A small handful of M&A

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Opec+ trims its outlook for growth in global oil demand in 2024 and 2025

Good morning, wonderful people. It’s a relatively busy hump day here in the Kingdom, despite there being a lack of blockbuster news this morning. Instead, we have a patchwork of M&A agreements in the works and a fresh mining license under Amak’s belt leading this morning’s news well.

⚠️ WEATHER- Residents of Al Baha, Jazan, and Hail have downpours and strong winds in the cards for today. Meanwhile, Riyadh’s mercury will peak at 46°C, before dropping to a low of 30°C, and Dammam wil see a high of 47°C, and a low of 31°C.

WATCH THIS SPACE-

#1- Chinese food delivery platform Keeta wants to come to Saudi: Keeta, a subsidiary of China-based food delivery outfit Meituan, has applied for a license to operate in the Kingdom, Aleqtisadiah reports. Meituan advertised eight Riyadh-based job openings online back in April.

#2- Madinah launched a tender to establish and operate an aluminum, glass, and cladding factory in Badr’s industrial zone under a 15-year term contract, state news agency SPA reported. Interested contractors will have until Tuesday, 27 August to submit their bids.

DATA POINT-

State-run domestic worker recruitment platform Musaned processed more than 412k contracts for foreign workers in 1H 2024, the Human Resources and Social Development Ministry said in a pos t on X. The ministry did not give a comparable figure for the same period last year.

OIL WATCH-

The Kingdom’s crude oil exports to China are set to drop to 43 mn barrels in September, down from the 46 mn barrels currently penciled in for August, Reuters reports, citing monthly allocations for term buyers.

What gives? Saudi Aramco hiked the September price of its flagship Arab Light product to Asian buyers last week by USD 0.20, placing it USD 2 / bbl above the regional Oman-Dubai benchmark.

The details: China’s PetroChina and Fujian refineries plan to decrease their loadings of Saudi crude in September on the back of the increase. Meanwhile, Sinopec — Asia’s largest refiner — will ramp up loadings of Saudi crude during the period, the newswire quoting unnamed sources.

!_InserLine_!

Opec+ has trimmed its outlook for growth in global oil demand in 2024 and 2025 on the back of expectations of softened demand in China, according to the group’s monthly report (pdf). The oil cartel now sees oil demand rising by 2.1 mn barrels per day (bbl / d) this year to 104.3 mn bbl / d, down from its previous forecast of a 2.25 mn bbl / d increase.

The 2025 forecast: Opec+ has also revised down next year’s demand growth for crude oil, penciling in a 1.78 mn bbl / d increase, down from 1.85 mn bbl / d.

SPORTS-

#1- The Saudi Women’s Premier League will kick off Friday, 27 September, according to a post on X. This season’s champion will bag SAR 2 mn, with second place securing SAR 1.5 mn, and third SAR 1 mn, it said in a separate post on X.

#2- Real Madrid’s Vinicius Jr will not be joining the Saudi Pro League, the NYT reports. The footballer had received an offer from a delegation of the PIF in a bid to make him “ the face of the league ahead of the 2034 World Cup.”

#3- Second tier football club Neom SC has submitted an official bid for Egyptian football club Zamalek’s Zizou (watch, runtime: 0:30). No further information was provided.

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THE BIG STORY ABROAD-

The rising imminence of Iran attacking Israel — potentially triggering a regional war — is largely leading the conversation in the international press this morning. Washington is bracing itself for what its intelligence suggests “could be a significant set of attacks” on Israel by Iran “and / or its proxies,” White House Press Secretary John Kirby said last night, according to a press readout.

The US has ramped up its “force posture and capabilities in the region even in just the last few days” in anticipation of a potential outbreak of violence, Kirby said. US Secretary of Defense Lloyd Austin had ordered yesterday a strike group to speed up its deployment to the region, following a call with his Israeli counterpart Yoav Galant.

