A PIF-heavy morning + lots of economic indicators

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Inching closer to a blockbuster Aramco share sale

Good morning, friends. We have a packed issue for you as we start the second week of Ramadan, including lots of news from and about the Public Investment Fund, a barrel of economic indicators, and plenty of sports news.

WEATHER- Expect some light rainfall in Riyadh today with a daytime high of 34°C falling to 21°C overnight. It’s shaping up to be a mostly cloudy week in the capital, with some sun peeking out on Wednesday.

In Jeddah, expect brisk winds through Thursday with temperatures reaching a daytime high of 33°C and an overnight low of 29°C.

Meanwhile in Dammam, expect some scattered clouds as the weather hits a high of 26°C before cooling down to 19°C.

WHISPERS-

The Public Investment Fund is said to be eyeing UK department store Selfridges, which is seeking a capital injection after the collapse of Austrian outfit Signa, a key shareholder that owns half of Selfridges property company, the Telegraph reports.

PIF may already have exposure to Selfridges: The Telegraph said last year that the fund had provided funding to a Signa vehicle that took the Austrian firm’s Selfridges stake.

Francois Pinault’s Paris-listed Kering could also be looking to acquire a stake, the newspaper suggests. The group owns brands including Gucci, Balenciaga, and Yves Saint Laurent.

WATCH THIS SPACE-

#1- One step closer secondary share sale from Aramco: Aramco is in talks with bulge bracket investment banks to quarterback a secondary share sale that could see the oil giant raise up to USD 20 bn, Bloomberg reported, citing sources it says have knowledge of Aramco’s plans.

Already on the job: HSBC as well as Citigroup and Goldman Sachs have already gotten, the business information service wrote last month.

In the running: JP Morgan Chase, Bank of America and Morgan Stanley as underwriters while Moelis & Co. has been acting as financial advisor.

BACKGROUND- Aramco raised its dividend payout by 30% earlier this month to a near USD 100 bn for 2023 despite sagging oil prices and lower production. This came days after the Public Investment Fund (PIF) doubled up its stake in Aramco to 16%, a transfer of stock worth about USD 164.

#2- Homegrown supermarket BinDawood is mulling acquisitions in the local market and the wider GCC region, CEO Ahmed BinDawood told Argaam in an interview. The retailer is currently not looking to expand to Egypt, he said.

BinDawood is also interested in investing in wholesale for food and non-food products and is looking to deploy capital in financial technology and data solutions, he said. BinDawood has 86 branches here and one in Bahrain.

#3- A reconciliation center to settle consumer disputes? The Consumer Protection Association (CPA) plans to set up a reconciliation center meant to resolve disputes between consumers and businesses in coordination with the Justice Ministry, state news agency SPA reported yesterday, citing statements by CPA Chairman Abdullah Alnuaim. He did not provide further details on the mechanism.

The goal: Making the Kingdom more consumer-friendly while giving businesses a path to resolution that doesn’t involve dealing with lengthy court proceedings.

Background: The CPA is a non-profit organization tasked with developing voluntary mechanisms and measures to ensure consumer protection. It was approved by the Cabinet in 2008.

#4- The General Authority for Competition is asking prosecutors to file criminal charges against mining companies after they were found guilty of price-fixing, it said in a statement on X last week. It didn’t name the companies and provided no additional information.

DATA POINTS-

Abdul Latif Gameel is the king of Arab family businesses: Abdul Latif Jameel edged out the UAE’s Al Futtaim and Egypt’s Mansour Group to sit atop the Forbes Middle East list for the Top 100 Arab Family Businesses in 2024. GCC families led the list, with 34 of the 100 companies included coming from the Kingdom.

OIL WATCH-

An olive branch from Iran? Iran international, a London-based media outfit funded by opponents of the government in Tehran, claims that National Iranian Oil Company CEO Mohsen Khojasteh-Mehr has said NIOC is open to co-development with Saudi of the Durra gas field.

The catch: Saudi and Kuwait emphasized earlier this month that Al Durra is 100% owned by the Kingdom and Kuwait.

Background: Three-way talks on where the border falls collapsed last year. Tehran and Riyadh have slow-walked the resumption of full diplomatic ties after exchanging ambassadors last year.

