Cityscape Global investments + fund tally keeps on growing

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Inflation data set to be released today

Good morning, wonderful people. We’re within arm’s reach of the weekend, with a busy final day of what has shaped up to be a busy workweek.

THE BIG STORY OF THE DAY is the growing tally of investments and sales from Cityscape Global in Riyadh, which yesterday saw announcements of new real estate funds and major investment agreements.

^^ We have chapter and verse in this morning’s news well, below.

Inflation data for October is set to be released today. Inflation accelerated to 1.7%y-o-y in September, up from 1.6% in August. September’s reading marks the highest inflation rate since February. On a monthly basis, prices inched up 0.1%, driven by a 0.8% uptick in housing rents and prices.

WEATHER- Riyadh is looking at a high of 29°C and a low of 18°C today. Over in Makkah, the mercury will peak at 36°C and hit a low of 22°C. Meanwhile, Dammam is looking at a high of 30°C and a low of 20°C.

WATCH THIS SPACE-

IPO WATCH #1- Samaco Motors is gearing up for an IPO in 2025: Samaco Motors, the exclusive agent of Audi, Bentley, Lamborghini, Porsche, and Volkswagen in Saudi Arabia, plans to go public next year, the company’s CEO Muhammad Wajeeh Sharbatly told Aleqtisadiah. The company has already tapped an investment bank for the IPO. No further information was disclosed on the size or value of the offering.

IPO WATCH #2- Saudi culinary powerhouse Hashi Basha plans to go public on Tadawul’s main market, with Yaqeen Capital — which typically advises companies listing on parallel market Nomu — tapped to manage the offering, Yaqeen said in a filing to Tadawul. Upon completing the IPO, Yaqeen will receive 5% of its 2023 revenue in proceeds, which amounts to SAR 39 mn according to EnterpriseAM KSA calculations. No details were provided on the size or value of the offering.

About Hashi Basha: Founded in 2016, the food chain now operates over 100 branches across the Kingdom.

#3- Diriyah has an approved project pipeline worth SAR 80 bn, with another SAR 25 bn in additional projects set to be approved in the coming months, Argaam quotes CEO Mohamed Saad as saying on the sidelines of the Cityscape forum yesterday. The Ritz-Carlton Residences and the Raffles Residences projects are approved with contractors appointed, Saad confirmed, adding that both projects are set to open their doors in 2027.

DATA POINTS-

The Industry and Mineral Resources Ministry issued 35 new mining licenses in September, including 24 for exploration, seven for building materials quarry, three for reconnaissance, and one for exploitation, the ministry said in a post on X. The total active mining licenses in the Kingdom currently stand at nearly 2.3k.

SPORTS-

Saudi Arabia and Australia face off in Melbourne today with World Cup qualification on the line, according to the Associated Press. The two teams — each of which have five points — will clash at 12pm (KSA time) today. Japan currently leads Group C with a comfortable 10 points. Only the top two teams from each of the three Asian qualifying groups will secure direct spots at the 2026 World Cup, sending six teams from the AFC to the expanded 48-team tournament. Third-place teams will enter a playoff round for a shot at the inter-confederation playoffs.

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THE BIG STORY ABROAD-

Not much has changed: US president-elect Donald Trump’s cabinet choices continue to top the front pages this morning. His latest appointments — Tulsi Gabbard as director of national intelligence and Matt Gaetz as attorney general — further cement the view that Trump is relying more on loyalty than qualifications to guide his choices. Many of his picks lack a CV with clearly relevant or sufficient prior experience, while other nominations — such as Marco Rubio as secretary of state — are “sprinkled in” as “more conventional selections.” Trump is also reportedly looking at what would be an “unprecedented shakeup” at the Pentagon, after talking about purging “woke generals” as part of his campaign. (Reuters | Bloomberg | Financial Times)

ELSEWHERE- Brazil evacuated its supreme court after two bombings in Brasilia that killed the suspected bomber. The explosions come a few days before the G20 summit is scheduled to kick off in Rio de Janeiro. (Reuters | Bloomberg)

CIRCLE YOUR CALENDAR-

The Saudi Rail Conference and Exhibition will take place on 20-21 November at the Riyadh International Convention and Exhibition Center. The event will showcase developments in the railway sector and provide insights from over 150 local and international speakers.

