Another period of uncertainty

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WHAT WE’RE TRACKING TODAY

Regional markets jump on ceasefire news

Good morning, all. The two-week ceasefire is looking increasingly fragile by the hour and we’re bracing for the uncertainty of what comes next.

At home: Hours into the ceasefire announcement, the East-West pipeline — our only way to move oil around the once-again closed Strait of Hormuz — was hit in a drone attack, according to unconfirmed reports from the Financial Times and Bloomberg. Neither Saudi officials nor local media have addressed the reports and Aramco declined to comment on the matter when EnterpriseAM reached out.

REMEMBER- The Kingdom began rerouting crude exports to the Red Sea’s Yanbu port in early March to bypass the strait, and maxed out capacity on its East-West pipeline this week after pumping close to 5 mn barrels a day to the west coast. This helped us export around 50% of our normal oil volumes, but the pipeline shutting down, while Hormuz remains closed, could mean our oil exports will drop to near zero.

^^ We dive into what comes next for us and our neighbors in our big story today.

Happening today

EU High Representative and Vice-President Kaja Kallas kicked off a two-day visit to Saudi Arabia yesterday, according to an announcement. She is set to meet Saudi Foreign Minister Prince Faisal bin Farhan Al Saud and GCC Secretary-General Jasem Al Budaiwi.

UK Prime Minister Keir Starmer also landed in the Kingdom yesterday, the first stop of a Gulf tour aimed at reinforcing the Middle East ceasefire, Gulf News reports. On his first regional visit since the US-Israeli war against Iran began in February, the British leader is set to meet Crown Prince Mohammed bin Salman.

What to expect: Talks between the two leaders will likely center on supporting and extending the ceasefire, reopening the Strait of Hormuz, and advancing coordinated diplomatic efforts to bring the war to an end, alongside ongoing discussions around securing the critical waterway.

WEATHER- Stormy skies aren’t taking a break: Al-Baha, Asir, Jazan, and Najran can expect moderate to heavy thunderstorms, flash floods, hail, and winds whipping up dust and sand. The southern Makkah highlands will get a taste too, while Riyadh, Qassim, Hail, the Eastern Region, and Northern Borders should see milder action.

Riyadh: 29°C high / 19°C low;
Jeddah: 30°C high / 21°C low;
Makkah: 32°C high / 22°C low;
Dammam: 29°C high / 20°C low.

Watch this space

CAPITAL MARKETS — TASI catches ceasefire bid, but oil retreats cap gains: Tadawul’s benchmark index closed up 2.3% yesterday at 11.3k points after news of a two-week US-Iran ceasefire sparked a relief rally across regional markets, with the DFM (+7%), ADX (+2.8%), and EGX (+4%) all closing in the green. The move reverses a March selloff that the energy-heavy TASI largely managed to sidestep supported by higher oil prices.

A sign the war premium is evaporating? “Markets found much-needed relief [yesterday] as a pause in tensions allowed oversold sectors like real estate and transportation to rebound. Conversely, the energy and petrochemical industries saw declines as the war premium faded,” Junaid Ansari, director of investment strategy and research at Kamco Invest, tells EnterpriseAM.

The numbers tell the same story: Energy (-1.9%) was the only major sector in the red, with Aramco down roughly 2%, while high-beta petchem names like Petro Rabigh (-6.2%) and Yansab (-5.3%) saw significant selling pressure. Gains were led by media (+6.7%) and utilities (+5.6%), with ins. (+4.7%), transport (+4.5%), and capital goods (4.4%) also closing in the green.

MACRO — War drags our growth outlook down: The World Bank now sees our economy growing at a 3.1% clip this year, down 1.2 percentage points from its January forecast, according to its latest regional economic update (pdf). The Kingdom will see less pronounced deceleration owing to the “steady expansion of non-oil sectors and the possibility to divert exports away from the Strait of Hormuz,” the lender said.

The US-Iran war did a number on GCC projections. The lender slashed its growth forecast for the GCC to 1.3% in 2026, down from the 4.4% penciled in in January. Qatar and Kuwait dragged the forecast down, with both economies now expected to end the year in contraction. The most notable risks facing the Gulf are extended disruption to hydrocarbon exports, souring investor preferences, and reduced tourism, aviation, and maritime services.

