Almoosa Health sets IPO price range at SAR 123-127 apiece

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Arabica Star debuts on Nomu today

Good morning, ladies and gentlemen, and happy THURSDAY. We’re rounding out the week on a capital markets-heavy note, leading with Almoosa Health setting the price range for its upcoming Tadawul IPO. Meanwhile on Nomu, Arabica Star hits the exchange today, while Shmoh Almadi plans to sell a 14.9% stake on the parallel market.

HAPPENING TODAY-

Shares of Arabica Star will begin trading on Nomu today at SAR 64 apiece. Trading on the first three days will be subject to a price fluctuation limit of ±30%, after which the daily limit will be capped at ±10%, and a static price fluctuation limit of ±10% will be removed.

REFRESHER- The coffee shop and restaurant operator is taking a 25% stake to the parallel market in an offering that was 16.1x oversubscribed. Arabica Star’s final share pricing of SAR 64 sees it raising SAR 17.6 mn in proceeds and gives it a market cap of SAR 70.4 mn at listing, according to EnterpriseAM Saudi calculations.

OIL WATCH- The OPEC+ joint ministerial committee is scheduled to meet today via videoconference, and are expected to extend output cuts until the end of 1Q 2025.

What to watch for: “While a delay to unwinding production cuts is expected, the rhetoric out of the meeting is going to have the biggest sway,” Kpler lead oil analyst Matt Smith tells Reuters.

MEANWHILE- Aramco is among nearly two dozen companies to receive approval from Bangladesh to supply spot liquefied natural gas (LNG), the country's Energy and Power Minister Muhammad Fouzul Kabir Khan tells Reuters.

The FIFAe Finals 2024 returns to Riyadh today and runs through next Thursday, 12 December at SEF Arena, BLVD Riyadh City, according to a press release. This year marks the first time the event will feature multiple esports titles, including the FIFAe World Cup with Rocket League (5-8 December) and two FIFAe World Cups with eFootball (9-12 December) on console and mobile. With a total prize pool of USD 450k, the event will showcase talent from 18 countries. Fans can attend in person or watch live on FIFAe’s Twitch channel. Register here.

WEATHER- Riyadh will be cloudy with a high of 28°C and a low of 17°C. Makkah is also getting some clouds, with temperatures peaking at 32°C and dropping to 20°C. Meanwhile, Dammam will have a high of 26°C and a low of 17°C.

WATCH THIS SPACE-

#1- UK Prime Minister Keir Starmer is reportedly planning a visit to Riyadh in the next couple of days, according to Al Watan and Al Arabiya. While official confirmation is pending, foreign outlets reported last month that Starmer would travel to Saudi Arabia and the UAE in December to bolster relations with the Gulf states. If confirmed, this would be Starmer's first visit to the region since assuming office in July and the first by a UK leader to Saudi Arabia since Rishi Sunak's visit in October 2023.

#1- Acwa Power is planning to invest up to USD 50 bn in China by 2030, focusing on renewables, green hydrogen, and desalination, Acwa Executive Vice President for China Lyu Yunhe told Bloomberg (watch, runtime 6:00). The company is aiming to reach 1.3 GW of renewable energy capacity in China by year-end, with expansion targets of 4-6 GW in 2025 and 5-6 GW annually thereafter.

Acwa Power also plans to begin construction on its first water purchase agreement with the Shandong government next year and will collaborate with state-owned Chinese firms for both domestic and international projects.

ICYMI: Lyu told Asharq Business earlier this week that Acwa plans to invest between USD 6-10 bn in China next year, after already investing USD 2 bn during its first year of operations in China.

#2- Aramco partners with Linde, SLB for its carbon capture project: Aramco signed a shareholders’ agreement with global industrial gas firm Linde and US-based energy tech company SLB to develop its Jubail carbon capture and storage facility, it said in a statement. Under the agreement, Aramco will own a 60% share in the project, while its partners will own 20% each. The story got ink in Bloomberg.

Construction on the first phase is slated to wrap up by the end of 2027, with capacity to capture and store up to 9 mn tons of carbon dioxide a year, the statement said. Aramco signed a joint development agreement for the facility, set to be one of the largest in the world, with Linde and SLB back in November 2022.

