Fourth Milling moves closer to Tadawul IPO

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Al Khorayef continues East Asia tour

Good morning, friends. A new week is upon us, promising a somewhat busy week with a news cycle that cuts across different areas of interest. Leading this morning’s news well is Fourth Milling Company issuing its prospectus for its planned IPO on Tadawul’s main market, followed by reports that Aramco and the Abu Dhabi National Oil Company could be competing for Shell’s downstream business in South Africa.

^^ We have details on these stories and more in this morning’s news well, below.

HAPPENING TODAY-

The International Artificial IntelligenceOlympiad(IAIO) will kick off in Riyadh today and run through to this Thursday, 12 September, according to state news agency SPA. Organized by the Saudi Data and Artificial Intelligence Authority, the event will feature participants from 25 countries.

WEATHER- Riyadh’s mercury will peak at 42°C today, before dropping to a low of 28°C. Meanwhile, Jeddah will see a high of 39°C, and a low of 31°C.

HAPPENING THIS WEEK-

Industry Minister Bandar Alkhorayef landed in Hong Kong yesterday to discuss industrial cooperation with key organizations including Hong Kong’s Department of Trade and Industry, the Innovation Office, Hutchison Ports, the Federation of Hong Kong Industries, Cyberport, and Johnson Electric Group, state news agency (SPA) reports. This visit is part of a broader one-week economic mission to East Asia.

Al Khorayef already made a stop in China, where he rolled out the red carpet for investors eyeing the Kingdom’s automotive, food, pharma, and aviation industries during a roundtable meeting organized by the Federation of Saudi Chambers in Guangzhou, state news agency SPA reported. Al Khorayef also discussed potential investments in lithium for EV batteries and copper refining with major Chinese mining firms in a meeting with top representatives from General Lithium Corporation and Jiangxi Copper, according to a separate report.

#2- Savola Group’s shareholders will have until this Tuesday, 10 September, to exercise their rights to purchase additional shares, after its SAR 6 bn rights issue wrapped up on Thursday, according to a filing to Tadawul. The Tadawul-listed player will then reduce its capital before offloading its entire 34.5% stake in Almarai to its existing shareholders.

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

PSAs-

#1- Students are getting a four-day weekend for National Day: Schools will be closed on Sunday and Monday, 22-23 September, in observance of National Day (which falls on Monday, 23 September), Al Arabiya reports. Meanwhile, the Saudi Central Bank (Sama) — along with banks and all other institutions under Sama’s purview — will be off on Monday, 23 September, Sama confirmed last week. We’re still waiting for an announcement from Tadawul.

#2- Some 34 investment tenders in Al Hujrah governorate are up for grabs on the Furas platform, state news agency (SPA) reported.

WATCH THIS SPACE-

#1- Nomu-listed Gas Arabian Services (GAS) has submitted a request to regulators to transition to Tadawul’s main market, according to a disclosure to Tadawul. In preparation for the transition, GAS planned to debut an additional 10% stake on the market in a secondary share sale to meet requirements to transition to Tadawul’s main market. Yaqeen Capital will be acting as financial advisor on the potential transaction.

#2- Saudi Arabia has identified Italy as a “partner of choice to bring green products to the European continent,” as the Kingdom looks to ramp up production of blue and green hydrogen as part of efforts to diversify away from traditional hydrocarbon products, Reuters quotes Investment Minister Khalid Al Falih as saying at a conference in Milan. Al Falih also cited a need to build out ports and pipelines to carry low carbon energy exports to Europe, adding that he intends to visit Germany and other European countries to drum up support among customers and partners.

REMEMBER- Saudi has been working to develop green and blue hydrogen capacity here at home, after launching its national green hydrogen production strategy in 2020. It set a target to generate 1.2 mn tons of green hydrogen and supply 10% of global hydrogen demand by 2030. It aims to generate 50% of its electricity from renewable energy sources by the end of the decade. Neom Green Hydrogen Company, a joint venture between Neom, Acwa Power, and Air Products, is setting up a USD 8.5 bn utility-scale green hydrogen facility with a 1.2 mn ton annual green ammonia production capacity powered by nearly 4 GW of renewable power.

#3- The Regional Cloud Seeding Program is now in its fifth phase, covering most of the KIngdom, according to state news agency SPA. The program aims to boost rainfall by up to 20%, provide an alternative water source, expand green areas, and combat desertification. In 2023, 415 cloud seeding flights were conducted across six regions in Saudi.

#4- The profitability of GCC banks looks set to stay strong this year thanks to “increasing lending volumes, higher fee income, stable margins, and strong cost efficiency,” according to an S&P Global report. The ratings agency forecasts the US Federal Reserve will cut interest rates by 150 bps between September 2024 and the end of 2025.

How 1H 2024 went: GCC banks’ net income margins remained stable at 2.7% in 1H, driven by prolonged higher interest rates, while return on assets increased to 1.74% from 1.65% at the end of 2023. Non-oil sectors in Saudi and the UAE drove 10.4% annualized lending growth for the top 45 GCC banks during the period, up from 6.7% in 2023.

DATA POINTS-

#1- Cargo handling at Saudi ports increased 26.6% y-o-y to 30.5 mn tons in August, the Saudi Ports Authority (Mawani) said in a statement. Import containers jumped 15.2% y-o-y during the month to 261.3k TEUs, while export containers rose 18.8% to 259k TEUs.

