Public Investment Fund gets its first murabaha credit facility

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Almoosa Health debuts on Tadawul today

Good morning, ladies and gentlemen. The news cycle is slowly but surely picking up steam as we push through the first full week of the new year, leading with the Public Investment Fund closing its first-ever murabaha credit facility, worth USD 7 bn.

^^ We have chapter and verse on this story and more in this morning’s news well, below.

IPO WATCH-

Shares of Almoosa Health will begin trading today on Tadawul’s main market, according to a statement from the exchange. Shares can fluctuate within a ±30% range for the first three days, after which price fluctuations will be capped at ±10% as circuit breakers take effect.

REFRESHER- The hospital operator is offering a 30% stake in an IPO priced at SAR 127 per share — at the top of the indicative price range — after its institutional tranche was 103x oversubscribed and the retail component was 5.1x oversubscribed. The pricing would give Almoosa a market cap of SAR 5.6 bn at listing, and should see it raise some SAR 1.7 bn in proceeds.

ADVISORS- Our friends at EFG Hermes are underwriters and bookrunners on the transaction, alongside Banque Saudi Fransi Capital, which is also acting as lead manager and financial advisor. PwC is acting as financial due diligence advisor as well as market consultant, while Latham and Watkins is providing counsel. Moelis is advising selling shareholders.

HAPPENING TODAY-

The three-day Saudi Tourism Forum will get underway in just a couple of hours in Riyadh at Roshn Front. The event is set to feature over 100 exhibitors, along with seminars and workshops offering insights into the latest trends and developments in the tourism industry.

⚠️ WEATHER UPDATE- Rain continues across the Kingdom today. Riyadh will experience a high of 18°C and a low of 9°C, while Makkah is expected to reach a high of 26°C and a low of 17°C. In contrast, Jeddah will enjoy sunny conditions with temperatures ranging from 19°C at night to a high of 26°C during the day.

HAPPENING TOMORROW-

Supercopa de España semi finals will be played tomorrow at the King Abdullah Sports City Stadium in Jeddah. All matches start at 10pm. Here’s the schedule:

Real Madrid vs. Mallorca (tomorrow);
Athletic Club vs. Barcelona (Thursday, 9 January);
Final match (Sunday, 12 January).

PSAs-

#1- The Jazan Chamber is seeking bidders for a SAR 302.3 mn cars and trucks batteries production project in the Jazan Economic Special Zone, state news agency SPA reports. With an annual production capacity of 1 mn batteries, the project will help meet local demand, reduce imports, and cut logistics costs due to its proximity to Jazan Port.

#2- The Real Estate General Authority issued another set of off-plan sale licenses for residential projects in Riyadh, Makkah, and Al Hofuf, according to separate statements by the authority on X. Artar is offering 325 villas and townhouses in Riyadh, Ajdan is offering 512 villas in Makkah, and Jedda is selling 260 villas in Al Hofuf.

WATCH THIS SPACE-

#1- CAPITAL MARKETS- Nomu-listed Raoom Trading received regulatory approval from the Saudi Exchange to transition to the main market, according to a statement. The SAR 62.5 mn glass manufacturing company will continue to trade on Nomu until the transfer document is published — which has to be completed within the next two days. Trading will then halt for up to five sessions before listing on the main market. Tadawul hasn’t given dates for the move.

#2- M&A WATCH- Buruj gets the greenlight for MedGulf Merger: Buruj Cooperative Ins. obtained non-objection from the General Authority for Competition for its potential merger with Mediterranean and Gulf Ins. and Reins. (MedGulf), according to two separate filings to Tadawul (here and here). The move is still pending other regulatory and shareholders’ approvals before any binding agreement can be signed.

REFRESHER- Buruj and MedGuld inked a non-binding MoU in July 2024 to evaluate a potential merger through a share swap, where Medgulf’s capital would be upped to allow for the issuance of new shares to the shareholders of Buruj. Buruj tapped Baker & McKenzie as its advisor for the transaction, and Alinma as its financial advisor.

#3- The Kingdom is eyeing various investments in Bangladesh, with Aramco mulling the development of an oil refinery to address the country’s growing appetite for oil, Saudi Ambassador to Bangladesh Essa Youssef Essa Al Duhailain said, according to BSS News. The refinery’s output could also be exported to key markets such as China, India, and other neighboring countries, he added.

