Emaar the Economic City lays out capital optimization plans

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WHAT WE’RE TRACKING TODAY

THIS MORNING: GCC Ministerial Council meets in Riyadh

Good morning, friends. The news cycle is on the lighter side today, but what news we do have is big. Let’s get right into it.

HAPPENING TODAY-

#1- The GCC Ministerial Council is meeting in Riyadh today, with Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani — who is president of the ministerial council — set to chair the meeting, according to a statement. On the council’s agenda: A handful of decisions from the GCC’s Supreme Council summit in Doha last December, several unspecified “memoranda and reports submitted by the ministerial and technical committees,” and strategic ties between the bloc and other countries.

Meetings with Russia + India + Brazil on the sidelines: The GCC ministers are also scheduled to hold ministerial meetings on strategic dialogues with each of Russia, India, and Brazil on the sidelines of the main council meetings, the statement said. Russian Foreign Minister Sergey Lavrov landed in Riyadh overnight for the meetings, according to a ministry statement. India’s External Affairs Minister Subrahmanyam Jaishankar also touched down in Riyadh, he said in a post on X.

#2- EFG Hermes’ annual conference kicks off 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.

(** Editor's note: This story was updated on 9 September, 2024 to correct the dates of EFG Hermes' annual conference. An earlier version of the story incorrectly said the conference is on its second day.)

#3- The General Authority for Civil Aviation (GACA) will join ICAO's first AdvancedAirMobility forum in Montreal from today through to this Saturday, 12 September. GACA will present the Kingdom’s national aviation strategy, highlight recent achievements, and pursue partnerships with global actors at the forum.

#4- The International Coral Reef Initiative forum will convene today in Jeddah and will run through to Friday, 13 September. The conference will bring together top experts and officials from the marine environment protection sector to discuss the preservation of coral reefs around the world, state news agency SPA reported. The initiative will see the participation of 45 countries, accounting for 75% of the world’s coral reefs.

HAPPENING THIS WEEK-

Savola Group’s shareholders have until tomorrow 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.

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

WEATHER- Riyadh’s mercury will peak at 42°C today, before dropping to a low of 28°C. Meanwhile, Jeddah will see a high of 39°C, and a low of 30°C.

WATCH THIS SPACE-

#1- Acwa Power is set to complete the first phase of its green hydrogen project in Egypt’s Suez Canal Economic Zone (SCZone) in 4Q 2028, Acwa Power Egypt CEO Hassan Amin told Asharq Business. Acwa first signed the USD 4 bn agreement with the Egyptian government at the end of last year to develop a large-scale, two-phase green hydrogen and ammonia project in the SCZone. The first phase of the plant will have the capacity to produce 600k tons of green ammonia annually, while the second phase will expand the plant’s output by another 2 mn tons.

#2- The first round of the GCC-Indonesia trade agreement talks kick off today: A General Authority for Foreign Trade-led delegation has arrived in Indonesia to take part in negotiations — which began today and will run until Friday, 13 September — on exchanges of goods and services, customs procedures, and other trade-related matters as part of GCC efforts to conclude a freetrade agreement with Indonesia within a 24-month period, the authority said in a statement. The initiative was launched in July when GCC Secretary-General Jasem Albudaiwi met with Indonesian Trade Minister Zulkifli Hasan.

#3- PIF-owned Saudi Real Estate Refinance Company plans to issue its first USD-denominated bond this year, the company’s CEO Majeed Al Abduljabbar was quoted as saying by Argaam and Mubasher. The company sold SAR 20 bn in bonds over the past three years, he added.

SPORTS-

#1- Saudi closed out its participation in the Paris 2024 Paralympic Games with a personal record break for Hassan Dawshi, who bested his own record twice in the long jump T20 event final, coming in fourth place overall, state news agency SPA reported. Ali Al Nakhli also came in seventh in the final round of the 200m T37 race. Abdulrahman Al Qurashi was the Kingdom’s sole medalist at the games, securing gold in the men’s 100m T53 event.

#2- FROM THE RUMOR MILL- Is Carlo Ancelotti coming to the Saudi Pro League? Real Madrid manager Carlo Ancelotti, who has a record five Champions League titles under his belt as the team’s manager, is reportedly entertaining a large offer from the Kingdom, sports journalist Ramon Alvarez said.

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THE BIG STORY ABROAD-

It’s a mixed bag in the international press this morning once again, with a scattering of business, finance, and tech news fighting for digital ink as the world’s press remains firms focussed on the US presidential election ahead of Harris and Trump’s first televised showdown set to kick off tomorrow.

