Net FDI fell in 2Q 2024, putting full-year target at risk

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Unemployment was down in 2Q 2024 + Net FDI slips y-o-y

Good morning, friends. We have a relatively busy midweek issue for you today, leading with macroeconomic indicators as Gastat released the latest net foreign direct investment and unemployment figures.

HAPPENING TODAY-

The Sirha Arabia Food Trade Exhibition opens its doors today and will run until this Thursday, 3 October at Riyadh Front Expo. The event will showcase 300 exhibitors from the food products and equipment, bakery, pastry, and coffee industries. Sirha Arabia will also be hosting selection contests for the Bocuse d'Or and the Pastry World Cup, which start in 2025.

Intersec Saudi Arabia also begins today, where experts in the security, safety and fire protection industries will convene to address the role of AI and VR in the sector. The event wraps up on Thursday, 3 October.

WEATHER- Expect a mostly sunny day in the capital city: Riyadh is looking at a daytime high of 41°C and a nighttime low of 28°C today. Over in Makkah, the temperature will peak at 42°C before dropping to 28°C. Meanwhile, Jeddah — the coolest of three — will see a high of 37°C and a low of 28°C.

PSAs-

The nomination window for the Princess Noura Award for Women’s Excellence opens today, and will run until Monday, 30 December, state news agency SPA reports. The award recognizes outstanding contributions of Saudi women across six fields, namely natural sciences, health work, social initiatives, artistic works, economic projects and human studies.

Who can apply? Nominations are open to government entities, private sector institutions, scientific and cultural organizations, as well as individuals. Applications can be submitted through the award’s official website, here.

WATCH THIS SPACE-

#1- Fire destroys Jeddah’s International Market: A massive fire broke out early Sunday morning at the site — popularly known as the Gold and Watch Mall — before spreading rapidly and causing the market’s roof to collapse, Asharq Alawsat reports. Civil Defense teams put out the fire in an operation that took upwards of 12 hours, losing two firefighters in the process, according to an X post. The 40-year-old market — home to some 200 retail venues that include several shops selling gold, jewelry, and luxury watches — suffered damage estimated at SAR hundreds of mns.

What happened? The fire reportedly began at a shoe store that was undergoing renovations, a source told Aleqtisadiah. The market was empty when the fire began in the early morning, Saudi Gazette reports.

#2- An unnamed Saudi company is reportedly looking to invest USD 5 bn in Turkey, Turkish Prime Minister Cevdet Yılmaz said, according to Turkiye Today. There are no further details on the type of investment, the industry in which the investment is expected to happen, or the identity of the Saudi company.

#3- Bawan pushes deadline on Petronash acquisition: Building materials manufacturer Bawan has pushed back the timeline on its takeover of UAE-based Petronash Global, it said in a filing to Tadawul. The two companies were initially scheduled to sign a sale and purchase agreement yesterday, but still have to round off required procedures before turning their USD 175 mn MoU into a final document. The signing is now expected to happen during October, the filing said, without specifying when during the month.

ADVISORS- Bawan tapped PwC as its financial advisor on the transaction, while Piper Sandler is advising Petronash.

#4- Shareholders of our friends at Cenomi Retail will vote on the board of directors’ recommendation to further liquidate some of its non-core assets on Monday, 21 October, it said in a filing to Tadawul. The move falls under Cenomi Retail’s rationalization push aimed at focusing on top-tier brands, restructuring the company’s portfolio, and compensating for accumulated losses.

SPORTS-

PIF might pick up Mohamed Salah after his Liverpool contract expires next year: The Public Investment Fund is reportedly looking to secure the Liverpool star on a pre-contract by next January or February, CaughtOffside reports citing exclusive statements from unnamed sources. The PIF is willing to offer Salah an “astronomical” 2-year contract with an option for a further year. Salah will likely head to Al Ittihad, but other PIF-owned clubs such as Al Hilal, Al Nassr, and Al Ahli are other possible destinations for the player, the outlet said.