#3- Crown Prince Mohammed bin Salman rolled out the National Red Sea Sustainability Strategy, as part of the Kingdom’s drive to build out a blue economy, state news agency SPA reports. The initiative seeks to expand coastal protected areas to 30% of Saudi’s marine and coastal land, up from the current 3%, boost renewable energy to account for 50% of the energy mix and create jobs in ecotourism, fisheries, and water desalination. It also outlines some 48 initiatives to link the country’s economic development with environmental preservation.

#4- LaLiga set up shop in Riyadh with a new workspace within the Saudi Pro League (SPL) headquarters, according to a press release (pdf). This is part of an initiative which includes a presence in 34 countries through 11 global offices. The Spanish soccer division will also appoint a delegate in Riyadh.

MARKET WATCH-

Saudi stocks are lagging behind emerging market benchmarks for the first time in four years, but analysts see a rebound coming in 2025, Bloomberg reports. TASI is down 1% YTD while MSCI’s emerging equity index was up 7% over the same period. Going forward, Saudi markets are insulated from a new wave of tariffs and a stronger USD that are expected to come hand-in-hand with the new Trump administration. Share valuations have also leveled out to more reasonable levels. Meanwhile, a weak outlook for oil continues to pose risks for Saudi equity markets.

DATA POINTS-

#1- Expatriate remittances grew 23% y-o-y to SAR 13.4 bn in October, Argaam reports, citing central bank data. On a m-o-m basis, remittances increased 10%.

#2- Saudi’s imports from GCC countries fell 19% y-o-y to SAR 5.4 bn in September, Argaam reports citing figures from the General Authority for Statistics (Gastat). The UAE remained our largest exporter, contributing 63% of the total at SAR 3.4 bn, 20% y-o-y drop. Bahrain followed with SAR 923.1 mn in imported goods, up 50% y-o-y, while Oman recorded SAR 741.5 mn, a 45% y-o-y decline. Qatar and Kuwait trailed with SAR 171.5 mn and SAR 135.9 mn.

#3- All Saudi citizens had their basic healthcare expenses covered in 2024, with the coverage rate being 95.9% for the Kingdom’s entire population, the General Authority for Statistics said in its latest healthcare statistics publication (pdf).

#4- Foreigners make up over 50% of Riyadh’s population, the city’s Mayor Faisal bin Abdulaziz bin Ayyaf was quoted as saying at the Saudi-French Investment Forum by the Saudi Gazette.

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THE BIG STORY ABROAD-

Government collapse and warnings of economic peril are once again leading the digital front pages this morning, with French lawmakers on both ends of the political spectrum uniting to oust Prime Minister Michel Barnier in a no confidence vote that left the three-month old administration as the shortest-lived in the history of France’s Fifth Republic.

The fallout from the budget battle has plunged France into uncertainty, with President Emmanuel Macron now under pressure to appoint a new premier while facing calls for his own resignation. France’s political turmoil hit just weeks after Germany’s Scholz coalition crumbled, throwing the EU’s top two economies into uncertainty and keeping financial markets on edge. (Wall Street Journal | Bloomberg | Financial Times | Reuters | Associated Press | New York Times | Guardian)

The fatal shooting of UnitedHealthcare CEO Brian Thompson also ranks high on the press’ radar, as New York police label the incident a “targeted premeditated attack.” The killing, which occurred ahead of an investor event in Midtown Manhattan, has sent shockwaves through healthcare and business sectors. A manhunt is currently underway for the suspect. (Wall Street Journal | Bloomberg | Financial Times | Reuters | Associated Press | New York Times | Guardian)

Also featuring prominently in the business papers is Trump’s decision to tap crypto advocate Paul Atkins to lead the US Securities and Exchange Commission, signaling a softer regulatory environment for financial markets. Atkins is expected to ease restrictions on digital assets, departing from outgoing chair Gary Gensler’s tougher approach towards Wall Street and crypto companies. (Wall Street Journal | Financial Times | Associated Press | New York Times)

IN BUSINESS NEWS- BTC topped USD 100k for the first time ever, a milestone anticipated ever since Trump’s election prompted a rally for the cryptocurrency. (CNBC)

CIRCLE YOUR CALENDAR-

The two-day pharma exhibition CPHI Middle East kicks off in Riyadh on Tuesday, 10 December. The event will bring together leading pharma companies, industry experts, and innovators to discuss advancements in medicine and healthcare.

