IIF sees more growth next year from oil production restarts + megaproject investments

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Faisal bin Farhan lands in Rio for G20 summit

Good morning, friends. It’s a reasonably brisk Monday morning, with fresh projections from the Institute of International Finance projecting turbocharged GDP growth for Saudi in 2025 on the back of resumed oil production and continued investments in megaprojects.

ALSO- Foreign Minister Prince Faisal bin Farhan is leading Saudi Arabia’s delegation at the G20 summit in Rio de Janeiro, according to state news agency SPA. He arrived yesterday to represent the Kingdom in place of Crown Prince and Prime Minister Mohammed bin Salman. Joining him at the summit is Finance Minister Mohammed Al Jadaan.

HAPPENING THIS WEEK-

IPO WATCH #1- The offering period for Multi Business Group’s (MBG) Nomu IPO wraps up today. The local contractor is guiding on a price range of SAR 13-15 per share for its offering of a 20% stake.

IPO WATCH #2- The two-day retail subscription to United International Holding Company’s (UIHC) Tadawul IPO kicks off tomorrow. UIHC priced its IPO at the top of its indicative range at SAR 132 apiece. The final pricing will see selling shareholders lock in SAR 990 mn in total proceeds, giving the firm a market cap of SAR 3.3 bn at listing. The institutional tranche of the offering was sold out within minutes of opening last month, with investors submitting SAR 131 bn in bids, making the offering 132x oversubscribed.

IPO WATCH #3- Qualified investors have until Thursday to subscribe to Arabica Star’s 25%stake offering on Tadawul’s parallel market Nomu. Each investor can subscribe to a minimum of 10 shares, and a maximum of 68.7k. The final allocation of shares is slated for Tuesday, 26 November, while refunds (if any) will take place on Thursday, 28 November.

The Riyadh Economic Forum kicks off today, with Governor of Riyadh Prince Faisal bin Bandar bin Abdulaziz set to inaugurate the three-day event. The forum will bring together ministers and industry experts to discuss key economic challenges and means for stimulating regional investment, leveraging AI for growth, and boosting returns from natural resources.

Other forums getting underway today:

The Roadshow SearchInform 2024 event will kick off in a couple of hours at Crowne Plaza Riyadh Minhal. The event focuses on information security, bringing together business executives, IT experts, and policymakers to share insights and advice on data protection;
The three-day regional trade exhibition Heavy Equipment and Truck Show kicks off today in Dammam;
The two-day Women's Economic Forum 2024 will kick off in Dammam tomorrow.

NEWS TRIGGERS-

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

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

WEATHER- Riyadh is looking at a high of 30°C and a low of 16°C today. Over in Makkah, the mercury will peak at 35°C and hit a low of 24°C. Meanwhile, Dammam is looking at a high of 31°C and a low of 19°C.

PSAs-

#1- Local school morning lineups for the winter semester now start between 6:45am and 8:15am, according to Al Watan. Riyadh schools start earliest at 6:45am, while Makkah, Jeddah, Al Madinah, and others will begin at 7:15am.

#2- Property owners looking to rent their spaces out to Hajj pilgrims are required to obtain permits from authorized engineering consultancy offices before the end of Rajab (30 January, 2025) with permits issued by the end of Shaaban (28 February), state news agency SPA reports. The Pilgrims Housing Committee in Makkah is now accepting applications for new and renewed permits to host pilgrims for the upcoming Hajj season.

WATCH THIS SPACE-

#1- The Ins. Authority is rolling out new reins. regulations from 1 January, 2025 in a bid to increase the ins. sector’s contribution to the local market and boost domestic players’ revenues, according to separate statements to Tadawul from Gulf Ins. Group, Walaa Cooperative Ins., and Saudi Re (here, here and here), referring to a circular from the authority. The new rules stipulate that at least 30% of all reins. treaties and facultative risks must be ceded to the local market before involving foreign reins. Firms.

