Aramco closes minority stake acquisition in Horse Powertrain

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: United International Holding begins trading on Tadawul today

Good morning, friends. Today is shaping up to be a rather busy day, with stories to keep an eye on including United International Holding’s Tadawul debut and French President Emmanuel Macron’s state visit to Riyadh.

BUT FIRST- The PIF reportedly trimmed its stake in Nintendo to 5.3% from 6.3% as of 26 November, Asharq Business and Argaam reported citing Reuters and Bloomberg. EnterpriseAM was unable to confirm the reports.

IN CONTEXT- The Public Investment Fund (PIF) trimmed its stake last month in the Japanese gaming giant to 6.3% from 7.5%, as part of a series of similar moves that saw the fund pare down its holdings in Nintendo. PIF — which is tasked with driving the country’s diversification plans — has recently shifted its focus towards local investments as the Kingdom’s widening budget deficit continues to restrict funds.

Macron in town: French President Emmanuel Macron touched down in Riyadh yesterday for a two-day state visit, with defense contracts, investments, and regional geopolitics topping his agenda, Bloomberg reports. This marks the French head of state’s first visit to the Kingdom since 2018.

Saudi and France agreed to set up a new Strategic Partnership Council during the first day of Macron’s visit, after the president met with Crown Prince Mohammed bin Salman, according to state news agency SPA.

Coming up next on Macron’s agenda: The sale of French-made Rafale fighter jets, contracts in the Saudi tourism and energy sectors, and funds for French startups are likely to be key areas of focus during the trip, Bloomberg says. Energy cooperation will also be in focus, with discussions likely to center around the Kingdom’s nuclear ambitions and inroads for French firms such as TotalEnergies and Électricité de France which are looking for domestic contracts including an arrangement to build out a hydroelectric plant to power NEOM, the business information service reports.

Meanwhile, the Crown Prince is also expected to lobby Macron to push for recognition for a Palestinian state while France could seek to leverage Riyadh’s close relationship with Opec+ partner Moscow to end the war in Ukraine.

HAPPENING TODAY-

#1- Shares of United International Holding (UIHC) — which owns and operates Tas’heel — will begin trading on Tadawul today, according to a statement. Trading on the first three days will be subject to a price fluctuation limit of ±30%, after which the daily limit will be capped at ±10%, and a static price fluctuation limit of ±10% will be removed.

REFRESHER- Institutional investors booked 90% of the IPO last month in an offering that was 132x oversubscribed and sold out within minutes of opening. Strong investor demand priced UIHC’s shares at the top of the guidance range at SAR 132 apiece, giving it a market cap of SAR 3.3 bn upon listing and generating SAR 990 mn in proceeds. Meanwhile, the remaining 10% offered in the retail tranche saw strong demand with a 9.1x oversubscription rate.

#2- Flag carrier Iran Air resumes its flights from Mashhad to Dammam today, following a nine-year hiatus, according to the state-owned Islamic Republic News Agency. The route will operate on Tuesdays and Thursdays.

#3- Riyad Bank’s PMI report for November is set to be released today. Non-oil business activity hit a six-month high in October, with the seasonally-adjusted headline PMI figure coming in at 56.9 during the month.

WEATHER- Riyadh is getting a windy day with a high of 22°C and a low of 11°C. Expect thunderstorms in Makkah, with temperatures peaking at 33°C and dropping to 22°C. Meanwhile, Dammam will be cloudy, with a high of 23°C and a low of 13°C.

HAPPENING TOMORROW-

Shares of Multi Business Group (MBG) will start trading on Tadawul's parallel market Nomu tomorrow, according to a statement. Trading on the first three days will be subject to a price fluctuation limit of ±30%, after which the daily limit will be capped at ±10%, and a static price fluctuation limit of ±10% will be removed.

REFRESHER- The local contractor priced its IPO at the top of the guidance range at SAR 15 apiece, after the 25% stake offering was 2.65x oversubscribed. The pricing sees MBG raising SAR 45 mn in proceeds and gives the company a market cap of SAR 225 mn at listing.

PSAs-

#1- Runaway foreign workers now have a 60-day grace period ending on 29 January to rectify their status by finding a new employer via the Human Resources and Social Development Ministry’s Qiwa platform, the Saudi Gazette reports.

