Aramco’s Singapore unit secures USD 4 bn JV with China’s Sinopec

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Neom reportedly under “comprehensive review” led by acting CEO

Good morning. We’re almost saying goodbye to April, and business is starting to pick up steam with updates in the Energy and debt markets.

This morning's top stories: Aramco's Singapore unit secured a USD 4 bn joint venture with China’s Sinopec for port operations and crude oil transportation in Fujian. We also have plenty of activity in the IPO market, as Al Kuzama and Axelerated Solutions issue prospectuses for their upcoming listings on Nomu.

ALSO- Saudi Kayan and Nice One reported their first-quarter earnings, with Kayan's net loss widening y-o-y. Let’s dive in.

HAPPENING TODAY-

Today is the final day to submit feedback on the proposed amendments to the regulations for special purpose entities in Saudi Arabia. The proposal would, if passed, expand the debt and sukuk issuance options by introducing exempt placements for asset-backed and asset-linked recourse debt instruments. Find our detailed explainer here.

WEATHER- Clouds will gather over Riyadh and Madinah, while brisk winds sweep through Makkah.

Riyadh: 40°C daytime / 28°C overnight cloudy
Makkah: 49°C daytime / 26°C overnight windy
Madinah: 48°C daytime / 26°C overnight cloudy

PSAs-

An amendment to the executive regs for the Finance Companies Control Law is up for public consultation on Istitlaa until 27 May. The update — drafted by the Saudi Central Bank — eases licensing requirements through a reduction in the required bank guarantee from 100% to 20% of the minimum capital. It aims at raising finance companies' contribution to the GDP by enabling them to offer more financing.

WATCH THIS SPACE-

Neom is undergoing a “comprehensive review” led by acting CEO Aiman Al Mudaifer to reassess budgets and progress of various developments, particularly some tourism projects along the Red Sea, the Financial Times reports, citing sources it says are in the know. While major initiatives like The Line, Oxagon, and Trojena are moving forward, parts of the broader USD 500 bn project along the Red Sea coast may be delayed or scaled back, the sources said.

The review comes in at a time of “limited resources” and the need to reassess priorities. “It’s just general good governance. It’s related to the [spending] recalibration … [to] decide what to double down on,” one source told the salmon-colored publication.

IN CONTEXT- Al Mudaifer assumed the role of acting CEO in November following the departure of longtime chief Nadhmi Al-Nasr amid growing pressure to deliver results and a reported recalibration of gigaprojects in light of lower oil prices. He is set to become the permanent CEO of Neom, sources repeatedly confirmed to the FT.

PIF-backed Riyadh Air is ready to purchase Boeing planes originally meant for Chinese airlines should they be impacted by the ongoing trade war between the US and China, the airline’s CEO Tony Douglas told Reuters at the Arabian Travel Market conference in Dubai.

IN CONTEXT- Boeing has been facing challenges delivering planes to China due to tariffs, and Douglas offered to take the planes off Boeing’s hands if necessary, stating “we’ll happily take them all.”

The airline already ordered planes from both Boeing and Airbus for its upcoming launch in 4Q 2025, including 60 Airbus A321 jets and up to 72 Boeing 787 Dreamliners. The Kingdom’s newest carrier is also aiming to double its employees to 1k over the next year.

ICYMI- Riyadh Air received its Air Operator Certificate from the General Authority of Civil Aviation earlier this month. The carrier pushed back its launch to 3Q 2025 from earlier this year, after facing delays in Boeing aircraft deliveries.

Gulf heirs swap business for investing: A new generation of wealthy Gulf families is shifting away from running traditional businesses like car dealerships and shopping malls to focus on investing, head of the Middle East for UBS Global Wealth Management Niels Zilkens told Semafor.

What’s happening? Many young heirs are coming back from overseas with finance degrees, and prefer to manage investments — especially in private equity and real estate. This shift is pushing some family-run companies to consider private sales or mergers instead of stock market listings to free up liquidity.

Why is this important? Family-owned businesses make up nearly 60% of private companies in the Kingdom and 90% in the UAE. These businesses are part of tns of dollars in assets held by the Boomer generation, expected to change hands globally over the next two decades as part of "the great wealth transfer."