#2- Amana Cooperative Ins. has gotten the Ins. Authority greenlight to launch a professional laibility ins. product tailored to engineers and architects across the Kingdom, it said in a filing to Tadawul.

#3- Riyadh will host the 2026 UN World Data Forum, the General Authority for Statistics (Gastat) said in a post on X. The event — the exact dates for which have yet to be determined — will bring together over 20k participants, including government officials, statisticians, and sector experts, to tackle global data challenges.

DATA POINTS-

#1- Riyadh Season 2024 reeled in 6 mn visitors, according to a statement from the General Entertainment Authority. This comes one week after General Entertainment Authority Chairman Turki Al Sheikh disclosed that the festival had drawn in 4 mn within less than a month of launching. Last year’s event saw a total of 20 mn visitors throughout its five-month run.

#2- Jeddah’s King Abdulaziz International Airport accounted for the largest number of complaints in 3Q 2024 at 63, or 28% of total complaints, Al Watan reports, citing figures from the General Authority of Civil Aviation (GACA). Riyadh’s King Khalid International Airport and Dammam’s King Fahd International Airport were tied for second at 30 complaints each during the period, while Madinah’s Mohammed bin Abdulaziz Airport followed at 18 complaints.

The authority has also issued 229 new licenses for air transport services this year, with licenses to foreign carriers accounting for 99, or 43% of the total.

SPORTS-

Mexican boxer Gilberto “Zurdo” Ramirez was crowned unified cruiserweight champion after defeating UK fighter Chris Billam-Smith by unanimous decision on Saturday at the Riyadh Season Latino Night event, according to Dazn.

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THE BIG STORY ABROAD-

Biden agrees to Ukraine hitting Russian targets with US long-range missiles: In a change of pace from the wall-to-wall coverage of US elections, the international press is focused this morning on reports that Washington agreed to let Ukraine use long-range US missiles to hit targets “deep” in Russian territory. The approval marks a change in Washington’s policy on Kyiv and Moscow’s ongoing war, which officials and other sources quoted in several newspapers say comes on the back of North Korea sending ground troops to support Russian forces. North Korea had sent 10k elite troops to Russia’s Kursk region near Ukraine’s northern border last week to help Russia regain control of the territory. The story is getting play in the New York Times, the Washington Post, Bloomberg, Reuters, the Wall Street Journal, and the Financial Times.

IN OUR NECK OF THE WOODS- An Israeli airstrike on a building in central Beirut yesterday killed Hezbollah’s chief spokesperson, Mohammed Afif. Israel also attacked Mar Elias in the center of the Lebanese capital, killing at least two and wounding 22. Reuters and the Financial Times have coverage.

CIRCLE YOUR CALENDAR-

The Invest in Health Forum is set to take place in Najran this Wednesday, 20 November.

The Saudi Rail Conference and Exhibition will take place this Wednesday and Thursday, 20-21 November at the Riyadh International Convention and Exhibition Center.

The Black Hat MEA 2024 cybersecurity conference and exhibition will take place between 26-28 November at the Riyadh Exhibition & Conference Center in Malham. The event will gather cybersecurity professionals and technology developers. Speakers include information security leaders from Bayer, SoftBank Investment Advisors, the US Intelligence Community, the CIA, and Knostic.

The two-day Saudi Green Initiative Forum will kick off on Tuesday, 3 December, according to a statement. The forum will coincide with COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh between 2 and 13 December.

The two-day Zakat, Tax and Customs Conference 2024 will kick off on 4 December at the King Abdullah Financial District.

The Red Sea International Film Festival will run from 5-14 December in Jeddah.

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.

The Fortune Global Forum is coming to Riyadh in December 2025, according to a press release. The forum serves as a platform for the leaders of the world's largest companies, policymakers, and other influential figures to discuss global economic and business trends, challenges, and opportunities.

