Demand for Riyadh office space surges despite high prices

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WHAT WE’RE TRACKING TODAY

THIS MORNING: New laws on consumer protection and commercial transactions are in the works

Good morning, friends. It’s the last Thursday on which we’ll do business in July. We hope the month has been kind to you — and that you’ve planned a little bit of time off for next month before fall starts with a roar.

We have a real-estate heavy issue for you this morning, plus news that new laws are in the works on commercial registers, trade names, consumer protection, and commercial transactions. But perhaps the most interesting story in business right now is Wall Street’s sudden realization that traders may have overhyped the commercial viability of AI (or at least how quickly the massive investment in the technology might start paying off).

Remember: Humans have a remarkable ability to overestimate how much a new technology will drive change in the short term — and to underestimate that same technology’s long-term impact.

^^ We have all of this and more below.

BUT FIRST- Turkey’s central bank has returned a USD 5 bn Saudi deposit as it looks to lower its foreign liabilities, it said in a statement (pdf). It returned the deposit fro the Saudi Fund for Development “by mutual agreement,” according to the statement. Analysts told Bloomberg that the move signaled a “sign of confidence” on the part of the Turkish central bank. “Turkey is moving to a much better underlying position with net reserves now positive,” Tim Ash, an emerging markets strategist at RBC BlueBay Asset Management, said. The news also got ink from the Financial Times. Saudi made the deposit in 2023 to help Turkey shore up its reserves.

AND- The Foreign Ministry welcomed an agreement between the Yemeni government and Houthis that will resolve tensions over control of key economic infrastructure, saying it supports efforts for peace and security in the neighboring country, according to a statement. The agreement, brokered by Riyadh, brings an end to a fight for control between the two sides over the country’s banks and national airline Yemenia. The statement offered no detail about how the struggle had been resolved.

WATCH THIS SPACE-

#1- Commerce Ministry has four new laws in the works: The Cabinet’s Bureau of Experts is currently reviewing four draft laws submitted by the Commerce Ministry that would impact consumer protection, commercial transactions, commercial registers, and trade names, Deputy Commerce Minister for Policy and Regulatory Affairs Maher Al Saeed was quoted as saying by local media (here and here).

Details a so-far scant, but here’s the rundown of what to expect:

The law on the commercial register aims to centralize the registration system, making it easier for businesses to expand nationally;
Officials want to make it easier to apply for trade names, offer more flexibility in the choice of names — by permitting the use of numbers and foreign languages — and detect look-alike names more efficiently;
The consumer protection law would integrate international best practices and guidelines, improve transparency on product information, and regulate disputes between consumers and sellers;
The law on commercial transactions aims to improve the regulation of contracts, negotiable instruments, and accounting records.

#2- Saudi’s temporary ban on poultry imports from Brazil will have a limited impact on the local market, Aleqtisadiah reported, citing the Federation of Saudi Chambers. The federation played down the effect of the ban on the market, imposed because of virulent diseases in poultry, saying domestic production accounts for 70% of the market’s total needs.

BACKGROUND- The ban comes after reported cases of Newcastle virus in a poultry farm in Rio Grande do Sul earlier this week. The outbreak saw Brazil — the world’s top chicken exporter — stop sales to the EU and Argentina, according to Bloomberg.

HAPPENING TODAY-

Finance Minister Mohamed Al Jadaan will lead Saudi’s delegation to a G20 meeting of finance ministers and central bank governors in Rio de Janeiro, according to a ministry statement. He will be accompanied by Saudi Central Bank Sama Governor Ayman Al Sayari and senior officials from the ministry and Sama.

WEATHER- Expect gusts of wind in Riyadh with daytime high of 44°C and a nighttime low of 31°C. The skies are clear in Makkah, where the mercury will peak at 43°C during the day before dropping to 30°C at night. Meanwhile, Jeddah will see a high of 41°C and an overnight low of 32°C.