TOURISM — The war may slash GCC tourism revenue by up to USD 32 bn: The ongoing military escalation in the region could cut tourist arrivals by 8-19 mn and reduce tourism revenues by USD 13-32 bn, Saudi Gazette reports, citing GCC Secretary General Jasem Albudaiwi at a GCC tourism ministers meeting.

Messe Frankfurt Saudi Arabia postponed this year’s Automechanika Riyadh, originally set for 4-6 May 2026, with plans to return in 2027 to account for the regional disruptions, according to a press release. The decision follows an “assessment of the current regional environment” to ensure the event can operate safely and at full international scale.

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The big story abroad

The global front pages remain fixated on the aftermath of what is shaping up to be a pretty fragile ceasefire agreement. We have more on that and what it means for us at home in the news well, below.

Oil is rising again: After the news of the ceasefire dragged oil prices down, fear that tensions could escalate again pushed prices up in early trading today. Brent crude rose 2.5% to USD 97.14 per barrel.

Meanwhile, in the world of AI: Tech giant Meta has debuted its first new model — Muse Spark — since CEO Mark Zuckerberg launched a multi-bn USD drive to bring on fresh AI talent. Pitched as an improved version of virtual assistant Meta AI, the new product claims to allow more personalized and visual responses and draws from content shared across Facebook, Instagram, and Threads.

And in the feud between Anthropic and the Pentagon, a Washington, DC, federal appeals court declined to obstruct the national security blacklisting of the AI ‌company. The move could block contractors who work with the Pentagon from using AI models by the startup. A separate appeals court had issued the opposite ruling in late March.

The aftermath

We’re entering yet another period of uncertainty these next two weeks, where one of two scenarios could follow: negotiations could result in a permanent end to the conflict, or we’ll see a much darker outcome where the US/Israel and Iran don’t see eye to eye.

Political analysts and economists the world over are putting their thinking hats on and debating how things might unfold. On one hand, the ceasefire was great news for the GCC, and the short reprieve could allow governments to — at the very least — strategize and prepare for what’s ahead. On the other hand, question marks over the differences between the two sides linger.

Even the announcement itself signaled miscommunication among the different parties involved, with Pakistan’s Prime Minister Shehbaz Sharif saying the agreement applied everywhere “including Lebanon,” while Israel denied.

Both sides have maximalist demands, and it’s unclear whether either of them are willing to sway on them. While the US demands an end to Iran’s nuclear program, no further enrichment of uranium, the dismantlement of ballistic missile and drone capacity, and the full reopening of the Strait of Hormuz, Iran is set on “coordinating” traffic in the Strait and keeping its nuclear program, as well as full sanctions relief.

The wild card in all of this could be Israel: “Israel has very different interests from the US and could be a spoiler, particularly if it continues the war in Lebanon,” director of Khalij Economics and GCC analyst for GlobalSource Partners Justin Alexander told EnterpriseAM. Confluence Consultants’ Head of Research Amandeep Ahuja agrees: “One of the biggest obstacles in my view is the lack of coherence between US and Israeli policy,” Ahuja said, noting that alignment could be difficult, even as peace is more in sight than it was before.

It has already launched its worst attack on Lebanon since the war started, killing 254 people, prompting Iran to shut the Strait of Hormuz and threaten to withdraw from the ceasefire agreement.

What can the Gulf do now?

Hardening defense systems in the two-week period is likely: “It is possible that GCC states diversify and deepen defense cooperation arrangements with the likes of Australia, Italy, and France,” Ahuja said. “In the meantime, they may also seek to enhance security in the key infrastructure spots that could be targeted, including ports, data centers, etc,” she added.

Gulf states including Saudi Arabia and the UAE are already exploring new defense systems, including USD 2.5k Ukrainian-designed interceptor drones, Japan-based Terra Drone ’s CEO Toru Tokushige told Reuters.

