AlUla CEO AmrAlMadani arrested on corruption, money laundry charges

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Royal Commission for AlUla boss Amr AlMadani arrested on corruption, money laundry charges

Good morning, wonderful people. On an otherwise very slow news day, we lead this morning’s issue with breaking news that the head of the Royal Commission for AlUla has been detained.

Amr AlMadani was arrested on charges of corruption, the Oversight and Anti-Corruption Authority (better known as Nazaha) said late last night on X. AlMadani, a high-profile figure who first entered the national spotlight as the founding CEO of the General Entertainment Authority, faces charges of abuse of office and money laundry.

The charges cover allegations both before and after AlMadani joined government service. A relative of the RCU CEO was also arrested in connection with the investigation, as were AlMadani’s two partners at National Talents, a company AlMadani (LinkedIn | Twitter) ran and where he remained a shareholder entering government.

Could the investigation widen? At least one of the charges relates to a contract with King Abdullah City for Atomic and Renewable Energy that National Talents won before AlMadani moved to the General Entertainment Authority.

A clear message from Nazaha: There is “zero tolerance” for corruption, the authority warned, saying it would “pursue anyone who exploits the public office to achieve personal gain or harm public interest.”

AlUla is one of the Kingdom’s most visible megaprojects as the 200k-year-old settlement becomes a global tourism and cultural hub.

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WATCH THIS SPACE-

#1-A direct shipping line between the Kingdom and Iran could be happening: The Kingdom and Iran plan to establish a direct shipping line connecting Dammam with Kangan under efforts to boost bilateral trade ties, Iran’s semi-official Mehr news agency reported yesterday, citing statements by local governor Ahmad Mohammadizadeh. He said the shipping line was decided during a recent visit to Dammam by Iran’s Deputy Foreign Minister for Economic Diplomacy, Mehdi Safari. The story includes no further details, and Saudi officials have offered no comment on the report.

REMEMBER- The two countries have been working to advance ties in the past months since their restoration of relations last year, although an agreement to restore direct umrah flights has recently stalled for what Tehran has called “technical reasons.”

#2- A delegation from the World Water Council is in town to evaluate the Kingdom’s bid to host the 2027 World Water Forum, SPA reported yesterday and met with the deputy minister of environment, water, and agriculture Minister, Mansour Al Mushaiti. The delegation’s itinerary includes visits to the Saline Water Conversion Corporation, the National Water Company, and others.

#3- A mandatory uniform code for bus drivers is coming in spring: The Transport General Authority (TGA) is introducing a new uniform code for bus drivers across the Kingdom, a handbook (pdf) on the decision showed. Municipal, education, international, and specialist services will all need to comply. The requirements are set to come into force on 27 April:

Female drivers can choose to wear either a standard abaya with an optional head cover or black cap and black shoes or a long-sleeved blue shirt and black trousers, belt and boots.
Male drivers will be allowed to wear either the thawb and optionally a shemagh or ghotra or a black cap or wear a uniform long-sleeved blue shirt and black trousers, belts and boots like women drivers.

PSAs-

#1- The Saudi Industrial Development Fund (SIDF) Academy is now accepting applications for its programs this year, it said in a statement yesterday. The programs include finance for non-financial professionals, transitioning entities to the fourth industrial revolution, project finance, and credit analysis for SMEs. The first program begins on 18 February, with the rest set to be held throughout the year. Check the program calendar here.

#2- Beware, unlicensed real estate pundits: Individuals and executives providing analysis on of the real estate industry in the press or on social media without a license could be in risk of a fine of up to SAR 200k, Real Estate General Authority (REGA) spokesperson Tayseer Al Mufarrej said in an interview with Rotana Khalijia (watch, runtime: 5:53).

#3- The Saudi Business Council is asking business owners to give it a copy of their financial statements through its Qawaem portal. It hopes to use the data in financial and economic reports.

SPORTS-

Inter Miami will go head-to-head with the Blue Wave today at the Kingdom Arena stadium at 8 pm KSA for the first match of the US club’s pre-season tour here.

