Foreign investors are getting an easier time with a new investment law

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WHAT WE’RE TRACKING TODAY

THIS MORNING: An overhauled investment law + That’s a wrap on the Olympics

Good morning, nice people, and welcome to what unexpectedly shaped up to be a busy Monday, led primarily by legislative and regulatory news.

THE BIG STORY AT HOME this morning is the unveiling of Saudi’s new Investment Law, which is expected to come into effect with its executive regulations at the start of next year. The new law removes many major barriers for foreign investors looking to do business in the Kingdom, essentially leveling the playing field with local investors.

^^ We have chapter and verse on this story and more in this morning’s news well, below.

WEATHER- The mercury in Riyadh will reach a high of 45°C today, before dropping to a low of 30°C. Dammam will experience even hotter temperatures, peaking at 47°C, and falling to 30°C. Meanwhile, Jeddah will be slightly cooler, with a high of 38°C and a low of 33°C.

WATCH THIS SPACE-

#1- Agility’s ground handling subsidiary Menzies Aviation plans to make an “aggressive” expansion in the GCC — including Saudi and the UAE — over the next five years, Chairman Hassan El Houry told Gulf News. “Saudi Arabia aims to triple its number of passengers to 250 mn by 2030. They plan to invest USD 100 bn in aviation infrastructure to achieve this. We want to be a part of that and will be,” El Houry told the news outlet. Menzies Aviation recently launched operations in Spain, Portugal, Hong Kong, Jamaica, Peru, and Panama with operational presence in over 295 airports across 65 countries.

#2- Saudi-based Drilling & Exploration has its eyes on Egypt: Drilling & Exploration Company could soon ink an agreement with an undisclosed Egyptian private sector player holding two gold exploration concessions in the Eastern Desert, the company's technical advisor Salah Bader told Al Mal. The potential agreement would see the Saudi firm provide drilling,prospecting, and consulting services. This would mark the Saudi firm's first venture into the Egyptian market.

More in the pipeline? The company has received several offers from entities investing in gold and mineral exploration projects locally and is currently evaluating them, Bader said.

DATA POINTS-

The citizen account program disbursed SAR 3.4 bn to 10.8 mn beneficiaries for August, according to a statement. The beneficiaries received an average of SAR 1.5k per family. The citizen account program was created to provide financial support to vulnerable Saudi families who are impacted by economic reforms, according to its website.

SPORTS-

Saudi football is back tomorrow, kicking off with the Saudi Super Cup semi finals, featuring a showdown between Al Hilal, and Al Ahli, while Al Nassr will face Al Taawoun on Wednesday, according to a Saudi Arabian Football Federation statement (pdf). Both matches will be played at the Prince Sultan bin Abdul Aziz stadium in Abha at 7:15pm, and you can book your tickets here.

Are you planning to be in Egypt on 24 September? You may be interested in attending our 2024 Enterprise Finance Forum. Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.

Why attend? We’re in the early days of a generational realignment of power in our industry — in our region and beyond — and on the cusp of the biggest intergenerational transfer of wealth the world has ever seen. With that as the backdrop, we’re going to take stock of where we stand six months after the float of the EGP and ask what’s next for finance in Egypt and the wider region. Among the questions we’ll be asking:

What roles will Egypt, Saudi and the UAE play in the regional industry going forward?
What are foreign investors looking for right now?
Is real estate the only asset class in Egypt?
What does the next generation of leaders think as they take over established family businesses?

Do you want to request an invitation? Tap or click the image below.

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THE BIG STORY ABROAD-

The international business press is having another slow morning without one unifying story taking the lead. A few of the stories getting top billing this morning:

From the campaign trail: Kamala Harris is more trusted among American voters to handle the country’s economy than Donald Trump, coming in one percentage point above the former US president in a recent survey, the Financial Times reports. Although Harris’ edge over Trump is narrow, the current vice president polled seven percentage points higher than US President Joe Biden’s performance in US voter sentiment.