Middle East expansion: Terra Drone, which has recently partnered with Ukraine startup Amazing Drones to develop the Terra A1 interceptor, plans to market the drones overseas and potentially establish production in the Gulf, Tokushige said. The interceptor has yet to be battle-tested and is expected to undergo trials with Ukraine’s military in the coming months.

REMEMBER- The outbreak of war triggered a defense rethink for the GCC, pushing countries to look for alternative air and missile defense systems that don’t cost USD 3-12 mn per shot to take down a USD 20-100k Iranian drone. In a meeting between the UAE’s and Ukraine’s leaders last month, Ukrainian President Volodymyr Zelenskiy said his country was offering its defense systems to partners.

What about building up its offensive defenses? “The stance so far has been defensive instead of offensive, and that is likely to continue, but we can expect the states to be ready for an offensive stance, despite not being particularly inclined to lean towards it,” Ahuja said.

Longer-term investments in repair and recovery will take more time

“Hard-hit sectors’ revival may be a longer term project,” Ahuja added. That includes damage to oil and gas facilities damaged during the conflict. It will take a year to fully restore production.

Analysts estimate around 3 mn tonnes per annum of aluminum capacity are currently offline — roughly half of Middle East production, between disruptions at EGA and Aluminum Bahrain, as well as the shutdowns at Qatar’s Qatalum due to natural gas shortages, aluminum industry expert and PerenniAL CEO Brian Hesse told EnterpriseAM. This has widened the pre-existing global market deficit, previously forecast around 360k tonnes for 2026, to an estimated 2–2.5 mn tonnes if the outage persists, he added.

Downstream sectors including aerospace, automotive, packaging, and construction face tighter supply, higher costs, and potential allocation issues, he noted. Hesse also sees the likelihood of London Metal Exchange reaching USD 4k in the near future, echoing what analysts told us earlier.

The more important feat will be restoring the “safe haven” image

“Reviving [the safe haven reputation] will likely take time, but these two weeks are definitely the beginning of that recovery — provided the ceasefire holds,” Ahuja said. “For investors seeking to expand partnerships in the region, the two weeks may provide a slight push into them reconsidering a return to the region, but a full return will require a permanent resolution,” she added.

Two weeks might not be enough to bring back those who have left, though: “It may be a bit early for [those who left] to make a decision whether to come back or not because we don't know yet whether this is a lasting agreement or something temporary,” former US ambassador to Oman and Middle East policy analyst Marc Sievers told EnterpriseAM.

Disruptions are likely to continue, at least in the near term

The Strait of Hormuz will be key, if it does stay open. “I think everyone will in their own way take advantage of this opportunity and I'm hopeful that there is some arrangement that keeps the Strait of Hormuz open,” Sievers said. This has yet to materialize after the events that unfolded yesterday, but even if it does, there’s the matter of derisking.

“Shipping is going to be reluctant to test that until it's entirely clear that it's safe to pass through, and that may also involve some kind of ad hoc coalition to escort shipping,” he added. Bahrain and the UAE have already signaled they’re open to joining a coalition of that kind, and the US has spearheaded similar initiatives before.

It ain’t so easy to start things over

Getting oil moving again through Hormuz is one thing, but getting the Gulf energy system back on track is another. A fragile two-week pause in the fighting between the US and Iran has opened the door to transit in the strait, although there is no assurance this truce will hold. The energy system behind that chokepoint remains battered, with recent strikes hitting fields, refineries, and storage facilities across the region.

The divergence between crude and gas: The pace of recovery will look vastly different depending on the commodity. Crude oil infrastructure — including fields, pipelines, and export terminals — emerged with comparatively lighter damage. While some oil installations took hits, the destruction pales in comparison to what the region's gas sector absorbed, paving the way for a swifter rebound in crude output if the conflict does not escalate.

By contrast, Qatar's critical gas facilities, particularly the LNG and GTL hubs at Ras Laffan, sustained severe damage from Iranian strikes. QatarEnergy anticipates that bringing operations back to pre-attack levels could take anywhere from two to five years. Roughly 17% of the nation's total LNG capacity could sit idle for up to half a decade, according to the company's chief executive.