Meanwhile, Acwa Power is considering investing USD 3.5 bn in the South Asian country, Al Duhailain said, without giving further details. The ambassador also hinted at the potential establishment of a direct maritime route between Chattogram and Jeddah or Dammam.

DATA POINT-

The Sustainable Building Program saw a 32% y-o-y increase in its Sustainability Assessment service in 2024, benefiting 75 projects with a combined area of around 47 mn sqm, according to a statement. The program also issued 11 design conformity certificates during the year for projects across Riyadh, Medina, Jeddah, Khobar, Dhahran, and Taif, marking a 19% y-o-y increase. Meanwhile, over 23k quality inspection reports were issued.

About the program: The Sustainability Assessment system, developed in line with international practices and the Saudi Building Code, allows property owners and developers to measure the sustainability of new and existing buildings and communities.

OIL WATCH-

Aramco raises crude prices for most regions, but cuts them for the US: Aramco raised its prices for crude oil for next month for Asian buyers, signaling tighter supply in its key market following OPEC+ decision to delay delay production increases until April, Bloomberg reported. The oil major’s main Arab Light crude grade will be sold at a premium of USD 1.50 a barrel to the regional benchmark — an increase of USD 0.6. The Bloomberg survey for traders and refiners penciled in a lower USD 0.1 hike.

In other markets: While there was an increase in the prices of some grades for buyers in the Mediterranean region and Northwestern Europe, prices were cut for US buyers.

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THE BIG STORY ABROAD-

Politics is once again getting top billing in the foreign press this morning, with Canadian Prime Minister Justin Trudeau’s resignation after nine years in office getting plenty of ink.

Trudeau’s resignation comes following pressure from members of the Liberal party, following an increase in inflation and affordable housing shortages that led to the resignation of Finance Minister Chrystia Freeland, with the rival Conservatives party gaining popularity in recent pre-election polls. Trudeau will remain in charge at least until the end of March while parliament is suspended, with elections set to take place as early as April or, at the latest, in October. The three major opposition parties in parliament have already said they will back a motion of non-confidence in the government. (Reuters | Bloomberg | Washington Post | FT | NYT)

Meanwhile, US president-elect Donald Trump is also making headlines after Congress formally certified his election victory yesterday, setting him up for his inauguration on 20 January. His hushmoney trial is also getting more ink after he lost a bid to delay his sentencing as he looks to appeal his conviction. Trump will likely get a sentence of unconditional discharge, the judge on the case previously said, and is unlikely to serve jailtime.

IN BUSINESS NEWS- Nippon Steel is moving to sue the Joe Biden administration for blocking its USD 15 bn bid for US Steel, accusing it of using a “sham national review” to block the transaction instead of giving it a fair review. The bid had been a key topic ahead of the US elections in November, with both Biden and Trump promising to kill it in a bid to secure voters in Pennsylvania, where US Steel is headquartered.

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.

#5- The UFC returns to the Kingdom on 1 February, kicking off its 2025 collaboration with Riyadh Season, according to Forbes. The main event will see former middleweight champion Israel Adesanya face Nassourdine Imavov. Adesanya, on a two-fight losing streak, needs a win to remain in title contention, while Imavov enters with a four-fight winning streak.The co-main event will see Shara Magomedov square off with Michael “Venom” Page. The card also includes several ranked fighters, with matchups spanning multiple divisions. Full card here.

#6- The Formula One 2025 Saudi Arabian Grand Prix will kick off on 20 April, featuring 50 laps at the 6.174-km Jeddah Corniche Circuit. Tickets are available here.

PIF closes USD 7 bn inaugural murabaha credit facility

PIF closes its first ever murabaha credit facility: The Public Investment Fund completed a USD 7 bn murabaha credit facility, backed by a syndicate of 20 unnamed international and regional financial institutions, it said in a statement. The statement did not disclose additional information on the tenor of the facility, its rate, or how it will be utilized.

Speaking to PIF’s high creditworthiness: The sovereign wealth fund holds an Aa3 rating from Moody’s, and an A+ rating from Fitch — both with a stable outlook.

