Fourth Milling Company could raise SAR 858.6 mn from its Tadawul IPO

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WHAT WE’RE TRACKING TODAY

THIS MORNING: British trade ministers are in town for GCC freetrade talks

Good morning, wonderful people. We have an unexpectedly rather busy Monday morning on our hands, complete with the full suite: Some IPO news, some M&A, and some macro updates. But first…

We’re almost a week away from this year’s EnterpriseAM Finance Forum, taking place on Tuesday, 24 September.

Headlining the EnterpriseAM Finance Forum: We’ll be joined for the first time on stage by a senior government official, who’s joining us to outline a vision for where we’re going as a community and as an economy. The keynote interview will get underway at 9am sharp, and you won’t want to miss our exclusive networking breakfast from 8am.

Among the topics on the agenda, which you can view here:

Welcome to the hot seat — top industry CEOs set the tone by addressing the biggest (and toughest) questions of the day.
Looking from the outside in — what foreign investors and strategics think about Egypt right now.
The only asset class in town — It’s real estate or nothing. We’ll get into the ins and outs of the industry, how it’s financing itself, which areas (and price points) are next, and more.
Gazing into that crystal ball — The outlook for dealflow in 2025, from M&A and IPOs to securitization, FX and more.
A once in a generation opportunity? — A deep dive into the promise and pitfalls of the emerging energy economy.
Do we really love banking SMEs? — With NBFIs and fintech players staking their claims, banks are starting to take the SME market seriously.
The NBFI panel — The resilience of the Egyptian consumer is the business story of the decade. How are banks and NBFS players building sustainable businesses? What are the opportunities — and credit worries — in the B2B space?

Haven’t requested an invitation yet? Do it today — space is limited. Tap or click hereto let us know you’re interested.

** IMPORTANT NOTE — If you’ve already received your invitation on email, you *must* click through to confirm you’re attending.

HAPPENING TODAY-

British trade ministers are in Riyadh for talks on a trade agreement with the GCC, according to a statement. Trade Secretary Jonathan Reynolds and Trade Policy Minister Douglas Alexander are both set to lead negotiations, with Reynolds saying he’s looking for a “high-quality trade [agreement] that supports jobs, helps UK companies sell their products to the region and increases choice for consumers.”

REMEMBER- The GCC and the UK are hoping to wrap trade talks by the end of this year, with six rounds of talks having taken place so far.

PSAs-

#1- Reminder that obstructing emergency vehicles is a punishable offense: Drivers who “hamper” emergency vehicles — including ambulances and fire trucks — will be subject to a SAR 500-900 fine, the Saudi General Directorate of Traffic said, according to Gulf News. The directorate had previously said this violation would be punishable by a SAR 1k-2k fine.

#2- The three-month ban on laborers employed by the private sector working under the sun between 12-3pm has ended, the HR and Social Development Ministry said in a statement. The measure — imposed from 15 June until 15 September — was designed to protect workers’ health and safety during the hottest months of the summer.

WATCH THIS SPACE-

Tourism investment in Aseer from Hong Kong? Some Hong Kong-based businesses have expressed interest in investing in tourism and hospitality in Saudi, Aseer Region Development Authority Chief of Investment Sultan Alshehri tells South China Morning Post. Alshehri, who was in Hong Kong for the Belt and Road Summit and other events, was working to drum up investor interest during his trip.

DATA POINTS-

#1- The Saudi Central Bank’s (Sama) net foreign assets rose 5.6% y-o-y in July to SAR 1.6 tn, according to SAMA’s monthly bulletin (pdf). Meanwhile, net foreign assets at commercial banks dropped to negative SAR 14.1 bn from SAR 72.5 bn.

#2- Saudi pharma exports rose 33.3% y-o-y in 2023 to SAR 2 bn, Industry and Mineral Resources Ministry spokesperson Jarrah Al Jarrah told Aleqtisadiah. Local and international investments in the pharma sector have surpassed SAR 7 bn, with more than 56 companies operating in the Kingdom.

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THE BIG STORY ABROAD-

Business news is having a hard time getting ink on the digital front pages this morning as another possible Trump assassination late yesterday continues to dominate the global press. Republican presidential candidate Donald Trump was targeted in what appeared to be another assassination attempt yesterday while golfing at his golf course in West Palm Beach, Florida. Trump was deemed safe after US Secret Service agents attached to the former president spotted a rifle barrel in a bush and engaged the gunman in fire, before arresting a suspect later, who was identified as 58-year-old Ryan Routh.