Oil production restarts and megaproject investments to boost economic growth to 4.8% next year, IIF says

Oil output hikes are projected to drive 4.8% growth in the Saudi economy in 2025, up from 1.1% in 2024, as Opec+ begins phasing out production cuts, Zawya reports citing an Institute of International Finance (IIF) report. “We expect Saudi Arabia’s oil production to increase by 8.4% in 2025, as compared with a cumulative decline of 14.6% in 2023-2024,” the report said.

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At same time, non-oil GDP growth is expected to “remain robust at 4.6%,” as private consumption and large infrastructure investments led by the Public Investment Fund (PIF) and the National Development Fund boost the non-oil sector. Meanwhile, geopolitical turmoil has not had a discernible impact on Saudi’s economic growth, with investments in megaprojects expected to sustain growth over the next two years, the report added.

Capital outflows are projected to hit USD 80 bn this year, largely on the back of foreign investments by PIF, the IIF noted. The number brings the tally of public foreign assets — including official reserves and PIF foreign assets — to USD 1.3 tn, or 117% of GDP. Despite progress on investment reforms intended to lure in foreign investors, including simplified licensing procedures and 100% foreign ownership, FDI figures for Saudi are lower than those of the UAE.

REMEMBER- The PIF is working to reduce overseas exposure from 30% to 18-20%, shifting focus to support domestic diversification projects and encourage co-investment from foreign firms within the Kingdom. The fund has sold down big stakes in US equities, including stakes in BlackRock, Carnival, and Live Nation, reducing US-listed holdings to USD 20.6 bn in mid-2024 from USD 35 bn in 2023, the Financial Times reports. Additionally, the fund is imposing stricter conditions on external managers and encouraging partnerships aligned with national priorities.

Alfanar, SEC ink SAR 20 bn contracts for power infrastructure projects

Alfanar Projects and Saudi Electricity Company (SEC) signed contracts valued at SAR 20 bn for power infrastructure projects on the sidelines of the Energy Localization Forum, according to a statement. SEC signed a total of 46 strategic agreements worth a combined SAR 54.2 bn during the forum, according to a separate statement.

The projects include the Middle East’s largest high-voltage direct current (HVDC) project, developed with China Energy Equipment Group. The 7 GW transmission project will connect Saudi Arabia's central, western, and southern regions to strengthen the Kingdom’s power infrastructure.

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ALSO- The two companies partnered to create Al Battery Energy Storage Systems, establish smart distribution centers, and integrate renewable energy facilities into the national grid, enhancing grid reliability, and supporting the Kingdom's transition to clean energy.

Saudi Arabia, the UAE led the MENA region’s M&A activity in 9M 2024

Saudi Arabia solidified its position as a top destination for MENA-based investors alongside the UAE, with 239 agreements valued at USD 24.5 bn in 9M 2024, according to EY’s MENA M&A Insights 9M 2024 report. Saudi Arabia and the UAE saw a combined 139 domestic agreements, representing 56% of the total domestic M&A volume in the GCC. Meanwhile, GCC players contributed to 81% of intra-regional M&A activity.

The Kingdom recorded the largest domestic transaction in the region, namely Saudi Aramco’s USD 8.9 bn acquisition of a 22.5% stake in Rabigh Refining and Petrochemical Company. The oil and gas sector contributed 46% of the total domestic M&A value across MENA.

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THE REGIONAL ANGLE-

MENA’s overall M&A activity in 9M 2024 saw a 9% increase in volume and a 9% rise in value, with 522 transactions worth USD 71 bn. Cross-border transactions accounted for 52% of the total volume and 73% of the total value.

The value of M&A activities within single countries rose to USD 19.3 bn, with sectors such as oil and gas, metals and mining, and chemicals driving most of the activity. Technology and consumer products accounted for 31% of the domestic transaction volume.

Inbound M&A activity also grew y-o-y, particularly from the US and UK, which together accounted for 42% of the total inbound transaction volume. Meanwhile, outbound activity from MENA was the largest contributor to transaction value, comprising 58% of the total with USD 41.4 bn in transactions.

