Blinken is inbound + it’s a big week for the defense industry

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Blinken due in Saudi Arabia this morning as he kickstarts fifth tour since October

Good morning, wonderful people, and welcome to what’s shaping up to be a diplomacy (Blinken is due in town) and defense (it’s day two of the World Defense Show) kind of news day.

UP FIRST- It looks like US Secretary of State Antony Blinken will be in Saudi today. Blinken is on his fifth tour of the region since Israel’s invasion of Gaza in October. The State Department said on Friday that he would visit Saudi, Egypt, Qatar, Israel, and the West Bank between yesterday and Thursday.

Blinken boarded an aircraft at Joint Base Andrews late yesterday afternoon, with a Reuters photographer reporting that he was “en route to Saudi Arabia.” The war in Gaza and disruptions to shipping in the Red Sea were at the top of the agenda when he spoke yesterday with UK Foreign Secretary David Cameron.

Blinken touched base with Foreign Minister Prince Faisal bin Farhan Al Saud ahead of the trip, emphasizing the importance of a “more integrated, peaceful region” and pushing for a “humanitarian pause that includes the release of hostages held by hamas.”

MEANWHILE- Reuters is reporting that officials in Riyadh are pushing to close a US defense pact before Joe Biden heads into election day in November. The report relies on three unnamed sources, and officials at the Foreign Ministry have said nothing official on the matter.

AND- The Riyad Bank Saudi Arabia PMI is due out at 7:15am KSA. Tap or click here to find it after it’s released — or check back with us tomorrow morning for coverage. A reading above the 50 mark indicates growing business activity.

DATA POINT- Consumer spending via Mada cards jumped 7% to SAR 1.3 tn in 2023, Argaam reported yesterday. This includes total withdrawals from ATMs, POS transactions, and e-commerce through the domestic payment network. POS transactions rose 10% y-o-y to c. SAR 614 bn last year, while withdrawals from ATMs dipped c. 1% to SAR 548.8 bn. E-commerce through Mada grew 28% y-o-y in the same period to SAR 156.9 bn.

PSA- The Zakat, Tax and Customs Authority (Zatca) is reminding businesses to submit their tax returns before Sunday, 30 June if they want to benefit from its tax fine waiver program, it said in a statement yesterday.

What’s on the exemption menu? Exemptions apply on fines for late registration, late payment, late filing of tax returns, and a correction for value-added tax returns among others. Tax dodgers need not apply for an exemption, nor should folks who paid fines before the exemption program began.

WEATHER- It’s a cloudy day in Riyadh and Makkah today with a lot of wind in Jeddah.

Riyadh: 22°C daytime / 11°C overnight
Jeddah: 26°C daytime / 19°C overnight
Makkah: 27°C daytime / 17°C overnight

WATCH THIS SPACE-

#1- The Saudi Real Estate Refinance Company (SRC) could go to market with sukuk worth up to SAR 2 bn in 2Q on behalf of the Municipality, Rural Affairs and Housing Ministry, minister Majid Al Hogail told Al Arabiya in an interview (watch, runtime: 7:23). The issuances will be taken to both local and global markets, he said during a business event in London.

SRC had one big issuance last year as it completed a SAR 3.5 bn dual-tranche sukuk sale in November under its SAR 20 bn domestic sukuk programme. SRC is a wholly-owned unit of the Public Investment Fund.

#2- Qualified investors have until Thursday, 8 February, to place orders for the IPO of Quara Finance on Tadawul’s parallel market, Nomu, according to a disclosure to Tadawul. The NBFS company plans to take an 8.8% stake to market. It aims to price the offering at between SAR 13 and SAR 15 per share

#3- Gulf Air’s first flight to AlUla International Airport took off yesterday, state news agency SPA reports. The Bahraini-based air carrier will be operating seasonal flights to AlUla twice every week from 3 February to 6 March and from 10 April to 17 April.

#4- Some 25k artifacts dating back from the early Islamic era were discovered in Jeddah, the Jeddah Historic District Program said in a statement yesterday.

SPORTS-

#1- Were you — like us — impressed by Princess Reema’s smart response to folks opposed to holding the WTA finals in Riyadh? Well, just wait until you hear Yara Alhogbani discuss her professional journey and dreams as a tennis player in an interview with Arab News (watch, runtime: 2:28). She was sharp, smart, and well spoken.

