Fitch affirms Aramco’s A+ credit rating

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WHAT WE’RE TRACKING TODAY

THIS MORNING: PIF launches hospitality management firm dubbed Adeera

Good morning, friends. After a slowish start to the week, the news flow has picked up with the latest IPO news taking center stage.

HAPPENING TODAY-

Fifa will decide World Cup hosts for the 2030 and 2034 editions in an online congress today. The Kingdom is running unopposed to host the games in 2034 as are Spain, Morocco, and Portugal for the 2030 World Cup.

Refresher- The Kingdom received the highest rating ever at 4.2 out of 5 in Fifa’s Bid Evaluation Report. The Kingdom’s bid, which was officially released in July, could even be ratified by applause instead of an actual vote at the meeting.

WEATHER- Riyadh is in for another cool day with a high of 22°C and a low of 8°C. Jeddah has a cloudy day ahead, with temperatures peaking at 32°C and dropping to 20°C. Meanwhile, Abha will see a high of 20°C and a low of 9°C.

WATCH THIS SPACE-

#1- The Capital Market Authority greenlit three Nomu offering bids — Service Equipment Company wants to take a 30% stake to market, Saad Hussain Dajam Industrial Group wants to list 20% of its shares, and Twareat Medical Care is looking to list an undisclosed stake, according to statements (here, here, and here).

#2- The Public Investment Fund launched a new wholly-owned hospitality management firm, dubbed the Hotel Management Company (Adeera), according to a press release. The new outfit will develop and operate local hospitality brands that will complement international labels present in the Saudi market by offering experiences that emphasize authentic Saudi culture. Adeera’s offerings will cater to various segments in the local tourist market, extending from mid-range to ultra-luxury, the statement said.

#3- WatheeqCapital and Nama Portfolio Capital Company can now manage investments in securities after securing the required licenses from the Capital Market Authority, according to separate statements (here and here).

CAPITAL MARKETS-

Jahez International’s shares closed 9% down on its debut trading session on the main market yesterday to settle at SAR 34.2. The company will be subject to a price fluctuation cap of 30% during its first three trading sessions, before resetting to 10% on the fourth day.

REFRESHER- The company transferred all 209.8 mn ordinary shares to the big league. Jahez, which started trading on Nomu in 2022, secured the regulatory greenlight for the move last month.

DATA POINT-

How much did the Riyadh Metro cost? The Riyadh Metro came with a price tag of USD 25 bn, CEO of the Royal Commission for Riyadh City Ibrahim bin Mohammed Al Sultan told Rotana Khalijiah in an interview (watch: runtime: 1:42:35). At USD 166 mn per km of rail, the metro boasts one of the world’s lowest construction costs for similar transit systems.

SPORTS-

The PIF named Matteo Berrettini as its new tennis ambassador, it said in a post on X. The Italian champion — who achieved a career-high ranking of world no.6 in 2022 — will be tasked with promoting the sport to new generations of players.

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THE BIG STORY ABROAD-

Syria is once again front and center in the news this morning, with Israeli airstrikes and incursions into the country continuing to pick up after the collapse of the Assad regime earlier this week. In just the last 48 hours, Israel conducted over 350 airstrikes that hit weapons stores, missile stores, fighter jets, navy vessels, and sites it claims could be holding chemical weapons. While over in the southwest of the country, Israel also expanded its already illegal occupation of the Golan Heights to create in confunction with its airstrikes what it terms a “sterile defence zone.” (Financial Times | Bloomberg | Reuters | Associated Press | New York Times | Guardian)

The country’s delicate political transition is also getting close attention from the world’s press, with Mohammed Al Bashir appointed as interim prime minister to lead the caretaker government until 1 March. The relatively unknown figure outside Idlib — where headed a comparatively miniscule rebel-held administration — now has a monumental task ahead of him as he tries to navigate the complexities of a post-Assad Syria. (Reuters | Guardian)