SPORTS-

#1- The Saudi Pro League is taking a breather and will be back with a bang on Friday, 29 March, get ready for five showdowns, all kicking off at 10:00 pm. Check out the full schedule here.

Last week in the SPL: Friday saw Al Nassr clinch a 1-0 victory against Al Ahli. Al Fayha battled Al Riyadh to a 1-1 draw — the same scoreline for Al Tai vs. Al Ettifaq. Meanwhile, on Thursday, Al Wehda suffered a 1-0 defeat against Al Abha, while Al Shabab beat Al Hazem 3-0, and Al Khaleej and Al Okhdood settled for a 2-2 draw.

#2- Taekwando athlete Donia Abu Taleb is the first Saudi female athlete to qualify for the Olympics as she will be competing at the Paris 2024 Olympics in July— in the 49 kg category, state news agency SPA reports.

THE BIG STORY ABROAD-

It’s unusually quiet in the global press even for a Sunday, with no single story dominating the headlines.

Joe Biden gave a thumb-up to the US Senate majority leader’s speech slamming Benjamin Netanyahu, in which Chuck Schumer called the Israeli PM an obstacle to peace in our region.

On planet finance: Sam Bankman-Fried could face up to 50 years in jail — that’s the recommendation from prosecutors, while his lawyers are saying he should face no more than 6.5 years behind bars. He was found guilty of seven charges in a crypto scheme last year.

The latest sign that PE loves advisory firms: The US arm of Grant Thornton is selling a majority stake to buyout firm New Mountain Capital. Check out the joint press release.

AND- Consulting firms may be doing amazing business in our part of the world, but it’s not like that in the US of A, prompting the Wall Street Journal to ask on its front page why, if consultants are paid to fix businesses, can’t they fix their own?

CIRCLE YOUR CALENDAR-

The Saudi Super Cup kicks off in Abu Dhabi on Monday, 8th of April, and wraps up on Thursday, 11 April. The cup will feature Al Hilal, Al Nassr, Al Ittihad, and Al Wehda.

The Smart Future Expo will be running from Monday, 13 May, until 15 May, and will feature everything smart city related, from infrastructure to smart learning.

Townhall Expo kick starts Thursday, 2 May, at Holiday Inn Hotelin Riyadh, featuring Saudi-Egyptian real estate developers and investors. The event wraps up on Sunday, 5 May.

The Saudi Giga Projects 2024 is slated for Monday, 13 May, at Crowne Plaza Riyadh. The summit will provide an overview of the USD 870 bn vision 2030 projects throughout the Kingdom and will convene contractors, suppliers, and top execs from the region.

Future Projects Forum kick starts on Monday, 20 May, and wraps up the next day, at the Four Seasons Hotel in Riyadh. The Forum will be a dynamic hub for contractors, stakeholders, and project owners.

Saudi consumer prices rose for the second month in a row in February 2024

Inflation inched up to 1.8% y-o-y in February 2024 from 1.6% the monthbefore, according to figures from the General Authority for Statistics (GASTAT) (pdf). That’s the second month that prices have risen after January’s reading interrupted a seven-month downward trend. You can dive deeper into GASTAT’s full report on February's average prices of goods and services here.

No surprises here — rent is to blame: Rent was up 10% y-o-y in February 2024, reflecting a 9.1% increase in the price of villas, while the price of housing, water, electricity, gas and other fuels spiked by 8.5%. Food and beverage prices rose 1.3% y-o-y last month on the back of a 7.6% increase in vegetable prices, while restaurant and hotel prices were up 2.5% y-o-y in February thanks to a 2.2% uptick in the cost of catering services. Culture and recreation prices were up 1.6% on the back of a 6.1% rise in package holiday prices. The cost of education rose 1.2% reflecting a 4.3% increase in the cost of secondary education.

You can get clothes, furniture and transportation for less: Clothing and footwear prices declined by 4% y-o-y last month— the sharpest decline amongst all items as garment prices plunged by 6.4%. This was followed by a 3% decline in the price of furnishing and household equipment, and a 0.9% drop in transport prices.

Consumer prices inched up 0.2% m-o-m in February 2024, reflecting the 1.2% m-o-m bump in housing, water, electricity and gas prices.