Trump’s would-be assassins missed, but Harris’ attacks on his economic record seem to have hit on target, with US voters trusting the Democrat candidate to steward the US economy over her Republican challenger by a thin margin of two percentage points according to the latest FT-Michigan Ross poll, up 1 percentage point from last month, the Financial Times writes. Harris holds an even higher advantage among those that tuned into last week’s US presidential debate, with 48% saying that they trusted Harris more to manage the economy compared to Trump’s 42%.

WHILE IN BUSINESS NEWS- NYC-based VC firm Insight Partners is close to finalizing a new tech fund worth at least USD 10 bn in a sign that tech investors are tiptoeing back into what has been a very tepid VC market.

AND OVER IN THE MEDIA SPHERE- Berlin-based media giant Axel Springer may soonsee a deal to split up its profitable classifieds business — valued at USD 15 bn — and its media outlets, which include US news sites Politico and Business Insider in addition to German publications Bild and Die Welt.

CIRCLE YOUR CALENDAR-

Smart Cities Saudi Expo 2024 runs from 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.

The three-day Global Logistics Forum will kick off on Saturday, 12 October at Riyadh’s King Abdullah Financial District.

The Industrial Hackathon 2024 is scheduled for 10-11 October, the Saudi Industrial Development Fund spokesperson said on X. The hackathon will pit top Saudi talents against each other to showcase their design, production and sustainability solutions for the local manufacturing sector. Contestants will compete for a pool worth a combined SAR 1.4 mn.

The two-day Global PropTech Summit is happening on 27 October at the Mövenpick Hotel, Riyadh.

The Pakistan Investment Summit and Smart Expo will kick off 2 November at the Jeddah Hilton Hotel.

Fourth Milling Company could raise up to SAR 858.6 mn from Tadawul IPO

Fourth Milling Company (MC4) is guiding on a price range of SAR 5-5.3 for its IPO on the Tadawul, according to a disclosure to Tadawul by the offering’s financial advisor, bookrunner, and underwriter, Riyad Capital. The company could raise as much as SAR 858.6 mn (USD 228.8 mn) from the offering, by our math.

REMEMBER- The state-owned milling company is offering a 30% stake (162 mn shares) in a secondary share sale, according to the offering’s prospectus (pdf). The story was also picked up by Reuters.

Bookbuilding for institutional investors kicked off yesterday and will continue until this Thursday, 19 September. Institutional investors can subscribe to the entire offering, with a maximum allocation of 27 mn shares and a minimum of 300k shares each.

Market cap + proceeds: At the top of the range, MC4’s market cap will stand at SAR 2.9 bn at listing. Proceeds will go directly to the selling shareholders after deducting SAR 23 mn for offering-related expenses. Selling shareholders will not be able to sell down their positions for a period of 6 months starting from the first day of trading.

What’s next? The retail subscription process is set to kick off on Wednesday, 2 October and run for two days. Retail investors may receive up to 20% of the shares on offer if there is sufficient demand, with a maximum subscription limit of 250k shares and a minimum of 10 shares per investor. The final allocation of shares will take place on Sunday, 6 October and excess subscription fees are set to be refunded by Wednesday, 9 October.

Post-IPO ownership structure: MC4 is currently 100% owned by Allana International, Abdullah AlOthaim Markets and United Feed Manufacturing, with each holding equal shares. Their post-IPO holding will settle at a combined 70% stake.

ADVISORS- Riyad Capital is quarterbacking the transaction as lead manager, financial advisor, book-runner and underwriter, with Baker Mckenzie providing counsel to the issuer. PwC is financial due diligence advisor, Euromonitor International was tapped as market study consultant, and EY is auditor. Riyad Bank and Arab National Bank are receiving agents. Meanwhile, Khoshaim & Associates is counsel to Riyad Capital.

IN OTHER IPO NEWS-

The retail subscription period for Almajed for Oud’s Tadawul IPO wrapped up yesterday, with the final share allocations scheduled to be announced on Thursday, 19 September. The perfume retailer is taking a 30% stake to the main market (equivalent to 7.5 mn shares) at SAR 94 apiece. Institutional book building for the offering wrapped up in late August.

Inflation inches up to 1.6% in August

Inflation accelerated slightly in August to 1.6% y-o-y, compared to 1.5% in July, according to data released yesterday by the General Authority for Statistics (Gastat) (pdf). On a monthly basis, consumer prices rose 0.1% m-o-m, on the back of a 0.4% rise in housing, water, electricity, gas, and other fuels, a 0.5% increase in actual housing and rents, and a 0.4% hike to food and beverages.

