Ades lines up USD 3 bn to fuel expansion, operations

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Egypt-focused, LSE-listed miner Centamin is looking at Saudi Arabia

Good morning, friends, and happy Monday to you all. We have a pleasantly light issue for you this morning. Up first:

#1- Egypt-focused, LSE-listed miner Cenamin is looking at Saudi Arabia, EnterpriseAM Egypt reports. “Internationally, one of the areas we’re looking at is Saudi Arabia. We see a similar journey there in terms of a change in economic, fiscal, and regulatory regime, and are really trying to encourage the kickstarting of the sector there. Geologically, Egypt and Saudi Arabia are basically the same package of rocks, so we believe our 20 years of experience operating in Egypt will be incredibly useful as we look to potentially work in Saudi. We also have projects in West Africa, but at the moment, Egypt is our home.” Tap or click here for the full interview.

#2- Warmer business ties between Riyadh and Bangkok: Thailand’s Board of Investment has opened up an office in Riyadh in a move that aims to bolster trade and investment ties between the two countries, state news agency SPA reported. The announcement was made during the Saudi-Thai Investment Forum, which saw the signing of 11 agreements and MoUs in several fields, including energy, infrastructure, tourism, food and agriculture. No further details on the agreements were disclosed.

About BOI: It is a government agency under the Office of Thailand’s Prime Minister that aims to promote investments by Thai investors and foreign investors in Thailand. It also promotes investments by Thailand overseas.

#3- Commerce Minister Majid bin Abdullah Al Qasabi will head to South Korea later this month, Al Riyadh reported. Al Qasabi’s visit will run from Monday, 29 July to Wednesday, 31 July. He will be accompanied by a delegation of Saudi businessmen who will take part in the Saudi-Korean Business Forum on Tuesday, 30 July.

#4- Iraq wants Saudi and Egyptian investors to tap the country’s recovering economy: Iraq’s Prime Minister Mohammed Al Sudani has invited Saudi and Egyptian investors to invest in the country’s real estate sector, according to a statement by the PM’s office. His statements came during a meeting with Saudi and Egyptian businessmen, including the top management of Saudi conglomerate Al Muhaidib and Egyptian real estate giant Talaat Moustafa Group (TMG), among others.

The pitch: Al Sudani presented plans to develop five new cities in Baghdad and other provinces with 11 new cities in the works, according to the statement.

PSAs-

#1- The General Authority for Competition (GAC) is inviting public feedback on proposed amendments to M&A rules, it said in a post on X. You can review the amendments and share your feedback on the government’s Istitlaa platform here. Last day for commentary is Thursday, 1 August.

IN CONTEXT- The updated guidelines include a requirement to disclose the combined annual sales of companies that plan to merge. The assessment process includes an initial review of the merger’s impact on competition and a review of the markets affected by the proposed merger. You can read the amendments in detail here (pdf).

#2- The Saudi Food and Drug Authority (SFDA) introduced a cosmetics products conformity certificate that it says will streamline customs clearance. Importers will need to obtain a certificate of conformity and record it on the system.

How it works: Importers will need to register the cosmetic products they want to bring into the Kingdom and get a product registration certificate through the authority’s unified electronic system, Ghad. They can then log into the customs clearance system to submit the data and get a certificate of conformity. The SFDA will then review the application; successful applicants for clearance certificates would get their documents before the shipment arrives in port.

#3- Property owners in 11 neighborhoods in Riyadh can register their assets starting Sunday, 28 July until Thursday, 31 October, according to a statement from the Real Estate General Authority. The neighborhoods up for inclusion in the Real Estate Registry (RER) include

Tuwaiq
a part of Al Arid
King Abdulaziz
Al Sulaimania
Al Wazarat
Al Fakhriya
Alisha
Al Sena’iya
Al Khalidiya
Al Dar Al Baida
Al Defa’a.

Background: The RER is wholly owned by the Public Investment Fund and 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.

WEATHER- Riyadh will see clear skies with a daytime high of 43°C and a nighttime low of 29°C today. Makkah is set for windy weather with a high of 45°C and a low of 33°C, while Madinah is looking at a high of 44°C and a low of 34°C.