PRODUCER PRICES-

Producer prices rose 3.1% y-o-y in February driven by a 12% hike in refined petroleum products and a 10.8% increase in basic chemicals, GASTAT figures show. Food products, beverages, tobacco and textile prices were up 2% y-o-y reflecting a 9.2% increase in the price of leather goods compounded by a 2.9% increase in the prices of dairy products.

On a monthly basis, wholesale prices fell 1.2% m-o-m in February, driven by a 3.2% drop in the prices of other transportable goods on the back of a 21% decrease in the cost of basic chemicals.

S&P affirms Kingdom’s A/A-1 rating on back of continued economic diversification

Still an A/A-1 for S&P: S&P Global Ratings affirmed the Kingdom’s long- and short-term foreign and local currency sovereign credit ratings at A/A-1 with a stable outlook on the back of continued economic and social reforms, it said in a statement on Friday.

Driving the decision: The ratings agency pointed to growing investments in relatively new industries including tourism and other non-oil sectors as we look to diversify away from oil. In the long term, S&P expects Vision 2030 projects will lead to a more diversified economy, create jobs, and a result in a inclusive labor force.

There are risks on the implementation side of the equation, including “funding pressures, tight supply, and increasing cost of materials, skills shortages, and developing basic infrastructure like housing.”

Non-oil is key: Investment in non-oil sectors and solid growth in consumption will help keep overall GDP growth at an average of 3.3% each year through 2027, according to S&P Global. The non-oil sector accounts for around 60% of GDP.

Some pundits see it even higher: Rating agency Moody’s forecasts the Kingdom’s non-oil sector to grow at 5.5%this year on the back of major development projects and a robust economic environment, according to a recent report.

Durability in the face of energy transition: S&P said it sees the Kingdom showing some resilience to a shift away from fossil fuels due to its wide hydrocarbon reserves and cheaper cost of production. It also highlighted its capabilities to influence global oil prices trends through its capacity as the world’s largest swing oil producer and leadership in OPEC+.

Some risks remain: S&P Global said it could downgrade ratings in case of “significant fiscal weakening, demonstrated by an erosion of the government's net-asset position beyond our expectations, or if real per capita GDP growth were to fall sharply on a sustained basis.” Rising geopolitical tensions could also impact ratings, it added.

PIF could tap international debt markets more frequently and push ahead with IPOs as it looks to ramp-up pace of investment

PIF considers more global bond sales + IPOs as it looks to ramp-up pace of investment: The Public Investment Fund (PIF) is reportedly looking to add to its war chest as it aims to invest more in support of Vision 2030, Bloomberg reported, citing sources it says have knowledge of the matter.

The key: The PIF is stepping in as the Kingdom’s treasury prepares to run deficits through 2026 and pace out the implementation of some aspects of select Vision 2030 projects.

The PIF plans to ramp up annual deployment capacity to USD 70 bn a year starting 2026, fund governor Yasir Al Rumayyan said in February. This is a big step-up from its current annual spending clip of USD 40-50 bn. The PIF had liquid assets of USD 15 bn as of September, Bloomberg says, the lowest level since 2020.

No crowding out the domestic private sector: The PIF is reportedly advising its units to prioritize USD borrowing abroad so as not to put pressure on the liquidity of local banks. The move would free up local lenders to focus on financing domestic real estate projects, the sources said.

ICYMI- The PIF has raised USD 7 bn since the start of the year in two global debt sales.That includes a USD 5 bn offering that was more than 5x oversubscribed, with global institutional investors placing orders worth USD 27 bn. A USD 2 bn sukuk sale later in February was also oversubscribed. The PIF closed a USD 3.5 bn global sukuk issuance in October, two green bond offerings totaling USD 8.5 bn between 2022 and 2023, and lined up a USD 17 bn corporate facility in 2022.

Shares in PIF’s portfolio companies may soon be up for grabs as part of the sovereign wealth fund’s plan, Bloomberg’s sources claim. The PIF’s ownership in high-profile companies including Saudi Telecom (STC), Maaden, and Tadawul Group are worth over USD 170 bn. Some of those lined up for share sales by the PIF this year include leading pharma player Nupco and Saudi Global Ports.

IN OTHER FINANCING NEWS- Local lenders may need to line up some USD 11.5 bn in bonds in local and FCY to help raise funds for the economic diversification plan amid a liquidity crunch, Bloomberg reported on Friday. This would be a record high from the USD 10 bn raised in 2022. “Banks don’t have the liquidity to support the size of construction needs but they will be gathering more deposits and tapping into the international debt market,” Edmond Christou, a senior financials analyst for Bloomberg Intelligence said.