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THE BIG STORY ABROAD-

Israel’s launch of a ground invasion in southern Lebanon is dominating front pages in the foreign press, after the Israeli military said it will be carrying out “limited” ground raids against Hezbollah targets in the area. In the meantime, aerial attacks continued through the night in Beirut’s suburbs, with at least 95 killed in the past 24 hours. This followed another brutal day of airstrikes that included the first attack on central Beirut in years. (Reuters | Bloomberg | NY Times | AP)

The strikes yesterday also killed Hamas leader Fateh Sherif Abu El Amin, Hamas confirmed.

It’s quiet over in the business press, though two stories are grabbing headlines:

#1- US Federal Reserve Chair Jerome Powell said that the Fed is not “in a hurry” to cut interest rates, hinting that the central bank will go for two 25 bps rate cuts in its next meetings as previously projected. (Reuters)

#2- CVS Health could potentially split its ins. and retail units, amid escalating pressure from investors to boost its performance, Reuters reports. This would effectively unwind CVS’ USD 70 bn takeover of healthcare insurer Aetna in 2017.

CIRCLE YOUR CALENDAR-

The 2024 Saudi Games are coming back this Thursday, 3 October at Riyadh’s Boulevard City, with musical performances from The Saudi Arwa and Abdulwahab kicking off the annual sporting competition, according to a post on X. The event will see upwards of 9k male and female athletes compete in 52 sports. The two-week event runs from until 17 October. You can grab tickets here.

The three-day 6 Kings Slam event at Riyadh’s Venue kicks off on Wednesday, 16 October, featuring all-star players competing for the largest purse in tennis history. The matches will see face offs between tennis champs Novak Djokovic, Rafael Nadal, Jannik Sinner, Carlos Alcaraz, Daniil Medvedev, and Holger Rune (watch, runtime: 5:15). The final and third-place match will be held on Saturday, 19 October. Book your tickets here.

The Professional Fighters League’s (PFL) Battle of the Giants is coming to Riyadh on Saturday, 19 October. Headlining the card, MMA superstar Francis Ngannou will face PFL heavyweight champion Renan Ferreira for the title of inaugural PFL Super Champion. Meanwhile, women’s featherweight champion Cris Cyborg will square off against Larissa Pachecho for the World Title Fight in the co-main event. Expect fireworks with additional matchups featuring Johnny Eblen vs. Fabian Edwards and A.J. McKee vs. Paul Hughes.

The two-day Multilateral Industrial Policy Forum will kick off in Riyadh on Wednesday, 23 October. The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the UNIDO General Conference in 2025.

Net FDI inflows dip in 2Q 2024

Net foreign direct investment in the Kingdom totaled SAR 11.7 bn in 2Q 2024, slipping 7.5% y-o-y, according to the latest FDI report (pdf) by the General Authority for Statistics (Gastat). Total FDI inflows held steady on an annual basis in 2Q at SAR 19.4 bn. Net FDI inflows were up 5.6% y-o-y at SAR 9.5 bn in 1Q 2024.

Outflows are up: Outflows rose 14.1% during the quarter to come in at SAR 7.8 bn, rebounding from a 5.1% y-o-y fall seen in 1Q.

Down y-o-y, but up q-o-q-: On a quarterly basis, net FDI inflows were up 23.4% in 2Q 2024 compared to the previous quarter. Meanwhile, total FDI inflows and outflows grew 14.5% and 3.4% q-o-q.

BACKGROUND- Saudi is aiming to reel in USD 100 bn of foreign direct investment per year as part of Vision 2030. The Kingdom brought in an estimated USD 19 bn in 2023 and an average of USD 17 bn from 2017-2022. So far in 2024, Saudi’s FDI inflows stand at USD 9.7 bn.

IN CONTEXT- The pressure for funding is intensifying as oil prices remain weak, pushing Saudi’s budget into deficit and reshuffling megaprojects. Riyadh has tapped bond markets aggressively this year to narrow the funding gap, with oil giant Aramco raising USD 3 bn in debt just last week.