The move comes as part of PIF’s “medium-term capital raising strategy,” with the statement highlighting government capital injections and asset transfers, retained earnings from investments, and debt as PIF’s principal sources of funding.

PIF’s announcement came just hours after the government kicked off its first USD-denominated bond sale for the year, attracting investor bids that topped USD 30.5 bn, Bloomberg reports, citing a person familiar with the matter. The yields were priced at 85 basis points over US treasuries for the three-year tranche, 100 basis points for the six-year tranche, and 110 basis points for the 10-year tranche. Citigroup, Goldman Sachs Group, and JPMorgan Chase are the principal financial institutions managing the offering, the business information service said.

ICYMI- The finance ministry approved a SAR 139 bn borrowing plan for FY 2025 on Sunday, intended to bridge an anticipated SAR 101 bn budget deficit penciled in for the new fiscal year. Additionally, the National Debt Management Center (NDMC) secured a USD 2.5 bn (SAR 9.4 bn shariah-compliant revolving credit facility earlier this week to further shore up the state budget, raised from Abu Dhabi Islamic Bank, Credit Agricole SA and Dubai Islamic Bank, according to Bloomberg.

IN OTHER DEBT NEWS-

Nomu-listed Almujtama Alraida Medical Co. lined up a SAR 45 mn loan with Alinma Bank, according to a disclosure to Tadawul. The three-year facility features a SAR 35 mn tranche for goods purchases and a SAR 10 mn tranche for capital expenditures.

Shmoh Almadi prices Nomu IPO at SAR 22 per share

Shmoh Almadi priced its Nomu IPO at SAR 22 per share after strong demand from qualified investors saw the offering close 195.5% oversubscribed, according to a statement to Tadawul by the transaction’s financial advisor Value Capital. The bakery is taking a 14.9% stake — equivalent to some 1.4 mn shares to Tadawul’s parallel market Nomu.

Market cap + proceeds: The pricing sees the offering raising some SAR 30.8 mn in proceeds, bringing the company’s market cap to SAR 206.8 mn at listing, according to EnterpriseAM calculations. Of the proceeds, SAR 2.4 mn will go towards covering IPO-related expenses, while another SAR 7 mn will be allocated to capital increases and the remainder will fund expansion plans.

Post-IPO structure + lockup: Substantial shareholders will see their combined ownership diluted to 65.5% from 77%. They will not be able to sell down their positions for a 12-month period starting from the first day of trading.

ADVISORS- Value Capital is quarterbacking the transaction as lead financial advisor and bookrunner, while Mahama is acting as legal advisor. Receiving agents include Alinma Investment, Al Rajhi Capital, SNB Capital, BSF Capital, Riyad Capital, ANB Capital, Alistithmar Capital, Albilad Capital, AlJazira Capital, Yaqeen Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, Derayah Financial.

ECG closes SAR 600 mn industrial and tech fund

Homegrown industrial and tech investment firm Energy Capital Group (ECG) closed its ECG2.0-Fund2 at an oversubscribed total of SAR 600 mn (USD 161 mn), with backing from anchor investor PIF’s Jada Fund of Funds and BSF Capital, among other institutional investors, according to a press release. The firm did not specify the oversubscription rate for the new fund.

About the fund: ECG2.0-Fund2 highlights transforming industrial services and advancing technology-driven solutions to increase efficiency across sectors including oil and gas, petrochemicals, utilities, and mining. The fund will focus its investments on tech that ensures competitive advantages and product differentiation. The fund is slated to exit its industrial platform via an IPO within the next two years.

And a third spin-off is also in the pipeline: ECG is now lining up its ECG2.0-Fund 3, with a planned size of SAR 1.3 bn (USD 300 mn). The follow-on fund will zero in on prospects in manufacturing and manufacturing-as-a-service while emphasizing innovative material value chains that “deliver critical and sustainable advantages,” the release read.

About ECG: Founded in 2008 by Ali Abdulaziz Alturki (LinkedIn), ECG specializes in investments that look to develop Saudi’s energy and industrial value chain while tackling supply constraints and bolstering asset base. The fund’s leadership has a track record of closing upwards of USD 5 bn in local and international agreements.