This is what you are scrolling down for: Football GOATs Lionel Messi and Ronaldo will share the same pitch on Thursday when Inter Miami meets Al Nassr.

The Green Falcons will face South Korea tomorrow in an Asian Cup Round of 16 knockout match at 6 pm KSA. Tajikistan beat the UAE after a penalty shootout yesterday, and Australia sent Indonesia home after a 4-0 victory, advancing the winners to the quarter finals. Qatar will be facing Palestine today, while Iraq will go head to head with Jordan.

THE BUSINESS OF LAW-

Our friends at Mithaq Law Office have opened a joint-venture law office in Riyadh with leading Egyptian firm ALC Alieldean Weshahi & Partners. The firm, known as Mithaq Law Firm in Association with ALC Alieldean Weshahi and Partners, will have a team of 20 multilingual professionals in Riyadh and plans to have a presence in other major business centers in the region, the firm said in a statement (pdf).

The Mithaq-ALC tie-up is a member of the Grimaldi Alliance, a global network with more than 500 lawyers in Italy, London, and New York, as well as 2k others in more than 70 jurisdictions.

The aim is to provide a one-stop shop for the needs of clients in Saudi Arabia and beyond, Mithaq Law Firm Senior Partner Ziyad Al Qassim told us in Riyadh last week at a reception for the launch. The gathering at Al Zarqaa Majlis was attended by a who’s who of the Saudi business community, including senior executives and shareholders of major corporate groups and professional services firms.

Why a direct office now? “There has never been a more exciting time to do business in Saudi Arabia,” said Mithaq Law Firm Senior Partner Ziyad Al Qassim. “No other economy in the world holds the diversity of opportunities today as does Saudi Arabia. Our partnership will provide a full range of legal services to global companies in the Kingdom and to Saudi companies doing business abroad, spanning large projects, M&A, and capital markets through to complex matters of arbitration.”

THE BIG STORY ABROAD

One story dominates on an otherwise slow morning in the global press: The White House says Iran-backed fighters killed three members of the US military and wounded 25 in a drone attack on an American outpost in Jordan.

Why it matters: They’re the first US casualties since tensions started ramping up following Israel’s invasion of Gaza. Pundits on both sides of the ocean are calling the attack a “significant escalation that is likely to draw the US further into conflict even as Washington seeks to avoid a broader regional conflagration.”

“We shall respond,” said US President Joe Biden.

Oil prices climbed overnight following news of the attack and an earlier incident in which Houthi rebels struck a Trafigura-chartered tanker in the Red Sea.

It’s leading front pages from the business press onward: Financial Times | Wall Street Journal | New York Times | Politico | The Guardian.

From the business pages:

Banker bonuses are down: Wall Street’s Masters of the Universe thought their bonuses would be super-sized this year. They’re not. (Wall Street Journal)
Sales of climate-focused mutual funds crashed 75% in the past two years. Blame poor performance, competition from rising interest rates, and the backlash against all things “woke.” (Financial Times)
China is moving to curb short selling as the market downturn deepens. Beijing failed to deliver last week on an anticipated USD 100 bn stock bailout. (Bloomberg)

HAPPENING THIS WEEK-

It’s Fed week: The Federal Reserve kicks off its two-day policy meeting tomorrow Economists polled by Reuters see the Fed leaving rates at their current 22-year high at 5.25-5.5% when it meets later this week to ensure that “recent progress in inflation is sustainable.”

AND- It’s World Economic Outlook week: The IMF will be out with its January 2024 World Economic Outlook update tomorrow.

ALSO- It’s a massive week for earnings reports, with everyone from Apple to Amazon, Microsoft, Chevron, and ExxonMobil due to file results.

WEATHER- Expect a cloudy day in Riyadh, Madinah, and Makkah today.

Riyadh: 24°C daytime / 11°C overnight
Madinah: 23°C daytime / 12°C overnight
Makkah: 29°C daytime / 22°C overnight

CIRCLE YOUR CALENDAR-

The AlUla Tour 2024 will kick off tomorrow, 30 January and wrap up 3 February.