TheBlack Hat MEA 2024 cybersecurity conference and exhibition will take place between 26-28 November at the Riyadh Exhibition & Conference Center in Malham. The event will gather cybersecurity professionals and technology developers. Speakers include information security leaders from Bayer, SoftBank Investment Advisors, the US Intelligence Community, the CIA, and Knostic.

The two-day Zakat, Tax and Customs Conference 2024 will kick off on 4 December at the King Abdullah Financial District. The event will bring together over 50 speakers and 10k attendees to chew over some of the solutions for the applications of zakat, tax and customs.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

New real estate funds + SAR bns of agreements signed at Cityscape

The penultimate day of Cityscape Global brought a handful of new announcements, including the cumulative value of agreements signed for Masar Makkah, two different real estate funds, and a financing agreement for PIF-backed Roshn, among others.

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SAR 4.5 BN AGREEMENTS FOR MASAR MAKKAH-

Masar Makkah locked in agreements worth a combined SAR 4.5 bn at Cityscape, according to separate posts on X (here, here, here and here). Masar Makkah is a 1.2 mn sqm strip in Makkah leading to the Grand Mosque and is set to boast hotels, and retail, residential, and office spaces.

The details: Masar’s parent company Umm Al Qura Development and Construction signed a SAR 1.4 bn agreement with Alramz for two residential towers, as well as a SAR 1.3 bn agreement with Qa'ed Real Estate Development and Investment for a 720-key luxury hotel at the heart of Masar Makkah. On the first day of the forum, Umm Al Qura signed an agreement with Al Rajhi United Real Estate to invest over SAR 1 bn to develop 500 hotel apartments, and also agreed a SAR 822 mn investment ticket with Alpha Capital for a residential tower.

A SAR 900 mn hotel in Masar Makkah: Aldiyar launched a SAR 900 mn hospitality project within the Masar development, and tapped real estate services firm Jones Lang LaSalle (JLL) as its exclusive advisor for the project, it said in a post on X.

NEW REAL ESTATE FUNDS-

#1- A SAR 1 bn fund for hotel towers in Makkah: Thakher Development and Mulkia Investment are launching a SAR 1 bn fund for hotel towers in Makkah, according to a press release and Argaam’s interview with Thakher Development CEO Abdulaziz Al Aboudi. The real estate fund will support the development of two 4-star hotel apartment towers about one kilometer away from the Holy Mosque within the larger Thakher Makkah project.

Partnership structure: Thakher will oversee development, marketing, and sales, while Mulkia will establish and launch the fund, the statement said. Thakher will hold a 30% stake in the fund, while the remainder of the fund’s financing will be sourced from banks, loans, investors, and phased sales.

About Thakher Mecca: The greater Thakher Mecca project spans 320k sqm, with 100 multi-use towers planned, including hotels, residential towers, and a commercial center. Hotel brands such as Radisson, Hilton, Park Inn, and Novotel, are expected to be part of the development.

#2- Alshegrey Group subsidiary Al Basateen and Riyad Capital launched a SAR 2 bn real estate fund to develop Kings Square, according to a press release.

Located in Riyadh, the mixed use project spans 240k sqm and will feature 12 towers linked by landscaped courtyards, offering residential, commercial, and office spaces,designed by Dutch architectural firm OMA. The project’s financial details and construction timeline were not disclosed.

THE LATEST FROM ROSHN-

Roshn Group also made some moves: The PIF-backed developer signed agreements with nine Saudi banks to secure exclusive financing solutions for its clients, it said in a post on X. These banks include Saudi National Bank, Banque Saudi Fransi, Arab National Bank, Riyad Bank, Albilad, Alinma, Saudi Awwal Bank, Saudi Investment Bank, and Aljazira.

