Al Majed Oud sets IPO price range

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WHAT WE’RE TRACKING TODAY

THIS MORNING: SAMA is studying digital currency for financial institutions

Good morning, friends. It’s another relatively calm but still interesting day, giving our issue less on the hard news side and a little bit more meat, with a couple of industry reports to sink your teeth into.

BUT FIRST- We have big news for you this morning: EnterpriseAM UAE is now available in Arabic, with the first issue sent shortly after this one. Tap or click here to subscribe and get EnterpriseAM UAE in Arabic directly to your inbox everyday before 8am.

⚠️WEATHER WARNING- Severe thunderstorms and rain across the Kingdom today and tomorrow: The General Directorate of Civil Defense issued warnings for heavy rain, flooding, and strong winds between Friday and Thursday in Makkah, Madinah, Al Baha, Asir, Jazan, and Najran. Lighter showers will hit Jeddah, Riyadh, and the Eastern Province, while flash floods have already struck Madinah.

HAPPENING TODAY-

#1- The agricultural products marketing festival kicks off today in Al Qurayyat, state news agency SPA reports.

#2- Another day, another franchise tour: Small and medium enterprises regulator Monsha’at will hold a franchise tour today and tomorrow at King Khalid University in Abha, it said in a statement. This is one of the stops of the larger tour which kicked off in Khobar earlier this month, and is set to have 14 stops in total, featuring 15 companies that want to drum up interest in their franchises.

HAPPENING THIS WEEK-

Property owners in six districts in Makkah have until this Thursday, 29 August to register their properties on the Real Estate Registry platform (RER), according to a post on X. Applications can be submitted via RER’s online portal which provides a set of services including deed transfers. Registration requires a valid title deed.

WATCH THIS SPACE-

#1- A digital currency in the works? The Saudi Central Bank (Sama) is currently studying a digital currency for financial institutions, after joining mBridge to test its pilot project for central bank digital currencies (CBDC), Aleqtisadiah reports, citing unnamed Sama sources. Previously, Sama and the Central Bank of UAE tested the technical feasibility of a CBDC through joint experiments involving six commercial banks from both countries.

What’s mBridge? The project aims to develop a multi CBDC platform for instant cross-border payments. Launched in 2021, it is a collaboration between the Bank of International Settlements Innovation Hub, the central banks and financial institutions of Thailand, UAE, China, and Hong Kong.

#2- Modon wants to bring more Egypt investments to the local food industry: The Saudi Cities Authority (Modon) is looking to establish joint ventures (JVs) with the Egyptian-Swiss Group, according to El Taameer. Ali Al Omari, deputy executive director of Modon, pitched investments in the largest food industry cluster in Jeddah during a visit to the group’s production lines in Egypt, the news outlet reports.

About the Egyptian-Swiss Group: The company has a pasta production plant in Egypt’s 10th of Ramadan industrial city, a tomato paste factory, and a flour mill. This is in addition to wheat silos with a storage capacity of 50k tons.

By the numbers: Egyptian-Swiss has doubled its pasta exports to Saudi Arabia over the past two years. The Kingdom was also the second-largest importer of Egyptian processed foods in 2023, with imports valued at USD 400 mn — or 8% of Egypt’s total sector exports that year.

Saudi-UAE consortium backs out of plan to redevelop central Cairo landmark building: A consortium of Saudi Egyptian Developers (SED) and the UAE’s Al Shafar General Contracting (ASGC) Group has backed out of an agreement to work on the USD 5 bn redevelopment of Egypt’s former National Democratic Party (NDP) headquarters in central Cairo due to increased construction costs following the EGP float, Asharq Business reports, citing an unnamed official within the consortium. The redevelopment plan came with a price tag of USD 5 bn to be invested in a 7-star, 220-meter high hotel, residential buildings, and a multi-storey garage

The why: The consortium’s share in its partnership with the Sovereign Fund of Egypt — which was tied to land and building prices — was altered following the currency’s depreciation and the resulting surge in raw material and energy prices.

The two companies could still end up developing the project if their shares in the project are adjusted, the consortium source noted.

Four fresh food and livestock projects are up for grabs in Al Baha: The National Agricultural Services Company issued tenders for four three-year agricultural and livestock development projects in Al Baha, state news agency SPA reports. Interested investors can submit their applications through the Furas online portal.

DATA POINTS-

#1- PIF-owned Red Sea Global has installed around 760k solar panels to fully power the first phase of its flagship Red Sea Project destination, according to the company’s annual sustainability report last week.

#2- Jeddah Season 2024 received more than 1.7 mn visitors throughout the 52 days of the festival, SPA reported. The festival kicked off on 28 June and wrapped on 17 August.

#3- The Kingdom secured the 15th spot in the global ranking for container handling, Mawani reports, citing a Lloyd’s List report. Three Saudi ports have been listed among the top 100 ports globally, with Jeddah Islamic Port in 32nd place, King Abdullah Port (#70), and Dammam Port (#82).

MARKET WATCH-

STC shares get a boost from dividend plans: Saudi Telecom Group’s (STC) share price were up 9.9% to SAR 43.7 at yesterday’s close, following the board’s approval of a three-year plan to pay dividends at SAR 0.55 per share every quarter starting in 4Q 2024. This marks STC’s biggest price jump in a single day since 2008, on the basis of the closing price, Bloomberg reports. The telecom giant is mulling more payments to shareholders through special dividends after assessing its financial position, future outlook, strategic investments, and capex needs.

SPORTS-

#1- Ghanaian midfielder Kwame Bonsu has reportedly joined Al Ain on a freetransfer from Iraq’s Naft Al Basra, according to Ghana Soccernet.

#2- Real Madrid’s left-winger Vinicius Jr hasn’t made up his mind yet on moving to Saudi, putting the decision on hold until the end of the current season, ESPN reported, citing an unnamed source. The New York Times reported earlier this month that Vini Jr had outright turned down offers from the PIF to join the Saudi Pro League.

#3- Liverpool’s goalie Alisson Becker isn’t joining SPL, at least not now: The 31-year-old goalie has reportedly rejected an offer from Al Nassr, according to the Daily Mail. “If it’s in the interest of the club to negotiate me with another club, then it will be a different conversation. I’m open [to Saudi Arabia], but not at present,” the newspaper quotes Becker as saying.

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MORNING MUST READ-

Despite recent momentum, CNY-based oil trades with China still look like a long shot: The economic rationale for the Kingdom moving to a new system that would see oil trade with China conducted in CNY rather than USD remains “weak” at present, despite diplomatic momentum, according to a thought leadership report by S&P Global.

The rationale: Most net oil exporters — including Saudi — have a trade surplus with China. Despite growing trade between the two countries during the past few years, the majority of that volume is from China’s oil purchases. If oil trades were CNY-denominated, the Kingdom would have an excess of CNY after meeting payments for imports of Chinese goods — and a difficult time finding ways to spend that CNY surplus. A large stock of the Chinese currency may incur significant exchange rate risks, especially as it has been historically volatile when compared with the greenback. That risk is multiplied when considering the SAR’s peg to the USD and the resulting FX losses from any currency fluctuations in either the CNY or the greenback.

There are still some channels for CNY payments, including the government’s ambitious mega project pipeline and other projects under Vision 2030, which are set to set back state coffers some USD 1 tn. Chinese investors could be strong contenders to execute some of the work under these projects — and can accept payments in CNY. The government may also tap China-based contractors for upcoming mega-events such as the Asian Winter Games 2029, Expo 2030, and the Fifa World Cup 2034, the report said.

Chinese firms have already made inroads: Some USD 30 bn has been awarded to foreign contracts for projects in the Kingdom, S&P Global said citing consultancy MEED. Six of the ten largest foreign contractors by contract value in Saudi Arabia are Chinese, namely: China Harbour Engineering, China Machinery Engineering, Sinohydro, China Railway Construction, China State Construction Engineering, and China Gezhouba Group, the report said.

Riyadh can also redirect petroyuan flows towards new investments in China, via boosting Aramco’s downstream footprint in the country as well as PIF’s China-based portfolio, S&P also said. Aramco inked a slew of multi-bn USD agreements with Chinese refiners this year, with Aramco petrochemicals subsidiary Sabic also shelling out USD 6.4 bn to develop a refining hub in China’s Fujian. Meanwhile, PIF technology investment subsidiary Alat has piled USD 2 bn into zero-coupon convertible bonds from Chinese PC-maker Lenovo, among a string of other investments by Saudi-based outfits in China.

THE BIG STORY ABROAD-

There are two stories capturing the attention of the global press this morning: An escalation of aggression between Hezbollah and Israel, and Telegram CEO Pavel Durov’s arrest in France.

Israel and Hezbollah exchanged attacks yesterday, with Israel launching “around 100” warplanes into Lebanon in what it said was a preemptive move against an attack from Hezbollah. The group later fired hundreds of rockets into Israel, hitting military targets and killing one Israeli soldier. Hezbollah’s attack was in retaliation for the killing of Fuad Shukr, one of its senior members, in Beirut last month. Although the exchange of fire has raised concerns of regional escalation, both Hezbollah and Israel are “employing the language of containment.” (Reuters | Bloomberg | Financial Times | Wall Street Journal | New York Times | Washington Post)

MEANWHILE IN FRANCE- Telegram founder and CEO Pavel Durov was arrested in France yesterday on several charges, including charges related to the spread of illicit material and misinformation on Telegram due to inadequate moderation and “a lack of cooperation with police.” Telegram said in a statement on X that the platform “abides by EU laws, including the Digital Services Act — its moderation is within industry standards and constantly improving.” (Reuters | Bloomberg | New York Times | Financial Times)

CIRCLE YOUR CALENDAR-

The EFG Hermes London Conference returns: EFG Hermes will hold its annual conference in London on 9-12 September, giving investors “unique and unparalleled access to leading equities in MENA and key frontier emerging markets.”

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

The two-day Data Center Xpo summit will kick off in Riyadh on Tuesday, 3 September.

The two-day Kingdom Business and Luxury Travel Congress will kick off on Wednesday, 25 September, at the Crowne Plaza Riyadh RDC Hotel and Convention.

The three-day Global Logistics Forum will kick off on Saturday, 12 October at Riyadh’s King Abdullah Financial District.

The Industrial Hackathon 2024 is scheduled for 10-11 October, the Saudi Industrial Development Fund spokesperson said on X. The hackathon will pit top Saudi talents against each other to showcase their design, production and sustainability solutions for the local manufacturing sector. Contestants will compete for a pool worth a combined SAR 1.4 mn.

Al Majed Oud could raise SAR 750 mn from its Tadawul IPO

Al Majed Oud is guiding on a price range of SAR 90-94 per share for its IPO on Tadawul’s main market, it said in a post on X. The perfume maker is planning to sell a 30% stake in a secondary share sale that will see all six substantial shareholders sell down their positions to 70% of the company’s total capital, down from 100%. The story got ink in Bloomberg.

Market cap + proceeds: At the top end of the range, the transaction would give the company a market cap of up to SAR 24 bn at listing, and raise SAR 705 mn in proceeds. Some SAR 25 mn of IPO proceeds will go towards covering costs associated with the offering including advisory, bookbuilding, legal, auditing, marketing, and other fees. The selling shareholders will divide the rest of the proceeds on a pro rata basis.

The subscription period for institutional investors kicked off yesterday and runs until this Thursday, 29 August. The retail subscription window will open Sunday, 15 September, with final share allocations to be announced on Thursday, 19 September.

The breakdown: Institutional investors are being allotted 100% of the offering, but the financial advisor can reduce that to 80% and allocate 20% of the offering to retail investors “if there is sufficient demand” during the retail subscription window. Public funds — which are counted as institutional investors — will be earmarked 30% of the offering, which may be rolled back to 24% if demand falls short.

Lock-up period: Major shareholders are restricted from selling their shares for a six-month period beginning with the start of trading. The company is also not allowed to issue or list any additional shares of the same category for six months after trading begins.

ADVISORS- BSF Capital is financial advisor and lead manager, while Baker McKenzie is providing counsel to the issuer. Stat is counsel to the financial advisor, underwriter manager, institutional subscription manager, and lead underwriter. PwC is running financial due diligence, while Euromonitor International is the market study advisor and BDO Dr. Mohamed Al Amri & Co is the independent financial auditor.

Cybersecurity spending climbs on private sector contribution

The local private sector accounts for 69% of spending in the SAR 13.3 bn domestic cybersecurity market, according to a report by the National Cybersecurity Authority (NCA) (pdf). Cybersecurity activities worth SAR 156 bn accounted for 0.4% of overall GDP, and 0.8% of the non-oil GDP in 2023, the report reads. The report doesn’t provide comparable figures for 2022.

MSMEs are dominating: Small enterprises accounted for 273 of the cybersecurity providers in the Kingdom, followed by medium-size businesses at 37, micro firms at 32. Meanwhile, 11 cybersecurity providers in Saudi are classified as large firms.

Where’s demand coming from? There is more demand for cybersecurity offerings in Riyadh, Makkah and the Eastern Region, according to the report. These areas represent 83% of the total domestic demand for cybersecurity services, and products. The capital city is home to 72% of providers, followed by Makkah with 14% and the Eastern Region with 10%.

THE CAVEAT- Saudi businesses still have some ways to go on cybersecurity readiness: Only 1% of domestic firms reached the “mature stage” of overall cybersecurity readiness in 2024, the report indicates. This compares with a declining global average of 3% from 15% last year in terms of the most advanced state for overall readiness

Saudi real estate market poised for more growth in 2H 2024, Markaz says

The Saudi real estate market is expected to “maintain its upward momentum” into the second half of this year, continuing its growth trajectory following its post-covid recovery, according to Kuwait-based asset manager and investment bank Markaz’s KSA Real Estate Report (pdf). “Based on our [Markaz] assessment of various macroeconomic factors, we believe that the real estate sector in Saudi Arabia remains in the accelerating phase in 1H 2024 and will continue to accelerate in 2H 2024.”

What gives? The domestic real estate market’s strong position is buoyed by steady growth in the non-oil sector, robust performance in the hospitality industry, and increased government spending in infrastructure projects, according to Markaz.

Recovery in turnover: The 1Q figures show a recovery in turnover from real estate transactions and average prices, highlighting the strong performance of the office sector, with rising rents in both Grade A and Grade B markets across Riyadh, Jeddah, and Dammam, Markaz notes.

Bullish outlook: The Kingdom’s score in Markaz’s real estate macro index — which factors in the projected performance of several key macro indicators — shows a forecasted uptick to 3.6 points in 2H of this year, up from 3.55 over the same period last year. This score suggests the market is currently in an “accelerating” phase. A score of 4.3-5.0 would indicate the market has peaked and is in due for a slowdown.

Pundits are all bullish about the sector: Real estate services provider Savills Research said, last month, that Riyadh’s office market remained strong in 2Q, supported by growth in the non-oil sector. London-based real estate consultant Knight Frank also highlighted the growing demand for office space in its summer review.

REMEMBER- Real estate prices across Saudi Arabia rose 1.7% y-o-y in 2Q 2024, driven by rising costs of residential real estate and agricultural land plots. Meanwhile, Riyadh’s office market stayed strong last quarter on the back of growth in the non-oil sector.

Real estate loans rose 11.5% y-o-y to SAR 767.3 bn at the end of 4Q 2023, Markaz reports, while mortgages dipped 2.9% y-o-y during the quarter to SAR 22.1 bn. These financing portfolios could rise in the back half of the year as interest rates start coming down, which “could act as a catalyst for the acceleration of loan origination growth rates,” Markaz says.

REMEMBER- Last Friday, the US Federal Reserve announced it plans to begin cutting interest rates as of next month. The SAR is pegged to the USD and the Saudi Central Bank (SAMA) mirrors the Fed’s rate changes.

IN OTHER REAL ESTATE NEWS-

PIF unit + BlackRock partner to boost Saudi real estate financing: PIF-owned Saudi Real Estate Refinance (SRC) signed an MoU with the world’s biggest asset manager BlackRock to launch real estate refinancing programs in the Kingdom, state news agency SPA reported. The agreement also seeks to drum up investments in the domestic fixed-income market.

SRC is on a roll: SRC inked a similar MoU last week with King Street Capital Management, another US asset manager, to boost liquidity and diversify financing solutions for the Saudi secondary real estate market, seeking to attract foreign investors to the sector.

#2- Egyptian real estate developer Palm Hills Developments is looking into a number of projects in both the real estate and education sectors in the Kingdom, Co-CEO Hazem Badran told Asharq Business, adding that both the higher education and K-12 sectors are on the company’s radar (watch, runtime: 6:02). The company is eyeing projects in Jeddah, Riyadh, and in the north of the country. Palm Hills set up a Saudi branch earlier this month, joining Talaat Moustafa Group and other Egyptian real estate players that have recently entered the local market.

All PIF, all the time

The Guardian’s Jonathan Wilson is out with an opinion piece on what he thinks is an uncertain future for Newcastle United under Saudi ownership. Wilson questions whether the club — which now has “the richest owners in the world” in the Public Investment Fund — can find success in the new Premier League season, particularly as the PIF continues to invest in the sports industry, making Newcastle less of an imminent priority.

REMEMBER- The PIF-owned club is now valued at USD 1.3 bn after the PIF raised its stake to 85%, after the fund bought former owner Amanda Staveley’s stake.

Want to dive deeper? Check out our Enterprise Explains story of how the fund has shaped itself into a major global sports power, with Newcastle landing a large investment ticket.

Saudi Electricity Company obtains a USD 4 bn syndicated loan

DEBT WATCH-

#1- Saudi Electricity Company secured USD 4 bn in international syndicated revolving credit facilities from 15 local, regional, and global lenders, according to a disclosure to Tadawul. The three-year facilities have an option for a two-year extension. The funds are intended for “general corporate purposes.” Information about how much each lender contributed to the transaction wasn’t disclosed.

#2- Nomu-listed Naba Al Saha Medical Services has obtained a SAR 250 mn from Riyad Bank, it said in a disclosure to Tadawul. The new facility runs for nine years and is earmarked for financing a hospital project in Riyadh’s Al Munisiyah district.

CAPITAL MARKETS-

Care2 Fund is set to relocate its entire 20% stake in Nomu-listed Professional Medical Expertise Company (ProMedEx) to the investment portfolios of its unitholders, the fund’s manager Al-Khair Capital Saudi Company informed ProMedEx on Thursday according to a disclosure to Tadawul. The Second Health Care Trading Company is acting as custodian for the transaction.

Nomu-listed Edarat Communication and IT tapped Yaqeen Capital as financial advisor for its transition to Tadawul’s main market, according to a disclosure to Tadawul.

HEALTHCARE-

Brazilian healthcare provider Oncoclínicas&Co plans to tap the Saudi market through a JV with Al Faisaliah Group, according to a joint press release. Oncoclínicas, one of the largest groups for cancer treatment in Latin America, will launch a cancer outpatient center in Riyadh, focusing on diagnostic medicine and treatments, including chemotherapy and radiotherapy.

CONSTRUCTION-

Riyadh Development and Riyadh Holding signed an agreement to establish a newjoint-stock company to develop the Deira area in Riyadh, according to a disclosure to Tadawul.

TRANSPORT-

The Saudi Public Transport Company has signed a SAR 84 mn contract with Tabuk Municipality to operate the public bus transport network in Tabuk City, according to a disclosure to Tadawul. The contract covers the first phase of the public transport network and will run for five years.

ALSO- The Tabuk public transport project will be the first to get electric buses: Initially, 25% of the buses will be electric, with plans to extend this technology to future projects across the Kingdom, according to state news agency SPA.

GAMING-

Savvy Games and San-Francisco based gaming developer Niantic Inc. signed an MoU to expand AR gaming in Saudi, the UAE, and Egypt, where PIF-owned Savvy will support Niantic’s regional operations, providing assistance with office space, talent recruitment, and logistics, according to a press release.

Turkey expected to start cutting sky-high 50% interest rates in November

Turkey’s interest rate could be halved by the end of 2025: The Turkish central bank could be set to begin a cycle of rate cuts starting November that would carry through until the end of next year, the CEO of Turkey’s largest private bank Isbank, Hakan Aran, told Bloomberg. Aran sees the bank halving rates to 25% by 2025 from their current 50%.

The bank kept interest rates unchanged at 50% for a fifth consecutive month last week. The bank last hiked rates in March as part of a wider tightening cycle that began a little over a year ago following the re-election of Turkish President Recep Tayyip Erdogan. The central bank has raised rates by a total of 4,150 basis points since June 2023.

“I am not worried about a hard landing or a recession,” Aran told Bloomberg. “I believe the current policies will both lead Turkey to attain price stability and maintain growth, albeit slower than its potential,” he said. The CEO sees growth rates slowing to 3.5% and inflation to 42% by the end of the year, down from the current 62%. Akan’s prediction is slightly less optimistic than that of the central bank, which is targeting year-end inflation of 38%.

Remember: Turkey’s economic policy has been seeing something of a turnaround — one that has caught the eye of investors, with nearly USD 30 bn being channeled from abroad into Turkish stocks and bonds since May 2023. Many point to the appointment of former economy chief Mehmet Simsek as treasury and finance minister as the turning point that set the country on its current trajectory, with Simsek’s stint seeing a reversal of decades of unorthodox monetary policy that saw the Turkish central bank cut interest rates in the face of double-digit inflation.

MARKETS THIS MORNING-

Asian markers are mixed in early trading this morning as traders weigh up dovish comments from senior US Fed officials and the risk of a regional war breaking out in our part of the world as Israel and Lebanon’s Hezbollah exchange missiles. Japan’s Nikkei is down 1.2% and China’s Shanghai index is essentially flat, while Korea’s benchmark Kospi is up 0.2%.

TASI	12,262	+0.6% (YTD: +2.5%)
MSCI Tadawul 30	1,537	+0.8% (YTD: -0.9%)
NomuC	26,690	+0.4% (YTD: +8.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	30,074	-0.2% (YTD: +20.8%)
ADX	9,374	0.0% (YTD: -2.1%)
DFM	4,293	-0.4% (YTD: +5.7%)
S&P 500	5,635	+1.2% (YTD: +18.1%)
FTSE 100	8,328	+0.5% (YTD: +7.7%)
Euro Stoxx 50	4,909	+0.5% (YTD: +8.6%)
Brent crude	USD 79.02	+2.3%
Natural gas (Nymex)	USD 2.02	-1.5%
Gold	USD 2,546	+1.2%
BTC	USD 64,236.60	+0.1% (YTD: +51.9%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.6% yesterday on turnover of SAR 7.95 bn. The index is up 2.5% YTD.

In the green: STC (+9.9%), Saudi Re (+9.9%) and Sasco (+6.5%).

In the red: Al Baha (-7.7%), Raydan (-3.6%) and Miahona (-3,3%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.4% yesterday on turnover of SAR 44 mn. The index is up 8.8% YTD.

In the green: Lana (+9.2%), Networkers (+5.2%) and Osool and Bakheet (+5.0%).

In the red: Neft Al Sharq (-11.8%), Taqat (-9.2%) and View (-8.2%)

CORPORATE ACTIONS-

#1- Saudi Manpower Solutions Company (Smasco) will distribute SAR 48 mn in dividends at SAR 0.12 riyals per share for 1H 2024, it said in a disclosure to Tadawul. Distribution is set for Tuesday, 10 September.

#2- SNB Capital will distribute SAR 34.4 mn in dividends at SAR 0.25 per unit to unitholders of AlAhli REIT Fund (1) for 1H 2024, it said in a disclosure to Tadawul.

CALENDAR

AUGUST

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

25-29 August (Sunday-Thursday): Tourism Week, Enterprise Support Centers in Riyadh, Jeddah, Al-Khobar, and Madinah.

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.

3-4 September (Tuesday-Wednesday): Data Center Xpo, Voca, Riyadh.

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

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

9-12 September (Monday-Thursday): EFG Hermes London Conference, Emirates Stadium, London.

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.

29 September (Sunday): Start of Digital Chip Design Technologies training program.

OCTOBER

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

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

12 October (Saturday): Riyadh Season.

12 October (Saturday): Shakur Stevenson x Joe Cordina, Riyadh.

12-14 October (Saturday-Monday): Global Logistics Forum, Riyadh.

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

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

19 October (Saturday): Battle of the Giants, Mayadeen Hall, Riyadh.

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.

26 October (Saturday): Donor Conference to Support Refugees in Sahel and Lake Chad Regions, TBD.

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.

19-20 November (Tuesday-Wednesday): The Women’s Economic Forum 2024, 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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