Saudi moves forward on energy mix strategy with SAR 30 bn of IPPs

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Coco Gauff takes home WTA Finals trophy in Riyadh

Good morning, wonderful people, and welcome to the start of a new week. We have a busy issue to get the day started, leading with a SAR 30 bn bundle of independent power project contracts awarded to two consortiums, as well as another SAR 10.7 bn of agreements signed at Biban.

PLUS- The Saudi Central Bank (Sama) cut its repurchase agreement (repo) and reverse repo rates by 25 basis points (bps) each, down to 5.25% and 4.75%, respectively, it said in a statement. The move follows with the US Fed’s decision to trim rates on Thursday, as the SAR — like other GCC currencies — is pegged to the USD. The rate cut came despite inflation hitting its highest level since February in September at 1.7%. Other GCC central banks also followed suit.

What pundits said: “Lower rates in the GCC could fuel growth in sectors sensitive to credit conditions, such as real estate and domestic spending, enhancing resilience in the broader economy,” Reuters quotes Century Financial’s CIO as saying.

The US’ Coco Gauff took home the WTA Finals trophy after defeating China’s Zheng Qinwen in the final match in Riyadh yesterday. Gauff beat world no.1 Aryna Sabalenka (7-6, 6-3) the previous day, making her the third player since 2010 to overcome the top two ranked players at the WTA Finals after also defeating world no.2 Iga Swiatek earlier last week, as per the WTA website.

WEATHER- Riyadh is looking at a high of 30°C and a low of 19°C today. Over in Jeddah, the mercury will peak at 34°C and hit a low of 28°C. Meanwhile, Madinah is looking at cloud cover and dust haze, with a high of 35°C and a low of 23°C.

HAPPENING THIS WEEK-

IPO WATCH #1- Tomorrow is the last day for qualified investors to subscribe to Mufeed's offering of a 10% stake on Tadawul’s parallel market Nomu. Each investor can subscribe to a minimum of 10 shares, and a max of 323k each. The final allocation of shares is slated for Thursday, 14 November, while refunds (if any) will take place on Monday, 18 November 2024.

IPO WATCH #2- The offering period for Multi Business Group’s (MBG) Nomu IPO kicks off on Tuesday, and concludes next Monday, 18 November. The local contractor is guiding on a price range of SAR 13-15 per share for its offering of a 20% stake on Nomu. Qualified investors can book a minimum of 10 shares and a maximum of 750k apiece.

The World Advanced Manufacturing & Logistics Summit kicks off tomorrow at the Fairmont Hotel, Riyadh, in partnership with the Saudi Authority for Industrial Cities and Technology Zones. The event will feature sessions on sustainable manufacturing, Industry 4.0, industrial finance, and logistics solutions. Executives from Lucid Motors, Amazon Web Services, and Santander will discuss tech integration, cybersecurity, and finance.

Other forums kicking off tomorrow: Cityscape Global, which will get underway tomorrow at the Riyadh Exhibition and Convention Center, and will conclude on Thursday. The two-day Saudi Airport Exhibition and the two-day Expenditure Efficiency Forum are also starting tomorrow, as is the Saudi Intermobility Expo 2024, which will wrap in Jeddah on Wednesday.

NEWS TRIGGERS-

A handful of news triggers coming up in the next few weeks:

Inflation rate for October (Thursday, 14 November);
Trade balance for September (Sunday, 24 November);
Riyad Bank PMI for November (Tuesday, 3 December);
State budget approval and release (December).

PSAs-

The Royal Commission for Riyadh City lifted a trading and development ban on a 46 mn sqm plot of land near the New Murabba development in north Riyadh, state news agency SPA reports. New building permits are slated to be issued under a new set of design regulations that will be issued in three months.

WATCH THIS SPACE-

#1- China’s Finance Ministry tapped Goldman Sachs, JPMorgan, and a roster of heavy-hitter banks to lead a planned USD 2 bn bond sale in Riyadh this week, which will mark the first issuance of its kind for China since 2021, Bloomberg reports, citing people it says are familiar with the matter. The bonds, which will be sold in three- and five-year tranches, will be listed on the Hong Kong Exchange and will trade on Nasdaq Dubai, according to an offering document seen by business news information service.

