Saudi Arabia to host the 2034 World Cup

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi Arabia is hosting the 2034 World Cup

Good morning, everyone. We are ending the week with the exciting news of Saudi Arabia being selected to host the 2034 World Cup.

THE BIG STORY HERE AT HOME- Saudi Arabia has officially been awarded the right to host the 2034 Fifa World Cup after its bid went uncontested, receiving strong backing from the Football Association. Spain, Morocco, and Portugal will host the 2030 World Cup.

The Kingdom’s bid book (pdf) for the 2034 Fifa World Cup was released back in August, highlighting 15 stadiums across five cities, from Riyadh to Al Khobar, Jeddah, Abha, and Neom. The opening and final matches will be played in the capital city.

Among the plan’s highlights: The 46k Neom stadium, which is “designed to stand out among the world’s most iconic landmarks.” Eight of the 15 tournament stadiums with 45k seats will be in Riyadh, the book says. Four of the 15 are existing facilities that will get extensive upgrades, including King Saud University Stadium, King Abdullah Sports City Stadium, King Khalid University Stadium and King Fahad Sports City Stadium.

The news received a lot of attention from the foreign press: AP | Bloomberg | Financial Times | BBC | New York Times.

HAPPENING TODAY-

The first round of GCC-Japan freetrade talks wrap today with Deputy Governor of the Saudi General Authority of Foreign Trade Farid Al Asali leading the Saudi team at the negotiations, state news agency SPA reports. The Kingdom’s delegation includes nine technical groups specializing in goods, services, e-commerce, intellectual property, and other areas. Saudi-Japanese trade hit USD 41 bn last year, with minerals and organic chemicals leading Saudi exports, while cars and machinery led imports from Japan.

We knew this was coming: The GCC and Japan arranged for talks to kick off this month after agreeing on terms of reference in October.

WEATHER- Riyadh is in for another cool day with a high of 23°C and a low of 8°C. Jeddah’s mercury will peak at 32°C before dipping to a low of 21°C. Meanwhile, Makkah will see a high of 32°C and a low of 18°C.

WATCH THIS SPACE-

#1- SNB Capital received the green light from the Capital Market Authority for the public offering of its GCC Petrochemical Sector Fund, according to a statement from the authority.

#2- Cambodia eyes rice export to the Kingdom: President of the Cambodian Senate Hun Sen called on Saudi investors to set up rice milling, storage, and packaging facilities in Cambodia as the country eyes expanding its rice export market in the region, with a focus on Saudi Arabia, according to Khmer Times. This came during Sen’s meeting with Abdullah Al Sheikh, chairman of the Consultative Assembly of Saudi Arabia.

#3 The Real Estate General Authority has granted licenses for five new sell-off plans, according to a thread on X. The projects include Yamama City Centre in Al Olaya, Al Saad project in Dhahran, Al Maha and Dana Al Janadriyah in Al Qadisiyah, and Yusr Village in Al Salama.

#4- SAB Invest has rebalanced its SAB Invest MSCI Tadawul 30 Saudi ETF to reflect the latest index constituents, it said in a disclosure to Tadawul.

CAPITAL MARKETS-

Digital Research (DRC) shares closed 1.2% down on its debut trading session yesterday on Tadawul’s parallel market Nomu to settle at SAR 82 a piece. The company will be subject to a price fluctuation cap of 30% during its first three trading sessions, before resetting to 10% on the fourth day.

REFRESHER- The market research, data analytics, and consulting firm listed a 22.5% stake (337.5k shares) on Nomu.

DATA POINTS-

#1- All aboard the Riyadh Metro: Some 1.9 mn passengers boarded the Riyadh Metro in its first week of operations, with the purple line being the most popular, CEO of the Royal Commission for Riyadh City Ibrahim Al Sultan was quoted as saying by Argaam. The Riyadh Metro kicked off its pilot run last week with three out of six lines going online.

#2- How much will a unit at Jeddah’s Trump Tower set you back? Apartments in Jeddah’s Trump Tower will go for SAR 2-10 mn, with units ranging from 70 to 365 sqm, according to Al Eqtisadiah. The project will have a price tag of SAR 2 bn.