PSAs-

Today is the last day to register for the PIF’s Accelerated Manufacturing Program. The program offers would-be manufacturers training in business, product development, and production management, as well as personalized mentorship and coaching sessions.

DATA POINTS-

A better ranking for the Saudi passport this year: The Saudi passport ranked 56th globally in 2024 with visa-free entry to 88 countries, up from a ranking of 65th last year, according to the Henley Passport Index 2024 (pdf). The UAE passport ranked first regionally and ninth globally with visa-free access to 185 countries, followed by the Qatari and Kuwaiti passports. The world’s strongest passport is Singapore’s with a 195 visa-free entry score, while Afghanistan ranks at the bottom with only 26 visa-free entries.

SPORTS-

Riyadh Season has partnered with two boxing promoters to expand its boxing events globally, building on its first foray into the US with the Los Angeles Riyadh Season Card featuring Crawford vs Madrimov on Saturday, 3 August at the Los Angeles BMO Stadium.

Riyadh Season + Top Rank: The partnership will see Riyadh Season sponsoring 12 events by Las Vegas-based boxing promotional firm Top Rank between now and the end of 2025, according to a statement. Top Rank has organized events for big names such as Muhammad Ali, George Foreman, Sugar Ray Leonard, Oscar De La Hoya, and Manny Pacquiao.

And another with Golden Boy Promotions: This collaboration will kick off with a showdown between current interim champion Serhii Bohachuk and the undefeated Vergil Ortiz Jr. in the Interim WBC Super Welterweight World Championship, according to a separate press release. The fight will take place on Saturday, 10 August at Michelob Ultra Arena at Mandalay Bay Resort in Las Vegas. Golden Boy is owned by ten-time world champion Oscar De La Hoya.

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THE BIG STORY ABROAD-

The foreign business press is focused squarely on the Nasdaq’s worst day since 2022. The index saw some USD 1 tn in outflows as Big Tech stocks, including Tesla and Alphabet, plunged, Bloomberg reports, saying the rout was the result of doubts about potential returns on costly investments in AI. The trigger: massive spending on the still commercially unproven technology made clear by Alphabet’s earnings.

The tech-heavy Nasdaq was down 3% at close, while the Dow was off 1.3% and the S&P 500 fell 2.3%.

Concerns that AI’s commercial hype may be overblown have grown louder as companies continue to spend big on AI infrastructure with little financial payoff, some pundits say.

Expect plenty of quarterly results from tech players next week: Microsoft is due out on Tuesday, followed by Meta, Apple, and Amazon. Nvidia will be the final one to report on 28 August.

MEANWHILE- Ether ETFs attracted inflows of USD 108 mn on the first day they went live, the Financial Times reports.

PLUS- Crowdstrike blamed the global tech outage on Friday on a bug in the test software it uses to validate content updates, according to a blog post yesterday.

Over in the world of politics, US President Joe Biden delivered a speech explaining his decision to withdraw from the presidential race, saying he is ready to “pass the torch” to the next generation as he continues his “defense of democracy.” CNN has the story, or you can catch it here on the White House’s Youtube channel (watch, runtime: 11:02).

AND- Israeli Prime Minister Benjamin Netanyahu addressed the US Congress last night, doubling down on his justification for Israel’s war on Gaza. Though Netanyahu received copious applause, particularly from the red side of the aisle, dozens of Congress Democrats did not attend, including Vice President and projected Democratic presidential nominee Kamala Harris. She is set to meet Netanyahu today.

US officials are saying ceasefire negotiations are “in closing stages,” with Reuters reporting that Netanyahu and Biden are set to iron out the gaps today. How many times have we heard that in the past six months?

CIRCLE YOUR CALENDAR-

The Crawford vs Madrimov boxing showdown will take place on Saturday, 3 August at the Los Angeles BMO Stadium. The event is the highlight of the Los Angeles Riyadh Season Card which features five other bouts. You can check them out here.

