Corporate bond + sukuk markets double in size in five years

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WHAT WE’RE TRACKING TODAY

THIS MORNING: SURJ eyes potential investment in Professional Triathletes Organization

Good morning, wonderful people. It’s an unexpectedly calm end to the first week of July, with only a handful of major news updates to bring you. We lead our newswell this morning with S&P Global Ratings’ latest report on the Saudi corporate debt market, with other updates including a power purchase agreement for the 700 MW Yanbu wind project.

WEATHER- Riyadh is expected to see a high of 36°C and a low of 28°C, while Jeddah’s mercury will go as high as 40°C and as low as 33°C. Makkah will see a 42°C high and 35°C.

PSAs-

Rental market regulations are under study for up to 90 more days, with the extension aimed at finalizing regulatory proposals governing the landlord-tenant relationship across residential, commercial, and office properties, state news agency SPA reported yesterday.

IN CONTEXT- The Kingdom launched a host of real estate reforms earlier this year, including lifting land freezes in the north of the capital, amendments to the White Land Tax, and new rental regulations aimed at balancing the landlord-tenant relationship. The reforms aim to expand land availability, improve rental regulations, and rein in soaring property prices in Riyadh.

WATCH THIS SPACE-

#1- SURJ eyes USD 20 mn stake in Professional Triathletes Organization: PIF’s sports arm SURJ Sports Investment is in discussions to invest approximately USD 20 mn in the Professional Triathletes Organization (PTO), Sky News reports, citing a source familiar with the matter. The transaction is expected to form part of a broader fundraising round for the organization, with London-based Oakvale Capital advising.

The details: The potential investment is aimed at expanding the PTO’s T100 Triathlon World Tour, sources told Bloomberg. The exact value of the investment has yet to be confirmed.

Who else has stakes in PTO? In March 2025, San Francisco-based Cordillera Investment Partners invested USD 10 mn in the PTO. Other existing investors include Warner Bros. Discovery, Divergent Investments, and Eckuity.

SURJ has ramped up its diversification in 2025. It recently announced a joint venture with Gerard Piqué’s Kings League to launch the seven-a-side football league, Kings League MENA, with Saudi Arabia set to host the first edition later this year. The fund is also in talks with Dazn Group to establish Dazn Mena, a Saudi sports broadcasting JV. Surj has been linked to a potential USD 500 mn investment in a proposed global T20 cricket league, still in early development.

#2- Saudi, Morocco to boost maritime links: Saudi and Moroccan officials agreed to look into launching a maritime link connecting the two kingdoms as part of an effort to boost bilateral trade and investment in the food, renewables, and tourism sectors, Asharq Business reports. The shipping link will “enable the private sector to play its role in promoting trade exchanges between the two countries as strong economies can open partnerships in other markets,” ٍSaudi Chambers of Commerce President Hassan bin Moejeb Al Huwaizi told the newspaper.

The context: The move comes as Morocco and Saudi gear up to host consecutive editions of the FIFA World Cup in 2030 and 2034, which are set to open up avenues for major investments for Moroccan and Saudi private investors.

All eyes on trade: The new link comes as the pair look to boost their trade from USD 1.6 bn in 2024 to USD 5 bn, Moroccan Industry and Trade Minister Riad Mazour told Asharq Business. Morocco is also looking to a more balanced trade relationship, with volumes currently dominated by Saudi oil exports — currently standing at c. USD 1.1 bn, Mazour said.

#3- Four crew members died after the Ades Holding-owned Adam Marine 12 jackup barge capsized and sank while being towed in Egypt, according to a Tadawul disclosure. Another 26 crew members were rescued and those who were injured were transported to a hospital, according to an Egyptian Health Ministry statement. The incident did not interrupt traffic through the waterway.

DATA POINTS-

Over 4.6 mn users benefited from real estate platform Sakani in the first half of the year, attracting some 200k new users, state news agency SPA reported yesterday. The platform serviced over 275k beneficiaries and concluded more than 106k housing contracts during the same period.