Total unemployment in Saudi Arabia at 3.3% in 2Q 2024

The total unemployment rate for locals and foreigners fell 0.8 percentage points y-o-y to 3.3% in 2Q 2024, while local unemployment decreased 1.4 percentage points y-o-y to 7.1%, according to a Gastat’s latest labor market report (pdf). The story got ink from Reuters.

How expat workers fared: Unemployment among non-Saudi workers was down 0.3 percentage points, settling at 1.1% during the quarter.

More than a third (35.4%) of Saudi women are employed, despite their labor force participation falling 0.4 percentage points on a quarterly basis. On a y-o-y basis, however, women’s labor force participation is up 0.6 percentage points. Meanwhile, male participation in the labor force remained flat y-o-y at 66.3%.

More women (and men) are working than last year: The unemployment rate for female citizens fell 3.1 percentage points y-o-y to 12.8%, which Reuters attributes to the “loosening of some social restrictions. Unemployment for men was 4% in 2Q 2024, down 0.6 percentage points from the same quarter last year.

Saudi expats are also working more: The unemployment rate for expats in Saudi fell 0.3 percentage points y-o-y to 1.1% in 2Q 2024.

Trends in Saudis looking for work:

We like the private sector: 95.5% of unemployed Saudis are willing to accept job offers in the private sector, Gastat said;
Women don’t mind commuting: Unemployed women (59.1%) are more willing than unemployed men (43%) to accept commutes of at least an hour;
Men are more willing to work long hours: 93.8% of unemployed men and 81.9% of women jobseekers are willing to work eight hours a day or more.

Acwa + Sumitomo to develop 2.5 GW worth of renewables in Uzbekistan

Acwa + Sumitomo partner on renewables in Uzbekistan: Saudi renewables giant Acwa Power signed a joint development agreement with Japan’s Sumitomo Corporation to develop 2.5 GW worth of renewable energy projects and nearly 1 GW worth of battery energy storage systems (BESS) in Uzbekistan valued at USD 4.2 bn, according to a press release. Under the agreement, Acwa will divest 49% of its stake in the projects to Sumitomo.

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First up, Samarkand: The first set of projects — the Sazagan 1 and 2 solar farms — are located in Samarkand, with each boasting a 500 MW capacity. The solar farms are supported by a 334 MW BESS system. Commercial operations for the solar farms are set to begin between 2Q 2026 and 2Q 2027.

Next, Karakalpakstan: The second set of projects — the Kungrad 1, 2, and 3 wind farms — are located in the Republic of Karakalpakstan. Each wind farm has a 500 MW along with 100 MW of BESS. Commercial operations are set to begin in 2Q 2028.

Acwa is investing heavily in Uzbekistan: Acwa Power has a 10-project green energy portfolio in Uzbekistan with a combined USD 7.5 bn investment value. The company is building a green hydrogen plant in Tashkent that will generate 3k tons of green hydrogen annually during its initial production phase, with a 52 MW wind farm to support the project. Acwa also signed three power purchase agreements totaling USD 2.5 bn in March with the National Electric Grid of Uzbekistan and the country’s Investment, Industry, and Trade Ministry for 1.4 GW worth of solar projects and three BESS units totalling a capacity of 1.5 GWh.

Zahrat Al Waha extends SAR 240 mn credit facility

Tadawul-listed plastic-maker Zahrat Al Waha (Oasis) renewed a SAR 240 mn shariah-compliant loan agreement with Saudi Investment Bank, it said in a filing to Tadawul. The Riyadh-based company will use the fresh financing to invest its manufacturing capacities.

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What we know: The credit facility runs until the end of June 2025, and is guaranteed by order notes, and the mortgage of the company's investment portfolio shares. There are no related parties to the agreement.

Where the funds are going: The financing will cover the purchasing and importing of essential raw materials needed for manufacturing, according to the disclosure. The funds will also be used to finance Oasis’ public investments and support its real estate ventures.

IN OTHER DEBT NEWS-

Halwani restructures debt with Al Rajhi Bank: Tadawul-listed food manufacturer Halwani Brothers inked a banking facilities agreement with Al Rajhi Bank to restructure some of their outstanding debt with the local lender, according to a disclosure to Tadawul. Some SAR 65 mn of the company’s working capital facilities have been reclassified into medium-term loans which are set to run until the end of September, 2028.