By the numbers: The Kingdom will need about USD 640 bn for construction within the next five years, Bloomberg reports, citing MEED. This means banks may have to provide some USD 384 bn during this period, funding 60% of the projects with a mix of deposits and debt.

Real Estate General Authority to roll out real estate registry in some Riyadh neighborhoods

Riyadh is getting RER services: The Real Estate General Authority (REGA) will include five neighborhoods in Riyadh under the fourth phase of its Real Estate Registry (RER) platform, it said in a statement on Friday. The RER exists exclusively to register properties and allow buyers and sellers to record transactions and reflect changes of ownership.

Timeline + details: Property owners can register their properties starting 31 March until 4 July. They can register through the online platform or one of REGA’s service centers. The neighborhoods include Al Hada and areas of Sedra, Al Shola, Al Fursan, and Al Nokhba.

RER? The National Real Estate Registry Services Company (RER) — wholly owned by the PIF — aims to establish a real estate registry across the Kingdom to make it easier for individuals and corporations to know who has a clear title to a property when buying or selling.

New manufacturing licenses up 24.5% m-o-m in January 2024

Some 152 industrial licenses were issued in January 2024 for projects with a combined investment cost of SAR 6.2 bn, the Industry and Mineral Resources Ministry said in a post on X last week. That’s up from 122 licenses granted in December 2023.

Small enterprises accounted for 89.5% of all the recipients, followed by medium enterprises (8.6%), and large enterprises (13%). Some 75.7% of recipients were local players.

The new licenses covered five industrial activities, with the highest number of licenses issued for food production (27), followed by non-metallic mineral products (20), metal casting (19), rubber and plastics production (18), and chemical product manufacturing (14).

2023 in a nutshell: The number of industrial licenses grew 43% y-o-y in 2023 to 1.38k licenses, while investment volume was up 8% y-o-y to SAR 1.4 tn.

Makkah hotel prices + occupancy rise in Ramadan

Hotel rates in central Makkah rose 20% y-o-y in the first week of Ramadan, Deputy of the Tourism and Hotel Committee at the Makkah Chamber of Commerce Abdul Mohsen Al-Ajlan told Aleqtisadiah Last Friday. The prices reflect a substantial rise in demand for hotel stays leading up to and during the holy month.

The highest occupancy rate in 15 years: Hotels in Central Makkah maintained 100% occupancy rate in the past 18 months, said Al-Ajlan, adding that the surge in demand is extraordinary considering that the typical occupancy rates between 10 and 20 Ramadan is 70%, reaching to 100% in the last 10 days of Ramadan. “This year is exceptional, as many hotels have obtained licenses after working to rectify their status and operate according to the required regulations.”

Gov’t initiatives boosting demand: Investors in the central area credit the rise in prices to government initiatives like the Pilgrims Experience Program (PEP), which facilitates year-round Umrah, with perks such as quick e-visa issuance for 57 countries. Similarly, the Nusuk platform offers digital solutions that streamline travel for pilgrims.

Bookings were marked by a rise in foreign individual bookings, which now exceed those made by corporates.

AND- High demand from countries that typically haven’t shown much interest before, thanks to relaxed visa programs that have fueled a surge in individual bookings from East Asia countries, the EU, Canada, America, Azerbaijan, Kazakhstan, and Turkey, among others.

A busy day sees Theeb, Batic, Saudi Paper, Wataniya Insurance, and more reporting results for FY 2023

Strap in for a flood of earnings news:

THEEB-

Theeb’s net income fell 26.4% y-o-y to SAR 142 mn in 2023, while revenues were up 17.3% y-o-y to SAR 1.1 bn, it said in a disclosure to Tadawul. The car rental company’s top line grew on the back of increasing its car count by 22%, resulting in an 11% increase in rented fleet and 43% in car sales.

The company’s BoD is distributing a SAR 17.6 mn dividend at SAR 0.4 per share to its shareholders for 4Q 2023, it said in a disclosure to Tadawul. Funds will be distributed Monday, 1 April.