Aramco is set to release its 1H 2024 results on Tuesday, 6 August, according to its website. You can tune into the audio webcast of its earnings call here. The oil giant’s net income dipped a bit more than 14% in 1Q 2024 to SAR 102.3 bn.

Cybersecurity training event SANS Riyadh Cyber Leaders August 2024 will run from Sunday, 18 August to Thursday, 22 August at the Hyatt Regency Riyadh Olaya.

The eight-week Esports World Cup runs until Sunday, 25 August Riyadh’s Boulevard City. The world’s top esports clubs are competing for a pool of USD 60 mn — the largest purse in esports.

The two-day Middle East LPG Expo - Saudi Arabia 2024 will open on Tuesday, 10 September, bringing together upwards of 4k liquified petroleum gas (LPG) experts to discuss the future of the fuel gas in clean energy. Saudi accounts for 50% of demand for LPF in the Middle East and Africa.

The TotalEnergies CAF Super Cup Final 2024 between Egyptian rivals Al Ahly and Zamalek will be held in Riyadh on Friday, 27 September. The venue and kick-off time of the match will be announced at a later date.

This year’s edition of security-focused expo Intersec Saudi Arabia will run from Tuesday, 1 October to Thursday, 3 October at the Riyadh International Convention and Exhibition Center.

International food and beverage expo InFlavour is returning to Riyadh on Tuesday, 1 October. The three-day event — which will be organized in collaboration with the Environment, Water and Agriculture Minister, Tahaluf, Pepsico, Al Rabie, Arasco and Nadec — will take place in Riyadh’s Front Exhibition and Conference Center.

Demand for Riyadh office space surges despite rising rents and high occupancy rates -Savills

Riyadh’s office market remained strong in 2Q 2024, supported by 3.4% y-o-y growth in the non-oil sector, according to Savills Research’s Riyadh Office Market report (pdf). Occupancy rates for “grade A” offices in the capital remained unchanged at 98% in the quarter.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Soaring rents in the capital: Commercial rents rose 3% q-o-q, and 13% y-o-y last quarter with a sharper 23% y-o-y increase in North Riyadh, and 20% in North-East Riyadh, the LSE-listed real estate consultancy said. Central Riyadh seems to currently offer the most-affordable price per sqm in the city.

Companies are making trade-offs between rent budget + office space: Inquiries to Savills from clients seeking office spaces smaller than 250 sqm rose accounted for 39% of all inquiries last quarter, up from 13% in the previous quarter. Meanwhile, demand for offices between 1-2k sqm accounted for 23% of total inquiries, up from 19%.

What they said: Prices are pushing businesses “to settle for a less-than-ideal space,” Partner and Head of Research, Faisal Durrani said in a press release ” last month. “What is extraordinary about the market dynamics is the sheer shortage of prime office options, with occupancy rates as high as 98% in Riyadh,’” Durrani added.

New entries accounted for 50% of all commercial rent transactions last quarter, after there were none recorded in the previous quarter, “indicating a positive market sentiment for business expansion.” Renewal contracts maintained a 25% share, while relocation fell to 25%, down from 75%.

REMEMBER- Rent has been the big culprit behind inflation: Actual housing rents — which weighs the heaviest of all components in the Saudi consumer basket — experienced the most significant y-o-y rise, growing 10.1% in June compared to the same month in 2023 on the back of a 7.9% increase in villa rents.

Foreign interest in the local market: Nearly 70% of inquiries received by Savills originated from abroad, down from 74% in the previous quarter, with a notable 50% interest from the US and the UK, it said.

WHAT’S NEXT? Expect improved supply to cool-off rents: Savills sees some 650k sqm of new Grade A office space being added to the market by the end of 2025, with the additional supply “expected to enhance tenant choice and mitigate the potential for substantial rental increases, even in a scenario of sustained demand,” read the report.

Diriyah awards USD 2.1 bn Wadi Safar contract

PIF-backed master developer Diriyah has awarded a SAR 8 bn (c. USD 2.1 bn) contract to a joint venture to develop projects in Wadi Safar, narrowly eclipsing its largest-ever single contract, which it awarded earlier this month, it said in a statement.

