development for SAR 341 mn after signing a share purchase agreement, according to a filing to the exchange. MCDC is financing the acquisition through its own resources and existing facilities.

The rationale: MCDC undertook the acquisition as part of a move to expand into high-value projects and develop its strategic relationships.

The caveat: The agreement includes a commitment from First Avenue to fulfill the requirements and acquire the necessary approvals that would allow the company to debut on Nomu. First Avenue lined up regulatory approval from the Capital Market Authority in June. The IPO — which will see First Avenue take an 8% stake to Tadawul’s parallel market through issuing new shares — would bring MCDC’s holding in the company down to 27.7%, the filing said.

Algihaz Holding’s energy storage project is valued at USD 750-900 mn

Three energy storage projects awarded by National Grid Saudi Arabia to Riyadh-based investment group AlgihazHolding are valued at USD 700-900 mn, Meed reports, citing an unnamed source it says is familiar with the project.

The details: The projects have a combined capacity of 7.8 GWh (2.6 GWh each), and are located in Najran, Madaya, and Khamis Mushait. Construction of the project is expected to be completed later this year, with grid connection anticipated by 2025.

Background: Chinese PV inverter manufacturer Sungrow Power Supply signed an agreement with Algihaz Holding for works in the project in July. Sungrow will deliver over 1.5k units of its Power Titan 2.0 storage system, expected to save 55% of land area.

Lending from Saudi banks grew 3.1% in 2Q 2024

Saudi banks registered 3.1% lending growth q-o-q in 2Q 2024, coming in second among its GCC peers behind the UAE, according to a Kamco Invest report (pdf). The growth was “backed by broad-based growth in almost all sectors in the economy,” Kamco said, with outstanding credit facilities registering SAR 2.7 tn (USD 711.1 bn) during the quarter.

Sector breakdown: Utilities — including electricity, water, gas, and health services) led the pack in terms of outstanding credit facilities, which grew 8.3% q-o-q in 2Q 2024, followed by real estate and building (+4.3% q-o-q) and construction (+4.0% q-o-q).

Total customer deposits at Saudi-listed banks fell 0.5% q-o-q during the quarter to SAR 2.8 tn (USD 746.9 bn). The fall was led primarily by Saudi National Bank (SNB), where customer deposits fell 3.6% on a quarterly basis to SAR 656.3 bn.

Emirati-listed banks also recorded a 16.9% return on equity (ROE), up from 16.7% in 1Q 2024, and posting a 160 bps y-o-y growth. Growth was driven by high net incomes and modest growth in shareholders’ equity.

Net interest margins came in at 3.2% in 2Q 2024, with net interest income at Saudi banks growing 2.5% q-o-q to USD 7.3 bn. “In terms of y-o-y growth at the GCC level, the growth in net interest income was strong at 7.6% reflecting elevated interest rates levels in the GCC, in line with most other global economies,” Kamco said.

Loan impairments were down: Saudi banks reported the second-lowest loan impairment rates among their GCC peers, with the banking sector’s total impairments sliding to USD 0.49 bn during the quarter, according to Kamco.

THE REGIONAL PICTURE-

GCC banks posted a record high of USD 14.8 bn in net income in 2Q 2024, rising 9.2% y-o-y and 2.6% q-o-q on the back of the sharp drop in loan impairments. GCC banks’ aggregate ROE climbed to 13.6% in 2Q 2024, matching pre-pandemic levels and reflecting a 70 bps y-o-y growth. Saudi and Qatari banks followed the UAE in ROE growth at 12.8%, while Kuwaiti banks’ ROE remained at 10.4%.

After dipping 4.5% in 1Q, the regional banking sector saw a rise in operating expenses to one of the highest on record, inching up 0.8% q-o-q to USD 12.55 bn. The uptick was driven by a 7.5% expense hike in Saudi Arabia’s banking sector to USD 4.2 bn.