Newly-issued commercial registrations for businesses rose 67% in 4Q 2024

The Commerce Ministry issued 160.5k new commercial registrations in 4Q 2024, up 67% y-o-y, according to the ministry’s quarterly report (pdf). Women-owned businesses accounted for 46% of the total new registrations during the quarter. Riyadh, Makkah and the Eastern Province emerged as top regions for business activity in Saudi, collectively seeing 72% of all new registrations.

Top growth sectors in 4Q: The logistics services sector recorded the highest y-o-y growth in commercial registrations in 4Q 2024, with records rising by 82% to 16.6k. App development followed with a 36% increase to 15.8k active records.

Commercial registrations for foreign companies grew 23% y-o-y to 59.3k in 2024. Meanwhile, commercial registrations for GCC companies increased 39% y-o-y to reach 21.2k by the end of last year.

The overall picture: The Kingdom now has 1.6 mn active commercial registrations, out of which 30% are owned by women and 38% held by young entrepreneurs. Overall, Riyadh is home to 533.3k active registrations, followed by Makkah (349.4k) and the Eastern Province (250.6k).

A look at Saudi’s 2034 FIFA World Cup “infrastructure deadline”

The Financial Times is spotlighting the fiscal and logistical pressures that come with Saudi’s task of hosting the 2034 World Cup. With eight new stadiums in the pipeline, including a futuristic clifftop venue, the tournament has become somewhat an “infrastructure deadline,” the FT said. With the 2027 Asian Cup and the 2029 Asian Winter Games also on the horizon, the stakes are high as delays in delivering venues and infrastructure could sully the Kingdom’s reputation as a global sporting hub and megatournament host.

Diriyah inaugurates two power transmission stations worth SAR 682 mn

INFRASTRUCTURE-

PIF-backed developer Diriyah Company inaugurated two power transmission stations in the Diriyah governorate with a total cost of SAR 682 mn, state news agency SPA reports. The stations will act as the primary power sources for cultural and heritage projects in Diriyah and Wadi Safar, and they will be operated by the Saudi Electricity Company.

INVESTMENT WATCH-

Thimar Development Holding is setting up a SAR 100 mn private equity investment fund to acquire a 70% stake in Jiyad Al Ezz Company, which operates in Makkah’s livestock and slaughterhouse markets, according to a disclosure to Tadawul. Rasana Financial Company was appointed fund manager and financial advisor to Thimar.

The details: The fund’s initial duration is seven years, which can be extended up to two additional years. It plans to raise its capital via private placement in exchange for issuing 100k units at SAR 1k apiece. Thimar’s contribution to the fund will not exceed SAR 30 mn and will depend on the final fund size. The fund must meet a minimum capital requirement of SAR 20 mn.

AUTOMOTIVE-

PIF-backed luxury EV-maker Lucid exceeded expectations in 4Q, with vehicle deliveries growing 78% y-o-y to 3.1k vehicles, Reuters reports. Production surged 42% to 3.4k vehicles during the quarter. Lucid is scheduled to release its 4Q results on Tuesday, 25 February.

US trade policies remain uncertain as Trump denies mulling scaled-back tariffs

No watered-down tariff plans for Trump? US president-elect Donald Trump denied a Washington Post report published yesterday suggesting his blanket 10%-20% universal tariffs plan would be scaled back to target only critical imports tied to economic and national security. WP later updated its report to redact some of the original content, after being picked up by the Financial Times, Bloomberg, Reuters, the Guardian, among others.

Making the cut: The alleged scaled-back plan would see the incoming US administration focusing tariffs on goods including defense materials, pharma products, and energy materials including solar panels, and batteries, WaPo’s Jeff Stein reported.

Trump insists he’s not backing down from tariff plans: “The story in the WP, quoting so-called anonymous sources, which don’t exist, incorrectly states that my tariff policy will be pared back. That is wrong,” Trump said in a Truth Social post yesterday.

IN CONTEXT- Trump, set to take office on 20 January, has proposed a 60% tariff on Chinese goods, followed by an additional 10%, as well as a 10% tariff on imports from other countries during his 2024 Presidential campaign. Separate tariffs targeting Canadian and Mexican goods have also been suggested, leaving businesses scrambling to adapt to the potential cost increases and supply chain disruptions.