The local angle: Hosting the issuance strengthens the Kingdom’s ambition to become a regional financial hub, potentially attracting future international financial activities. The high-profile transaction plays into the Kingdom’s goal of strengthening investor confidence in the domestic market, potentially inciting foreign listings, and promoting deeper economic partnerships with China.

ADVISORS- China also appointed Bank of America, Bank of China, Deutsche Bank, HSBC Holdings, Industrial and Commercial Bank of China, Standard Chartered, and First Abu Dhabi Bank.

#2- New York-based art auctioneer Sotheby’s will launch its first auction in the Kingdom in Diriyah on 8 February amid plans to set up shop in Riyadh’s Al Faisaliah Tower within the same month, it said in a statement. Sotheby’s was incorporated in Saudi Arabia last year. The story got ink from the Financial Times.

#3- US software company Nutanix opened a regional headquarters in Riyadh, featuring an operational excellence lab, according to a press release.

DATA POINTS-

#1- Saudi Arabia scored +61 in 3Q 2024 on the Royal Institution of Chartered Surveyors’ Construction Sentiment Index (CSI), down slightly from +64 in the previous quarter, the UK-based construction association said in its latest global construction monitor (pdf). Despite the lower score, the figure remains within the expansionary territory, Rics said. A sector-wide growth in workloads underpinned the strong CSI readings of the Kingdom, along with the UAE (+55), the report read.

#2- Sales from 17 Saudi cement firms rose 10% y-o-y to 4.9 mn tons in October, Argaam reports, citing data from Yamama Cement. Local sales were up 10.7% y-o-y at SAR 4.7 mn tons, while exports increased 3.8% at 219k tons.

MEANWHILE- Demand for cement in Saudi Arabia is expected to grow by up to 8% in 2025 as major construction projects in Riyadh and elsewhere pick up the pace, Riyadh Cement CEO Shoeil Al Ayed told Asharq Business. Saudi cement firms have struggled with a glut in supply over the past two years, with listed firms’ bottom lines falling 14.3% in 2023 as higher interest rates and an uptick in fuel prices also contributed to declining performance, the outlet said.

#3- Riyadh Season 2024 drew in 4 mn visitors within less than a month of launching, as the festival continues to showcase major local and international cultural attractions, General Entertainment Authority Chairman Turki Al Sheikh said. Nearly 2 mn visitors arrived in the festival’s first week, Al Sheikh said earlier. Riyadh Season 2023 saw a total of 20 mn visitors throughout its five-month run, according to data from Argaam.

#4- Public bus ridership across the Kingdom grew 176% y-o-y to 117.6 mn passengers in 2023, with passengers using city buses accounting for 113.5 mn passengers, a 195% increase, according to Gastat’s Land Transport Statistics report (pdf). The number of serious traffic accidents went down 2.5% y-o-y, with fatalities dropping 2.9% and injuries down 1.8% compared to the previous year.

#5- Railway passengers in Saudi Arabia reached 30.3 mn in 2023, up 33% y-o-y, according to a report (pdf) from the General Authority for Statistics. Intra-city passengers made up 72.5% of all travelers — traveling over 1 mn km — while intercity passengers accounted for 27.5% — covering 10.4 mn km. Saudi Arabia Railways conducted 5.2k freight train trips, with a total distance of 4 mn km.

#6- Cargo exports via land ports rose 6.2% y-o-y to over 13.5 mn tons, while imports hit 11.4 mn tons, up 0.3% y-o-y, with Batha port driving the growth of both. The Kingdom’s road network expanded by 2.2% y-o-y, reaching 316.9k km.

SPORTS-

#1- FIBA 3x3 basketball is back at the Neom beach club for the third year running. This year’s lineup features 16 elite teams from around the world, all vying for dominance on the half-court.