Israel is doubling down on its defenses and shoring up resources such as alternative fuel supplies as it expects a retaliatory attack from Iran could be imminent. Iran has vowed to respond to Israel for the assassination of Hamas political leader Ismail Haniyeh in Tehran last month. Meanwhile, Israel is also ordering more displaced Palestinians in Khan Younis to evacuate the area, which it declared a “dangerous combat zone.” (Bloomberg | Reuters)

OLYMPICS-

The 2024 Paris Olympics closing ceremony wrapped overnight at Stade de France, marking the end of the summer games after two and a half weeks of action. The end of the Games earned plenty of attention (New York Times | BBC | The Guardian)

The ceremony featured performances by French band Phoenix, an iconic jump of Tom Cruise from the roof of the stadium, H.E.R., Red Hot Chilli Peppers, Billie Eilish, Snoop Dogg, and Dr Dre.

While Team USA tied with China for gold medals, USA topped the charts for overall medal count as they gear up to host the next 2028 summer games in Los Angeles. The US team is going home with a total of 125 medals, leaving one behind after gymnast Jordan Chiles was stripped of her bronze medal from last week’s floor final after the International Olympic Committee (IOC) ruled against her in a score dispute.

Not leaving the city of love just yet: As the Olympics wind down, the Paralympics are gearing up to kick off. Taking place in Paris as well, the Paralympics will start on Wednesday, 28 August and continue for 11 days.

New games, new boss: Thomas Bach’s 12-year stint as IOC president is coming to an end, as per IOC governance rules limiting each person’s term to 12 years, AP reports.

The medal table:

USA (40 gold,125 overall)
China (40 gold, 91 overall)
Japan (20 gold, 45 overall)
Australia (18 gold, 53 overall)
France (16 gold, 64 overall)

CIRCLE YOUR CALENDAR-

The Crown Prince Camel Festival kicked off last Saturday and runs until Tuesday, 10 September at the Taif Camel Racing Track, featuring 610 rounds of racing and a purse of SAR 56 mn.

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 New Global Sport Conference 2024 is happening on Saturday and Sunday, 24-25 August, bringing together top figures from sports, esports, gaming, entertainment, and technology. This year’s theme is the Future of Fandom, highlighting fans’ role in building brand equity and revenue.

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.

Gov’t introduces new investment law removing major obstacles for foreign investors

We have a new investment law: The Cabinet signed off on amendments to the Kingdom’s 25-year-old Investment Law, introducing changes designed to attract foreign investment by leveling the playing field between foreign and local investors under a unified set of rules, state news agency SPA reports.

Out with the old, in with the new: The amended law — the full text of which you can see here (pdf) — will see the original Foreign Investment Law (pdf) and its executive regulations rescinded.

The pitch: The new law is meant to improve the investment environment in Saudi by promoting fairness, transparency, and efficiency, aligning with international best practices and making the country a more attractive destination for investors. The government drew on international best practices from countries including the US, Turkey, the UAE, Germany, Singapore and Indonesia while it was preparing the new provisions, according to a detailed report on the drafting process of the new law (pdf). This process was designed to ensure that the updated regulations make the Kingdom’s investment environment competitive with international markets.

Why it matters: The move looks to boost the Kingdom’s competitiveness as a destination for FDI as part of a broader strategy to diversify the country’s revenues away from oil.

Foreign investors no longer have to acquire an investment license: One of the most notable changes is the abolition of the requirement for an investment license, which previously served as a bureaucratic barrier for foreign investors. The new law eliminates this requirement and introduces a more liberalized environment for economic activities, with exceptions now only applicable to a specific list set by the Permanent Ministerial Committee. This streamlined process is designed to simplify the investment process and improve transparency.

Equal treatment of foreign, local investors: Previously, Cabinet had the authority to exclude certain activities from foreign investment, which could lead to preferential treatment. The new law mandates equal treatment, ensuring a level playing field and eliminating any potential biases against foreign investors.