Sama Water sets price range for Nomu IPO

Jazan-based Sama Water is guiding on a price range of SAR 2.5-2.7 a share for its IPO on Tadawul’s parallel market Nomu, according to a filing to the exchange. The pricing could see the bottled-water-maker raise up to SAR 27 mn in IPO proceeds, according to Enterprise calculations. At the top of the range, this would give it a post-IPO market cap of SAR 135 mn.

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What’s on offer: The company is selling a 20% stake, or 10 mn ordinary shares, in a secondary offering, whereby its two substantial shareholders will sell down their positions to a combined 80% stake, and pocket all the proceeds after some SAR 2.4 mn are used to cover IPO-related expenses. Their shares will be locked up for a period of 12 months from the first day of trading.

Qualified investors will be able to subscribe to the IPO starting tomorrow until next Tuesday, 8 October, for a minimum of 100 shares and a maximum of 2.5 mn shares each. The final allocation is slated for Sunday, 13 October, with any excess fees set to be refunded within two business days. The first day of trading will be determined once the company meets all regulatory requirements.

ADVISORS- Yaqeen Capital is serving as the financial advisor and lead manager, while Moore is auditor. Al Rajhi Capital, Riyad Capital, Alinma Investment, AlJazira Capital, SAB Invest, Derayah Financial, BSF Capital, SNB Capital, Alistithmar Capital, Albilad Capital, ANB Capital, and Alkhabeer Capital are all receiving agents.

GEN Plus Group gets a new MENA chief growth officer

GEN Plus Group has tapped Wael Mahdi (LinkedIn) as its MENA chief growth officer, according to a press release picked up by Zawya. Mahdi has 20 years of experience in media and journalism, holding major posts at Arab News, Asharq News and Neom.

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FDI + oil are making the rounds in the foreign press

Leading coverage of Saudi in the foreign press this morning is the latest net foreign direct investment figures, which B loomberg says places the Kingdom off track for this year’s USD 29 bn FDI target. Obstacles such as high entry barriers and lingering reputation risks are key hurdles curtailing FDI inflows into Saudi, Bloomberg said citing a research report by Capital Economics. Despite the new investment law being a possible “game changer,” insufficient inflows remain problematic, the London-based research unit said.

^^ We have the full story in this morning’s news well, above.

Meanwhile, Saudi oil policy is keeping a wider economic fallout at bay as tensions grow in the region, Reuters writes. Despite fears of further escalation following Hezbollah leader Nasrallah’s killing, the Kingdom’s sway on OPEC+ as well as recent reports indicating a potential direction away from an unofficial USD 100 per barrel target and reboot production are keeping “a lid on oil prices” and limiting shocks, the newswire said.

Borne out by the numbers: Oil prices have remained steady in the USD 70-80 per barrel range, as Riyadh’s continues to pump below its 12 mn bpd capacity while non-OPEC output rises and China sees waning demand.

Moaj Holding will invest USD 30 mn to use MediSun’s tech in Saudi

MANUFACTURING-

A new JV for generating electricity from seawater underway: Saudi investment group MOAJ Holding partnered with MediSun Energy, a Singapore-based firm that generates electricity from saltwater, to establish a local JV, MediSun Arabia, according to a press release from MediSun.

The partnership will see MOAJ allocate USD 30 mn to establish a manufacturing facility for the production of MediSun’s flagship reverse electrodialysis WEGen stacks. The partnership also grants MOAJ exclusive distribution rights for MediSun’s technologies across the GCC countries.

BANKING-

Our friends at HSBC Saudi Arabia are gearing up to relocate to a new office at King Abdullah Financial District in 2H 2025, after signing a long-term lease agreement with the district’s Development and Management Company, according to a press release (pdf). The agreement will see the lender relocate to a new office in the financial district, aptly named the “HSBC Building” by late 2025.