BATIC-

Batic Investments and Logistics’ net losses decreased 55% y-o-y to SAR 13.9 mn in 2023, while revenues were up 12.4% y-o-y to SAR 480.6 mn, it said in a disclosure to Tadawul. The company attributed its bottom line improvement to decreasing expenses, SAR 10 mn in unrealized investment gains, and improved performance across its different segments.

SAUDI PAPER-

Saudi Paper Manufacturing’s net income increased 55.6% y-o-y to SAR 72.9 mn in 2023, and revenues were up 17.2% y-o-y to SAR 811 mn, it said in a disclosure to Tadawul. The paper manufacturer attributed its bottom line increase to a sizable increase in sales, and a fall in expenses.

WATANIYA-

Wataniya Ins. turned into the black with a net income of SAR 84.6 mn in 2023, and revenues increased 65% y-o-y to SAR 1.4 bn, it said in a disclosure to Tadawul.

DALLAH HEALTH-

Dallah Healthcare’s net income increased 31.2% y-o-y to SAR 360 mn in 2023, and revenues were up 18.3% y-o-y to SAR 2.9 bn, it said in a disclosure to Tadawul. The top line grew on the back of an increase in incoming patients as well as higher occupancy rates.

ALETIHAD-

The net income of Al-Etihad Cooperative Ins. grew 7x y-o-y to SAR 93.9 mn in 2023, and revenues were up 12% y-o-y to SAR 1.2 bn, it said in a disclosure to Tadawul. The ins. provider attributed its top line growth to increases in premiums, namely in its motor ins. segment which grew by 58% y-o-y in 2023.

MRNA-

Morabaha Marina Financing’s net income decreased 31% y-o-y to SAR 31 mn in 2023, while revenues were up 7.2% y-o-y to SAR 169.4 mn, it said in a disclosure to Tadawul.

YCC-

Yanbu Cement’s net income decreased 44.3% y-o-y to SAR 120 mn in 2023, and revenues were down 20.5% y-o-y to SAR 780.6 mn, it said in a disclosure to Tadawul.

EIC-

Electrical Industries’ net income grew 2x y-o-y to SAR 201 mn in 2023, and revenues were up 46.3% y-o-y to SAR 1.6 bn, it said in a disclosure to Tadawul.

EPCCO-

Eastern Province Cement’s net income increased 38.5% y-o-y to SAR 198 mn in 2023, and revenues were up 25.6% y-o-y to SAR 985 mn, it said in a disclosure to Tadawul.

ACC-

Arabian Cement’s net income decreased 22.9% y-o-y to SAR 139.6 mn in 2023, and revenues were down 9.8% y-o-y to SAR 875.8 mn, it said in a disclosure to Tadawul.

A near game, set, match to the PIF

Sports continued to drive the conversation for Saudi in the foreign press over the weekend, with whispers on Bloomberg suggesting that the PIF could be among a group of “strategic partners” brought in by the ATP Tour, the governing body of men’s professional tennis, to help expand the sport.

The PIF and other government agencies could earmark some USD 2 bn for ATP Masters 1000 tournaments, raise prize money, sponsorship funding and a new tennis event here, two sources told Bloomberg.

AND- Reuters writes that PIF is looking to invest in a new tournament that would join the nine high-profile Masters 1000 tournaments that attract top players.

BACKGROUND- The PIF signed a “multi-year strategic partnership” with ATP Tour that would see it become the official naming partner of ATP rankings and partner in ATP Tour events, including Indian Wells, Miami, Madrid, Beijing, and Italy’s Nitto ATP Finals. It also includes the Next Gen ATP Finals, which Jeddah will host until 2027.

IN GOLF- Player directors of the PGA Tour are reportedly preparing for a sit-down with PIF boss Yasir Al Rumayyan in the coming days for talks on the fate of the PGA Tour merger with PIF-backed LIV Golf, The Guardian reported. “We are being encouraged to potentially meet with them at some point, yeah,” former world number one Jordan Spieth, who is also one of the player directors of the PGA Tour said. His statements come amid speculation that a big investment in PGA by US sports bn’aires could have scuppered merger talks with PIF.