EY expects MENA’s M&A activity to surpass 700 agreements by the end of 2024, approaching the five-year high of 750 transactions. This performance comes despite regional uncertainties and rising borrowing costs. Ins, oil and gas, and real estate are expected to remain the most active sectors, while the technology sector continues to benefit from rising digital transformation trends.

COP29 negotiators want to supercharge climate financing tenfold to USD 1 tn annually

COP29 talks push for more climate financing from Saudi + other Gulf nations: Negotiations at COP29 in Azerbaijan are focused on replacing the USD 100 bn annual climate finance pledge with a more ambitious USD 1 tn goal, urging contributions from wealthy nations, including Saudi Arabia and Gulf petrostates, Bloomberg reports. The UN climate chief urged G20 leaders to back global climate finance efforts at their Rio meeting, aiming to unlock an agreement at COP29 as negotiations in Baku face challenges, Reuters reports.

MEANWHILE- Saudi Arabia is reportedly resisting reaffirming last year’s COP28 pledge to transition away from fossil fuels, a move that continues to be criticized by European and US negotiators during the ongoing COP29 in Azerbaijan, according to the business information service.

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BACKGROUND- Different COP, same sticking points: Saudi last year led a group of oil producers pushing back on a phaseout of fossil fuels in what US and European leaders are turning into a “make-or-break” moment in the battle against climate change. Saudi and other Arab producers argued last year that tackling climate change is about reducing emissions, not about the mix of energy sources on which economies rely. They also pushed back on the idea of tripling global renewable energy capacity by 2030.

Going a la carte? The final COP28 agreement included commitments to triple renewable energy capacity, double energy efficiency improvements, and phase down unabated coal power. However, the Kingdom views these as optional measures, contrary to the US and EU, who argue that countries are committed to pursuing all of these actions, not selectively choosing from them.

SIDF calls on guarantors Jazadco and Artex for Resreco’s SAR 672 mn loan

SIDF activates loan guarantees: Saudi Industrial Development Fund (SIDF) notified Jazan Development and Investment Company (Jazadco) and Artex Industrial Investment Company it is activating guarantees for a SAR 672 mn loan made to Al Reef Sugar Refinery Company (Resreco) after the firm failed to meet repayment obligations, according to two separate disclosures (here and here) from the guarantors. Jazdaco and Artex had each guaranteed 15% of the loan, equivalent to SAR 100.8 mn each, the disclosures said. The guarantors also hold 15% each in Resreco, Argaam said.

What’s next? Both guarantors have a one-month period to make good on their guarantees, according to Article 13 of State Revenue Law (pdf). Jazadco and Artex notified Resreco’s board to commission an independent valuation of Resreco’s assets, with Jazdaco also stepping in to assist in finding buyers so as to pay down parts of the outstanding guarantees. Meanwhile, the guarantors will negotiate with the SIDF on a “mutually agreeable payment plan.” The impact on both firms’ financials will be disclosed following the conclusion of these two steps, the disclosures added.

About Al Reef Sugar: The Jeddah-based sugar refinery was established in 2015 to produce 1 mn tons of sugar a year, with a view to help meet national demand while exporting the surplus to neighboring markets, as per its LinkedIn page.

Top executive appointments at Investcorp Saudi + Methanol Chemicals

Bahrain-based Investcorp appointed Mashaal Aljomaih (LinkedIn) as the CEO of its Saudi unit, it said in a statement. Aljomaih was previously the company’s deputy CEO, and he has held executive roles at JP Morgan Chase and BNP Paribas.

Methanol Chemicals (Chemanol) has tapped Faris Mansour Mohammed Al Rajhi as its chairman and Yousif Abudllah Abdulaziz Al Rajhi as its vice chairman, according to a disclosure to Tadawul.

Naqawa for IT’s (Purity Tech) CEO Abdullah Alnamlah (LinkedIn) stepped down from his position, the company said in a filing to Tadawul pointing to a mutual decision not to pursue renewal. Alnamlah will keep his seat on the board. There is no word yet on who will step into the newly-vacant position.

