Debt-to-GDP ratio is inching up this year as total financing needs hit SAR 21 bn

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WHAT WE’RE TRACKING TODAY

Saudi foreign minister heads to Brussels + Deadline for Saudi companies to file 4Q 2023 tax returns draws near

Good morning ladies and gentlemen. We’re waking up to a relatively busy Monday as we inch closer towards EnterpriseAM Saudi going live to the outside world on Sunday, 28 January.

Want to have coffee in Riyadh with us this week? Email patrick@enterprisemea.com.

Tap or click here to get EnterpriseAM Saudi in your inbox on launch day.

PUBLIC SERVICE ANNOUNCEMENT-

Companies have until next Wednesday, 31 January to file their tax returns for 4Q 2023 and December 2023 here. This applies on corporates that are subject to value-added tax (VAT) and have recorded over SAR 40 mn in annual revenues. A markup of 5-25% will be levied on late filings. You can call 19993 for any tax-related inquiries.

WATCH THIS SPACE-

#1- A new Saudization rate for engineers is coming in July: Private companies employing five or more engineers will be required to hire Saudi nationals for at least 25% of its engineering headcount, the Human Resources and Social Development Ministry said in a statement yesterday. The new regulation comes into effect on 21 July of this year.

Background: The Human Resources and Social Development Ministry first set in 2020 a 20% Saudization target for engineering professions.

By the numbers: Locals make up c. 34.2% of the total number of engineers and technicians affiliated with the Saudi Council of Engineers, which stands at 448.5k members, according to figures by Al Eqtisadiyah.

#2- New rules to control imports of “special goods” and ethanolic beverages by foreign embassies in the Kingdom will take effect today, Arab News reported yesterday, citing unidentified sources. The new rules will stipulate the entry of these goods within licensed quotas and specified quantities in a bid to put an end to the “improper exchange of special goods and alcoholic beverages” received by the foreign embassies.

#3-Acwa Power advances launch date for its 200 MW Kom Ombo PV plant in Egypt: Renewables giant Acwa Power’s 200 MW Kom Ombo solar farm — initially targeted for launch in 3Q 2024 — is 82% done and due to be completed by April this year, generating enough power for about 130k households once fully operational, according to an Egyptian Cabinet statement earlier this week. Once online, the project, which will span 4.8 sq km and contain over 387.4k bifacial solar panels, will be connected to Egypt’s electricity grid through a 33/220 kv interconnection station and offset an estimated 280k tons of carbon emissions annually.

Price tag: The Egyptian government says the project is expected to have a USD 168 mn price tag. Acwa power secured bridge loans worth some USD 45 mn from Apicorp and USD 14 mn from the European Bank for Reconstruction and Development (EBRD) in 2021 to bankroll the project. It also secured in April another USD 36 mn from the EBRD, USD 14.6 mn from the OPEC Fund for International Development, and USD 24.4 mn from the African Development Bank (AfDB). The United Nations’ Green Climate Fund (GCF) also said it will extend USD 34.5 mn in funding and the Arab Bank will contribute USD 14.8 mn for financing the project.

#4- The Kingdom is getting its largest fuel station soon: The Saudi Automotive Services Co. (Sasco) will inaugurate Saudi Arabia’s largest gas station in 2Q 2024, it said on X yesterday. The station is part of the company’s Al Jazeera 1 project, which is located along the King Fahd highway connecting Riyadh and Al Qassim. The project spans 280k square meters on the highway, which boasts the Kingdom’s highest traffic volume with a a daily average of 100k vehicles.

The Foreign Ministry has welcomed the restoration of diplomatic ties between Iran and Pakistan, SPA reported, days after Tehran and Islamabad exchanged missile and drone attacks last week.

DATA POINT-

Saudi Railways (SAR) operated 32k trips last year serving 55% more passengers (11.2 mn) on an annual basis, it said in a post on LinkedIn (watch, runtime: 2:57). SAR has also moved 6% more minerals and goods (25 mn tons) on an annual basis in 2023. Its total operations have saved domestic fuel consumption by 3 mn barrels.

HAPPENING TODAY

Foreign Minister Faisal bin Farhan will take part in the EU Foreign Affairs Council meeting in Brussels today, a statement by the EU read yesterday. The meeting will discuss the Gaza crisis, and the “the need to prevent spill-over in the region and the way forward.” The meeting will also see the participation of the foreign ministers of Egypt, Jordan, and Palestine, as well as Arab League Secretary General Ahmed Aboul Gheit.

The Riyadh Real Estate Future Forum will kick off today in Riyadh and runs until Wednesday.

WEATHER-

Expect a sunny and clear day in Riyadh, Jeddah and Dammam today, with some clouds expected to set in tomorrow.

Riyadh: 26°C daytime / 15°C overnight
Jeddah: 30°C daytime / 24°C overnight
Dammam: 24°C daytime / 12°C overnight

SPORTS-

The Green Falcons secured a decisive 2-0 victory against Kyrgyzstan in yesterday’s match at the 2023 AFC Asian Cup in Doha, earning them the top position in their group with 6 points. This places the national team in a commanding position as they prepare to face Thailand for theirfinal group stage match on Thursday, 25 January. A victory or a tie with Thailand would advance the Green Falcons to the Round of 16. Iraq and Qatar are the first two teams to have qualified to the next stage in the tournament.

Mourinho isn’t coming to Al Shabab:Football coach Jose Mourinho — who was recently sacked from AS Roma — has denied rumors suggesting he could accept an offer to take charge at Al Shabab.

DID YOU MISS THE JOY AWARDS? The ceremony, which took place on Saturday in Riyadh, saw Egyptian film Voy,Voy,Voy taking home the award for Best Feature Film. Nelly Karim received the Best Actress award, while Karim Abdel Aziz earned Best Actor. In the music category, Assala Nasri was named Best Female Musical Artist. The 2024 iteration of the event featured 13 awards for influential people in television, cinema, social media influencing, sport, and music.

** You’re reading Zero Issue #30 of EnterpriseAM KSA.

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THE BIG STORY ABROAD

DeSantis throws in the towel, backs up Trump: Florida Governor Ron DeSantis ended his presidential bid Sunday, saying “it’s clear a majority of Republican primary voters want to give Donald Trump another chance.” DeSantis had emerged as Trump’s top challenger, but struggled to keep up in the primary elections as voters showed continued loyalty to the former president.

That just leaves Haley: With DeSantis out of the running, the race for the Republican Party nomination has essentially been whittled down to Trump against former South Carolina Governor Nikki Haley. However, Trump continues to hold an 11 percentage point lead over Haley, according to the most recent CNN poll (pdf).

OIL WATCH

The Kingdom’s crude exports to its top client China fell 1.8% y-o-y to 86 mn tons in 2023 against a backdrop of cheaper oil prices from Russia, Reuters reported earlier this week, citing Chinese customs data. Russia delivered a record 107 mn metric tons of crude oil to China last year, shrugging off Western sanctions and overtaking the Kingdom to become China’s largest oil supplier.

Meanwhile, growing tensions in the Red Sea have delayed a total of 9 mn barrels of Saudi and Iraqi oil shipments as tankers are forced to sail away from the Bab El Mandeb strait and take the longer route around the Cape of Good Hope, according to Bloomberg.

CIRCLE YOUR CALENDAR-

BiznEX International Exhibition will kick off on Sunday, 28 January at the Riyadh Convention Center and wrap up on Wednesday, 31 January. Register here.

Companies have until Wednesday, 31 January to file their tax returns for 4Q 2023 and December 2023 here.

The PIF Private Sector Forum takes place in Riyadh on 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 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.

Riyadh will host the International Conference on Sand and Dust Storms in the ArabianPeninsulafrom Monday, 4 March to Wednesday, 6 March. The conference will address regional challenges caused by sand and dust storms and discuss monitoring systems, mitigation strategies, economic and infrastructural impacts, and more.