While over in the US, President-elect Donald Trump is doubling down on deregulation with a pledge to fast-track permits for investors committing USD 1 bn or more to US projects. While some hail it as a boon for large-scale infrastructure and manufacturing, critics argue it sidelines smaller projects and risks undermining environmental protections. (Financial Times)

CIRCLE YOUR CALENDAR-

The largest online real estate auction in the Kingdom is scheduled to take place on Saturday, 14 December, offering 103 properties across Riyadh, Eastern Province, Madinah, Qassim, and Asir. The auction will be organized by Al Joud Real Estate and hosted on the Saudi Auctions platform.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

The International Forum for Saudi Reef is scheduled for 16-18 December in the Intercontinental Al Ahsa, covering sustainable agriculture, rural entrepreneurship, and technology in farming, alongside a three-day exhibition of rural practices, handicrafts, and local work. Find the link to register on the event’s official website.

The Future Hospitality Summit will take place between 14-16 April, 2025 at Mandarin Oriental Al Faisaliah hotel in Riyadh. The forum will bring together top executives and decision-makers in the hospitality sector to probe potential investments and partnerships.

Fitch affirms Aramco’s A+ credit rating on solid financials and government fallback

Fitch Ratings affirmed Aramco’s long-term issuer default rating (IDR) at A+ with a stable outlook, keeping the company firmly in the top-tier credit league, according to a recent report. Meanwhile, Aramco’s standalone credit profile (SCP) was at AA+, placing it as the country’s highest ranked issuer with respect to the measure. The state-owned oil giant’s credit rating is constrained by Saudi Arabia’s sovereign rating due to the firm’s strong association with the Saudi government as its majority shareholder

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REMEMBER: Aramco closed its first bond sale in three years in July and tapped the debt market again in August — raising a combined USD 9 bn so far this year.

Why Aramco’s rating held firm: Fitch cites several factors as helping sustain Aramco’s rating, including a robust financial profile, prudent decision making and oversight, strong free cashflows (FCF) and reserves, and conservative financial policies. “We assess the preservation of government policy role factor as ‘Very Strong’ due to Saudi Aramco’s key role in the Saudi Arabian economy as a key provider of feedstock to the country’s power generation fleet and other key end-markets,” the report said. Despite not needing government support in the past, Fitch believes that there are ‘strong’ precedents for support from the Saudi government based on a track record of backing for other government-related entities.

Aramco might need to tweak its dividends policy if fundamentals change: Saudi Aramco has been able to sustain its generous base and performance-linked dividends policy so far, but the payouts have consumed substantial liquidity with performance-linked dividends accounting for 50-70% of FCF net of base dividends and other outlays. Fitch maintains that the policy has not adversely impacted Aramco’s credit outlook due to the assumption that Aramco has the “flexibility to reconsider” its payouts if oil prices plummet or capex exceeds projections.

ICYMI: Saudi Aramco swung into a net debt position for the first time in two years in 3Q, as the oil major continues to distribute dividends that exceed its earnings. The oil major will have to decide early next year between maintaining its generous payouts to shareholders — and consequently increasing borrowing — or cutting back dividends and depriving the Saudi state of key financing it needs to shore up its budget

Despite being comfy at the moment, Aramco still faces noteworthy risks: Its rating remains tethered to Saudi’s sovereign rating of A+, meaning any downgrade in the Kingdom’s rating would directly impact the oil company. Fitch also cites lower oil prices, higher capex, more leveraging, and a faster-than-expected energy transition as additional factors that could adversely affect the oil major’s credit rating.

Alshehili Company issues prospectus for 20% offering on Nomu

Heavy equipment manufacturer Alshehili Company is taking a 20% stake — good for 500k shares — to Tadawul’s parallel market Nomu, the firm said in its prospectus (pdf) for the offering. Alshehili lined up CMA approval for the move in October.