#2- More injury woes for Al Hilal: Al Hilal midfielder Ruben Neves will be sidelined through the end of the year due to a knee surgery, meaning the Portuguese footballer will not participate in the upcoming Asian Champions League Elite matches against Qatari Al Sadd and Al Gharafa, in addition to at least three domestic league matches, Reuters reports.

ICYMI- This follows news of Neymar’s hamstring tear, which will see him out for another six weeks, reports the National. The injury was sustained during the Brazilian’s second game back after a year on the sidelines due to an ACL tear.

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THE BIG STORY ABROAD-

It’s a mixed bag in the international press this morning, giving us a mix of stories focused on the latest in US politics and the peace talks between Israel and Hamas.

Qatar suspended its negotiation efforts between Israel and Hamas for a ceasefire and hostage release agreement, and will resume the talks “when the parties show their willingness and seriousness” to end the war, Qatar’s Foreign Ministry said. The ministry pointed to “manipulation” and “blackmail” Qatar is facing as a mediating party while “obligations agreed upon through mediation” are not being met.

As the negotiations stalled, media reports suggested that Qatar has requested that Hamas leaders leave the country, although the foreign ministry said in its statement that “media reports regarding the Hamas office in Doha [are] inaccurate,” without providing further details. Reuters, Bloomberg, and the Financial Times have the story.

In other regional news: Israeli airstrikes killed another 40 people in Lebanon in the past day, including in Tyre and Baalbek, bringing the total death toll in Lebanon from Israeli attacks in the past year to 3,136 people, including 619 women and 194 children, Reuters reports.

ACROSS THE POND- Republicans are on track to secure control of Congress, with the party already securing enough votes to take over control of the Senate, while the House looks likely to end the election with its Republican majority intact. Axios and Reuters have more.

CIRCLE YOUR CALENDAR-

The Saudi Rail Conference and Exhibition will take place on 20-21 November at the Riyadh International Convention and Exhibition Center. The event will showcase developments in the railway sector and provide insights from over 150 local and international speakers.

The two-day Zakat, Tax and Customs Conference 2024 will kick off on 4 December at the King Abdullah Financial District. The event will bring together over 50 speakers and 10k attendees to chew over some of the solutions for the applications of zakat, tax and customs.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

SPPC awards four IPPs worth SAR 30 bn to SEC-led + Taqa-Led consortiums

The Saudi Power Procurement Company (SPPC) awarded four contracts for independent power projects (IPPs) to two consortiums of local, regional and international contractors, on a build, own and operate basis (BOO), state news agency SPA reports. The 25-year power purchase agreements represent a combined investment of SAR 30 bn and a total capacity of 7.2 GW at 1.8 GW each.

One consortium, two projects: Saudi Electricity Company (SEC), Acwa Power, and Korea Electric Power Corporation (KEPCO), secured contracts for the Rumah-1 plant located in the Central Province and the Nairyah-1 plant in the Eastern Province. SEC will serve as the managing and technical lead, while Acwa Power and KEPCO contribute additional expertise.

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Consortium #2: Abu Dhabi’s National Energy Company (Taqa), Japan’s Jera, and Saudi’s Al Bawan, will oversee the Rumah-2 and Nairyah-2 plants also at 1.8 GW each. Taqa will act as the managing and technical lead, while Jera serves as technical member.

SOUND SMART- All four projects will incorporate high-efficiency gas turbines in combined-cycle mode, which allow for the use of carbon capture technologies. They are expected to power some 3 mn households annually, as part of the government’s energy mix strategy engineered to meet growing demand and diversify energy sources. Saudi aims to generate 50% of its electricity needs from natural gas by 2030, with the other half coming from renewables.

MEANWHILE- Meed reports that new power generation plants in Shuqaiq and Shoaiba will replace the 2.4 GW Al Rais plant and the 3.6 GW Riyadh project. The news outlet reported back in June that the state-owned energy procurement company has already received bids for the financial, legal, and technical consultancy roles for the projects.