Tickets are on sale for the 2024 Saudi Arabian Grand Prix, scheduled for Jeddah from 7-9 March.

Riyadh will host a World Economic Forum special meeting on 28-29 April.

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

Total financing needs for 2024 are at SAR 21 bn -NDMC report

The sovereign debt-to-GDP ratio is expected to rise 0.8 percentage points y-o-y to 26.2% in 2024, according to the latest National Debt Management Center (NDMC) figures (pdf). The data indicates sovereign debt will reach SAR 1.12 tn by the end of 2024.

Total financing needs for 2024: The budget deficit is expected to amount to SAR 79 bn by the end of this fiscal year, leaving the government short of SAR 86 bn in total financing needs.

In context: The Finance Ministry is targeting a deficit of SAR 79 bn (1.9% of GDP) in the current fiscal year with plans to continue to run deficits in the medium term to support the government’s strategic spending and investment plans, according to the budget statement (pdf). “We intentionally decided to spend more and cause the deficit. If you spend that money right, on productive assets, then it’s money well spent,” Finance Minister Mohamed Al Jaadan said back in December, when he unveiled the government’s 2024 spending plans.

Market conditions will inform the 2024 financing plan: NDMC will continue to “identify and pursue favorable market” conditions with expectations that up to 35% of the total financing needs will come from the domestic debt market, while up to 40% will be covered through tapping international debt markets, and the government Alternative Funding (GAF) will cover up to 50%.

Last year in review: The government borrowed a total of SAR 198 bn last year, with SAR 88 bn coming from the domestic debt market, and the rest sourced internationally.

Refinancing sukuk: The government has redeemed SAR 36 bn in sukuk with maturities in 2024, 2025, and 2026 — slashing this year’s maturities to SAR 21 bn, from SAR 40 bn. This is part of NDMC’s liability management transactions, which include refinancing sukuk — buying back bonds whose maturities are approaching and issuing fresh bonds with extended maturities to hedge against future refinancing risks. The debt portfolio’s average time to maturity is currently at 9.5 years. (You can find the 2024 calendar for upcoming sukuk issuances here.)

Sabic to develop USD 6.4 bn petrochem complex in China’s Fujian

Sabic is moving forward on USD 6.4 bn petrochem complex in China: Petrochemicals giant Saudi Basic Industries Corp (Sabic) has reached a final investment decision to develop a world-scale USD 6.4 bn petrochemical complex in China’s Fujian, it said in a disclosure to Tadawul yesterday. The announcement comes a few years after the two parties signed an MoU in 2018 for the project.

What we know: The complex will be developed through a joint venture between Sabic subsidiary Sabic Industrial Investment Company, which will hold 51% of the project, and Fujian Fuhua Gulei Petrochemical Company holding the remaining balance. The project will be financed through debt in addition to the company’s cashflows, it said.

Ironing out the details: The project will be home to a mixed feed steam cracker with an annual ethylene maximum capacity of up to 1.8 mn tons and downstream facilities including ethylene glycols, polyethylene, polypropylene, polycarbonate, and others. Nine of the technologies set to be utilized in the complex will be supplied from Sabic, according to the disclosure.

All part of Sabic feedstock diversification plan: The project comes as part of a plan Sabic is implementing to diversify its feedstock sources and expand its manufacturing presence in Asia, it said.

Expect construction to begin this year: The construction of the project is slated to begin during the first half of this year, with preparations for commissioning and start-up beginning from the second of 2026 for six months.

Aramco is also involved: Aramco Trading — a subsidiary of Aramco — is also a related party, the disclosure said, without providing further details on the company’s role. Aramco owns 70% of Sabic through its Aramco Chemicals subsidiary.

This has been in the works for quite a while: Sabic signed a MoU with Fujian province in 2018 to set out a framework for the development of the project.

Banque Saudi Fransi wraps up the second issuance of its 4 bn sukuk program

Banque Saudi Fransi (BSF) closed a USD 700 mn sukuk issuance on Friday, according to a disclosure to Tadawul yesterday. The London-listed offering was 4x oversubscribed with banks taking orders worth USD 3 bn, according to a document seen by Reuters.

The details: The lender sold 3.5k shariah-compliant securities with a five-year maturity. The issuance carried a 5% annual yield, trading at 105 bps above US treasuries, according to Reuters. The issuance was open to local and international investors through a special purpose vehicle with proceeds earmarked to support the lender’s Islamic finance business.

Not the first:The issuance is part of the lender’s USD 4 bn trust certificate issuance program, rated A- by S&P Global. Last year, BSF closed a USD 900 mn RegS senior unsecured sukuk issuance that was 3x oversubscribed. The London-listed issuance offered an annual yield of 4.75% with a five-year maturity.

ADVISORS- BSF had hired Citigroup Global Markets, Emirates NBD Bank, HSBC Bank, Merrill Lynch International, Mizuho International, and Saudi Fransi Capital as joint lead managers on the transaction.

Market reax:BSF shares fell 1.7% to SAR 39.5 at yesterday’s close.

Jamjoom wants to line up SAR 36 mn in financing for its Algeria JV

Drugmaker Jamjoom Pharma is set to provide a corporate guarantee for its Algeria JVto secure a SAR 36 mn revolving debt facility from Natixis Algérie Bank, Jamjoom said in a statement to Tadawul yesterday. The banking facility is set to fund the joint venture’s short-term working capital requirements.

In context: Jamjoom’s corporate guarantee is proportionate to its stake in Jamjoom Algeria Lil Dawa, currently at 51%. The guarantee will see the Saudi-based company on the hook for the equivalent of SAR 17.7 mn in the event the JV defaults on its debt repayments.

SOUND SMART- Unlike a term loan, a revolving facility is characterized by a degree of flexibility allowing the borrower to borrow, repay, and re-borrow funds within a specified credit limit and for various purposes. This kind of debt instrument is typically used to finance a company’s working capital needs, fund short-term projects, and address fluctuations in cashflow, providing a flexible source of financing for ongoing and changing financial requirements.

MIS grabs undisclosed stake in OpenAI rival Anthropic with USD 5 mn investment

MIS grabs stake in OpenAI rival Anthropic: IT solutions provider Al Moammar Information Systems (MIS) has acquired an undisclosed stake in San Francisco-based AI startup Anthropic through a USD 5 mn equity investment, it said in a disclosure to Tadawul yesterday. The transaction is part of Anthropic’s Series D funding round at a precash valuation of USD 15 bn, according to the company.

All part of a big plan by MIS: The investment is part of a SAR 40 mn allocation agreed in December by the company to set up an investment portfolio directed towards global AI firms.

About Anthropic: Co-founded by siblings and former OpenAI executives Dario and Daniela Amodei, Anthropic is the developer of Claude, an AI assistant emerging as a rival to OpenAI’s ChatGPT.

We already know Anthropic was on a hunt for funding: Anthropic has reportedly been in talks to raise USD 750 mn in a funding round led by Menlo Ventures, Reuters reported in December, citing a source close to the talks. The source set the startup’s pre-funding valuation at USD 18.4 bn. It has lured investments from several tech giants in recent months, with Google and Amazon each agreeing to invest USD 2 bn and USD 4 bn, respectively.

Advisors:Geneva-based Decisive Capital Management acted as MIS’s advisor in the transaction.

Almarai reports 4% y-o-y rise in net income in 4Q2023

Almarai — the Middle East’s largest dairy producer — reported a 4% y-o-y rise in net income to SAR 371 mn in 4Q 2023, according to its earnings release (pdf). Its revenues grew 2% y-o-y to c. SAR 4.9 bn in the fourth quarter of the year. On a full-year basis, Almarai’s bottom line rose 16% y-oy to SAR 2 bn, while revenues were up 5% y-o-y to c. SAR 19.6 bn.

