IMF sees real GDP growth to hit 1.5% this year

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Nice One’s two-day retail subscription window opens today

Good morning, ladies and gentlemen. We have a rather busy and diverse hump day issue, leading with the latest growth projections and other economic indicators from the IMF, as well as a handful of updates on transport, infrastructure, and aviation projects.

There’s a money story in the Gulf. Take one look at the news, and you’ll see headlines about Saudi Arabia’s rapidly changing economy, Qatar’s investment in mass infrastructure, and the UAE’s transformation into a global tech hub. The geopolitical tectonic plates are shifting.

To stay up to date on the business happening in the Gulf that is impacting the world around you, check out our friends at Semafor Gulf. Each issue uncovers the economic forces shaping the region — and the world. Subscribe without charge.

HAPPENING TODAY-

IPO WATCH #1- Nice One’s two-day retail subscription window opens today, where individual investors will be eligible for 10% of the cosmetic company’s main market IPO. They will be able to book a maximum of 250k shares, and a minimum of 10 shares each at SAR 35 apiece.

REFRESHER- The online beauty retailer is taking a 31.5% stake to Tadawul. Nice One priced its IPO at the top of the range after its institutional offering was 139.4x covered. The final pricing will see it raise SAR 1.2 bn in proceeds, and will give it a market cap of SAR 4 bn at listing.

IPO WATCH #2- Today is the final day of the retail subscription window for Almoosa Health's IPO, where the Al Ahsa-based hospital operator will put up for grabs 20% of the 30% stake on offer to retail investors.

REMEMBER- Almoosa Health priced its Tadawul IPO at SAR 127 apiece — the top of the range it was guiding on — after its institutional offering was 103x oversubscribed. The final pricing will see the firm locking in SAR 1.7 bn in proceeds, giving it a market cap of SAR 5.6 bn at listing. Individual investors will be able to book between 10k-250k shares each, with the final allocation of shares set to be announced no later than Sunday, 29 December.

The Saudi-Yemeni Business Council meeting in Makkah wraps up today. The council announced on Sunday the launch of three companies focusing on renewable energy, telecommunications, and trade promotion.

☀️WEATHER- It’s still sunny in Riyadh, with a high of 21°C and a low of 10°C. Meanwhile, Jeddah continues to get warmer temperatures at 29°C, tapering off to 23°C. Over in Madinah, expect a high of 23°C and a low of 13°C.

PSA-

Developers and operators now have more time to qualify for developing Makkah-based transport projects, after the deadlines for participation and qualification requests were extended, the Royal Commission for Makkah and the Holy Sites said on X. The deadline to submit participation requests is now set for Wednesday, 8 January, while the deadline for qualification requests is now Monday, 20 January.

WATCH THIS SPACE-

#1- Saudi Arabia “took a pause” on joining BRICS as a full member and did not complete the procedures to join the economic group, Russian presidential aide Yuri Oshakov was quoted as telling reporters by TASS and RIA. Saudi “representatives attended many events that we held within the framework of the association. But they refrained from developing documents and jointly making decisions,” Oshakov said. The Kingdom was invited to join the alliance over a year ago. Asharq Business also has the story.

To Trump’s liking: US president-elect Donald Trump is setting his sights on BRICS nations’ efforts to challenge the dominance of the greenback, threatening 100% tariffs unless they abandon plans to challenge the USD’s status as the global reserve currency. “The idea that the BRICS Countries are trying to move away from the USD while we stand by and watch is OVER.”

#2- A new sukuk fund: The Capital Market Authority (CMA) approved the offering of the Baitk Global Sukuk fund by the Saudi Kuwaiti Finance House, the authority said in a statement. The investment manager offers a minimum subscription limit for its funds at SAR 10k for retail investors, and SAR 50k for institutional investors.

Uh, Enterprise, what is a sukuk fund? It’s an investment fund that focuses on financial certificates similar to bonds, but is fully compliant with Shariah principles. Unlike conventional bonds, sukuk represent ownership in tangible assets or projects, offering returns through profits or rental income rather than interest. These funds are a popular choice for those seeking asset-backed, fixed-income investments.

#3- Two new IPOs get regulatory clearance: Ejada Systems received approval from the Capital Market Authority (CMA) to take a 45% stake to market, according to a statement. Ejada, a local tech services firm owned by Al Rajhi Bank, had reportedly hired Goldman Sachs and Al Rajhi Capital to arrange a Tadawul IPO that could see the firm valued at up to USD 1.5 bn. Meanwhile, the CMA also signed off on Al Khaldi Logistics ’ planned IPO of a 7% stake on parallel market Nomu, according to a separate statement. The approvals are valid for six months.