Raydan Food’s Managing Director and CEO Mansour Nasser Al Sulami bowed out from his roles, the company said in a statement to the exchange. Al Sulami will continue to serve on the board.

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M&A news from KnowledgeNet + First Avenue for Real Estate Development

M&A WATCH-

#1- KnowledgeNet cashes in on subsidiary sale: Software developer KnowledgeNet sold its 50% stake in property management arm KnowledgeNet Real Estate to the Saudi Technology Fund in exchange for 837.5k units in the fund valued at SAR 8.4 mn, according to a filing to Tadawul. KnowledgeNet will use the proceeds to shore up the company’s liquidity and drive its expansion strategy.

IN CONTEXT- The transaction is part of a broader agreement outlined earlier in a June MoU with Bayt Alnomow to divest subsidiaries leveraging KnowledgeNet’s proprietary tech. The Saudi Technology Fund bought a total stake of 92% in the company, worth SAR 16.8 mn.

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#2- First Avenue for Real Estate Development upped its stake in the Blom Real Investment Fund 1 to 75%, up from 16%, in a SAR 20.1 mn transaction, to be paid in five installments, according to a disclosure to Tadawul. The fund aims to build 315 luxury apartments in Riyadh’s Al Arid district.

HOSPITALITY-

Seef Properties to launch its first Saudi development: Bahraini real estate developer Seef Properties partnered with Saudi Majd Investment to develop a BHD 50 mn (SAR 498 mn) mixed-use project in Dammam, its first venture in the Kingdom, it said in a statement. The project will feature residential, commercial, entertainment, and office spaces.

LOGISTICS-

Mawani adds new shipping service to Jubail Commercial Port: The Saudi Ports Authority (Mawani) added Emirates Shipping Line’s EJBS service to Jubail Commercial Port, it said in a statement. The new service, which has a 1.8k standard container capacity, will link the Jubail port to the ports of Jebel Ali in the UAE, and Shuwaikh in Kuwait.

Asia and the Middle East lead a global capital shift

Asia and the Middle East are emerging as pivotal hubs in the global flow of capital, according to HSBC’s New Networks of Capital report (pdf). Financial assets in Asia Pacific — excluding Japan — are projected to grow at an annual rate of 8% from 2023 to 2028. Assets in the Middle East and Africa are expected to expand even faster, at 9% annually. HSBC’s new report takes a deep dive into how Asia and the Middle East are emerging as key centers of international capital flows — and the opportunity that their new position offers.

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The report highlights six trends deepening financial ties between the two regions, including a growing proportion of investment allocated to projects within the two regions, significant efforts to liberalize capital markets, higher weightings in global stock indices, the emergence of regional asset managers as regional wealth pools grow, more dynamic private markets in both regions, and a greater number of cross-border transactions in local currencies. These shifts have the potential to see FDI flows between the two regions exceed some USD 270 bn over the next ten years — nearly double the amount of flows recorded in the previous decade, according to the report.

The GCC states are anchoring the transformation: Asian companies are increasingly participating in engineering, procurement, and construction investments in the GCC states, with the combined investment positions of China and India in Saudi Arabia, the UAE, and Qatar rising 145% between 2018 and 2022 to USD 26.6 bn. The Gulf’s sovereign wealth funds are in turn ramping up strategic investments in Asia, targeting sectors including advanced technologies to support their economic diversification plans. Meanwhile, Asian investors “regularly account for more than 20% of allocations on major international debt sales from the Gulf,” the report reads, a percentage that has remained steady despite a strong growth in volumes since 2016.

These shifts are opening up new opportunities for corporations and investors. Enhanced financial infrastructure between the two regions is fostering deeper liquidity and opening new investment channels for cross-border financial flows. Stronger investment links should also facilitate access to capital through strategic partnerships and equity investments, with recent M&A activity between the two regions an encouraging sign. Finally, the Gulf’s massive boom in infrastructure projects offers Asian investors and contractors a slew of new business opportunities, with Dubai ranking number one in global greenfield FDI projects attraction for the third year in a row.

