Doubling down on AI

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Tadawul CEO Mohammed Al Rumaih is talking at EFG Hermes’ annual conference in London today

Good morning, friends. It’s one of those hump days that aren’t quite eventful in terms of newsflow, but we do have a couple of market reports to keep things interesting. Leading the news well this morning is the Capital Market Authority’s quarterly statistical bulletin, which breaks down the performance of funds and equity markets during 2Q 2024.

HAPPENING TODAY-

#1- EFG Hermes’ annual conference continues today in London, giving investors “unique and unparalleled access to leading equities in MENA and key frontier emerging markets.” The event will wrap this Thursday, 12 September.

What to watch out for today: London’s Emirates Stadium will today be hosting the conference plenary session. Group CEO Karim Awad will open the conference’s plenary session that will see Capital Market Authority Board Commissioner Abdulaziz Abdulmohsen Bin Hassan and Tadawul CEO Mohammed Al Rumaih give their insights into the kingdom’s capital markets.

**CORRECTION- We incorrectly said in yesterday’s issue that the EFG Hermes annual conference was on its second day. The conference began yesterday.

#2- It’s the last day for Savola Group’s shareholders to exercise their rights to purchase additional shares, after its SAR 6 bn rights issue wrapped up on Thursday, according to a filing to Tadawul. The Tadawul-listed player will then reduce its capital before offloading its entire 34.5% stake in Almarai to its existing shareholders.

#3- The Crown Prince Camel Festival is on its final day at the Taif Camel Racing Track. The event — which features 610 rounds of racing and a purse of SAR 56 mn — ends tomorrow.

PSAs-

#1- Tadawul will be closed to trading on Monday, 23 September in observance of National day, it said in a news release. Trading wraps up at the end of day on September 22, with markets reopening on Tuesday, September 24. The Saudi Central Bank already confirmed last week that the banking sector will also be off on Monday, 23 September, while schools are scheduled to get a four-day weekend with Sunday and Monday, 22-23 September off for the occasion.

#2- Tickets for the 2024 Saudi Games are up for grabs, state news agency SPA reported. Daily tickets are priced at SAR 10, while weekly tickets cost SAR 35, and tickets for the full length of the event cost SAR 100. The two-week competition runs from 3-17 October.

WATCH THIS SPACE-

#1- The public offering of Jadwa Saudi Equity Fund II by Jadwa Investment earned regulatory sign-off from the Capital Market Authority, according to a statement. The open-ended fund invests in a diversified, actively managed portfolio of Shariah-compliant local public equity securities, according to Jadwa Investment’s website.

#2- Al Khorayef wraps China visit: Industry and Mineral Resources Bandar Al Khorayef concluded a visit to China, during which he met with several business figures in a bid to strengthen industrial and mining partnerships, explore investment in key sectors and knowledge transfers, and drum up support for strategic investments in Saudi Arabia, state news agency (SPA) reported.

The highlights: The minister met with leaders from Guangzhou Automotive Industry Group, FOTON, Guangzhou Mino Equipment Company, and other firms to discuss partnerships in the automotive and smart vehicles sector. He also met with representatives from Jiangxi Copper, General Lithium Corporation, Biwin, Huawei Mining, Oil & Gaz, and other groups to discuss cooperation on mining, among other meetings with Chinese leaders in strategic sectors.

DATA POINTS-

The Saudi debt market is currently worth some SAR 800 bn, accounting for under 20% of the Kingdom’s economy, Capital Market Authority Chairman Mohammed Al- Quwaiz was quoted as saying by the Saudi Gazette. Despite being traditionally dominated by local lenders, the debt market now includes a wider range of investors such as funds, ins. companies and specialized entities, Al Quwaiz said, adding that the authority is working on a plan to attract more foreign investors.

OIL WATCH-

OPEC+ is sending mixed signals to global oil markets as it vies to reconcile its strategy with market realities, Bloomberg reports, citing top oil trader Trafigura’s global head of oil. The cartel’s current oil production cuts have ceded market share to US shale producers, yet oil prices remain under pressure, with Brent crude close to slipping below USD 70 per barrel. The market needs clarity on whether OPEC+ will be cautious in ramping up supply if prices recover, especially with expectations of oil supply heading into a surplus in 4Q 2024.