DATA POINTS-

#1- The Kingdom has emerged as the world’s second-best country for expats after Denmark, according to InterNations’ latest Working Abroad Index for 2024. Overall, 55% of the respondents working in Saudi view the local job market positively, with 31% giving it the highest possible rating — the only downside being long working hours at an average of 47.8 hours per week for full-time jobs. Additionally, some 75% of the expats working here believe their career prospects have improved after moving to the Kingdom, while 62% rate their personal career growth favorably.

Saudi also ranked second in the salary and job security subcategory with 63% of respondents reporting a much higher satisfaction with the state of the local economy (82%) than the global average (59%).

The methodology: The survey evaluates countries based on four metrics, namely career prospects, salary and job security, work-life balance, expat essentials index — which includes factors like visa processes, local bureaucracy and the availability of housing.

#2- Traffic accidents fell by 92% at 149 intersections nationwide after the Roads General Authority installed solar-powered lighting, it said in a post on X, without specifying a time frame for the decline.

SPORTS-

#1- Al Diriyah FC gets new owner ahead of privatization: PIF-backed master developer Diriyah said it has taken ownership of Al Diriyah FC from the National Center for Privatization, according to a post on X. The club’s board will be led by Prince Khaled bin Mohammed with members including Jerry Inzerillo (Linkedin), Mohamed Al Kheiriji (bio), Ayman Al Fallaj (bio), Hamad Albati (Linkedin). The transfer of ownership is linked to a sports privatization program aimed at lining up investment in the industry.

#2- Frenchmen to lead Al Ittihad, Al Riyadh SC: Jeddah side Al Ittihad has appointed former France coach Laurent Blanc as its new coach, replacing Marcelo Gallardo who was sacked earlier this month, it said in a post on X. “Welcome to Al-Ittihad, Coach Laurent Blanc,” the club said. Blanc’s last managerial role was with Lyon, which sacked him in September last year over disappointing results. Al Ittihad ended last season in fifth place.

Meanwhile, in the capital: Al Riyadh SC has named former France international Sabri Lamouchi as its new coach, replacing Brazilian coach Odair Hellmann who left last month despite initially agreeing to renew his contract, according to a statement by the Saudi Pro League (SPL). The capital club finished 14th in last season’s Roshn Saudi League.

Lamouchi began his coaching career with Ivory Coast in 2012, sending them to the Fifa World Cup 2014 in Brazil. He also had stints in Qatar with El Jaish and Al Duhail. He later coached French club Rennes to fifth place in the 2017-18 Ligue 1 to secure a spot in the 2018-19 UEFA Europa League. His coaching experience extends to the UK where he coached Nottingham Forest and Cardiff City.

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THE BIG STORY ABROAD-

The attempted assassination of former US President Donald Trump is getting a lot of play in the foreign press, while sports is everywhere as major summer tournaments wrap.

US President Joe Biden addressed his nation from the Oval Office to condemn the attack, saying the country needs to “lower the temperature in our politics” after the FBI suggested Donald Trump’s shooting was a one-man show and did not seem to be part of a larger plot. (The New York Times)

Trump seemed to be in good shape as he landed in Milwaukee, where he will be formally declared the Republican candidate for the presidency. The Republican National Convention gets underway today and runs through Thursday.

IN SPORTS NEWS- Spain clinched the Euro 2024 title after a late goal from Mikel Oyarzabal, handing England its second final defeat in three years. (FT | Reuters | The Guardian)

A good day for Spaniards everywhere: 21-year-old Carlos Alcaraz also bagged his second Wimbledon title in a row — and his fourth Grand Slam — after a dominant showing against Novak Djokovic. (Washington Post | The Guardian)

The Copa America final between Argentina and Colombia is underway after a delay of more than one hour as fans without tickets tried to get access to the stadium. The score in Miami stands at 0-0 in the second half as we prepare to hit “send” on this morning’s issue.

IN THE BUSINESS PRESS- Google parent Alphabet is in advanced talks to acquire Israeli cybersecurity startup Wiz for USD 23 bn in what would be its biggest acquisition yet, the Wall Street Journal reports. This comes weeks after a potential takeover of online software marketing firm Hubspot fell through.

It’s a busy week for earnings: BlackRock and Goldman Sachs will report 2Q results today, with Bank of America, Morgan Stanley, BHP, Netflix, Novartis, Burberry, and Schlumberger among the many expected to follow suit through Friday.

And in data: We’ll see consumer inflation figures from Canada (Tuesday) and the EU and UK (both Wednesday).

The European Central Bank will make its interest rate decision on Thursday.