#4- US-born data storage company Snowflake inaugurated its regional headquarters in Riyadh, announcing its local deployment on Google Cloud after meeting the Kingdom’s data residency requirements, according to a press release. The company’s clientele includes Tadawul-listed food giant Almarai.

#5- Chinese tech giant Huawei launched its T.H.E Gold Talent program at the ICT Competition regional final in Riyadh, according to a press release. The initiative — which it developed with Unesco — aims to transform higher education and build AI-era digital skills across the Middle East and Central Asia. It also partnered with 260 ICT academies across 19 countries to train and certify a new generation of tech talent, with a focus on AI, 5G-A, and cloud technologies.

DATA POINTS-

Tadawul’s market cap rose 0.26% w-o-w in the week ending 19 December to SAR 10.37 tn, Argaam reports, citing market data. Saudi investors held 95.3% ownership in the market, while foreign investors held 4%, and GCC investors held 0.7%.

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THE BIG STORY ABROAD-

We’re well into the Christmas news slowdown with little capturing the attention of the foreign pages this morning.

IN THE US- Ex-congressman is facing [redacted] misconduct allegations: Former Florida Congressman Matt Gaetz reportedly spent tens of thousands on illicit activities, according to a report prepared by the House Ethics Committee. The committee also found evidenceGaetz violated Florida’s laws, which protect against [redacted] activities with minors. Gaetz, who resigned last month after being tapped as attorney general by president-elect Donald Trump, denied the allegations but admitted to having “partied and womanized” earlier in life. (Reuters | Financial Times | BBC | Washington Post | CNN | AP)

CIRCLE YOUR CALENDAR-

#1- The three-day Future Minerals Forum kicks off on 14 January at Riyadh’s King Abdulaziz International Conference Center.

#2- The three-day Real Estate Future Forum kicks off on 27 January at the Four Seasons, Riyadh.

#3- LEAP 2025 will take place between 9-12 February at the Riyadh Exhibition & Convention Center in Malham. The tech event will bring together over 1.8k global tech brands, 1k experts and some 680 startups. LEAP 2025 will feature over 300 hours of content across 17 tracks, covering AI, fintech, edtech, smart cities, and more. Co-located with LEAP is DeepFest, a major AI-focused event bringing thought leaders and innovators under one roof.

#4- The eight-day Big 5 Construct Saudi will take place from 15-18 February and 24-27 February at the Riyadh Front Exhibition & Conference Center. The Kingdom’s largest construction event will feature over 2k exhibitors from more than 60 countries, showcasing innovations across the sector. The event is expected to attract over 75k participants.

Real GDP growth to hit 1.5% this year -IMF

IMF cuts forecasts for this year for the fourth time: The International Monetary Fund (IMF) is projecting real GDP growth in Saudi to come in at a 1.5% clip this year, the international lender said in its Economic Prospects and Policy Challenges for the GCC Countries report (pdf). The latest projection marks the IMF’s fourth downward revision of its growth forecast for Saudi Arabia this year, and most recently projected in July would hit 1.7% growth. The report cites extended oil production cuts as the reason for slower-than-expected overall growth in the GCC.

Growth will pick up in the medium-term: Saudi’s real GDP is now projected to grow 4.6% next year — down slightly from the IMF’s previously forecasted 4.7% growth for 2025 — and 4.4% in 2026, as oil production cuts continue to ease. This is more or less on par with government targets, which penciled in GDP growth of 4.6% for FY 2025 on the back of a pick-up in non-oil activities and private sector participation.

REMEMBER- Real GDP grew 2.8% y-o-y in 3Q, breaking a four-quarter long downward trend, which saw GDP shrink 0.3% y-o-y in 2Q.

Positive outlook for non-oil activity: The IMF sees the Kingdom’s non-oil sector growing by 3.7% in 2024, before picking up to 4.4% in 2025 and 4.3% in 2026.

Hydrocarbon’s legacy isn’t going anywhere yet: The hydrocarbon sector is gearing up for a strong rebound in 2025 and 2026 with a projected 5% and 4.8% GDP growth, respectively, following a contraction of -5% in 2024, before moderating to 2.4% in 2027 as production stabilizes.