This comes as Israel pushes ahead with its attacks on Palestine, killing more than 20 people in its latest strikes in Khan Younis, Gaza City, and Rafah yesterday. (Reuters | Bloomberg | Financial Times | CNBC)

ALSO WORTH NOTING- Elon Musk hosted Donald Trump for a live streamed interview and X crashed due to technical glitches — which Musk blamed on a cyberattack. (CNBC | Wall Street Journal | Politico)

CIRCLE YOUR CALENDAR-

The Crown Prince Camel Festival kicked off last Saturday and runs until Tuesday, 10 September at the Taif Camel Racing Track, featuring 610 rounds of racing and a purse of SAR 56 mn.

Cybersecurity training event SANS Riyadh Cyber Leaders August 2024 will run from Sunday, 18 August to Thursday, 22 August at the Hyatt Regency Riyadh Olaya.

The New Global Sport Conference 2024 is happening on Saturday and Sunday, 24-25 August, bringing together top figures from sports, esports, gaming, entertainment, and technology. This year’s theme is the Future of Fandom, highlighting fans’ role in building brand equity and revenue.

The eight-week Esports World Cup runs until Sunday, 25 August Riyadh’s Boulevard City. The world’s top esports clubs are competing for a pool of USD 60 mn — the largest purse in esports.

The third Kingdom Business and Luxury Travel Congress (KBLT) will run Wednesday and Thursday, 25 -26 September in the Crowne Plaza Riyadh RDC Hotel and Convention, bringing together leaders and innovators from the luxury travel sector for networking, learning, and business growth opportunities.

Sasco subsidiary acquiring 70% of Tadbeer + Buruj Cooperative Ins. founding shareholder sells stake to Al Yusr

Sasco unit looks to acquire 70% of Tadbeer: Saudi Automotive Services (Sasco) subsidiary Investments and Equipment has signed an MoU that will see it acquire a 70% stake in Tadbeer Recruitment in a SAR 85 mn transaction, according to a disclosure to Tadawul. The MoU is valid for three months, subject to extension.

The caveat: The Sasco subsidiary will proceed with the transaction under the condition that Tadbeer increase its capital to SAR 100 mn, up from SAR 20 mn, and convert its stock type to class A from class B. Class A stocks usually give the majority shareholder more voting rights, and higher dividends. The transaction is pending the completion of due diligence, but is not subject to regulatory approvals.

ADVISORS- Sasco has tapped Sultan Al Shubaili to conduct a fair-value study for Tadbeer, while a separate consultant is yet to be appointed for legal and financial due diligence. Tadbeer hasn’t appointed a financial advisor during this phase.

IN OTHER M&A NEWS-

#1- Tadawul-listed Buruj Cooperative Ins. founding shareholder offloads entire stake: United Yousef M. Naghi Company has exited Buruj in a SAR 22.5 mn private sale and purchase transaction with Al Yusr Investment Gates, selling a 5% stake (1.5 mn shares), according to a disclosure to Tadawul. The move is pending regulatory approvals. The company has 30 mn issued shares, with a market cap of SAR 578 mn.

Market reax: The company’s share prices declined 0.2% to SAR 18.3 apiece at yesterday’s close.

#2- Doha Factory will acquire a 45% stake in Saudi-based cement products company Saudi Land Factory by transferring the ownership of its production lines in Doha Concrete Molds Factory to Saudi Land Factory, according to a disclosure to Tadawul. Saudi Land Factory is 100% owned by Tadawul-listed Saudi Vitrified Clay Pipes (SVCP).

ALSO- SVCP has also signed a partnership agreement with Laffan Qatar that will see the Qatar-based company own a 45% stake in SVCP’s subsidiary Laffan Pipes, according to a separate disclosure. The transaction will see Laffan Qatar pay for the acquired shares by transferring the production lines of its Doha plant to produce high-density plastic pipes and accessories to the ownership of Laffan Saudi.

Amak grabs one more mining exploration license, this time for quartz

Amak bags fourth mining licenses in less than two months: Tadawul-listed Almasane Alkobra Mining (Amak) has been granted a quartz exploration license from the Industry and Mineral Resources Ministry, it said in a filing to the exchange. The five-year license covers an area of 90.2 sq km in Najran and Asir, the company said in the disclosure. Information about the investment size and project financials will be released after “the completion of exploration work and studies.”