CLOSER TO HOME- Hamas has reportedly not withdrawn from ceasefire talks despite Israel’s deadly attacks in Gaza over the weekend, which Israel claimed targeted the group’s military head, Mohammed Deif. (Reuters)

CIRCLE YOUR CALENDAR-

The Real Estate Brokerage Forum will open on Wednesday, 17 July at the Riyadh International Convention and Exhibition Center.

The Crawford vs Madrimov boxing showdown will take place on Saturday, 3 August at the Los Angeles BMO Stadium. The event is the highlight of the Los Angeles Riyadh Season Card which features five other bouts. You can check them out here.

Aramco is set to release its 1H 2024 results on Tuesday, 6 August, according to its website. You can tune into the audio webcast of its earnings call here. The oil giant’s net income dipped a bit more than 14% in 1Q 2024 to SAR 102.3 bn.

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 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 TotalEnergies CAF Super Cup Final 2024 between Egyptian rivals Al Ahly and Zamalek will be held in Riyadh on Friday, 27 September. The venue and kick-off time of the match will be announced at a later date.

This year’s edition of security-focused expo Intersec Saudi Arabia will run from Tuesday, 1 October to Thursday, 3 October at the Riyadh International Convention and Exhibition Center.

Oil driller Ades lines up USD 3 bn to fuel expansion, operations

Tadawul-listed oil and gas drilling company Ades Holding has upsized an existing syndicated loan, securing an additional USD 3 bn in funding for expansion and spending on general corporate purposes, it said in a disclosure to Tadawul (pdf). It secured the additional funding from the majority of existing lenders along with new local and regional financial institutions, Ades said.

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Who’s in: New and existing lenders include Saudi Awwal Bank, Riyad Bank, Al Rajhi Banking and Investment Corporation, Arab National Bank, Saudi National Bank, Alinma Bank, Banque Saudi Fransi, Aljazira Bank, Arab Petroleum Investments Corporation and Commercial Bank of Dubai.

The rationale: “The significantly upsized syndication will provide ADES with the financial

flexibility to capitalize on new potential growth opportunities, including acquisitions and organic growth,” Ades said. Ades CEO Mohamed Farouk said the additional funding would “further strengthen our purchasing power, providing us with greater flexibility to consider and act swiftly on value-accretive acquisitions and other growth opportunities, all while maintaining sustainable leverage levels.”

Diving in: The additional funding is divided into two tranches — a standby term tranche of USD 2.7 bn and a revolving credit facility of USD 300 mn, according to the disclosure. They would be provided in both USD and SAR in a 38.5% and 61.5% split. The standby term tranche runs for 8.5 years and matures December 2032 with a 12-months grace period, while the revolving credit facility tranche runs for eight years until June 2032. Repayment for funds used under the standby term tranche will be made on a semiannual basis and includes a bullet repayment of 31.5% at the final maturity date.

Snapshot of its 1Q 2024 earnings: Ades’ net income more than doubled y-o-y to SAR 200.8 mn in 1Q 2024 while its revenues rose 60.5% y-o-y to SAR 1.5 bn over the period. It attributed the growth in its top line to booking more business in the Kingdom, fueled by the deployment of 19 rigs as part of a large tender.

One in five consumers in Saudi, UAE used a BNPL service last year, study shows

The use of Buy Now Pay Later (BNPL) platforms is booming in the Kingdom and the UAE, with one in five consumers using the services to make purchases last year, according to Redseer Strategy Consultants. The increasing use of the alternative payment method in the region is led by homegrown BNPL players Tabby and Tamara along with UAE’s Cashew.

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Key drivers: The report attributed the growth in BNPL in both Saudi and UAE to widespread access to banking services and a tech-savvy population. It said that a notable gap in credit card penetration “has created an opportunity for BNPL players and hence its increased adoption in the region.” Rapid digital transformation, significant investment in tech and a shift towards digital payments is also driving the platforms’s growth in the two countries.

A near zero interest is luring in more: “There is mostly zero interest rate and no requirement of credit score,” the report said, with some BNPL platforms providing Shariah-compliant options, appealing to local consumers.

REMEMBER- Fintech accounted for 79% of MENA's total venture debt-backed lending in 2023, owed in large to Tamara and Tabby, which together raked in USD 600 mn of the total USD 601 mn financing for fintech players.