Keeping a lid on inflation: Inflation is projected to settle at 1.7% this year, before ticking up to 1.9% in 2025 and 2.0% in 2026. This trajectory aligns with the broader GCC trend. Inflation accelerated to 2% y-o-y in November, a slight uptick on October’s 1.9% reading as the gauge hit its highest level so far this year.

The Kingdom’s current account surplus is projected to narrow to -1.8% of GDP in 2025, down from 0.4% in 2024, reflecting the impact of voluntary oil production cuts and rising investment-related imports, while high hydrocarbon prices and strong non-oil exports will continue to provide a buffer.

THE REGIONAL ANGLE-

GCC economies are also set to benefit from the dual momentum of oil sector recovery and strong non-oil sector growth, according to the report. Real GDP for the region is projected to rebound by 1.4% this year, expanding further to 3.5% in 2025 and 4.2% in 2026. The medium-term outlook remains favorable, with non-oil sector growth underpinned by reform implementation and diversification efforts.

KEC launches SAR 1 bn fund + inks agreement for two projects

KEC to launch SAR 1 bn real estate fund: The Knowledge Economic City (KEC) signed a framework agreement with Sidra Capital and Raseel Properties to establish a close-ended real estate investment private fund worth SAR 1.04 bn, according to a disclosure to Tadawul.

The details: The fund aims to develop the Al Duha mixed-use project on a 33k sqm plot of land under the KEC MasterPlan. The project will include 150 hotel rooms, 576 residential apartments, 20k sqm of leasable office space, and multi-use retail spaces. It is expected to launch in 1Q 2025 and be fully developed by 1Q 2029.

Who’s doing what: Sidra Capital will act as the fund manager, Raseel Properties will serve as the project developer, and KEC will be the majority investor by contributing land as an in-kind investment.

SOUND SMART- A closed-ended real estate investment private fund is a pooled investment vehicle that raises capital from investors to acquire, develop, or manage real estate assets. Unlike open-ended funds, it has a fixed term and does not allow investors to withdraw their capital until the fund's maturity. These funds typically focus on generating returns through property appreciation, rental income, or both.

IN OTHER REAL ESTATE NEWS-

KEC taps Chinese company for Al Alya project: KEC signed a SAR 503 mn contract with China Gezhouba Group International Engineering Company for the construction and electromechanical and finishing works of seven residential towers under its Al Alya mixed-use project, according to a disclosure to Tadawul. The contractor’s dues will be paid in installments, and tied to the progress of the work.

Al Ayla comprises 2k residential units, including 1k apartments, 430 hotel apartments managed by Hyatt House, 430 serviced apartments by KEC, and 70 residential villas. It also features office buildings, commercial areas, and the Hayat Center Hotel with 148 rooms.

The details: The work is expected to take 30 months from the date of the construction permit. CGGC will also collaborate with Chinese financial institutions to secure project financing, potentially through equity investments or other funding options.

ALSO- KEC tapped Alfaneyah Electromechanical Company to complete the electrical, mechanical and plumbing works for Hilton Hotel Tower and the branded residences tower of the KEC’s hub project under a SAR 232.8 mn contract, according to a disclosure to Tadawul.

Matarat issues RFP for the New Abha Int’l Airport

Matarat shortlists four bidders for the New Abha airport: The Saudi Civil Aviation Holding Company (Matarat) has prequalified four bidders for the privatization, expansion, and upgrade of the New Abha International Airport project, according to TradeArabia. The project will be executed in two to three phases, with completion expected by 2028.

Who’s in the running? Pre-qualified candidates for the project are:

India’s GMR Airports Limited ;
A consortium of Turkish companies Mada Holding International and TAV Havalimanlari Holding;
A consortium of Saudi Arabia’s Vision International Investment, Asyad Group Holding and Ireland’s Daa International Limited
A consortium of Skilled Engineers Contracting, Limak İnşaat Sanayi ve Ticaret A.Ş, Incheon International Airport Corporation, Dar Al-Handasah Consultants (Shair and Partners), and Obermeyer Middle East GmbH.

BACKGROUND- Matarat and the National Centre for Privatization & PPP (NCP) invited expressions of interest earlier this year, to tackle overcapacity issues at Abha’s airport where it currently handles 4.4 mn passengers, far exceeding its original capacity of 1.5 mn. The 30-year project, following a build-transfer-operate (BTO) model, was unveiled in October 2023 by Crown Prince Mohammed bin Salman.