The Saudi International Marine Exhibition (SIMEC Expo) will kick off in Riyadh on Sunday, 4 February and wrap up Tuesday, 6 February. The event will bring together key stakeholders and decision makers to discuss activities related to marine fisheries and the aquaculture sector.

The PIF Private Sector Forum takes place in Riyadh on Tuesday, 6 February to Wednesday, 7 February, the PIF said on Linkedin. The event will bring together the fund, portfolio companies, private sector and others to help advance economic growth.

The Hail Toyota International Rally which will kick off on 8 February and wrap up on 10 February.

Filipino exporters are coming to town next month: A business-matching tour will kick off on Saturday, 10 February, where a group of Filipino exporters of food, beverage and personal care products will tour Riyadh, Jeddah, and Dammam to market their businesses, Arab News reports.

The Saudi Capital Market Forum will open on Monday, 19 February and wrap up on Tuesday. Held under the theme “Powering Growth,” the event will bring together members of the global financial landscape for discussions on the capital markets and investment strategies.

Riyadh will host the International Conference on Sand and Dust Storms in the ArabianPeninsulafrom Monday, 4 March to Wednesday, 6 March. The conference will address regional challenges caused by sand and dust storms and discuss monitoring systems, mitigation strategies, economic and infrastructural impacts, and more.

Tickets are on sale for the 2024 Saudi Arabian Grand Prix, scheduled for Jeddah from 7-9 March.

Riyadh will host a World Economic Forum special meeting on 28-29 April.

The Kingdom has submitted a bid to host the World Water Forum in Riyadh in 2027, SPA reported. The event is the largest international gathering in the industry.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

PIF-back Lucid expands US EV plant and inks supplier agreement with Ma’aden

PIF-backed Lucid expands its EV manufacturing plant in Arizona: EV manufacturer Lucid — in which the PIF owns a 60% stake — has expanded its advanced manufacturing plant in Arizona as it gears up to roll out its new fully electric SUV, the Lucid Gravity, according to a statement released last week.

The expansion: Lucid’s revamp of its facility in the US includes a new manufacturing facility and warehouse with assembly, quality, and semi-knock-down lines as well as expanded body and paint shops.

Lucid has been struggling to meet production and delivery targets: Last week Lucid reported a 10%y-o-y fall in deliveries to a record low of 1.73k vehicles in 4Q 2023 due to weak customer demand. Total production fell 31% y-o-y to 2.4k units in the same quarter. The company’s share price is feeling the pinch: It’s down 38% in the past year.

Is a new stamping facility the answer?EV metal stamping is a machining process used to stamping presses and dies to mold sheet metal into varying shapes, and Lucid’s Arizona plant already has one of the world’s most advanced stamping facilities. A new stamping facility is due to become operational by the end of the year and is expected to reduce costs and help the company expand production, it says.

ALSO- The automaker signed a three-year agreement with Ma’aden for the supply of aluminum sheets for its EV production plants in the US, Ma’aden said. No details were disclosed regarding the financial value of the agreement.

Lucid has big regional plans in KSA: Lucid plans to produce 155k EVs yearly in the Kingdom once full-fledged production capacity at its first overseas production facility in Jeddah’s King Abdullah Economic City is achieved by 2025.

Lana Medical is the new owner of Saham Environmental Services. PLUS: A unit of Mayar Holding acquires a poultry farm

Nomu-listed Lana Medical has fully acquired Saham Environmental Services in a SAR 5 mn transaction, it said in a Tadawul regulatory filing yesterday. The medical devices manufacturer doesn’t plan to line up bank finance for the transaction. The move is part of the company’s push to diversify its environmental services portfolio.

In context: The takeover comes a few days after the company’s shareholders approved a decision to establish an SAR 10 mn investment arm, dubbed Lana Investment.

About Saham:The company has been in the local waste management sector for 18 years now, providing commercial and construction waste disposal services.