Monsha’at secures additional SAR 10.7 bn in SME financing at Biban24

The General Authority for Small and Medium Enterprises (Monsha’at) inked SME financing agreements worth a combined SAR 10.7 bn on the fourth day of the Biban24 Forum in Riyadh, state news agency SPA reports. A total of 16 new agreements were signed in a bid to support the Kingdom’s business ecosystem and homegrown SMEs.

ICYMI- The Authority signed a combined SAR 18.3 bn-worth of financing agreements with Saudi banks to drive capital access for local SMEs on the first day of the forum. The event — which kicked off last week at the Riyadh Front Exhibition & Conference Center — wrapped up yesterday.

Day #2 recap: On the second day of the forum, some SAR 1.4 bn-worth of agreement were inked to empower local startups and SMEs, Arab News reported. Key collaborations included a MoU between Monsha’at and Qatar Development Bank to drive joint training and innovation programs, and a partnership with Milton International to back USD bn business initiatives, the authority said in a statement. Monsha’at also partnered with ANB to launch a fintech accelerator, and with Noon to support the Mahali program, supporting local businesses' online presence.

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Monshaat partnered with key financial entities to create financing portfolios for entrepreneurs including a SAR 3.1 bn agreement with Tayseer Finance. This in addition to other agreements with Lendo (SAR 2 bn), Tarmeez Capital (SAR 1 bn), Mrna Finance (SAR 1.9 bn), Funding Souq (SAR 1 bn), Mekyal Financial Technologies Company (SAR 800 mn), Emkan Arabia (SAR 600 mn), Alpha Arabia Finance (SAR 200 mn), and Osoul Modern Finance (SAR 69 mn). Meanwhile, Kafalah signed 10 MoUs with public and private sector entities which will see SMEs gain access to SAR 350 mn in financing, SPA reported.

Beyond financial support: The authority also signed agreements to help upskill entrepreneurs, including collaborations with Entrepreneurship Vision Association and BIM Ventures, Startups House, and Blossom Accelerator to introduce training programs for Saudi entrepreneurs. Saudi National Bank also launched 15 specialized SME branches, while Arab National Bank unveiled its anb digital platform, streamlining financial applications and approvals online to offer quicker and more accessible financial solutions.

ALSO FROM BIBAN 24- Some 36 startups landed angel investments at the event’s Investor Ring platform, where entrepreneurs pitched their businesses directly to local and international investors, Monsha’at said in a separate statement. In a similar move, Al Ahsa Chamber rolled out the Al Ahsa Angel Investors Network, a platform connecting startups and investors. The forum attracted upwards of 70 local and international incubators and accelerators, state news agency SPA reported.

EBRD mulling USD 200 mn loan for Acwa + Hassan Allam Utilities’ Egypt wind farm

Acwa’s Gulf of Suez wind farm close to securing 20% of its total funding: Renewables giant Acwa Power and Egypt’s Hassan Allam Utilities (HAU) are in talks with the European Bank of Reconstruction and Development (EBRD) over a proposed USD 200 mn loan to help finance the consortium’s USD 1.06 bn mega wind farm planned for the Gulf of Suez in Egypt, according to a project summary from the development bank. No further details about the terms of the financing were provided.

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This isn’t the only piece of financing the consortium is hoping to finalize by the end of this year: The two companies are reportedly set to secure close to USD 900 mn in financing by the end of the year for their 1.1 GW wind farm in Gulf of Suez, a source with knowledge of the matter told EnterpriseAM in September.

The details: When operational, the project will offset 2.2 mn tons of carbon dioxide annually and produce enough power for nearly 1.1 mn households. The wind farm’s 1.1 GW capacity will mark it as the largest wind project in both Africa and the Middle East.

Background: The consortium signed a 25-year land usufruct agreement with the New and Renewable Energy Authority for the wind farm in January. Commercial operations are set to begin by the end of 2026, according to a statement released at the time.

Spark inks LOIs worth SAR 3 bn with five new local and international tenants

King Salman Energy Park (Spark) signed five letters of intent worth a combined SAR 3 bn to establish manufacturing facilities for a new batch of local and international tenants, according to a press release. The agreements — inked on the sidelines of ADIPEC 2024 — will help localize the energy supply chain at the park while boosting manufacturing output and creating upwards of 3k direct and indirect jobs, the statement said.

Facilities breakdown:

France-based BioChem will establish the region’s first xanthan gum plant, spanning 100k sqm and producing 20 kilotons annually;
India’s MAN Industries will set up a 360k sqm facility to produce large-diameter carbon steel pipes with anti-corrosion coatings;
Dammam-based Primetech International will establish a facility manufacturing blow-out preventers and manifolds to support the Kingdom’s Saudi Made branding internationally;
India’s Thermocables will establish a 10k sqm speciality cable manufacturing hub;
Hong-Kong based Dalipal Holdings will roll out a 1 mn sqm seamless steel pipes manufacturing plant to support the local energy services sector.

Background: Spark had lined up a total of USD 3 bn in expected investments from 60 investors as of September, with seven tenants operating facilities and another 14 awaiting facilities that are under construction. The industrial city is the first in the world to receive a LEED Silver certification.

ICYMI- US-based software and engineering firm Emerson became the latest addition to Spark, last month. The company inaugurated a 13k sqm manufacturing facility to produce control systems, valves, measurement instruments, and industrial lighting assemblies, with some production earmarked for regional exports.

Mush Social closes USD 1.2 mn pre-seed round led by Nifal Consulting

Homegrown social media platform Mush Social raised USD 1.2 mn in a pre-seed round led by Nifal Consulting, with contributions from Nahr Al Jazeera Holding and angel investors, according to a press release. The funds will support the company’s tech stack and expansion strategy. No further details were provided regarding the breakdown of each investor’s contribution and whether the investments were debt or equity based.

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Mush Social (App Store | Google Play) allows users to interact via public posts and private chats, sharing photos, videos, messages, or music. The app gives users the ability to promote posts using interactive points earned on the app. Points can be earned from posting, commenting, and reacting on the app, encouraging engagement. The Riyadh-based startup was founded in 2022 by Abdulhadi Alasmi (Linkedin).

The platform offers basic and premium versions, with the premium version providing more points from app-interaction, a larger mood collection, and extra themes, among other features.

PIF-backed Lucid’s losses widen in 3Q, but beats revenue forecasts

PIF-backed Lucid Motors’ losses widened to USD 992.5 mn in 3Q 2024, from a USD 630.9 mn loss during the same period last year, the firm said in an earnings release (pdf). Despite the lower bottom line, the luxury EV maker logged 45.2% growth in revenues to USD 200 mn on the back of a 90.9% y-o-y increase in car deliveries that saw it hand over keys for 2,781 Lucid Airs. Third quarter revenues narrowly exceeded projections of USD 198 mn, Reuters said citing LSEG data.

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On a 9M basis: The firm’s losses widened to USD 2.32 bn in the first nine months of the year, compared to a USD 2.17 bn loss during the same period last year. Meanwhile, revenues climbed 30.9% at USD 573.4 mn.

PIF extended multiple lifelines: Lucid raised USD 1.75 bn during the quarter in a follow-on public offering, with the tally including proceeds from PIF’s purchase of an added 374.7 mn shares in a private placement as part of a USD 1.5 bn arrangement that also included an additional USD 750 mn through an unsecured delayed draw term loan facility.

Crown Prince “expresses joy” at Trump’s re-election

Making the rounds in the foreign press over the weekend: Crown Prince Mohammed bin Salman called US president-elect Donald Trump on Wednesday to “express his joy” at Trump’s return to the White House, Bloomberg reports, citing persons familiar with the conversation. Trump had established strong ties with the Kingdom throughout his last term, with Saudi being the destination of his first overseas visit following his inauguration. The conversation saw bin Salman express Saudi’s “eagerness to strengthen the longstanding strategic and historic ties between Saudi Arabia and the United States,” according to state news agency SPA. The New York Times also took a look at what a second Trump term means for the GCC.