ICYMI- Abha is not the only one up for a tender: In April 2023, NCP had listed the airport among four new airport projects it intended to tender under the PPP model as part of a bigger pipeline of 200 privatization and PPP projects.

WTCO issues RFQs for water transmission system project

The Water Transmission (WTCO) has issued requests for qualification for the Ras Mohaisen-Baha-Makkah Independent Water Transmission System (IWTS) project, Trade Arabia reports.

Background: The IWTS project, which was re-tendered last month, involves boosting water transmission capacity to 515k cubic meters per day from 185k. It will be executed under a design, build, finance, lease, and transfer contract, with a lease term of up to 35 years. It was originally handled by the Saudi Water Partnership Company as an Independent Water Transmission Pipeline project; the procurement baton was later passed to WTCO.

Who wants in on the action: Global heavyweights, including Spain’s Acciona Agua, India’s Kalpataru Projects, Japan’s Sojitz Corporation, and regional players including Kuwaiti group Alghanim International, UAE’s Taqa, and Egypt’s Orascom, are among the contenders. Top Saudi developers such as Al Bawani Capital, and Al Yamamah Water projects are also in the mix.

ADVISORS- Synergy Consulting IFA is the lead and financial adviser on the transaction, while Clifford Chance is legal advisor, and ILF is the technical advisor.

Nordic Electrofuel to develop an e-SAF plant in the Kingdom

Nordic Electrofuel on track to build Saudi SAF plant: Norwegian sustainable aviation fuels (SAF) producer Nordic Electrofuel has received Saudi government approvals to develop an e-SAF plant in Jubail, Chief Executive Gunnar Holen told Argus Media. Land and solar energy assets have been set aside by the Kingdom for the project, Holen added.

The details: The company plans to use energy from solar assets and green hydrogen to produce around 350 mn litres of e-SAF annually, with a 2029 launch date if the project is fast-tracked. Solar energy will come from existing assets in the region, while the company plans to produce its own green hydrogen in the Kingdom.

SOUND SMART- SAF is an alternative fuel made from non-petroleum feedstocks — raw materials or biomass other than traditional crude oil like cooking oil and waste, which are chemically and physically identical to conventional jet fuel. Since it is a drop-in fuel — meaning it can be used in the existing fuel systems — SAF bypasses concerns of incompatibility with existing fuelling infrastructure and can be blended at levels between 10-15%.

KSA has its sights on e-fuel production: Aramco, TotalEnergies, and the Saudi Investment Recycling Company signed a joint development and cost sharing Agreement earlier this month to evaluate establishing a SAF plant in the Eastern Province. Aramco also plans to bring online two SAF demonstration projects in Neom by 2025.

VMS to launch a new USD 10 mn startup fund focused on Al Madinah

Value Makers Studio is setting up a USD 10 mn startup investment fund, in partnership with the Economic Development Centre and the Madinah Chamber of Commerce, Wamda reports. There’s no publicly available information about the fund’s potential focus sectors.

The new fund, Al Madinah Ventures, is looking to tap into the city’s pool of over 60k SMEs with the aim of luring tech startups into Madinah, which already contributes 7% of domestic GDP, the statement reads.

The initiative plans to attract over 30 investors annually and launch five new startups each year after the fund’s launch. The focus is on fostering job creation and innovation while building a dynamic ecosystem for tech-driven businesses.

MBC Media Solutions appoints president for its local advertising outfit

MBC Media Solutions appointed its CEO Ahmed Al Sahhaf (LinkedIn) as president of its newly-launched advertising outfit International Advertising Association Saudi chapter, according to a post on Linkedin. Al Sahhaf joined MBC Group in 2020, and has held several managerial roles at Stc.

Bahri + Salic JV inaugurates a grain terminal in Yanbu

LOGISTICS-

Bahri + Salic JV cuts ribbon on Yanbu Grain Terminal: The National Grains Company, a JV between Bahri and the Saudi Agricultural and Livestock Investment Co. (Salic), kicked off operations at its Yanbu Grain Handling Terminal, according to a disclosure to Tadawul. Originally set to go online in 2H 2023, the project owes its delay to the fulfillment of additional requirements and the expansion of its infrastructure, which raised the projected cost by 7% to SAR 441.4 mn.

What we know: The terminal, located at the Yanbu Commercial Port, has a storage capacity of 156k tons, is home to 12 silos with a total capacity of 96k tons, and can unload 800 tons per hour directly from ships.

