Derayah Financial prices Tadawul IPO at SAR 27-30 apiece

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WHAT WE’RE TRACKING TODAY

THIS MORNING: GCC kicks off second phase of freetrade talks with Thailand + Golden Handshake gets the green light

Good morning, wonderful people. The Kingdom’s IPO scene is quite busy this morning, as Derayah Financial prices its Tadawul IPO which could see it raise up to SAR 1.5 bn, while PIF-Backed developer Umm Al Qura announced it is moving forward with its anticipated Tadawul listing. Ratio also priced its Nomu IPO.

PLUS- Nama Chemicals accepted SAR 200 mn bid to acquire Jana, Riyadh is rolling out SAR 8 bn in infrastructure projects, and fresh regulations allow Nazaha to settle corruption cases.

HAPPENING THIS WEEK-

The Gulf Cooperation Council (GCC) is set to kick off the second phase of freetrade talks with Thailand today, which will last until this Thursday, 6 February, according to state news agency SPA. The two sides hope to complete an agreement within the next two years, which is expected to eliminate or reduce custom duties and simplify procedures for the transfer of goods between them.

WEATHER- Riyadh is expected to see a high of 18°C and a low of 7°C today, while Jeddah’s mercury will go as high as 33°C and as low as 25°C. Makkah will see a 32°C high and 20°C low.

PSAs-

#1- Get your tax filings in order this month: Businesses subject to withholding tax must file their January tax returns by 10 February, while VAT dues for January must be filed and paid by 28 February, the Zakat, Tax, and Customs Authority (Zatca) said in a post on X.

#2- The subscription window for the February round of the government’s retail sukuk program Sah closes at 3 pm tomorrow after kicking off yesterday, the National Debt Management Center said in a post on X. The instruments carry a yield of 4.94%. The minimum subscription amount per investor is set at SAR 1k, with maximum subscriptions capped at SAR 200k.

#3- Taxpayers have until Monday, 30 June to benefit from a waiver of fines on certain violations, according to a Zatca statement. The Cancellation of Fines and Exemption of Financial Penalties Initiative covers penalties for late registration, payment, filing, and VAT corrections. To qualify, taxpayers must be registered, submit overdue returns, and settle outstanding tax debts. The initiative does not apply to tax evasion penalties.

WATCH THIS SPACE-

#1- The government greenlit the Golden Handshake program, aiming to encourage early retirement of government employees ahead of the retirement age, according to the state’s official gazette Umm Al Qura (pdf). The program offers severance packages to long-serving, less-qualified government employees, with a three-year budget not exceeding SAR 12.8 bn — including up to SAR 5.1 bn for 2025, and will be available on the Human Resources Ministry’s e-platform.

The details: Severance packages range from 12-60 months of salary, based on tenure and qualifications, with priority given to employees with lower qualifications who cannot be transferred or retrained for other jobs. Retirement-age employees are not eligible for the program.

#2- Saudi businesses landed over 20 agreements worth a total of SAR 300 mn at the SaudiNational Products Exhibition (SNP Expo2), hosted in Kuwait, state news agency SPA reports. The expo wrapped up on Saturday with participation from more than 60 Saudi companies. No details were provided on the nature or breakdown of the agreements.

DATA POINTS-

The Kingdom’s postal sector delivered over 48 mn parcels in 4Q 2024, the Transport General Authority said in a post on X. J&T Express and Naqel Express had the lowest complaint rate at 1 per 100k parcels, followed by iMile Delivery, DHL, and GFS Express. Aramex had the highest at 9 complaints per 100k parcels.

OIL WATCH-

US tariffs on Canadian and Mexican oil imports open doors for European, Asian refiners: US President Donald Trump’s move to impose 25% import tariffs on Mexican oil and 10% on Canadian oil is expected to give European and Asian refineries a competitive edge, Reuters quotes analysts as saying. The tariffs are expected to raise costs for US refineries, especially those dependent on heavier crude, potentially reducing their profitability and causing production cuts. In contrast, European and Asian refineries could capitalize on the move by absorbing cheaper crude.

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THE BIG STORY ABROAD-

Trump’s sweeping tariffs are still dominating the international press this morning, with the US facing retaliation from targeted countries and backlash from the global business community.