More agreements from Roshn: The company also signed agreements with National Housing Company (NHC) to give Sakani beneficiaries an avenue to own their residential unit in Al Manar and Al Danah communities. This is in addition to an agreement with Saudi Arabian Military Industries to provide home financing programs and offering high-quality residential unit options for employees.

NATIONAL HOUSING COMPANY-

The National Housing Company (NHC) logged sales worth SAR 5 bn over the course of the forum, it said in a post on X. NHC secured 27 agreements and partnerships with high-profile companies, including Siemens, Panasonic, Grohe and solutions by STC, it said in a statement. It also unveiled Rejan Hills, an integrated compound in north Riyadh, in partnership with Retal Urban Development, it said in a separate statement. The compound is set to boast 530 Salmani-style villas across a 277k sqm development in the Khouzam district.

Acwa Power lines up USD 238 mn to fund wind farm in Azerbaijan

Acwa Power reached financial close for a USD 238 mn senior debt facility to finance the 240 MW Khizi-Absheron Wind Power Plant in Azerbaijan, Argaam reports, citing an emailed statement. A European Bank for Reconstruction and Development (EBRD) and OPEC Fund for International Development consortium contributed the funds for the debt facility.

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Getting their ducks in a row: Acwa broke ground on the project back in 2022, with a USD 300 mn investment ticket cited at the time. The project secured a USD 120 mn Shariah-compliant equity financing option from First Abu Dhabi Bank in December 2023, Argaam noted. Acwa had also said in October of last year that it had raised USD 246 mn in financing for the project from the EBRD and OPEC Fund.

More on the project: The wind farm is expected to come online in 1H 2026, when it is expected to supply clean energy to some 300k homes, offsetting 400k tons of CO2 emissions a year. Azerbaijan’s state-owned energy outfit, Azerenerji, represents the sole offtaker for the project via a 25-year power purchase agreement.

ALSO FROM ACWA POWER-

Acwa Power is “on track” to reach financial close on SAR 30 bn in financing, CEO Marco Arcelli told Al Arabiya on the sidelines of COP29 in Baku, Azerbaijan (watch, runtime: 0:53). The financing is slated for projects in Saudi Arabia and elsewhere. The firm is also eyeing a USD 7.1 bn capital increase by next year to support growth plans and has appointed financial advisors for the transaction.

Acwa Power is doubling down on its Azeri wind portfolio: The Tadawul-listed renewable energy player inked a cooperation agreement with Azerbaijan in February 2023 to develop a 1.5 GW offshore wind energy project as part of a larger 2.5 GW wind farm initiative that will also see the development of the country’s first battery storage systems. Later that year, Acwa Power and Azerbaijan’s Energy Ministry inked a roadmap agreement to develop a 200 MW onshore wind farm with battery storage facilities.

The renewables giant is focusing on Central Asia due to its strategic position as a gateway for trade. Acwa Power has significant portfolios in Azerbaijan, Uzbekistan, and Kazakhstan and has earmarked some USD 15 bn for decarbonization projects in the region, Arcelli said.

PIF offloads more Nintendo shares, bringing its stake to 6.3%

The Public Investment Fund (PIF) trimmed its stake in Japanese gaming giant Nintendo again to 6.3%, down from 7.5%, Bloomberg reports citing a filing to Japan’s Finance Ministry. The move is the latest in a series of stake sales, with the fund selling 17 mn shares between August and October of this year. PIF remains one of Nintendo's largest shareholders, the business news information service said.

Market reaction: Nintendo’s shares closed down 4% yesterday in Tokyo, as news of key shareholder PIF pulling back came to light, although they have pared back losses in early trading this morning.

IN CONTEXT- The sovereign wealth fund — which is tasked with driving the country’s diversification plans — recently shifted its focus towards local investments as Saudi’s widening budget deficit continues to restrict funds, Bloomberg reports.

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IN OTHER M&A NEWS-

PIF is selling down its stakes in STC too: The sovereign wealth fund tapped Goldman Sachs and Saudi National Bank (SNB) to manage a 2% stake offering in the telecom giant, Reuters reports, citing statements from the banks. Share prices will be determined via an accelerated book building process, Goldman Sachs and SNB added. The sale could see PIF pocket as much as USD 1.1 bn, while STC will not be allocated any of the proceeds. Post-offering, PIF will retain a 62% stake in STC.