A sea-turned-storage could be a relief: In the immediate term, floating storage offers a buffer. There are some 130 mn barrels of crude, 46 mn barrels of refined fuels, and 1.3 mn tons of LNG sitting idle on tankers across the Gulf. These volumes can move quickly once routes reopen.

Not that quick though: “It would likely take more than two weeks to clear the backlog even under normal conditions, [which is] too short to restore the level of confidence needed to fully unwind the embedded uncertainty premium — particularly for Arabian Gulf loading routes,” Daejin Lee, global head of research at Fertmax FZCO, told Reuters.

The pricing picture will split: This bifurcated recovery is going to pull prices in opposite directions. Physical crude prices loading out of the Gulf should cool off relatively fast once safe maritime passage through Hormuz is assured. Gas markets, however, are bracing for a prolonged era of high prices, particularly for benchmarks like Platts JKM, driven by the structural outages in Qatar.

Meanwhile, refined products like diesel and jet fuel — where Middle Eastern refiners are critical lifelines for European and Asian markets — will see a delayed price correction. Refining and storage assets were targeted during the conflict, though long-term structural outages in this specific sub-sector seem unlikely right now. Still, pricing relief here will lag behind crude and depend entirely on the true extent of the downstream damage.

Confidence is the real bottleneck: Clearing the backlog of cargoes is only half the equation — and moving ships out is easier than convincing them to come back in. Hundreds of vessels and shipowners are preparing to move, but transit protocols and key terms are still unclear. Charterers remain cautious, with Maersk noting that “the ceasefire may create transit opportunities, but it does not yet provide full maritime certainty.” Without confidence that tankers will be there to lift cargo, producers won’t rush to restart.

Give it time

Wells don’t like being turned off: Idled wells lose pressure balance, take on water, and face corrosion risks — especially with hydrogen sulfide exposure. In Saudi and Iraq, where enhanced recovery techniques like gas and water injection are standard, restarting means recalibrating entire reservoir systems under stable conditions.

Refining will be the quiet bottleneck: The Samref Saudi refinery on the Red Sea coast has been running below capacity after a drone strike last month, with estimates pointing to up to a year for full restoration. Supply chains are similarly strained. The specialized equipment needed to repair Gulf infrastructure is in high demand, and companies have evacuated staff from the region, stretching timelines until the workforce returns.

The overarching risk: All of these recovery timelines are entirely dependent on the situation today holding steady. “Kinetic action can easily resume if there is discord on any of the 10-point plan proposed by Iran,” Harry Tchilinguirian, Head of Research at Onyx Capital Group, tells us. If the conflict reignites — particularly if the US or Israel target Iranian power plants — Tchilinguirian warns the next wave of attacks will likely be far more aggressive, with Iran directly striking its neighbors' energy infrastructure.

What’s next: Watch tanker traffic through Hormuz for confidence, and refinery utilization rates for real supply recovery. Even in the best-case scenario, this is a staggered, months-long return to normalization, carrying a potential USD 25 bn repair bill.

PIF, GCC SWFs reportedly commit USD 24 bn to Warner Bros. takeover

GCC SWFs in talks on USD 24 bn to back Paramount’s Warner Bros. acquisition: The Public Investment Fund, Abu Dhabi’s L’imad, and the Qatar Investment Authority are officially backing Paramount’s takeover of Warner Bros. Discovery to the tune of USD 24, The Wall Street Journal reports, citing people it says are familiar with the matter. The USD 24 bn figure was previously reported, but the pen hadn’t been put to paper yet.

The breakdown: The three funds have finalized commitments just shy of USD 24 bn, with the PIF providing the lion’s share at around USD 10 bn. L’imad and QIA’s investment commitments weren’t specified. The broader transaction places an equity value of roughly USD 81 bn on Warner, or about USD 110 bn including debt.

Foreign control fears addressed: Only a few weeks ago, some US politicians were calling for an investigation into the agreement citing “foreign investment concerns.” The takeover’s fine print seems to have addressed that, with the Gulf funds holding minority, non-voting positions in the combined company, each below the 25% threshold, to minimize the likelihood of reviews by the US’ Committee on Foreign Investment.

