Aramco taps international debt markets again

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Aramco and Riyad Bank are each selling USD-denominated sukuk

Good morning, wonderful people, and welcome to another very busy news day. Leading this morning’s news well is a duo of debt issuances, including Aramco tapping international debt markets for the second time this year. The oil giant is looking to sell USD-denominated sukuk to raise as much as USD 3 bn, while Riyad Bank is planning to sell an unspecified amount of additional Tier 1 capital sustainable sukuk.

^^ We have the details on these stories and much more in this morning’s news well, below

HAPPENING TODAY-

The two-day CX & Loyalty Summit is on its second and final day in Riyadh, bringing together local and regional experts to discuss enhancing customer experience through technology, AI, and customer loyalty programs. Speakers include industry leaders from Petromin Nissan, Roshn, Saudi Telecom, and Roche, among others.

WEATHER- Riyadh’s mercury will hit a high of 40°C today and a low of 27°C. Meanwhile, Jeddah will see a high of 36°C, and a low of 30°C

PSAs-

Property owners in eight Riyadh neighborhoods have until tomorrow to register for a property number and title deed through the real estate registry platform, according to state news agency SPA. The neighborhoods are Jarir, Al Rabwa, Al Rayyan, Al Rawabi, Al Salam, Al Manar, Al Naseem Al Gharbi, and Al Naseem Al Sharqi. Missing the deadline may result in fines.

The Transport General Authority has established four key regulatory requirements for foreign trucks operating in the Kingdom, according to state news agency (SPA). The requirements include:

Obtaining an electronic transportation document from the Logistics platform,
Limiting transportation of goods to the return route from the designated city,
Adhering to established transportation systems and requirements in the Kingdom,
Cooperating with authorities.

Penalties: Foreign carriers or trucks that break the rules must pay any fines before they can enter or leave the country's land ports. Settling violations is essential for smooth border operations.

WATCH THIS SPACE-

The Saudi-Egypt electricity grid is on track: Italian cable manufacturer Prysmian has installed over 35% so far of the submarine cable of the power interconnection project between Saudi Arabia and Egypt, sources in the Egyptian government told Arab Finance. The cables are scheduled to be fully installed by the end of 2024.

Zooming out: The completion rate of the overall Saudi-Egypt electrical interconnection project was reported in July to be 60%. The 3 GW interconnection project is scheduled to be completed in two phases, with the first phase reportedly set to go live in July 2025 and the second one in early 2026.

SPORTS-

Neymar is all in for the Kingdom’s bid to host the 2034 World Cup, calling it an exciting chance for global cultural exchange and showcasing the Saudi culture in a video shared by Al Hilal on Youtube (watch, runtime: 0:33). Fifa is expected to approve Saudi Arabia as the sole host in an upcoming vote on Wednesday, 11 December.

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THE BIG STORY ABROAD-

Israel’s bombardment of Lebanon is still the top story in the international press — the business press included — with the barrage of attacks having killed at least 569 people, including 50 children, over the course of the last two days. While Israeli airstrikes targeted Beirut’s southern suburbs — claiming to have killed Hezbollah’s missiles division head Ibrahim Kobeissi — and the border region, Hezbollah targeted military targets, including a military and naval base, in northern Israel.

Speaking in New York on the sidelines of yesterday’s UN meetings, Lebanon’s foreign minister Abdallah Bou Habib called US President Joe Biden’s address to the UN “not strong” and “not promising,” adding that the US — Israel’s biggest arms supplier and key ally — “is the key…to our salvation.” The UN Security Council will meet today to discuss the escalating violence between Israel and Hezbollah today.

WHILE IN OIL NEWS- No peak oil yet, says OPEC, with the oil cartel saying they expect world oil demand to increase 18% to 120.1 mn barrels per day by 2050, in stark contrast to other international organizations — including those within the petroleum industry — that expect to see oil demand fall as the world transitions to low carbon and green fuels.