IN CONTEXT- Inflation held steady at 1.6% for three consecutive months from March through May of this year but declined to 1.5% in June and July.

Tough luck, renters: House rental prices — the heaviest weighted component in the consumer basket — rose 10.7% y-o-y in August, fueled by a 10.8% spike in apartment rents. Food and beverages edged up 0.9%, thanks to a 4.6% jump in vegetable prices.

Dining out also got a bit more expensive, with restaurants and hotel prices up 1.6%, driven by pricier catering services. Education costs followed suit, rising 1.6% y-o-y, on the back of a 3.8% boost to intermediate and secondary education costs.

Meanwhile, healthcare costs dipped 1.1% y-o-y during the month, while furnishing and household equipment dipped 3.5%, clothing and footwear fell 3.2%, and transport prices dropped 3.4% y-o-y.

August saw producer prices creep up to 3.2% y-o-y, on the back of an 8.1% rise in transportable goods, according to Gastat’s wholesale price index (pdf). Also contributing to the hike were upticks in basic chemicals (13.9%) and refined petroleum products (12%). Meanwhile, August wholesale prices were up 0.2% m-o-m.

Ma’aden to acquire 25.1% stake in JV with Alcoa for USD 1.1 bn

Ma’aden and US aluminum maker Alcoa signed a binding sale and purchase agreement that will see Ma’aden buying a 25.1% stake in its JV with Alcoa for USD 1.1 bn, Alcoa and Ma’aden (pdf) said in separate statements. Under the agreement, Ma’aden will give Alcoa roughly 86 mn Ma’aden shares and USD 150 mn in cash, according to Alcoa’s statement. The transaction is expected to close in 1H 2025. Reuters also had the story.

The nitty gritty: Under the agreement, Alcoa will transfer its shares in two JVs — Ma’aden Aluminium Company (MAC) and Ma’aden Bauxite and Alumina Company (MBAC) — to Ma’aden. With the newly-issued Ma’aden shares, Alcoa will have a 2.2% stake in Ma’aden after the transaction. Alcoa’s shares will be subject to a three-year lockup period. One-third of these shares will become transferable after each of the third, fourth, and fifth anniversaries of the agreement closing. During this time, Alcoa can hedge or borrow against its shares. In some cases, the minimum holding period may be shortened.

What’s next? Once completed, Ma’aden will have full ownership and control of MAC and MBAC, and Alcoa will shift from JV partner to shareholder.

BACKGROUND- The JV was formed in 2009, and now includes MBAC and MAC. Alcoa owns 25.1% in the JV and Ma’aden holds 74.9%. Alcoa’s investment was valued at USD 545 mn as of June 2024.

We now have expanded yacht regs covering foreign boats

The Kingdom’s first-ever yachting regulations now include requirements for visiting private yachts, cruise ships, and leasing mega yachts, after the Saudi Red Sea Authority (SRSA) issued amendments complementing yacht regulations that came into effect earlier this month. The regulations provide frameworks for managing yacht registration, licensing, and operations within the country's waters that were limited in scope to Saudi-registered crafts.

Visiting yachts must obtain a technical license and a cruising permit before entering or docking in the territorial waters of Saudi Arabia. A tourist trip permit is also required for traveling between destinations within Saudi waters. Entrance without a license is permitted in case of emergencies, but a tourist agency must be assigned within three days of arrival. Air vehicles aboard visiting yachts must also be cleared by the General Authority for Civil Aviation.

Cruise ships entering Saudi also have document + credential requirements: Cruise ship operators require documents in Arabic or English, a commercial register, and an investment license for foreign or mixed ownership companies to apply for permits. Operators need at least two years of experience, a municipal license, and must follow international maritime treaties. Ship ownership is not required, and third-party operations are allowed if licensed. To obtain the license, operators must submit all required documents through SRSA’s online platform, with a 24-hour timeframe for approvals. The regulations on environmental preservation have also been extended beyond waste dumping to cover all activities that may damage marine ecosystems. Meanwhile, both cruise ship organizers and operators are required to adhere to security and safety laws.

Updated regulations for leasing mega yachts require tourist navigation agents to comply with the Kingdom’s border security system in addition to existing regulations. To obtain a tourist rental license, large yachts with foreign flags must apply through the online platform, providing a valid navigation license from the General Transport Authority and a technical (tourism and entertainment) license, both of which must be valid during the rental period.

Chubb Arabia CEO steps down + Saudi Fisheries gets a new MD

Chubb Arabia CEO Talal Omar Bahafi (LinkedIn) has stepped down from his position due to personal reasons, effective Monday, 30 September, the company said in a filing to Tadawul.