SPORTS-

Green Falcons coach Roberto Mancini is urging Saudi Pro League clubs to give Saudi national team players more game time, calling for more cooperation between the national team and SPL clubs, the Associated Press reports. The Saudi national team was held to a 1-1 draw against Indonesia — the lowest ranked team in our group — in last Thursday’s World Cup qualifier. “Saudi Arabia’s national team players must participate as core players with their clubs,” he said, adding that he has 20 players who seldom get any minutes in the SPL.

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THE BIG STORY ABROAD-

There is a relative calm in the international press today before the inevitable storm of US presidential news set to follow the Harris-Trump showdown that is fast approaching.

Pushing its way into the digital front pages is Google’s latest faceoff with the US Department of Justice that kicked off yesterday in Virginia, with prosecutors alleging that the tech giant violated antitrust law by using monopoly tactics to dominate the online ad market, increasing prices for publishers and advertisers across the board. The case, which could result in Google being forced to sell off its ad management arm, is being heard without a jury in a trial expected to take weeks.

The tech giant has been locked in an ongoing series of antitrust disputes with the DoJ, the most recent of which saw a judge rule last month that Google had monopolized the online search market. Some commentators pointed to the ruling as auguring more aggressive US antitrust enforcement of Big Tech, which has come under fire across the political spectrum in recent years.

And in news from another one of Silicon Valley’s major monopolists, the iPhone 16 has been officially revealed, with Apple set to begin taking pre-orders Friday in advance of the model’s official sell date of 20 September. Apple has set its sights on reviving flagging iPhone sales and encouraging users to upgrade by doubling down on AI features as part of its Apple Intelligence package — despite the fact that some of these offerings may not be available for months.

While over in the EU, calls for the bloc to get serious about competing with China and the US are growing, with Former Italian Prime Minister Mario Draghi making the case for an additional EUR 800 bn worth of investments in EU industry annually in order to strengthen the European bloc’s competitiveness.

Draghi’s much-anticipated, EU-commissioned report calls for what the Financial Times calls a “significant reorientation of economic policy,” with the former Italian premier calling for the bloc to relax competition laws to encourage market consolidation in telecom, integrate capital markets under a centralized regulatory apparatuses, unify defense procurement, and revise the bloc’s trade agenda to assure its economic independence. If implemented, the proposal would bring total levels of EU investment to between 4.4% and 4.7% of the EU’s annual GDP — levels not seen in the bloc since the 1970s.

The report isn’t “do or die,” but it is “do this, or it’s slow agony,” Draghi told the FT. “We have reached the point where, without action, we will have to either compromise our welfare, our environment, or our freedom.”

CIRCLE YOUR CALENDAR-

SRMG Academy’s technology journalism course will kick off in Riyadh next Sunday, 15 September. The five-day, TikTok-backed program will run until 19 September.

Fenaa Alawwal cultural center will kick off the contemporary art forum Muntada FAA next Sunday, 15 September at the Diplomatic Quarters in Riyadh. The forum runs until Thursday, 19 September.

Smart Cities Saudi Expo 2024 runs 24-26 September at the Riyadh International Convention & Exhibition Center.

The two-day Kingdom Business and Luxury Travel Congress will kick off on Wednesday, 25 September, at the Crowne Plaza Riyadh RDC Hotel and Convention.

Investment fund assets in Saudi reach SAR 612 bn in 2Q 2024

Total assets under management (AUM) by public and private investment funds in Saudi rose 19% y-o-y to SAR 611.6 bn in 2Q 2024, according to the Capital Market Authority’s quarterly statistical bulletin (pdf). The report points to a total of 1390 funds operating in the Kingdom, with private funds accounting for the lion’s share (1,085) of that figure.

The breakdown: Public fund assets grew 19.8% y-o-y to SAR 145 bn in 2Q 2024, and were up 6.1% q-o-q. Holdings of money market instruments represented the largest asset category held by public funds at SAR 40.6 bn, but were down 5.5% y-o-y. These were followed by equities (up 38% at SAR 37.2 bn), real estate investment trusts (up 3.9% at SAR 27.2 bn), and debt instruments (up 39.5% at SAR 23.4 bn).