BUSINESS-

Simah Rating Agency (Tassnief) assigned a long-term rating of BB+ and a short-term one of T-5 for construction firm Multi Business Group, according to a press release from the local credit rating agency. The group’s “moderately large operational scale and a proven track record spanning 15 years in fit-out building contracting work and mechanical, electrical, and plumbing engineering” underpinned the rating action.

INFRASTRUCTURE-

Riyadh-based water infrastructure player Miahona inked an MoU to develop and operate water and sewage treatment plants in Uzbekistan. Miahona will explore building four new sewage treatment plants and managing five existing facilities in Uzbekistan’s Fergana Valley and Jizzakh Region under a development agreement signed with Uzbekistan’s Ministry of Investment and Uzsuvtaminot, according to a disclosure to Tadawul. The projects will be implemented under Build-Own-Operate-Transfer (BOOT) and Enhanced Operations and Maintenance (EOM) models, with financial impacts to be assessed after due diligence per the one-year MoU.

HOSPITALITY-

US hospitality brand Hyatt plans to launch two hotels — Park Hyatt Jaumur and Andaz Jaumur Marina — in Neom’s Magna in 2027, featuring a total of 350 rooms and suites, according to a press release. Jamur, one of Magna’s destinations, is a marina community on the Gulf of Aqaba.

STARTUP WATCH-

The Real Estate General Authority (Rega) launched a new accelerator for proptech startups, in partnership with the National Technology Development Program and Startup Wise Guys, it said in a statement. The program offers access to a network of angel investors and investment funds, as well as training workshops, mentoring, and advisory sessions, read the statement. Applications for the accelerator can be filed here.

INFRASTRUCTURE-

More roads for Al Baha: The government wrapped up a 22 km road connecting Baljurashi and Al Aqiq governorates at a cost of SAR 219 mn, according to a post on X from the Roads General Authority. Some agricultural roads at Al Baha were also completed at a SAR 39 mn ticket.

The government completed the upper intersection project for the Ha'il-Rafha Road at SAR 45 mn, according to state news agency SPA.

AVIATION-

Dammam’s King Fahd International Airport has received Level 3 Customer Experience Accreditation from Airports Council International (ACI) for its efforts to enhance passenger satisfaction with a seamless, safe, and sustainable customer experience, according to a press release. Dammam Airports CEO Mohammed Al-Hassany aims to achieve the highest certification levels of 4 and 5 in a bid to position the airport as one of the best in the region, he said.

China’s stock market is now in bull territory as stimulus package drives extended rally

Buoyed by last week’s stimulus package, Chinese equities are on a tear: Chinese equities had their best day in 16 years yesterday, after “fevered trading” saw the country hitting CNY 1 tn-worth of shares traded in the shortest amount of time in its history. Chinese markets closed up 8% yesterday and will now be closed for a weeklong holiday until next Tuesday as the country celebrates its 7-day “Golden Week” of National Day holidays.

In Shenzhen, the ChiNext index — which is tech-heavy — closed up 15.4% yesterday, marking its strongest single-day performance since it was established in 2010. Reuters, Bloomberg, the Financial Times, and CNBC have the story.

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The single-day performance came as investors continue to ride the wave of momentum from last week’s stimulus announcement, with China’s central bank announcing it is rolling out broad monetary stimulus measures to jumpstart the country’s faltering growth, including slashing a key short-term interest rate and lowering the reserve requirement ratio (RRR) to its lowest point since 2018. Critically, the stimulus package also sought to address China’s flagging property market by reducing borrowing costs on USD 5.3 tn worth of mortgages and lowering down-payment requirements for second homes.

Bull market territory? Yesterday’s jump extended a rally that now puts China’s CSI300 blue-chip index nearly 30% above its lowest performance in February, with the majority of that jump — around 25% — happening in the past week since the rollout of the stimulus package. Although in percentage terms, the stock market’s performance is in bull market territory, some analysts are hesitant to characterize it as a bull market because such a large portion of the gains materialized in such a small period of time.