#3- Saudi Arabia’s M3 money supply grew 9.2% y-o-y in October to reach SAR 2.9 tn, according to the October 2024 Statistical Bulletin (pdf) from SAMA. M3 increased by SAR 215 bn since the beginning of the year and was down SAR 7.5 bn from September. The largest contributors to the money supply were demand deposits (49%), time and savings deposits (33%), other quasi-cash deposits (11%), and cash in circulation outside banks (8%). Total liabilities were around SAR 5.1 tn.

SOUND SMART- M3 is the broadest measure of all the money in a country. It includes cash, current accounts, and other money that can be quickly mobilized (what econ-nerds call M2) as well as time deposits, money market funds and the like.

OIL WATCH-

Opec reappointed Kuwaiti oil chief Haitham Al Ghais as its sec-gen for a second three-year term continuing until 2028, according to a statement. Al Ghais has led Opec since mid-2022.

ALSO- Opec’s next meeting is scheduled for 28 May, 2025, the statement read.

Opec slashed this year’s oil demand growth forecast by 210k bbl / d to 1.6 mn bbl / d, after accounting for “recently received bearish data for 3Q 24” in its latest outlook report (pdf). The cuts mark the deepest reduction seen so far to the yearly outlook. The group has cut expectations for 2024 by 27% since July as it “belatedly recognizes the deteriorating market picture,” Bloomberg explained. Opec now sees global oil consumption averaging 103.8 mn bbl / d this year, and trimmed next year’s growth estimate by 90k bbl / d to 1.4 mn bbl / d.

The cartel’s growth forecasts for this year remain substantially higher than those of other analysts, standing at double the numbers cited by Morgan Stanley and Goldman Sachs while also exceeding the International Energy Agency and Saudi Aramco’s estimates.

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THE BIG STORY ABROAD-

It’s a mixed bag in the global press this morning, with developments in Syria taking a backseat — for now at least — and a lack of any major business stories to take note of.

News of FBI Director Christopher Wray’s decision to step down from office is ranking high in the often US-centric global papers. The move to step down prematurely came not two weeks after the president-elect said he would fire Wray over the bureau searching his Florida home for classified documents in 2022 and replace him with Trump loyalist Kash Patel to lead the bureau — marking the second director of the bureau to be pushed out by Trump. (Financial Times | Wall Street Journal | Reuters | Associated Press | New York Times | Guardian)

The fallout from South Korean President Yoon Suk Yeol's short-lived declaration of martial law is continuing to receive ink, with the police’s attempt yesterday to search his office as part of a mounting criminal investigation against the head of the country for charges of insurrection. (Reuters)

CIRCLE YOUR CALENDAR-

The largest online real estate auction in the Kingdom is scheduled to take place on Saturday, 14 December, offering 103 properties across Riyadh, Eastern Province, Madinah, Qassim, and Asir. The auction will be organized by Al Joud Real Estate and hosted on the Saudi Auctions platform.

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 Future Hospitality Summit will take place between 14-16 April, 2025 at Mandarin Oriental Al Faisaliah hotel in Riyadh. The forum will bring together top executives and decision-makers in the hospitality sector to probe potential investments and partnerships.

The five-day Internet Governance Forum will take place on Sunday, 15 December at King Abdulaziz International Conference Center in Riyadh. The UN forum aims to facilitate digital public policy discussions. The Riyadh agenda will tackle innovation and risk management, digital contribution to peace and sustainability, human rights, and digital governance. Register here.

The International Forum for Saudi Reef is scheduled for 16-18 December in the Intercontinental Al Ahsa, covering sustainable agriculture, rural entrepreneurship, and technology in farming, alongside a three-day exhibition of rural practices, handicrafts, and local work. Find the link to register on the event’s official website.

PIF reportedly close to an agreement to snap up 6% of PGA Tour Enterprises

The Public Investment Fund (PIF) is reportedly nearing an agreement to acquire a 6% stake in PGA Tour Enterprises, Bloomberg reports citing sources it said are in the know. The agreement would value the PGA Tour’s commercial arm at approximately USD 12 bn, closely matching terms agreed to in a Strategic Sports Group (SSG) USD 3 bn investment closed earlier this year, the sources said, adding that terms are still subject to change and that any agreement would require regulatory approval to go ahead.