Local assets held by public funds saw a 32.5% increase to SAR 125 bn, while foreign assets dropped 25% to SAR 20 bn. The number of Saudi public funds stood at 305 at 2Q 2024, up from 276 a year earlier, while subscribers to public funds were up 50.4% at 1.2 mn subscribers.

REMEMBER- PIF’s assets under management rose 29% y-o-y to SAR 2.9 tn by the end of 2023, the fund said in its 2023 annual report. Some 76% of these assets are in local investments, while 20% are international investments, and 3% of its portfolio is in treasuries. The majority of the fund’s AUM (85%) are managed internally, while the balance is externally managed.

On the private side: Private fund assets increased 18.6% y-o-y at SAR 466.6 bn, and were up 1.5% q-o-q. Equities accounted for 43.3% of private fund assets (SAR 201.8 bn), followed by real estate funds at 40.5% (SAR 189 bn). The number of private funds stood at 1.1k by the second quarter of this year, up from 854 a year prior, while subscribers were up 47.2% at 122k.

ALSO FROM THE REPORT-

Institutional investors continued to account for the lion’s share of the equity market, with 95.6% ownership in the country’s stock market, according to the report. Saudi government-related entities also held the largest portion of equities (64.8%) in the market during the quarter, followed by Saudi corporates, which held 18.0%, Saudi individual professional investors (4.7%) and foreign qualified institutional investors (3.2%).

First Avenue could raise SAR 98.5 mn from its Nomu IPO

Riyadh-based real estate developer First Avenue Real Estate Development is guiding on a price range of SAR 5.7-6.0 for its IPO on parallel market Nomu, according to a disclosure to Tadawul by the offering’s financial advisor and lead manager Al Khair Capital. The company is offering an 8.7% stake (equivalent to 16.4 mn shares), according to the offering’s prospectus (pdf).

Market cap + proceeds: At the top of the range, the transaction would give the company a market cap of up to SAR 1.1 bn at listing, and raise some SAR 98.5 mn in proceeds. Some SAR 3.5 mn in proceeds will go towards covering costs associated with the offering.

Use of proceeds: All net proceeds will go toward expansion projects — represented by two real estate investments at Jada Al Diriyah and Jada Al Mahamdiyah — with no funds allocated to shareholders or debt repayment. If proceeds are insufficient to finance the projects, the shortfall will be covered by available liquidity, real estate sales, or financing through banks. Meanwhile, any surplus proceeds will support the projects’ working capital.

Timeline + lock-up period: The subscription period will begin from today and wrap next Monday, 16 September, with allocation expected by Monday, 23 September. Investors can subscribe to a minimum of 100 shares and a maximum of 10.2 mn shares. Refunds will be processed within three business days of the allocation date. A 12-month lock-up period applies to major shareholders; after the lock-up ends, they can sell without prior approval.

Background: Makkah Construction and Development Co. (MCDC) signed a share purchase agreement to acquire a 30% stake in First Avenue Real Estate Development for SAR 341 mn, late last month. The acquisition was to be financed through MCDC’s own resources and existing facilities, with the agreement outlining a commitment from First Avenue to fulfill the requirements and acquire necessary approvals for it to debut on Nomu.

ADVISORS- Al Khair Capital is acting as both financial advisor and subscription manager, while Khalijoon Law Firm is providing legal counsel. RSM United Accountants is auditing the company’s financials. Meanwhile Al Rajhi Capital, AlBilad Capital, Riyad Capital, SNB Capital, and other institutions are acting as receiving agents.

Saudi is pouring resources into its AI capabilities

Saudi Arabia is currently the second-largest market in the Middle East for colocation data centers, boasting 22 active centers with another 40 in the pipeline, according to a recent report (pdf) by the Saudi Data and Artificial Intelligence Authority (SDAIA). The report tracks developments in the sector between SDAIA’s founding in 2019 and 2023.

The Kingdom’s total data center capacity — which is typically used to measure a country’s AI capabilities — grew 28% y-o-y to 204 MW in 2023. Additionally, the country is now home to some 10 supercomputers with several ranked among the top 500 globally. On the regulatory front, SDAIA has published 14 data and AI-related rules and policies.