Meanwhile: A full two thirds of participants taking part in a virtual vote during the recently concluded Future Investment Initiative chose Trump when asked which candidate would be better for the global economy.

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ICYMI- Trump described the crown prince as a “friend” and a “visionary” during a pre-election interview with Al Arabiya last month. He also stressed that the extension of the Abraham Accords to include a normalization framework between Saudi Arabia and Israel was top on his post-election priorities for the region. Meanwhile, Trump’s son-in-law Jared Kushner’s private equity firm Affinity Partners has investment ties with PIF, while Trump Organization also has real estate ambitions in Saudi and the GCC.

Swiss firm Glencore taps Saudi EXIM for a USD 300 mn loan

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DEBT WATCH-

#1- Swiss commodity trading firm Glencore tapped the Saudi Export-Import Bank (Saudi EXIM) for a USD 300 mn loan to fund its purchases of Saudi minerals, with plans to market them in over 156 countries, according to a press release.

#2- Tanmiah Restaurants, a subsidiary of Tanmiah Food Company, obtained a USD 35 mn shariah-compliant loan from Bahrain-based Ahli United Bank, according to a filing to Tadawul. The seven-year revolving facility will be used to fund the company’s expansion plans and working capital needs.

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HEALTHCARE-

Some 54 new healthcare projects in the Qassim province worth a combined SAR 448 mn were inaugurated, state news agency SPA reports. The projects included dental, fertility, diabetes, and cardiac catheterization centers.

TOURISM-

Aroya Cruises, a subsidiary of PIF-owned Cruise Saudi, will launch its inaugural voyage on 16 December, according to news reports (here and here). The three-night cruise will sail from Jeddah to a private Red Sea island. After the debut, Aroya will offer three-, four-, and seven-night cruises to destinations in Saudi Arabia, Jordan, and Egypt.

REGULATION WATCH-

The Municipalities and Housing Ministry released fresh regulations for barbershops, giving them a six-month window to comply. The new regulations (pdf) introduce stricter requirements on sanitation, prohibit reusing shaving razors, and mandate the exclusive use of Saudi Food and Drugs Authority-approved cosmetic products. Under the new regulations, barbershops won’t be allowed to install tanning beds or offer tattooing services.

Fed trims rate cuts by a further 25 bps as central bankers brace for an uncertain time for monetary policy

The US Federal Reserve cut interest rates for the second time, this time by 25 bps, bringing it to 4.5%-4.75%, it said in a press release on Thursday. The decision comes just a day after Donald Trump was voted president, with many investors now expecting a less certain path for monetary easing due to an anticipated rise in inflation when Trump begins to implement US tariffs and extend tax cuts.

The path ahead is uncertain, Powell says: Powell said he does not expect any “near-term” impact from the elections on monetary policy — but further down the line, nothing is set in stone. “We don’t know what the timing and substance of any policy changes will be,” Powell said. “We therefore don’t know what the effects on the economy would be, specifically whether and to what extent those policies would matter for the achievement of our goal variables: maximum employment and price stability.”

Powell left the door open for a potential policy pause during a press conference, refusing to rule anything out — though he committed to further rate cuts in the future, Reuters reports. The next meeting will take place on 17-18 December.

Market reax: The S&P 500 and Nasdaq both notched record highs, extending a rally that began in the wake of Trump’s reelection.

TASI	12,131	+0.3% (YTD: +1.4%)
MSCI Tadawul 30	1,522	+0.1% (YTD: -1.9%)
NomuC	29,269	+1.4% (YTD: +19.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	31,267	+0.7% (YTD: +25.6%)
ADX	9,449	-0.2% (YTD: -1.3%)
DFM	4,640	-0.1% (YTD: +14.3%)
S&P 500	5,996	+0.4% (YTD: +25.7%)
FTSE 100	8,072	-0.8% (YTD: +4.4%)
Euro Stoxx 50	4,803	-1.0% (YTD: +6.2%)
Brent crude	USD 73.87	-2.3%
Natural gas (Nymex)	USD 2.67	-0.9%
Gold	USD 2,695	-0.4%
BTC	USD 76,453.00	-0.1% (YTD: +80.7%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.3% on Thursday on turnover of SAR 7.5 bn. The index is up +1.4% YTD.