GCC banks’ aggregate net interest margins held steady at 3.2% for the fifth consecutive month, signaling that it has peaked already as elevated interest rates over the past year are now fully priced in.

With surging funding costs and anticipated rate cuts, net interest margins are expected to “come under pressure” unless they were offset by “cheaper sources of funding and continued growth in lending,” according to Kamco.

Cabinet approves FDI promotion + anti-laundering agreements

Cabinet signed off on a handful of agreements at its weekly meeting on Tuesday, state news agency SPA rep orted. These agreements include:

Two MoUs on FDI promotion with Mauritius and Sri Lanka;
An MoU on political consultations with Colombia;
An MoU for cooperation on modern transportation methods with Estonia;
An MoU on exchanging financial intelligence and cooperation on combating money laundering and terrorism financing with Iraq;
An MoU on accounting, auditing, and professional work cooperation with Tunisia.

New appointments at the Red Sea Development + Siemens Mobility

Hyatt Hotels has appointed Jean-Francois Durand (Linkedin) and Juan Paolo Alfonso (Linkedin) as leads on Hyatt-branded hotels at the Red Sea Development, scheduled to open in late 2025, Zawya reports. Durand was tapped as general manager of Grand Hyatt The Red Sea, a 430-key luxury hotel that is slated to be the largest in the Red Sea Development. Meanwhile, Alfonso will assume the role of general manager of Miraval The Red Sea where he will oversee the launch of the Miraval brand at its first location outside of the US.

Siemens Mobility has appointed Frank Hagemeier (Linkedin) as CEO of Siemens Mobility Saudi Arabia, effective this Sunday, 1 September, Zawya reports. Hagemeier will lead the strategic planning and business development of Siemens Mobility products and services in the Kingdom in his new role. He previously served as Siemens Mobility division CEO in the Netherlands and China.

A mixed bag of Saudization, PIF, and Israel

Foreign law firms talk Saudization quota: British law firms are concerned about being squeezed out of the country as they struggle to meet regulatory requirements to ensure that 70% of their lawyers are Saudi nationals, up from a previous quota of 50%, the Telegraph reports. Foreign firms operating in the Kingdom are collectively competing for “a limited number of Saudi nationals that are practicing at the required standard to work at a law firm,” one legal recruitment professional said.

The Public Investment Fund (PIF) was among the co-investors who incurred losses in Vista Equity Partners' 2021 acquisition of Pluralsight Inc., which culminated in a USD 4 bn loss after a recent debt restructuring, Bloomberg reports, citing unnamed sources familiar with the matter. The business information service couldn’t determine the exact size of PIF’s loss.

The Financial Times is out with a piece on Saudi Arabia’s condemnation of Israeli National Security Minister Itamar Ben-Gvir’s “extremist and inflammatory” remarks backing the idea of building a synagogue at Al Aqsa mosque. The comments by the ultranationalist minister also earned him reproach from within his own government, with a Netanyahu government-aligned paper labeling him as a “political pyromaniac,” the salmon-colored paper said.

Construction at the Avenues Riyadh is nearly 50% complete

CONSTRUCTION-

Construction at The Avenues continues at full swing: The Avenues Riyadh — a SAR 17.2 bn (USD 4.6 bn) megaproject in the capital city — is 44.5% complete, with doors scheduled to open in 1Q 2026, Trade Arabia reports. The mixed-use project will span an area of 390k sqm with a total built-up area of 1.9 mn sqm and will feature residential towers, hotels, entertainment, retail venues, and offices. The development is a JV between Shomoul Holding and regional architecture and engineering firm Pace. Construction kicked off in 1Q 2022.

The project’s nine districts are set to include three hotel towers, namely the Waldorf Astoria, Canopy by Hilton, and Conrad Hotel. The Avenues will also feature one of the region’s largest shopping malls at some 370k sqm in gross leasable area, in addition to an office tower and a 14k-slot parking space.