AND- EU officials raided Nasdaq and Deutsche Borse offices in two EU member states yesterday, as the European Commission investigates possible anti-competitive practices related to financial derivatives, the FT reports. Both companies said that they were cooperating with EU authorities on the investigation.

ALSO- UniCredit’s battle to take over Commerzbank is heating up, with the German government throwing its weight against Italian UniCredit’s proposed takeover of German Commerzbank. German Chancellor Olaf Schulz said Monday that the government “supports Commerzbank’s strategy of independence,” adding that it does not support a takeover, which would cede financial clout to Italy and lead to a raft of job cuts in Germany.

CIRCLE YOUR CALENDAR-

Intersec Saudi Arabia will open its doors on Tuesday, 1 October, where experts in the security, safety and fire protection industries will convene to address the role of AI and VR in the sector. The event wraps up on Thursday, 3 October.

The two-day Multilateral Industrial Policy Forum will kick off in Riyadh on Wednesday, 23 October. The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the UNIDO General Conference in 2025.

Aramco lines up USD 3 bn USD-denominated sukuk issuance

Aramco is hitting international debt markets again: Saudi Aramco kicked off yesterday the sale of USD-denominated unsecured sukuk, the company said in two disclosures to Tadawul (here and here), marking what will be its second international bond sale of the year. The oil giant is reportedly looking to raise up to USD 3 bn in the sale, according to documents and sources cited by Reuters and Bloomberg. Proceeds from the offering are earmarked for “general corporate purposes,” Aramco said in its disclosure.

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What we know: The issuance will be split into five-year and 10-year tranches, Bloomberg reports, citing a source with knowledge of the matter, although Aramco said in its disclosures that the exact tenure and yield will be determined by market conditions. Minimum subscription is set at USD 200k, the disclosures also said.

REMEMBER: Aramco closed its first bond sale in three years in July, lining up USD 6 bn — USD 1 bn more than it had originally targeted in an offering that was 6x oversubscribed. The three-part USD-denominated issuance was split into 10-year, 30-year and 40-year tranches.

ADVISORS- Al Rajhi Capital, Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank, Goldman Sachs International, HSBC, JPMorgan, KFH Capital, and Standard Chartered have been tapped as active joint bookrunners on the offering, while Abu Dhabi Commercial Bank, Albilad Capital, Alinma Investment, BOC International, Emirates NBD Capital, Mizuho, MUFG, Natixis, Sharjah Islamic Bank, and SMBC Nikko will be stepping as passive bookrunners.

IN OTHER DEBT NEWS-

Zahrat Al Waha Trading Company signed a SAR 60 mn loan agreement with Qatar National Bank to finance letters of credit to buy raw materials, it said in a disclosure to Tadawul. The company has provided order notes as guarantees. The financing agreement runs until 26 June, 2025.

Riyad Bank plans USD-denominated sukuk issuance

Riyad Bank is planning a USD-denominated additional Tier 1 capital sustainable sukuk issuance, with proceeds going towards shoring up its Tier 1 capital and supporting general banking activities, it said in a disclosure to Tadawul. A special purpose vehicle will take the issuance to market, with the offering open to qualified investors in the Kingdom and abroad.

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SOUND SMART- Additional Tier 1 (AT1) capital is a component of Tier 1 capital that is held by banks to shore up their financial resilience. AT1 instruments can usually be converted into equity when a trigger occurs, such as when a bank’s capital falls below a certain threshold.

The issuance comes as part of the bank’s international additional tier 1 capital sukuk program that was established earlier this month after being approved by the bank’s board in August. The value and terms of the offering will be determined at a future date subject to market conditions.

ADVISORS- HSBC, Kamco Investment, Merrill Lynch, Mizuho, Morgan Stanley, Riyad Capital, SMBC Nikko Capital Markets, Standard Chartered, and Warba Bank are serving as joint lead managers and bookrunners for the offer.

Magrabi and Rivoli Vision merge for regional expansion

Magrabi Retail Group and Rivoli Vision merge, eyeing regional expansion: Regional eyewear retailer Magrabi and Dubai-based lifestyle retailer Rivoli Group’s eyewear unit Rivoli vision agreed to merge in a transaction that will see them consolidate some 290 locations across seven Middle East countries by the end of the year, according to a statement. Completion of the transaction is still pending commercial and regulatory approvals, the statement said.

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About the companies: Rivoli operates 89 branches across the UAE, Qatar, Oman, and Bahrain, while Magrabi, a regional player with over 200 branches across the region, also operates a manufacturing facility in Dubai, with offices across the UAE, Saudi Arabia, and Egypt.

Timelines and targets: The merged entity expects to achieve double-digit revenue and EBITDA growth between 2025 and 2027, Magrabi Retail Group CEO Yasser Taher tells Arab News. Digital sales are projected to grow 50% annually during this period. The integration process is set to be completed within 15 months, while full synergy realization is expected within 24 months.

A move to boost supply chain efficiency + digitization: “The scale of the new entity will enable higher investment into supply chain automation, including further investment in our manufacturing facilities, warehouse operations, our central glazing lab network, and last-mile delivery fulfillment,” Magrabi Chairman Amin Magrabi told the publication. The merger’s investment strategy focuses on enhancing customer experience via digital transformation, with Magrabi already investing over USD 26.6 mn annually in store upgrades and digital platforms. The planned implementation of a Headless Online Platform will further enable omnichannel customer engagement.

MIS is expanding Saudi Fransi’s data center capacity

Al Moammar Information Systems (MIS) will add 64 MW to the data center capacity it is building out for Saudi Fransi Capital at a cost of SAR 1.95-2.5 bn, according to a disclosure to Tadawul. MIS signed a letter of intent on behalf of Saudi Data Center Fund 1 with Saudi Fransi, which will remain in effect until an agreement is reached or its 90-day validity expires.

This is a big leap for Saudi Data Centers Fund 1: The fund had its origins in 2021, when MIS and Saudi Fransi Capital inked a SAR 1.2 bn agreement to develop, design, and manage data centers through the private investment fund. The agreement laid out plans for six data centers with a combined 24 MW capacity. The latest venture will see the fund’s data center capacity more than doubled.

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Elsewedy Electric partners with Siemens to develop USD 800 mn power plant in Rabigh

Cairo-listed Elsewedy Electric and Siemens are developing a USD 800 mn power plant in Rabigh, an official at Elsewedy reportedly told Al Arabiya.

The timeline: The project, which will include both steam and gas turbines, is reportedly in the construction phase and expected to be fully completed by the end of 2026.

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Elsewedy has other projects here in the works: The company expects to finish expansions of one of its Saudi factories in January 2025, the Elsewedy source said, as the Egypt-based company is looking to expand its footprint abroad.

Other Egyptian companies are also heading to the Kingdom in search of new projects: Egyptian construction and real estate players in particular are ramping up efforts to expand abroad as domestic growth potential shrinks, industry insiders recently told EnterpriseAM Egypt. While local developers are looking almost everywhere, there seems to be a particular appetite for Saudi on the back of its large, well-regulated, and welcoming market, developers and contractors said.

Riyadh awards SAR 6 bn-worth of new road contracts

Riyadh Municipality inked five contracts with unidentified companies worth c. SAR 6 bn to executive roadworks in a bid to improve road quality within the capital, it said in a statement. The project involves rehabilitation and asphalt works over a five-year period. The statement did not provide any financial details on the contracts.

The nitty gritty: The city will be divided into five zones — north, south, east, west, and central — based on a comprehensive survey of road quality and safety standards, to determine the order in which road improvements will be carried out. The roadworks will be carried out over an area of some 83 mn sqm.

REMEMBER: The Royal Commission for Riyadh City kicked off the first phase of Riyadh’s main and ring road development project last month, awarding four contracts worth more than SAR 13 bn. The project is part of the Ring Roads Axes Development Program, which kicked off in 2019 and covers upgrades to some 500 km of roads in Riyadh, including the construction of new roads, improving existing roads, and measures to boost connectivity. The initiative comes in a bid to accommodate population growth, bolster mega development projects in the city, and future-proof Riyadh’s road network.

Tadawul + Nomu saw 22 listings in 1H 2024

The Tadawul saw 22 new listings in the first half of the year, including nine listings on the main market and 13 on parallel market Nomu, according to the exchange’s 1H 2024 Listings Report (pdf). Nine IPOs on Tadawul’s main market raised SAR 8.2 bn during the period, while another SAR 1.1 bn were raised from four other offerings. 12 IPOs on the Parallel Market (Nomu) raised SAR 532.5 mn, while 1 company completed its direct listing.

On a y-o-y basis: Compared to the same period last year (pdf), Tadawul saw a 50% increase in the number of IPOs on the main market, as well as a 110% y-o-y increase in funds raised through IPOs and offerings on the main and parallel markets. The highest performing sectors during the period on the main market were pharma, biotech and life science (+74.7%), software and services (+54.5%), and capital goods (45.3%), while the worst performing sectors were diversified financials (-9.2%), utilities (-8.5%), and materials (-5.3%).

Listings on the main market during 1H included regional broadcaster MBC Group, Albilad MSCI Saudi Growth ETF, Modern Mills, Saudi Manpower Solutions Company (SMASCO), and others.

Nomu listings during the period included Pan Gulf Marketing, Al Modawat Specialized Medical Company, Qomel, Yaqeen Capital, and others.

Saudi’s getting 10 fresh community colleges

Cabinet signed off yesterday on building out 10 new community colleges as the government looks to improve Saudi’s education infrastructure, according to state news agency (SPA). The ministers also authorized the finance minister to negotiate an unspecified PPP agreement with France, according to SPA.

Also approved during yesterday’s meeting:

Establishing the Saudi-Turkish Coordination Council to boost ties,
Signing a direct investment MoU with Panama,
The promotion of several senior government officials, and
The Saudi Space Agency’s financial report for the previous fiscal year.

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SAIC + Chubb Arabia have new CEOs

Saudi Advanced Industries (SAIC) has tapped Khalid Abu Khadra (LinkedIn) as its new CEO, SAIC said in a disclosure to Tadawul. Abu Khadra started his career in banking, holding executive positions at major Saudi banks including Al Rajhi Bank and the Saudi Investment Bank, with his most recent post being the GM of investment in the treasury at Alinma Bank.

Chubb Arabia’s board of directors named Abdulaziz Abdul Karim Al Khereiji (Linkedin) as interim CEO for a six-month term, effective 1 October, according to a filing to Tadawul. Al Khereiji, who also serves as the managing director and director at the ins. company, previously held the position of CEO from 2017-2019.

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Bloomberg looks at PIF”s “new star” deputy governor Al Humied

Bloomberg is out with a spotlight piece on the PIF’s “rising force” Yazeed Al Humied, one of the sovereign wealth fund’s two deputy governors who was previously touted as the fund’s third-in-charge. Al Humied was a key player behind the PIF’s USD 5 bn investment pledge to BlackRock earlier this year, the business information service says, helping to position him as a key figure in the PIF's shift towards domestic investment. Global firms looking to tap the Saudi market and raise funding from PIF are now turning to him.

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Also getting ink from Bloomberg: Major Chinese companies, like food delivery app Meituan are entering the Kingdom, drawn by shrinking margins at home and the “Vision 2030” promise of economic growth, the business information service says in an opinion piece. Meituan was praised for tapping into a burgeoning appetite for easy food delivery that appears to be fueled by women’s rising participation in the workforce, and a demand for diverse cuisines. Other players, like Lenovo and Cathay Pacific, are also eyeing the youthful Saudi market.

Merak Capital is investing SAR 310.8 mn in SHIFT

INVESTMENT WATCH-

Merak Capital invests in SHIFT’s growth: Jeddah-based smart mobility solutions provider SHIFT will receive a SAR 310.8 mn (c. USD 82.8 mn) investment from Saudi Arabia’s Merak Capital, according to a statement.

The strategy: The investment should enable SHIFT to speed up the development and innovation of its smart solutions, ultimately improving efficiency, sustainability, and connectivity throughout the Kingdom's mobility and logistics system, according to another statement.

About SHIFT: Established in 2017, SHIFT is a comprehensive platform specialized in tech-focused mobility solutions for products and customers. It operates in 57 Saudi cities and boasts a fleet of over 12k vehicles.

AGRICULTURE-

Hospitality and entertainment firm Al Hokair Group is looking at scaling up its investments in Egypt, Group Chairman Abdul Mohsen Al Hokair said during a meeting with Egypt’s Agriculture and Land Reclamation Minister Alaa Farouk, according to an Egyptian cabinet statement.

FINTECH-

Fintech solutions provider TPS Worldwide partnered with Saudi AstroLabs to introduce its services in the Kingdom, according to a press release. TPS provides banks and fintechs with services like wallet management, card issuance, and digital banking applications, among others.

INS.-

Salama Cooperative Ins. has received approval from the Ins. Authority to renew its license for General ins. and Medical ins. activities, it said in a disclosure to Tadawul, The renewal takes effect on 26 February, 2025 and is valid for three years.

MANUFACTURING-

Aramco and China National Building Material Group have signed a five-year agreement to set up manufacturing facilities in the kingdom for wind turbine blades, hydrogen storage tanks, lower-carbon building materials, and energy storage, it said in a press release. The pair will also create a training and inspection center and joint tech development center.

What they said: “This agreement envisages a wide range of cooperation that has potential to positively contribute to low-carbon development, while supporting further strategic alignment between China and the Kingdom.”

China rolls out stimulus package to give a boost to the economy

China rolls out rate cuts, slashes RRR to revive economy: China’s central bank, the People’s Bank of China (PBOC), is rolling out a series of broad monetary stimulus measures to jumpstart the country’s faltering growth. The PBOC slashed a key short-term interest rate and lowered the reserve requirement ratio (RRR) to its lowest point since 2018, while hinting at further RRR cuts to come.

And there’s more: The package includes reducing borrowing costs on USD 5.3 tn worth of mortgages and lowering down-payment requirements for second homes in a bid to resuscitate the country’s troubled property sector. On top of that, CNY 800 bn (USS 113 bn) is being added into the stock market to boost liquidity, with officials also looking into setting up a market stabilization fund.

Big picture: This is the first time since 2015 that China has cut both the reverse repurchase rate and the RRR on the same day, Bloomberg reports. It comes after economic growth slowed to its worst pace in five quarters, putting the country on track to miss its annual economic growth target of 5% for the second time in three years.

Will it be enough? China’s benchmark CSI 300 Index jumped 4.3% on the news, while the CNY strengthened to its strongest level in over a year. Still — some doubt the cuts will be enough to revive the real estate market, with several doubting whether the measures are enough to stimulate a property market recovery.

MARKETS THIS MORNING-

China’s Hang Seng extended its gains in the wake of the economic package, up 2.6%, and defying the lull prevalent among other Asian markets. Japan’s Nikkei was marginally down, while the Topix was up only 0.3%.

Wall Street futures are also largely flat, after the S&P 500 and Dow closed at record highs yesterday.