In the green: Rasan (+7.1%), Miahona (+6.8%) and Theeb (+6.6%).

In the red: Maaden (-4.1%), Al Hokair Group (-3.2%) and Acwa Power (-3.0%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.4% yesterday on turnover of SAR 119.1 mn. The index is up 19.3% YTD.

In the green: Apico (+11.5%), Al Jouf Water (+10.7%) and Raoom (+9.8%).

In the red: Al Mohafaza for Education (-6.2%), Meyar (-5.1%) and Watani Steel (-4.8%)

CALENDAR

NOVEMBER

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

3 November-19 December (Sunday-Thursday): Measles and Rubella vaccination campaign, Najran.

10 November (Sunday): Industrial production figures for September to be released.

11 November (Monday): Last day for qualified investors to subscribe to Mufeed's 10% stake on Nomu.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Center.

11-22 November (Monday-Friday): The Diplomatic Conference to Conclude and Adopt a Design Law Treaty, 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.

11-13 November (Monday-Wednesday): Saudi Intermobility Expo 2024, Jeddah.

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

11-17 November (Monday-Sunday): Launch of China’s USD 2bn bond issuance in Saudi.

12-18 November (Tuesday-Monday): Offering period for Multi Business Group’s (MBG) Nomu IPO.

14 November (Thursday): Inflation rate for October.

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.

20-21 November (Wednesday-Thursday): The Saudi Rail Conference and Exhibition, Riyadh International Convention and Exhibition Center, Riyadh.

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

21 November (Thursday): Final allocation for Multi Business Group’s (MBG) Nomu IPO.

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

24 November (Sunday): Balance of trade for September.

25 November (Monday): Refunds for Multi Business Group’s (MBG) Nomu IPO.

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

25 November-1 December (Monday-Sunday): Offering period for Digital Research Company’s (DRC) Nomu IPO.

26 November (Tuesday): Saudi Aramco 3Q 2024 dividend distribution.

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

26-28 November (Tuesday-Thursday): Saudi Electricity 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+ Joint Ministerial Monitoring Committee meeting.

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.

3 December (Tuesday): Riyad Bank PMI for November.

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

4 December (Wednesday): Final allocation for Digital Research Company’s (DRC) Nomu IPO.

4-5 December (Wednesday-Thursday): Zakat, Tax and Customs Conference, Riyadh.

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

8 December (Sunday): Refunds for Digital Research Company’s (DRC) Nomu IPO.

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

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

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

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

17-18 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

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

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

State budget approval and release.

2025

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma

1Q: Roshn expected to raise SAR 2.6 bn from international bank

Saudi and Turkey plan to raise their bilateral trade volume to USD 10 bn

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

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): Federal Open Market Committee meeting.

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

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

FEBRUARY 2025

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

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.

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

22 February (Saturday): Founding Day.

MARCH 2025

1-30 March: Ramadan.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 March- 3 April (Monday-Thursday): Eid Al Fitr.

MAY 2025

6-7 May (Tuesday-Wednesday): Federal Open Market Committee meeting.

31 May-5 June (Saturday-Thursday): Hajj.

JUNE 2025

6-9 June ( Friday-Monday): Eid al-Adha.

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

JULY 2025

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

29-30 July (Tuesday-Wednesday): Federal Open Market Committee meeting.

SEPTEMBER 2025

17-18 September (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

28-29 October (Tuesday-Wednesday): Federal Open Market Committee meeting.

NOVEMBER 2025

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front Convention & Exhibition Centre, Riyadh.

DECEMBER 2025

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

2026

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

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

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