Tariffs might trigger a spike in US inflation, but Powell’s not sweating it — at least not yet: The effect of Trump’s potential tariffs on the economy is not yet a present situation to handle, US Fed Chair Jerome Powell said in December when the Federal Reserve cut rates by 25 bps for the third time last year.

MARKETS THIS MORNING-

Early trading in Asia-Pacific markets is telling a mixed story this morning, weighed down by Hong Kong’s Hang Seng Index, which is down after the US State Department designated tech giant Tencent Holdings as a Chinese military company. Japan’s Nikkei is firmly in the green, up 2.4%, while South Korea’s Kospi is also up more than 1%.

Wall Street futures suggest markets will open broadly in the green, carrying forward momentum from a rally in tech stocks that led the S&P 500 and Nasdaq to close up yesterday.

TASI	12,105	+0.3% (YTD: +0.6%)
MSCI Tadawul 30	1,511	+0.1% (YTD: +0.11%)
NomuC	30,864	-0.6% (YTD: -1.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	29,930	-0.8% (YTD: +0.6%)
ADX	9,428	+1.1% (YTD: +0.1%)
DFM	5,191	+1.3% (YTD: +0.6%)
S&P 500	5,975	+0.6% (YTD: +1.6%)
FTSE 100	8,250	+0.3% (YTD: +0.9%)
Euro Stoxx 50	4,987	+2.4% (YTD: 1.9%)
Brent crude	USD 76.30	-0.3%
Natural gas (Nymex)	USD 3.70	+0.7%
Gold	USD 2,634.66	-0.1%
BTC	USD 102,211.21	-0.5% (YTD: +8.2%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.3% yesterday on turnover of SAR 6.4 bn. The index is up 0.6% YTD.

In the green: Almajed Oud (+5.6%), SAL (+5.4%) and Riyadh Cables (+5.2%).

In the red: UIHC (-2.5%), Zamil Industries (-2.4%) and Nayifat (-2.4%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% yesterday on turnover of SAR 62.9 mn. The index is down 1.9% YTD.

In the green: View (+10.7%), Lana (+8.5%) and Amwaj International (+8.4%).

In the red: Mulkia (-8.5%), Enma Alrawabi (-6.9%) and Alrasheed (-5.1%)

CALENDAR

JANUARY 2025

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

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

8-12 January (Wednesday-Sunday): Supercopa de España, King Abdullah Sports City Stadium, Jeddah.

9 January (Thursday): Deadline to submit applications for the Saudi Capital Market Awards.

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.

18 January (Saturday): Deadline for companies to amend status under the New Companies Law.

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.

24-25 January (Friday-Saturday): UIM E1 World Championship Jeddah, Jeddah.

25 January (Saturday): The opening of the 2025 Islamic Arts Biennale, Western Hajj Terminal of King Abdulaziz International Airport, Jeddah

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.

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

FEBRUARY 2025

1 February (Saturday): UFC Fight Night: Adesanya vs Imavov, The Venue, Riyadh.

2 February (Sunday): Flyadeal launches direct flights to Karachi, Pakistan, departing from Riyadh and Jeddah twice a week.

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.

18 February (Tuesday): The Capital Markets Forum, KAFD Conference Centre, Riyadh.

19-20 February (Wednesday-Thursday): The Capital Markets Forum, The Four Seasons, Riyadh.

19 February (Wednesday): Derayah REIT dividend distribution.

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

21-22 February (Friday-Saturday): The Saudi Cup, Riyadh.

22 February (Saturday): Founding Day.

22 February (Saturday): Dazn Boxing event: Beterbiev vs Bivol II, Riyadh.

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

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

3-20 April (Thursday-Sunday): AFC Asian U17 Cup.

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

18-20 April (Friday-Sunday): Saudi Arabian Grand Prix, Jeddah,

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

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

25 April- 4 May (Friday-Sunday): AFC Champions League Elite Finals

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.

AUGUST 2025

5-17 August (Tuesday-Sunday): Fiba Asian Cup.

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

3-9 November (Monday- Sunday): WTA Tour Finals.

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

27-30 November (Thursday-Sunday): The World Rally Championship (WRC), Jeddah.

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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