Also getting attention:

Tourism: Why now is the time to visit Saudi Arabia’s futuristic capital (Euronews)
Planet Startup:Saudi Arabia's thriving startup scene driven by women (Deutsche Welle)

More on Gulf Capital’s USD 100 mn Saudi startup investment plan

STARTUP WATCH-

Abu-Dhabi based asset management firm Gulf Capital will invest USD 25-70 mn per ticket into Saudi startups as part of its pledge to invest USD 100 mn over the next five years, Gulf Capital Managing Director Alvaro Abella told EnterpriseAM UAE. The private equity firm plans to invest in Saudi tech startups in the healthcare, healthtech, technology, fintech, energy, renewables, sustainability, and future economies sectors, to help them expand across the Kingdom and further their regional and global expansion.

E-COMMERCE-

The Trade Ministry unrolled a new assessment tool for online retailers using artificial intelligence in a bid to boost compliance and protect consumer rights, state news agency SPA reported on Friday. ُThe 11 approved standards for evaluation include highlighting commercial registry and VAT number on the homepage and documenting the online store with the Saudi Business Center (SBC). They also include a clear policy on exchange and refunds and handling customer complaints among others.

Dubai’s first IPO of the year was 165x oversubscribed

Dubai’s public parking operator Parkin raised AED 1.57 bn (c. USD 429 mn) from its IPO, with over AED 259 bn in orders from local, regional, and international investors at the close of the offering period, according to a statement (pdf). The order book was 165x oversubscribed, breaking the Dubai Financial Market record for oversubscription, the company said. Dubai Taxi most recently set that record when it went public in December.

Share price set: The company set its final IPO price at the top of its initial price range at AED 2.1 per share.

Shares will start trading on the DFM on Thursday, 21 March,under the ticker PARKN.

ICYMI-Dubai’s Road and Transport Authority launched Parkin in January, just a few months after saying it would go public with its taxi and parking assets. The company takes care of the design and management of public and private parking spaces in the emirate and issuing parking permits.

Advisors: Rothschild & Co’s Middle East division is the independent financial advisor, while our friend at HSBC are joint global coordinators alongside Emirates NBD, Goldman Sachs, and Abu Dhabi Commercial Bank. Our friends at EFG Hermes UAE FAB are joint bookrunners.

TASI	12,728	+0.04% (YTD: +6.4%)
MSCI Tadawul 30	1,606	+0.1% (YTD: +3.6%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	31,316	+1% (YTD: +25.8%)
ADX	9,221	-0.4% (YTD: -3.7%)
DFM	4,263	-0.7% (YTD: +5%)
S&P 500	5,117	-0.7% (YTD: +7.3%)
FTSE 100	7,727	-0.2% (YTD: -0.1%)
Euro Stoxx 50	4,986	-0.1% (YTD: +10.3%)
Brent crude	USD 85.34	-0.09%
Natural gas (Nymex)	USD 1.66	-4.94%
Gold	USD 2,162	-0.3%
BTC	USD 68,299	+0.7% (YTD: +172%)

THE CLOSING BELL-

The TASI rose 0.04% on Thursday on turnover of SAR 14.4 bn. The index is up 6.4% YTD.

In the green: Wafrah (+10%), Saudi Research and Media (+10%) and Tadawul Group (+8.4%).

In the red: Morabaha Marina Financing (-4.8%), Wataniya Ins. (-4.4%) and Al Rajhi Takaful (-4.4%).

CORPORATE ACTIONS-

#1- Southern Province Cement’s BoD is giving out a SAR 91 mn dividend at SAR 0.65 per share to its shareholders for 2H 2023, it said in a disclosure to Tadawul..

#2- Pan Gulf Marketing’s BoD is proposing a 50% capital hike to SAR 75 mn through a one-for-two bonus share distribution, it said in a disclosure to Tadawul. The capital increase will help the company fortify its capital base and future plans.

#3- Osool and Bakheet Investment is distributing a SAR 20.3 mn dividend at SAR 0.3 per unit to the unitholders of Al Ma’ather REIT Fund for 2H 2023, the fund said in a disclosure to Tadawul last week.

#4- Bank Albilad has completed a share buyback of 5 mn sharesworth SAR 210.7 mnearmarked for its employee shares program, it said in a disclosure to Tadawul.

Your Enterprise guide to a healthier Ramadan

? Ramadan provides the perfect environment to kickstart a healthier lifestyle. It's a month-long crash course in self-discipline that trains you to control your cravings and exercise self-restraint. So why miss the chance to stay on track? Here are some tips to stay healthy during this holy month.