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IN CONTEXT- The PGA Tour and PIF-backed LIV Golf have been mired in merger talks since the pair announced an agreement in June of last year. Negotiations would later hit a snag on reintegrating players who defected from the PGA to LIV and whether or not they should keep the massive earnings which they have racked up on the PIF-backed tour. The resignation of pro-transaction PGA board member Jimmy Dunne in May after being “shut out” from negotiations and the PGA’s windfall gains from the SSG’s USD 3 bn investment further diminished chances that an agreement would see the light.

What turned things around? The election of Donal Trump — an avid golf player with links to both LIV and the PGA — boosted prospects of a compromise between both leagues, Bloomberg said. There were earlier signs of a thaw however, with PIF Chairman Yasir Al Rumayyan and PGA Tour commissioner Jay Monahan teeing off together at a Scottish tournament in October while talks were ongoing. Both golf giants were also eager to put an end to the schism which has caused a decline in viewership, the business information service explained.

ICYMI: We also learned earlier this month that LIV Golf is weighing plans for a separate merger with Europe’s DP World Tour. A tie-in would see the two circuits form a shared schedule, permitting golfers to play in events hosted by both tournaments.

Three pharma projects worth SAR 926 mn announced at CPHI day two

The second day of CPHI Middle East Exhibition saw new agreements including a SAR 426 mn initiative by SVAX and China’s Henlius to establish Fosun Henlius Middle East, focusing on biologics, Zawya reports. UAE-based Julphar pledged SAR 300 mn to build a biopharma facility for advanced biologics, while Zeta Gulf committed SAR 200 mn for a pharma manufacturing facility in Saudi Arabia.

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AND- More details on day one’s projects: US-based Vertex Pharma’s SAR 1 bn project will focus on localising production and advancing treatments for sickle cell disease and thalassemia under an agreement with the ministries of health, investment, and mineral resources. Tamer Group’s SAR 1.5 bn project is with Saja Pharma to develop a solar-powered logistics park in Riyadh and a manufacturing facility in Jeddah. While Tabuk Pharma’s SAR 100 mn agreement will see it expand R&D efforts into autoimmune diseases.

DATA POINT- Saudi Arabia, the fastest-growing pharma market in the G20, is projected to see a 9.3% CAGR, contributing nearly half of the USD 32 bn regional market by 2027, according to Abdulaziz Hamad AlRamaih, Deputy Minister for Planning and Development at the Health Ministry. The Kingdom's pharma sector includes over 200 factories with investments exceeding USD 2.6 bn.

The Kingdom’s health plans: Saudi Arabia plans to establish 10 national clinical trial centers, including virtual trials, as part of its efforts to position itself as a drug development leader. Senior Advisor to the Minister of Industry Nizar Al Hariri outlined a SAR 11 bn investment in next-gen healthcare, aiming to create 13k jobs.

IN OTHER HEALTHCARE NEWS- Avalon Pharma aims to boost its exports to make 30% of total sales by 2030 from 15% currently, Mubasher reports, citing CEO Mohammed Al Ghannam. The company is looking into setting up new factories with over SAR 100 mn in investments within five years.

Zahid group eyes total buyout of South Africa’s Barloworld

Zahid moves to fully acquire South Africa’s Barloworld: Jeddah-based heavy equipment distributor Zahid Group and Entsha — a South African construction player with ties to Barloworld CEO Dominic Sewela — have placed a bid to acquire the South African construction equipment outfit and Caterpillar distributor in a transaction that would value the firm at ZAR 22.8 bn (USD 1.3 bn), Bloomberg reports citing a joint statement.

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More on the bid: Zahid and Entsha offered to snap up Barloworld shares for ZAR 120 (USD 6.78) apiece, the business information service said. The offer is at a 30% premium to Tuesday’s closing price for Barloworld’s stock. The pair also offered to pay up a ZAR 3.10 dividend that Barloworld had announced previously in order to sweeten the arrangement.