#2- Private sector companies subject to the Personal Data Protection Law are required to register on the National Data Governance Platform via an Absher account, the Saudi Data and AI Authority said, according to state news agency SPA. Register here.

WATCH THIS SPACE-

#1- Companies can now submit their expression of interest for the construction of the new Taif InternationalAirport project, the Airports Holding Company said. The deadline for submissions is until 3pm on 10 January, 2025.

The details: The project, which is set to have an initial capacity to accommodate 2.5 mn passengers, will be executed under a 30-year, build-transfer-operate contract. The contract covers the construction of a runway, taxiways, an apron for aircraft stands, and a passenger terminal, among other facilities. The airport is scheduled to start operating by 2030.

#2- A group of Egyptian engineering firms are eyeing a combined SAR 500 mn foray into Saudi Arabia, with plans to establish factories in the Kingdom in partnership with local investors, Mubasher quotes Egyptian-Saudi Business Council Member Mohamed Genedy as saying. The move comes as the Egyptian companies look for ways to sell their products in the GCC markets while having to meet strict quality standards, Genedy explained.

#3- Dubai-based conglomerate Green Coast plans to set up a USD 5 mn packaging factory in Saudi Arabia in 1Q 2025, Asharq Business quotes Executive Director Mohammed Abdulghaffar Hussain as saying. The company also plans to invest USD 200 mn in the Kingdom’s renewable energy sector over five years, he added.

DATA POINTS-

#1- Domestic loans to the private sector hit a record high in October, with Saudi banks handing out SAR 2.8 tn, up 12% y-o-y, Mubahser reports, citing statistics from the Saudi Central Bank (Sama). Private sector lending value rose 11% in 10M 2024 compared to the entirety of 2023.

#2- Saudi Arabia launched the Riyadh Global Drought Resilience Partnership, pledging USD 150 mn over the next 10 years to support drought-hit countries, according to media reports (here and here). This came on the first day of COP16 of the United Nations Convention to Combat Desertification, where the Islamic Development Bank and the Opec Fund for International Development also pledged USD 1 bn each to the initiative.

#3- Saudi Arabia’s B2B catering services sector is projected to hit a market valuation of USD 3.5 bn by 2032, Astute Analytica India said in a recent note. This would mark a compound annual growth rate of 6.6%, up from USD 2 bn in 2023.

OIL WATCH-

Saudi Arabia ramps up oil exports to Asia as Russian supplies dwindle: Saudi Arabia’s oil exports to the Asian markets rose to 5.83 mn barrels per day (bbl / d) in November, adding 550k bbl / d m-o-m, Reuters reports, citing data from LSEG Oil Research. This came as supplies from Russia to the region shed 450k bbl / d m-o-m to reach 3.51 mn.

Doubling down: The Kingdom is also looking to bring prices for Asian buyers to at least a four-year low in January, with selling prices for Arab Light set to fall by around USD 0.7-0.9 per barrel from December prices, Reuters reports, citing six sources at Asian refineries that took part in its survey.

MEANWHILE- Aramco left December prices for liquefied petroleum gas (LPG) unchanged, with propane still going for USD 635 per ton and butane for USD 630, Reuters reports, citing traders.

***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.

EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.

DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics and climate industries?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***

THE BIG STORY ABROAD-

No single story is dominating the headlines across the global press this morning, with attention split between parliamentary turmoil in France, cross-border strikes amid a fragile ceasefire in Lebanon, another high-level corporate resignation, and Musk’s latest run-in with the courts all fighting for attention.

News outlets are forecasting the “all but certain” collapse of the French government led by Prime Minister Michel Barnier by the end of the week, after his move to try to push through an unpopular budget of EUR 60 bn in tax rises and budget cuts led to no-confidence motions being put forward from both the left and right. Barnier is warning of “serious financial turbulence” if both the budget and government falls, and it seems the markets have already got the memo. (Reuters | New York Times | Bloomberg | BBC | Guardian)

Our corner of the world is also continuing to attract the attention of the world’s press, with the rebel advance in Syria and cross border strikes in Lebanon despite the ceasefire pushing their way up the digital front pages. At least nine were killed yesterday in Israel’s heaviest strikes since the ceasefire began last week. (New York Times | Bloomberg)