Leading the day is a poll showing Harris and Trump neck and neck ahead of this Tuesday’s US presidential debate, with Trump edging Harris out by one percentage point — well within the poll’s three-point margin. Kamala Harris’ honeymoon period may be over, with some commentators pointing to Harris’ slipping poll numbers as a sign that the enthusiasm that swelled behind Harris following her whirlwind nomination will not be as sticky as her supporters had hoped.

BACK OVER IN BUSINESS NEWS- Boeing and its biggest union finally reach agreement that may avoid a strike, which looked set to add to the scandal-plagued multinational troubles. The aviation giant agreed to provide workers with a 25% wage increase spread over the next four years, as well as the promise that the firm’s next plane will be built in the company's traditional home base of Seattle.

WHILE IN TECH NEWS- iSheep are getting ready for Apple’s reveal of its latest iPhone later today, which is set to lay out what the device will look like in the years to come with its new-found embrace of AI. Tune in to watch in the livestream here set to kick at 8pm KSA time.

AND CLOSER TO HOME- Algerian president Abdelmajid Tabboune cruised to a second term with 94.7% of the vote in an election marred by allegations of vote count irregularities and low participation.

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.

Saudi GDP shrinks 0.3% in 2Q 2024 as oil activities continue to decline

The Kingdom's real GDP shrank 0.3% y-o-y in 2Q 2024, marking the fourth consecutive quarter of contraction, according to the latest revised estimates by the General Authority of Statistics (Gastat). The decline was driven by an 8.9% y-o-y decrease in oil activities. Oil activity accounts for c.40% of GDP and about 75% of government revenues.

Non-oil activity was up 4.9% y-o-y, while government activity also increased 3.6% y-o-y during the quarter.

REMEMBER- The Kingdom cut oil production by 500k barrels per day (bbl / d) in April 2023 in a bid to arrest falling oil prices, before revising production cuts to 1 mn bbl / d in June. Though originally seen ending in December 2023, the government extended the 1 mn bbl / d cut through 1Q 2024 and now seems poised to continue it through June 2024, maintaining production at 9 mn bpd. OPEC+ also shelved a planned 180k bbl / d output hike set for next month earlier this week as oil prices hit their lowest in a year.

On a quarterly basis: Real GDP grew by 1.4% when compared to the previous quarter, on the back of a boost to government activities (up 2.3% q-o-q) and non-oil activities (up 2.1% q-o-q). Oil activities also saw a modest recovery, rising 0.9% q-o-q.

SOUND SMART- Gastat’s most recent real GDP growth rate estimates were calculated using the chain-linking method, which provides a more accurate and flexible approach to the previously used fixed-base year method.

Emaar the Economic City novates debt to PIF as it lays out “capital optimization plan”

EEC transfers debt to PIF + restructures finances: Emaar the Economic City’s (EEC) SAR 2.9 bn loan from the Finance Ministry has been novated to the Public Investment Fund (PIF), EEC said in a filing to Tadawul. The move sees all of EEC’s liabilities relating to the outstanding loan to the Finance Ministry transferred to the PIF, which is a major EEC shareholder. The debt was recently restructured, with the Finance Ministry granting EEC a one-year grace period until 1 June, 2025, the disclosure notes.

Part of a bigger plan, with lots more from PIF: The move comes as part of a wider debt and “capital optimization plan” that looks to reboot EEC’s growth efforts, the firm said in a press release (pdf) . The plan includes EEC receiving a separate SAR 1.1 bn shareholder loan from the sovereign wealth fund, which — along with the SAR 2.9 bn loan — will be fully converted to share capital.

At the same time, the EEC could be reducing its capital to offset losses + improve its balance sheets: In addition to the debt restructuring, the company’s board of directors proposed a 49.7% capital reduction to SAR 5.7 bn via the cancellation of some 563k shares in a bid to offset accumulated losses, which stood at SAR 5.6 bn at 1H 2024, according to a filing to Tadawul.

That’s not all: The Saudi developer also inked a non-binding term sheet with the PIF to explore a loan of up to SAR 1 bn, with the terms including an option to convert the loan amount into further equity for the fund in EEC, according to a separate disclosure to the exchange. EEC’s board also recommended an SAR 3.9 bn capital increase to cover liabilities from a February 2023 loan from the PIF and the MOF loan novated to the PIF according to another disclosure, thereby giving the PIF a larger stake in the company.