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Use of proceeds: SAR 4.1 mn from the offering’s proceeds are earmarked for covering IPO-related expenses. Net proceeds will go towards funding Alshehili’s expansion, marketing efforts, and supporting working capital. Current plans see the company setting aside SAR 7 mn for automating cooler box production lines, SAR 4 mn for the procurement of a robotic welding arm, and SAR 3.4 mn for add-on equipment. Alshehili will tap alternative sources of financing including local banks to meet gaps if IPO proceeds fall short, while surplus funds will go towards further supporting working capital.

Post-IPO structure + lockup: The company’s sole substantial shareholder — Hala Fahd Nasser Alshehili — will see her ownership diluted to 58.7% from 73.4%. She will not be able to sell down her positions for a 12-month period starting from the first day of trading.

Timeline: Qualified investors can book shares between Sunday, 5 January and Monday, 13 January with a minimum subscription limit of 10 shares and a maximum of 125k shares apiece. Final allocations are set for Thursday, 16 January, while the first day of trading will be announced after squaring away regulatory and other requirements.

Earnings snapshot: The company logged SAR 10.5 mn in net income for 2023, up from the SAR 7.3 mn it posted for 2022, according to earnings results published in the prospectus. Meanwhile, revenues came in at SAR 60.6 mn for 2023, up from SAR 36.2 mn the previous year.

About Alshehili: Established in 2005, Alshehili specializes in manufacturing steel chassis, trailers, semi trailers, rolling stock, cargo containers, refrigerated containers, as well as other logistics and armoured military vehicles. The outfit also provides MRO services.

ADVISORS- Arbah Capital is quarterbacking the transaction as lead manager, while Forsa Capital is acting as financial advisor. Receiving agents include Alinma Investment, Al Rajhi Capital, SNB Capital, BSF Capital, Riyad Capital, ANB Capital, Alistithmar Capital, Albilad Capital, AlJazira Capital, Yaqeen Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, Derayah Financial.

Balsm Alofoq prices Nomu IPO at SAR 60 per share

Balsm Alofoq Medical priced its Nomu IPO at SAR 60 per share, after its offering was nearly 17x covered, lead advisor Yaqeen Capital said in a Tadawul filing. The final pricing sees the medical firm raising SAR 15 mn in proceeds, giving it a market cap of SAR 75 mn at listing, according to EnterpriseAM calculations. The Buraidah-based hospital operator took a 25% stake to Tadawul’s parallel market in a primary offering that was limited to qualified investors.

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Post-IPO structure + lockup: The outfit’s three major shareholders will see their ownership diluted from a combined 88.75% stake down to 71%. They will not be able to sell down their positions for a period of 12 months from the first day of trading.

Use of proceeds: SAR 2.35 mn of the offering’s proceeds will go towards covering IPO-related expenses. Net proceeds from the sale will be channeled towards funding the company’s expansion plans — expected to cost SAR 24.9 mn — including the procurement of medical equipment and the development of warehouses.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, Al Jazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Saudi Fransi Capital, SAB Invest, Alkhabeer Capital, Sahm Capital, among others.

Al Battal Factory for Chemical Industries sets price range for Nomu IPO

Al Battal Factory for Chemical Industries sets a price range of SAR 54-63 per share for its Nomu IPO of a 22.3% stake, lead advisor Yaqeen Capital said in a filing to the exchange. At the top of the range, the pricing could see the chemicals manufacturer raise up to SAR 42.2 mn in proceeds, and would give it a market cap of SAR 210.1 mn at listing, according to EnterpriseAM calculations.

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What’s next? Qualified investors can subscribe to the IPO starting Sunday, 15 December and until Thursday, 19 December, with a minimum subscription limit of 10 shares and a maximum of 166.7k shares per investor.

REFRESHER- Some 670k shares — equally split between newly-issued and existing stocks — will be up for grabs. The company’s two substantial shareholders will see their ownership diluted to a combined 52% stake post-offering down from their current 65.1%, according to the prospectus. Net proceeds from the sale will be directed toward financing Al Battal’s working capital.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager with Moore serving as the auditor. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah Financial, Saudi Fransi Capital, SAB Invest, Alkhabeer Capital, and Sahm Capital.