DATA POINTS-

#1- The Small and Medium Enterprises Loan Guarantee Program (Kafalah) provided SAR 3.4 bn in loan guarantees to more than 1.6k SMEs in 1Q 2025, up 17% y-o-y, according to state news agency SPA. In total, Kafalah issued 1.9k loan guarantees which backed over SAR 4.8 bn in loans, up 19% y-o-y.

These figures bring the total number of guarantees issued by the program since its launch in 2006 to 67.7k, with a value of SAR 82 bn.

#2- The Real Estate General Authority (Rega) reported a 97% y-o-y increase in the number of documented real estate brokerage contracts during 1Q 2025, according to a statement. Over 96k contracts were completed in the first quarter of the year, averaging 44 contracts per hour, or 1k per day, and bringing the total number of contracts to more than 1.4 mn since the system’s launch.

SPORTS-

Saudi Clubs sweep into AFC semifinals: Three Saudi clubs — Al Hilal, Al Ahli, and Al Nassr — advanced to the AFC Champions League semifinals for the first time in the championship’s history. In the first fixture, Al Hilal thrashed Guangzhou FC, scoring 7 goals. The second fixture saw Al Malaki overrun Buriram United with a 3-goal gust in 30 minutes during the first half, while Yokohama Marinos fell to Al Alami with 4 goals to 1.

What’s next? Al Hilal will measure against Al Ahli today at 7:30pm, while Al Nassr will face Kawasaki Frontale tomorrow. The winners will advance to the AFC Champions League final set for 3 May.

Canelo Alvarez and William Scull clash for the undisputed super middleweight title at the ANB Arena on Saturday, 3 May, in Riyadh. The Mexican boxer will defend his WBA, WBC, and WBO super middleweight titles against the IBF champion.

The fight is part of a busy boxing weekend to celebrate Cinco de Mayo, that will see Jaime Munguia face Bruno Surace, Martin Bakole butt heads with Efe Ajagba, and Badou Jack play against Ryan Rozicki.

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THE BIG STORY ABROAD-

It’s a busy day in the foreign press this morning with Canada electing incumbent Prime Minister Mark Carney to stay on as PM, a mysterious power outage hits Spain and Portugal, and US President Donald Trump moves to alleviate some of the pressure of tariffs on automakers.

Former central bank governor and incumbent prime minister Mark Carney is projected to form a new government after one of the most consequential elections in Canadian history, as the country faces uncertainty from Trump’s tariffs and threats of annexation. The question: Will it be a minority or majority government? Either way, it would be the Liberals’ fourth consecutive term in office, a political turnaround that was unthinkable just a few months ago when former Prime Minister Justin Trudeau led the party. (Bloomberg | Reuters | BBC | AP)

In the latest tariff-related news, Trump has eased some of the levies on auto parts for domestically manufactured cars, and prevented duties on foreign-made cars from stacking on top of other tariffs like those on steel and aluminum. (WSJ)

Across the pond, Spain declared a state of emergency after a power outage across the Iberian peninsula left tens of mns without power for hours. Half of the country has seen power restored, with Spanish Prime Minister Pedro Sánchez saying he aims to restore power across the country today. There is no clear cause for the outage, though Portugal has blamed it on extreme temperature variations. (FT | Guardian | Reuters)

CIRCLE YOUR CALENDAR-

The ISOCARP World Planning Congress will take place between 1-4 December in Riyadh, following an agreement signed between Riyadh Municipality and the International Society of City and Regional Planners (ISOCARP). The event will highlight Riyadh’s urban transformation, offering a series of conferences, workshops, and meetings that will gather experts from more than 90 countries.

Aramco unit secures USD 4 bn JV with China’s Sinopec

Aramco unit to form JV with China’s Sinopec: Aramco Asia Singapore — a Saudi Aramco unit — inked an agreement with China’s state-owned Sinopec and its unit Fujian Petrochemical, to establish a USD 4 bn joint venture called the Fujian Sinopec Aramco Refining and Petrochemical Co, Reuters reported yesterday, citing a statement by Sinopec.

The details: The JV will cover port operation and crude oil transportation at their joint refinery and petrochemical complex in China’s Gulei Port Economic Development Zone, at Zhangzhou in southeast China’s Fujian province.

Who owns what? Sinopec is slated to put up CNY 7.2 bn (USD 1 bn), while Fujian Petroleum Chemical Industry will contribute CNY 14.4 bn (USD 2 bn) in banknotes, the newswire notes. Aramco Asia Singapore will supply the remaining amount — amounting to 25% of the JV’s registered capital.