WHILE IN BUSINESS NEWS– A Delaware judge has struck down Tesla CEO Elon Musk’s USD 56 bn pay package for the second time, rejecting Tesla’s attempt to reinstate it through a shareholder re-vote. (Reuters | New York Times | Financial Times | Wall Street Journal)

AND- Another CEO called it quits this week, with Intel’s Pat Gelsinger “abruptly” stepping down amid the chipmaker’s ongoing struggles to regain its footing in a fiercely competitive industry. Gelsinger, who took the helm in 2021, faced mounting pressure as Intel’s ambitious turnaround plans failed to gain traction, with its market value nearly halving this year while rivals like Nvidia surged ahead. (Financial Times | Bloomberg | Wall Street Journal | New York Times)

CIRCLE YOUR CALENDAR-

The Saudi-French Innovation Summit opens its doors at Crowne Plaza Riyadh tomorrow, according to Al Eqtisadiah. The event will bring together over 50 French companies and 300 industry leaders, entrepreneurs, and investors from both nations to probe potential partnerships and investments in the tech sector.

The three-day XP Music Futures Conference kicks off in Riyadh’s Jax District 3 this Thursday, 5 December, bringing top music voices together for workshops, panels, and networking prospects. Tickets can be booked here.

The FIFAe Finals 2024 returns to Riyadh from 5-12 December at SEF Arena, BLVD Riyadh City, according to a press release. This year marks the first time the event will feature multiple esports titles, including the FIFAe World Cup with Rocket League (5-8 December) and two FIFAe World Cups with eFootball (9-12 December) on console and mobile. With a total prize pool of USD 450k, the event will showcase talent from 18 countries. Fans can attend in person or watch live on FIFAe’s Twitch channel. Register here.

The two-day pharma exhibition CPHI Middle East kicks off in Riyadh on Tuesday, 10 December. The event will bring together leading pharma companies, industry experts, and innovators to discuss advancements in medicine and healthcare.

Where the World Bank sees Saudi inflation, gov’t spending, and more

Fiscal expansion is stretching the state’s purse strings: Government spending is on the rise, with municipal services (up 116% y-o-y in 1H 2024) and public administration (up 30%) leading the charge, while state revenues took hits from falling oil prices, the World Bank said in its Fall GCC Economic Update (pdf).

The fiscal deficit is expected to hit 2.9% of GDP in 2024 and is expected to remain at 2.2% and 2.8% in 2025 and 2026. Nevertheless, Aramco's performance-linked dividends, which stood at USD 108 bn in Q2 2024, are expected to continue mitigating larger deficits.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Meanwhile, foreign investors are still on the fence: FDI volumes were up 14.5% q-o-q in 2Q 2024, but remained nearly flat y-o-y at SAR 36.41 bn in 1H 2024, up from SAR 36.35 bn logged during the same period last year reflecting “challenges in sustaining investor confidence” despite reforms and simplified regulations. This prompted Saudi authorities to roll out a new investment law, effective from 2025, which is designed to level the playing field for foreign investors.

What about inflation? The multilateral lender notes that inflation in Saudi and other GCC states has remained stable despite pressure from housing prices. Falling interest rates due to further rate cuts by the US Federal Reserve and an uptick in economic growth are expected to lead to higher inflation next year, but price hikes are expected to remain subdued due to the moderating effects of subsidies, fuel price ceilings, falling global food prices, and the USD peg.

ICYMI: Inflation accelerated to 1.9% y-o-y in October, hitting its highest since the start of the year. Consumer prices have been on an upward trajectory since August, with the trend largely driven by rising home rents.

Saudization is on the rise: The unemployment rate is trending down, dropping to 3.5% in the first quarter of this year from the 4.2% noted during the same period last year. Job growth is supported by the government’s Saudization program, with some 37k Saudi nationals recruited for private sector jobs in August alone. Increased employment of Saudis in the private sector is also helping to narrow the wage gap that has traditionally seen expat workers receiving substantially lower wages than similarly qualified Saudi peers. Meanwhile, expat participation in Saudi’s private sector stands at 40%, less than half the 88% rate noted for the GCC as a whole.