The growth in data center capacity and capabilities comes as Saudi — led by the private sector — is pouring significant resources into building out its AI sector. Private sector investments in homegrown AI companies came in at USD 1.7 bn in 2023, marking a 14% y-o-y increase. Policymakers target USD 20 bn in yearly investments in the sector by 2030. Additionally, the number of AI companies operating in the Kingdom topped 242 in 2023, up from 177 in 2019.

REMEMBER- The Kingdom’s LEAP conference raised some USD 9.5 bn in new tech investments in its 2023 run, with that figure increasing by more than half to some USD 14 bn raised in LEAP 2024.

Setting the stage for an AI-driven future: The domestic AI market is expected to grow at a CAGR of 29% to USD 9.2 bn by 2030, contributing 12% to GDP. The Kingdom also expects to attract USD 15 bn in investments to boost its data center capacity to 1.3 GW during the period. Sectors such as healthcare, finance, and smart cities are set to see the most benefits from an AI boom that is enabled by government support and driven by private sector engagement, the report said.

Cloud infrastructure is increasingly in demand: The public cloud services market grew 30% y-o-y in 2023, reflecting the increasing adoption of cloud technologies across Saudi’s various sectors, the report adds. The number of cloud computing permits issued increased by 40% during the period, reflecting a growing demand for cloud infrastructure to support AI development. There are currently 8 public cloud regions in Saudi Arabia set up by international cloud service providers.

On upskilling the local talent pool: Some 86% of Saudi universities offer bachelor’s degrees in AI-related fields, with 42% of Saudi institutions also providing AI-specific programs at the bachelor’s level and 44% at the master’s level. The number of graduates with AI-related bachelor’s degrees grew 40% between 2019 and 2023, with a total number of upwards of 38k graduates during the period. These advances are happening against a backdrop of high AI literacy, with 75% of Saudis familiar with AI and 64% acquainted with AI applications.

Aramco’s bid for Shell’s downstream assets in South Africa and the Kingdom’s sport economy dash are making the rounds in foreign press

Bloomberg is out with an interview covering earlier reports of Aramco, Adnoc and Trafigura locking horns in a bid for Shell’s service stations in South Africa that may set the buyer back some USD 1 bn. Shell confirmed in May that it’s looking to sell its South Africa downstream assets, leading to unconfirmed news reports that Aramco had its eyes on the assets.

Meanwhile, Investment Minister Khalid Al Falih talks to CNBC about Saudi’s economic diversification plans, including its push into the green economy and “greenshoring.”

Saudi’s 2034 Fifa World Cup aspirations got some attention from CNN, which came out with a video report outlining the Kingdom’s sporting ambitions in light of its bid to host the biggest event in the sector. The Kingdom’s sports economy — currently valued at USD 8 bn — is expected to top USD 22 bn by 2030, the news network said, citing the Investment Ministry. “We want to be a leading country when it comes to sport, and a sport hub for lots of the sports that we are focusing on,” Vice Minister of Sport Bader Al Kadi told CNN’s Eleni Giokos.

Ruben Neves + Ronaldo are proving the Saudi Pro League’s quality: Al Hilal’s Ruben Neves, who signed from the English Premier League’s Wolverhampton Wanderers last summer, told Portugal FA website that “if you compare my GPS data from English football to Saudi football, I run even faster, but with the difference that I run at 40°C,” and invited naysayers to watch Saudi football. “Both Cristiano and I proved today that Saudi football has quality,” he added, referring to Ronaldo’s decisive goal against Scotland in the UEFA Nations League. The story was picked up by BBC.

Ades boosts Southeast Asia footprint, Amak eyes higher gold production by next year

ENERGY-

Ades Holding subsidiary Ades International Holding directly acquired two jack-up rigs in Southeast Asia from Vantage Drilling in a transaction valued at USD 190 mn, according to a statement (pdf). The acquisition covers the Topaz rig in the Malaysia-Thailand Joint Development Area, as well as shares held by Vantage subsidiary Rig Finance Limited in the Soehanah rig in Indonesia. Both agreements are expected to be finalized within the next three months, the statement said.

The breakdown: Ades will fulfill 10% of both transactions up front, with the remaining 90% to be paid at closing, it said in separate filings to the Tadawul (here and here). The Soehanah transaction is valued at USD 85 mn, while Topaz will set the oil and gas drilling company back some USD 105 mn.

MINING-

Amak eyes ramping up gold production next year: Al Masane Al Kobra Mining Company (Amak) will focus on laying the groundwork in the Khutainah block for gold production and developing orebodies in the Sukari 1, Sukari 2, and Al Aqiq sites as part of its 2025 growth strategy, unveiled yesterday in a filing to Tadawul. The company also plans to kick off underground mining at the Guyan gold mine, and start iron oxide production at the Nuham site next year.

More in the pipeline: Under the strategy, Amak plans to set up a new drilling and exploration company, build new facilities for sustainable dry tailings storage, and connect its facilities to the national power grid to bring down its carbon emissions.

CONSTRUCTION-

Malaysian construction company Eversendai Corporation was awarded a subcontract to install structural steel at the Speed Park Track in Qiddiya, Riyadh, as part of a MYR 1.1 bn raft of contracts awarded recently to the company, primarily in India, according to a filing to the Bursa Malaysia (pdf). The Speed Park Track is set to host the world’s biggest international motorsport championships, such as F1.

LOGISTICS-

PIF-owned Folk Maritime added a new shipping service to the Jeddah Islamic Port connecting it to the ports of Mundra and Nhava Sheva in India, state news agency SPA reported. Moreover, Folk contracted Oman’s Asyad Lines to operate two container ships on the new route.

INFRASTRUCTURE-

Al Baha Municipality broke ground on SAR 2 bn worth of projects on Sunday, including housing, utilities, environmental, and road developments, state news agency SPA reported. The municipality also signed agreements to build 755 new residential units for low-income households.

Traditional tech struggles as AI boom overshadows sector’s slump

AI boom hides broader tech struggles: While AI giants like Nvidia and Microsoft are thriving, many tech companies not focused on AI are still feeling the pinch from a slowdown that started in 2022, when the tech-centric Nasdaq Composite fell by about 30%, the Financial Times reports.

The data paints a mixed picture: The S&P 500 IT sub-index’s revenue growth has slowed to 6.9% over the past year, well below its five-year average of 10%. Smaller firms, especially those in the Russell 2000, are facing even tougher conditions with falling revenue and earnings.

What’s happening? More traditional tech sectors — including companies in software, IT, consulting, and electronic equipment manufacturers — are seeing weak demand after a boom during the pandemic that prompted them to increase investments, including through hiring, overexpansion, and overstocking of inventories — especially as customers with limited budgets look towards investments in AI.

“What we’re seeing in tech is still kind of the unwinding of the over-hiring and overspending that we saw at the beginning of the pandemic,” Facebook co-founder and Asana CEO Dustin Moskovitz told analysts last week. “And then that all couples with what I think is massive uncertainty in the economic environment. And then, also, just with how AI is going to play out.”

This could change soon, with investors already showing signs of pivoting to less hyped up subsectors like financial services and industrials, and the excitement towards AI and data players subsides. Expected interest rate cuts are also expected to help, one portfolio manager said.

MARKETS THIS MORNING-

Asia-Pacific markets are rising as Wall Street stocks rebounded from their worst week so far this year, with Japan’s Nikkei up 0.52%, the Topix up 0.65%, and South Korea’s Kospi up 0.17%. Wall Street futures are little changed from the gains made yesterday.

TASI	11,963	-0.2% (YTD: 0.0%)
MSCI Tadawul 30	1,490	-0.3% (YTD: -3.9%)
NomuC	25,496	-1.0% (YTD: +3.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	30,375	+0.3% (YTD: +22.0%)
ADX	9,355	-1.0% (YTD: -2.3%)
DFM	4,359	-0.3% (YTD: +7.4%)
S&P 500	5,471	+1.2% (YTD: +14.7%)
FTSE 100	8,271	+1.1% (YTD: +7.0%)
Euro Stoxx 50	4,779	+0.9% (YTD: +5.7%)
Brent crude	USD 71.84	+1.1%
Natural gas (Nymex)	USD 2.14	-1.4%
Gold	USD 2,532.70	+0.3%
BTC	USD 57,254.10	+5.3% (YTD: +35.2%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 5.8 bn. The index is unchanged YTD.

In the green: Sfico (+9.9%), Saudi Cable (+8.9%) and Teco (+6.7%).