M&A WATCH-

Sirc snaps up a 35% stake in Waraq: The PIF’s Saudi Investment Recycling Company (Sirc) acquired a 35% stake in the Arab Paper Manufacturing Company (Waraq), the company said in a LinkedIn post. Sirc plans to funnel direct funding into the company to expand production lines and boost operational efficiency. The value of the transaction was not disclosed.

TOURISM-

PIF’s Cruise Saudi launched Saba Beach, a private island for cruising activities on Jabal AlSabaya, welcoming the first passengers in the soft launch on Sunday, according to a press release. The first phase of the project will feature a floating park, full-service restaurant, retail shops, and beachfront villas once it fully wraps up. The project’s timeline and investment ticket were not disclosed.

Honda, Nissan, and Mitsubishi eye potential USD 58 bn merger amid rising EV competition

The single biggest story on Planet Finance is the possible merger of automobile giants Honda and Nissan, after the two companies inked an MoU in a bid to create the world’s third-largest automaker by sales, according to a statement yesterday.

Is Mitsubishi in? The talks, which could also include Mitsubishi Motors, who is set to decide whether to formally join the merger talks next month, according to a separate MoU, are set to finalize by June 2025, with a holding company established by 2026. The transaction would bring the combined valuation of Honda and Nissan to USD 54 bn according to their current market caps, and to USD 58 bn if Mitsubishi were included. This would put them only behind Toyota and Volkswagen in terms of size, the Financial Times reports. The two companies would aim for combined sales of JPY 30 tn yen (USD 191 bn) and operating profit of more than JPY 3 tn yen.

The automakers say it is a competitive play: The merger is part of a broader strategy to maintain competitiveness amid “drastically changing business dynamics,” Honda CEO Toshihiro Mibe said, with Chinese EV makers and Tesla rapidly gaining traction against the Japanese automotive sector. “We have to build up capabilities to fight with them by 2030, otherwise we'll be beaten,” Mibe said. The need for scale represents a forward-looking strategy and is “not a rescue of Nissan,” Mibe added.

What’s the issue with Nissan? The Japanese automaker recently announced a 20% cut in global production capacity and plans to slash 9k jobs following a 90% drop in operating profit in the first half of the fiscal year. According to Reuters, Nissan’s weakened financial position has raised speculation that the merger is a lifeline, despite denials from both CEOs.

The challenge? Creating meaningful synergies and avoiding past merger pitfalls, such as DaimlerChrysler's failed union, the New York Times said. The FT and Reuters forecast that the merger could face hurdles — including resistance from shareholders and regulatory approvals — on the back of Nissan’s weaker financial footing amid profitability concerns and declining sales in its largest market, China.

Honda and Nissan plan to share platforms and resources to cut costs, focusing on EVs, autonomous driving technologies, and software development. However, its scale still may fall short of providing a competitive edge against Tesla and Chinese automakers, lauded for their cost-efficient production and technological advancements, the NY Times reports.

Market reax: Honda’s shares climbed up 13.4% on the news, benefiting from a separate share buyback announcement, while Nissan shares fell 7% on the Tokyo Stock Exchange, and Mitsubishi Motors gained 0.3%.

ALSO WORTH KNOWING ON PLANET FINANCE-

South Korea is set to issue its first KRW-denominated foreign-exchange stabilization bonds in over two decades next month, targeting up to KRW 20 tn (USD 13.8 bn) in total debt issuance for 2025 to reduce KRW funding costs and boost currency market stability, according to a Finance Ministry source with knowledge of the matter. (Bloomberg)
Global bond funds attracted a record USD 600 bn in inflows this year, despite closing the year down 1.7%, according to Bloomberg’s global aggregate bond index, amid concerns about slower-than-expected rate cuts in 4Q. Investor demand was driven by elevated yields and slowing inflation, alongside an anticipated easing of monetary policy. (Financial Times)

MARKETS THIS MORNING-

Asian markets are mixed, with South Korea’s Kospi and Japan’s Nikkei both slipping 0.3%, after the Bank of Japan published minutes from its latest monetary policy meeting. Meanwhile, Hong Kong’s Hang Seng index rose 0.4% on open, while mainland China’s CSI 300 gained 0.1%. Over on Wall Street, futures are near the flatline ahead of an early day for the New York Stock Exchange for Christmas Eve.