Not having as good of a time: Quant funds. China’s quant funds are struggling to keep up with margin calls as the equity rally puts pressure on their liquidity, according to Bloomberg. “When the surge in index futures exceeded gains in the underlying stocks on Friday, it imposed paper losses on some quants’ hedging positions … When brokerages closed the short positions, they pushed the index futures further up along with investors [expecting] a further rally, worsening the short squeeze,” the business information service said, citing an asset management player.

MARKETS THIS MORNING-

It’s holiday season: With South Korean, Hong Kong, and Chinese markets all closed for holidays, Japan’s Nikkei is alone in rebounding 1.7% after slipping in trading yesterday. Mainland Chinese markets are closed for the entire week, but the rest will be back to work tomorrow.

Meanwhile, Wall Street futures are flat after the S&P 500’s record close for September.

TASI	12,226	-0.4% (YTD: +2.2%)
MSCI Tadawul 30	1,528	-0.3% (YTD: -1.5%)
NomuC	25,443	-0.7% (YTD: +3.7%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.5% repo	5.0% reverse repo
EGX30	31,587	+0.4% (YTD: +26.9%)
ADX	9,425	-0.5% (YTD: -1.6%)
DFM	4,503	-0.4% (YTD: +10.9%)
S&P 500	5,762	+0.4% (YTD: +20.8%)
FTSE 100	8,237	-1.0% (YTD: +6.5%)
Euro Stoxx 50	5,000	-1.3% (YTD: +10.6%)
Brent crude	USD 71.77	-0.3%
Natural gas (Nymex)	USD 2.90	-0.9%
Gold	USD 2,655	-0.2%
BTC	USD 63,662	-3.4% (YTD: +50.9%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.4% yesterday on turnover of SAR 8.7 bn. The index is up 2.2% YTD.

In the green: Al Baha (+10.0%), Chubb (+5.4%) and Teco (+5.2%).

In the red: Bupa Arabia (-5.8%), Sefico (-4.4%) and Savola Group (-3.7%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.7% yesterday on turnover of SAR 52.5 mn. The index is up 3.7% YTD.

In the green: NGDC (+9.7%), Edarat (+7.3%) and Nofoth (+5.9%).

In the red: Alqemam (-9.5%), Meyar (-7.5%) and NBM (-5.8%)

CORPORATE ACTIONS-

Aljazira Takaful Taawuni shareholder’s greenlit SAR 19.8 mn in dividends at SAR 0.3 per share for 2023, it said in a disclosure to Tadawul. Distributions will begin on Thursday, 10 October.

Saudi to send medical + relief aid to Lebanon

The Kingdom is set to offer medical and relief aid to Lebanon, after successive attacks on southern Lebanon from Israel led to hundreds of deaths and an estimated 1 mn refugees in the country, state news agency SPA reported yesterday. Saudi Arabia is following the latest developments in Lebanon with “deep concern” and has called on the international community to intervene to maintain peace and security in the region.

CALENDAR

OCTOBER

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

1-3 October (Tuesday-Thursday): Sirha Arabia Food Trade Exhibition, Riyadh Front Expo, 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.

23-24 October (Wednesday-Thursday): UNIDO’s Multilateral Industrial Policy Forum (MIPF), Riyadh.

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

27-28 (Sunday-Monday): The Global PropTech Summit, Movenpick Hotels & Resorts, Riyadh.

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

30 October-3 November (Wednesday-Sunday): Hia Hub 4.0, Riyadh.

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

NOVEMBER

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

3-23 November (Sunday-Sunday): NEOM Beach Games, Neom.

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.

11-12 November (Monday-Tuesday): Expenditure Efficiency Forum, The Hilton, Riyadh.

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

16 November (Saturday): Latino Night at Riyadh Season, 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.

23 November (Saturday): Red Sea 600, Jeddah Yacht Club and Marina.

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

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

28 November-14 December (Thursday-Saturday): Noor Riyadh, Riyadh.

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

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.

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

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

5-8 December (Thursday-Sunday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

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.

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

6-8 February (Thursday-Saturday): Liv Golf season opener, Riyadh Golf Club, Riyadh.

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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