Saudi Fisheries Company’s board appointed Saeed Abdullah Al Muaither as managing director, effective yesterday, it said in a disclosure to Tadawul.

More coverage of S&P credit outlook upgrade

Bloomberg took note of S&P Global’s upgrade of the Kingdom’s sovereign debt outlook to positive from stable, citing the government’s wide-reaching economic diversification plans aimed at boosting non-oil growth.

Meanwhile, the Financial Times is out with an opinion piece on changing dress codes in Saudi that came with Crown Prince Mohammed bin Salman’s reforms.

Riyadh Commercial Court awards Al Akaria SAR 187.5 mn compensation

DISPUTE WATCH-

Al Akaria secures compensation in final court ruling: Saudi Real Estate (Al Akaria) was handed down a final ruling from the Riyadh Commercial Court that will see it receive SAR 187.5 mn, according to a filing to Tadawul. Al Akaria pushed for legal action in 2022, claiming that UAE-based Al Bayan Holding Group Company refused to pay financial liabilities pertaining to a 2016 agreement under which Al Akaria had invested SAR 187.5 mn in debt instruments.

M&A WATCH-

GO sets out to acquire Ejad Tech: Telecom company Etihad Atheeb (GO) inked a binding MoU to acquire 51% stake in IT service provider Ejad Tech for SAR 86.7 mn, it said in a filing to Tadawul. The transaction — pending regulatory approvals — is expected to be finalized in 4Q 2024. GO tapped Mekyal Financial Technologies as financial advisor, while Ejad Tech appointed ValuHub.

DEBT WATCH-

Zahrat Al Waha renewed a SAR 60 mn Shariah-compliant loan agreement with the Saudi National Bank, according to a disclosure to Tadawul. The credit facility, which runs until the end of May 2025, will be used to open letters of credit for raw material purchases.

Nama Chemicals signed an agreement with the National Bank of Kuwait to reschedule SAR 35.5 mn in outstanding debt, extending the repayment period to end in June 2027, instead of October 2025, it said in a bourse filing. The agreement aims to reduce the company’s monthly cash outflows.

SHIPPING + MARITIME

Mawani adds new shipping service to Jeddah Islamic Port: The Saudi Ports Authority (Mawani) has added Ocean Network Express’s RG2 shipping service to Jeddah Islamic Port, it said in a statement. The RG2 service is a weekly route with a capacity of some 2.9k standard containers and connects Jeddah with the ports of Mundra in India, Jebel Ali in the UAE, Aqaba in Jordan, and Sokhna Egypt.

FINTECH-

Kafaa Capital received the green light from the Capital Market Authority to test its debt instruments investment platform, after it was granted the fintech experiment license, according to a statement from the Authority.

MANUFACTURING-

Modon has inked a SAR 270 mn agreement with Nestlé to develop a 117k sqm site in Jeddah’s third industrial city for its first food factory in Saudi Arabia, set to open in 2025, it said in a disclosure to Tadawul. The factory will specialize in baby food and use automation and packaging tech to produce 15k tons annually, creating hundreds of jobs.

CAPITAL MARKETS-

Arqaam Capital Financial has been licensed by the Capital Market Authority to act as an advisor and arranger in securities, it said in a disclosure to Tadawul. This follows the completion of all required business commencement steps, with the license granted on 29 May, 2023.

The big question of the week: How far will the Fed go?

It’s interest rate week — and speculations are still swirling around the Federal Reserve’s moves in its two-day meeting tomorrow and Wednesday, with analysts torn between the arguments for a 25 bps cut and a more aggressive 50 bps cut amid persistent inflation and a cooling job market.

In one corner: Conservative voices argue that inflation remains a concern — particularly in the services sector — and that a smaller rate cut would be a safer move.

And in the other: A rapidly cooling job market, which presents a more pressing risk than inflation, underpins the argument for a large rate cut, the Financial Times’ editorial board argues in an op-ed, saying that with inflation down to 2.5% — moving toward the targeted 2% — a significant rate cut would help stave off economic stagnation and support employment. The board also argues that the persistent inflationary factors are lagging behind actual market prices, and that useful indicators like wage growth, are tame by comparison.

Market expectations tilted toward a larger cut over the weekend, buoyed by signals from former Fed officials — meaning the central bank has the opportunity to take bold action without spooking investors, the FT’s board writes.