Who else is involved? Paramount Global has also secured about USD 54 bn in debt financing from Bank of America, Citigroup and Apollo Global Management, and has started distributing portions of that debt to additional banks and investors. US-based RedBird Capital Partners, which was involved in an Abu Dhabi-backed bid for UK Telegraph newspaper, is also backing the takeover.

Paramount is targeting completion of the transaction in 3Q 2026, subject to regulatory clearance. The merger would bring together major media assets including CBS, CNN and HBO, boosting its competitive position as audiences continue shifting toward streaming platforms.

Investors responded positively to the update, with Paramount’s shares rising almost 11% on Tuesday as the confirmed funding reduced uncertainty around the transaction, Deadline reports.

REMEMBER- The battle for Warner Bros Discovery reached a dramatic end in February, with Netflix walking away from its bid for the Hollywood studio and streaming giant, paving the way for Paramount to acquire the firm.

eXtra, UIHC report strong first-quarter results

eXtra

United Electronics Company (eXtra) posted a 10% y-o-y rise in net income to SAR 94.7 mn in 1Q 2026, according to a disclosure to Tadawul. Revenue grew 5% y-o-y to SAR 1.8 bn during the quarter, driven by the retail (up 3.6%) and consumer finance segments (up 17.5%). Robust online sales, strong Clix performance, and ongoing growth in the firm’s financing portfolio also underpinned growth.

ALSO- UIHC — a subsidiary of eXtra which owns and operates Tas’heel Finance — saw its net income rise 11.3% y-o-y to SAR 64.3 mn in 1Q 2026, it said in a disclosure to Tadawul. Revenue climbed 17.5% y-o-y to SAR 205.2 mn during the period, bolstered by a 21% expansion in its consumer finance portfolio.

Saib launches private placement of SAR AT1 sukuk

Saudi Investment Bank (Saib) kicked off a private placement of additional tier 1 (AT1) capital sukuk under its SAR 5 bn sukuk program, running until 7 May for eligible investors, it said in a Tadawul disclosure. Minimum subscription is SAR 1 mn, with price, return, and total value to be set by market conditions. The perpetual securities may be redeemed early under specified conditions.

ADVISORS- Alistithmarfor Financial Securities and Brokerage Company and Al Rajhi Capital are handling the placement as joint lead managers and bookrunners.

Move over inflation: Central banks have a new biggest fear

For the first time in years, the people managing the world's money are more worried about missiles than inflation. Some 70% of central banks — who collectively manage over USD 9.5 tn in reserves — now rank geopolitical tension as their top global risk, according to a Central Banking Publications survey of about 100 institutions picked up by Reuters.

That is a massive spike from the 35% who held that view in 2024, knocking US trade protectionism out of the top anxiety spot. Inflation and interest rates are still a primary five-year concern for just over half of reserve managers, but that figure has dropped from 76% last year.

Why it matters

The shifting geopolitical tectonic plates are shaking trust in US debt and the USD. Some 80% of reserve managers still view the greenback as the world's primary safe-haven currency, but its absolute dominance is increasingly being questioned. The USD index (DXY) shed over 12% against a basket of top currencies between January of last year and this year.

The appetite for US debt is also taking a major hit. Only a third of survey respondents expect US bonds to outperform those of other G7 economies and China. That is a big drop in confidence compared to 2024, when over 70% expected US Treasuries to lead the pack. The percentage of central banks that see the USD role directly impacting their reserve management decisions over the next five years has also jumped to 16%, up from just 3% last year.

What's next?

Gold is poised to catch the overflow: The clear beneficiary of this macro anxiety is gold. Nearly 75% of central banks currently hold the precious metal in their reserves, and almost 40% are actively considering increasing their exposure.

The regional ripple effects will be highly asymmetric. This shifting risk landscape was a core theme at the European Central Bank Watchers Conference, where policymakers highlighted how differently these shocks will land.

Europe's energy trap: Bank of Finland Governor Olli Rehn warned that Europe faces “asymmetric” exposure to Middle Eastern conflicts because of its structural reliance on imported energy. Rehn argued the bloc urgently needs targeted fiscal measures and common financing to bolster its own defense and capital markets.