EEC wants to reshuffle some of its other debts too: The firm is also looking to reschedule c.SAR 3.8 bn in loans to local lenders Alinma Bank, Saudi Awwal Bank, Banque Saudi Fransi, and the Saudi National Bank under a single non-binding term sheet, according to the press release. The agreement — which is pending regulatory and shareholder approval — includes a fresh SAR 301.4 mn credit facility, according to a separate Tadawul filing.

ADVISORS- EEC has tapped SNB Capital as the financial advisor and Khoshaim and Associates as the legal advisor for the capital reduction. Khoshaim and Associates will also advise EEC on other transactions related to its debt and equity restructuring.

IN OTHER DEBT NEWS-

Nomu-listed escalator company Mayar Holding submitted a request to the Capital Market Authority for approval to issue SAR 500 mn in convertible sukuk, according to a disclosure to Tadawul. The SAR-denominated sukuk will be issued over a 24-month period through a number of separate issues offered publicly in the market. Mayar received shareholder approval for the issuance in July, setting the maximum number of new shares at 1 mn. The proceeds of the issuance are earmarked for financing Mayar’s working capital and capital expansions.

Bawan moves to fully acquire Petronash Global in USD 140 mn transaction

Building materials manufacturer Bawan is set to fully acquire UAE-based PetronashGlobal, after signing a binding MoU valuing Petronash at USD 175 mn, Bawan said in a disclosure to Tadawul. The two companies are expected to sign a sale and purchase agreement (SPA) by Monday, 30 September, according to the disclosure.

The terms of the sale: Bawan will initially purchase 80% of Petronash’s shares for USD 80 mn, with a follow-on payment of up to USD 60 mn, which Petronash will need to meet three-year financial targets in order to unlock. Bawan will acquire the remaining balance of Petronash’s shares after the company publishes its 2027 and 2028 financials for an amount that will be determined through an “agreed valuation method and specified mechanism,” reads the disclosure.

Petronash’s post-acquisition leadership structure: Petronash’s founder will remain as company chairman for three years following the signing of the SPA, alongside his senior executive management team.

About Petronash: Established in 2000 in the UAE, the company specializes in manufacturing engineered packaged solutions for players in the oil and gas sector, boasting a total manufacturing area of 120k sqm spread across factories in the Kingdom, the UAE, Qatar, and India. Petronash’s main market is in the GCC, but it also exports its products to Africa, the Far East, and the Americas.

ADVISORS- Bawan tapped PwC as its financial advisor on the transaction, while Piper Sandler is advising Petronash.

IN OTHER M&A NEWS-

Liva Ins. tapped SNB Capital and Malath Cooperative Ins. hired Alinma Investment as financial advisors for their potential merger, the companies said in disclosures to Tadawul here and here. The pair had signed a non-binding MoU in August to conduct financial and legal due diligence on a potential merger. If the merger proceeds, one company will fully acquire the other by issuing new shares to the seller's shareholders.

Nomu-listed Advance International gets rejection for Tadawul transfer

CAPITAL MARKETS-

Tadawul turned down Advance International Company for Communication and Information Technology’s request to move from parallel market Nomu to the main market, as the ICT solutions firm failed to meet all the necessary requirements to do so, according to a statement from the exchange.

AGRICULTURE-

Gov’t pays third installment of wheat arrears to farmers: State grains buyer General Authority for Food Security paid SAR 426.2 mn to 810 farmers, settling arrears for buying 239.9k tons of wheat this year, according to a post on X. This is the third installment of wheat arrears disbursed by the government for the 2024 harvesting season, which has seen the government procure 552.5k tons of wheat from 2.8k farmers as of mid-July.

ICYMI- The General Authority for Food Security paid SAR 295.2 mn to 792 farmers in the first installment of wheat arrears for this year in July, and it paid SAR 314.5 mn to 682 farmers in the second installment in August.

BUSINESS-

NYSE-listed air conditioner maker Carrier Global Cooperation opened a new regional office in Riyadh, according to a press release. The move comes amid a broader government initiative aimed at incentivizing foreign companies to relocate their regional headquarters to the Kingdom via tax exemptions among other benefits.

STARTUP WATCH-

Tech startup investment platform Tawaref and fintech platform SimpliFi will work together to facilitate startups’ expansion into the Saudi market, according to a press release. The partnership looks to streamline startups’ financial transactions by giving them access to multi-currency wallets, cards, and expense tracking tools. In addition, they will be able to access Tawaref’s Saudi Landing Program, which provides company formation, legal, accounting, and government registration services for non-Saudi startups looking to establish themselves locally.