Regardless of the outcome of this week’s meeting, the journey to the end of the rate-cutting cycle remains fraught with uncertainty, writes Egyptian-American economist — and EnterpriseAM HQ favorite — Mohamed El Erian in a separate editorial for FT. He points out that US economic growth has been more robust than many anticipated, but this growth has not been evenly distributed. Lower-income households, in particular, are feeling the strain as pandemic savings dwindle and credit card debt rises. El Erian highlights the risk of this economic weakness spreading beyond lower-income households, which could further complicate the Fed’s decision-making process.

Global impact of US monetary policy: As the Fed navigates its rate-cutting cycle, emerging markets may also feel pressure to follow suit, leading to potential disruptions in international financial stability. El Erian emphasizes that while markets are optimistic about a “soft landing” for the US economy, this confidence may not fully account for the complexities of global financial dynamics, particularly in the bond markets.

MARKETS THIS MORNING-

Asian markets are mixed as Hong Kong’s Hang Seng fell 0.76% on the back of disappointing economic data from China — though markets in mainland China, Japan, and South Korea were closed for national holidays. Meanwhile, Wall Street futures are hovering around the flatline as investors hold their breath for the upcoming Fed meeting.

TASI	11,900	+0.5% (YTD: -0.6%)
MSCI Tadawul 30	1,479	+0.5% (YTD: -4.7%)
NomuC	25,770	-0.6% (YTD: +5.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	30,498	0.0% (YTD: +22.5%)
ADX	9,350	+0.5% (YTD: -2.4%)
DFM	4,380	+0.4% (YTD: +7.9%)
S&P 500	5,626	+0.5% (YTD: +18.0%)
FTSE 100	8,273	+0.4% (YTD: +7.0%)
Euro Stoxx 50	4,844	+0.6% (YTD: +7.1%)
Brent crude	USD 71.61	-0.5%
Natural gas (Nymex)	USD 2.31	-2.2%
Gold	USD 2,610.70	+1.2%
BTC	USD 59,619.40	-0.7% (YTD: +41.5%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.5% yesterday on turnover of SAR 4.1 bn. The index is down 0.6% YTD.

In the green: Sfico (+9.9%), Amlak (+7.6%) and Saico (+7.4%).

In the red: Al Baha (-5.6%), MESC (-2.0%) and First Mills (-1.8%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% yesterday on turnover of SAR 26.7 mn. The index is up 5.1% YTD.

In the green: Naba Al Saha (+6.9%), Leaf (+6.0%) and Obeikan Glass (+5.0%).

In the red: APICO (-9.4%), Burgerizzr (-8.2%) and Molan (-7.4%)

CORPORATE ACTIONS-

Etihad Etisalat (Mobily) will distribute SAR 639 mn in dividends at SAR 0.90 per share for 1H 2024, it said in a filing to Tadawul. Eligible shareholders will receive the dividends starting Sunday, 6 October.

Saudia Dairy and Foodstuff will distribute SAR 192 mn in dividends at SAR 6 per share for 1H 2024, it said in a filing Tadawul. Payments will be made to eligible shareholders on Thursday, 7 October.

Dominica looks to revamp its infrastructure with USD 41 mn loan from the Saudi Fund for Development

The Saudi Fund for Development is providing the Commonwealth of Dominica with a USD 41 mn loan to finance infrastructure projects in its capital Roseau, according to state news agency SPA . Dominica will use the funds to construct and rehabilitate seven main roads, upgrade water drainage networks, and relocate electricity and communication lines underground.

Egyptian ministers look to drum up more investments from Saudi: Egyptian Prime Minister Moustafa Madbouly, Finance Minister Ahmed Kouchouk, and Investments Minister Hassan El Khatib touched down in Riyadh yesterday to discuss strengthening trade and investment between Saudi and Egypt, according to an Egyptian cabinet statement. The talks focused on showcasing potential investments and Egypt’s ongoing economic reform program, with the ministers presenting Egypt’s newly released tax policy and efforts to eliminate barriers currently faced by Saudi investors.

A bilateral investment agreement in the works? The two sides also made headway on an Agreement on Promotion and Mutual Protection of Investments between the two countries, which aims to help protect Saudi investors as they look to double their investments in the country in the coming period, according to Investment Minister Khalid Al Falih.

CALENDAR

SEPTEMBER

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

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

16 September (Monday): The Federation of Saudi Chambers’ meeting on iron and steel, Riyadh.

16-17 September (Monday-Tuesday): MEP International Conference 2024, Hilton, Jeddah.

16-17 September (Monday-Tuesday):Building Envelope Design and Insulation Conference (Bedic) 2024, Hilton, Jeddah.

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.

16 November (Saturday): Latino Night at Riyadh Season, 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.

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, 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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