Big bookbuilding

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WHAT WE’RE TRACKING TODAY

Kingdom Holding rides SpaceX IPO wave

Good morning, friends. The local listing pipeline is roaring back to life this morning, as infrastructure contractor Mutlaq Al Ghowairi kicks off institutional bookbuilding for a potential SAR 3 bn Tadawul listing. It’s the Gulf's first heavyweight IPO test since the conflict erupted, arriving alongside residential real estate developer MSGA’s planned float on Nomu as local equity demand breaks the post-war ice.

ALSO- The Kingdom’s multi-bn-USD football project is officially entering its next corporate era following the PIF's landmark stake sell-down of Al Hilal to Kingdom Holding. We sat down with Deloitte to unpack how the Saudi Pro League is shifting away from state checkbooks and toward sustainable, commercial balance sheets.

Watch this space

MARKET WATCH — SpaceX fever has sent Kingdom Holding shares to a 10-year high. Kingdom Holding Company’s (KHC) share price jumped almost 10% on Sunday to close at 13.58, its strongest level in roughly a decade, as investors piled in ahead of the long-awaited listing of SpaceX. KHC is up some 54% so far this year, outperforming the wider TASI index, which gained 5.6% YTD.

The catalyst: Kingdom Holding disclosed to the Arabic press last week that it holds a combined 0.63% stake in Elon Musk’s rocket company, owned together with Alwaleed’s private office. That slice is worth some USD 8.32 bn at a USD 1.25 tn valuation, and could climb to roughly USD 10.6 bn if SpaceX prices at USD 1.75 tn.

The IPO is almost here: SpaceX filed to list on the Nasdaq under the ticker SPCX, targeting a raise of up to USD 75 bn at a valuation north of USD 2 tn, Bloomberg reports. Marketing is expected to kick off on 4 June, with pricing as soon as 11 June.

FROM THE RUMOR MILL — Consultancy contracts and payments halted? The government reportedly paused approvals for new consultancy contracts and delayed some payments to Western advisory firms, unnamed consultancy executives told the Financial Times. Ministries and government buyers were instructed not to issue new awards without special Finance Ministry approval, while some invoice payments were pushed back until at least July, the sources said.

Behind the decision: The pause aims to contain a widening fiscal deficit and the fallout from the US-Iran conflict, according to the sources. The deficit widened to SAR 125.7 bn in 1Q, its highest quarterly level since 2018.

The Finance Ministry disputed these claims, stating to the salmon-colored paper that 99.5% of invoices were settled within their agreed-upon timelines in 2026. The size of the present deficit is due to a liquidity lag and government spending being directed towards containing the war’s impact, the ministry said, emphasizing oil revenue already exceeded estimates for 1Q.

CYBERSECURITY — BinDawood the latest target of cyber attacks: Retail conglomerate BinDawood Holding saw a “limited data breach” that affected customer data history on its superstores’ e-commerce application, according to a Tadawul disclosure.

What we know: The company says it has since patched the security loophole and brought in a government-approved cybersecurity firm to investigate. BinDawood did not disclose details about how the breach happened and who is responsible, though it clarified the breach did not include customer or company financial and banking data.

Cybersecurity concerns are now on everyone’s minds. Civilian digital infrastructure is increasingly becoming a frontline security issue in an era where digital networks facilitate vital services ranging from retail and telecommunications to banking.

Earning well is not the same as investing well — and for most mid-level executives and entrepreneurs, the gap between the two is wider than they’d like to admit. The financial landscape has shifted. Regional markets are opening up, AI is rewriting how portfolios get managed, and Real Estate Investment Trusts (REITs) are entering the conversation.

And the questions that used to feel straightforward — buy or rent, fund the startup or play it safe, finance the car now or wait it out — are harder to answer than ever.

In Issue 2 of EnterpriseAM Money Matters, we get into the decisions that don’t have easy answers, because at this stage, playing it safe is the riskiest move you can make.

Tap or click here to subscribe to the Egypt edition, delivered to your inbox Wednesday, June 3.

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The big story abroad

The US-Iran diplomatic stalemate persists, despite both sides spending the weekend exchanging revisions to a draft pact that would keep a ceasefire in place. Regime-affiliated Iranian media has indicated that Washington and Tehran may wind up scrapping the potential resolution and that no definite result has been reached.

Meanwhile, on Wall Street: US investors seem unconvinced that an AI bubble is about to burst, wagering heavily on AI-related equities they believe still have untapped potential. The optimism is fueled by expected AI advances and big-ticket pledges on chips and data centers — investments expected to boost tech companies’ bottom lines.