Canada retorted with a first round of 25% tariffs on some USD 107 bn imports, including USD 20 bn worth of goods that will be impacted starting Tuesday. Canada plans to implement the duties on the remaining USD 86 bn worth of products — from passenger vehicles and steel to vegetables and dairy — in 21 days. Mexico also retaliated with 25% tariffs, without specifying which US goods will be targeted. Meanwhile, China plans to challenge the tariffs at the World Trade Organization, vowing to take unspecified “countermeasures.”

EU to enter the trade war soon? The EU also responded to Trump’s statements that the US’ largest trading partner is “absolutely” going to face tariffs “pretty soon,” saying that the bloc “would respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods.” (FT | The Guardian | Reuters | Bloomberg)

ALSO- More drama is unfolding over the Panama Canal: US Secretary of State Marco Rubio demanded that Panama must curb China’s influence over the global shipping route or “face immediate consequences” in a conversation with Panamanian President José Raúl Mulino yesterday. Trump, in earlier statements, called the canal fees “a complete rip-off” and called for making the canal American again. (Associated Press | FT | BBC)

CIRCLE YOUR CALENDAR-

Proptech firms looking to participate in the experimental regulatory environment mustregister by 31 March for the Real Estate General Authority’s Regulatory Sandbox Program. The program enables developers to test their proptech solutions in a controlled environment, in a bid to raise the number of proptech companies it houses to 1.5k over the next five years, up from 270 firms currently.

Derayah Financial prices Tadawul IPO at SAR 27-30 apiece

Derayah Financial is guiding on a price range of SAR 27-30 per share for its Tadawul IPO, which could see it raise up to SAR 1.5 bn in IPO proceeds, according to a filing (pdf) to the exchange. At the top of the range, the pricing would give Derayah Financial a market cap of SAR 7.49 bn at listing.

REFRESHER- The first brokerage firm to hit the market is taking a 20% stake to Tadawul in a Regulation S-compliant IPO open to both local and foreign institutional investors with a 10% clawback for retail investors. Some 49.95 mn company shares will be up for grabs in the secondary offering. Selling shareholders are set to rake in all of the proceeds from the sale after which their ownership will shrink to a combined 60.5% stake from 75.5%.

Strong investor demand: The institutional tranche of the offering was fully covered within minutes of subscriptions opening yesterday, Bloomberg reports, citing terms it has seen. The business information service didn’t mention the oversubscription rate.

The institutional offering will remain open until Sunday, 9 February, during which investors can book up to 12.5 mn shares, each with the minimum limit set at 100k, according to the prospectus (pdf).

What’s next: A three-day retail bookbuilding period is due to kick off on Thursday, 20 February, where retail investors will be allowed to subscribe to a maximum of 250k shares and a minimum of 10 each. The final allocation is slated for Thursday, 27 February, with excess funds set to be refunded by Tuesday, 4 March.

ADVISORS- Our friends at HSBC Saudi Arabia are quarterbacking the transaction as the sole lead financial advisor, bookrunner, global coordinator, and lead manager, with Baker McKenzie acting for HSBC as the sole underwriter. Receiving agents include Derayah Financial Company, Alinma Investment, Al-Istithmar Capital, Aljazira Capital, Alkhabeer Capital, Al Rajhi Capital, ANB Capital, BSF Capital, GIB Capital, Riyad Capital, SAB Invest, Sahm Capital, SNB Capital, and Yaqeen Capital.

Umm Al Qura for Development to go public on Tadawul

PIF-backed Umm Al Qura for Development and Construction is taking a 9.1% stake to Tadawul’s main market, according to its intention to float (ITF) (pdf). Some 130.79 mn newly-issued shares will be up for grabs. No details were provided on the timeline or potential value of the IPO, although previous reports had suggested an IPO “could raise a few hundred mn USD.” Bloomberg also had the story.

The IPO will initially be limited to institutional investors, including investment funds, companies, qualified foreign investors, GCC corporate investors, and some foreign investors under swap agreements. Following that, retail investors will be able to subscribe to 10% of the offering, provided there is sufficient demand.

IN CONTEXT- The Makkah-based developer’s IPO comes on the heels of a recent regulatory update allowing foreign investors to directly buy shares and convertible debt instruments in Tadawul-listed real estate companies with assets in Makkah and Madinah. The move unlocks the option for non-Saudi investors to directly gain exposure to the high-demand property investment market in the holy cities.

Pre-IPO structure: Government entities own 60.8% of Umm Al Qura’s capital, while the remaining shares belong to private institutions and individuals, the document reads.

Financials: The company boasted a cash position of SAR 914.8 mn, with SAR 24.6 in total assets as of 30 June 2024, in addition to “an acceptable debt-to-equity ratio.” The ITF did not provide further details on Umm Al Qura’s revenues or net income.

ADVISORS- Albilad Capital is quarterbacking the transaction as lead manager, while also being joint bookrunner and underwriter alongside GIB Capital, AlRajhi Capital, and Alinma Invest.

Nama Chemicals receives SAR 200 mn PE fund bid to acquire Jana

A new PE fund to acquire Jubail Chemical Industries: Nama Chemicals accepted a non-binding offer from FAAD Capital Partners and Haddaj Investment to acquire a 40% stake in Nama’s wholly-owned subsidiary Jubail Chemical Industries (Jana), Nama Chemicals and Haddaj Investment’s mother company Sadirat each said in filings to the Tadawul. The SAR 200 mn offer will be made through a newly-set up private equity fund managed by FAAD Capital.

This is not a direct equity sale: Jana will issue new shares to match the fund’s investment, expanding its total equity base while reducing Nama Chemicals’ stake to 60% from 100%, rather than transferring existing shares to the new PF fund.

REFRESHER- Haddaj extended a non-binding MoU — initially inked in July 2024 — for an additional three months to establish the investment fund with FAAD Capital Partners for the purpose of acquiring Jana. The new deadline is now April of this year. The fund would typically work to enhance Jana's value by focusing on increasing profitability and market expansion, with the goal of eventually exiting the investment to generate returns.

What’s next? Once due diligence is complete and all investment terms are set, the PE fund will work towards formalizing a binding agreement, which will be subject to Nama Chemicals’ shareholder approval before completion.

About Jana: Established in 1999, the Jubail-based company is one of Nama Chemicals’ four subsidiaries. Jana manufactures epoxy resins, with an annual capacity of 120k metric tons. Epoxy resins are in high demand across various industries, including automotive, aerospace, construction, and electronics.

Market reax: Nama Chemical’s share price was down 0.32% yesterday closing at SAR 30.8 apiece.

Ratio prices its Nomu IPO at SAR 10 apiece

Al-Ahsa born restaurant and coffee chain operator Ratio has priced its Nomu IPO at SAR 10 per share, according to a disclosure to Tadawul. The final price should see it raise some SAR 50 mn in IPO proceeds, and give it a market cap of SAR 200 mn at listing, according to our calculations. The company is taking a 25% stake, or 5 mn shares, to market in a secondary offering limited to qualified institutional investors (QFIs).

ICYMI- The IPO is driven by the Derayah private equity fund divesting a large portion of its stake in what it is a common strategy for PE funds looking to monetize their holdings after a period of growth. Selling shareholders will see their ownership reduced to a combined 59.95% stake, down from 83.78% post-IPO.

What’s next? A five-day subscription period will kick off on Sunday, 16 February, during which QFIs will be able to book up to 999.9k shares each, with the minimum limit set at 100 shares per investor. The final share allocation is slated for Tuesday, 25 February.

ADVISORS- Derayah Financial is quarterbacking the transaction as the lead manager, while Amwal Capital is acting as financial advisor with RSM and Moore providing legal counsel. Receiving agents include Alinma Investment, Al Rajhi Capital, SNB Capital, Saudi Fransi Capital, Riyad Capital, ANB Capital, Alistithmar Capital, Albilad Capital, AlJazira Capital, GIB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, and Yaqeen Financial.

Riyadh kicks off SAR 8 bn projects in the second phase of its road development program

Phase 2 of Riyadh’s road network overhaul goes online: The Royal Commission for Riyadh City kicked off the second phase of the city’s main and ring road development program, launching eight projects worth SAR 8 bn, according to a statement. The second phase is scheduled to be completed over a three-year period.

The projects include:

The development of the northern section of Prince Turki bin Abdulaziz Al Awal Road over a 6km stretch, including the development of two major intersections and the building of three bridges and a tunnel;
The development of the central section of Al Thoumamah Road Axis, which involves the development of five intersections and the construction of 11 bridges and five tunnels, all over a 10 km stretch;
The development of Imam Abdullah bin Saud Road, which will receive four major intersections, three bridges, and two tunnels over a 9 km stretch;
The development of Dirab Road, adding two intersections and four bridges over a 12 km stretch to raise its capacity to 340k vehicles per day;
The development of Imam Muslim Road, which will serve as the future southern extension of the Prince Turki Bin Abdulaziz Al Awwal Corridor. It will include four new intersections and four bridges;
Upgrading a 20 km road network around the King Abdullah Financial District (KAFD), where three intersections and 19 bridges will be added;
The construction of a bridge at the intersection of the King Salman Road and the Abu Bakr Al Siddiq Road, linking the former’s eastbound traffic to the latter’s northbound;
Implementing some traffic congestion engineering adjustments, which will focus on improving traffic at common points of congestion during peak hours.