Not the first environmental venture: Lana established a medical waste treatment plant in Jeddah in October 2023 with a daily capacity of 36 tons, in addition to the plan in Riyadh which was established in 2016 to serve the Central Region.

WATCH THIS SPACE- Lana has two more treatment facilities currently under construction in Asir and Hail with operations expected to start this year.

Remember: Lana took 720k shares (20% stake) to market last month on Tadawul’s parallel market Nomu, after pricing its IPO at SAR 31 a piece.

Market reax:The share price of Lana declined 2.4% to SAR 35 at yesterday’s close.

IN OTHER M&A NEWS-

Jedaya Agriculture has fully acquired a poultry farm in Riyadh at a cost of SAR 10.8 mn to breed broiler chickens, parent company Mayar Holding said in a Tadawul filing.

The pitch: Expanding into the poultry sector is part of Mayar’s strategic plan to diversify its operations and boost revenues, ultimately complementing the Nomu-listed company’s offering portfolio of agricultural and food products.

The details: The purchase includes farmland, breeding barns, existing operating equipment, poultry farming supplies, and licenses.

Jedaya will finance the project from its own resources where SAR 700k will be paid upon receiving the deed to the land, while the remaining SAR 10.1 mn will be paid upon completion of all the legal procedures.

RSG converts entire land vehicles fleet to operate on low-carbon biofuel, electricity

Developer Red Sea Global has converted its full fleet of land vehicles to operate solely on low-carbon biofuel or electricity, becoming the first in the Kingdom to operate an eco-conscious supply chain, SPA reported yesterday, citing a company statement. RSG is a wholly-owned unit of the Public Investment Fund.

The saving: The biofuel used by the RSG is produced from locally sourced cooking oil, it said, adding that it only emits 0.17 kg of carbon dioxide equivalent per liter in comparison with the 2.7 kg per liter produced by burning regular diesel.

The company’s fleet is small today with under a dozen vehicles, but it aims to have 700 to 800 vehicles in its fleet by 2030 as part of its green hydrogen transition strategy for its mobility sector, it added.

RSG has been stepping up its sustainability game: RSG recently rolled out a fully-electric and remote-controlled robot to remove plastic waste and debris at its luxury tourist destination Red Sea project. The robot, which can detect items as small as 1 square centimeters, has the capability to clean 3k sqm in one hour.

And so is the Kingdom: The first biofuel production plant in the Kingdom was inaugurated last year in Al Jubail. The facility is operated by The Biofuel Company, which is wholly financed by local investors, with financial backing from Aramco’s VC outfit Wa’ed Ventures. The plant converts reclaimed cooking and palm oil into carbon-neutral biodiesel and has a yearly production capacity totalling some 4.2 mn liters of B100 biodiesel.

A new export? The refinery’s green fuel will be earmarked for the local market, with any surplus to be exported to European markets.

Aldrees Petroleum reports FY2023 results

Fuel retailer Aldrees Petroleum and Transport Services Companyreported a c. 1% y-o-y rise in net income in 4Q 2023 to SAR 72.5 mn, it said in a disclosure to Tadawul yesterday. Its revenue grew 18.6% y-o-y to c. SAR 4 bn in the quarter, up from SAR 3.3 bn in the corresponding quarter a year earlier.

On a full-year basis: Aldrees’s bottom line was up 16.1% y-o-y to c. SAR 281 mn last year on a 20.1% rise in revenues to SAR 14.8 bn.

Driving growth: Aldrees attributed the growth in net income in 4Q 2023 to higher sales by its petrol and transport division and a rise in deposit income and other income sources, including sukuk investment, joint venture project investment and commission from investment at amortized cost. Higher revenues during the quarter came on the back its growing network of filling stations as well as more business for its transport division's logistics unit.

The Saudi Journalists Association taps Adhwan Alahmari for chairman. PLUS: Horizon Food Company names Sultan Al Harbi new CEO

The newly elected Saudi Journalists Association (SJU) board of directors has voted for Adhwan Alahmari (LinkedIn) to become its new chairman, succeeding Khalid bin Hamed Al Malik, according to an SJU press release yesterday.