Not enough? Investment manager Silchester International — which represents shareholders controlling a combined 18% stake in Barloworld — said that the group of investors it represents won’t sell for less than ZAR 130 per share. The block’s refusal to go forward can put additional hurdles for the transaction’s success, with Bloomberg citing Silchester as saying that the firm’s privatization “is unlikely to succeed” without their support.

IN CONTEXT- Zahid has been steadily upping its shares in Barloworld over the last four years and currently holds 19% of the company. The Saudi firm’s investment in the South African firm looks to reap gains from an uptick in construction activity in the African market, with the market set to grow 27% by 2029 on the back of government outlays for infrastructure and strong consumer demand, Bloomberg said citing Mordor Intelligence data.

Saudi’s ins. sector set for 10%-15% revenue growth in 2025 - S&P Global

Saudi Arabia's ins. sector is expected to grow by 10% to 15% in revenue in 2025, according to an S&P Global report (pdf ). The sector is projected to reach a market size of SAR 83.7 bn by 2028, with a compound annual growth rate (CAGR) of 5.2%, driven by the health and motor ins., together expected to make up 86% of total premiums, according to GlobalData.

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By the numbers: Net income for Saudi ins. companies saw a 17% y-o-y increase in 3Q 2024. The country’s largest insurers Bupa and Tawuniya captured over 50% of the market’s revenues. While the overall sector performed strongly, smaller companies saw a decline in their bottom line. The five largest insurers account for about 80% of the sector’s net income, up from 68% in 3Q 2023.

Health and motor ins. are driving Saudi ins. sector growth, despite a 2.5% decline in motor premiums in 3Q 2024 due to price competition. Life ins. shows strong growth, while property and casualty lines remain profitable, with Tawuniya and Walaa exceeding SAR 1 bn in revenue. Medical and motor ins. lines generate the majority of revenue, although medical performance has weakened since 2023.

Market dynamics: Despite challenges, including competition and declining interest rates, ins. penetration is on the rise, supported by mandatory medical coverage and efforts to reduce uninsured vehicles. Regulatory changes may drive further M&A activity as some insurers struggle to meet capital requirements, the report said.

A dive into the IR scene in the Kingdom

Some 31% of companies plan to raise investor relations budgets by 1-5%, according to the 2023 Investor Relations (IR) report (pdf) by Argaam and Middle East Investor Relations Association (MEIRA). Meanwhile, some 17% of companies plan to increase their budget by 6-10%, and 22% by 11-20%, while 28% have no plans to increase spending. Annual IR budgets range from SAR 1 mn to 9 mn.

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Report methodology: The report surveyed IR officials from 40 listed companies, representing 17% of the Kingdom;s main capital market as of 2023. It examines IR's evolution as a strategic asset within the Kingdom's investment ecosystem.

Effectiveness of IR departments: Survey findings show 36% of respondents believe IR departments significantly impact strategic decisions, while 41% see a moderate impact. Regarding financing, 31% think IR teams support financial departments, while 36% feel they have “nothing to do with financing.”.

Investor base composition: Individual investors “are an important part of” shareholder bases according to 97% of respondents. Other shareholders include joint stock and limited liability companies (87%), capital market institutions and public entities (72%), government funds (69%), and charities or social associations (77%). Only 3% noted investment funds and public joint stock companies among their shareholders.

Communication and reporting gaps: Challenges in communication persist, with 13% of IR officials saying they don’t engage with Boards, and 24% failing to provide their Boards reports on share performance or substantial changes. Only 20% of IR teams represent their companies publicly, while 44% have no plans to adopt this role.

IR pages need some work: Around 69% of respondents indicated their IR pages need improvements, with 39% seeking moderate and 21% seeking significant upgrades. Meanwhile, 18% acknowledged the need for development but have no immediate plans to carry them out.

Disclosure practices: Most surveyed companies (96%) adhere to immediately disclosing information on Tadawul, but only 41% consistently explain financial impact. Investor engagement following disclosures remains rare.

Challenges and success factors: Key obstacles facing IR departments include a lack of qualified professionals, low salaries, and limited specialized training. Success factors highlighted include fostering strong investor relationships, supporting top management, and ensuring independent IR representation in leadership. The report underscores the need for better communication, enhanced training, and strategic integration to optimize IR roles.