#1- Let’s keep hydration levels sky high: We often bypass water for the allure of sugary drinks, but it's time to rethink that habit— they are not the healthiest choice on the block. Make it a goal to gulp down between 8-12 cups of water between iftar and suhoor, according to Hamad Medical Corporation.

A PRO TIP: Go for lukewarm water over cold, and your body will thank you for it as it’s absorbed quicker. Oh and don’t forget to slurp up some soup too— it’s a sneaky way to sneak in extra hydration. Also load up on hydrating fruits and vegetables to help alleviate thirst throughout the day, Hamad Medical added.

#2- Break with water + dates, not kabsa: It’s not just about Sunnah, but it’s actually good for your digestion, The American Heart Association recommends. Munching on those dates tames the hunger monster, so when it comes to choosing what’s for Iftar you are not diving headfirst into the nearest fried delight. And speaking of fried goodies, try to resist the temptation of those juicy samosas and other deep-fried delicacies. Your tummy will thank you later.

#3- Stay physically active by grabbing your buddy, furry friend, or just pop in those earbuds, and hit the road for a post-iftar stroll to aid digestion and rack up those daily steps. If you’re feeling extra motivated, why not hit the gym? According to a recent study, working out before breakfast is like hitting the fast-burn button on your body fat. That's right, you’ll torch the flab twice as fast. If muscle gain is your aim, wait two hours post-ifta and take it easy.

#4- The one you have all been waiting for: caffeine. Even Enterprise struggles with resisting caffeine, but for a healthy heart and headache-free fasting, you’ve got to cap your intake at under 400 mg of caffeine per day (about 750 ml), as advised by the Saudi Food and Drug Authority (SFDA).

#5- A nicotine fix never really fixed anything: Smokers already know the risks of their habit all too well, so we will spare the lecture. Just do your stomach a solid and hold off on lighting up on an empty one.

#6- Careful with the late Ramadan tent: If you really don’t want to miss out on the fun, then wrap up and head home by 11 pm for early mornings so that you are still able to squeeze in a minimum of 7 hours of sleep. We know the party might just be getting started, but trust us on this one.

#7- Fuel up with fiber for Suhoor: Fiber-rich foods are your secret weapon as they keep you feeling full for a longer time, so you will not be raiding the fridge every hour. Plus, they are like the marathon runners for snacks, take longer to munch on and pack fewer calories per bite, according to Mayo Clinic. This includes wheat grain toast, Fava beans (foul) or falafel, and oatmeal with your choice of fruits.

CALENDAR

APRIL

8-11 April (Monday-Thursday): Saudi Super Cup, Abu Dhabi.

10 April (Wednesday): Eid al-Fitr

14-21 April (Sunday-Monday): IMF and World Bank spring meetings, Washington, DC

16 April (Tuesday): FEI World Cup Equestrian, Riyadh.

28-29 April (Sunday-Monday): World Economic Forum Special Meeting, Riyadh.

29 April-1 May: Future Hospitality Summit at Al Faisaliah Hotel, Riyadh.

MAY

2-5 May (Thursday-Sunday): Townhall Expo, Riyadh.

6-9 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh.

6-9 May (Monday-Thursday): Saudi Smart Logistics, Riyadh.

13-15 May (Monday-Wednesday): Smart Future Expo, Riyadh.

13 May (Monday): Saudi Giga Projects, Riyadh.

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh.

20-21 May (Monday-Tuesday): Future Projects Forum, Four Seasons Hotel, Riyadh.

21-23 May (Tuesday-Thursday): The Saudi Food Show, Riyadh.

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

4-7 June (Tuesday-Friday): Saudi Sports Show, Riyadh.

4-7 June (Tuesday-Friday): Aqarat Expo, Riyadh.

5 June (Wednesday): World Environment Day.

Signposted to happen sometime in June:

Eid Al-Adha (national holiday)

AUGUST

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh

SEPTEMBER

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh.

24-26 September (Tuesday-Thursday) Saudi Infrastructure Expo, Riyadh International Convention and Exhibition Center, Riyadh.

23 September (Monday): National Day (national holiday)

NOVEMBER

26-28 Novemeber ( Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

DECEMBER

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

FEBRUARY

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

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