What we don’t know: No details were provided about the individual cost of each project, or if the contracts were awarded to companies.

Background: The first phase of this program launched in August, with an initial four contracts worth some SAR 13 bn as part of the Ring Roads Axes Development Program, which kicked off in 2019. The program includes upgrades to some 500 km of roads in Riyadh, including the construction of new roads, revamping of existing roads, and implementing measures to boost connectivity. The initiative comes to accommodate population growth, bolster mega development projects in the city, and future-proof Riyadh’s road network.

Nazaha can now settle corruption cases

The Overnight and Anti-Corruption Authority (better known as Nazaha) can now enter into settlement agreements in corruption cases dating back to before 4 November 2017, under fresh regulations published in the official gazette Umm Al Qura. The cabinet approved these rules back in July.

The catch: The guilty party must voluntarily request a settlement, and commit to return the money involved in the crime in addition to any proceeds derived from it. They will also be mandated to pay an annual fee of 5% of the disputed monetary amount, until the settlement is completed — with an exemption for individuals that submit settlement requests within a year of this issuance. Satisfying these conditions means no public criminal case for the crimes covered in the settlement agreement.

More requirements: All settlements must be fulfilled over a maximum period of three years, and public criminal cases will be levied against individuals that fail to meet this timeline. There will be no statute of limitations on concealing information in relation to the crime, with a public case remaining an option even after it is approved or executed.

Who does all this apply to? Individuals eligible for requesting settlements include those who are already convicted by a court, currently on trial, or under investigation or preliminary inquiry.

SAB, Bahri, Bank Al Jazira, Amiantit publish 2024 earnings

We continue with the earnings season this morning, as Saudi Awwal Bank, Bahri and Bank Al Jazira are out with their results for the past year. Amiantit also published its 2024 earnings, turning profitable after seeing losses in 2023.

SAUDI AWWAL BANK-

Saudi Awwal Bank (SAB) saw its net income grow 15.3% y-o-y to SAR 8.1 bn in 2024, it said in a disclosure to Tadawul. Total income from financing rose 23.9% y-o-y to SAR 15.9 bn in the same period, while total income from investments increased 8.1% y-o-y to SAR 4.6 bn.

BAHRI-

The National Shipping Company of Saudi Arabia (Bahri) posted a record net income of SAR 2.2 bn in 2024, up 34% y-o-y, on the back of higher global shipping rates, increased operating activities, and strong returns from Bahri’s subsidiaries — including Bahri Integrated Logistics, Bahri Chemicals, and Bahri Oil — it said in a statement (pdf). Revenues rose 8% y-o-y to another record of SAR 9.48 bn.

Bahri also saw solid quarterly results: Bahri’s net income increased 18.2% y-o-y in 4Q 2024 to SAR 474.3 mn, while its revenues went up 9.5% y-o-y to SAR 2.2 bn.

BANK AL JAZIRA-

Bank Al Jazira’s net income rose 20.7% y-o-y to SAR 1.2 bn in 2024, it said in a disclosure to Tadawul. The increase was driven by a 13% rise in operating income. Total income from financing rose 26.9% y-o-y to SAR 5.9 bn, while investment income grew 28.6% y-o-y to SAR 2.1 bn.

AMIANTIT-

The Saudi Arabian Amiantit Company turned profitable last year with a net income of SAR 439.8 mn, recovering from a net loss of SAR 174.7 mn in 2023, it said in a disclosure to Tadawul. The comeback was driven by a 77% reduction in debt and a 60% cut in finance expenses. Meanwhile, revenues increased 18% y-o-y to SAR 848.3 mn over the same period, driven by higher revenue from subsidiaries and increased sales volume.

Mobily taps Nezar Banabeela as CEO

Etihad Etisalat (Mobily) appointed Nezar Banabeela (Linkedin) as its new CEO, effective 24 February, following a request by outgoing CEO Salman Al Badran (Linkedin) to not renew his contract after six years in the position, according to a disclosure to Tadawul. Banabeela brings over 20 years of experience in telecom and IT, having previously served as CEO of stc Bahrain and president of Bahri Dry Bulk, among other roles.