Riyadh will host the Future Minerals Forum from 14-16 January. The forum will gather stakeholders from over 170 countries to discuss mineral technology and exploration. Speakers will include senior government officials and CEOs from mining companies Vale, Rio Tinto, and Manara.

Almoosa Health sets price range for Tadawul IPO

Almoosa Health Company is guiding on a price range of SAR 123-127 per share for its offering of a 30% stake on Tadawul’s main market, the firm said in a statement (pdf). The pricing could see Almoosa raise up to SAR 1.7 bn (USD 450 mn) in proceeds and would give it a market cap of SAR 5.6 bn (USD 1.5 bn) at listing.

The offering is shaping up to be Saudi’s second-largest IPO of the year, following Fakeeh Care’s mid-year offering that raised some USD 764 mn, Reuters said.

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Part of the proceeds — after deducting an estimated SAR 52.4 mn in offering expenses — will be distributed to the selling shareholders, while the remaining will fuel the company’s growth plans and to repay outstanding debt.

Timeline: Institutional bookbuilding kicked off yesterday and will run until Tuesday, 10 December. Institutional investors can subscribe to 100% of the offering, booking a minimum of 100k shares and up to 2.2 mn shares each. Retail investors will be allocated up to 20% of the offering subject to demand, and can book between 10 and 250k shares each during a two-day subscription period beginning on Monday, 23 December. Final share allocations will be announced no later than Sunday, 29 December.

Pre-set allocations: Of the 13.3 mn shares on offer, 21% will be newly issued shares to be added in the form of a capital increase. Tawuniya and Al Fozan Holding will be allocated 22% of the offering as anchor investors, and 30% of the offering will be allocated to public funds.

Post-IPO structure + lockup: The hospital operator’s substantial shareholders, Abdulaziz bin Abdullah Almoosa Investment Co. (95%) and Abdulaziz Abdullah Almoosa Charity Co. (5%), will see their combined ownership diluted from 100% to 69.7%. They will not be able to sell down their positions for a six-month period starting from the first day of trading.

ADVISORS- Our friends at EFG Hermes are underwriters and bookrunners on the transaction, alongside Banque Saudi Fransi Capital, which is also acting as the lead manager and financial advisor. PwC is financial due diligence advisor as well as market consultant, while Latham and Watkins is providing counsel. Moelis is advising the selling shareholders.

AfDB approves USD 170 mn loan for Acwa Power + Hassan Allam wind project

More financing for Acwa-HAU mega wind farm: Renewables giant Acwa Power and Hassan Allam Utilities (HAU) secured up to USD 170 mn in financing from the African Development Bank (AfDB) to support their USD 1.1 bn, 1.1 GW wind farm in Egypt’s Gulf of Suez, according to a press release. Additional financing is expected to come from a consortium of Development Finance Institutions and banks.

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We should hear an update soon on a USD 200 mn loan from the European Bank for Reconstruction and Development (EBRD) for the project, which has passed its final review and is only pending approval, according to a project summary from the lender.

REMEMBER- The two companies are set to secure close to USD 900 mn in financing by the end of the year for their 1.1 GW wind farm in Gulf of Suez, a source with knowledge of the matter told EnterpriseAM Climate in September. It's unknown whether the AfDB and EBRD loans were part of the count.

About the plant: When operational by the end of 2026, the project — developed by Acwa and Hassan Allam — is set to offset 2.2 mn tons of carbon dioxide annually and produce 4.1 TWh of power annually, enough power for nearly 1.1 mn households. The wind farm’s 1.1 GW capacity will mark it as the largest wind project in both Africa and the Middle East.

Shmoh Almadi to debut a 14.9% stake on Nomu

Bakery and logistics firm Shmoh Almadi is taking a 14.9% stake to Tadawul’s parallel market Nomu, it said in a prospectus (pdf). The stake is equivalent to 1.4 mn shares.

Use of proceeds: SAR 2.4 mn from the offering will cover IPO-related expenses, with the remainder earmarked to fund Shmoh Almadi’s expansion plan. Some SAR 7 mn will be used to hike the company’s capital, while existing shareholders will not receive any proceeds.

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Post-IPO structure + lockup: Substantial shareholders will see their combined ownership diluted to 65.5% from 77%. They will not be able to sell down their positions for a 12-month period starting from the first day of trading.

Timeline: Qualified investors can book shares between Tuesday, 24 December and Tuesday, 31 December with a minimum subscription limit of 10 shares and a maximum of 470k shares for each investor.

Earnings snapshot: Shmoh Almadi reported a net income of SAR 5.7 mn in 1Q 2024, down 39.7% y-o-y. The company logged SAR 37.4 mn in revenues during the same period, marking a 19.2% decrease.

About Shmoh Almadi: Established in 2006, Shmoh Almadi specializes in producing bread, biscuits, pastries, and sweets, along with refrigerated and dry food storage, grain silo operations, goods transportation, and retail sales of bakery products.

ADVISORS- Value Capital is quarterbacking the transaction as lead financial advisor and bookrunner, while Mahama is acting as legal advisor.

Receiving agents include Alinma Investment, Al Rajhi Capital, SNB Capital, BSF Capital, Riyad Capital, ANB Capital, Alistithmar Capital, Albilad Capital, AlJazira Capital, Yaqeen Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, Derayah Financial.

COP16 Climate pledges hit USD 12 bn in total

ACG pledges USD 10 bn for combating drought + desertification at COP16: The Arab Coordination Group (ACG) pledged USD 10 bn to fight land degradation, desertification, and drought on the second day of the UN Convention to Combat Desertification (UNCCD COP16) taking place in Riyadh, according to a press release (pdf).

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The latest commitment brings the total pledged at COP16 so far to upwards of USD 12 bn, following Tuesday’s launch of the Riyadh Global Drought Resilience Partnership with an opening USD 150 mn commitment from Saudi Arabia that was backed by follow-on pledges of USD 1 bn apiece from the OPEC Fund and the Islamic Development Bank.

More is expected to come: “I hope this is just the beginning, and over the coming days and weeks, we see further contributions from international private and public sector partners,” Saudi’s Deputy Minister for Environment and advisor to the UNCCD COP16 Presidency Osama Faqeeha said. There is an urgent need to rally financial support for the initiative to combat drought and land degradation in the worst affected countries, with a “worrying blackhole in the funds needed,” Faqeeha said, according to a separate statement (pdf).

Still, a lot more financing is needed: Initiatives to stave off the effects of land degradation, drought, and desertification require investments of some USD 355 bn per year between 2025-2030, while projected annual investments currently stand at USD 77 bn, according to the UNCCD’s financial needs assessment report. Private sector investments account for only 6% of funding, despite forecasts suggesting that rehabilitating upwards of 1 bn hectares can generate USD 1.8 tn in returns every year.

About ACG: Established in 1975, the ACG is an alliance of four bilateral and six multilateral Arab development funds that includes the Abu Dhabi Fund for Development, Arab Bank for Economic Development in Africa, Arab Fund for Economic and Social Development, Arab Gulf Program for Development, Arab Monetary Fund, Islamic Development Bank, Kuwait Fund for Arab Economic Development, OPEC Fund for International Development, Qatar Fund for Development, and Saudi Fund for Development. ACG has fronted more than 11k development loans in upwards of 160 countries, bankrolling projects in infrastructure, healthcare, and other sectors.

Airbus taps Eid Al Qahtani for RHQ president

Airbus launched its regional headquarters in Riyadh, appointing Eid Al Qahtani (LinkedIn) as president of the RHQ, it said in a press release. Al Qahtani comes with 20 years of experience in project management.

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Roshn recognized as the top workplace in Saudi Arabia

Roshn Group was named Best Place to Work in the Kingdom for the third year running as part of the Best Places to Work program. The PIF-backed real estate developer also earned top honors as the Best Place to Work for Women, Millennials and Facilities, according to a press release.

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It’s a mixed bag for the Kingdom in the foreign press

It’s a busy day for Saudi in the international press, with deepening China-Saudi ties and the World Cup 2034 bid making the rounds.

Saudi’s warming ties with China — which is emerging as a major trade and investment partner to the Kingdom and rivaling the US — got attention from the Financial Times. China’s greenfield investments in the Kingdom totaled USD 21.6 bn since 2021, far outpacing the US’ USD 12.5 bn tally for the same period. China is keen on doubling down on economic partnerships with Saudi as it faces mounting threats of tariffs from Western governments. Meanwhile, Saudi is keen to leverage Chinese investments to advance the diversification agenda, the salmon-colored paper wrote.

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Meanwhile, Reuters shines the spotlight on the Kingdom’s human rights progress ahead of the World Cup vote next week. Speaking to the newswire, head of Saudi’s 2034 World Cup bid Hammad Albalawi pointed to labor reforms granting greater rights to migrant workers. Meanwhile, rights groups including Amnesty International continue to lobby FIFA to put a stop to Saudi’s plans to host the 2034 World Cup, citing human rights concerns.

Six new hotel brands coming to KEC courtesy of Hilton + Marriott

HOSPITALITY-

Six hotel brands coming to the Islamic World District Knowledge Economic City: Hilton and Marriott separately agreed to launch three hotel brands each in Madinah’s Islamic World District Knowledge Economic City (KEC), according to press releases (here and here).

The details: Hilton signed an agreement with Al Gharaa International for Real Estate Development to open a 283-room Home2 Suites by Hilton, 732-room Hilton Garden Inn, and 400-room Hampton by Hilton in KEC. Meanwhile, Marriott signed an agreement with KEC to launch 456-key Courtyard by Marriott, 558-key Four Points by Sheraton, and Residence Inn by Marriott featuring over 250 keys.

INVESTMENT WATCH-

Saudi Venture Capital (SVC) committed an undisclosed sum to Aliph Fund I, a USD 250 mn target private equity vehicle managed by Aliph Capital, it said in a press release (pdf). The sector-agnostic fund targets medium-sized companies in the Kingdom and the broader GCC. It secured a USD 125 mn investment from the UAE’s sovereign wealth fund ADQ back in 2022 and a separate investment from PIF-backed Jada Fund of Funds in 2023.

About SVC + Aliph: Established in 2018, SVC is an investment management firm that targets private capital funds, including venture capital, private equity, and others. The SME Bank’s subsidiary has USD 2 bn in assets under management. Aliph Capital is an Abu Dhabi-based private equity fund manager founded in 2021.

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STARTUP WATCH-

Homegrown sports-tech Grintafy secured undisclosed funding from Singapore-based VC firm Adaverse to accelerate its move into Web3 from Web2, according to a press release. The funding will help the startup integrate blockchain technology into its football talent discovery platform.

Background: Grintafy previously closed a USD 2.1 mn bridge round led by Aramco’s Wa’ed Ventures back in 2022, which was followed by support from blockchain sports entertainment giant Chiliz earlier this year.

DEBT WATCH-

Tanmiah Food raised its one-year revolving Murabaha loan with Gulf International Bank Saudi Arabia to SAR 220 mn, from SAR 125 mn, it said in a disclosure to Tadawul. The facility aims to support the working capital needs of Tanmiah’s subsidiaries.

AVIATION-

Saudia signed a maintenance, repair, and overhaul MoU with Air France-KLM, according to a statement. The partnership will see Saudia handle the assembly and disassembly of GE90 engines’ modules locally while awarding 50% of the orders to Air France-KLM.

ALSO- The airlines agreed to expand their codeshare agreement to offer more routes and improve connectivity.

TRADE-

The Kingdom inked 24 fresh agreements with China spanning healthcare, biotech and private investments at the Saudi-China business council meeting in Riyadh, state news agency SPA reports. No further information was disclosed.

CORPORATE ACTIONS-

Saudi Pharma Industries & Medical Appliances (Spimaco) terminated its agreement to acquire a 68% stake in Swiss pharma company Osmopharm and divest a 76.4% stake in Spimaco Misr, it said in a filing to Tadawul. The agreement, initially structured as a share swap with cash consideration, failed to secure the necessary regulatory approvals by the November 30, 2024 deadline. Sigma, one of the transaction’s related parties, pulled the plug due to unfulfilled conditions.

FISCAL POLICY-

The Kingdom inked an agreement with Croatia to eliminate double taxation, encourage trade, and provide tax certainty for investors, on the sidelines of the Zakat, Tax, and Customs Conference. A similar agreement was inked with Kuwait to avoid double taxation, reduce tax barriers, and promote investment and trade between the two nations.

Global political unrest spreads volatility across stock markets

Global political unrest is sowing uncertainty across several stock markets and economies worldwide, Reuters reports, with South Korea’s president facing calls for impeachment and the French government voting to oust Prime Minister Michel Barnier, already influencing stocks, exchange rates, and investment decisions in the upcoming weeks.

Both stocks and currency in Korea took a hit after South Korean President Yoon Suk Yeol’s decision to declare and then reverse martial law sparked calls for resignation or impeachment. The Kospi Index dropped by 1.3% as a result, taking its year-to-date losses to over 7% and making it the worst-performing major stock market in Asia this year.

The Korean government is trying to contain the situation: The KRW stabilized near a two-year low against the greenback with USD 1 amounting to KRW 1,413. The currency’s stability is suspected to be supported by an intervention from the Korean central bank, with the bank approving emergency rescue measures for the local credit market and the Finance Ministry pledging to deploy “unlimited” liquidity into markets. The ministry said it will activate a KRW 40 tn stock market stabilization fund, Reuters reports.

Over in Europe, the French government collapse could see the risk premium between France’s 10-year bonds and German equivalents tighten by 100 basis points, Bloomberg reports. The premium has already tightened to 84 basis points, after having reached the widest gap since 2012 at 90 basis points, Bloomberg reports separately. Barnier warned of a “storm” for financial markets if he is ousted, the business information service added. French blue chips are already down 3.5% so far this year, though the CAC 40 index has seen a downward trend stall with five days straight of gains. The index closed up 0.7% yesterday.

Other experts are suggesting that a “short squeeze” could occur as investors are seeking to cover bearish positions, according to Bloomberg. They also believe that the light positioning and negative sentiment in French stocks indicate significant risk premiums have been priced in, setting the stage for a potential bounce back.

MARKETS THIS MORNING-

Asian markets are mixed as traders mull the volatility in global markets, with South Korea’s Kospi opening higher but falling 0.4% later, and the Kosdaq down 0.7%. Japan’s Nikkei and the Topix, on the other hand, are up. Wall Street futures are unchanged after another record day for US stocks, with the S&P 500 and Nasdaq both closing at fresh highs.

TASI	11,887	+0.6% (YTD: -0.7%)
MSCI Tadawul 30	1,487	+0.5% (YTD: - 4.1%)
NomuC	30,623	+0.9% (YTD: +24.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,833	+0.7% (YTD: +23.9%)
ADX	9,265	+0.3% (YTD: -3.3%)
DFM	4,854	+0.1% (YTD: +19.6%)
S&P 500	6,086	+0.6% (YTD: +27.6%)
FTSE 100	8,336	-0.3% (YTD: +7.8%)
Euro Stoxx 50	4,919	+0.8% (YTD: +8.8%)
Brent crude	USD 72.31	-1.8%
Natural gas (Nymex)	USD 3.06	+0.6%
Gold	USD 2,676.20	+0.3%
BTC	USD 98,204.80	+2.3% (YTD: +131.7%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.6% yesterday on turnover of SAR 7.0 bn. The index is down 0.7% YTD.

In the green: Fakeeh Care (+10.0%), Nadec (+4.4%) and Al Rajhi Takaful (+4.0%).

In the red: Tamkeen (-4.3%), Mesc (-4.2%) and UIHC (-3.9%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.9% yesterday on turnover of SAR 106.4 mn. The index is up 24.8% YTD.

In the green: Al Hasoob (+11.0%), Knowledge Tower (+9.9%) and ASG (+9.6%).

In the red: Amwaj International (-6.9%), Multi Business(-5.9%) and Leaf (-5.8%)

The Crown Prince + Macron to co-chair a conference for Palestine in June

Crown Prince Mohammed bin Salman and French President Emmanuel Macron will co-chair a conference focused on establishing a Palestinian state in June 2025, according to Al Arabiya. When asked about the possibility of recognizing a Palestinian state, Macron noted this would only occur “at the right moment” and at a time “when it triggers reciprocal movements of recognition.”

“We have decided to co-chair a conference for the two states in June next year,” Macron said, referring to Israel and a potential Palestinian state. “We want to involve several other partners and allies, both European and non-European, who are ready to move in this direction but who are waiting for France,” he added.

CALENDAR

DECEMBER

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

4-10 December (Wednesday-Tuesday): Bookbuilding and institutional offering for Almoosa Health’s IPO.

5 December (Thursday): Opec+ Joint Ministerial Monitoring Committee meeting.

5-7 December (Thursday-Saturday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

5-8 December (Thursday-Sunday): XP Music Futures Conference, Riyadh.

5-12 (Thursday-Thursday): FIFAe Finals 2024, SEF Arena, BLVD Riyadh City.

5-14 (Thursday-Sunday): Red Sea International Film Festival, Jeddah.

8 December (Sunday): Refunds for Digital Research Company’s (DRC) Nomu IPO.

10-12 December (Tuesday-Thursday): CPHI Middle East, Riyadh Front Exhibition & Convention Center, Riyadh

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

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

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

15 December (Sunday): Launch day for Riyadh Metro lines two and three.

15-17 December (Sunday-Tuesday): The International MICE Summit (IMS24), Riyadh.

15-19 December (Sunday-Thursday): Internet Governance Forum, King Abdulaziz International Conference Center, Riyadh.

16-18 December (Monday-Wednesday): The International Forum for Saudi Reef, Intercontinental Al Ahsa.

17-18 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

23-25 December (Monday-Wednesday): Retail offering for Almoosa Health’s Tadawul IPO.

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

24-25 December (Tuesday-Wednesday): Retail subscription period for Nice One’s Tadawul IPO.

29 December (Sunday): Final allocation for Almoosa Health’s Tadawul IPO.

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

State budget approval and release.

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma

1Q: Roshn expected to raise SAR 2.6 bn from international bank

Saudi and Turkey plan to raise their bilateral trade volume to USD 10 bn

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

5 January (Sunday): Launch day for Riyadh Metro line 3.

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

28-29 January (Tuesday-Wednesday): Federal Open Market Committee meeting.

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

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

1 February (Saturday): UFC event, The Venue, Riyadh.

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

6-8 February (Thursday-Saturday): Liv Golf season opener, Riyadh Golf Club, Riyadh.

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

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

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

16-17 February (Sunday-Monday): AlUla Conference for Emerging Market Economies, AlUla.

19 February (Wednesday): Derayah REIT dividend distribution.

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

22 February (Saturday): Founding Day.

MARCH 2025

1-30 March: Ramadan.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 March- 3 April (Monday-Thursday): Eid Al Fitr.

APRIL 2025

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

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

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

MAY 2025

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

31 May-5 June (Saturday-Thursday): Hajj.

JUNE 2025

6-9 June ( Friday-Monday): Eid al-Adha.

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

JULY 2025

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

29-30 July (Tuesday-Wednesday): Federal Open Market Committee meeting.

SEPTEMBER 2025

17-18 September (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

28-29 October (Tuesday-Wednesday): Federal Open Market Committee meeting.

NOVEMBER 2025

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front Convention & Exhibition Centre, Riyadh.

DECEMBER 2025

December: The Fortune Global Forum 2025, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

2026

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

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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