More where that came from: The company was granted a five-year exploration license for manganese ore across a 20.7 square km area in Al Baha province last month. That award came on the heels of landing two separate exploration licenses in June with SAR 92 mn in total investments, covering Jabal Qaran and Al Hijra, which hold reserves of gold, copper and zinc.

REFRESHER- The ministry unveiled earlier this year a fresh incentives package worth SAR 685 mn as part of efforts to expand the sector and tap reserves of gold, phosphate and others. The nation’s untapped mineral resources are now worth as much as USD 2.5 tn, or 90% more than the last forecast in 2016, officials said in January.

Aramco earmarks USD 100 mn for environmental R&D at KAUST

Oil giant Aramco plans to provide King Abdullah University of Science and Technology (KAUST) with USD 100 mn to support environmental and commercial research and development projects over the next 10 years, according to a press release.

The details: The money will go into researching low-carbon aviation fuels, hydrogen, carbon capture and storage, renewables, and energy storage, “with an emphasis on developing commercially-viable outcomes,” the statement added.

KAUST is working on a lot of green projects: The university partnered with materials science company Partanna Global last month to enhance the CO2 removal capabilities of Partanna’s concrete products in a 12-month R&D project. The university also tapped Hassan Allam Construction Saudi to build the world’s largest coral reef restoration project in Neom, dubbed the Kaust Coral Restoration Initiative. In January, KAUST researchers developed a novel passive cooling technique that uses a superabsorbent polymer film to lower temperatures without the use of any electricity.

Aramco’s green goals: Aramco is looking to expand its energy portfolio and “grow its lower-carbon hydrogen business,” including through carbon capture and storage and hydrogen, and aims to reduce its Scope 1 and 2 emissions by 15% by 2035 — to offset 52 mn metric tons of CO2 — and reach net zero emissions by 2050.

Aramco has sealed several other green agreements: Aramco’s recent efforts to achieve their emissions reduction goals include acquiring 50% of Air Products Qudra’s blue hydrogen unit last month, and signing an agreement with Joby Aviation to deploy eVTOLS in the Kingdom. Aramco is also part of a consortium that is building three new solar photovoltaic projects in Saudi to produce 5.5 GW of green electricity.

Medtech outfit Athir secures funds in first investment round

Homegrown healthtech startup Athir secured an undisclosed amount in its first investment round, with participation from Wa’ed Ventures, Share Investment, and Rzm Investment, according to Entarabi. It remains unclear whether the round was pre-seed or seed funding, or what Athir plans to do with the investments.

What’s Athir? The company “aims to bridge the gap between healthcare service providers, patients and medical ins. entities by providing an innovative platform that brings all stakeholders to collaborate.” Athir was founded by Jawad Chaudhry (LinkedIn), Ahmad AlJehani (LinkedIn), and Abdoulmohsen Alyoubi (LinkedIn).

The company’s portfolio + reach: The healthtech startup claims that its services have “been implemented at more than 200 entities among public and private sectors, served more than 2.3 mn patients and integrated with 14 different systems such as Absher, Sehaty, Seha, Wasfaty and Alborg.”

Ma’aden reports SAR 1 bn bottom line in 2Q 2024

Ma’aden reported a 192% y-o-y increase in net income to SAR 1.0 bn in 2Q 2024, and revenues rose 3.1% to SAR 7.2 bn, it said in a disclosure to Tadawul. The hike in net income was attributed to higher margins, capped expenses and a one-off ins. claim. On a 1H basis, net income increased 160.4% y-o-y to SAR 2.0 bn, while revenues fell 3.2% at SAR 14.5 bn.

Ma’aden had a busy quarter: Manara Minerals — a Ma’aden and PIF JV — acquired a 10%stake in Brazilian miner Vale Base Metals in a USD 2.6 bn transaction in May. Ma’aden also completed another SAR 5.6 bn transaction earlier that same month, upping its stake in Ma’aden Wa’ad Al Shamal Phosphate (MWSPC) to 85%. The state-owned miner also inked a letter of intent with Saudi national shipping carrier Bahri last week to leverage Bahri’s logistics network to ramp up its exports.

A world-class tourism economy, Saudi style

Spotlight on the Kingdom’s ambitious USD 1 tn tourism initiative: Bloomberg is out with an interview with UN Tourism Special Advisor to the Secretary General, Anita Mendiratta, highlighting Saudi’s USD 1 tn tourism initiative (watch, runtime: 7:53). Mendiratta has also been holding an advisory board role in Alula since 2018.

“You can’t have this much consistent transformation if it’s not real, this is real,” said Mendiratta, adding that the government wants to make sure that “visitors to the Kingdom are enjoying international standards but Saudi style.”

“Domestic and regional tourism is always the backbone,” she said, highlighting that focusing on these segments ensures repeat visits and a year-round tourism economy. Some 80% of last year’s record 100 mn tourists were made up of domestic and regional tourists, she added. While “international tourists are important in terms of revenues and arrivals and international reputation,” focusing solely on this type of tourism would result in greater tourist concentration during holiday periods and result in “institutionalizing seasonality and institutionalizing labor challenges,” Mendiratta noted.

MEANWHILE- The new Investment Law also got ink in the businesses news information service. We have everything you need to know about the revamped legislation here.

Ades Holding secures new contracts in Kuwait. Plus: Infrastructure, aviation, education, logistics, debt news

OIL & GAS-

Ades Holding has closed six new onshore contracts for drilling services with Kuwait Oil company worth a combined SAR 2.4 bn, it said in a disclosure to Tadawul. “The award includes new contracts for four of the company’s current operating rigs in Kuwait as well as two newbuild units.”

The timeline: The contracts commence in the second and third quarters of 2025 and will run for a five-year term, with an option for a one-year extension.

AVIATION-

Saudi Ground Services was awarded a SAR 1.5 bn ground handling services contract for Riyadh Air’s flights at King Khalid International Airport, according to a disclosure to Tadawul. The contract begins on Sunday, 1 September, and runs for 4.5 years, with a possible two-year extension. The contract value covers the potential extension.

DEBT WATCH-

#1- The Saudi Export-Import Bank will provide a USD 10 mn credit line to the Mauritanian Investment Bank to boost Saudi non-oil exports in Mauritania and enhance trade between the two countries, state news agency (SPA) reports.

#2- Banque Saudi Fransi plans to issue additional Tier 1 SAR-denominated sukuk under its SAR 8 bn Sukuk Program, according to a disclosure to Tadawul. The number and value of the offer will be determined by market conditions, and is still pending regulatory approval. Saudi

ADVISORS- Fransi Capital was appointed sole bookrunner, lead arranger and lead manager for the potential issuance.

INFRASTRUCTURE-

Jeddah Industrial Cities (Modon) has launched projects worth over SAR 521 mn, state-run SPA reports. The projects include infrastructure works at the first phase in Jeddah’s third industrial city with SAR 367 mn in investments. They also include an industrial and wastewater treatment plant, and an irrigation network in Jeddah’s second industrial city.

EDUCATION-

#1- Academy of Learning launches SAR 10 mn subsidiary: Educational services provider Academy of Learning Company has launched a new subsidiary, National Learning Schools, according to a disclosure to Tadawul. The new company will focus on establishing, operating, and acquiring private and international schools.

#2- Fakeeh Care has inked a SAR 46.4 mn agreement with Advanced Horizons Contraction (AHC) to build a medical training center in Jeddah, according to a disclosure to Tadawul. The contract will see AHC carry out the project’s construction, electromechanical, and finishing works over a 12-month period, with the center slated to open in 4Q 2025. The potential center will span an area of 7.2k sqm, with facilities that could accommodate up to 500 medical students. This is a related-party transaction where Fakeeh care is 80% owned by Soliman Abdulqader Fakeeh Hospital Company, which already fully owns AHC.

LOGISTICS-

Qatari logistics and maritime services company Qatar Navigation (Milaha) has added a new shipping service to King Abdulaziz Port in Dammam, connecting the port to seven ports in India, China, Oman, and Qatar, according to a statement.

Competition for the world’s uber-wealthy is heating up as European parties clamp down on tax benefits

Across Europe, rising populism is swinging the pendulum against the tax benefits given to wealthy foreigners. In France, the surprise victory of the left-wing bloc in the country’s recent snap elections has added to fears that a new government might instate the wealth tax scrapped in 2018 by outgoing president Emmanuel Macron. In the UK, the new Labour government has announced that it will dismantle its long-standing non-domiciled tax regime, which allows foreigners who reside in the UK but are considered domiciled in other countries to not pay taxes on their foreign earnings and capital gains for up to ten years. And last week, Giorgia Meloni’s right-wing government in Italy doubled the flat tax it requires foreigners to pay on their income to EUR 200k.

The world’s elite are watching — and getting their moving boxes ready. According to wealth managers, interstate competition over the super-rich is at an all-time high. A record 128k mn’aires are forecast to relocate this year, up from 120k in 2023, global migration advisory Henley & Partners tells the Financial Times. The UK is set to see a 17% decline in mn’aires by 2028, the largest decrease across the world, according to UBS data cited by the FT. While this is in part the product of changing tax laws, it’s also the result of a broader menu of low-tax jurisdictions. Areas like Singapore and Dubai are increasingly competing with the more established money havens of London and Switzerland to lure multimn’aires .

The shift indexes changes in the structure of international wealth that have been ongoing over the last decade. For one, the decline of banking secrecy has made it significantly more difficult to reside in one’s home country while squirreling wealth away in another. The deep indebtedness of North Atlantic states, particularly following the mass stimulus that followed the Covid-19 pandemic, has made some multimn’aires concerned that governments will soon target their assets to pay down their debts. Sanctions on wealthy Russians and redistributive policies in China are also pushing the hyper-rich to consider greener pastures. At the same time, individuals and families are more mobile than they’ve ever been, with economic and political stability key factors in relocation decisions.

Despite rising competition and a serious economic downside, European governments are becoming increasingly leery of the optics of offering generous tax breaks to rich foreigners. Such policies have been blamed for soaring real estate prices in low-tax jurisdictions like Milan and London — one of a number of economic distortions that negatively impact local residents. Despite the wealth and spending that elites bring, tax incentives are difficult to justify “because at the end of the day you’re giving a favor to rich people,” one tax advisor told the salmon-colored paper.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning, with the Nikkei leading the gainers on its first day back after the long weekend — the benchmark is up 2.4%. The Hang Seng is up 0.3%, while the Kospi is bucking the trend, dipping 0.1%.

MEANWHILE- US stock futures remained more or less flat as investors sit tight awaiting key inflation data due tomorrow.

TASI	11,741	-0.3% (YTD: -1.9%)
MSCI Tadawul 30	1,476	-0.3% (YTD: -4.8%)
NomuC	25,284	-0.9% (YTD: +3.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	29,707	+0.6% (YTD: +19.3%)
ADX	9,215	-1.0% (YTD: -3.8%)
DFM	4,201	+0.2% (YTD: +3.5%)
S&P 500	5,345	0.0% (YTD: +12.1%)
FTSE 100	8,210	+0.5% (YTD: +6.2%)
Euro Stoxx 50	4,672	-0.1% (YTD: +3.3%)
Brent crude	USD 81.88	+2.8%
Natural gas (Nymex)	USD 2.17	+1.4%
Gold	USD 2,512	+1.6%
BTC	USD 59,204	+0.3% (YTD: +40.2%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.3% yesterday on turnover of SAR 6.1 bn. The index is down 1.9% YTD.

In the green: MBC Group (+5.1%), Al Babtain (+4.3%) and Chubb (+4.3%).