In the red: Sieco (-9.8%), East Pipes (-4.2%) and Cenomi Retail (-3.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 1.0% yesterday on turnover of SAR 67 mn. The index is up 3.9% YTD.

In the green: Banan (+5.0%), Group Five (+4.5%) and Pro Medex (+3.9%).

In the red: Edarat (-9.2%), Bena (-6.6%) and Al Naqool (-5.6%)

CORPORATE ACTIONS-

The Securities Depository Center Company (Edaa) has implemented a stock split on Saudi Industrial Export’s securities, due to an adjustment in their face value, according to a statement from Tadawul.

United Cooperative Assurance Co. has shelved plans for a capital increase, which would have seen the Tadawul-listed firm boost its capital to SAR 700 mn through a SAR 300 mn rights issue in a move to restructure capital and offset accumulated losses, it said in a disclosure to the exchange. The company’s board may reconsider the capital increase at a later date.

Crown Prince hosts Russia’s Lavrov amid GCC ministerial talks

Crown Prince Mohammed bin Salman met with Russian Foreign Minister Sergei Lavrov yesterday to discuss bilateral relations as the latter made an official visit to the Kingdom, Reuters reports, citing Russian state news agency RIA. Lavrov is in Riyadh for strategic dialogue meetings with GCC countries on the sidelines of the GCC Ministerial Council meeting.

Lavrov invited the Crown Prince to the upcoming BRICS summit in Kazan this October, Russian news agency Interfax reports.

MEANWHILE- Foreign Minister Faisal bin Farhan participated in a separate strategic dialogue meeting with India, where officials from GCC countries and India discussed strengthening ties and coordinating efforts to boost international security, state news agency SPA reports.

The foreign minister also took part in a joint ministerial strategic dialogue between Russia and the GCC, where means to strengthen ties and the latest political developments were discussed, SPA reports. The meeting also explored coordination on regional and international issues, the Russia-Ukraine crisis, and sustainable development.

CALENDAR

AUGUST

10 August-10 September (Saturday-Tuesday): Crown Prince Camel Festival, Taif Camel Racing Track.

SEPTEMBER

8-12 September (Sunday-Thursday): International Artificial Intelligence Olympiad (IAIO), Riyadh.

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

9-12 September (Monday-Thursday): EFG Hermes London Conference, Emirates Stadium, London.

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.

15-19 September (Sunday-Thursday): SRMG Academy Technology Journalism Workshop, Riyadh.

15-19 September (Sunday-Thursday): Muntada FAA, 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.

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

24-25 September (Tuesday-Wednesday): CX & Loyalty Summit & Awards, Riyadh.

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

24-26 September (Tuesday-Thursday): Smart Cities Saudi Expo 2024, Riyadh Front Exhibition & Conference Center.

25-26 September (Wednesday-Thursday): Kingdom Business and Luxury Travel Congress, Crowne Plaza Riyadh RDC Hotel and Convention.

26 September-5 October (Thursday-Saturday): AlUla Skies Festival, AlUla.

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

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

29 September (Sunday): Start of Digital Chip Design Technologies training program.

OCTOBER

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

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

12 October (Saturday): Riyadh Season.

12 October (Saturday): Shakur Stevenson x Joe Cordina, Riyadh.

12-14 October (Saturday-Monday): Global Logistics Forum, Riyadh.

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

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

19 October (Saturday): Battle of the Giants, Mayadeen Hall, Riyadh.

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.

21-23 October (Monday-Wednesday): Global Health Exhibition 2024, Riyadh.

23-24 October (Wednesday-Thursday): UNIDO’s Multilateral Industrial Policy Forum (MIPF), Riyadh.

26 October (Saturday): Donor Conference to Support Refugees in Sahel and Lake Chad Regions, TBD.

27-28 (Sunday-Monday): The Global PropTech Summit, Movenpick Hotels & Resorts, Riyadh.

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

30 October-3 November (Wednesday-Sunday): Hia Hub 4.0, 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.

11-12 November (Monday-Tuesday): Expenditure Efficiency Forum, The Hilton, Riyadh.

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

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

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

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

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

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

26-28 November (Tuesday-Thursday): Future Power Expo, 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+ to meet.

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

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

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

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

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

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): Sustainability Forum Middle East, Riyadh.

FEBRUARY 2025

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

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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