LOGISTICS-

Real estate developer Rikaz has launched the second phase of Riyadh’s SAR 1.1 bn The Node logistics park, Zawya reports, citing a statement it has seen. Bahrain-based asset manager Arcapita and Rikaz partnered up back in February to develop the 3 mn sqm logistics park in Riyadh.

The details: The warehouses are available for purchase and rental on the Suhail digital platform. Phase 2 of the project is slated to cover 116k sqm and is forecasted to generate around SAR 107 mn in sales. The project is financed by Alinma Bank, and Alinma Investment Company.

RENEWABLES-

Fas Energy, a subsidiary of Fawaz Alhokair Group, signed an MoU with Kyrgyzstan to assist in installing solar panels on the rooftops of government buildings, according to a statement from Kyrgyzstan’s Energy Ministry. No further information was disclosed.

AVIATION-

Air Astana will introduce direct flights from Shymkent to Jeddah twice a week from 1-28 October, before transitioning to weekly flights to Madinah, according to Aviation World. Separately, a new twice-weekly route from Almaty to Medina will start on 29 October, complementing the existing Almaty to Jeddah service. Round-trip economy tickets start at USD 656 for Shymkent to Jeddah, USD 646 for Shymkent to Medina, and USD 705 for Almaty to Medina.

Nvidia shares slide despite highly anticipated 2Q earnings beating forecasts

There’s one story dominating the pages of the world’s business press today: Giant US chipmaker Nvidia reported 2Q earnings after the bell yesterday that beat bottom and top line expectations. However, investors — who have kept their eyes peeled for the AI juggernaut’s results for signs of how the AI boom is faring — are skeptical about the road ahead for the company and have driven down its share price in after-hours trading.

By the numbers: The company’s net income grew 168.2% y-o-y to USD 16.6 bn, delivering an earnings per share of USD 0.68 cents, compared to LSEG consensus expectations of USD 0.64. Revenues also came in a good notch above expectations, rising 122.4% y-o-y to USD 30.0 bn, exceeding analyst expectations of USD 28.7 bn.

This wasn’t enough to buoy stocks at the world’s second biggest company: Nvidia shares had fallen about 8% in extended trading at the time of writing, after its 3Q forecasts failed to impress investors — representing a roughly USD 200 bn drop in market value.

Nvidia has become a victim of its own success: Despite beating analysts expectations in 2Q and AI chip demand appearing to be much healthier than some had feared, the success of the company has led to some investors to price in incredibly high expectations for the company going forwards. The company expects to see USD 32.5 bn in revenues for the third quarter — plus or minus 2% — but this roughly 80% y-o-y increase that is a notch above analyst expectations isn’t enough for some investors.

But it’s going to take a lot to knock one of Wall Street’s most hotly watched stocks off course: Even if Nvidia does take a hit on the stock market in the coming days, the company’s share value is already up around 160% since the start of the year. Nvidia stocks alone have contributed more than a quarter of the S&P 500’s gains so far this year, helping to propel the company to be the world’s second biggest company, behind only Apple.

MARKETS THIS MORNING-

Asian markets are down in the red in early trading this morning, as investors assess how Nvidia’s share slump following its earnings release will affect the region as an important global hub for engineering chip parts. Tech and electronics companies are pushing down indexes across the region, with Korea’s Kopsi down 0.7%, Japan’s Nikkei down 0.4%, and China’s Hang Seng down 0.3%.