Alahmari currently serves as the editor in chief of SRMG-owned Independent Arabia and sits on the board of state news agency SPA. He has previously held roles at Asharq Alawsat, Alhayat newspaper, Rotana Media Group, Alwatan, and Elaph Publishing.

Horizon Food Company has appointed Sultan Al Harbi as its new CEO, it said in a Tadawul regulatory filing. Al Harbi (profile) has previously served at Almarai Company and held managerial roles at the Eastern Province Region, Nadec and Savola Group.

Jabal Omar lands a SAR 1.9 murabaha facility. PLUS: Tourism, renewables, energy, construction.

ISLAMIC FINANCE-

Jabal Omar secures SAR 1.9 bn murabaha facility from Al Rajhi: Pilgrimage sites developer Jabal Omar Development Company has signed a SAR 1.9 bn murabaha facility agreement with Al Rajhi Bank aimed at accelerating the completion of under-development assets and paying off debt, according to a disclosure to Tadawul. The two-year facility is backed by a Finance Ministry guarantee.

ADVISORS- Global law firm Dentons advised Al Rajhi on the facility agreement, it said in a separate statement.

TOURISM-

#1- New day, new Neom project: Neom unveiled its latest luxury ecotourism destination dubbed Zardun, off the Gulf of Aqaba, it said in a statement. The “exclusive sanctuary resort” spanning four square kilometers will be home to three luxury boutique hotels boasting 100 rooms and suites. Neom plans to restore the surrounding environment through the creation of oases that will support the reintroduction of native animals, plants, and tree species, it said.

Joining others: Zardun is Neom’s latest sustainable destination after Leyja, Epicon, Siranna, Utamo, Norlana and Aquellum.

#2- Cruise Saudi, gov’t team up to boost tourism in Madinah: Cruise Saudi signed a MoU with Madinah Region Development Authority to boost the tourism industry in Madinah, Al Eqtisadiah reported yesterday. The MoU will pave the way for Cruise Saudi to facilitate visits by cruise passengers to Madinah through the Red Sea.

Sound smart: Cruise Saudi, a wholly-owned portfolio company of the PIF, is responsible for the development and operation of cruise berths and terminals as cruise gateways to key destinations in the Kingdom.

CAPITAL MARKETS-

The Capital Market Authority has approved a request by Greenstone Saudi Arabiato expand its scope to offer investment management as well as funds services and advisory in the securities business, it said in a statement yesterday.

Greenstone Saudi Arabia? The company is a fully owned subsidiary of Dubai-based Greenstone Equity Partners, which is the largest capital-raising firm in the Middle East, according to its website.

CONSTRUCTION-

Khobar is getting new residential buildings by Retal Urban Development Co, which signed a SAR 48 mn contract through subsidiary Building Construction Co to build four residential buildings in Al Sadafa district in Khobar, it said in a disclosure to Tadawul yesterday.

CONSULTANCY + TECH-

Tam Development signed a c. SAR 35 mn contract to provide consultancy and digital solutions services to an unnamed government entity, the company announced in a disclosure to Tadawul yesterday. The local management and digital solutions consultancy firm will provide its services to design and manage a project by the governmental body under the one-year contract, it added.

ENERGY-

SAMREF will supply a daily minimum of 3k barrels of heavy vacuum gas oil to Luberef under an agreement signed last week, according to a disclosure to Tadawul. The agreement is expected to boost Luberef’s production of higher-value base oils in its Yanbu facility by 96k metric tons annually. While the size of the transaction wasn’t disclosed, the Aramco JVs based the price on a formula that is linked to market price. The contract will run for a period of five years and will be renewed automatically.

RENEWABLES-

KACST + Acwa power partner to propel clean energy and water tech: King Abdulaziz City for Science and Technology (KACST) and Acwa Power have inked an agreement to establish a joint center dedicated to advancing research on clean energy and water desalination technologies using digital resources and AI, SPA reports, citing a press release from KACST. The Clean Energy and Water Desalination Technologies Development Center will focus on developing technologies for solar energy, energy storage, and desalination membranes, targeting cost and emissions reductions from the desalination process.