Water woes demand action: The World Bank sees significant challenges in terms of water availability for the Kingdom going forward, as groundwater and other renewable resources face unsustainable depletion rates. Low pricing for water utilities and inefficient use of water in agriculture and manufacturing are further compounding the Kingdom’s water stress.

Aramco acquires a 10% minority stake in Horse Powertrain

Aramco finalized its purchase of a 10% stake in London-based HorsePowertrain — a JV between French carmaker Renault and China’s Geely — following the signing of definitive agreements back in June, according to a joint press release. Aramco had initially pursued a 20% stake in the powertrain technology venture under a preliminary agreement with Renault and Geely last year.

The agreement values Horse Powertrain at EUR 7.4 bn, implying a transaction value of EUR 740 mn. The agreement will see Renault and Geely each retain a 45% stake. Aramco Senior Vice President of Technology Oversight & Coordination Ali Al Meshari (Linkedin) will have a seat on the board, while the other owners will have three seats each.

Use of proceeds: “Aramco’s investment is expected to accelerate Horse Powertrain’s efforts to develop next‑generation ICE (internal combustion engine) and hybrid powertrains, along with complementary technologies like alternative fuel and hydrogen solutions. As part of the transaction, Aramco and affiliate Valvoline Global Operations will collaborate with Horse Powertrain on innovations in ICE technology, fuels, and lubricants,” according to the press release.

What they said: “At Aramco, we are pursuing a number of potential innovative solutions, from lower-carbon synthetic fuels to more efficient internal combustion engines, as we look for opportunities to make a difference. Our investment in Horse Powertrain builds on our considerable R&D in this field,” said Aramco Executive Vice President of Technology & Innovation, Ahmad Al Khowaiter.

About Horse Powertrain: The London-based JV was set up to manufacture next-generation powertrain solutions, including internal combustion engines that use alternative fuels such as ethanol, methanol, and hydrogen, as well as full hybrids and long-range plug-in hybrids, according to its website. It currently operates 17 global plants and five R&D centers with 10 industrial customers in 130 countries, according to the release. It expects to produce some 5 mn powertrain units annually.

Al Watania Poultry looking to sell company for SAR 2 bn

Al Watania Poultry is reportedly mulling selling the company for as much as SAR 2 bn (USD 532 mn), Bloomberg reports citing people familiar with the matter. The poultry producer — which is the largest in the Middle East — tapped BSF Capital as advisor on the possible transaction, the sources said, adding that talks are still ongoing and could see the planned sale delayed or scrapped entirely.

Al Watania is looking to capitalize on a boost to the food industry amid Saudi’s economic overhaul, with food security rising in importance following supply chain disruptions and inflation caused by Covid-19 and the war in Ukraine, the business information service writes.

About Al Watania: Established in 1977 by Sulaiman Al Rajhi — who also founded Al Rajhi Bank with his brother — the Saudi poultry giant processes upwards of 1 mn birds and 1.5 mn eggs a day. It recently opened a 17.7k kW cooling plant, the region’s largest, to serve an automated slaughterhouse that processes 36k birds per hour.

IN CONTEXT- This follows similar M&A in the Saudi food industry: BRF Arabia, a joint venture between Brazilian food processor BRF SA and PIF-owned Halal Products Development Company, agreed last month to acquire a 26% stake in Addoha Poultry, one of the Kingdom’s largest chicken suppliers, for SAR 316.2 mn (USD 84.3 mn). Some USD 58 mn of the new investment is earmarked for expanding production at Addoha.

A fresh SAR 1.7 bn package to support sports development

The Sports Ministry unveiled a SAR 1.7 bn package to three sports initiatives for the 2024-2025 season, in a bid to support club development, the ministry said.

Some SAR 1 bn of the total package is earmarked for Saudi Pro League (SPL) clubs:

Publicly-owned SPL clubs will be granted SAR 47 mn annually, while privately-owned clubs will receive an annual SAR 45 mn;
All First Division League clubs will receive SAR 6 mn per year;
Public clubs in the Second Division League will receive SAR 2.8 mn annually, while private clubs will get SAR 2.7 mn.

A SAR 503 mn package will be allocated to support a variety of sports, with funds distributed according to a points system, where each point is valued at SAR 270k. The sports are divided into three categories, with each category assigned a specific number of points based on the activities within each sport. Clubs will receive points corresponding to the sports they actively participate in.