Italy’s Sace pledges USD 3 bn for Neom loan guarantees

Italian state export credit agency Sace pledged USD 3 bn in loan guarantees to Neom, providing 80% guarantees for international bank loans backing the megaproject, Bloomberg reports, citing people with knowledge of the matter. The story was also picked up by Reuters.

Italy is thinking ahead: The Italian government believes that the loan guarantees could open the way for Italian infrastructure, construction, and transport firms to clinch valuable contracts in Neom, sources told Bloomberg. Sace — which is run by Italy’s Finance Ministry — opened a branch in Riyadh earlier this year and Italian Prime Minister Giorgia Meloni may visit the Kingdom next, the business news information services said. Italian engineering outfit Webuild SpA is a contractor at Neom, grabbing a USD 4.7 bn contract for developments at Trojena and a high-speed railway.

Neom needs the boost: The ambitious project was initially budgeted at USD 500 bn, but many analysts believe its costs significantly exceed that projection. A string of budget deficits and declining oil prices have also limited the funding available for the megacity, as Riyadh recalibrates spending towards megaprojects that are smaller in scale.

Mobily snags 15-year license for additional 120 MHz spectrum in CST auction

Etihad Etisalat (Mobily) adds two bands to its spectrum portfolio: Mobily secured a SAR 2.5 bn 15-year license for an additional 120 MHz spectrum in the Communications, Space, and Technology Commission spectrum auction, it said in a disclosure to Tadawul. This includes 20 MHz in the 700 MHz band, and 100 MHz in the 3.8 MHz band, with both set to go live on 1 January 2025.

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What the bands do: The 700 MHz band includes 5G services and boosts service quality and geographic coverage. Meanwhile the 3.8k MHz band boosts high-speed data services for consumers and businesses. The two bands also entail synergies for Mobily subscribers.

Mobily’s current spectrum range: The latest acquisition brings Mobily’s total spectrum to 440 MHz, adding to its existing 320 MHz in the 800, 900, 1800, 2100, 2600, and 3700 MHz bands.

Dallah Real Estate + Egypt’s Palm Hills to set up schools, urban projects

New schools + multi-use urban projects coming to Saudi: Dallah Albaraka subsidiary Dallah Real Estate and Egyptian real estate developer Palm Hills Developments (PHD) made official their plans to develop integrated, multi-use urban projects and 15 international schools in the kingdom under a newly-inked partnership agreement between the two firms, PHD said in a press release (pdf).

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The details: The two sides will work together to set up 15 new schools in the Kingdom over the next decade and over a 30-year partnership build integrated urban communities. The two sides will set up a joint venture to carry out the projects.

Who owns what: PHD will hold a 60% stake in the new joint venture and Dallah Real Estate will own the remaining 40%, the statement read. The partnership is set to see combined investments of some USD 300 mn, PHD Chairman Yasseen Mansour said in September.

Remember: Palm Hills set up its Saudi branch back in August, joining Talaat Moustafa Group and other Egyptian real estate players that have recently entered the Saudi market.

Mufeed’s Nomu IPO was 5x oversubscribed, with shares going at SAR 77 a piece

Riyadh-based event planner Mufeed’s Nomu offering was 5x oversubscribed at SAR 77 per share, according to a filing to Tadawul from the offering’s financial advisor and lead manager Value Capital. The final pricing will see Mufeed raise up to SAR 46.2 mn in IPO proceeds, giving the firm a market cap of SAR 508.2 mn at listing, according to EnterpriseAM Saudi calculations. The subscription period for qualified investors wrapped up earlier this week.

What’s next? The final allocation is set for today, with refunds taking place by Monday, 18 November.