CEMENT-

A joint research center for low-emissions cement between KSA and Iraq? Talks are currently ongoing between Tadawul-listed Northern Region Cement and Iraqi officials to establish a joint research center to develop cement production, Iraq’s Industry and Minerals Minister Khaled Battal told the Iraqi news agency yesterday. The center will seek new technologies to lower the use of clinker in cement production, he said.

REMEMBER- A lower clinker-to-cement ratio translates to lower emissions and lower energy consumption.

ICYMI- Tadawul-listed Northern Region Cement agreed last month to sell 49% of its investments in Iraq to Iraqi company Al Diyar Al Iraqia in a USD 49 mn transaction.

UTILITIES-

NWC completes infrastructure work to pump desalinated water to Dhahran: The National Water Company (NWC) said it has completed necessary connection work to pump desalinated water to several districts in Dhahran, it said in a statement yesterday. It said it is pumping up to 50k cubic meters of water daily to the districts, expecting over 100k beneficiaries to benefit from the project.

US economy beats Europe, Asia to recovery from covid-era headwinds

Soft landing? The US economy has outpaced its European and Asian counterparts to represent the world’s best economic recovery from pandemic-era headwinds as the country averts recession and moves into a soft landing, the Washington Post reports. Fresh inflation data showed that the US hit its 2% target over the second half of 2023. Meanwhile, the country saw 3.1% growth over the past year.

What the US did right: The US government made hefty payouts in the wake of the pandemic, increasing spending in the form of loans to small businesses and unemployment benefits more than its European and Asian counterparts. The government allocated 25.5% of its GDP to soften the blow of the pandemic, compared to 15.3% in Germany and 9.6% in France.

Fiscal policy is key: The government’s fiscal policy could play a bigger role in shaping the outcome of future economic downturns, more so than the Fed’s monetary policy, said Claudia Sahm, a former Federal Reserves economist.

TASI	12,264.17	+0.8% (YTD: +2.5%)
MSCI Tadawul 30	1,597.33	+0.9% (YTD: +3%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	28,625.76	+3.5% (YTD: +15%)
ADX	9,567.68	-0.6% (YTD: -0.1%)
DFM	4,163.33	-0.2% (YTD: +2.6%)
S&P 500	4,890.97	-0.1% (YTD: +2.5%)
FTSE 100	7,635.09	+1.4% (YTD: -1.3%)
Euro Stoxx 50	4,635.47	+1.2% (YTD: +2.5%)
Brent crude	83.55	+1.4%
Natural gas (Nymex)	2.71	+5.5%
Gold	2,036.10	-0.03%
BTC	41,921.90	-0.6% (YTD: +82.1%)

THE CLOSING BELL-

The TASI rose 0.8% yesterday on turnover of c. SAR 7 bn. The index is up 2.5% YTD.

In the green: Aljazira REIT (+10%), BJAZ (+9.2%) and MBC Group (+7.5%).

In the red: Alhokair Group (-3.9%), Sinad Holding (-2.7%) and Cenomi Retail (-2%).

Major Asian benchmarks are largely in the green in early trading this morning. Futures suggest that stocks on Wall Street will dip at the opening bell later today, while major European benchmarks could open the day in the green.

CORPORATE ACTIONS-

#1-SARCO shareholders have elected eight new board members after dismissing the outgoing board for underperformance,the company said in a statement to Tadawul. The three-year term for the new members started on Thursday, 25 January. Shareholders also have also voted against the distribution of a dividend equivalent to 7.5% of the remaining profits from FY2022 and declined to pay SAR 780.5k to members of the outgoing board.

#2- Advanced Petrochemical will suspend operations at its propylene and polypropylene plants starting Sunday, 4 February, for scheduled maintenance, it said in a disclosure to Tadawul. The polypropylene plant will resume operations on Tuesday, 27 February, while the propylene plant goes back online on Sunday, 3 March.

#3- Sure Global Tech has appointed Al Rajhi Financial as its market maker for a period of 12 months, according to a Tadawul disclosure.

FM Faisal bin Farhan, Egyptian counterpart Shoukry reiterate calls for Gaza ceasefire

KSA, Egypt FMs reiterate calls for ceasefire in Gaza: FM Prince Faisal bin Farhan and Egyptian counterpart Sameh Shoukry reiterated a call for an immediate ceasefire in Gaza during a press conference in Cairo (watch, runtime: 20:50). They called on the international community to exercise responsibility in achieving a ceasefire and ending the siege on Gaza. They also discussed the crisis in Libya, Syria and Yemen, agreeing on the necessity of working together to ensure the stability of neighboring countries.

Shared priorities? “An immediate ceasefire and the entry of humanitarian aid [to Gaza] to pave the way for a fair and sustainable political resolution on the basis of a two-state solution,” FM bin Farhan said.

The FM also gave his two cents on Israel’s rejection of a recent ruling by the International Court of Justiceordering Tel Aviv to avoid any acts of genocide against Palestinians. “What we need is a respect by everyone to international law…This applies to Israel like it applies to anyone else. This is the main challenge right now,” he said. Israel’s rejection of the ruling “is what got us here: more than 30k deaths in Gaza, a systematic policy for starvation, and a collective punishment for Palestinians,” he said.

CALENDAR

JANUARY

28-31 January (Sunday-Wednesday): Saudi Franchise Expo 2024, Jeddah.

28-31 January (Sunday-Wednesday): BiznEX, the Riyadh International Convention and Exhibition Center, Riyadh.

30 January-3 February (Tuesday-Saturday): Alula 2024 Tour.

FEBRUARY

4-6 February (Sunday-Tuesday): SIMEC International Expo, Riyadh.

5-7 February (Monday-Wednesday): Saudi HORECA 2024, Jeddah.

8 February (Thursday): end of Tuwaiq International Sculpture Symposium, Riyadh.

8-10 February (Thursday-Sunday): Hail Toyota International Rally.

10-14 February (Saturday-Wednesday): Filipino exporters will be in town for a business-matching tour.

9 February- 23 March (Friday-Saturday): Desert X ALUla.

10 February (Saturday): Last day to apply for permits to lease properties to pilgrims during Hajj season.

11- 12 February (Sunday-Monday): The Space Debris Conference, Securing the Future Growth of the Global Space Economy, Riyadh.

12-14 February (Monday-Wednesday): The International Petroleum Technology Conference (IPTC), Riyadh.

19 February (Monday): The Future of Business 2024 Forum, Eastern Chamber’s HQ, Dammam.

19-20 February (Monday-Tuesday): Saudi Capital Market Forum, King Abdullah Financial District, Riyadh.

22 February (Thursday): Founding Day (national holiday)

26-29 February (Monday-Thursday): Big 5 Construct Saudi, Riyadh.

26-29 February (Monday-Thursday): FM EXPO SAUD

26-29 February (Monday-Thursday): Stone and Service Saudi Arabia, Riyadh.

MARCH

2 March (Friday): end of Noor Riyadh show, segment “Refracted Identities, Shared Futures”, Riyadh.

4-6 March (Monday-Wednesday): International Conference on Sand and Dust Storms in the Arabian Peninsula, Riyadh.

4-7 March (Monday-Thursday): LEAP 2024, Riyadh.

11 March (Monday): Flag Day (national holiday)

Signposted to happen sometime in March:

Ramadan

APRIL

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

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

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

Signposted to happen sometime in April:

Eid Al-Fitr (national holiday)

MAY

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

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

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

5 June (Wednesday): World Environment Day.

Signposted to happen sometime in June:

Eid Al-Adha (national holiday)

AUGUST

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

SEPTEMBER

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

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

DECEMBER

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

Signposted to happen sometime in 2024:

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