TASI	11,949	+0.8% (YTD: -0.2%)
MSCI Tadawul 30	1,500	+1.1% (YTD: -3.3%)
NomuC	30,953	-0.9% (YTD: +26.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	30,118.4	-0.8% (YTD: +21%)
ADX	9,402	+0.5% (YTD: -1.8%)
DFM	5,056	0.0% (YTD: +24.6%)
S&P 500	5,974	+0.7% (YTD: +25.3%)
FTSE 100	8,103	+0.2% (YTD: +4.8%)
Euro Stoxx 50	4,853	-0.2% (YTD: +7.3%)
Brent crude	USD 72.99	+0.1%
Natural gas (Nymex)	USD 3.71	-0.9%
Gold	USD 2,629	-0.6%
BTC	USD 94,075	-1.2% (YTD: +122.4%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.8% yesterday on turnover of SAR 4.9 bn. The index is down -0.2% YTD.

In the green: Zamil Industries (+4.3%), Saudi Re (+4.2%) and MedGulf (+4.2%).

In the red: NCLE (-3.9%), Aldrees (-3.8%) and Riyadh Cement (-3.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.9% yesterday on turnover of SAR 53 mn. The index is up 26.2% YTD.

In the green: Enma Alrawabi (+7.7%), Ghida AlSultan (+7.6%) and Dar AlMarkabah (+5.2%).

In the red: View (-13.8%), Keir (-6.7%) and Nofoth (-5.6%)

KSA re-opens embassy in Afghanistan

The Kingdom has resumed operations at its embassy in Kabul, marking its return for the first time since Taliban regained power in 2021, according to a post on X. The decision was welcomed by Afghanistan’s Foreign Ministry, which expressed optimism about strengthening bilateral relations and addressing the needs of Afghan citizens in Saudi Arabia. The story got ink from AP.

MEANWHILE- A Saudi delegation met with Syria’s de facto leader Ahmed Al-Sharaa in Damascus, Alarabiya reports.

CALENDAR

DECEMBER

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

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

28 December (Saturday): Deadline for registration in SDAIA’s Injaz Hackathon.

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.

31 December (Tuesday): Engineers in the public sector will be subject to a new pay grade scheme.

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.

7-9 January (Tuesday-Thursday) Saudi Tourism Forum, Riyadh Front, Riyadh.

12 January (Sunday): Launch ceremony of the standard incentives for the industrial sector.

13-16 January (Monday-Thursday): Hajj Conference and Exhibition, Superdome, Jeddah.

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

15-16 January (Wednesday-Thursday): The International Learning and Technology Conference, Effat University, Jeddah.

21 January (Tuesday): Data Center Nation, Mandarin Oriental Al Fasisaliah, Riyadh.

21-23 January (Tuesday-Thursday): The International Exhibition for Material Handling, Equipment, Warehouse Supplies, Forklifts & Heavy Equipment, Riyadh International Exhibition Center.

21-23 January (Tuesday-Thursday): Saudi International Exhibition for E-Marketing and E-Commerce, Riyadh International Convention and Exhibition Center.

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-29 January (Monday-Wednesday): Saudi Franchise Expo, Riyadh International Convention and Exhibition Center.

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.

31 January (Friday): Deadline for businesses to update their registered customs items.

FEBRUARY 2025

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

3-5 February (Monday-Wednesday): Saudi International Marine Exhibition (SIMEC), Riyadh.

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

4-5 February (Tuesday-Wednesday): Capital Markets & ESG Finance, Hilton Riyadh Hotel & Residences.

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.

9-12 February (Sunday-Wednesday): LEAP Tech Conference, Malham, Riyadh.

9-12 February (Sunday-Wednesday): DeepFest by Leap, Riyadh.

10-12 February (Monday-Wednesday): Saudi Travel Market, Riyadh International Exhibition Center.

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

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

15-18 February (Saturday-Tuesday): Week one of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

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.

23-27 February (Sunday-Thursday): Riyadh International Disputes Week, Hilton Riyadh Hotel Granada.

24-25 February (Monday-Tuesday): The Riyadh International Humanitarian Forum, Riyadh.

24-27 February (Monday-Thursday): Week two of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

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.

22-23 April (Tuesday-Wednesday): AAM Middle East, Riyadh.

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

MAY 2025

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

12-15 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh International Convention & Exhibition Center.

13-14 May (Tuesday-Wednesday): Global EV & Mobility Technology Forum, The Arena, Riyadh.

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.

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

15-17 September (Sunday-Tuesday): Money 20/20 Middle East, Riyadh.

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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