TASI	12,117	-0.5% (YTD: +1.3%)
MSCI Tadawul 30	1,512	-0.8% (YTD: -2.5%)
NomuC	26,221	-0.6% (YTD: +6.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	30,710	+1.1% (YTD: +23.4%)
ADX	9,289	-0.5% (YTD: -3.0%)
DFM	4,324	-0.4% (YTD: +6.5%)
S&P 500	5,592	-0.6% (YTD: +17.2%)
FTSE 100	8,344	0.0% (YTD: +7.9%)
Euro Stoxx 50	4,913	+0.3% (YTD: +8.7%)
Brent crude	USD 78.65	-1.1%
Natural gas (Nymex)	USD 1.93	+1.4%
Gold	USD 2,537.80	-0.6%
BTC	USD 59,361.90	-4.0% (YTD: +39.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.5% yesterday on turnover of SAR 6.85 bn. The index is up 1.3% YTD.

In the green: Red Sea (+9.9%), Amiantit (+6.7%) and Al Akaria (+5.6%).

In the red: Jabal Omar (-3.5%), SNB (-2.4%) and Tadawul Group (-2.4%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% yesterday on turnover of SAR 65.5 mn. The index is up 6.9% YTD.

In the green: Al Rasheed (+12.5%), Al Ashghal Al Moysra (+7.1%) and Knowledge Tower (+7.1%).

In the red: Naas Petrol (-26.5%), Mulkia (-8.1%) and Naba Al Saha (-5.0%)

CORPORATE ACTIONS-

Qassim Cement will distribute SAR 143.6 mn in dividends at SAR 1.30 per share for 1H 2024, it said in a disclosure to Tadawul. Distribution is set for Sunday, 15 September.

Enma Alrawabi’s BoD greenlit a SAR 10 mn dividend distribution at SAR 0.25 per share for 1H 2024, it said in a disclosure to Tadawul. Distribution is set for Thursday, 12 September.

New diplomatic appointments to seven countries

#1- Newly-appointed ambassadors to Oman, Mauritania, Ukraine, Cyprus, Cameroon, Ireland, and Mali took the oath of office at a ceremony presided over by Crown Prince Mohammed bin Salman, according to state news agency SPA.

#3- Hajj and Umrah Minister Tawfiq Al-Rabiah and Malaysian Prime Minister Anwar Ibrahim agreed to extend the Makkah Route Initiative to include Umrah pilgrims from Malaysia, according to The Saudi Gazette.

CALENDAR

AUGUST

10 August-10 September (Saturday-Tuesday): Crown Prince Camel Festival, Taif Camel Racing Track.

25-29 August (Sunday-Thursday): Tourism Week, Enterprise Support Centers in Riyadh, Jeddah, Al-Khobar, and Madinah.

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

30 August - 7 September (Friday-Saturday): Saudi Arabia Snooker Masters, Riyadh.

SEPTEMBER

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

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

3-4 September (Tuesday-Wednesday): Data Center Xpo, Voca, Riyadh.

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

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

9-12 September (Monday-Thursday): EFG Hermes London Conference, Emirates Stadium, London.

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.

15-19 September (Sunday-Thursday): SRMG Academy Technology Journalism Workshop, Riyadh.

15-19 September (Sunday-Thursday): Muntada FAA, 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).

24-26 September (Tuesday-Thursday): Smart Cities Saudi Expo 2024, Riyadh Front Exhibition & Conference Center.

25-26 September (Wednesday-Thursday): Kingdom Business and Luxury Travel Congress, Crowne Plaza Riyadh RDC Hotel and Convention.

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

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

29 September (Sunday): Start of Digital Chip Design Technologies training program.

OCTOBER

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

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

12 October (Saturday): Riyadh Season.

12 October (Saturday): Shakur Stevenson x Joe Cordina, Riyadh.

12-14 October (Saturday-Monday): Global Logistics Forum, Riyadh.

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

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

19 October (Saturday): Battle of the Giants, Mayadeen Hall, Riyadh.

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.

26 October (Saturday): Donor Conference to Support Refugees in Sahel and Lake Chad Regions, TBD.

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.

19-20 November (Tuesday-Wednesday): The Women's Economic Forum 2024, 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

15-19 December (Sunday-Thursday): Internet Governance Forum, King Abdulaziz International Conference Center, Riyadh.

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

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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