Category A (96 points): karate, volleyball, handball, strength sports, judo, swimming, and basketball;
Category B (84 points): Jiu Jitsu, taekwondo, badminton, wrestling, fencing, weight lifting, and gymnastics;
Category C (56.7 points): bike racing, boxing, tennis, archery, esports and table tennis.

ICYMI- The privatization of sports clubs could reel in some SAR 500 mn in revenues, with 25 local and international firms expressing interest in acquiring stakes in Saudi clubs that are part of the government’s privatization initiative, Sports Minister Abdulaziz Al Faisal was quoted as saying.

Saudi’s positions on plastic and politics make the rounds

Crown Prince Mohammed bin Salman’s foreign relations “pivot” is turning heads in Washington and beyond, although the move is a calculated shift in strategy, Foreign Policy ’s Steven A. Cook writes. The columnist suggests that as the Crown Prince doubles down on Saudi’s position on Palestinian statehood, warming up to Tehran could also give Saudi some strategic leverage in its negotiations with the US over the two countries’ potential defense pact.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

MEANWHILE- UN Intergovernmental Negotiating Committee talks in South Korea concluded without a legally binding agreement to cut plastic use, as oil-producing countries including Saudi Arabia opposed a proposal to cut production, the Associated Press reports. The Kingdom, Kuwait, Iran, and other states also blocked a move that would have seen decisions on proposals determined by majority votes rather than consensus. Negotiators are set to pick up discussions next year.

Tharwah closes in on Amjad Watan acquisition

M&A WATCH-

#1- HR advisory Tharwah signed a binding MoU to acquire a 49% stake in Amjad Watan Exhibitions and Conferences Organization Company, a one-person entity, it said in a filing to Tadawul. The six-month agreement will allow Tharwah to complete due diligence procedures and obtain related regulatory and shareholder approvals, before finalizing the acquisition. No financial advisor has been appointed yet.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.

#2- Agricultural Development Company — a unit of Tanmiah Food — inked a SAR 143 mn agreement to acquire a new poultry processing plant from Dajin Poultry Company, the parent company said in a filing to Tadawul. The move plays into the company’s plans to ramp up production capacity by next year. The company will tap its existing banking facilities to finance the purchase.

HEALTHCARE-

Nupco mulls partnerships with BGI: The National Unified Procurement Company (Nupco) signed an MoU with Chinese biotech group BGI to probe potential partnerships in the Kingdom’s medical supply chain, preventive healthcare sector, and logistics services for transporting biological specimens, according to state news agency (SPA).

TRAVEL-

Avolta lands in the Kingdom with F&B play at Riyadh airport: Swiss-based travel retailer Avolta AG secured a contract to operate 10 food and beverage (F&B) outlets across Terminals 1 and 2 at Riyadh’s King Khalid International Airport, it said in a press release. The Saudi debut grants Avolta access to over 28 mn passengers per year, to which it will introduce a mix of global brands like L’ETO and local favorites like Dallah Coffee.

Nasdaq, S&P mark the start of December with fresh records

Wall Street kicks off the last month of the year on a high: The Nasdaq and S&P 500 closed their first trading session in December at record highs, buoyed largely by tech stocks, including Tesla, which closed up 3.5%. Yesterday’s rise also piggybacked off their performance in November, which ended as the indexes’ strongest month of the year.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Markets are getting a boost from Trump 2.0: Donald Trump’s upcoming return to the White House helped push a rally in stocks last month, with strategists seeing upside from the president-elect’s “potential plans for tax cuts and deregulation,” according to Reuters. Investors are broadly positive on the incoming “pro-business” administration, CNBC says.

Upcoming data could rock the boat a little, but December will likely be a good month for markets: The US Labor Department is set to release November jobs data this Friday, which some analysts and investors expect will create some volatility in the markets, according to the Wall Street Journal. Investors are also keeping an eye on the US Federal Reserve’s next Federal Open Market Committee meeting, following remarks from Fed Governor Christopher Waller that he’s leaning towards a rate cut but has concerns about inflation levels.