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REFRESHER- Mufeed is taking a 10% stake to Tadawul’s parallel market Nomu, with proceeds from the sale going towards hiking the company’s capital to SAR 6.6 mn — up from a current SAR 6 mn — after some SAR 2.7 mn are set aside to cover the offering’s costs. Proceeds will also contribute to financing some of the firm’s expansion plans. Meanwhile, none of the proceeds will be distributed to shareholders.

SWPC names top + reserved bidders for Jubail-Buraydah water project

Jubail-Buraydah water pipeline project names top bidders: Saudi Water Partnership (SWPC) — a fully-owned subsidiary of the Finance Ministry — named a consortium of Al Jomaih Energy & Water, Nesma and Buhur for Investment as its preferred bidder for the Jubail-Buraydah Independent Water Transmission Pipeline (IWTP) project, granting them a Levelised Water Transmission Cost (LWTC) of about SAR 3.6 per cubic meter, according to a press release.

Plan B: The company also tapped Vision International Investment and Abu Dhabi National Energy Company (Taqa) — a Saudi-UAE consortium — as the reserved bidder with a less competitive LWTC of a little over SAR 5 per cubic meter.

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Project profile: The water project was awarded under a Build, Own, Operate and Transfer (BOOT) model, spanning a period of 35 years. It is set to connect the Eastern and Qassim regions via a 587-km pipeline with a daily capacity of 650k cubic meters. Commercial operation is slated for 1Q 2029.

Saudi Arabia tops Arab world + Monsha’at reveals winners of student entrepreneur initiative

Saudi Arabia ranked first in the Arab world and GCC, and 14th among G20 nations in the World Bank’s 2023 Statistical Performance Indicators (SPI), rising 22 positions from 2022 for a total score of 81.5%, according to a statement and a post on X. Saudi also secured a spot among the top seven G20 countries in infrastructure with a 95% score. Represented by the General Authority for Statistics, the Kingdom was assessed alongside 187 countries across 51 indicators in five pillars.

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The Small and Medium Enterprises General Authority (Monsha’at) announced the winners of its Future Entrepreneur initiative, recognizing outstanding students from primary, middle, and high schools, according to a statement.

Int’l press focused on old, new CEOs of PIF companies

Former CEO of PIF-baked developer Roshn David Grover is suing the company for USD 100 mn in unpaid bonuses and contractual earnings, the Financial Times reports. The case, filed in Riyadh, claims wrongful termination and unpaid performance-related bonuses, tied to Vision 2030 targets. The appeal will be reviewed in court later this month.

The Riyadh-based developer defended its decision to terminate Grover’s contract, citing a conflict of interest over him allegedly renting his own apartments in France to company executives for a Cannes conference, the FT added, citing people it says are familiar with the situation. Grover later denied the claim was later denied by Grover, who said that the move was approved as a cost-saving measure.

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Neom’s CEO change is also continuing to make the rounds. The foreign press is looking at the Kingdom's evolving approach to mega-projects, including potential downscaling of the futuristic city amid a widening budget deficit. The PIF company tapped Aiman Al Mudaifer as its acting CEO, after its longtime CEO Nadhmi Al Nasr stepped down with no stated reason. The story got ink in the Wall Street Journal, Financial Times, Reuters, and the Guardian.

Neom is also getting ink from Reuters, which looks at the status of the mega project’s completion plans, quoting a handful of sources as saying that sports will be a key priority moving forward.

Arabian drilling secures contract extension with Aramco

ENERGY-

#1- Arabian Drilling locked in a SAR 290 mn, five-year extension for one of its land rigs with Aramco, it said in a filing to Tadawul (pdf). The new agreement will come into effect once the current contract expires in 4Q 2024.

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MANUFACTURING-

Delmon set to build a manufacturing plant in Abu Dhabi for oil and gas products: Delmon Industrial Complex signed a 50-year ground lease agreement with Khalifa Economic Zones Abu Dhabi (Kezad Group) to set up a AED 50 mn (SAR 51.2 mn) manufacturing facility for oil and gas products, according to a statement from Kezad. The facility will be established in the ICAD III (Kezad Musaffah) area, focusing on supplying oil and gas companies with processed products.