A transparent mechanism for handling complaints: The new law establishes comprehensive governance mechanisms for investor protection, including clarified procedures for handling complaints. These mechanisms aim to meet international standards on upholding investor rights as well as safeguarding intellectual property and commercial confidentiality.

Capital transfers: The new law allows unrestricted capital transfers and addresses both direct and indirect expropriation, offering enhanced protection and operational freedom for investors.

Categorization of violations + penalties: The updated regulations introduce a refreshed approach to handling violations by categorizing them as serious or non-serious and implementing a gradation principle for penalties. The new criteria for imposing penalties consider factors such as the recurrence of violations and the size of the entity involved, providing a more equitable enforcement mechanism.

Dispute resolutions: The new law offers robust dispute resolution mechanisms, allowing both local and foreign investors to appeal to the competent court in disputes with government entities. This represents a significant improvement over the previous system, which only facilitated informal dispute resolution. The inclusion of alternative dispute resolution methods, provides investors with more flexible and effective means to resolve conflicts.

Timeline: The new law will go into effect six months following its publication in the Official Gazette, while the executive regulations will be published within a period of six months from the publication of the law.

Industrial production volumes fall in June 2024

The Industrial Production Index (IPI) was down 4% y-o-y in June 2024 on the back of a decline in mining and quarrying activity — the index’s heaviest-weighted component, according to a General Authority for Statistics (Gastat) report (pdf). The IPI analyzes survey data to show changes in the volumes of industrial production across the Kingdom.

Activity in the mining and quarrying sectors — which account for 61.4% of the overall IPI — fell 11.3% y-o-y, driven by a reduction in oil output which was down to 8.8 mn bpd in May 2024.

IN CONTEXT- Mining activity in the Kingdom has been ramping up as of late, with the Industry and Mineral Resources Ministry granting 20 licenses in May and offering up the “ largest mineralized belts ” to be tendered in Saudi last month. The ministry announced plans earlier this year for an incentive program to encourage exploration, with gold and phosphate in particular focus, among other materials. The nation’s untapped mineral resources could be worth as much as USD 2.5 tn, or 90% more than the last forecast in 2016, officials said in January.

Oil vs non-oil: The oil activities index fell 8.5% y-o-y due to the oil production drop, while the index for non-oil activities grew 8.6%, supported by an increase in all non-oil economic activities.

REMEMBER- The Kingdom continues to cap its oil production as part of its ongoing agreement with OPEC+ to voluntarily cut oil production, but there are indications that the cuts will start to be phased out by the fall.

Meanwhile, the sub-index for manufacturing climbed 7.4% y-o-y on the back of a 5.3% boost in coke and refined petroleum products manufacturing and 9.2% growth in chemicals manufacturing. Manufacturing accounts for 35% of the overall IPI, making it the second-weightiest component after oil and minerals. The latest IPI report shows that manufacturing activity in the Kingdom rose in June for its sixth straight month, Aleqtisadiah notes.

Utilities were up across the board: The sub-index for electricity, gas, steam, and air conditioning supply activity was up 10.2% y-o-y, while that of the water supply, sewerage and waste management, and remediation activity inched up 1.7% y-o-y, rebounding from a 0.2% y-o-y dip recorded in May.

Acwa Power to restructure debt, ownership of Turkish subsidiary Acwa Guc in equity + cash transaction

Utility giant Acwa Power is set to settle all the outstanding debt of its Turkish majority-owned subsidiary Acwa Guc under an agreement with creditors and minority shareholders of the Turkish unit, according to a disclosure to Tadawul. This is possibly an indication of an alignment between the interests of the creditors, and the activities and performance of Acwa Guc.

What’s Acwa Guc? The company was established in 2017 and operates a USD 1 bn 950 MW combined cycle turbine power plant in Turkey’s Kirikkale, which is “capable of meeting 3% of the total electricity demand in Turkey,” according to its website.

An equity + cash agreement: The settlement will see the creditors of Acaw Guc get equity in the power plant, in addition to SAR 496.5 mn in bank notes, bringing Acwa Guc to a debtfree position. The cash amount will be paid by a unit that is 100% owned by Acwa Power to the creditors over a three-year period.

What we don’t know: There’s no publicly available information about the total size of the outstanding debt, nor the equity size the creditors will receive under the agreement and whether it will entail a capital increase through issuing new shares or the sale of existing shares. It’s also unclear who the creditors are, and which of Acwa Power’s subsidiaries will make the cash settlement.

Fresh executive regs. for nonprofit funds

The National Center for Nonprofit Sector (NCNP) has rolled out new executive regulations for charitable funds, to enhance their governance, operations and financial management. The new guidelines — which were published in Umm Al Qura — will come into effect within 30 days.

New requirements for setting up a new fund: To set up a charitable fund, interested parties must fill out a new and standardized application form to the NCNP, in addition to submitting comprehensive documentation, and a detailed fund charter. These funds are prohibited from setting up branches outside of the Kingdom.

Oversight + governance: Charitable funds are required to operate strictly within their stated objectives, as approved by the NCNP. Any changes to these objectives or the fund’s legal status or operations require explicit approval from the regulatory body. Funds must comply with governance standards, including the establishment of a Board of Trustees for financial oversight, and maintaining a register with detailed information such as the fund’s name, registration details, and management structure. They are also required to maintain detailed financial records, including sources of income.

At the end of the road: Upon dissolution, funds must distribute their assets to their members based on their contribution share, unless the fund’s charter specifies otherwise, Members must also address any outstanding obligations or claims against the fund and notify the NCPC of the liquidation. Public access to the fund’s records is not permitted without approval from the fund's founders or authorized representatives.

Cenomi Retail, Jahez International, and Bindawood Holding report 2Q 2024 results

The avalanche of earnings is beginning to slow as we approach the deadline for Tadawul-listed companies to report their results. Today we have reports from Cenomi Retail, Bindawood Holding, and Jahez International.

CENOMI RETAIL-

Cenomi Retail’s net income fell 50.5% y-o-y to SAR 84 mn in 2Q 2024 due to a negative base effect, the company said in an earnings release (pdf). The company’s bottom line in 2Q 2023 was inflated due to SAR 163 mn in non-recurring income. Meanwhile, revenues dropped 11.6% y-o-y to SAR 1.3 bn.

Back in the black on a quarterly basis: The retail company reversed a SAR 152 mn loss in 2Q 2024 on a quarterly basis, according to a disclosure on Tadawul. The company attributed the rebound to a decline in the cost of revenue, and a drop in SGA expenses due to “store closures, the brands divestment program and the shift in the Holy month of Ramadan.” This is in addition to an increase in other operating income, along with a drop in net finance expenses.

On a 1H basis: Cenomi Retail noted a net loss of SAR 68 mn in 1H 2024, down from a SAR 113.8 mn gain during the same period last year, and its revenues fell 6.1% during the period to SAR 2.6 bn.

What’s next? The company is in the final push of the second wave of the franchise sale program which will see it divest from 3 brands, after exiting 16 brands in the previous wave, Cenomi Retail’s Acting CEO Salim Fakhouri said. Fakhour added that “third wave is about to start, with the upcoming sale of 5 further brands (Charles & Keith, Pedro, Call it Spring, Estee Lauder, and Nine West) which is expected to result in proceeds of valued at SAR 77 mn plus inventory and a decrease of 70 stores in Saudi Arabia.

Use of proceeds from future divestments: “All proceeds from the brands divestment will continue to be deployed to repay debt and deleverage the balance sheet. Approximately SAR 300 mn of debt is expected to be repaid by the end of FY2024, which should reduce net debt to SAR 1.5 bn.”

BINDAWOOD HOLDING-

BinDawood’s net income grew 14% y-o-y to SAR 75 mn in 2Q 2024, on revenues of SAR 1.4 bn, rising 0.4% y-o-y, it said in a an earnings release (pdf). Meanwhile, the Tadawul-listed supermarket group’s bottom line grew 14.9% y-o-y to SAR 135.6 mn in 1H 2024 on the back of increased volumes and margins, and its top line rose 3.5% to SAR 2.9 bn.

REMEMBER: BinDawood closed its SAR 186.5 mn acquisition of Jumeirah Trading earlier this month. The Tadawul-listed holding company now holds 100% of Jumeirah as it looks to expand its distribution reach, reduce supply chain risk, and improve margins through vertical integration.

JAHEZ INTERNATIONAL-

Nomu-listed Jahez reported a 26% y-o-y drop in net income to SAR 43 mn in 1H 2024, according to an earnings release (pdf). The decline was attributed to investments in geographic expansions and into new verticals. Meanwhile, revenues were up 22.3% y-o-y to SAR 1 bn. The homegrown food delivery app is gearing up to transition to Tadawul’s main market.

Two private sector consortiums submit bids for Jubail-Buraydah water pipeline project

INFRASTRUCTURE-

#1- Bidders queue up for Jubail-Buraydah water pipeline project: Two private-sector consortiums have submitted their bids to the Saudi Water Partnership Company (SWPC) for the development of the Jubail-Buraydah independent water transmission pipeline, according to a statement. SWPC will now evaluate bids from one consortium featuring Aljomaih Energy and Water Company, Buhur for Investment Company, and Nesma and another consortium comprising Vision Invest and Taqa. The 587-km water pipeline will have a transmission capacity of 650k m sq per day, and is scheduled to come online in 1Q 2029.

#2- The National Water Company broke ground on the second phase of its water network in the southern cities of Najran and Sharur, according to state news agency SPA. The phase saw the installation of 319 km water transmission lines to supply water to an estimated 106k households. Information about the investment size wasn’t publicly available.

#3- The installation of the first transformer at a station that’s part of the Saudi-Egypt electricity interconnection project has commenced, according to a statement from the Egyptian Electricity Ministry. The transformer, which is being installed at a 500 kV station in Badr City, is reportedly “the first of its kind in the Middle East in terms of size, manufacturing technology, [and] operation,” the statement reads.

REMEMBER- The project connecting Saudi and Egypt’s power grids is 60% complete with electrical conduits currently being installed in the Gulf of Aqaba to convey 8 submarine cables. The 3 GW interconnection project is scheduled to be completed in two phases. The first 1.5 GW phase is slated to go live in July 2025 and the second one in early 2026, Asharq Business reports, citing an unnamed Egyptian government source.

RENEWABLES-

Acwa Power is among several companies bidding for plots to set up renewable energy projects in Egypt, after the country’s New and Renewable Energy Authority allocated land for the projects, Al Mal reports, citing unnamed sources from Egypt’s Electricity Ministry sources. The plots up for grabs span an area of 31k km and the total production capacity expected from these projects is estimated at 113 GW. Other potential bidders include Orascom Construction, the UAE’s Masdar and Al Nowais, and Norway’s Scatec.

Multinationals face leaner times as China’s growth slows

Multinationals are increasingly concerned about the state of China’s economy: China has not seen the economic turnaround post-Covid that many expected, with weak demand and sluggish growth pushing down consumer confidence. Amid the economic slowing, multinational companies are seeing sales decline as consumers cut back on spending and turn toward domestic brands — a trend executives believe will continue for the foreseeable future.

Sales are falling: According to advertising giant WPP, sales in the Chinese market have dropped nearly one-quarter in the last three months, reflecting the contraction of consumer appetite amid a sluggish economy. Foreign carmakers in particular have seen significant declines in sales, as consumer preference shifts toward EVs and away from the luxury auto market. Domestic competition is also playing a factor, as more and more Chinese brands outcompete multinationals in the Chinese market.

Distressed real estate markets are partly to blame: The heavily indebted Chinese real estate sector has seen growth slow since late 2021. With much of households’ wealth tied up in real estate, the downturn in the market has had a significant impact on consumer spending. “Uncertainty surrounding disposable income prospects, combined with further shrinkage of household wealth due to falling housing prices has led to a reduction in non-essential expenditure or a shift towards value-for-money product,” impacting not just restaurants but also other discretionary categories like “clothing, cosmetics, and gold and silver jewelry,” Fitch Ratings analysts say in a recent research note.

Still, a slow turnaround isn’t enough of a reason to turn one’s back on what is (arguably) the largest economy in the world, executives point out. “Even at current growth rates China still accounts for almost one-third of the world’s annual growth,” CEO of Yum China Joey Wat tells the Financial Times. And while lower sales hurt companies’ bottom lines in the present period, executives believe that the country’s “long-term fundamentals are still in place,” Anheuser-Busch InBev CEO Michel Doukeris tells the salmon-colored paper. Yet, despite a generally positive outlook, according to Wat “business is tough right now.”

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning after one particularly volatile week that saw major sell-offs then sharp rebounds. The Kospi is looking at gains of 0.9%, while Hong Kong’s Hang Seng is down 0.5% at dispatch time. The Nikkei is closed today as the Japanese observe Mountain Day.

MEANWHILE- Futures for US indexes are down this morning as investors await inflation data due on Wednesday.

TASI	11,772	+1.0% (YTD: -1.6%)
MSCI Tadawul 30	1,480	+1.2% (YTD: -5.2%)
NomuC	25,521	-1.1% (YTD: +4.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	29,533	+2.7% (YTD: +18.6%)
ADX	9,306	+0.1% (YTD: -2.8%)
DFM	4,195	0.0% (YTD: +3.3%)
S&P 500	5,344	+0.5% (YTD: +12.0%)
FTSE 100	8,168	+0.3% (YTD: +5.6%)
Euro Stoxx 50	4,675	+0.1% (YTD: +3.4%)
Brent crude	USD 79.66	+0.6%
Natural gas (Nymex)	USD 2.14	+0.8%
Gold	USD 2,473.40	+0.4%
BTC	USD 58,573	-4.1% (YTD: +38.6%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.0% yesterday on turnover of SAR 5.1 bn. The index is down 2.2% YTD.

In the green: Thimar Development Holding (+10.0%), Al Babtain (+9.9%) and Cenomi Retail (+9.9%).

In the red: Baazeem Trading (-9.1%), Wafrah for Industry and Development (-6.5%) and Al Moammar Information Systems (-4.4%).

THE CLOSING BELL: NOMU-

The NomuC fell 1.1% yesterday on turnover of SAR 38.3 mn. The index is up 4.2% YTD.

In the green: Ghida Alsultan (+9.7%), Fad International (+5.7%) and Qomel (+5.0%).

In the red: Group Five Pipe (-10.8%), Mohammed Hadi Al Rasheed (-9.2%) and Alhasoob (-7.9%)

CORPORATE ACTIONS-

#1- City Cement will distribute SAR 70 mn in dividends at SAR 0.5 per share for 1H 2024, it said in a disclosure to Tadawul. The distribution date is set for Monday, 2 September.

#2- The Saudi Investment Bank will distribute SAR 450 mn in dividends at SAR 0.36 a share for 1H 2024, it said in a disclosure to Tadawul. The distribution date is set for Wednesday, 28 August.

#3- Saudi Awwal Bank will distribute SAR 2.1 mn in dividends at SAR 1 per share for 1H 2024, it said in a disclosure to Tadawul. The distribution date is set for Wednesday, 28 August.

CALENDAR

AUGUST

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

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

12-13 August (Monday-Tuesday): Monshaat Franchise Tour, Al-Khobar.

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.

24-25 August (Saturday-Sunday): New Global Sport Conference 2024 (NGSC24), Four Seasons Hotel Riyadh.

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-1 October (Sunday-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.

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

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.

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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