Saudi industrial production picks up in October

The local industrial production index (IPI) grew 5% y-o-y in October as manufacturing activity increased across the board, putting the measure back in growth territory following a brief dip in September, according to the General Authority for Statistics’ (Gastat) monthly report (pdf). The index also posted a 0.4% increase on a monthly basis. The IPI analyzes survey data to track changes in industrial production volumes across the Kingdom.

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The manufacturing sub-index was up 12.4% y-o-y on the back of a 32.6% increase in the manufacture of coke and refined petroleum products. The component was also propped up by 4.8% growth in food products and a 0.6% increase in chemicals and chemical products. Manufacturing makes up 35% of the overall IPI, making it the second-heaviest component after oil and minerals. October’s performance marks a rebound from the previous month’s 0.5% dip that interrupted seven months of back-to-back growth.

Mining and quarrying activity climbed 0.4% y-o-y in a turnaround from last month’s plateau. The boost came on the back of an increase in oil production to 8.97 mn bbl / d, up from 8.94 mn bbl / d in October of last year. The mining and quarrying sectors make up 61.4% of the overall IPI.

REMEMBER- Riyad Capital had indicated in September that Saudi crude oil production was expected to begin ramping up this quarter towards a targeted 10 mn bbl / d by 4Q 2025. However, Opec’s latest decision to put off output hikes beyond 1Q 2025 will likely delay the anticipated acceleration in Saudi oil output.

The index for non-oil activities was up 4%, driven by broad-based growth across all non-oil activities. Meanwhile, the index for oil was up 5.4%.

IN CONTEXT- Saudi’s non-oil business sector logged its strongest performance since July 2023 last month, with the headline PMI figure hitting 59.0 and marking four consecutive months of gains as solid consumer demand drove new orders despite a ramp up in cost pressures.

Utilities are on the up: The sub-index for electricity, gas, steam, and air conditioning supply activity grew 6.2% y-o-y, while water supply, sewage, and waste management and remediation activities were up 8.4% compared to the same month last year.

IN OTHER MANUFACTURING NEWS-

UAE-based Gulf Pharma Industries (Julphar) will set up a SAR 300 mn pharma and biotech manufacturing facility in Saudi Arabia, the company said in a filing to the Abu Dhabi Securities Exchange (ADX) (pdf).

The details: “The greenfield project will include complex biologics, sterile, and general formulation drug manufacturing” that abide by Saudi, European, and US standards, the disclosure said. Work on the project is slated to kick off in 1Q 2025.

ICYMI: The ADX-listed pharma player sold wholly-owned subsidiary Zahrat Al Rawdah Pharma to Saudi retailer BinDawood in a SAR 444.1 transaction last month.

Agreements worth SAR 10 bn signed during the first day of CPHI

The CPHI Middle East Exhibition opened yesterday to the tune of agreements worth SAR 10 bn, state news agency SPA reported. The event will feature some 400 global exhibitors and over 150 speakers before it closes tomorrow.

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Diving in: The opening ceremony saw US-based Vertex Pharma sign an agreement for a SAR 1 bn project and Tamer Group commit to another SAR 1.5 bn project, while Tabuk Pharma signed a SAR 100 mn agreement. No further details were provided on the agreements.

Saudi’s pharma market share in the MENA region exceeds USD 15 bn, which accounts for more than half of the total regional market share, SPA cites US-based research firm IQVIA as saying. The Kingdom also ranks 15th worldwide in pharma manufacturing, with a growth rate of 9.3% per year.

Ataa Educational reports 1Q 2024-25 results

Ataa Educational posted a SAR 19.6 mn bottom line in 1Q FY 2024-25, dipping 11.2% y-o-y, it said in a disclosure to Tadawul. The company attributed the fall to a 33% decline in its training segment revenues accompanied by the gradual opening of Buckswood Schools. Revenues were down 3% y-o-y to SAR 165.3 bn over the three-month period that ended in October.