Main drivers: The rise in net income in the fourth quarter of the year came on the back of higher operating income and the full acquisition of the Egypt and Jordan business earlier in 2023, which helped offset higher operating costs. The company’s dairy and juice, bakery, and poultry segments also contributed to the increase. The growth in revenues was attributed to “positive performance” in core GCC countries led by the local market. However, lower contributions from its Egypt business due to the EGP devaluation and reduced sales of commodities in North America drove the group’s revenue growth down 2% during the period.

REMEMBER- Almarai bought in February last year PepsiCo’s entire 48% stake in the parent company of juice and dairy producer Beyti for SAR 255 mn, giving it 100% ownership of International Dairy and Juice Limited, its former joint venture with PepsiCo in Egypt and Jordan.

What they said: “Going forward, Almarai expects its core business to continue to gain market share in selected product categories and geographies…grow inorganically and deploy capital in line with its 5 years investment strategy,” it said.

Yahya Mubaraki assumes top role in Tadco

Yahya Mubaraki promoted to CEO at Tadco: Tabuk Agricultural Development (Tadco) has named Yahya bin Ahmed Mubaraki as its new CEO, effective 1 April, it said in a disclosure to Tadawul yesterday. Mubaraki, who is currently the company’s deputy CEO, is assuming the top role from Fahd Al Semaih who decided not to renew his contract. Mubaraki, who boasts over 20 years of experience in agricultural project management, is also a board member in several local companies, according to the disclosure.

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Bahri enters agreement with Proman for methanol-powered vessels. PLUS: Asfar set to develop tourist attraction in Eastern Province

SHIPPING + MARITIME-

Bahri to charter methanol-powered vessels from Proman: National Saudi shipping firm Bahri subsidiary Bahri Chemicals and methanol producer Proman have inked a five-year agreement for Bahri to charter two methanol-powered vessels, according to a statement released on Thursday. The two ships — the Stena Provident and the Stena Progressive — will be used to transport a variety of products internationally. The IMOIIMeMAX ships are advanced dual-fuel tankers that are highly efficient for transporting cargo, the statement said.

TOURISM-

Asfar set to develop tourist destination in Al Ahsa: The Saudi Tourism Investment Company (Asfar) — wholly owned by the PIF — signed an MoU with Al Ahsa Municipality to develop a “major” tourist attraction in the Eastern Province, according to a joint statement yesterday. The MoU will pave the way for Asfar and the private sector to turn an area of 500k sqm into a tourist destination, the statement said, without providing further details on the investments or timeline of the project.

HOSPITALITY-

Jabal Omar receives license to operate second tower of five-star Makkah hotel:Jabal Omar Development — one of the Kingdom’s largest listed property developers — has obtained an operating license from the Tourism Ministry for the second tower of its Jabal Omar Jumeirah hotel, it said in a disclosure to Tadawul yesterday.

By the numbers: The second tower is home to 244 rooms and suites, meeting rooms, and a business center service, among others.

INVESTMENT-

PepsiCo invests big in local potatoes:PepsiCo will invest SAR 225 mn in cultivating potatoes for processed potato production under an agreement with the National Industrial Development Center (NIDC), the government agency said on X earlier this week. No further details have been provided about the scope of the project.

DEBT-

Tadco gets second installment of ADF loan: The Tabuk Agricultural Development Co (Tadco) received a second installment amounting to SAR 30 mn as part of an operational loan of SAR 50.5 mn from the Agricultural Development Fund (ADF), it said in a disclosure to Tadawul yesterday. The announcement comes a few weeks after it received a first installment of c. SAR 9.9 mn. The two-year financing package will be directed towards the company’s operations.

ALSO- Tadco’s board of directors approved yesterday the company’s new strategic plan covering a six-year period from 2024 to 2030.The new strategy aims to diversify Tadco’s revenue streams and prioritize products with a competitive advantage in a bid to solidify the company’s position in the food and agribusiness sectors.

INFRASTRUCTURE-

Diriyah completes Western Ring Road tunnel: PIF-backed Diriyah Company announced the completion of the Western Ring Road connecting the city with one of Riyadh’s main highways, it said in a statement yesterday. The project includes a 435-meter tunnel with eight lanes in both southbound and northbound directions. It comes under efforts to provide better access to Diriyah and the rest of the capital.

US companies have sold more than USD 150 bn worth of bonds since the start of January

The US corporate bond market is “on fire” as firms look to take advantage of fall in yields: says Citi’s global debt capital markets head Richard Zogheb in the Financial Times. Companies have sold some USD 153 bn since the beginning of January — the highest start to a year in the market in over three decades.

Why the hype? Borrowers are looking to take advantage of lower borrowing costs, which have fallen since the Fed’s signaled in November that its campaign of interest rate hikes may be over. Investment-grade bond yields are currently at 5.3%, down from over 6% in mid-November.

Banks and entities contributed more than two-thirds of the month’s borrowing: JPMorgan has USD 3.5 bn through bonds since the start of year alongside Wells Fargo that raised USD 8 bn and Morgan Stanley with USD 6.7 bn.

TASI	12,003.66	+0.4% (YTD: +0.3%)
MSCI Tadawul 30	1,556.89	+0.5% (YTD: +0.4%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	27,719.37	+3.3% (YTD: +11.4%)
ADX	9,712.40	-0.1% (YTD: +1.4%)
DFM	4,081.71	+0.7% (YTD: +0.5%)
S&P 500	4,839.81	+1.2% (YTD: +1.5%)
FTSE 100	7,461.93	+0.04% (YTD: -3.5%)
Euro Stoxx 50	4,448.83	-0.1% (YTD: -1.6%)
Brent crude	USD 78.56	-0.7%
Natural gas (Nymex)	USD 2.52	-6.6%
Gold	USD 2,048.60	+0.4%
BTC	USD 41,694.14	-0.2% (YTD: +83%)

THE CLOSING BELL-

The TASI rose 0.4% yesterday on turnover of SAR 6.6 bn. The index is up 0.3% YTD.

In the green: MBC Group (+10%), Jamjoom Pharma (+9.9%) and Takween(+9.9%).

In the red: Riyadh Cement (-3.2%), Arabian Drilling (-2.7%) and Care (-2.7%).

CORPORATE ACTIONS-

Almasane Alkobra Mining Company (Amak) appointed Al Rajhi Capital as market maker for its shares for six months, subject to regulatory approvals. The appointment comes under a plan by the company to support liquidity in shares trading. Separately, Amak began disbursing a dividend of SAR 0.7 per share to its shareholders for the second half of FY 2023.

Saudi-Moroccan Economic Forum agree activating direct shipping line, setting up joint investment fund

A push for Saudi-Moroccan relations: Representatives of the Kingdom’s private sector and Morocco agreed on a joint work programme and an initiatives package, including activating direct shipping line projects and setting up a joint investment fund, SPA reported yesterday. The initiatives were announced during the Saudi-Moroccan Economic Forum organized by the Federation of Saudi Chambers and the General Confederation of Moroccan Enterprises in Riyadh.

CALENDAR

JANUARY

22-24 January (Monday-Wednesday):Real Estate Future Forum, Riyadh.

26 January (Friday): Andrea Bocelli concert, AlUla.

26-27 January (Friday-Saturday): 2024 Diriyah E-Prix, Diriyah.

28-31 January (Sunday-Wednesday): Saudi Franchise Expo 2024, Jeddah.

28-31 January (Sunday-Wednesday): BiznEX, the Riyadh International Convention and Exhibition Center, Riyadh.

31 January (Wednesday) Deadline for filingtax returns for 4Q 2023.

FEBRUARY

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

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

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

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

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.

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

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

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

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.

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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