Still, analysts don’t expect markets to skyrocket this month. “December seasonality is generally bullish, but there’s precedent for a pullback when the market is already up big through November of election years,” Bespoke Investment Group said, according to Bloomberg. The S&P 500 could end the year at 6,200 points — a little less than 3% higher than its November close — as the index is likely to “grind higher, but not rocket higher,” InfraCap CEO Jay Hatfield tells CNBC.

MARKETS THIS MORNING-

Asian markets are broadly in the green in early morning trading, buoyed by gains from Wall Street yesterday. The Nikkei and Kospi are both up, while the Hang Seng Index is just barely in the red. Meanwhile, futures indicate the S&P 500 and Nasdaq are set to open in the green, while the Dow Jones could be facing some selling pressure.

TASI	11,739	0.0% (YTD: -1.9%)
MSCI Tadawul 30	1,470	-0.1% (YTD: -5.2%)
NomuC	30,289	+0.4% (YTD: +23.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,525	+0.1% (YTD: +22.6%)
ADX	9235	-0.3% (YTD: -3.6%)
DFM	4847	+0.5% (YTD: +19.4%)
S&P 500	6047	+0.2% (YTD: +26.8%)
FTSE 100	8313	+0.3% (YTD: +7.4%)
Euro Stoxx 50	4847	+0.9% (YTD: +7.2%)
Brent crude	USD 71.83	-0.01%
Natural gas (Nymex)	USD 3.20	-0.5%
Gold	USD 2661.60	-0.7%
BTC	USD 95,428.60	-2.4% (YTD: +125.9%)

THE CLOSING BELL: TADAWUL-

The TASI was unchanged yesterday on turnover of SAR 5.5 bn. The index is down 1.9% YTD.

In the green: Saudi Re (+6.0%), Chemical (+5.1%) and Fitaihi Group (+4.6%).

In the red: Shl (-3.9%), Care (-3.5%) and MBC Group (-3.4%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.4% yesterday on turnover of SAR 80.7 mn. The index is up 23.5% YTD.

In the green: Sure (+8.2%), Apico (+5.3%) and Purity (+4.0%).

In the red: Fesh Fash (-5.2%), Al Muneef (-4.9%) and AME (-4.7%).

Crown Prince touches down in the UAE on a private visit

Crown Prince Mohammed bin Salman made his first visit to the UAE in three years on Sunday, a few days ahead of the OPEC+ oil policy meeting this coming Thursday, state news agency SPA and Reuters reported. While the purpose and duration of the visit were not disclosed, the timing raises eyebrows as key oil decisions, including the UAE’s planned output hike for January 2025, are on the table. The visit follows the postponement of Sunday’s OPEC+ meeting to make way for a Gulf Summit in Kuwait which was also attended by the Crown Prince.

CALENDAR

DECEMBER

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

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

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

3-5 December (Tuesday-Thursday): Jeddah International Agriculture and Food Exhibition, Jeddah Exhibition and Convention Center, Jeddah.

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

4 December (Wednesday): Banan Real Estate shares halt trading on Nomu.

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

4-10 December (Wednesday-Tuesday): Bookbuilding and institutional offering for Almoosa Health’s IPO.

5 December (Thursday): Opec+ Joint Ministerial Monitoring Committee meeting.

5-7 December (Thursday-Saturday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

5-8 December (Thursday-Sunday): XP Music Futures Conference, Riyadh.

5-12 (Thursday-Thursday): FIFAe Finals 2024, SEF Arena, BLVD Riyadh City.

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 December (Sunday): Launch day for Riyadh Metro lines two and three.

15-17 December (Sunday-Tuesday): The International MICE Summit (IMS24), Riyadh.

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

16-18 December (Monday-Wednesday): The International Forum for Saudi Reef, Intercontinental Al Ahsa.

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.

23-25 December (Monday-Wednesday): Retail offering for Almoosa Health’s Tadawul IPO.

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

24-25 December (Tuesday-Wednesday): Retail subscription period for Nice One’s Tadawul IPO.

29 December (Sunday): Final allocation for Almoosa Health’s Tadawul IPO.

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

State budget approval and release.

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.

5 January (Sunday): Launch day for Riyadh Metro line 3.

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 February (Wednesday): Derayah REIT dividend distribution.

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

14-16 April (Monday-Wednesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

21-24 April (Monday-Thursday): Saudi Food Exhibition and Conference, Riyadh.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily