Non-oil private sector growth slightly slows in March

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WHAT WE’RE TRACKING TODAY

THIS MORNING: It’s day two of the EFG Hermes One on One in Dubai

Good morning from next door, where a number of us have joined the dozens and dozens of Saudi companies and investors attending the EFG Hermes One on One, the region’s premier investor conference, in Dubai.

It’s shaping up to be another huge morning for regional and global markets, with the big business story of the week being the Trump administration’s bid to reshape the post-Second World War trade order.

The sentiment here on the ground: A 10% tariff is the “new 0%,” and all major regional markets — from the Kingdom to the UAE and Egypt — benefit. That could be good for our manufacturing ambitions in Saudi, but we’ll face competition from Egypt (which is already cheaper than India) and from the UAE.

AND- Markets have a way of quickly equilibrating. One of the smartest investment bankers we know made the point yesterday that from the dotcom meltdown and the global financial crisis, to covid-19 and fallout from the war in Ukraine, financial markets adapt to crises in a fraction of the time they took in the 1970s, 1980s, or even 1990s. No promises, of course, but … is there any reason to think that this time will be different? (Other than, of course, the lack of policy clarity emanating from DC…)

MEANWHILE- Few expect new Saudi market activity to flatline this year, but we’re looking at an adjustment period. The prevailing mood at the moment is “let’s wait and see where this settles.” The (so-far) worst case anyone wanted to put on the table: Some IPOs may slip to the fall window from spring. M&As, meanwhile, seem even less likely to be scuppered by the market’s ongoing temper tantrum.

THE BIG QUESTION FOR THE KINGDOM: What will a lasting disruption to trade mean to oil prices? We’re thinking here not of first-order effects (price hikes, slowing trade, supply chain disruptions) or even second-order impacts (redomiciling manufacturing bases, longer-term changes in consumer behavior), but long-term, systemic impacts.

Oil falling durably below USD 60 per barrel will prompt difficult policy discussions in Riyadh about (a) an even slower buildout of gigaprojects and other major infrastructure investments vs. (b) running higher deficits. Much of the spending we’ve promised to take on is not really optional (Expo, the World Cup).

Most analysts were comfortable about the Saudi fiscal picture, with oil hovering around USD 70. Below USD 60, things get dicier.

Don’t be misled by the gnashing of teeth, though: Nobody is talking about a pullback from the Kingdom’s economic transformation. It’s more a question of how will policymakers adapt.

Companies from our part of the world are the stars of the show. Among the top Saudi firms attending:

Alinma Bank
Almarai
Aramco
Care
Cenomi Centres and Cenomi Retail
Dr. Sulaiman Al Habib Medical Services
eXtra
First Mills
Jarir
Retal
Saudi Awwal Bank
Savola
SNB
STC
Tas’heel
Zain
.. and dozens more

HAPPENING TODAY-

It’s day two of the three-day Sports Investment Forum (SIF), which is taking place at the Ritz Carlton hotel in Riyadh, bringing together industry specialists and leaders to build cross-border partnerships. The forum’s objectives include showcasing advanced technologies, improving player and fan experiences, promoting sports academies, and using AI for sports analysis and smart stadiums.

☀️ WEATHER- Riyadh and Madinah are basking in sunshine, but Makkah might see some patchy rain.

Riyadh: 36°C daytime / 24°C overnight
Makkah: 49°C daytime / 27°C overnight
Madinah: 36°C daytime / 24°C overnight

HAPPENING THIS WEEK-

Tesla’s debut in the Kingdom takes place this Thursday at the Bujairi Terrace in Riyadh. The event will showcase the company’s electric vehicles, solar-powered products, and new technology, including an autonomous taxi and humanoid robot.

ALSO- US Energy Secretary Chris Wright will visit the Kingdom over the weekend, as part of a two-week Middle East tour that will also start in the UAE tomorrow and include Qatar, Reuters reports, citing a source it says is in the know. Wright lands in the region ahead of an anticipated visit by US President Trump to the Kingdom that is slated for mid-May.

PSAs-

Today’s your last chance to weigh in on the draft guide for off-plan real estate sales and leasing, the Real Estate General Authority (Rega) said in a post on X. The guide, currently available for public consultation on the Istitlaa platform, outlines licensing procedures, developer requirements, and regulatory obligations for off-plan projects. Rega’s simplified guide is available here (pdf).

ALSO- Citizens can directly apply for residential land in newly developed areas through the Royal Commission for Riyadh’s soon-to-be-launched digital platform, according to a statement on Sunday. The commission warned against relying on mediators or third-parties, with further details and updates set to be released.

IN CONTEXT- The Kingdom is rolling out a comprehensive set of real estate reforms to address land shortages, improve rental regulations, and curb rising property prices. The plan includes offering 10k to 40k serviced residential plots annually, priced at a maximum of SAR 1.5k per sqm. The measures are part of a broader push to enhance Riyadh’s real estate market.

WATCH THIS SPACE-

Saudi Arabia is restructuring and developing its aviation sector as part of a broader national transportation and logistics plan aimed at increasing the number of destinations connected to Saudi airports, Transport Minister Saleh bin Nasser Al Jasser told Al Ekhbariya in an interview yesterday (watch, runtime: 2:07).

The plan includes transitioning from a single national airport operator model to one with two major national carriers. It also covers fast-tracking the construction and design of the King Salman International Airport, alongside upgrades to arrival lounges at various airports, with development projects planned for airports in Jazan, Abha, Al Baha, Hail, Al Jouf, Taif, and others.

ICYMI- The King Salman International Airport — an expansion of the capital’s King Khalid International Airport — is poised to be one of the world’s largest, set to accommodate up to 120 mn passengers by 2030 and 185 mn by 2050. Officials announced In June plans to open the airport’s private aviation terminal in 2026, a passenger terminal in 2028, and its “iconic terminal” by 2030.

French President Emmanuel Macron reiterated his plan to co-chair a conference with Saudi Arabia on the two-state solution to the Israeli-Palestinian conflict In a press conference with the Egyptian President Abdel Fattah El Sisi in Cairo (watch, runtime: 23:46), Macron said the conference — which was announced last December to be held in June — will “be prepared in close coordination with regional partners.”

Palestinian statehood has been a friction point: The Kingdom has long publicly insisted on assurances for a credible path to a Palestinian state before engaging in any normalization of ties with Israel.

SPORTS-

United World mulls sports fund: United World Group is mulling a sports investment fund worth up to SAR 1 bn, Aleqtisadiah reports, citing Chairman Prince Abdullah bin Mosaad (LinkedIn) at the Sports Investment Forum. The fund will be capitalized with a 20% contribution by the group, and the rest by unnamed investors, as part of a new investment strategy that will focus on European football clubs while divesting away from India and the UAE, the chairman was quoted as saying.

DATA POINT- The sports sector’s market value reached SAR 32 bn in 2024, adding SAR 5 bn in the last six years and aiming to hit SAR 80 bn by 2030, Aleqtisadiah separately reported, citing a statement from the Investment Ministry during the forum.

THE BIG STORY ABROAD-

Tariffs — and the global market turmoil they have sparked — are still the dominant theme across global business pages, though we also have news of impending US-Iran nuclear talks getting attention.

Markets continued to reel yesterday from the uncertainty around tariffs, with the S&P 500 entering the bear market briefly as it fell 20% from its peak — though stocks later saw a seven-minute rally as rumors on social media of a potential 90-day pause on tariffs circulated. The rally helped recover USD 2.5 tn in equity value, though that was later erased during the day. The story is everywhere in the global business press: CNBC | Reuters | WSJ

Trump threatened an additional 50% tariff on China after the country slapped a 34% retaliatory tariff on American imports, vowing to hike tariffs if they don’t backtrack on their countertariff by tomorrow midnight. The additional levy would bring total tariffs on Chinese imports to 120%. He also confirmed there would be no pause on tariffs, but said he would be open to negotiations with some countries. (FT | Bloomberg | Reuters)

The European Commission is also considering a retaliatory tariff of 25% on a range of US goods in response to President Donald Trump's tariffs on steel and aluminium, Reuters reports, citing a document it had seen.

MEANWHILE- Trump said the US and Iran will begin direct talks on Iran’s nuclear program on Saturday, saying if they don’t go well, Iran could be in “grave danger.” Iran’s Foreign Minister Abbas Araqchi said that indirect high-level talks would be held in Oman in an X post. (Reuters | Bloomberg)

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Non-oil private sector growth slightly slower in March

Non-oil business activity in the Kingdom slowed its expansion slightly in March, according to the Riyad Bank Saudi Arabia PMI (pdf). The seasonally adjusted headline figure came in at 58.1 in March, dipping down from February’s reading of 58.4, as new business growth continued to increase, albeit at its slowest rate since October 2024.

The new orders subindex fell to 63.2, down from 65.4 in February, according to Reuters. Although the rate of growth in new orders slowed from the 14-year high seen in January, non-oil firms saw a “robust demand environment” at the end of the quarter, driven by enhanced marketing efforts, lower selling prices, and general improvements to economic conditions. Similarly, new orders from foreign markets also continued to rise, albeit at a slower rate.

Firms’ purchasing activity continued to rise, with businesses reporting another sharp rise in their total inventories — the fourth largest expansion recorded in series history. Meanwhile, input cost inflation fell to its lowest level in over four years, with firms seeing markedly weaker increases in purchasing prices. This, coupled with competition across the non-oil economy, led to a drop in selling prices — the first in six months.

Employment growth remained largely unchanged from February’s 16-month high, boosted by the increased sales volumes, with firms emphasizing “efforts to build their sales teams and overall capacity.” The first quarter of the year marked “the fastest pace of jobs growth since the third quarter of 2012,” according to survey data.

“Rising employment rates are a direct benefit of businesses scaling up operations to meet demand,” Riyad Bank Chief Economist Naif Al Ghaith said.

Staying the course: “While we acknowledge the risks associated with lower oil revenue and rising government and external debt, we believe that the recalibration of infrastructure spending will maintain a strong sovereign balance sheet and external position,” S&P Global Ratings Head of Analytics Hina Shoeb said in a recent webinar. The World Bank also expects “robust activity in the non-oil sector — especially in services — as well as higher oil production and exports,” it said in its latest Global Economic Prospects report.

Not everyone seems to agree with this notion, however, with Capital Economics doubting the non-oil sector will withstand fiscal policy tightening. “We think GDP growth will accelerate this year as oil output cuts are unwound, but activity in the non-oil sector is likely to soften on the back of a turn to fiscal consolidation,” Capital Economics’ James Swanston wrote in a separate note.

This is what global investors expect of 2025 as Trump's trade turmoil spreads

EFG Hermes Research’s annual One-on-One live poll — the largest we know of in frontier and emerging markets — could not have come at a more critical juncture this year. The poll this time around was accompanied by plenty of chatter — and audible gasps at most of the results — as attendees of the largest investor conference focused on emerging markets attempted to look through the crystal ball and make sense of the events of the past week and how they will impact key indicators of investor sentiment and economic growth. Over 400 attendees had 10 seconds to respond to each of 10 questions.

The topic on everyone’s minds — the US’ trade war — was clearly causing anxiety, with most of the attendees (58%) expecting the trade war to escalate further from here, while 42% expect no further escalation.

The impact of the trade war is already trickling down to oil prices, prompting nearly half (48%) of respondents to project an average price of USD 70 per bbl for oil this year. Some 38% were even more pessimistic, forecasting a price of USD 60 / bbl or less. Oil prices have taken a hit over the past week since the tariffs were announced, with Brent crude reaching a low of USD 63 at one point.