China's buffers: China is relatively insulated from immediate energy shocks thanks to its massive strategic oil reserves, UBS chief China economist Tao Wang noted. Even if global oil spikes to USD 130 a barrel, it would only partially translate to domestic prices, though Wang warned that geopolitical risks globally have become “highly unpredictable.”

The Fed's credibility test: University of Wisconsin professor Menzie Chinn pointed out that the global economy is facing a “highly shocking” year. If the US Federal Reserve's credibility is eroded in this environment, it could fundamentally alter the USD’s international position and how foreign central banks manage their reserve holdings moving forward.

MARKETS THIS MORNING-

After yesterday's rally, Asian markets are down in early trading this morning amid fears that tensions between the US and Iran will escalate again. Japan’s Nikkei is down 0.5% and South Korea’s Kospi is down 1.3%. Meanwhile, US stock futures are flat.

TASI	11,339	+2.3% (YTD: +8.1%)
MSCI Tadawul 30	1,528	+2.1% (YTD: +10.1%)
NomuC	22,633	+1.5% (YTD: -2.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	48,594	+4.1% (YTD: +16.2%)
ADX	9,869	+2.9% (YTD: -1.2%)
DFM	5,777	+6.9% (YTD: -4.5%)
S&P 500	6,783	+2.5% (YTD: -0.9%)
FTSE 100	10,609	+2.5% (YTD: +6.8%)
Euro Stoxx 50	5,913	+5.0% (YTD: +2.1%)
Brent crude	USD 96.70	-11.5%
Natural gas (Nymex)	USD 2.74	+0.4%
Gold	USD 4,713	-0.2%
BTC	USD 70,996	-1.3% (YTD: -19.0%)
Sukuk/bond market index	918.89	+0.5% (YTD: 0.0%)
S&P MENA Bond & Sukuk	149.24	-0.1% (YTD: -1.8%)
VIX (Volatility Index)	21.04	-18.4% (YTD: +40.7%)

THE CLOSING BELL: TADAWUL-

The TASI rose 2.3% yesterday on turnover of SAR 8.4 bn. The index is up 8.1% YTD.

In the green: Sfico (+10.0%), Gulf Union Alahlia (+10.0%), and UCA (+9.8%).

In the red: Sisco Holding (-8.4%), Petro Rabigh (-6.2%), and Yansab (-5.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.5% yesterday on turnover of SAR 26.5 mn. The index is down 2.9% YTD.

In the green: Sign World (+16.9%), Almodawat (+16.2%), and First Avenue (+12.8%).

In the red: Naseej Tech (-9.0%), Food Gate (-7.7%), and Tharwah (-6.3%).

CORPORATE ACTIONS-

Taiba Investments will almost double its capital to SAR 5 bn via the issuance of one bonus share for every 1.09 existing shares after it got the green light from the Capital Market Authority, according to a Tadawul statement.

CALENDAR

APRIL

20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

20-22 April (Monday-Wednesday): Future Aviation Forum, Riyadh.

MAY

3-9 May (Sunday-Sunday): The Global Sustainability Expo, The Arena Riyadh Venue.

19-21 May (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

24-28 May (Sunday-Thursday): Eid Al Adha holiday.

JUNE

15-17 June (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

21-24 June (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

22-24 June (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

JULY

6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

AUGUST

31 August-3 Sep (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

SEPTEMBER

9-10 September (Wednesday-Thursday): Procurement and Supply Chain Futures Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

9-10 September (Wednesday-Thursday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

OCTOBER

12-15 October (Monday-Thursday): World Energy Congress, Riyadh.

26-28 October (Monday-Wednesday): ACHEMA Middle East, Riyadh International Convention & Exhibition Center.

NOVEMBER

24-28 November (Tuesday-Saturday): Aero Middle East and Sand & Fun, Thumamah Airport, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
September: Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center;
November: The UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;
SkyMove Air Cargo MENA, Riyadh;
The Intervision international music competition will take place in Saudi Arabia.

Signposted to happen sometime in 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;
Capital Markets Forum takes place in March in Riyadh.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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