Saudi in the cards for Salah?

How does high-flying Salah’s season end? The Athletic is out with a piece on Mohamed Salah’s blockbuster season so far, which raises the question of whether he’ll sign a contract extension with Liverpool, or opt for a lucrative transfer to Saudi’s Al Hilal. Salah currently leads both the goalscoring and assists charts in the English Premier League with 21 goals and 13 assists so far, making it the fifth time he scores more than 20 goals in a single season — the fifth player in history to reach that milestone.

Dar Global awards Trump Tower Jeddah contract to SIFCO

REAL ESTATE-

Trump Tower Jeddah is on the way: Dar Global, the Dubai-based international arm of Saudi real estate developer Dar Al Arkan, awarded Jeddah-based Specialized Italian Foundation Company the site preparation contract for Trump Tower Jeddah, Zawya reports. Dar Global and the Trump Organization announced the USD 513 mn (SAR 2 bn) project in December, along with a golf property in Riyadh.

What we know about the Jeddah tower: The Jeddah tower will feature 350 residential units, with construction to be wrapped by December 2029, according to Dar Global’s website.

LOGISTICS-

Mawani adds five new shipping services to three ports: The Saudi Ports Authority (Mawani) added five shipping services from Hapag-Lloyd and Maersk to the Jeddah Islamic Port, King Abdulaziz Port in Dammam, and Jubail Commercial Port, it said in a statement. The new routes have a 19.9k standard container capacity and will link the Saudi ports to major global hubs in Egypt, Morocco, Spain, Jordan, the UAE, India, and Oman.

Background: Hapag-Lloyd and Maersk entered into a long-term operational collaboration to establish a maritime network with a schedule reliability of more than 90%, dubbing it the Gemini Cooperation. Officially launched this month, the network will operate across seven trades using some 290 vessels with a total capacity of 3.4 mn containers.

India’s IPO market expected to raise USD 23 bn this year despite macroeconomic headwinds

India is set for a major IPO year, with local firms expected to raise some USD 23 bn in 2025 — up over USD 3 bn from last year’s USD 19.6 bn — despite an economic slowdown and currency pressure, the Financial Times reports, citing Indian brokerage and asset management group Motilal Oswal.

By the numbers: At least seven companies are eyeing offerings exceeding USD 1 bn each, including online brokerage firm Groww, PayPal-backed fintech firm Pine Labs, SoftBank-backed eyewear company Lenskart, and the Indian arm of LG. Smaller debuts are also expected to add to the tally, with 34 companies already approved to raise USD 4.8 bn this year and another 55 in the pipeline that could raise an additional USD 11.4 bn.

A possible debut for Mukesh Ambani’s telecom business could dwarf all comers this year: Reliance Jio, the telecom wing of Mukesh Ambani’s sprawling Reliance Industries conglomerate, could see the country’s largest IPO this year, though no timeline for the potential offering has been confirmed. Investment bankers speaking to the salmon-colored paper said that an offering could take place in 2H 2025.

This year’s high expectations follow a bumper crop in 2024: India topped global rankings for the number of IPOs last year, recording 336 offerings compared to the US’ 240, China’s 96, and Hong Kong’s 70.

Booming domestic investment is driving sentiment: The spate of IPOs comes as Indian corporations’ equity valuations have been driven up by burgeoning domestic investment, particularly as the number of Indians who have accounts that enable them to invest in mutual funds has quadrupled to 180 mn over the last four years. This has made India’s stock market the most expensive in the world, with listed companies’ share price-to-earnings ratio — a measure of how fast a stock’s price increases relative to its earnings potential — clocking in at an average of 20, signaling either an overvalued stock or strong investor confidence in a high growth rate.

Foreign investors, for their part, have balked at the relative expense of the market, withdrawing over USD 30 bn since October alone.

Macroeconomic headwinds are part of the puzzle: The Nifty 100 index of India’s top stocks has dropped 12% since September, with GDP growth slowing to 5.4% y-o-y in 3Q 2024 — its lowest in nearly three years. The INR is under increasing pressure from a strong USD, while consumer spending and credit availability have dropped amid high inflation and an expansion in borrowing from India’s already highly leveraged urban middle class.