“Having more of these kinds of matches, tournaments, it’s going to help grow the sport and it would really be nice to have a lot of those WTA tournaments there [in Saudi]. They have no idea what kind of impact they can make on us,” said Alhogbani.

Alhogbani lost to Spanish player Sara Sorribes in the qualifying rounds of the Mubadala Abu Dhabi Open last Saturday in straight sets (6-0, 6-1). Sorribes was then beaten by US player Bernarda Pera (6-4, 6-1).

#2- Former NFL quarterback Tom Brady’s team emerged victorious in the inaugural electric race-boats UIM E1 World Championship hosted in Jeddah over the weekend. Marc Anthony’s Team (Miami) secured second place, while Rafael Nadal’s Team (Rafa) came in third. The series will advance to Venice on 11 May for its next leg. The Public Investment Fund is the principal partner of the championship.

THE BIG STORY ABROAD-

There’s no single big story abroad this morning, as is often the case on Mondays.

In the business pages, you have your choice between a Financial Times report that claims Iran used accounts at Lloyds and Santander to sidestep western sanctions while the Wall Street Journal continues to go deep on Elon Musk with The money and drugs that tie Elon Musk to some Tesla directors. (Missed the first part? Tap or click here.)

In foreign affairs: A range of global media organizations are trying to articulate a clear US foreign policy toward the Middle East as Secretary of State Antony Blinken heads back to this part of the world. The New York Times’ Tom Friedman is still pushing his notion of a “Biden Doctrine,” while the Wall Street Journal writes that Washington is “pairing military action with diplomacy” in a bid to reshape our corner of the world. The pillars: “rolling back Iranian influence by resolving Gaza conflict, pushing Israel-Saudi normalization, and establishing a Palestinian state.”

The US struck Houthi positions in Yemen for a third day in a row yesterday. A top US national security official said yesterday that wider attacks against Iran-backed groups in the region would continue. US strikes have so far hit groups in Yemen, Iraq, and Syria.

CIRCLE YOUR CALENDAR-

NEW- The Diriyah Contemporary Art Biennale will kick off in Diriyah on Tuesday, 20 February and wrap up on Friday, 24 May. Headlined After Rain, it will be led by German curator Ute Meta Bauer and features 92 artists from 43 countries. It will see several new commissions, including a joint project documenting “Saudi futurism” since the 1940s by local artist Ahmed Mater and Berlin-based photographer Armin Linke.

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

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

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

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

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

Cenomi wraps up the SAR 200 mn sale of Sahara Plaza

Our friends at Cenomi Centers have wrapped up the strategic sale of Sahara Plaza toAlistithmarCapital in a SAR 200 mn transaction as the company continues to shed non-core assets, using the proceeds to fuel its growth across the country.

The sale of the property in Riyadh’s King Fahd district will have no real impact on Cenomi’s revenues — the company estimates it will shave just SAR 5 mn per year off its top line, the company said in a disclosure to Tadawul (pdf) yesterday.

In context: This is the fourth transaction under the retail giant’s SAR 2 bn non-core asset sale program, which has so far earned the company a total of SAR 1.14 bn. It has divested assets in Olaya and Al Raed districts as well as downtown Al Ahsa. The retail heavyweight has been on a drive to streamline its portfolio by divesting assets that are “no longer aligned with the strategic direction of the company.”

About Sahara Plaza: The single-tenant department store is located in Riyadh’s King Fahd District. It opened its doors in 2002 as the first of Cenomi Centers 22 operating assets.

Cenomi will book about SAR 79 mn in gains related to the sale of the asset in its 1Q 2024 financials, it said in a regulatory filing

Looking ahead: “With a further SAR 800 mn in sales proceeds [from the divestment program] expected, we remain committed to unlocking value in our portfolio,” Cenomi Centers CEO Alison Rehill-Erguven said. Cenomi is doubling down on a growth strategy that will see it build out “next-generation retail and lifestyle assets” across the Kingdom.

Solutions by stc closes 40% acquisition of Devoteam Middle East

Solutions officially grabs 40% of Devoteam Middle East: The Arabian Internet and Communications Services Company (Solutions), the tech subsidiary of telecom operator stc, has completed the acquisition of a 40% stake in Devoteam Middle East in a transaction valued at SAR 742 mn, it said in a disclosure to Tadawul yesterday.

We’ve been expecting this: Solutions signed a binding offer in June last year with France’s Devoteam and Ortill Investment to acquire 40% of their digital consulting business in the region for SAR 742 mn. The General Authority for Competition (GAC) said in November it would not object to the transaction.

Better late than never: Solutions said last year it expected the acquisition to close in the fourth quarter of 2023. It remains unclear what caused the delay.

Solutions said it bought the Devoteam stake to “expand and diversify the business scope of solutions to deliver integrated and innovative services with best digital practices to meet the market needs of technical products and digital solutions in the Kingdom and the region.”

In plain English: Devoteam provides cloud, business automation, cybersecurity, consulting and other services to help businesses make the leap to digital and create new online products and experiences.

It’s a big week for the defense industry in Saudi Arabia

It’s a big week for news from the defense industry as the World Defence Show continues in Riyadh through Thursday.

The number of licenses to companies in the defense industry has doubled in the past two years, Industry and Mineral Resources Bandar Al Khorayef told Asharq Business in an interview yesterday (watch, runtime: 9:12). “This reflects an increased momentum due to a growing interest by local or foreign investors to venture into the sector,” he said.

In context: The Kingdom launched in 2019 a licensing program for defense industries as part of its bid to diversify away from oil. The General Authority for Military Industries now issues licenses to firms to manufacture defense systems, military equipment, firearms, ammunition, and other industry standards. The sector is open to investment from both domestic and foreign investors.

Al Khorayef says the industry faces four challenges as it looks to grow, including the need for a wider industrial base to ensure feeder industries are in place. The Kingdom has accelerated efforts to establish a number of basic industries to make the core sector more attractive to investors, he said.

It’s about manufacturing, not assembly: “Another challenge is the transfer of technologies, especially that the Kingdom’s strategy is not focused on an assembly-based industry. We want to be a main player in the [defense tech] industry,” he said.

REMEMBER- The Kingdom has a target of localizing over 50% of its military equipment spending by 2030.

ALSO YESTERDAY at the World Defense Show (or on the sidelines)

Saudi Arabia is contributing SAR 100 mn to the Islamic Military Counter Terrorism Coalition, Defense Minister Prince Khalid bin Salman said.
Prince Khalid also met yesterday with UK Secretary of State for Defense Grant Shapps, state news agency SPA reports.

MORNING DISTRACTION- The Ministry of Interior posted a video of a police car showcase featuring the all-electric Lucid police cruiser on social media platform X.

Kafalah provided loan guarantees worth SAR 15.6 bn to MSMEs in 2023

Loan guarantees provided to MSMEs from Kafalah, the Kingdom’s small and medium enterprise loan guarantee rose 10% y-o-y to SAR 15.6 bn in 2023,state news agency SPA reports citing a Kafalah press release. Some SAR 12.1 bn of that went to SMEs. The program is operated by the SME Bank.

Uh, Enterprise? Define MSMEs: The Small and Medium Enterprises General Authority (Monsha'at) defines them as follows:

Micro enterprises have 1-5 full time employees and make up to SAR 3 mn in annual revenues;
Small enterprises have 6-49 full time employees and make between SAR 3 mn and SAR 40 mn in annual revenues;
Medium enterprises have 50-249 full time employees and make between SAR 40 mn and SAR 200 mn in annual revenues.

Kafalah is writing larger tickets for a smaller number of guarantees, reporting a 13% y-o-y dip to 7.2k in the number of guarantees approved.

Kafalah has been on drive to grow outside Riyadh: Enterprises operating out of Riyadh, Eastern Region, and Makkah have received 11% more guarantees in 2023 on an annual basis, while Asir saw a 66% increase, Jouf (45%), and Tabuk saw a 42% hike.

Riyadh remains the nation’s entrepreneurial hub, with it now being home to 43.3% of SMEs, according to the Monsha’at report.

Kafala ❤️ women: Some 1.1 women entrepreneurs received guarantees worth SAR 1.7 bn last year.

Higher employment rates in MSMEs: Kafala claims that enterprises usually see a 20% hike in staff numbers only six months after receiving Kafala guarantees.

Product portfolio: Kafalah offers 10 products to enterprises working in sectors including export, consultancy, culture and entertainment. (You can find the details for each product here)

You can still apply for the regular Kafalah product if you operate outside these sectors. It offers a maximum of SAR 2.5 mn in loan guarantees for micro enterprises, SAR 5 mn for small enterprises, and SAR 15 mn for medium enterprises, according to Kafalah website.

How to apply: Enterprises looking to apply for loan guarantees from Kafalah can find the requirements here or can go through one of the partner lenders mentioned here to learn about the process.

DATA POINT- The number of SMEs in the kingdom rose 3.5% q-o-q to 1.27 mn in 3Q 2023, a quarterly report (pdf) by Monsha'at showed. Small businesses grew Saudi’s non-oil economy by 3.6% in 3Q, the report says.

Micro-sized firms are the most common SMEs:

Microenterprises accounted for for 1.1 mn of all SMEs in the kingdom (up from 1.06 mn the previous quarter);
Small-sized companies: 151.2k (down from 152.8k);
Medium-sized enterprises: 18.2k (up from 17.9k).

New rules aim to make it easier for Etmam to drive growth of the real estate sector

Driving growth in the real estate industry: The Municipal, Rural Affairs and Housing Ministry is out with draft regulations for the Developers Service Center (Etmam) in what it’s positioning as a bid to drive growth in the industry by cutting red tape, a draft of the regulations (pdf) shows. The regulations grant the real estate-focused center its own independent corporate body with financial and administrative independence.

The proposed regulations aim to make life easier for real estate developers, from license application onward. Among the powers Etmam would have:

Delivering faster, clearer licensing procedures, including through delivery of real estate and municipal procedures;
Making sure a wide range of government agencies quickly provide services to developers;
Managing and supervising online platforms providing services to real estate developers;
Registering and qualifying those engaged with real estate development at government and non-government entities;
Carrying out technical reviews for projects’ blueprints + providing feasibility studies for projects to assess the viability of the project according to present and future local market needs.

One unified system: The regulations envision Etmam ensuring streamlined procedures for developers through a unified digital platform.

SOUND SMART- Launched in 2016, Etmam serves as a bridge between authorities and real estate developers. It’s mission has been to make it easier to launch housing projects and deliver a single-window digital system to speed-up approvals.

The gov’t wants to know what the public thinks: The ministry has put the draft regulations up for public consultation on the public consultation platform Istitlaa. Stakeholders have until 29 February to submit comments.

Why this matters now: The government has been pushing to attract fresh investment to the real estate industry as it looks to make housing more accessible to citizens. An off-plan property sales and rentals law is set to hit the market in April as the sector continues to gain steam. Off-plan sales are rising: Some 47 off-plan sales projects were licensed in the first six months of 2023, a 50% increase over the same period a year earlier, according to figures by the Municipal, Rural Affairs and Housing Ministry’s off-plan sales and leasing arm, WAFI.

SWPC’s solar-powered Yanbu 4 desalination plant begins production

SWPC starts production at Yanbu 4: The Saudi Water Partnership Company (Swpc) has launched its operations at the 450k cbm / day Yanbu 4 desalination plant, according to a statement earlier this week.

What we know: The SAR 3.1 bn (USD 827 mn) project is owned and developed by a consortium led by Engie — which holds a 40% stake — along with local private player Nesma and Mowah, with a 30% stake each. It is powered by 20 MW of solar energy and has a 42 km water transport system and a water storage tank with a two-day capacity. The plant uses reverse osmosis to supply water to Makkah and Medina. GE developed the substation connecting the national grid to the project solar plant.

More desalination from SWPC underway: The company issued tenders last month for the finance, development, operation, and maintenance of the desalination water project in Jubail Industrial City, located next to the existing plant units — Jubail Phase 1, Jubail Phase 2, Jubail 3A and 3B. The tenders were issued to the pre-qualified bidders for the Jubail 4 & 6 Independent Water Projects, which will have a total capacity of 600k cbm/day.

REMEMBER- The Kingdom is ramping up its desal projects: Last year, Acwa Power, Gulf Investment Corporation, and Al Bawani Water and Power Company inaugurated the solar-powered Jubail 3A independent RO water desalination plant. EPC contractor Alucor also signed an agreement with South Korea’s industrial equipment manufacturer Doosan last week to provide mechanical, electrical and instrumentation installation work for the Shuaibah 3 desalination project.

Saib reports 16.8% y-o-y uptick in net income on higher total operating income

The Saudi Investment Bank (Saib)reported a 16.8% y-o-y rise in net income before zakat and income tax in FY 2023 to c. SAR 1.8 bn on the back of an increase in total operating income, according to a disclosure to Tadawul yesterday. Its topline from its financing and investment business grew 21.4% y-o-y to SAR 3.4 bn in the same period on the back of an increase in gross financing and investment income.

Saib’s investments rose 14.6% y-o-y last year to SAR 32.3 bn, while its assets jumped 19.2% y-o-y to SAR 130 bn. Client deposits were up 19.6% y-o-y to SAR 83.2 bn.

Planned multi-use Prince Mohammed bin Salman Stadium in Qiddiya gets a shoutout

It’s a quiet morning for the Kingdom in the foreign press, with the multi-use Prince Mohammed bin Salman Stadium in the planned Qiddiya City megaproject getting a shoutout from Bloomberg’s weekly design digest. The stadium is set to be the first venue globally to boast a combined retractable roof, pitch and LED wall, all while sitting atop a 200m cliff in Qiddiya.

Subscription for new retail saving sukuk program starts. PLUS: Supply chains, infrastructure, manufacturing

RETAIL SUKUK-

The first issuance of the Finance Ministry and National Debt Management Center’s (NDMC) new retail saving sukuk program will carry a 5.64% fixed annual yield, Argaam reports. Subscriptions in the February issuance started yesterday and will wrap up tomorrow.

ICYMI- The ministry and NDMC launched this shariah-compliant retail saving instrument in a bid to diversify the nation’s savings offerings. The program will feature monthly issuances carrying annual fixed yields.

SUPPLY CHAINS-

National shipping company Bahrihas inked an MoU with Boeing SaudiArabia to expand cooperation in supply chain and distribution, according to a statement yesterday. The two firms will use Bahri’s existing supply chain avenues here to collaborate in freight forwarding, warehousing, inventory management, and performance-based logistics consulting. The move aims to boost supply chain efficiency, particularly for the Kingdom’s defense sector.

INFRASTRUCTURE-

Marafiq has completed its sewage treatment plant in Jeddah and received approval from the Saudi Water Partnership Company to begin commercial operation, it said in a statement to Tadawul. The plant will allow Jeddah Althaniya Water Company — Marafiq’s JV with Alamwal Al Khaleejiah Al Thaniya and Veolia Middle East — to treat wastewater at a capacity of 300k cubic meters per day. The agreement is set to run for 25 years from October 2023.

MANUFACTURING-

#1- Group Five Pipe will manufacture and supply tailored steel pipes to Aramco after signing a two-month SAR 30 mn contract, it said in a statement to Tadawul.

#2- Saudi Drip Irrigation has renewed a five-year contract with US-based irrigation equipment manufacturer Hunter Industries, Saudi Drip mother company Mayar Holding said in a statement to Tadawul. The agreement will see Saudi Drip manufacture Hunter-Industries-branded irrigation systems that can be used for agricultural, residential, commercial, and golf courses. The company will also manufacture energy-saving solutions for irrigation systems as well as distribution technology for Hunter Industries. No details were provided on the value of the agreement.

TECH-

Sure Global Tech has landed a SAR 16.3 mn contract from the Commerce Ministry to develop and operate a mechanism to track the circulation of goods in the local market, the company said in a filing to Tadawul yesterday. The IT services providers will also develop systems to monitor product availability, flagging shortages and surpluses. The project runs for 24 months.

M&A WATCH

Nesma completes acquisition of Dubai-based energy firm Kent: Local contractor Nesma & Partners has fully acquired Dubai-based energy services provider Kent,, according to a press release. Kent had been backed by private equity firm Bluewater since 2015, which helped Kent grow its revenues from USD 200 mn to USD 1.4 bn, according to a statement. No financial details on the transaction have been disclosed.

Kent’s BOD is getting a makeover: While Kent’s structure and services will continue to operate as a stand-alone entity under the agreement, its board of directors will undergo some changes as new members replace shareholders from Bluewater. The company will bring on former McKinsey senior partner and tech transformation expert Driek Desmet, energy transition expert Gary Parke, and Nesma & Partners President and CEO Samer Abdul Samad, the company announced.