Real estate and other funds have started reporting 2Q 2024 performance

A handful of real estate and other funds are out with their 2Q 2024 performance reports, including the Bonyan REIT Fund, Taleem Reit Fund, and AlBilad Saudi Sovereign Sukuk ETF.

BONYAN REIT FUND-

Bonyan REIT Fund’s dividend yield in 2Q 2024 came in at 6.9%, according to a disclosure to Tadawul (pdf). The fund distributed SAR 53.8 mn dividends in 1H 2024, consistent with its distributions over the past two years. The rental income to unit price came in at 2.3%, with assets totaling SAR 2 bn. Net asset value per unit stood at SAR 9.5 and the closing price per unit at the end of the quarter stood at SAR 8.5. The fund’s unit price ranged between SAR 10.00 and SAR 9.03 over the past year.

About the Bonyan REIT Fund: Managed by BSF Capital, Bonyan REIT is a Shariah-compliant, publicly traded, closed-end real estate investment fund. Its portfolio is made up of 13 properties (12 freehold and one leasehold) which generate periodic rental income. Its properties are spread out across the Kingdom in Abha, Madinah, Jazan, and Riyadh with an additional property in Dubai.

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TALEEM REIT FUND-

Taleem REIT Fund reported a 3% rental income to unit price ratio for assets totaling SAR 859 bn in 2Q 2024, with the fund’s net asset value per unit and unit price both standing at SAR 10.8, it said in a disclosure to Tadawul (pdf). It distributed total dividends of SAR 8.2 mn in 2Q 2024, consistently at SAR 0.2 per piece since 1Q 2019. Total expenses amounted to 4.2% — totaling SAR 9.1 mn — of the book value of total assets for the same period. The fund’s unit price ranged between SAR 12 and SAR 9 over the past year.

About the Taleem Reit Fund: Founded in 2017, Taleem Fund provides capital to education and training institutions, while generating rental income for investors. The fund began by acquiring the real estate assets of Riyadh-based Al Tarbiyah Al Islamiyah Schools. The fund is managed by BSF Capital, the investment arm of Banque Saudi Fransi. Its property portfolio includes Riyadh-based schools such as Al Tarbiyah Al Islamiyah, Arrowad International Schools, and Al Ghad National Schools, along with Al Malqa, Hittin, and Al Yasmeen in Riyadh, as well as Al Eshraq in Dammam.

ALBILAD SAUDI SOVEREIGN SUKUK-

Albilad Saudi Sovereign Sukuk ETF posted a negative return in 2Q 2024, coming in at 0.3%, while its YTD revenue settled at -3.7%, according to a disclosure to Tadawul (pdf). The ETF underperformed its 2Q benchmark by 0.3 percentage points and its YTD benchmark by 0.5 percentage points. The fund’s distributions came in at 1.8% during the first half of the year.

ALINMA HOSPITALITY REIT FUND-

Alinma Hospitality Reit Fund unit market value inched up 2.2% in 2Q 2024, while its total asset value was at SAR 1.1 bn, it said in a a disclosure to Tadawul (pdf). No information was provided on quarterly dividends, but the fund typically distributes 90% of its net income in dividends twice a year, according to its dividend policy.

ALINMA RETAIL REIT FUND-

Alinma Retail Reit Fund’s unit market value increased 1.98% in 2Q 2024, while total asset value came in at SAR 1.1 bn, it said in a a disclosure to Tadawul (pdf). The fund is set to distribute SAR 17.7 mn in dividends at SAR 0.15 per unit.

Amlak International reappoints Abdullah Al Howaish as chairman

Tadawul-listed home financing solutions provider Amlak International has reappointed Abdullah bin Ibrahim Al Howaish (bio) as the chairman of the board after obtaining a non-objection from Saudi Central Bank (Sama), it said in a disclosure to Tadawul. Prior to his appointment as chairman of the company, Al Howaish served as Amlak’s managing director. He has been serving as the managing director of Sinad Holding since 2019. He held several leadership positions in several local banks, including Saudi Awwal Bank, Saudi National Bank, and Arab National Bank. He also previously served as chairman of Saudi Credit Bureau, Saudi Ground Services, Saudi Al Amad for Airport Services and Transport Support and Standard Chartered Capital Saudi Arabia.

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The latest from Bloomberg on the recalibration of gigaprojects + China will never match US security pledges

The government’s “newfound caution” is once again making the rounds, with Bloomberg highlighting the six stress points that it says are testing the economy. It argues that cutbacks in domestic spending are in the cards amid declining oil revenues on the back of Opec+ production cuts as the diversification drive contributes to budget deficits and rising debt.

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It’s all about oil: “The biggest obstacle facing Saudi Arabia continues to be its unwaning reliance on oil. Although the kingdom has tried to lift prices through Oopec+, supply coming from elsewhere hindered that effort. Authorities need to spend to keep the economy ticking and the population happy, but maintain enough restraint to contain the budget deficit,” Bloomberg Economic’s chief emerging-markets economist Ziad Daoud said.

REMEMBER- A Bloomberg piece last week suggested that a government committee led by Crown Prince and Prime Minister Mohammed bin Salman is wrapping up a review of mega projects such as Neom, which could see budgets trimmed.

This isn’t unexpected: While the government has been saying since last fall that it would run modest deficits to push ahead with gigaprojects, it has also signaled that some of the projects are “modular” and could be paced-out beyond 2030. What’s clear is that officials aren’t backing away from the diversification drive and its emphasis on large-scale projects — instead, they’re likely to pick which will push full-steam ahead, and which will build out at a slower pace.

MEANWHILE- Warming Saudi-Chinese ties are also turning heads: European online magazine Modern Diplomacy has taken note of China’s growing influence in the region and what it could mean to the US. It says that Washington should work on reassuring its regional allies, including Riyadh, on security assurances that Beijing will never be able to fulfill. This comes as officials in Beijing discussed last week ramping up trade and investment with Saudi in a sign of a growing interest in the region — and as we wait here for word of what’s next on an expected security, nuclear, and technology cooperation pact with the US.

AND- Another day, another Esports story: Bloomberg has rolled out an opinion piece on gender pay disparity in Esports on the sidelines of the inaugural Esports World Cup. The columnist claims that the event's record-breaking USD 60 mn purse is not equally distributed between male and female players.

State grains buyer disburses first installment of wheat arrears to farmers

COMMODITIES-

Gov’t pays first installment of wheat arrears to farmers: State grains buyer General Authority for Food Security has paid SAR 295.2 mn to 792 farmers, settling arrears for buying 175.7k tons of wheat this year, according to the authority’s post on X. This is the first installment of wheat arrears disbursed by the government for the 2024 harvesting season, which so far has seen the government procure 552.5k tons of wheat from 2.8k farmers, according to Mubasher.

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REAL ESTATE

The Real Estate Registry will give proptech companies Suhail, Aqarsas, and Paseetah access to market data, according to state news agency SPA . The companies leverage AI to generate market data and insights on their platforms to help real estate investors make informed decisions. No further details were provided.

DEBT WATCH-

Tadawul-listed industrial investment vehicle Saudi Advanced Industries (Saic) has renewed a Shariah-compliant credit facility worth SAR 100 mn with Al Rajhi Capital, it said in a disclosure to Tadawul. The one-year financing will help support Saic’s expansion plans, it said.

Markets are digesting the attempted assassination of Donald Trump

From FX to stocks and wagers on the chances that Donald Trump will return to the Oval Office, it’s a very US-centric morning on planet finance as markets digest the attempted assassination on the presumptive Republican candidate’s life. Trump will be formally nominated this week at the Republican national convention.

The USD rose against other currencies yesterday and overnight and BTC climbed to USD 60k. “For us, the news does reinforce that Trump’s the frontrunner,” said Mark McCormick, global head of foreign-exchange and emerging-market strategy at Toronto Dominion Bank. “We remain USD bulls for the second half and early 2025.”

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The downside: The shooting underscores the risk of political violence in the US, which could finally major US equities benchmarks cool if investors rotate even temporarily to safer assets. “Political risk is binary and hard to hedge, and uncertainty was high as it is with the close nature of the race. This adds to volatility. I think it further increases the chance of a Republican sweep.”

ALSO ON PLANET FINANCE- US inflation and interest rates could remain higher for longer than many expect forecasts despite some signs of cooling inflation, CNBC reports JPMorgan Chase boss Jamie Dimon as saying. “There has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,” Dimon said. “Therefore, inflation and interest rates may stay higher than the market expects.”