SOUNDS FAMILIAR? Aramco and Sinopec kicked off construction work at a USD 9.82 bn refinery and petrochemical complex in the Fujian province back in November — with operations expected to begin in 2030. Aramco and Sinopec each hold a 25% stake in the venture, while Fujian Petrochemical holds the remaining 50%.

Project profile: The new refining hub includes a 320k bbl / d refinery, ethylene and paraxylene plants, as well as a 300k-ton crude oil terminal. Once operational, the facility is expected to supply some 5 mn tons of petrochemical feedstocks a year.

ICYMI- The initiative is separate from another USD 6.4 bn Sabic refining complex that is also situated in Gulei industrial park, Reuters explained.

Aramco is doubling down on downstream assets in China: The oil giant is “recalibrating”its petrochemicals portfolio and shifting its focus towards Asia, with the firm pursuing several downstream oil investments in China that look to lock in demand for Saudi crude in the long run. Aramco also sees demand for plastics and other petroleum derivatives growing in Asia and is angling for a larger market share in those markets. Saudi Aramco has set its sights on supplying 1 mn bbl / d of crude to China to supply petrochem investments.

Al Kuzama to kick off Nomu IPO next month

Al Kuzama issues prospectus for Nomu IPO: High-end restaurant operator Al Kuzama Trading is floating some 422.4k new shares, representing 10.7% of its post-IPO capital, on Tadawul’s parallel market Nomu next month, according to its prospectus (pdf). The primary share sale will be limited to qualified investors, with the proceeds earmarked to support the firm’s growth plans.

What’s next? The subscription period is set to run from Sunday, 18 May to Thursday, 22 May, whereby qualified investors will be able to subscribe to a maximum of 197.1k shares each and a minimum of 10 shares. The final allocation is slated for Tuesday, 27 May.

Use of proceeds: Al Kuzama will use the fresh funds to boost its working capital and expand across the Kingdom over the next three years. Around SAR 3 mn will be set aside to cover IPO-related expenses.

Substantial shareholders will retain majority control but will not receive any proceeds from the IPO. The firm’s three majority shareholders will see their ownership diluted to a 54.1% stake, down from 60.6%; their shares will be on lockup for 12 months from the first day of trading.

About Al Kuzama: Founded in 2013, Al Kuzama operates a chain of luxury restaurants in Riyadh and Khobar, including Lavash, Beit Omar, Ovvi, Armin, and Karazah, according to its website. The firm also provides catering services, warehousing, and food storage.

A snapshot of its latest financials: Al Kuzama’s net income grew roughly 23% y-o-y to SAR 34.1 mn last year. Total sales stood at SAR 298.4 mn in 2024, up 19.7% y-o-y.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as lead manager and financial advisors, with RSM as accountant. Receiving agents include Derayah Financial, Al Rajhi Capital, and SNB Capital, among others.

Axelerated Solutions is taking a 10.7% stake to Nomu next month

Axelerated issues prospectus for Nomu IPO: IT services firm Axelerated Solutions is floating 3 mn new shares, representing 10.7% of its post-IPO capital, on Tadawul’s parallel market Nomu next month, according to its prospectus (pdf). The primary share sale will be limited to qualified investors, with the proceeds earmarked to support the firm’s growth.

The timeline: The subscription period will run between 15-21 May, whereby qualified investors can book up to 1.39 mn shares each, with the minimum limit set at 100 shares. The final allocation is slated for Monday, 26 May.

Use of proceeds: Some SAR 3.8 mn will be used to cover IPO-related expenses, while the rest of the proceeds are earmarked to support the firm’s expansion across the Kingdom.

Post-IPO structure + lockup period: Axelerated Solutions’ three substantial shareholders will retain an 89.29% stake in the company post-IPO, down from their current 100% holding. Their shares will remain on lockup for 12 months from the first day of trading.

A snapshot of its latest financials: Axelerated Solutions’ net income fell 22% y-o-y to roughly SAR 17.43 mn in 1H 2024, according to the prospectus. The firm’s revenue went up 54.6% y-o-y to SAR 182.3 mn during the same period.

ADVISORS- Value Capital is quarterbacking the transaction as its lead manager and financial advisor, with PKF acting as accountant. Receiving agents include SNB Capital, Al Rajhi Capital, BSF Capital, and Alinma Investment, among others.

Allied Cooperative Ins. Group debuts a SAR 209 mn rights issue

Tadawul-listed Allied Cooperative Ins. Group (ACIG) is set to raise its issued and paid- up capital by 71.8% to SAR 500 mn divided across 50 mn shares through a rights issue of 209 mn shares, according to a prospectus (pdf). Each registered shareholder will be granted 0.72 shares for each share owned, while unsubscribed shares — if any — will be offered to institutional investors in a rump offering.

Uh, Enterprise? What’s a rights issue? Think of a right as a form of tradable security, each giving a shareholder the right to buy new shares at a predetermined price before those shares are offered to anyone else.

Use of funds: Proceeds from the offering — after deducting SAR 4.75 mn in expenses — are earmarked for meeting the solvency margin and supporting the firm’s growth plans.

ADVISORS: ACIG enlisted Alistithmar Capital as financial advisor, lead manager, and underwriter and tapped Khaligyoun as counsel.

Market reax: ACIG's share price declined 3.85% to SAR 14.48 apiece at yesterday's close.

Tourism workers up 4% y-o-y in 4Q 2024

Employment in the tourism sector rose 4% y-o-y in 4Q 2024 to 966.5k workers, according to Gastat’s latest report (pdf). Meanwhile, the total number of licensed tourism hospitality facilities rose 88.9% y-o-y during the same period to 4.4k, including 2.1k hotels and 2.3k serviced apartments.

As a share of the total workforce, employment in the tourism industry fell 0.3 percentage points y-o-y in the same period to 5.5%. Some 8.2% of private sector employees worked in tourism during the quarter, down 0.8 percentage points y-o-y.

Non-Saudis continue to dominate the sector: Some 242k Saudi employees made up 25% of the tourism workforce in 4Q 2024, while non-Saudi employees amounted to 724.5k, or 75% of the tourism workforce. Meanwhile, 838k males took on 86.7% of jobs in the industry, while females grabbed the remaining 128.6k jobs.

REMEMBER- The Kingdom will implement a three-phase Saudization plan for 41 private tourism professions, starting April 2026. Phase one will begin in April of next year.

ALSO- The hotel room occupancy rate fell 4.3 percentage points y-o-y to 56% during the quarter due to a rapid expansion in supply. Meanwhile, the occupancy rate for serviced apartments and other hospitality facilities reached 55.9%, up 0.5 percentage points y-o-y.

Stable stays: Hotel guests recorded an average stay length in 4Q 2024 similar to that of 4Q 2023 at 3.6 nights. Serviced apartments and other hospitality facilities reported an average stay length per guest of 2.1 nights, a decrease of 12.1% y-o-y.

IN OTHER TOURISM NEWS-

The Kingdom retained its spot as the second most popular destination for Middle East travelers in 1Q 2025, right after Egypt, according to a survey by travel booking platform Wego. The survey was based on user searches for flights and hotels from 1 January 2014 to 21 April 2025.

A regional view: Syria was very popular this quarter, rising 30 positions to land in the tenth spot. The rise coincides with the resumption of international flights to and from Damascus and Aleppo earlier this year. Kuwait came in at sixth place, followed by Turkey, Jordan, and Bangladesh.

Saudi Kayan, Nice One report 1Q earnings

SAUDI KAYAN PETROCHEMICAL CO.-

Saudi Kayan Petrochemical saw its net loss widen 35.7% y-o-y to SAR 775.8 mn in 1Q 2025, compared to SAR 571.9 mn in the same period last year, weighed down by higher raw material costs and one-off refinancing expenses, according to an earnings release (pdf).

MEANWHILE- Revenue rose 4.4% y-o-y to SAR 2.06 bn during the quarter, pushed up by higher average sales prices.

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NICE ONE-

Online cosmetics retailer Nice One Beauty Digital Marketing saw its net income rise 10.2% y-o-y to SAR 24.1 mn in 1Q 2025, driven by higher revenue and lower selling and marketing expenses, it said in a disclosure to Tadawul. The increase was slightly offset by changes in the product mix, increased operating costs linked to business expansion, and higher zakat charges.

Revenues rose 30% y-o-y to SAR 325 mn during the quarter, supported by a rise in orders, bringing new customers onboard thanks to effective marketing, an expanded product range, and rising seasonal demand during Ramadan.