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The school operator’s net income was up 3.2% q-o-q primarily driven by a 89% decrease in impairment provisions for receivables, while its revenues fell 1.6% q-o-q “due to additional discounts offered at some educational complexes,” the filing read.

ICYMI- Operated by Ataa, Sussex-based Buckswood British School opened the doors of its Riyadh branch (Buckswood Riyadh) this academic year. The K-12 school, located in Al Izdihar district, offers the IGCSE and IB Diploma programs and is open for both boys and girls.

Saudi Arabia’s Modern Mills to set up SAR 150 mn animal feed factory

MANUFACTURING-

Modern Mills will set up a SAR 150 mn animal feed plant at its Al Jumum facility in the Western Region after its board approved the move, it said in a disclosure to Tadawul. The plant is expected to come online in 4Q 2024 and will have a capacity of 422k tons a year. The project will be funded by shariah-compliant loans and other banking facilities, in addition to liquid funds available at the company.

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M&A WATCH-

Gulf Union Al Ahlia Cooperative Ins. (GUAI) makes progress on merger with Gulf General Cooperative Ins. (GGI), signing a binding merger agreement which will see GGI transfer all its shares, liabilities and assets to GUAI; in exchange, GUAI will issue 22.8 mn shares at a nominal value of SAR 10 apiece to GGI’s shareholders, according to two separate statements (here (pdf) and here (pdf)).

Background: The two companies signed a non-binding MoU in August to explore a merger through a share-swap agreement where Gulf Union Al Ahlia would acquire 100% of Gulf General. Both companies received a non-objection decision from the General Authority for Competition for their potential merger last month.

STARTUP WATCH-

#1- UAE-based VC Iliad Partners is banking on Saudi Arabia’s startup scene, with the launch of a USD 50 mn MENA-focused fund, according to a press release. Tech Ventures Fund I will target early-stage B2B tech startups across fintech, logistics, and proptech, primarily in the Kingdom and the UAE. Some 10% of the fund will be earmarked for investments in Europe.

Saudi backing: The fund is backed by the PIF’s Jada Fund of Funds, the Olayan Family, Masarrah Investment Company, MLM Investments, the Constantakopoulos Family of Greece, and other family offices in the GCC and Europe.

The fund’s debut investments include Saudi logistics and delivery management platform OTO, homegrown cloud-based procurement solution for enterprises Penny, and Emirati fintech Qashio.

#2- UAE’s Wafeq wants to expand across the Kingdom: Dubai-based online accounting platform Wafeq closed a USD 7.5 mn series A round, which will be used to back its expansion plans in Saudi Arabia and the UAE, according to a press release. The round was led by 9900 Capital, with backing from Raed Ventures, Wamda Capital, and former Xero CEO Gary Turner.

Wafeq is no stranger to the Saudi market: With some 90% of its business originating from the Kingdom, Wafeq issues over 2 mn invoices a month worth USD 400 mn. Its software integrates with major Saudi banks like Al Rajhi Bank and Saudi Awwal Bank.

TRADE-

Customs clearance between the Kingdom and Egypt just got a major speed boost after both sides agreed to reduce clearance time from three days to 3-4 hours, Egypt’s Deputy Finance Minister for Taxes Sherif El Kilani told Asharq Business. Earlier this month, the two sides inked a mutual recognition agreement for Authorized Economic Operator (AEO) program to enhance economic cooperation, streamline customs procedures, reduce costs, and boost trade.

LOGISTICS-

Mawani adds new shipping service to Jeddah Islamic Port: The Saudi Ports Authority (Mawani) added Global Feeder Shipping’s JRS shipping services to Jeddah Islamic Port, it said in a statement. The new shipping service, which has an 800 standard container capacity, will link the Jeddah port to the ports of Mundra in India, Sokhna in Egypt, and Salalah in Oman.

AGRICULTURE-

Researching palm trees: The National Center for Palms and Dates signed a SAR 100 mn agreement with King Abdullah University of Science and Technology to carry out research projects for advancing palm trees farming and optimizing the processing of their yields, it said in a post on X.

ENTERTAINMENT-

Neom Media partnered with production house Hakawati Entertainment to produce up to nine feature films, with two scheduled to go into production in 1H 2025, Neom said in a statement. The partnership will also see both sides set up a “world-class production services division in Neom.”

SPORTS-

Saudi Arabia became the world’s first FIFAe World Cup featuring arcade-style football video game Rocket League champion, defeating France 4-1 in the finale, according to a post on X. The all-star Saudi team rose to the top after four days of competing against 15 other national teams.

Complex finance hit its highest level since before the 2008 financial crisis

Could Wall Street be headed toward another financial crisis? Complex financial products are seeing a boom the likes of which has not been seen since 2007, with global structured finance transaction volumes hitting USD 380 bn this year, the Financial Times reports. The surge, which has seen transaction volumes surpass their 2021 post-financial crisis peak, is being driven by investor demand for higher yields and bonds — including in significantly riskier assets, the salmon-colored paper writes.

Bonds backed by… wings? This year’s transactions have included bonds backed by unconventional revenue sources, with recent transactions involving fast food chain Wingstop franchise fees and the music catalogues of Shakira, Bon Jovi, and Fleetwood Mac. Transactions involving the more obscure parts of the market have risen 50% y-o-y to USD 63 bn, with analysts expecting further growth. Investments in niche markets rose by 50% y-o-y to USD 63 bn in 2024.

Higher yields are a big part of the appeal: Structured financial products offer higher yields than traditional bonds, making them particularly attractive to investors seeking to channel a growing stream of retiree assets into income-producing investments amid rising borrowing costs.

It also comes as other segments of Wall Street’s business remain sluggish, with the investment banking industry’s fees still below their historic highs. The underwriting fees for structured financial products outstrip those for more conventional activities, like government bonds and corporate debt — no small part of their attractiveness to financiers.

The question is — are the risks being contained? Some investors are raising concerns that investment managers are not properly vetting structured financial products, with some saying that certain buyers are purchasing these products indiscriminately. While analysts cited by the FT claim that the market is as of yet too small to constitute a “systemic risk,” a large portion of these transactions are backed by consumer credit products like credit card loans — which have seen rising default rates since the US Federal Reserve began lifting interest rates in 2022.

One — possibly bad — sign is that investors have shown increasing appetite for the riskiest ends of structured product transactions. Strong demand for low-risk “senior” tranches of this debt has seen banks issue ever-riskier slices of debt — a narrative that bears striking parallel with the risk spiral in mortgage-backed securities that precipitated the 2008 financial crisis.

MARKETS THIS MORNING-

Asian markets are mixed as traders look ahead to China’s annual economic work conference later today, with Hong Kong’s Hang Seng up 0.7%, China’s CSI 300 flat, and Japan’s Nikkei down 0.3%. Wall Street futures are flat once again after another day of losses on S&P 500 and Nasdaq.

TASI	12,194	+0.8% (YTD: +1.9%)
MSCI Tadawul 30	1,532	+1.0% (YTD: -1.2%)
NomuC	31,558	+0.2% (YTD: +28.7%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,618	-1.3% (YTD: +23.0%)
ADX	9,250	0.0% (YTD: -3.4%)
DFM	4,794	-1.1% (YTD: +18.1%)
S&P 500	6,035	-0.3% (YTD: +26.5%)
FTSE 100	8,280	-0.9% (YTD: +7.1%)
Euro Stoxx 50	4,952	-0.7% (YTD: +9.5%)
Brent crude	USD 72.19	+0.07%
Natural gas (Nymex)	USD 3.19	+0.9%
Gold	USD 2718.40	+1.2%
BTC	USD 96,673.20	-0.3% (YTD: +129.5%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.8% yesterday on turnover of SAR 7 bn. The index is up 1.9% YTD.

In the green: Anaam Holding (+6.8%), SRMG (+4.2%), and MCDC (+4.2%).