Gold prices, on the other hand, are expected to rise — 79% of attendees expect it to end the year higher, as investors rush to haven assets amid rising uncertainty.

The majority of respondents also expect the S&P 500 to have a correction year — understandable given the sell-off that has taken place since the announcement of the tariffs, wiping tns of USDs in stock value and bringing it dangerously close to bear market territory. The S&P 500 ended yesterday down 0.2%, and 17.6% below its February peak.

SOUND SMART- A bear market happens when stocks fall 20% from their peak.

The one thing that hasn’t changed much since the tariffs — expectations of the US Federal Reserve’s interest rate cuts this year. The majority of respondents — 46% — still see two cuts of 25 bps taking place this year, in line with what most Fed policymakers had penciled in earlier.

Zooming in on the Middle East, most (39%) of the attendees still see the Saudi stock market delivering the best performance in USD terms — same as last year — while 22% chose Dubai. Egypt was third, with 18% of respondents optimistic about the stock exchange’s USD performance.

Geopolitics was identified as the biggest risk for MENA markets, with 55% of respondents choosing it over oil prices and reform fatigue. Oil prices came in at a close second, with 41% of respondents seeing it as a risky factor.

OTHER KEY TAKEAWAYS:

28% of respondents see banks and financials performing the best among other sectors in the region;
The UAE and Saudi Arabia were very close in terms of expectations of strong future returns in the property market, with the former getting 41% of votes and the latter getting 39%;
Some 40% see Dubai real estate prices ending the year higher.

Tap or click here (pdf) to see the full results.

Unemployment reaches 3.5% in 4Q 2024

The overall unemployment rate rose by 0.1 percentage points y-o-y to 3.5% in 4Q 2024, according to Gastat’s latest labor market report (pdf). Unemployment for Saudis fell by 0.8 percentage points y-o-y to 7%, while expat unemployment rose by 0.6 percentage points to 1.5% y-o-y. Meanwhile, the employment-to-population ratio rose to 47.5% in 4Q 2024, up from 46.5% in the same quarter of the previous year.

On a quarterly basis, the overall unemployment rate was down by 0.2 percentage points from 3Q 2024. Local unemployment showed a 0.8 percentage-point decrease compared to 3Q 2024, while expat unemployment was up by 0.1 percentage points.

Women are becoming more active in the workforce: The unemployment rate for women fell 1.7 percentage points q-o-q to 11.9% during the quarter, while unemployment among men fell to 4.3%, down from 4.7% in 3Q 2024.

MEANWHILE- Saudi female youth (aged 15-24) saw a 0.3 percentage-point increase in the employment-to-population ratio, while the labor force participation rate saw a 0.7 percentage-point decrease, reaching 17.3%. Meanwhile, the employment-to-population ratio for Saudi male youth remained unchanged at 29.7%, while their participation rate dropped by 0.8 percentage points to 33.8%.

The primary methods for Saudis seeking employment remain unchanged: The most common job search strategy — used by 86.9% of job seekers — is reaching out to friends or family for leads. This is followed by submitting direct applications to employers (73.9%) and utilizing the national employment platform Jadarat (65.4%).

Egypt's delivery app Rabbit lands in Saudi Arabia

Egypt-born e-commerce platform Rabbit officially launched operations in Saudi Arabia, establishing its regional headquarters in Riyadh, according to a press release (pdf). The company is targeting 20 mn items delivered across major cities by 2026.

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

For Saudis, by Saudis: The company aims “to transform the grocery shopping experience for Saudi households,” co-founder and CEO Ahmed Yousry told EnterpriseAM, emphasizing that priority will be given to local suppliers and talent to develop an experience customized to Saudi needs.

Why Saudi Arabia? Rabbit sees the Kingdom as a prime location for expansion, as local online grocery sales are currently at a low of 1.3%, compared to 5.3% in the UAE and 4.8% in the US. Moreover, the company aims to replicate in the Kingdom the experience it had in Egypt, where it achieved 8.5x revenue growth over two years and delivered over 40 mn items to 1.4 mn customers in three and a half years.

One key trend is the growing use of motorcycles for deliveries in the kingdom, a shift from the traditional car-based model, Yousry told us. While some areas pose logistical challenges, the market is better structured overall than others the company has operated in before.

ICYMI- Rabbit secured its license to operate in Saudi Arabia from the Investment Ministry back in 2022 and currently operates fulfillment centers in selected neighborhoods across Riyadh, storing and delivering a wide variety of local and international products.

Future plans: Rabbit already covers 50% of Riyadh and plans to expand citywide before moving beyond the capital city, Yousry told us. The company is also looking to expand to other markets across the GCC and Africa in the not-so-distant future.

About Rabbit: The Cairo-born company was founded in 2021 by Ahmad Yousry (LinkedIn), Ismail Hafez (LinkedIn), Tarek El Geresy (LinkedIn), and Walid Shabana (LinkedIn), promising to deliver products in as little as 20 minutes through its network of dark stores. Along the way, the food delivery company’s growth attracted investors such as Lorax Capital Partners, Global Ventures, and Raed Ventures.

Acwa’s Shuaibah 3 desalination plant goes online

Renewables giant Acwa Power kicked off operations at the Shuaibah 3 seawater reverse osmosis (SWRO)desalination plant, according to a statement. The facility — developed by a consortium comprising Acwa Power and Public Investment Fund subsidiary Badeel — replaced the decommissioned oil-fired Shuaibah 2 Independent Water and Power Project (IWPP), which was Saudi Arabia’s oldest, Mees reported.

About the project: The USD 821 mn facility is powered by 65 MW of solar energy and aims to reduce power consumption by 87% and offset the use of 22 mn barrels of oil and 9 mn tons of CO2 annually. The facility has a potable water production capacity of 600k cubic meters a day. It is touted as the kingdom’s first conversion project from the energy-intensive, multi-stage, flash thermal desalination project to SWRO, supported by solar power.

The Kingdom is ramping up its desal projects: The Saudi Water Partnership Company launched operations at the Yanbu 4 desalination plant, which has a capacity of 450k cubic meters a day, in February 2024. The year prior, Acwa, Gulf Investment Corporation, and Al Bawani Water and Power Company inaugurated the solar-powered Jubail 3A independent RO water desalination plant.

Saleh Al Khabti now leads Acwa Power China

Acwa Power China appointed Saleh Al Khabti (LinkedIn) as its President, it said in a post on LinkedIn. Al Khabti had served as the Investment Transaction Deputyship Deputy Minister since February 2021 and previously worked at Aramco for over 15 years, concluding his tenure as the Asia Portfolio Management and Development head.

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

REMEMBER- Acwa Power plans to raise its yearly investment in China this year to USD 6-10 bn, up from USD 2 bn in 2024, the company’s country CEO Yunhe Lyu said last December.

Dallah Healthcare acquires two Ayyan Investment medical service firms

M&A WATCH-

Dallah is now the new owner of Al Ahsa + Al Salam: Tadawul-listed Dallah Healthcare completed its acquisition of Al Ahsa Medical Services and Al Salam Medical Services from Ayyan Investments, according to two separate statements (here and here). The hospital operator is set to see gains worth SAR 500 mn reflected in its 2025 revenue, Argaam reports, citing Dallah’s CEO Tariq Othman Al Qasabi.

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

The details: Dallah issued 3.9 mn new shares to Ayyan in addition to a SAR 143.4 mn banknote consideration adjusted to Al Salam’s accumulated losses. The firm also settled SAR 176.5 mn in loans tied to Al Salam. Meanwhile, Al Ahsa has until the end of the year to collect SAR 31 mn in outstanding receivables, which will be covered by Ayyan if it fails to do so.

Who owns what? Dallah now holds a 97.4% stake in Al Ahsa and 100% of Al Salam, while Ayyan was granted a 3.8% stake in Dallah through the capital hike.

LOGISTICS-

Arabian Drilling added a new SAR 260 mn self-elevating service vessel to its fleet, bringing the firm’s total fleet to 62 units, it said in a statement on Tadawul (pdf). The new service vessel — slated to launch operations by mid-2025 under a two-year contract — aims to boost the firm’s ability to offer service activities to complement its drilling operations. The acquisition’s associated backlog — surpassing SAR 170 mn — will be added to Arabian Drilling’s backlog position.

Arabian Drilling’s fleet now consists of 49 land rigs, 11 offshore jack-up rigs, and two offshore self-elevated service vessels.

DEBT WATCH-

Perfect Presentation (2P) renewed a shariah-compliant loan with Bank AlJazira, boosting it to SAR 150 mn, it said in a disclosure to Tadawul. The facility — backed by a promissory note and valid until January 2026 — will be allocated to the issuance of letters of guarantee and credit and invoice financing to support newly awarded projects.

STARTUP WATCH-

FeeSolution raised SAR 1.12 mn in a pre-seed round from angel investors, according to a post on LinkedIn. The fresh funds will be used to improve the company’s digital platform, increase market share, expand workforce, and enhance financing solutions.

About FeeSolution: The Homegrown digital payment solutions startup was established in early 2025 to provide schools with a unified digital payment platform.

Banks brace for recession, expect earlier Fed cuts as tariffs continue to shock markets

Goldman Sachs raised the probability of recession in the US economy to 45%, up from the 35% it penciled in just last week, Reuters reports. The second adjustment came after the sharper-than-expected tariffs implemented by US President Donald Trump triggered a major sell-off in global markets.

The outlook is turning bearish across the board: Other major investment banks have also revised their recession forecasts in the wake of the tariff-induced market turmoil, the newswire reported separately. JPMorgan now sees a 60% chance of a US recession by year-end. HSBC isn’t far behind, putting the odds at 40%, while S&P Global pegs the probability at 30-35%.

Federal Reserve Chair Jerome Powell had added to the panic earlier, labeling Trump’s tariffs as “larger than expected” and warning it could put the brakes on growth. He also flagged a “highly uncertain outlook,” noting the risk of both higher unemployment and price pressures.

Rate cuts to come sooner? Goldman now expects the Fed’s three interest rate cuts — by 25 basis points each — to start in June, revised from July. JP Morgan seconds the notion, while expecting the benchmark rate to fall to 3% by January of the next year.

Traders went all in on rate cuts in yesterday’s session, expecting the Fed to cut rates by a total of 116 basis points this year over four of the five remaining meetings, Reuters reported, citing data compiled by LSEG. The wager on “emergency” meetings — where rates are going to be cut further — remains far-fetched for now, with the unusual measures last used during the pandemic. Still, it remains to be seen how far the impact of the trade war on inflation will be, as stagflation is currently the best-case scenario for the US economy, Bill Dudley, former New York Fed president, told Bloomberg.

MARKETS THIS MORNING-

Asian markets are opening higher today, recouping some of yesterday’s steep losses. Japan’s Nikkei is up 6.2%, while Hong Kong’s Hang Seng is inching up 2.2%, and Kospi’s up 1.6%. Wall Street futures also indicate a slight recovery on market open.

TASI	11,194	+1.1% (YTD: -7.0%)
MSCI Tadawul 30	1,421	+1.1% (YTD: -5.9%)
NomuC	28,650	+0.01% (YTD: -9.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	30,454	-0.6% (YTD: +2.4%)
ADX	8,949	-2.6% (YTD: -5.0%)
DFM	4,799	-3.1% (YTD: -7.0%)
S&P 500	4,987	-1.7% (YTD: -15.7%)
FTSE 100	7,702	-4.4% (YTD: -5.8%)
Euro Stoxx 50	4,656	-4.6% (YTD: -4.9%)
Brent crude	USD 64.21	-2.1%
Natural gas (Nymex)	USD 3.64	-0.3%
Gold	USD 2974	-2.0%
BTC	USD 79,240	+1.5% (YTD: -15.1%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.1% yesterday on turnover of SAR 10.6 bn. The index is down 7.0% YTD.

In the green: NCLE (+8.8%), Mutakamela (+7.2%) and Acwa Power (+6.8%).

In the red: Batic (-9.8%), AlAkaria (-6.0%) and MESC (-5.7%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.01% yesterday on turnover of SAR 46.4 mn. The index is down 9.0% YTD.

In the green: HKC (+9.6%), Horizon Education (+9.3%) and Alqemam (+8.1%).

In the red: Jana (-9.1%), Tam Development (-8.5%) and Ghida Alsultan (-6.8%).

CORPORATE ACTIONS-

Jana Medical is now subject to Tadawul rules for firms with significant losses after reporting accumulated losses of SAR 13.0 mn in FY 2024, representing 40.6% of its capital and exceeding the 20% limit established by market regulation, it said in a disclosure to Tadawul. The losses stemmed from higher credit loss provisions, legal cases provisions, and financing costs.

Looking forward: The company now plans to raise sales volume, expand medical device agencies, reduce expenses, assess financial position and liquidity, and implement the Odoo enterprise resource planning system to raise operational efficiency.

The Company for Cooperative Ins.’s (Tawuniya) BoD recommended distributing SAR 225 mn in dividends for FY 2024 at SAR 1.5 a piece, it said in a disclosure to Tadawul. The distribution date is yet to be announced.

ALSO- The executive board at Mohammed Hadi Al Rasheed and Partners recommended the distribution of SAR 24 mn in dividends at SAR 2 apiece for FY 2024, it said in a disclosure to Tadawul. The distribution date is yet to be announced.

AND- FAD International Company’s board endorsed distributing SAR 6 mn in dividends for FY 2024 at SAR 5 apiece, according to a disclosure to Tadawul. The distribution date is yet to be disclosed.

CALENDAR

APRIL

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

10 April (Thursday): Tesla launch event, Bujairi Terrace, Riyadh.

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

13-14 April (Sunday-Monday): Human Capability Initiative (HCI) Conference, King Abdulaziz International Conference Center, Riyadh.

13-16 April (Sunday-Wednesday): EdgeX HCI, The Ritz Carlton, Riyadh.

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

14-16 April (Monday-Wednesday): Umrah and Ziyarah Forum, King Salman International Convention Center, Madinah.

14-15 April (Monday-Tuesday): MESH Core Riyadh Conference for Innovation in Healthcare, Riyadh

17-23 April (Thursday-Wednesday): 11th edition of the Saudi Film Festival, Dhahran.

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

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

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

23-25 April (Wednesday-Friday): Construction and Real Estate Development Exhibition, Jazan.

25 April- 3 May (Friday-Saturday): AFC Champions League Elite Finals, Jeddah.

28 April- 30 April (Monday-Wednesday): Automechanika Riyadh, Riyadh International Convention and Exhibition Center, Riyadh.

29 April (Tuesday): Deadline to submit feedback on proposed amendments to the rules for special purpose entities (SPEs).

MAY

May: The World Intellectual Property Organization (WIPO) Global Awards 2025 announces its results.

3 May (Saturday): Canelo Alvarez vs William Scull, Anb arena, Riyadh.

5 May (Monday): Opec+ meeting.

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

9 May (Friday): PFL Mena Season 2 Kick-off

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.

19-20 May (Monday-Tuesday): Tech-ecO-System Summit (ToSS), 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

July: The World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

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.

4-13 December (Thursday-Saturday): Red Sea International Film Festval, Jeddah.

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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