AVIATION-

The Kingdom led the region in airline seat capacity growth in September, growing 9.9% to 6.4 mn seats, Al Eqtisadiah reports, citing a report by Ch-aviation and OAG. Jeddah's King Abdulaziz Airport ranked third among Gulf airports, growing 7.3% at 2.3 mn seats. Meanwhile, Saudia came in second among carriers in terms of seat capacity during the period, offering 2.6 mn seats at 4.5% growth.

Fed officials “open” to larger rate cuts if necessary

Large rate cuts not ruled out by the Fed: US governor Christopher Waller and New York Fed president John Williams signaled that the Fed has not ruled out bold half-point rate cuts, the Financial Times reports, citing statements from the officials in two separate appearances on Friday. The shift in monetary attitude comes on the back of a mixed jobs report, which signaled that the US labor market is softening alongside a fall in inflation.

REMEMBER- The Fed is widely expected to cut interest rates later when it meets next week, with most traders already pricing in a 70% chance of a 25 bps cut in the next meeting, and some expecting a larger one in the following meeting.

Expected rate cuts would be “done carefully,” Waller said, adding that “if the data suggests the need for larger cuts, then [he] will support that.” He also brushed off the jobs report as an indicator of a return to the “normal” pace of growth.

Wall Street reacted badly to the jobs report: US stocks closed lower on the news, with the S&P 500 experiencing its steepest weekly declines since early 2023, dropping 1.7%. Meanwhile, the tech-heavy Nasdaq logged its sharpest decline since January 2022, shedding 2.6%. Suspected cuts also sent down the two-year US Treasury yield to 3.66% and the 10-year yield to 3.72%.

Some experts are arguing that half-point cut suspicions are an overreaction. “The market is overly worried about a recession, and this report shows that there is no sign of a recession. There is no need to go 50 [bps] when the unemployment rate is falling,” the FT cited Apollo Global Management’s chief economist Torsten Slok as saying.

MARKETS THIS MORNING-

Asia-Pacific markets are mostly in the red, with Japan’s Nikkei leading losses with a 3% dip this morning, followed by the Topix, which is down 2.8%, tracking Wall Street losses on Friday. Traders will now be assessing key economic figures from Japan and China due out today. Meanwhile, Wall Street futures opened lower this morning across the board.

TASI	11,982	-1.0% (YTD: +0.1%)
MSCI Tadawul 30	1,494	-1.1% (YTD: -3.7%)
NomuC	25,741	-0.1% (YTD: +4.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	30,273	-2.4% (YTD: +21.6%)
ADX	9,448	-0.3% (YTD: -1.4%)
DFM	4,373	0.0% (YTD: +7.7%)
S&P 500	5,408	-1.7% (YTD: +13.4%)
FTSE 100	8,181	-0.7% (YTD: +5.8%)
Euro Stoxx 50	4,738	-1.6% (YTD: +4.8%)
Brent crude	USD 71.06	-2.2%
Natural gas (Nymex)	USD 2.28	+0.9%
Gold	USD 2,524.6	-0.7%
BTC	USD 54,526.2	+0.7% (YTD: +28.6%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.0% yesterday on turnover of SAR 5 bn. The index is up 0.1% YTD.

In the green: Nayifat (+10.0%), Red Sea (+9.9%) and Sieco (+9.7%).

In the red: Alistithmar REIT (-3.7%), Ardco (-3.3%) and Bin Dawood (-3.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% yesterday on turnover of SAR 38.2 mn. The index is up 4.9% YTD.

In the green: Al Rasheed (+6.3%), Neft Al Sharq (+5.8%) and Academy of Learning (+5.4%).

In the red: Aictec (-26.7%), Al Waha REIT (-9.6%) and Rawasi (-8.7%)

CORPORATE ACTIONS-

Mobi Industries will distribute SAR 7.5 mn in dividends at SAR 0.15 per share for 2Q 2024, it said in a disclosure to Tadawul. The distribution date will be announced at a later date.

Paper Home will execute a 33% capital increase to SAR 20 mn via the issuance of 2 mn bonus shares at the rate of 1 share per every 3 shares, it said in a disclosure to Tadawul. The capital increase will be financed from the company’s retained earnings and looks to support the firm’s expansion and growth.

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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