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What we know: A joint venture comprising local contractor Al Bawani and Urbacon Saudi will build four luxury hotels — Aman, Six Senses, The Chedi, and Faena — as well as the Royal Diriyah Equestrian and Polo Club at its Wadi Safar masterplan. Urbacon Saudi is a local affiliate of Qatar’s Urbacon Trading and Contracting Company.

What they said: “The hotels are among the 40 plus across our two masterplans, Diriyah and Wadi Safar as we gear up to deliver world-class luxury experiences to visitors from across the Kingdom, the region and the world. The Royal Diriyah Equestrian & Polo Club will create a true center of regional excellence and build on the proud history and heritage of the Arabian horse and Saudi’s equine traditions,” Diriyah Group CEO Jerry Inzerillo said.

BACKGROUND: Diriyah awarded earlier this month a USD 2 bn project to a joint venture between local contractor El Seif Engineering Contracting and Chinese state-owned construction company China State Construction Engineering Corp. The two will build a mixed-use district in the north of Diriyah.

About Diriyah: Established in 2022, the Diriyah Company was tasked with developing Diriyah — the ancestral home of the royal family — at a cost of USD 63 bn. The development, which spans 14 square kilometers, is set to be home to 28 hotels, 18k residential units, 566k sqm in retail space in gross floor area and others.

Saudi treasury closes SAR 3.2 bn sukuk issuance

The Finance Ministry raised SAR 3.2 bn in its July sukuk issuance, which wrapped up on Tuesday, according to a National Debt Management Center (Ndmc) statement (pdf). This is part of the government’s SAR-denominated sukuk program

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The issuance was structured in five tranches:

A 5-year tranche valued at SAR 612 mn with a 4.97% yield;
A 7-year tranche valued at SAR 159 mn with a 5.03% yield;
A 10-year tranche valued at SAR 961 mn with a 5.13% yield;
A 12-year tranche valued at SAR 1.3 bn with a 5.18% yield;
A 15-year tranche valued at SAR 226 mn with a 5.21% yield.

A snapshot of the gov’t debt obligations in 2024: The total remaining debt maturities in 2024 stand at c. SAR 21 bn, down from SAR 40 bn on the back of Ndmc’s “successful execution of liability management transaction in 2023,” according to the center’s annual borrowing plan report for FY 2024 (pdf). The government’s total debt portfolio is expected to reach SAR 1.1 trn by year end.

The macro picture: The budget’s deficit for this year is projected to reach SAR 79 bn, putting our financing needs at around SAR 86 bn. Up to 35% of those needs will be financed through domestic SAR-denominated instruments, while up to 40% is expected to be raised in international markets, and up to 50% through the government alternative funding (GAF) channel. GAF aims at financing the government’s capex and infrastructure projects.

Remember: Ndmc raised USD 5 bn in May with the sale of USD-denominated sukuk in an offering that was 4x oversubscribed. The offering was the “first triple tranche sukuk issuance that is a part of Ndmc's strategy to diversify the Kingdom's funding sources and expand the investor base.”

Saudi Arabia led sukuk and bond issuances in the GCC in 1H 2024: Regional issuances (sovereign and corporate) grew 38% y-oy to USD 75.5 bn, with the Kingdom accounting for almost half of these issuances.

AlUla, Kafd, and Saudi mathletes are in the spotlight

Each Thursday, we take brief note of people, companies, and other organizations that have done well — or that are doing good in the community. This week:

#1- AlUla has become the first destination in the Middle East to receive a DestinationsInternational accreditation as part of an accreditation program that “serves as a benchmark for destination marketing organizations to measure quality and professionalism,” state news agency SPA reported. AlUla joined the US-based organization last year, making the first entry by an entity in the region. Destinations International is the world’s largest resource for destination organizations, according to its website.