TASI	12,268	+1.1% (YTD: +2.5%)
MSCI Tadawul 30	1,536	+1.5% (YTD: -1.0%)
NomuC	25,684	-0.2% (YTD: +4.7%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.5% repo	5.0% reverse repo
EGX30	30,871	-0.5% (YTD: +24.0%)
ADX	9,461	+0.1% (YTD: -1.2%)
DFM	4,461	+0.6% (YTD: +9.9%)
S&P 500	5,733	+0.3% (YTD: +20.2%)
FTSE 100	8,283	+0.3% (YTD: +7.1%)
Euro Stoxx 50	4,941	+1.1% (YTD: +9.3%)
Brent crude	USD 75.17	+1.7%
Natural gas (Nymex)	USD 2.58	+1.1%
Gold	USD 2,682.60	+0.2%
BTC	USD 64,352.70	+1.8% (YTD: +52.5%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.1% yesterday on turnover of SAR 7.5 bn. The index is up 2.5% YTD.

In the green: Red Sea (+10.0%), Sfico (+9.9%) and Acwa Power (+6.6%).

In the red: Maharah (-5.4%), Retal (-2.8%) and Dar Al Arkan (-2.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 66.3 mn. The index is up 4.7% YTD.

In the green: Mayar (+9.7%), Banan (+9.3%) and Mayar (+7.6%).

In the red: Al Qemam (-6.0%), FAD (-5.5%) and Saudi Top (-4.6%)

CALENDAR

SEPTEMBER

24-25 September (Tuesday-Wednesday): CX & Loyalty Summit & Awards, Riyadh.

24-25 September (Tuesday-Wednesday): Future Banks Summit & Awards, InterContinental Hotel, Riyadh.

24-26 September (Tuesday-Thursday) Saudi Infrastructure Expo, Riyadh International Convention and Exhibition Center, Riyadh.

24-26 September (Tuesday-Thursday): Smart Cities Saudi Expo 2024, Riyadh Front Exhibition & Conference Center.

25-26 September (Wednesday-Thursday): Kingdom Business and Luxury Travel Congress, Crowne Plaza Riyadh RDC Hotel and Convention.

26 September-5 October (Thursday-Saturday): AlUla Skies Festival, AlUla.

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

27 September (Friday): Saudi Women’s Premier League starts.

29 September-1 October (Sunday-Tuesday): Jeddah Construct Expo, Jeddah.

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

OCTOBER

1 October (Tuesday): MEPRA KSA Leadership Majlis, Madareem Crown Hotel, Riyadh

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

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

12 October (Saturday): Riyadh Season.

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

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

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

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

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

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh.

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

21-23 October (Monday-Wednesday): Global Health Exhibition 2024, Riyadh.

23-24 October (Wednesday-Thursday): UNIDO’s Multilateral Industrial Policy Forum (MIPF), Riyadh.

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

27-28 (Sunday-Monday): The Global PropTech Summit, Movenpick Hotels & Resorts, Riyadh.

29-31 October (Tuesday-Thursday): Future Investment Initiative Conference, Riyadh.

30 October-3 November (Wednesday-Sunday): Hia Hub 4.0, Riyadh.

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

NOVEMBER

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

3-23 November (Sunday-Sunday): NEOM Beach Games, Neom.

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

11-12 November (Monday-Tuesday): Expenditure Efficiency Forum, The Hilton, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

16 November (Saturday): Latino Night at Riyadh Season, Riyadh.

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Dammam.

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

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam.

23 November (Saturday): Red Sea 600, Jeddah Yacht Club and Marina.

25-27 November (Monday-Wednesday): World Investment Conference, Riyadh.

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

28 November-14 December (Thursday-Saturday): Noor Riyadh, Riyadh.

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

DECEMBER

1 December (Sunday): Opec+ to meet.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

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

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

5-8 December (Thursday-Sunday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

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): Sustainability Forum Middle East, Riyadh.

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

FEBRUARY 2025

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

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

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

JUNE 2025

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

2026

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

2027

The World Water Forum takes place in Riyadh.

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