In the red: Al Baha (-7.7%), SVCP (-6.6%) and Shaker (-6.3%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.9% yesterday on turnover of SAR 32.1 mn. The index is up 3.1% YTD.

In the green: Mayar (+22.7%), Al Rasheed (+6.6%) and Knowledge Net (+5.6%).

In the red: Armah (-8.5%), Future Care (-8.2%) and Al Modawat (-5.7%)

US-Sudan talks fail to secure agreement ahead of Geneva peace talks

Preliminary Sudan-US talks in Jeddah hit a snag: Discussions between a delegation from the Sudanese government and US officials in Jeddah that looked to lay the groundwork for the participation of representatives from the Sudanese government or its armed forced at upcoming peace talks in Geneva, Switzerland slated to start tomorrow ended without an agreement, Reuters reported, citing the head of Sudan’s delegation.

CALENDAR

AUGUST

4 July-25 August: (Thursday-Sunday): Esports World Cup, Boulevard Riyadh City, Riyadh.

10 August – 10 September (Saturday-Tuesday): Crown Prince Camel Festival,Taif Camel Racing Track.

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

18 August (Sunday): New academic year begins.

18-22 August (Sunday-Thursday): SANS Riyadh Cyber Leaders August 2024, Hyatt Regency Riyadh Olaya.

24-25 August (Saturday-Sunday): New Global Sport Conference 2024 (NGSC24), Four Seasons Hotel Riyadh.

27-29 August (Tuesday-Thursday): Saudi Fashiontex Expo, Riyadh.

SEPTEMBER

2-4 September (Monday-Wednesday): Saudi Warehousing & Logistics Expo, Riyadh.

2-4 September (Monday-Wednesday): Saudi Wood Expo, Riyadh.

3-5 September (Tuesday-Thursday): 24 Fintech, Front Exhibition & Conference Center, Riyadh.

9-11 September (Monday-Wednesday): International Manufacturing Congress, Riyadh.

10 September (Tuesday): Saudi Arabia Investors Forum, Riyadh.

10-11 September (Tuesday-Wednesday): SkyMove MENA, Riyadh.

10-11 September (Tuesday-Wednesday): Middle East LPG Expo – Saudi Arabia 2024, Intercontinental Hotel, Riyadh.

10-12 September (Tuesday-Thursday): Saudi Sports Show, Riyadh.

10-12 September (Tuesday-Thursday): Global AI Summit, Riyadh.

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

16-19 September (Monday-Thursday): Foodex Saudi, Riyadh.

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

17-19 September (Tuesday-Thursday): Hotel & Hospitality Expo, Front Exhibition & Conference Center, Riyadh.

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam.

18-19 September (Wednesday-Thursday): IDC Saudi Arabia CIO Summit 2024, Riyadh.

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

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

25-26 September (Wednesday-Thursday): Kingdom Business and Luxury Travel Congress, Crowne Plaza Riyadh RDC Hotel and Convention.

27 September (Friday): CAF Super Cup Final 2024, Riyadh.

29 September-1 October (Sunday-Tuesday): Jeddah Construct Expo, Jeddah.

OCTOBER

1-3 October (Tuesday-Thursday): Intersec Saudi Arabia 2024, Riyadh.

5-7 October (Saturday-Monday): Middle East Education & Training Exhibition 2024, Jeddah.

15-16 October (Tuesday-Wednesday): Solar & Storage Live KSA, Riyadh.

16-17 October (Monday-Tuesday): Global Airport & Aviation Forum, Jeddah.

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh.

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

21-23 October (Monday-Wednesday): Global Health Exhibition 2024, Riyadh.

29-31 October (Tuesday-Thursday): Future Investment Initiative Conference, Riyadh.

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

NOVEMBER

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

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

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Dammam.

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam.

25-27 November (Monday-Wednesday): World Investment Conference, Riyadh.

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

DECEMBER

1 December (Sunday): Opec+ to meet.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

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

11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh.

FEBRUARY 2025

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

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

JUNE 2025

26 June (Thursday): 2024-2025 academic year ends.

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

2027

The World Water Forum takes place in Riyadh.

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