MARKETS THIS MORNING-

Asian markets are a mixed bag in early trading this morning, with Korea’s Kospi leading the pack in the green at 2.2%, followed by Hong Kong’s Hang Seng at 0.7% and the mainland’s Shanghai at 0.6%. Japan’s Nikkei is starting the day in the red at -0.7%.

TASI	11,812	+0.2 (YTD: -1.3%)
MSCI Tadawul 30	1,486	+0.3% (YTD: -4.2%)
NomuC	29,477	0.0% (YTD: +20.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	31,252	-0.7% (YTD: +25.5%)
ADX	9,443	+0.5% (YTD: -1.4%)
DFM	4,740	+0.2% (YTD: +16.8%)
S&P 500	5,871	-1.3% (YTD: +23.1%)
FTSE 100	8,064	-0.1% (YTD: +4.3%)
Euro Stoxx 50	4,795	-0.8% (YTD: +6.1%)
Brent crude	USD 71.04	-2.01%
Natural gas (Nymex)	USD 2.82	+1.4%
Gold	USD 2,570	-0.1%
BTC	USD 88,913.90	-2.3% (YTD: +110.7%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.2% yesterday on turnover of SAR 4.2 bn. The index is down 1.3% YTD.

In the green: Medgulf (+10.0%), Saudi Re (+6.9%) and Thimar (+6.0%).

In the red: Ardco (-5.3%), Alistithmar Reit (-3.7%) and Red Sea (-3.3%).

THE CLOSING BELL: NOMU-

The NomuC was unchanged yesterday on turnover of SAR 59.2 mn. The index is up 20.2% YTD.

In the green: Amwaj International (+18.6%), CMCER (+15.2%) and Pan Gulf (+6.3%).

In the red: Al Rashid Industrial (-6.4%), Meyar (-5.5%) and Fadeco (-5.5%)

Saudi + Tunisia ink agreement to boost FDI

Saudi Arabia and Tunisia inked an MoU to promote FDI between both countries by exchanging information on regulations and systems, state news agency SPA reports. The agreement was signed in Tunisia on Sunday by Investment Minister Khalid Al Falih and Tunisia’s Economy and Planning Minister Samir Abdel Hafeez.

CALENDAR

NOVEMBER

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

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

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

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

18 November (Monday): Roadshow SearchInform 2024, Riyadh.

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

19-20 November (Tuesday-Wednesday): The two-day retail subscription of United Holding International Company’s Tadawul IPO.

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

20 November (Wednesday): Invest in Health Forum, Najran

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.

22 November (Friday): Submission deadline for UNCCD Young Researchers Award at COP16.

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

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

25 November (Monday):The final allocation of shares of United Holding International Company’s IPO on Tadawu.

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): Black Hat MEA 2024, Riyadh Exhibition & Conference Center, Malham

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.

1 December (Sunday): Dallah Healthcare 3Q 2024 dividend distribution.

2-4 December (Monday-Wednesday): Emmanuel Macron expected to visit Riyadh.

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.

3-4 December (Tuesday-Wednesday): Saudi Green Initiative (SGI), Riyadh.

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.

5-14 (Thursday-Sunday): Red Sea International Film Festival, Jeddah.

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

10-12 December (Tuesday-Thursday): CPHI Middle East, Riyadh Front Exhibition & Convention Center, Riyadh

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

1 February (Saturday): UFC event, The Venue, Riyadh.

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.

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

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

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

16-17 February (Sunday-Monday): AlUla Conference for Emerging Market Economies, AlUla.

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.

APRIL 2025

7-9 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

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

December: The Fortune Global Forum 2025, Riyadh.

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.

Riyadh-Kudmi transmission line to be completed.

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