In the red: Banan (-9.9%), Jahez (-9%) and UIHC (-5.1%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.2% yesterday on turnover of SAR 73.4 mn. The index is up 28.7% YTD.

In the green: Dar Al Markabah (+13.4%), Obeikan Glass (+13%), and UFG (+11.1%).

In the red: Rawasi (-10.2%), First Avenue (-6.9%), and Al Hasoob (-5.1%)

CORPORATE ACTIONS-

The Capital Market Authority greenlit Emaar EC’s request to reduce its capital by 53.8% to SAR 5.2 bn by way of cancelling shares, it said in a filing to Tadawul without disclosing the purpose of the cut.

Saudi Arabia issues strong condemnation of Israeli attacks against Syria

Foreign Ministry slammed Israel’s recent strikes against Syria and its occupation of additional territory in the Golan Heights following the ouster of Bashar Al Assad in a strongly-worded statement carried by state news agency SPA. Israel’s conduct affirms the country’s “continued violation of international law” and comes in a bid to “undermine” post-Assad Syria, the statement read. The ministry called on international players to condemn the attacks and to reaffirm Syrian sovereignty while acknowledging the occupied status of the Golan Heights.

What is Israel up to this time? Israel carried out heavy airstrikes against targets in Syria following the fall of the Assad regime, with Israeli military officials stating that the campaign looks to prevent Syrian military hardware from being snapped up by the coalition that toppled Assad, Reuters reports. Meanwhile, Israeli soldiers have reinforced and extended a security buffer zone separating Israel and Syria in the occupied Golan Heights.

CALENDAR

DECEMBER

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

5-12 (Thursday-Thursday): FIFAe Finals 2024, SEF Arena, BLVD Riyadh City.

5-14 (Thursday-Sunday): Red Sea International Film Festival, Jeddah.

10-12 December (Tuesday-Thursday): CPHI Middle East, Riyadh Front Exhibition & Convention Center, Riyadh

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

15 December (Sunday): Launch day for Riyadh Metro lines two and three.

15-17 December (Sunday-Tuesday): The International MICE Summit (IMS24), Riyadh.

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

16-18 December (Monday-Wednesday): The International Forum for Saudi Reef, Intercontinental Al Ahsa.

17-18 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

23-25 December (Monday-Wednesday): Retail offering for Almoosa Health’s Tadawul IPO.

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

24-25 December (Tuesday-Wednesday): Retail subscription period for Nice One’s Tadawul IPO.

29 December (Sunday): Final allocation for Almoosa Health’s Tadawul IPO.

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma

1Q: Roshn expected to raise SAR 2.6 bn from international bank

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

5 January (Sunday): Launch day for Riyadh Metro line 3.

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): Federal Open Market Committee meeting.

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

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

1 February (Saturday): UFC event, The Venue, Riyadh.

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

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

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

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

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

16-17 February (Sunday-Monday): AlUla Conference for Emerging Market Economies, AlUla.

19 February (Wednesday): Derayah REIT dividend distribution.

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

22 February (Saturday): Founding Day.

MARCH 2025

1-30 March: Ramadan.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 March- 3 April (Monday-Thursday): Eid Al Fitr.

APRIL 2025

14-16 April (Monday-Wednesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

21-24 April (Monday-Thursday): Saudi Food Exhibition and Conference, Riyadh.

7-9 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

MAY 2025

6-7 May (Tuesday-Wednesday): Federal Open Market Committee meeting.

23 May ( Friday): Guns N’ Roses Show, Riyadh.

31 May-5 June (Saturday-Thursday): Hajj.

JUNE 2025

6-9 June ( Friday-Monday): Eid al-Adha.

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

JULY 2025

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

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

SEPTEMBER 2025

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

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

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

NOVEMBER 2025

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front Convention & Exhibition Centre, Riyadh.

DECEMBER 2025

December: The Fortune Global Forum 2025, Riyadh.

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

2026

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

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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