AVIATION-

Cluster2 to implement advanced air mobility solutions at its airport network: Cluster2, a subsidiary of Saudi airports operator Matarat Holding, partnered with Italian vertiport network operator UrbanV to build an advanced air mobility ecosystem across Cluster2’s airport network, which currently has 22 airports, according to a statement from UrbanV. In addition, the partnership will see the launch of pilot programs for electric vertical take-off and landing.

DEBT WATCH-

First Fix lines up more funds for bond rollout: The Fundamental Installation for Electric Work (First Fix) renewed a SAR 237.9 mn Shariah-compliant loan agreement with Riyad Bank for its bond issuance, a week after lining up a similar facility of SAR 280 mn from Saudi National Bank, its parent company Red Sea International said in a filing to Tadawul. The three-year funding is guaranteed by a promissory note, personal guarantees, and corporate guarantees from Red Sea International, MSB Holding, and Innovative Contractors for Advanced Dimensions.

The company will use both funds to facilitate bond issuances including a bid bond, advanced payment bond, performance bond, and retention bond, as well as to obtain letters of credit.

Traders still see the Fed slashing rates at next meeting despite US inflation edging up

US inflation data shows the US moving further away from the Fed’s 2% target as Trump prepares to re-enter the Oval Office: US inflation saw a slight increase in October to 2.6%, in line with expectations and 0.2 percentage points above the 2.4% recorded in September, according to the US Bureau of Labor Statistics. Core inflation, which excludes food and energy, remained steady at 3.3% but showed a third consecutive monthly increase of 0.3%, signaling persistent underlying price pressures. October’s data comes at a critical point for the US economy, as the Fed weighs its next move ahead of President-elect Donald Trump taking office early next year.

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But traders don’t see the rise in inflation hampering the Fed’s road to monetary easing: Traders are pricing in an 80% chance of another rate cut when the Fed meets next to decide interest rates in mid-December, Bloomberg reports. During its last meeting earlier this month, the Federal Reserve cut rates by 25 bps, after having kicked off its easing cycle in September with a half a percentage point cut.

Some are already warning that Trump’s policies could complicate the Fed’s fight against inflation: Trump’s reelection and his proposed policies — tariffs, tax cuts, and mass deportations — could potentially push inflation higher. Economists are concerned that such measures could fuel price pressures while adding uncertainty, making the Fed’s task of achieving a “soft landing” even tougher. (Financial Times | BBC | New York Times | Guardian)

Market reax: Two-year Treasury yields, which are more sensitive to Fed decisions, fell as much as 10 bps after inflation data was released.

BTC HITS ANOTHER HIGH-

Another day, another BTC peak: BTC hit a fresh high of USD 93.2k yesterday before reversing some of its gains to sit at USD 88.9k at midnight, driven by inflation concerns and a strong post-election rally. (Reuters | Bloomberg | CNBC)

The cryptocurrency has been on a Trump-driven rally since Trump was reelected to the Oval Office on 5 November. We dove deeper into the rally in a Planet Finance published earlier this week.

MARKETS THIS MORNING-

Asian markets are starting mostly in the green during early trading this morning, with Japan’s Nikkei up 0.5%, followed by Korea's Kospi at 0.4% in the green, and Hong Kong’s Hang Seng at 0.1%. China’s Shanghai index is trading in the red at -0.1%.

TASI	11,930	-1.0% (YTD: -0.3%)
MSCI Tadawul 30	1,501	-1.0% (YTD: -3.2%)
NomuC	29,206	+0.3% (YTD: +19.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	31,433	-0.5% (YTD: +26.3%)
ADX	9,372	-0.5% (YTD: -2.2%)
DFM	4,733	+0.7% (YTD: +16.6%)
S&P 500	5,985	+0.02% (YTD: +25.5%)
FTSE 100	8,030	+0.1% (YTD: +3.8%)
Euro Stoxx 50	4,740	-0.1% (YTD: +4.8%)
Brent crude	USD 72.28	+0.5%
Natural gas (Nymex)	USD 2.98	-0.3%
Gold	USD 2,586.50	-0.8%
BTC	USD 88,897.70	+0.7% (YTD: +110.4%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.0% yesterday on turnover of SAR 5.5 bn. The index is down -0.3% YTD.