Saudi entrepreneurs are all about digitization

Small businesses in the local market are going digital to drive growth and competitiveness, with 99% of Saudi entrepreneurs viewing digitization as a key advantage, according to GoDaddy’s 2024 Global Entrepreneurship Survey. Nearly all respondents (97%) reported improved work processes on the back of digitization and 98% emphasized the importance of integrating online and offline sales.

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Where are digital solutions being leveraged? Popular digitization solutions include digital invoicing (used by 96% of Saudi entrepreneurs), customer service tools (96%), email notifications (93%), and CRM systems (61%),

Looking ahead: “Small business owners are preparing to further invest in digital solutions to drive growth. In 2024, 96% of Saudi entrepreneurs said they planned to increase their investment in online sales and marketing efforts,” according to the survey.

With great digitization comes the need for cybersecurity: While 92% feel prepared to handle cyberattacks using measures like antivirus software (69%) and data backups (63%), gaps remain in adopting advanced protections, such as firewalls (used by only 43%) and encryption (35%). Some 19% of small businesses impacted by cyberattacks reported significant effects.

Leejam Sports reappoints chairman

Leejam Sports has reappointed Ali Hamad Al Sagri (Linkedin) as chairman of its board along with Hamad Ali Al Sagri as vice chair and managing director, according to a disclosure to Tadawul. Ali Al Sagri has served as chairman of the Leejam board for 15 years.

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Hassan Allam Utilities to invest in and develop KAEC off-port terminal

INFRASTRUCTURE-

#1- Hassan Allam Utilities to develop an off-port terminal in King Abdullah Economic City: Egypt-based energy and infrastructure leader Hassan Allam Utilities has signed a strategic partnership agreement with local Nesma Holding’s logistics subsidiary Defaf United for Logistics to invest in and develop an advanced off-port terminal in King Abdullah Economic City, the company said in a statement (pdf). The terminal will include “container yards and warehousing facilities, delivering flexible and integrated logistics solutions tailored to a wide range of customers,” the statement reads.

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Strategic placement: The new terminal aims to serve clients across Saudi Arabia, the GCC, and East Africa, establishing the King Abdullah Economic City as a key logistics hub to support regional trade.

What they said: “The off-port terminal in KAEC will play a crucial role in strengthening the region's logistics infrastructure. Together, we are committed to providing cutting-edge solutions that meet client needs and drive economic growth in the Kingdom,” Hassan Allam Holding Co-CEO Amr Allam said.

#2- SPWC selects bidder for Jubail 4 and 6: The Saudi Water Partnership Company (SWPC) announced its preferred bidder for the Jubail 4 and Jubail 6 independent water plant, a consortium including ACWA Power, Haji Abdullah Alireza & Partners, and AlSharif Contracting and Commercial Development, according to a statement. The project will be developed and operated under a 25-years contract that will go into effect when commercial operations commence in the first quarter of 2028. The projects will have a combined potable water production capacity of 600k cbm/ day.

A year in the works: The company issued tenders to the pre-qualified bidders in January. The prequalified bidders included Abu Dhabi National Energy Company, Acciona Agua, and Engie.

INDUSTRY-

New recycling lines boost Tadweeer’s output: The National Environmental Recycling Company (Tadweeer) saw a 120% increase in production backed by the installation of new recycling lines in 2024, CEO Nasser Aldueb told Argaam. He expects total production and sales to reach 220k-230k tons by the end of the year. The company is currently allocating 85% of its sales to the Asian markets.

EVS-

Jameel Motors to distribute Farizon EVs in the UK: Abdul Latif Jameel Group subsidiary Jameel Motors will start distributing Geely Farizon SV electric vans in the UK and other European countries under an agreement inked with Geely subsidiary Farizon Auto, according to a statement. The Farizon SV large van will lead the brand's UK debut, with sales set to begin in the first half of 2025.

CLIMATE-

Saudi Arabia launched an international initiative to monitor sand and dust storms at COP16 of the UN Convention to Combat Desertification, according to a press release (pdf). The initiative — dubbed the Sand and Dust Storm Warning Advisory and Assessment System (SDS-WAS) and based in Jeddah — will be overseen by the World Meteorological Organization. The Kingdom plans to funnel USD 10 mn into the initiative over the coming five years.