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THE BIG STORY ABROAD-

It’s somewhat of a mixed bag in the foreign press this morning, with US President Donald Trump’s “big, beautiful bill” — which includes a trove of tax cuts, immigration measures, and a phase-out of clean energy subsidies — still getting plenty of play as the House races to vote ahead of Trump’s Friday deadline. House Speaker Mike Johnson said he expects the vote to take place later today, though many are still unhappy with the USD 3.4 tn deficit it adds to the US’ ballooning debt, while others are concerned about cuts to healthcare programs. (Reuters | Bloomberg | Wall Street Journal | Financial Times)

In other US news, the country struck a trade agreement with Vietnam ahead of the resumption of sweeping reciprocal tariffs next week as the 90-day pause expires. Vietnam will drop levies on US products, while a 20% tariff will be placed on Vietnamese exports to the US, with a 40% levy on goods that are transshipped through the country, Trump said in a social media post. (Bloomberg | CNBC | FT | Reuters )

ALSO GETTING PLENTY OF ATTENTION- The high-profile Sean Diddy trial has wrapped with the jury finding him guilty of only two of five charges, including a racketeering charge and [redacted] trafficking. He will remain in jail and is set to see a maximum of 10 years in prison. (Reuters | Guardian | FT | NYT)

Corporate debt market doubles, but it’s still a private party for SOEs and banks

Domestic corporate bond and sukuk markets doubled in size over the past five years — hitting USD 37.7 bn in 1Q 2025, up from just USD 15.5 bn in 1Q 2020 — but the market’s still looking a little one-dimensional, according to a deep-dive from S&P Global Ratings.

Who’s holding the bag? Banks. A whopping 65% of outstanding corporate debt is in the hands of financial institutions, followed by state-owned non-financial firms (25%). The private sector, meanwhile, holds just 10%.

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Corporates still prefer to borrow the old-fashioned way: The Kingdom issued USD 92.7 bn in sovereign debt and USD 63.5 bn in non-sovereign debt over the same five-year period. But compare that to USD 804 bn in private-sector bank loans as of April 2025, and it’s clear the banking route still seems to be the go-to for most companies.

Why this matters: The government has been laying the foundation since 2015: Think monthly SAR sukuk issuances, and sweeping regulatory reforms under the Financial Sector Development Program. But until local institutional investors — pension funds, insurers, asset managers — get more involved, the market may struggle to build real depth.

How big is the debt market vs. the economy? Total domestic debt (sovereign + corporate) hit 20.7% of GDP in 1Q 2025. Corporate debt alone climbed to 3.4%, up from 1.9% in 2020 — solid growth, but still a far cry from levels in Brazil or South Africa, the report said.

Still shallow waters: Liquidity remains low in the debt market, with secondary trading remaining minimal because most local banks buy and hold. Foreign investors barely register — making up less than 2% of all listed and unlisted debt, despite the country’s push to open things up via Euroclear access, better tax treatment, and inclusion in EM indices.

Looking ahead: S&P expects state-owned enterprises to keep dominating for now, followed by the occasional blue-chip private name. But if Saudi Arabia wants the kind of deep, diverse debt market seen in Malaysia, Brazil, or South Africa, it’ll need to activate retail investors, expand the pension system, and empower asset managers with real mandates, the report reads.

Saudi Power Procurement signs PPA with Marubeni + Ajlan & Bros for 700 MW Yanbu wind project

The Saudi Power Procurement Company inked a power purchase agreement (PPA) for the 700 MW Yanbu wind energy project in the Madinah region with a consortium of Japan’s Marubeni and Abdulaziz Al Ajlan Sons (Ajlan & Bros), according to a statement. The project, which has a levelized cost of energy at USD 0.017 per kWh, is valued at over SAR 1.7 bn, SPA reports.

BACKGROUND- Yanbu, expected to enter operations by 2026, follows the 600 MW Al Ghat and 500 MW Waad Al Shamal projects — both also awarded to the same consortium. The group secured Al Ghat and Waad Al Shamal PPAs back in May last year at record-low tariffs of USD 0.015 and 0.017/kWh, according to Meed.

The Yanbu site faced delays during the tender process, with land availability cited as a key factor holding back the award. The site also has lower wind potential and weaker wind speed compared to the previous two sites, which raised questions at the time whether this would be reflected in the tariff offer.

The big picture: The project falls under Saudi Arabia’s National Renewable Energy Program , which aims to phase out oil burning to reach a 50/50 mix of renewables and gas by 2030. The Energy Ministry is targeting 20 GW of new capacity per year to reach 100 to 130 GW of output from renewable power by the end of the decade.

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Cabinet approves biometric verification for cruise ship passengers + talks for mutual visa waivers with Russia

Saudi Arabia will kick off talks with Russia for mutual visa waivers, after the Council of Ministers greenlit the discussions during its weekly meeting on Tuesday, according to SPA. Cabinet also approved a short-stay visa exemption agreement for holders of Italian diplomatic passports.

Cabinet also approved renaming the Supreme National Investment Committee to the National Investment Committee of CEDA, referring to the Council of Economic and Development Affairs, according to the state news agency. The supreme committee was set up in 2021 to oversee the government’s national investment strategy.

PLUS- The council also signed off on a system for registering and verifying the biometric data of cruise ship passengers arriving to and departing from the Kingdom, and greenlit cooperation agreements with Algeria to combat organized crime.

Roshn Group named among top 25 real estate brands

PIF-owned Roshn Group makes Brand Finance’s list for the top 25 real estatebrands worldwide, securing the 24th place to be the first Saudi firm to join the list, the PIF said in a statement on Tuesday. The five-year-old company’s brand value grew to more than USD 1 bn buoyed by robust financials and operations, earning an AA rating from Brand Finance.

Diriyah Company was featured on Time Magazine’s Time100 Most Influential Companies2025 list. Diriyah is the first Saudi company to make the magazine’s list after Aramco in 2024, and it was recognized for its USD 63 bn City of Earth in Riyadh.

Abdul Latif Jameel Motors earned the Gold Award for the 14th consecutive year in the Toyota Distributor Award Program by Toyota Motor Corporation, according to a press release. The company has been Toyota’s authorized distributor in the Kingdom since 1995, and the award recognized its high performance, customer satisfaction, and innovation throughout 2024.

Saudi German Hospital Jeddah has become the first hospital outside the US to receive the American Nurses Credentialing Center’s Magnet Recognition with distinction, it said on LinkedIn yesterday. The recognition identifies hospitals where strong nursing strategies improve patient care quality.

Dammam’s King Fahd International Airport reached level 4 in the Airports Council International (ACI) World’s Airport Customer Experience Accreditation program (ACEA), state news agency SPA reports. The ACEA program uses a five-level (Level 5 being the highest) system to evaluate airports around the world across eight areas, including airport community collaboration, service design, airport culture, governance, and operation improvements.

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Abdulsalam Ghamdi tapped as Saudi Chemical’s new CEO

SaudiChemical Company Holding tapped Abdulsalam Musfer Ghamdi (LinkedIn) as CEO, succeeding acting CEO Abdullah Abdulaziz Alznaedi (LinkedIn), who’s been in the post since last January, according to a Tadawul disclosure. Ghamdi brings over 20 years of experience in the defense Industry, holding several senior roles like Aerospace and Aviation Sector at Saudi Arabian Military Industries (SAMI) Executive Vice President and INTRA Defense Technologies CEO.

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Arabian Drilling lands a SAR 1.4 bn rig contract extension with Aramco

ENERGY-

Arabian Drilling secured the extensions of four rig contracts with Aramco for a total combined backlog worth SAR 1.4 bn, it said in a press release (pdf). The extensions range from from 1 to 10 years, raising the company’s current backlog to SAR 11.1 bn. The contract renewals are part of a large company plan to extend the operating life of 22 rigs originally set to expire by 31 March 2025, it added.

LOGISTICS-

Construction on a SAR 689 mn logistics corridor in Jeddah kicked off, connecting Jeddah Islamic Port to the Al Khumrah logistics zone to streamline the movement of over 8k trucks daily, state news agency Al Arabiya reporters.

About the corridor: The 17-km project includes two lanes in each direction and over 12 suspension bridges, and is scheduled for completion by the end of 2028. The corridor is expected to increase the operational capacity of Jeddah Islamic Port by more than 10%.

Modern Port Services took over the operation of multipurpose terminals along the Kingdom’s Eastern Coast starting 1 July, according to a press release. The Saudi Global P orts (SGP) subsidiary will oversee seaport terminals located at King Abdulaziz Port in Dammam, Jubail’s Commercial Port, King Fahd Industrial Port, and Ras Al Khair Port for the next two decades.

REFRESHER- The Saudi Ports Authority (Mawani) awarded SGP a SAR 2.2 bn build, operate, and transfer contract last June, including a 20-year concession covering eight major ports and an obligation to invest SAR 700 mn (c. USD 187 mn) in four Eastern ports.

M&A WATCH-

Ma’aden completes acquisition of its subsidiaries MBAC and MAC: Ma’aden finalized the acquisition of 25.1% share of Maa’den Bauxite and Alumina Company (MBAC) from AWA Saudi, and a similar share of Ma’aden Aluminium Company (MAC) from Alcoa Saudi, it said in a disclosure to Tadawul yesterday.

The details: In exchange for the acquisition, which came into effect yesterday, Ma’aden granted Alcoa Saudi some 67.6 mn shares, amounting to 1.74% of the company’s capital, while AWA Saudi received about 18.4 mn shares (0.47%) along with a cash payment of SAR 562.5 mn.

IN CONTEXT- Ma’aden’s board approved increasing its capital last week by 2.3% to SAR 38.9 bn through the issuing of over 85 mn new shares, valued at SAR 859.8 mn to be used as payments for the acquisition of its subsidiaries.

DEBT WATCH-

Saudi National Bank (SNB) plans to fully buy back SAR 2 bn in tier 1 capital sukuk at face value when they mature on 15 July, it said in a Tadawul disclosure. The sukuk issuance helped SNB to optimize capital and will be delisted following redemption, with SNB Capital acting as the payment administrator and sukukholders’ agent.

Background: SNB redeemed SAR 4.2 bn in AT1 capital sukuk at face value last month. The instrument was issued to finance working capital back in 2020 without fixed maturity, but included a first call date five years post-issuance — a common feature in AT1 capital instruments.

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HOSPITALITY-

Rixos opens for business in Jeddah: The 250-key Rixos Obhour Jeddah was inaugurated in Jeddah’s Obhour Bay yesterday, adding 176 rooms and suites, and 74 private villas to the Kingdom’s immersive, inclusive, and family-centric offering, according to a press release.

More of Rixos is coming to Saudi: A separate SAR 1.4 bn multi-use resort in the Kingdom’s Eastern Province will operate under the Turkish-hospitality brand, after real estate and hospitality outfit FTG Group and the Tourism Development Fund in the Eastern Province agreed to co-fund the development last November.

INVESTMENT WATCH-

Abu Dhabi-based private fund manager Ruya Partners invested SAR 206 mn to finance AlShair Group’s new hygiene nonwoven fiber production plant in Yanbu, according to a press release. The project aims to boost local production of raw materials used in hygiene products.

More details: The new plant will supply the United Saudi Company, also owned by AlShair, with raw materials and will support AlShair’s vertical integration by bringing the full nonwoven supply chain inside the Kingdom. The facility is expected to begin operations within two years with an initial production capacity of 30k metric tons, expanding to 50k tons in a later phase.

TECH-

Swedish telecoms equipment maker Ericsson opened its new regional headquarters in Riyadh, which will oversee the company’s regional operations across the Middle East and Africa, it said in a press release on Tuesday. Ericsson had tapped Hakan Cervel as its new VP and head of the Saudi customer unit at its Middle East and Africa arm earlier this year.

AVIATION-

National flag carrier Saudia signed an interline partnership agreement with Canadian carrier WestJet, allowing clients to book single tickets for routes through both carriers’ networks with single-point check-ins and through-checked baggage, according to Saudia and WestJet. The partnership boosts connection to Jeddah via Toronto Pearson International Airport, and routing to both Jeddah and Riyadh from London Heathrow and Paris Charles-de-Gaulle Airports.

ALSO- Saudi inked a codeshare agreement with Vietnam Airlines, connecting the Vietnamese Capital Hanoi and Ho Chi Minh City with Jeddah and Riyadh, according to a press release.

Investment landscape shaped by “mega forces” in 2025 midyear outlook -BlackRock

The investment landscape for 2025 is entering a new phase shaped by “mega forces” like AI, the energy transition, and geopolitical fragmentation, according to BlackRock Investment Institute's 2025 Midyear Global Outlook (pdf). As inflation and fiscal discipline become less reliable, BlackRock advises focusing on regions and sectors most exposed to structural shifts, naming the Middle East, US, and India as key markets to watch.

The Middle East is a key player in this global transformation: BlackRock highlights Saudi Arabia, the UAE, and Qatar as countries successfully positioning themselves at the intersection of AI, energy, and geopolitics. The region is attracting investment through mega infrastructure projects, green hydrogen plans, and local AI hubs. For example, the Kingdom’s national AI strategy is targeting USD 20 bn in investment by 2030, while Abu Dhabi’s sovereign funds are pouring USD 10 bn into local chip plants and data centers. The UAE is also expanding high-tech freezones, while Qatar is aiming for 50% non-oil GDP by 2030.

A tactical approach is driving decisions: With long-term macro anchors weakening, BlackRock remains overweight on US equities, supported by strong earnings and AI momentum, while maintaining a neutral stance on China and Europe. Japan stands out with positive momentum driven by shareholder-friendly reforms and the return of inflation. The firm also sees local currency-denominated emerging market bonds becoming “more attractive in a whole portfolio context,” according to the report.

AI is powering US market strength: BlackRock views the evolution of AI happening in three phases — buildout, adoption, and transformation — with the current phase focused on infrastructure buildout, which is boosting capital expenditures among major tech firms. Companies tied to semiconductors, power utilities, and data infrastructure are positioned to benefit the most. US technology companies are also leading in earnings growth, reinforcing BlackRock’s overweight position in the sector.

Infrastructure is at the center of these trends: Infrastructure links many of the key global forces, including supply chain realignment, rising energy demand, and decarbonization. BlackRock sees infrastructure investment as a growing segment of the market that supports long-term capital allocation. In the Middle East, capital is flowing both from sovereigns and global investors into infrastructure, as the region pushes more towards economic diversification. Private infrastructure assets under management have already surpassed USD 1 tn and are projected to exceed USD 2 tn by 2028, with activity led by Europe and North America.

Private capital is becoming more important in funding transformation: With governments facing tighter fiscal constraints, private markets are stepping in to fill the funding gap for infrastructure, AI, and energy transition projects. BlackRock sees this not as a temporary fix, but a structural shift in how capital is raised. Companies are staying private longer, increasingly relying on private credit and equity instead of going public. The average age of firms at IPO has nearly doubled over the past two decades.

MARKETS THIS MORNING-

Asian markets are broadly trading in the red this morning, with South Korea’s Kospi index bucking the trend to trade up around 0.6%. Investors are looking at another day of mixed signals, as US President Donald Trump announced a trade agreement with Vietnam yesterday, but the 90-day pause on reciprocal tariffs for several US trade partners is due to expire next Wednesday.

Meanwhile, Wall Street futures are trading flat, suggesting the S&P 500, Dow Jones, and Nasdaq are due for a muted open later today.

TASI	11,130	+0.1% (YTD: -7.5%)
MSCI Tadawul 30	1,424	+0.2% (YTD: -5.7%)
NomuC	27,376	+0.5% (YTD: -13.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	32,820	+0.4% (YTD: +10.4%)
ADX	9,920	-0.1% (YTD: +5.3%)
DFM	5,669	-0.4% (YTD: +9.9%)
S&P 500	6,227	+0.5% (YTD: +5.9%)
FTSE 100	8,775	-0.1% (YTD: +7.4%)
Euro Stoxx 50	5,319	+0.7% (YTD: +8.6%)
Brent crude	USD 68.89	-0.3%
Natural gas (Nymex)	USD 3.50	+2.5%
Gold	USD 3,358	+0.3%
BTC	USD 109,193	+3.2% (YTD: +15.6%)
Sukuk/bond market index	912.57	0.0% (YTD: +1.2%)
S&P MENA bond & sukuk	145.93	+0.3% (YTD: +4.3%)
VIX (Fear gauge)	16.64	-1.1% (YTD: -4.1%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.1% yesterday on turnover of SAR 5.4 bn. The index is down 7.5% YTD.

In the green: Baan (+9.7%), SIECO (+7.8%) and Almunajem (+5.8%).

In the red: Buruj (-3.2%), SIDC (-3.1%) and Bahri (-3.1%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.5% yesterday on turnover of SAR 19.2 mn. The index is down 13.0% YTD.

In the green: Horizon Food (+8.9%), Paper Home (+7.4%) and Mayar (+7.3%).

In the red: iOud (-9.5%), Meyar (-9.4%) and Mulkia (-7.8%).

CORPORATE ACTIONS-

Al Ashghal Al Moysra Company received the greenlight from the Capital Market Authority (CMA) to double its capital to SAR 48 mn, according to a statement published yesterday. The increase will be financed through retained earrings and implemented via a one-for-one bonus share issuance, raising the total number of shares to 4.8 mn from 2.4 mn.

CALENDAR

JULY

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

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

17 July (Thursday): Deadline to register for the Kingdom’s first civil aviation hackathon

Avithon.

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

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

AUGUST

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

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

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

SEPTEMBER

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference (SMIC), Ritz-Cartlon, Jeddah.

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

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

23 September (Tuesday): Saudi National Day.

OCTOBER

1 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

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

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

15 October (Wednesday): Russian-Arab Summit.

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

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

28-30 October (Tuesday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

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

NOVEMBER

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

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

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

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

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

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

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

DECEMBER

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

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

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

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

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

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

2026

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

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

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

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

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.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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