The volatility is giving CEOs second thoughts about listing: Leading Indian founders are considering delaying listings in hopes that the market will perk up once again. “I’m already noticing in my one-on-one conversations that many [founders], if not all, are holding back the urgency in which they wanted to launch the IPO — they are happy to delay it by a month or two,” head of institutional equities at Ambit Capital Nitin Bhasin told the FT.

MARKETS THIS MORNING-

Asian markets are mostly in the red in early trading this morning — the Nikkei is down 2.5%, the Hang Seng is down 2.0%, and the Kospi is down 2.8%.

TASI	12,410	-0.1% (YTD: +3.1%)
MSCI Tadawul 30	1,546	+0.1% (YTD: +2.4%)
NomuC	31,105	-0.5% (YTD: -1.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	29,918	-0.3% (YTD: +0.6%)
ADX	9,586	+0.03% (YTD: +1.8%)
DFM	5,180	+0.5% (YTD: +0.4%)
S&P 500	6041	-0.5% (YTD: +2.7%)
FTSE 100	8674	+0.3% (YTD: +6.1%)
Euro Stoxx 50	5287	+0.1% (YTD: +8.0%)
Brent crude	USD 75.67	-0.3%
Natural gas (Nymex)	USD 3.04	-0.1%
Gold	USD 2835.00	-0.4%
BTC	USD 97,071	-3.8% (YTD: +3.9%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.1% yesterday on turnover of SAR 5.1 bn. The index is up 3.1% YTD.

In the green: Mutakamela (+9.7%), Acig (+8.6%) and Saico (+7.7%).

In the red: Thimar (-7.5%), Amiantit (-5.8%) and Chubb (-4.3%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.5% yesterday on turnover of SAR 36.6 mn. The index is down 1.2% YTD.

In the green: TMC (+29.9%), Multi Business (+10.4%) and Knowledge Net (+6%).

In the red: Meyar (-6.8%), Enma Alrawabi (-6.1%) and Dar Almarkabah (-6%).

CORPORATE ACTIONS-

#1- SEC finalizes SAR 5.7 bn settlement of fuel cost disputes: Saudi Electricity Company (SEC) received approval from the Ministerial Committee for Restructuring the Electricity Sector for a SAR 5.7 bn final settlement of historical fuel cost and energy pricing disputes, according to a disclosure to Tadawul. The arrears — owed to the Ministry of Finance — will be transferred into a Mudaraba instrument within 30 days from 31 January, raising its total value to SAR 173.6 bn.

#2- Smart Incense Trading Company tapped Amwal Financial Company to assess its eligibility for transitioning to the main market, it said in a disclosure to Tadawul. The financial consulting contract also aims to support the company with potential mergers and acquisitions and provide recommendations to the company’s board pertaining to the timing and eligibility of the transition. No timeline or investment ticket was disclosed.

#3- Buruj Ins. appointed Shariyah Review Bureau for Sharia compliance: Buruj Ins. tapped the Shariyah Review Bureau to review and ensure its operations adhere to AAOIFI Sharia standards, with a Sharia Supervisory Committee overseeing compliance and audits, it said in a filing to the exchange.

Syria’s acting president touches down in Riyadh for talks with Crown Prince

Crown Prince Mohammed bin Salman met with Syrian Interim President Ahmed Al Sharaa in Riyadh on his first official foreign visit, according to Saudi and Syrian state news agencies SPA and Sana. Discussions covered economic cooperation, with a focus on plans in the energy, technology, education, and health sectors, Reuters reports. Al Sharaa is scheduled to depart tomorrow. The New York Times, the Financial Times, and the Guardian also had the story.

ICYMI- The Kingdom is in active talks with the US and Europe to lift economic sanctions on Syria. Saudi Foreign Minister Prince Faisal bin Farhan said last month during a Damascus visit with the country’s new leader.

CALENDAR

EVENTS WITH NO SET DATE

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma.

1Q: Roshn expected to raise SAR 2.6 bn from an international bank.

FEBRUARY

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

1-30 March: Ramadan (TBC).

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 March- 3 April (Monday-Thursday): Eid Al Fitr.

31 March (Monday): Deadline for applying to theReal Estate General Authority’s Regulatory Sandbox Program.

APRIL

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

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

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.

30 June (Monday): Deadline for Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca).

JULY

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

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

SEPTEMBER

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

28-29 October (Tuesday-Wednesday): Federal Open Market Committee meeting.

NOVEMBER

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

1-4 December (Monday-Thursday): International Conference on Nuclear Emergencies, Riyadh.

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.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

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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