In context: Monthly US inflation in June for the first time in over four years, prompting some to expect the Federal Reserve is more likely to start cutting rates in September. Fed Chair Jerome Powell told Congress last week that he has “some confidence” that inflation will cool to 2%. He also said that the Fed doesn’t necessarily need to wait for inflation to fall to 2% before moving on interest rate cuts, adding to the speculation that the first cut could come this fall.

MARKETS THIS MORNING-

Major Asian benchmarks are flat this morning as investors mull the attempted assassination of Donald Trump and the start later today of China’s Third Plenum meeting. The policy meeting of the Chinese Community Party takes place about once every five years and was expected last fall. Kickstarting the economy is at the top of the list of topics, but don’t expect CCP officials to dive too deeply into the rot that is the domestic real estate industry. (Markets are closed in Japan in observance of the Marine Day holiday.)

Futures suggest we’ll see something of a relief rally on Wall Street, where futures for the major equities benchmarks were up in overnight trading. European futures, meanwhile, are mixed as we head toward dispatch time this morning.

TASI	11,882	+0.8% (YTD: -0.7%)
MSCI Tadawul 30	1,488	+1.1% (YTD: -4.0%)
NomuC	25,697	-0.3% (YTD: +4.8%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6.0% repo	5.5% reverse repo
EGX30	28,042	-0.9% (YTD: +12.6%)
ADX	9,143	-0.1% (YTD: -4.5%)
DFM	4,104	+0.3% (YTD: +1.0%)
S&P 500	5,615	+0.6% (YTD: +17.7%)
FTSE 100	8,253	+0.4% (YTD: +6.7%)
Euro Stoxx 50	5,043	+1.3% (YTD:+11.5%)
Brent crude	USD 85.30	+0,3%
Natural gas (Nymex)	USD 2.27	-2.6%
Gold	USD 2,415.50	-0.2%
BTC	USD 60,951	+4.5% (YTD: +45.1%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.8% yesterday on turnover of SAR 6.4 bn. The index is down 0.7% YTD.

In the green: Miahona (+10.0%), MBC Group (+9.9%) and Talco (+9.9%).

In the red: AlRajhi Takaful (-7.3%), Saic (-3.3%) and APC (-3.2%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.3% yesterday on turnover of SAR 35.4 mn. The index is up 4.8% YTD.

In the green: Azm (+18.6%), Ghida AlSultan (+9.8%) and Osool and Bakheet (+9.5%).

In the red: Bena (-8.1%), Lime Industries (-6.6%) and Knowledge Tower (-6.6%)

CORPORATE ACTIONS-

#1- Tadawul-listed National Medical Care (Care) has completed a SAR 34.1 mn share buyback at SAR 213.2 mn a piece for its employee stock incentive program, it said in a disclosure to Tadawul. Care said it has repurchased some 160k (representing 0.36% of the company’s total shares) for the program as part of its efforts to attract and retain talent.

#2- Derayah Financial will distribute SAR 6.5 mn in dividends to all unitholders of its Derayah Reit for 1Q 2024, it said in a disclosure to Tadawul. The dividends will be paid on Thursday, 22 August.

Warmer ties with Turkey on display as Bin Farhan meets Turkish president Erdogan in Istanbul

Foreign Minister Prince Faisal bin Farhan discussed regional developments and bilateral ties with Turkish President Recep Tayyip Erdogan at a meeting in Istanbul, state news agency SPA reported yesterday. Bin Farhan and his Turkish counterpart, Hakan Fidan, separately agreed to set up a Saudi-Turkish coordination council, SPA said. The council aims to “advance ties between the two nations.”

IN OTHER DIPLO NEWS- The Kingdom’s new envoy to Egypt, Saleh bin Eid Al Husseini, presented his credentials to Egyptian President Abdel Fattah El Sisi yesterday, SPA reports.

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CALENDAR

JULY

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

17 July (Wednesday): Real Estate Brokerage Forum, Riyadh International Convention and Exhibition Center.

24 July (Wednesday): Stc shareholders to vote on PIF acquisition of Tawal.

21-30 July (Sunday-Tuesday): International Chemistry Olympiad, King Saud University, Riyadh.

AUGUST

3 August (Saturday): Riyadh Season Card featuring Terence Crawford vs. Israil Madrimov, Los Angeles BMO Stadium.

4 August (Sunday): Last day to apply to the Digital Government Authority (DGA) awards.

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.

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.

10-12 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).

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

29 September (Sunday) - 1 October (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.

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.

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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