TELECOMS-

Faster internet services courtesy of Dawiyat? Dawiyat Integrated — a subsidiary of the Saudi Electricity Company — has secured a license from the Communications, Space and Technology Commission (CST) to build, operate and maintain cable landing stations (CLS) and international cable capacities, it said in a statement yesterday. The company’s CLS will help provide high-speed internet to local and international clients, it said.

China’s fresh promises to rejuvenate its faltering stock market may not be enough

Investors seem to be giving up on China’s stock market: Over 40% of investors surveyed at a Goldman Sachs conference in Hong Kong last week think that Chinese equities are “uninvestable,” despite authorities vowing “forceful” measures to stabilize its falling stock market, the Financial Times reported yesterday.

The measures: The country’s Securities Regulatory Commission said on Sunday that it would introduce more medium- and long-term funds and would crack the whip on short selling and insider trading. This came two days after the benchmark CSI 300 fell 3.4%, Bloomberg wrote.

Triggering the sell off: Chinese and Hong Kong stocks have shed USD 6 tn in value since their peak in February 2021 amid the country’s economic slowdown, spiraling property crisis, and cooler relations with the US.

Leading Asian benchmarks are in the red in early trading this morning as traders digest worries about Chinese stocks and Jay Powell’s remarks that the Fed will be “cautious” when it comes to rate cuts. They’re also looking forward to the Luna New Year holiday, which runs 10-17 February — and which often sees retail investors sell down positions to have more cash available for the break. Futures suggest stocks on Wall Street and in Europe will follow suit at the opening bell later today.

TASI	11,962.72	+0.4% (YTD: -0.04%)
MSCI Tadawul 30	1,553.52	+0.4% (YTD: +0.2%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	27,573.50	-3% (YTD: +10.8%)
ADX	9,456.25	-0.1% (YTD: -1.3%)
DFM	4,228.74	+0.2% (YTD: +4.2%)
S&P 500	4,958.61	+1.1% (YTD: +4%)
FTSE 100	7,615.54	-0.1% (YTD: -1.5%)
Euro Stoxx 50	4,654.55	+0.3% (YTD: +2.9%)
Brent crude	77.33	-1.7%
Natural gas (Nymex)	2.08	+1.4%
Gold	2,053.70	-0.8%
BTC	42,579.46	-1% (YTD: +81.6%)

THE CLOSING BELL-

The TASI rose 0.4% yesterday on turnover of SAR 4.8 bn. The index is down 0.04% YTD.

In the green: MBC Group (+9.8%), Chemical (+9.5%) and Saudi German Health (+5.4%).

In the red: Ades (-2.9%), Atheeb Telecom (-2.5%) and Arabian Drilling (-2.1%).

CORPORATE ACTIONS-

Ataa Educational shareholders are getting their SAR 1.1 / share dividends in their bank accountsstarting Sunday, 11 February, the company said in a disclosure to Tadawul yesterday.

Maharah Human Resources’ EGM approved lowering the stock’s nominal value to SAR 1 from SAR 10 as per its board’s recommendation. The move brings the company’s total number of shares to 475 mn from 47.5 mn, it said in a disclosure to Tadawul.

Alkhabeer Diversified Income Traded Fund will distribute dividends of SAR 0.29 per unitfor the July-December period, it said in a disclosure to Tadawul.

CALENDAR

FEBRUARY

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

4-8 February (Sunday-Thursday): World Defence Show, Riyadh.

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

6 February (Tuesday): Capital Markets & ESG Finance Saudi Arabia 2024, Riyadh.

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

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

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

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

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

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

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

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

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

19-21 February (Monday-Wednesday): Makkah Expo for Hotels and Restaurants, Makkah.

20 February-24 May (Tuesday-Friday): Diriyah Contemporary Art Biennale, Diriyah.

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

26 February (Monday): OTSEC Summit, Dammam.

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

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

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

MARCH

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

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

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

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

Signposted to happen sometime in March:

Ramadan

APRIL

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

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

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

Signposted to happen sometime in April:

Eid Al-Fitr (national holiday)

MAY

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

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

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

5 June (Wednesday): World Environment Day.

30 June (Sunday): ZATCAtax exemption scheme expires

Signposted to happen sometime in June:

Eid Al-Adha (national holiday)

AUGUST

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

SEPTEMBER

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

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

DECEMBER

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

Signposted to happen sometime in 2024:

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