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#2- PIF-owned King Abdullah Financial District (Kafd) is the first hub in the Middle East and North Africa to receive WiredScore’s SmartScore Neighbourhood certification, it said in a statement. Kafd said it was awarded the certification for its “first-class digital infrastructure” and focus on urban living, smart city technologies, and sustainable development.” The certification takes into consideration factors including digital infrastructure, smart services, cybersecurity, and others.

#3- The Saudi mathematics team took home six medals at this year’s International Mathematical Olympiad, state news agency SPA reported. The contest saw the participation of 603 students from 104 countries. It adds to Saudi’s total of 77 awards at the annual competition.

AlMubarak is FedEx's new regional managing director + Zaki to lead Ballard Partners’ Mideast practice out of Riyadh

Global parcel delivery firm FedEx has named Abdulrahman AlMubarak (LinkedIn) as its managing director for operations in the region, according to a statement from FedEx. Based in Riyadh, AlMubarak will be responsible for FedEx’s operations in Saudi, Egypt and Jordan. He previously served as CEO of FedEx SAB between April 2022 and August 2023. He brings over 15 years of experience in the Kingdom’s aviation and logistics industry, helping set up cargo villages across Saudi airports among others. His previous experience includes leadership roles in SAL Saudi Logistics, Saudi Cargo and others.

Jasmine Zaki (Linkedin) will lead US lobbying firm Ballard Partners’ new Riyadh office, it said in a statement. Zaki will be the firm’s managing partner for the Mena region. She previously served as senior counsel at global engineering firm Bechtel and is chair of the board of Middle East Policy Council. Zaki is alawyer and has a background in media relations. The Riyadh team will also include Sheikh Abdullah bin Zaid Al Meleihi (Linkedin) and former US Rep. Robert Wexler (bio).

What’s Ballard? Founded in 1998, Ballard has offices in a number of major US cities as well as Israel, Turkey and Nigeria. It counts Amazon, Google, Blackstone, Boeing, GM, the NBA, the New York Yankees, and the government of Turkey among its clients.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Saudi’s growing EV market is getting some attention

No single story is driving the conversation of Saudi in the foreign press, but AFP is looking at a growing interest by citizens and residents in electric vehicles. The market is still in its infancy — particularly compared with China and the United States — and growth could be slowed by limited EV charging infrastructure and high vehicle prices, the French news agency says.

REMEMBER- The Kingdom is investing heavily in green mobility — with no sign of a slowdown: Sustainable transport has a buzzword in Saudi over the past couple of years, with the PIF lining up funds toward decarbonizing the mobility sector through establishment of the inaugural national electric vehicle brand Ceer and investments in US-headquartered Lucid Motors, and Aston Martin. It has also been working on developing EV charging infrastructure through the Electric Vehicle Infrastructure Company.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Embraer could help Saudi localize aircraft manufacturing, assembly

AVIATION-

#1- Will Embraer manufacture in the Kingdom? Industry and Mineral Resources Minister Bandar Al Khorayef discussed with senior executives at Brazilian airplane maker Embraer the localization of aircraft manufacturing and assembly in the Kingdom, state news agency SPA reported. Al Khorayef is leading a Saudi delegation in Brazil and then Chile to drum up investments in priority areas in the industrial sector, including mining, food production and others.

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#2- Up-skilling the aviation industry: Saudi Academy of Civil Aviation and Prince Sultan University signed an MoU with UK’s Cranfield University to collaborate on training, research, and tech to further the development of the civil aviation sector in Saudi, the UK, and Northern Ireland, the General Authority of Civil Aviation said in a post on X. The MoU was signed on the sidelines of London’s Farnborough Airshow, which kicked off earlier this week and wraps up tomorrow.

BANKING-

Riyad Bank has set up what it says is the industry’s specialized AI center, it said in a statement.

CONSTRUCTION-

Al Jouf Cement will supply cement to Italian construction company Webuild for its work on Neom under a 41-month, SAR 104.2 mn contract, it said in a disclosure to Tadawul. No further details on the projects were provided.

REMEMBER- Neom awarded Webuild earlier this year a SAR 20 bn contract to build three dams for a planned artificial lake at its Trojena mountain resort, set to be a venue for the 2029 Asian Winter Games.

DEBT WATCH-

Al Jouf Cement has signed a debt rescheduling agreement with Saudi Awwal Bank to push back the payment of SAR 154.5 mn Islamic loans owed to the lender to 2031 from 2027, the Tadawul-listed cement maker said in a disclosure to Tadawul. The agreement also allows a two-year grace period for Al Jouf.

REAL ESTATE-

Nearly SAR 1 bn allocated to the Sakani program this month: The Real Estate Development Fund deposited SAR 996 mn in the accounts of Sakani program beneficiaries for July 2024, state news agency SPA reported. The program is part of a government-run housing initiative that facilitates homeownership for citizens via several financing options, including rent-to-own and mortgage loans.

“Long India, short China” may get a boost when MSCI rebalances its emerging markets index next month

A review of the MSCI emerging markets index in August could see India overtake Taiwan and become the second-heaviest-weighted market in the index, right behind China, the Financial Times writes.

What’s happening? Rising share prices, strong corporate earnings, and fresh paper in the market “have pushed India to just under a fifth of the MSCI emerging markets index while China has fallen to a quarter, from more than 40 per cent in 2020,” the FT writes.

More weight to India would confirm fund managers’ current bias: “The two consensus trades in emerging markets today are ‘long India, short China’,” Varun Laijawalla, an EM portfolio manager at asset manager NinetyOne, said.“The valuation spread between these two markets is as wide as it’s ever been.”

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

MARKETS THIS MORNING-

It’s red as far as the eye can see in Asia this morning as shares there tracked yesterday’s big dip on Wall Street, where jitters about the commercial viability of AI saw the Nasdaq 100 turn in its worst single-day performance since 2022. The Nikkei was down more than 3%, the Kospi off almost 2%, and the ASX 200 had lost nearly 1% as of dispatch time this morning.

Chinese shares are also taking a hit: The Hong Kong’s Hang Seng is down 0.5% and the Shanghai Composite has dipped 0.4%.

Futures suggest that European equities will also face selling pressure at the opening bell later this morning, though perhaps less sharp than in Asia and the US (Europe isn’t exactly a hotbed of tech innovation). Wall Street stock futures gained slightly in overnight trading, implying that traders may think yesterday’s selldown was a bit too sharp.

What to watch for: Plenty of Big Tech earnings next week will provide fresh catalysts, as we note in this morning’s Big Story Abroad, above.

TASI	12,101	0.0% (YTD: +1.1%)
MSCI Tadawul 30	1,513	0.0% (YTD: -2.4%)
NomuC	26,337	+0.7% (YTD: +7.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.0% repo	5.5% reverse repo
EGX30	29,091	-0.4% (YTD: +16.9%)
ADX	9,263	+0.3% (YTD: -3.3%)
DFM	4,229	+0.3% (YTD: +4.2%)
S&P 500	5,427	-2.3% (YTD: +13.8%)
FTSE 100	8,154	-0.2% (YTD: +5.4%)
Euro Stoxx 50	4,862	-1.1% (YTD: +7.5%)
Brent crude	81.35	-0.4%
Natural gas (Nymex)	2.12	+0.3
Gold	USD 2,447	-0.3%
BTC	USD 64,414	-1.9% (YTD: +47.5%)

THE CLOSING BELL: TADAWUL-

The TASI was flat yesterday on turnover of SAR 6 bn. The index is up 1.1% YTD.

In the green: Kingdom Holding (+8.5%), MedGulf (+6.7%) and Amlak (+5.4%).

In the red: Al Arabia (-3.1%), Fakeeh Care (-3.0%) and Modern Mills (-2.6%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.7% yesterday on turnover of SAR 69.4 mn. The index is up 7.4% YTD.