Taif’s roses are making headlines in the foreign press

Taif, “the city of roses” west of the Kingdom, is under the Spotlight in an AFP piece, following local farmer Khalaf Allah Al Talhi as roses begin to bloom with the arrival of the spring season. Taif roses are famous for coloring the city hills and serving as the base for rose water used in cleaning the Kaaba walls and the production of perfumes popular with pilgrims.

Hard work: Al Talhi and his staff start to work before sunrise each day and continue working late into the night during harvest season — springtime. Once roses bloom, they are picked by hand before being soaked in a bath of boiling water. To extract the scent, the flowers go through a distillation process that produces rose water and oil.

Al Talhi estimated his production at 5 to 6 mn roses per year, contributing to a total annual production of c. 300 mn annually by some 800 farms. The Kingdom exported USD 141 mn worth of perfume products and rosewater in 2023.

BUT- Climate change looms: “Last year and the year before, it was extremely cold. Some farmers didn’t harvest a single flower from their fields,” Al Talhi added.

Climate change accelerates soil degradation, through processes such as salinization, erosion, and desertification, which diminishes the quality and productivity of arable land in Saudi Arabia,” said the Washington-based think-tank Atlantic Council, raising concerns about the future of agricultural activity in the Kingdom.

Emaar reschedules SAR 3.4 bn in debt facilities

DEBT WATCH-

Emaar the Economic City finalized binding agreements with a consortium of banks to reschedule some SAR 3.39 bn worth of existing debt facilities and secure a new SAR 287 mn facility, the company said in a bourse filing.

The details: The rescheduling — involving Alinma Bank, Saudi Awwal Bank, Banque Saudi Fransi, and the Saudi National Bank — consolidates previous terms into a new arrangement maturing in 2033, with repayments kicking off in 2029 and a possible extension on part of the facility to 2036.

The rationale: The move comes as part of the company’s broader plan to shore up its liquidity, lower financing costs, and support its operational growth ambitions.

M&A WATCH-

Al Hammadi eyes 40% stake in Wareed Medical: Our friends at Al Hammadi Holding signed a non-binding MoU to buy a 40% stake in Wareed Medical Company, it said in a disclosure to Tadawul. The document is valid for 90 days and may be renewed with no financial impact expected until a final agreement is signed.

LOGISTICS-

Dammam to get a new SAR 200 mn logistics zone: The Saudi Ports Authority (Mawani) inked a contract with Dammam-based Sultan Logistics Company to develop a 197k sqm logistics zone at King Abdulaziz Port in Dammam, with SAR 200 mn earmarked for the investment, according to a statement.

The details: The project, which aims to strengthen operational efficiency at the port, will include a 35k sqm warehouse, a dedicated container storage area, a maintenance area for dry and temperature-controlled containers, and an administrative office.

FINANCIAL SERVICES-

The Saudi Central Bank (Sama) licensed Tamawal Company to offer digital brokerage services for financing, it said in a statement. This brings the total number of licensed companies in the sector to six.

Debt pressures to pile up on emerging markets amid trade uncertainty, World Bank economist says

Debt pressure is piling up on developing countries and emerging markets from rising trade uncertainty, adding to their woes from high debt levels and sluggish growth, Reuters reports, citing the World Bank Chief Economist Indermit Gill.

About half of the developing countries are now at risk of default or rapidly approaching that point, double the 2024 rate, Gill warned. For emerging markets, net interest payments now account for 12% of their GDP, up from 7% in 2014.

The situation is even worse in poorer countries, where 20% of their GDP goes to debt services, double the rate a decade ago. This is forcing governments to cut back on vital services like healthcare and education.

REMEMBER- The IMF revised its global growth forecast for 2025 to just 2.8%, a 0.5 percentage point cut from its January estimate, warning that further trade tensions would drag growth further down. With decade-high uncertainty indices, global economists expect the World Bank to announce significant cuts to both growth and trade forecasts in June, Gill added.

Global trade is expected to grow by just 1.5%, a significant decrease from the 8% seen in the 2000s. Meanwhile, foreign direct investment now accounts for only 1% of the developing countries’ GDP, a drop from the 5% seen during more prosperous periods, further hindering emerging markets, according to Gill.