And in business news: Berkshire Hathaway has made a USD 6.8 bn housing play, agreeing to acquire US homebuilder Taylor Morrison, marking the first multi-USD-bn acquisition under the helm of newly minted CEO Greg Abel. The move deepens the firm’s housing portfolio and puts it on its way to “unify [its] site-built homebuilding operations into a combined platform,” Abel said.

And in the tech world: Dell has premiered the XPS 13, its new low-cost offering whose prices start at USD 699. It is expected to butt heads with Apple’s MacBook Neo, another laptop marketed for its affordability.

Big IPO incoming to the main market

Mutlaq Al Ghowairi kicked off its institutional bookbuilding yesterday, with orders accepted through 4 June. The contractor set the price range at SAR 11-12.5 per share, seeking to raise up to SAR 3 bn (USD 800 mn) at the top of the range. That would imply a valuation of SAR 10 bn for the construction company.

REMEMBER- The secondary sale will be split into two tranches targeting institutional and retail investors. Institutional investors will initially get first dibs on all 240 mn shares. However, financial advisors can scale that back to 168 mn shares (70% of the offering) if retail demand warrants it. Institutional investors can subscribe for anything between 25k-40 mn shares.

Why it matters: This is the Gulf’s first big IPO this year, coming after the Iran War erupted in late February. Higher oil prices led Tadawul to outperform most regional peers since March, and the two newly-listed companies this year — Saleh Abdulaziz Al Rashed and Dar Al Balad — are trading above their debut prices.

The broader picture: The primary market is showing fresh signs of life. Shares in IT services firm Dar Albalad for Business Solutions surged 28.21% on their first trading day on Tadawul last month, after floating 21 mn shares and raising SAR 205 mn. Delivery app Ninja is preparing for a potential IPO that could raise USD 1 bn by late 2026 or early 2027 and Arabian Dyar is eyeing a listing before CMA approvals expire in June.

The updated timeline:

Institutional book-building: 31 May-4 June;
Final offer price announcement: 8 June;
Retail subscription: 15-17 June;
Final allocation: 21 June;
Refunds (if any): by 23 June;
Listing on Tadawul: shortly after, pending the usual regulatory box-ticking.

ADVISORS- Al Rajhi Capital and Morgan Stanley Saudi Arabia are acting as joint financial advisors, global coordinators, bookrunners, and underwriters. ANB Capital and Emirates NBD are also serving as joint bookrunners and underwriters, while Albilad Capital and Arqaam Capital are additional joint bookrunners. Al Rajhi Capital is acting as lead manager.

ALSO- Gulf Insulation Group files for a listing: Senaat subsidiary Gulf Insulation Group submitted an application to the Capital Market Authority to list its shares on Tadawul and offer a stake to the public, according to a disclosure out yesterday.

..and a small one for Nomu

Riyadh-based MSGA Investment is heading to Nomu, floating 11.1 mn shares — equivalent to 10% of its IPO capital of 111.1 mn shares — according to its prospectus (pdf). Qualified investors will be able to book a minimum of 100 shares and a maximum of 5.55 mn shares per investor. The company received the Capital Market Authority’s (CMA) approval for the move in March.

Where the money is going: MSGA will use the net proceeds to fund construction and real estate development activities for its upcoming residential development plans. The firm’s subsidiary MSGA First Real Estate Development Co. is already locked into agreements to develop 466 residential units across two CMA-licensed funds.

Founder dilution: The company’s sole owner Mohammed Alsagri will see his ownership drop to 90% from 100% and face a 12-month lock-up period.

The leg work: Ahead of its Nomu listing, the company raised its capital to SAR 100 mn in February 2025 before approving an increase to SAR 111.1 mn through the issuance of 11.1 mn new shares for qualified investors. The sole shareholder, Alsagri, waived his preemptive rights to facilitate the offering.

The timeline:

Offering period: 17-24 June;
Final allocation: 28 June;
Refunds (if any): 30 June;
Trading on Nomu: shortly after the final allocation.

MSGA in a nutshell: Founded in late 2020 by brothers Saleh and Mohammed Alsagri with an initial capital base of just SAR 25k, the firm transitioned into a single-shareholder in 2022. MSGA develops and invests in residential and non-residential real estate with a focus on medium-sized units.

Targeting the affordability gap? The listing comes as the Kingdom’s residential market faces mixed signals. Residential sales fell 53% y-o-y in 1Q 2026 amid ongoing affordability pressures and a more cautious war-driven buyer outlook, even as the Kingdom pushes to attract foreign property investment following rule changes that took effect earlier this year. Saudi is still expected to need around 830k additional housing units by 2034 to meet population growth.

The numbers back it up: MSGA’s recent financials suggest it has been benefiting from that demand. MSGA reported SAR 61.9 mn in net income in 2025, up from SAR 10.6 mn a year earlier. Revenue rose to SAR 162.8 mn from SAR 36.2 mn, driven by higher real estate sales and the addition of contracting and brokerage income streams.

ADVISORS- Yaqeen Capital is the financial advisor and lead manager and KLA is counsel.

A new phase for sports investments

The Kingdom’s football project is moving into a new phase. Two years after the Public Investment Fund (PIF) took control of the country’s four biggest clubs and bankrolled a parade of marquee signings, the fund has recently sold a majority stake in its most decorated team, Al Hilal, to Prince Alwaleed bin Talal’s Kingdom Holding Company (KHC).

The signal? The era of state checkbooks is giving way to one of governance, recurring revenue, and private capital. We spoke to Hassan Malik, managing partner for Monitor Deloitte and Sports and Tourism leader for Deloitte Middle East, to work out what comes next. Edited excerpts from our conversation:

EnterpriseAM: The PIF spent two years and a fortune turning the Saudi Pro League into a global talking point. Is the strategy now shifting away from marquee signings?

Hassan Malik: From the outset, the strategy has always been to have financially sustainable clubs and long-term commercial value. That takes time, of course, and we are now seeing it play out and come to fruition. The early wave of high-profile player acquisitions successfully accelerated the Saudi Pro League’s global profile and positioned Saudi Arabia as a serious player in international football.

What we are seeing now is not necessarily a new direction, but the continued evolution of a longer-term strategy that has been developing over several years, beginning with the national Sports Club Support Strategy in 2019. Areas such as governance, infrastructure, youth development, fan engagement, and operational sustainability have been part of the broader club development vision for some time. The focus today is increasingly on accelerating that maturity and creating commercially viable clubs capable of generating long-term value beyond player transfers alone.

DATA POINT- Deloitte analysis put SPL spending at a record USD 957 mn in the 2023 transfer window, second only to the Premier League globally.

E: How big of a signal is the Al Hilal sale for privatizing the rest of the league?

HM: It is a highly significant development, because it reinforces that privatization is an active market evolution already taking shape. Deloitte’s research highlights that the transformation of clubs into profitable and sustainable enterprises requires stronger governance, financial discipline, and long-term operational planning. Transactions like this help create valuation benchmarks, encourage broader private-sector participation, and signal growing confidence in Saudi football as an investable asset class.

REMEMBER- The PIF sold a 70% stake in Al Hilal to the KHC at an SAR 1.4 bn (USD 373 mn) enterprise value, staying on as a remaining shareholder — its first sell-down since it took controlling stakes in Al Hilal, Al Nassr, Al Ittihad, and Al Ahli in July 2023.

E: Can Saudi clubs actually stand on their own financially? Or, will the state keep writing the cheques?

HM: Over time, many clubs can absolutely become more commercially sustainable, but this is a long-term transformation journey rather than an overnight shift. The biggest challenge is moving from rapid growth and international attention toward sustainable monetization. Visibility can be accelerated relatively quickly through marquee signings, but building recurring commercial revenues takes considerably longer. Areas such as sponsorship diversification, media rights, international fan engagement, merchandising, and matchday revenues still require further development compared to more mature global football ecosystems.

Still, even some of the world’s largest football clubs continue to rely on shareholder support or external capital. The more important objective is creating diversified revenue streams, stronger governance, and sustainable operating models — and Saudi Arabia's advantage is that it is building this ecosystem with strong strategic alignment, infrastructure investment, and government support already in place.

E: The PIF is selling down clubs and pulling the plug on LIV Golf. Is this caution, or something else?

HM: I would describe it less as caution and more as strategic evolution. The initial investment phase was designed to accelerate global relevance, credibility, and market positioning. Once that visibility is established, the focus naturally shifts toward commercial scalability, governance, and sustainable returns. We are increasingly seeing a more portfolio-driven and commercially disciplined approach.

E: Where does this leave the bigger picture — and the 2034 World Cup?

HM: Football is not being viewed purely as a sport, but as a catalyst for tourism, private-sector growth, infrastructure development, youth engagement, and global positioning. Major events like the 2034 Fifa World Cup require far more than elite players; they require mature sporting institutions, commercial ecosystems, world-class infrastructure, and strong fan engagement models.

Over the next three to five years, we are likely to see deeper private-sector participation, more international partnerships, and increasing emphasis on monetization and operational maturity. In football specifically, the focus will likely expand further into academy systems, digital fan engagement, media strategy, infrastructure, and community development.

The executive wheel turns

Saudi Aramco Base Oil Co. (Luberef) has tapped Yasser Mufti as its new chairman, according to a Tadawul disclosure. He replaces Ibrahim Al Buainain (LinkedIn), who resigned as chairman and board member for personal reasons.

Who is Mufti? He's currently executive vice president of products and customers at Aramco. Before that he was SVP of fuels, VP of strategy and market analysis, and Saudi Arabia’s governor to Opec.

Khalid Dhafer & Brothers Logistics Services (KDL) is losing its CEO. Saleh Alhariri (LinkedIn) plans to step down for personal reasons when his contract expires on 30 September, according to a Tadawul disclosure. Deputy CEO Majed Al Qahtani takes over on 1 October.

Liva Ins. is making it official, tapping Mohamed Altooblani (LinkedIn) for the CEO job on a permanent basis, effective 24 May, dropping the “acting” from his title after the Ins. Authority signed off, according to a Tadawul disclosure. AlTooblani was CFO from mid-2023 before taking the interim chief role in March 2025.

China’s ZOE Energy to launch Saudi battery hub, SGS bags Saudi for five years, Sarco eyes industrial waste acquisition

ZOE Energy joins race to localize Saudi battery storage manufacturing

Chinese battery maker ZOE Energy signed a joint venture agreement with an unnamed Saudi partner to establish a battery energy storage system (BESS) manufacturing hub in Saudi Arabia, according to a press release. The 150-acre project will be developed over two phases, with 6 GWh of annual capacity coming online in 1Q 2027 before expanding to 18 GWh. Once complete, it will be the Kingdom’s first dedicated utility-scale BESS manufacturing plant.

Made at home, built for export: The project will produce battery energy storage systems for the Saudi market as well as for export to the Gulf and the wider Middle East, North Africa, Central Asia, and Africa.

Why it matters: Chinese clean-tech firms are racing to localize production in Saudi Arabia as state tenders increasingly favor domestic supply chains. The push comes just over a month after the Saudi Power Procurement Company launched prequalification for six battery energy storage projects totaling 3 GW. ZOE’s move follows a similar 5.5 GWh localization agreement in February between Chinese rival Cornex and Al Rajhi Electrical.

Saudi Ground Services secures fresh Saudia contract

Saudia awarded a SAR 6.3 bn airport services contract to Saudi Ground Services (SGS), according to a Tadawul disclosure. The five-year contract involves providing ground handling, ramp handling, and passenger services for the carrier’s domestic and international flights across all Saudi airports.

Locking in the home market: While SGS remains the Kingdom’s dominant ground handler, international rivals like Switzerland’s Swissport have been expanding across Saudi airports in a bid to capture business from foreign carriers. SGS, meanwhile, has secured the home team. By locking down Saudia, Flynas, and Riyadh Air on contracts stretching three to five years, it has effectively ring-fenced three of the Kingdom’s largest airlines. Foreign competitors may keep growing their local footprints, but the core of Saudi Arabia’s aviation market is now tied to SGS for years to come.

Refineries Venture eyes a 33% stake in Global Waste Solutions

Refineries Venture wants a third of Global Waste Solutions: Saudi Arabian Refineries Company (Sarco) subsidiary Refineries Venture inked a non-binding MoU with Khadra Al-Hijaz Environmental Services to acquire a 33% stake in Global Waste Solutions, according to a Tadawul disclosure.

It’s all part of an expansion plan: The proposed acquisition would expand the company’s presence in industrial waste treatment and management, including caustic, acidic, and alkaline waste, as well as oily sludge treatment and remediation.

A whole lot of projects are coming Makkah’s way

The Royal Commission for Makkah City and Holy Sites has awarded six projects worth a combined SAR 13.3 bn under the Developed Neighborhoods program, according to a statement. The projects aim to bolster the urban environment, infrastructure, and public services in six locations across the city.

AI’s second wave brings more b’naires

The AI boom has led to a wave of sky-high valuations for companies that managed to be among the first out of the gate. Anthropic is nearing a USD 1 tn valuation on the back of its most recent funding round, overtaking OpenAI which was worth around USD 852 bn in March.

More recently, it’s the second wave of AI firms that’s increasingly garnering more investment attention and making b’naires of their founders, Bloomberg reports. Last year saw US AI startups yield 19 new b’naires, who together have a combined net worth of USD 59.3 bn.

The difference: While the so-called first wave of AI startups was mainly focused on products and sectors directly linked to the AI boom — think semiconductors, data centers, and LLMs — the next generation is targeting more applied uses for AI within existing industries. Newer firms are increasingly looking to automate processes in the law, med., coding, and audio-visual sectors.

Who’s on the list? Topping the list with a USD 60.2 bn valuation is Cerebras Systems, making b’naires of its founders Andrew Feldman (worth USD 2.8 bn) and Sean Lie (USD 1.5 bn). (Remember: Cerebras is a credible Nvidia alternative with wafer-scale chips, with a major UAE client base). Open-weight AI model developer Reflection’s USD 27 valuation has made its founders worth USD 4 bn each, while customer service software firm Sierra’s founders are worth USD 4.2 bn and USD 3.7 bn. OpenEvidence, an AI assistant for doctors, has made its founder Daniel Nadler — who’s also a published poet — worth USD 7.2 bn.

BUT- This might not remain the case for long, with longtime sector heavyweights like OpenAI and Anthropic also looking at expanding their offering to encompass tasks newer players are working on, and pulling in significant chunks of investor funds and attention through capital raises and upcoming public listings.

Some see a shakeout in the cards: Hedgeye’s Felix Wang sees the investment-intensive AI infrastructure segment as particularly likely to see a restructuring. Smaller players are likely to benefit from their more targeted scope and the room for innovation, however, protecting them from bubble territory, he says.

MARKETS THIS MORNING-

South Korea’s Kospi hit a fresh high in early trading this morning, gaining over 3.2% as optimism over the future of AI offsets the uncertainty around the regional war and still-stalled ceasefire negotiations. Japan’s Nikkei is up a more modest 1.3%. US equities are set to start off the week higher, with futures in the green.

TASI	11,078	+0.5% (YTD: +5.6%)
MSCI Tadawul 30	1,480	+0.3% (YTD: +6.7%)
NomuC	22,932	+0.1% (YTD: -1.6%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	52,659	-0.4% (YTD: +25.9%)
ADX	9,702	+0.5% (YTD: -2.9%)
DFM	5,757	+1.1% (YTD: -4.8%)
S&P 500	7,580	+0.2% (YTD: +10.7%)
FTSE 100	10,409	-0.2% (YTD: +4.8%)
Euro Stoxx 50	6,051	-0.1% (YTD: +4.4%)
Brent crude	USD 92.90	+2.0%
Natural gas (Nymex)	USD 3.29	+0.2%
Gold	USD 4,572	-0.5%
BTC	USD 73,727	-0.3% (YTD: -15.8%)
Sukuk/bond market index	913.70	+0.2% (YTD: -0.6%)
S&P MENA Bond & Sukuk	152.20	+0.2% (YTD: +0.2%)
VIX (Volatility Index)	15.32	-2.7% (YTD: +2.5%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.5% yesterday on turnover of SAR 4.0 bn. The index is up 5.6% YTD.

In the green: SIDC (+10.0%), Kingdom Holding (+10.0%), and Al Masar Al Shamil (+7.6%).

In the red: Cenomi Retail (-5.8%), Petro Rabigh (-5.5%), and Saudi German Health (-4.7%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.1% yesterday on turnover of SAR 17.6 mn. The index is down 1.6% YTD.

In the green: Lime Industries (+12.0%), Natural Gas Distribution (+10.4%), and Alshehili Metal (+10.1%).

In the red: Tadweeer (-8.3%), Ratio Speciality (-8.2%), and Saudi Networkers Services (-7.1%).

Corporate actions

Our friends at Al Hammadi Holding will distribute SAR 32 mn in dividends for 1Q, equivalent to SAR 0.2 per share, according to a Tadawul disclosure. Shareholders will receive the payout on 14 June.

CALENDAR

JUNE

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.

AUGUST

30 August-1 September (Sunday-Tuesday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

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

SEPTEMBER

8-10 September (Tuesday-Thursday): The WTM Spotlight Riyadh, Riyadh Front Exhibition & Conference Center (RFECC), Riyadh

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

23 September (Wednesday): Saudi National Day.

28 September-1 October (Monday-Thursday): The International Conference on Theory and Practice of Electronic Governance (ICEGOV), Prince Sultan University, Riyadh.

OCTOBER

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

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

28-29 October (Wednesday-Thursday): Procurement and Supply Chain Futures Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

28-29 October (Wednesday-Thursday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

NOVEMBER

11-12 November (Wednesday-Thursday): Aluminum Arabia, The Arena, Riyadh.

16-19 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre (Malham), Riyadh.

25-29 November (Wednesday-Sunday): 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.

2027

FEBRUARY

1-3 February (Monday-Wednesday): Energy Regulators Regional Association annual conference, Riyadh.

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