In the green: Clean Life (+12.9%), Naba Alsaha (+10.0%) and Qomel (+5.8%).

In the red: Al Hasoob (-5.8%), Marble Design (-5.6%) and Al Rashid Industrial (-4.9%)

CORPORATE ACTIONS-

Al Sagr Cooperative Ins. has raised nearly SAR 32 mn from its rump shares offering, which saw an oversubscription of 608.7%, it said in a filing to Tadawul. The shares were offered at an average price of SAR 19.6 a piece.

BACKGROUND: The company’s rights issue for a capital hike — which sought to more than double the company’s capital to SAR 300 mn — wrapped up last week and was 89.8% subscribed. Al Sagr lined up shareholders’ approval for the move in June to meet the minimum capital requirement for listed ins. companies.

CALENDAR

JULY

4 July-25 August: (Thursday-Sunday): Esports World Cup, Boulevard Riyadh City, Riyadh.

24 July (Wednesday): Stc shareholders to vote on PIF acquisition of Tawal.

21-30 July (Sunday-Tuesday): International Chemistry Olympiad, King Saud University, Riyadh.

AUGUST

3 August (Saturday): Riyadh Season Card featuring Terence Crawford vs. Israil Madrimov, Los Angeles BMO Stadium.

4 August (Sunday): Last day to apply to the Digital Government Authority (DGA) awards.

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

18 August (Sunday): New academic year begins.

18-22 August (Sunday-Thursday): SANS Riyadh Cyber Leaders August 2024, Hyatt Regency Riyadh Olaya.

27-29 August (Tuesday-Thursday): Saudi Fashiontex Expo, Riyadh.

SEPTEMBER

2-4 September (Monday-Wednesday): Saudi Warehousing & Logistics Expo, Riyadh.

2-4 September (Monday-Wednesday): Saudi Wood Expo, Riyadh.

3-5 September (Tuesday-Thursday): 24 Fintech, Front Exhibition & Conference Center, Riyadh.

9-11 September (Monday-Wednesday): International Manufacturing Congress, Riyadh.

10 September (Tuesday): Saudi Arabia Investors Forum, Riyadh.

10-11 September (Tuesday-Wednesday): SkyMove MENA, Riyadh.

10-11 September (Tuesday-Wednesday): Middle East LPG Expo – Saudi Arabia 2024, Intercontinental Hotel, Riyadh.

10-12 September (Tuesday-Thursday): Saudi Sports Show, Riyadh.

10-12 September (Tuesday-Thursday): Global AI Summit, Riyadh.

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

16-19 September (Monday-Thursday): Foodex Saudi, Riyadh.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh.

17-19 September (Tuesday-Thursday): Hotel & Hospitality Expo, Front Exhibition & Conference Center, Riyadh.

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam.

18-19 September (Wednesday-Thursday): IDC Saudi Arabia CIO Summit 2024, Riyadh.

24-26 September (Tuesday-Thursday) Saudi Infrastructure Expo, Riyadh International Convention and Exhibition Center, Riyadh.

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

27 September (Friday): CAF Super Cup Final 2024, Riyadh.

29 September (Sunday) - 1 October (Tuesday): Jeddah Construct Expo, Jeddah.

OCTOBER

1-3 October (Tuesday-Thursday): Intersec Saudi Arabia 2024, Riyadh.

5-7 October (Saturday-Monday): Middle East Education & Training Exhibition 2024, Jeddah.

15-16 October (Tuesday-Wednesday): Solar & Storage Live KSA, Riyadh.

16-17 October (Monday-Tuesday): Global Airport & Aviation Forum, Jeddah.

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh.

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

29-31 October (Tuesday-Thursday): Future Investment Initiative Conference, Riyadh.

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

NOVEMBER

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

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

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

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

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

DECEMBER

1 December (Sunday): Opec+ to meet.

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.

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

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

FEBRUARY 2025

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

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

JUNE 2025

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

2026

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

2027

The World Water Forum takes place in Riyadh.

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