The way out? Trade agreements with the US would ease the pressure on emerging markets through tariff reductions and their extension to other countries. “Doing so now made sense,” said Gill, highlighting the World Bank’s models that predict a significant boost to growth with such agreements. Unlike other crises, this one is driven by government policies, which could be reversed, he added.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning, as Hong Kong’s Hang Seng is up 0.5%, while Japan’s Nikkei is inching up 0.4%. Meanwhile, Wall Street futures remain flat after a day of modest gains for S&P 500, Nasdaq and the Dow.

TASI	11,785	+0.2% (YTD: -2.1%)
MSCI Tadawul 30	1,499	+0.1% (YTD: -0.7%)
NomuC	28,421	-0.5% (YTD: -9.7%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	32,015	+0.5% (YTD: +7.7%)
ADX	9,468	+0.8% (YTD: +0.5%)
DFM	5,216	+1.0% (YTD: +1.1%)
S&P 500	5529	+0.1% (YTD: -6.0%)
FTSE 100	8417	+0.02% (YTD: +3.0%)
Euro Stoxx 50	5170	+0.3% (YTD: +5.6%)
Brent crude	USD 65.62	-1.9%
Natural gas (Nymex)	USD 3.17	+7.9%
Gold	USD 3347.70	+1.5%
BTC	USD 94,520.80	+0.2% (YTD: +1.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.2% yesterday on turnover of SAR 6.5 bn. The index is down 2.1% YTD.

In the green: Masar (+9.8%), Albabtain (+6.7%) and Saudi Re (+6.1%).

In the red: Nice One (-3.9%), ACIG (-3.9%) and Solutions (-3.3%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.5% yesterday on turnover of SAR 25.9 mn. The index is down 9.7% YTD.

In the green: Almodawat (+12.9%), Albattal Factory (+9.0%) and Taqat (+8.7%).

In the red: Dar Almarkabah (-12.1%), Almohafaza For Education (-7.4%) and NBM (-6.6%).

CORPORATE ACTIONS-

Arabian Cement’s BoD recommended a share buyback of up to 150k shares, which will be retained as treasury shares for its long-term employee incentives program, it said in a disclosure to Tadawul. The repurchase will be financed through internal resources and is set to wrap up within 12 months following the general assembly’s approval.

Al Modawat Specialized Medical Hospital’s BoD proposed a 200% capital increase to SAR 71.3 mn, it said in a disclosure to Tadawul. The increase will be funded by tapping SAR 47.5 mn from the company’s share premium reserve, and shareholders will receive two additional shares for each one they hold.

CALENDAR

APRIL

25 April-3 May (Friday-Saturday): AFC Champions League Elite Finals, Jeddah.

28 April- 30 April (Monday-Wednesday): Automechanika Riyadh, Riyadh International Convention and Exhibition Center, Riyadh.

29 April (Tuesday): Rules for special purpose entities (SPEs) feedback deadline.

MAY

May: World Intellectual Property Organization (WIPO) Global Awards 2025 announces finalists.

3 May (Saturday): Canelo Alvarez vs William Scull, Anb Arena, Riyadh.

4-8 May (Sunday-Thursday): Adeer Real Estate Nomu IPO offering period.

5 May (Monday): Opec+ meeting.

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

9 May (Friday): PFL Mena Season 2 Kick-off.

11-13 May (Sunday-Tuesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

12-14 May (Monday-Wednesday): 2025 Saudi Giga projects Summit, Riyadh.

12-15 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh International Convention & Exhibition Center.

23 May (Friday): Guns N’ Roses Show, Riyadh.

29 May (Thursday): 2024-2025 academic year ends.

JUNE

4-9 June (Wednesday-Monday): Hajj.

6-10 June (Friday-Tuesday): Eid Al Adha.

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

24-25 June (Tuesday-Wednesday): Tech-ecO-System Summit (ToSS), Riyadh.

30 June (Monday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

JULY

July (Second week): World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

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

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

AUGUST

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

SEPTEMBER

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

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

23 September (Tuesday): Saudi National Day.

OCTOBER

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

17 October (Friday): Saudization for private healthcare roles enters its second phase.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

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

NOVEMBER

3-9 November (Monday- Sunday): WTA Tour Finals, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

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

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

30 November (Sunday): Zatca 21st E-invocing integration wave deadline.

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear and Radiological Emergencies, Riyadh.

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

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

31 December (Wednesday): Zatca 22st E-invoicing integration wave deadline.

2026

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

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

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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