In the green: Burgerizzr (+10.0%), Saudi Cable (+5.0%) and Al Khaleej Trng (+4.1%).

In the red: Sharqiyah Dev (-5.2%), Budget Saudi (-3.9%) and Care (-3.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.3% yesterday on turnover of SAR 55.3 mn. The index is up 19.1% YTD.

In the green: Leaf (+8.7%), Fad (+7.2%) and Al Mohafaza For Education (+6.0%).

In the red: Al Razi (-8.0%), First Avenue (-6.2%) and Obeikan Glass (-6.0%)

CALENDAR

NOVEMBER

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

3 November-19 December (Sunday-Thursday): Measles and Rubella vaccination campaign, Najran.

11-22 November (Monday-Friday): The Diplomatic Conference to Conclude and Adopt a Design Law Treaty, Riyadh.

11-17 November (Monday-Sunday): Launch of China’s USD 2bn bond issuance in Saudi.

12-18 November (Tuesday-Monday): Offering period for Multi Business Group’s (MBG) Nomu IPO.

14 November (Thursday): Inflation rate for October.

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

18 November (Monday): Roadshow SearchInform 2024, Riyadh.

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

19-20 November (Tuesday-Wednesday): The two-day retail subscription of United Holding International Company’s Tadawul IPO.

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

20-21 November (Wednesday-Thursday): The Saudi Rail Conference and Exhibition, Riyadh International Convention and Exhibition Center, Riyadh.

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

21 November (Thursday): Final allocation for Multi Business Group’s (MBG) Nomu IPO.

21 November (Thursday): Cenomi Centers 2Q 2024 dividend distribution.

22 November (Friday): Submission deadline for UNCCD Young Researchers Award at COP16.

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

24 November (Sunday): Balance of trade for September.

25 November (Monday):The final allocation of shares of United Holding International Company’s IPO on Tadawu.

25 November (Monday): Refunds for Multi Business Group’s (MBG) Nomu IPO.

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

25 November-1 December (Monday-Sunday): Offering period for Digital Research Company’s (DRC) Nomu IPO.

26 November (Tuesday): Saudi Aramco 3Q 2024 dividend distribution.

26-28 November (Tuesday-Thursday): Black Hat MEA 2024, Riyadh Exhibition & Conference Center, Malham

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

26-28 November (Tuesday-Thursday): Saudi Electricity 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+ Joint Ministerial Monitoring Committee meeting.

1 December (Sunday): Dallah Healthcare 3Q 2024 dividend distribution.

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

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

3 December (Tuesday): Riyad Bank PMI for November.

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

4 December (Wednesday): Final allocation for Digital Research Company’s (DRC) Nomu IPO.

4-5 December (Wednesday-Thursday): Zakat, Tax and Customs Conference, Riyadh.

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

8 December (Sunday): Refunds for Digital Research Company’s (DRC) Nomu IPO.

10-12 December (Tuesday-Thursday): CPHI Middle East, Riyadh Front Exhibition & Convention Center, Riyadh

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

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

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

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

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

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

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

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

State budget approval and release.

2025

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma

1Q: Roshn expected to raise SAR 2.6 bn from international bank

Saudi and Turkey plan to raise their bilateral trade volume to USD 10 bn

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

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): Federal Open Market Committee meeting.

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh.

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

FEBRUARY 2025

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

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

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

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

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

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

22 February (Saturday): Founding Day.

MARCH 2025

1-30 March: Ramadan.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 March- 3 April (Monday-Thursday): Eid Al Fitr.

MAY 2025

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

31 May-5 June (Saturday-Thursday): Hajj.

JUNE 2025

6-9 June ( Friday-Monday): Eid al-Adha.

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

JULY 2025

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

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

SEPTEMBER 2025

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

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

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

NOVEMBER 2025

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

DECEMBER 2025

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

2026

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

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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