REAL ESTATE-

Bonyan REIT’s fund manager BSF Capital wrapped up the sale of its Citywalk 2B Residential Building in Dubai for a total of nearly SAR 280 mn, according to a disclosure to Tadawul. The REIT had originally acquired the property in 2018 for 262.5 mn and started selling its 69 units in December 2022. Under the REIT’s helm, the property generated SAR 54.9 mn in rental income. Bonyan REIT will allocate the funds from the sale to the early repayment of a Sharia-compliant loan.

A US trade war could force the ECB to bring rates back down to emergency levels

The European Central Bank (ECB) could move to slash interest rates to “emergency levels” to mitigate the impact of a US-led trade war, the Financial Times reports. These potential cuts would come just two years after the ECB ended eight years of negative rates aimed at combating post-pandemic inflation.

The trade war in a nutshell: Donald Trump’s “America First” trade policies are shaking up global markets. Trump floated a 60% tariff on Chinese goods — and later, promised an additional 10% tariff — and a 10% tariff on imports from other countries, and promised separate tariffs on Canadian and Mexican goods.

The EUR’s not loving this: Since late September, the EUR has dropped more than 5%, now trading around USD 1.06. Investors are already pricing in potential ECB moves, with swaps markets predicting the deposit rate could fall to 1.75% from 3.25%. If things get worse, Pimco’s chief investment officer for global fixed income Andrew Balls expects even steeper cuts, warning of a dive into “emergency levels of policy rates.”

Across the Channel: The UK isn’t immune to trade war effects. Investors anticipate the Bank of England will slash rates by three-quarters of a point by the end of 2025, bringing interest rates to 4%.

US financial moderation isn't completely off the table: Trump’s nomination of hedge fund manager Scott Bessent as Treasury secretary could signal a shift toward more measured economic policies. Bessent has advocated for gradual implementation of policy changes, which has eased some market concerns. This perception of moderation has contributed to a slight retreat in the USD from its post-election high.

MEANWHILE- A positive US inflation report showing no significant movement is the latest economic data to indicate a rate cut from the Federal Reserve is likely when it meets next week, Reuters reports.

MARKETS THIS MORNING-

Asian markets are mostly in the green, with Japan’s Nikkei, South Korea’s Kospi, and Hong Kong’s Hang Seng all up, tracking a rally on Wall Street that saw the Nasdaq close at a record high. Futures, however, slipped slightly following the news.

TASI	12,149	-0.4% (YTD: +1.5%)
MSCI Tadawul 30	1,526	-0.4% (YTD: -1.6%)
NomuC	31,279	-0.9% (YTD: +27.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,739	+0.4% (YTD: +23.5%)
ADX	9,271	+0.2% (YTD: -3.2%)
DFM	4,795	0.0% (YTD: +18.1%)
S&P 500	6084	+0.8% (YTD: +27.6%)
FTSE 100	8302	+0.3% (YTD: +7.4%)
Euro Stoxx 50	4959	+0.2% (YTD: +9.7%)
Brent crude	USD 73.52	+1.8%
Natural gas (Nymex)	USD 3.35	-0.8%
Gold	USD 2753.70	+1.3%
BTC	USD 101,784.30	+5.1% (YTD: +138.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.4% yesterday on turnover of SAR 6.1 bn. The index is up 1.5% YTD.

In the green: Go Telecom (+3.4%), Sumou (+3.3%), and Dallah Health (+3.3%).

In the red: Jahez (-7.2%), Anaam Holding (-7.0%), and Banan (-4.9%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.9% yesterday on turnover of SAR 66.1 mn. The index is up 27.5% YTD.

In the green: Enma AlRawabi (+12.2%), Molan (+11.0%), and Purity (+8.6%).

In the red: Leen Alkhair (-9.8%), AlWasail Industrial (-7.3%), and Gas (-7.1%)

CALENDAR

DECEMBER

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

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

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.

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

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.

23 May ( Friday): Guns N’ Roses Show, Riyadh.

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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