#2- Fintech companies added SAR 5 bn to total assets under management between 2022 and 1H 2024, Abdullah Mohammed Binghannam, deputy of financing and investment at the Capital Market Authority told Aleqtisadiah.

#3- The number of workers on private sector payrolls came in at 11.6 mn in August, the National Labor Observatory said in a post on X. This includes 2.4 mn Saudi nationals — 1.4 mn men and 972.7k women — and 9.2 mn expats.

OIL WATCH-

Opec+ hits the brakes on oil production hike: OPEC+ has agreed to suspend its planned 180k bpd output hike for October and November, according to a statement. The move comes after prices fell to their lowest level in a year. While the group still intends to move forward with its plan to revive 2.2 mn bpd of idle supply over the year, the timeline for the process is now set to be complete by December 2025, two months later than originally planned.

Aramco has set the October official selling prices for its flagship Arab Light Crude to Asian buyers at USD 1.3 / barrel above the Oman and Dubai benchmarks, it said in an emailed statement to Enterprise. North American buyers will pay at a USD 4 premium to the Argus Sour Crude Index, while Northwest Europe and the Mediterranean will see USD 0.45 and USD 0.35 premiums to ICE Brent.

SPORTS-

#1- Saudi kicks off World Cup qualifiers with a draw: The Saudi national team started the third round of the 2026 World Cup Asian qualifiers with a 1-1 draw against Indonesia at King Abdullah Sports City Stadium in Jeddah, the Saudi Gazette reports. The home team was placed in Group C with Australia, Japan, China, Indonesia, and Bahrain.

#2- Judd Trump clinched the title of Saudi Arabia Snooker Masters champion, edging out Mark Williams 10-9 in a final that was decided on the last ball. This tournament marked Saudi Arabia's first-ever ranking snooker event, with Trump and Williams advancing to the final after defeating Shaun Murphy and Si Jiahui, respectively.

#3- Belgian pro league club Beerschot has completed the signings of Faisal Al Ghamdi and Marwan Al Sahafi, it said in two separate posts on X (here and here). The two players joined from Al Ittihad.

#4- Formula E has moved Saudi’s double-header to Jeddah, after it was initially set to take place in Diriyah on 14 and 15 February 2025, according to Formula E’s season calendar. Despite the change in venue, the event’s date is unchanged.

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THE BIG STORY ABROAD-

As is usually the case on Sundays, the global business press is light on big announcements with several business stories fighting for space on the digital front pages alongside US election coverage, Gaza, and Ukraine coverage.

Even the business news is US election news today, with the Biden administration reportedly readying a proposal for a new national security-focused US sovereign wealth fund that would allow the US to invest in areas like energy, tech, and certain critical supply chains as the country seeks to counter competitor countries’ (read: China’s) hold on key raw materials and technologies. While details remain fuzzy, reports suggest that policymakers are discussing targeting investing in emerging technologies with high barriers to entry and the production of synthetic critical minerals, among others.

A similar proposal has been endorsed by Trump, raising hopes among the proposal’s advocates that such a plan could muster the bipartisan support needed to see Congress pass it into law before the close of the Biden presidency.

OVER IN THE OIL MARKET NEWS- OPEC+ has delayed planned production hikes for an additional two months after the price of Brent crude fell to its lowest levels this year on the back of weak Chinese demand and the suggestion that some Libyan oil could soon come back on the market.

WHILE IN BIG TICKET M&A NEWS- BlackRock’s USD 12.5 bn agreement to buy Global Infrastructure Infrastructure Partners finally earned the greenlight that would see the sprawling global asset-manager portfolio of infrastructure assets rise to a cool USD 150 bn.

AND IN AI NEWS- Apple’s new iPhone will be armed with Arm, with Arm’s most recent V9 chip design used in the iPhone 16 set to drop tomorrow being talked up as Apple's special ingredient to realize its AI ambitions.

CIRCLE YOUR CALENDAR-

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

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

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

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

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

Fourth Milling inches closer to a debut on Tadawul’s main market

Saudi flour manufacturer Fourth Milling Company (MC4) is taking a 30%stake to Tadawul’s main market in a secondary share sale, according to the company’s prospectus (pdf). The state-owned company is putting 162 mn shares up for grabs.

Subscription limits: Institutional investors will be able to subscribe to 100% of the offering, booking a maximum of around 27 mn shares and a minimum of 300k shares each. Meanwhile, retail investors may receive up to 20% of the shares on offer if there is sufficient demand. Each retail investor would be allowed to subscribe for a maximum of 250k shares, and a minimum of 10 shares.

Use of proceeds + lockup: Proceeds from the sale will go directly to the selling shareholders, after some SAR 23 mn are used to cover IPO-related expenses, according to the prospectus. They will not be able to sell down their positions for a period of 6 months starting from the first day of trading.

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.

The timeline:

Institutional investors will be able to place their orders starting Sunday, 15 September until Thursday, 19 September;
The two-day retail subscription process is slated to start on Wednesday, 2 October;
The final allocation of shares will take place on Sunday, 6 October;
Any excess subscription fees will be refunded by Wednesday, 9 October.

By the numbers: MC4’s net income dropped 12.4% y-o-y to SAR 142.8 mn in 2023, and its revenues declined 2.2% to SAR 565.6 mn.

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 will act as 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 will act as legal advisor to Riyad Capital.

Aramco eyes Shell’s South Africa downstream business

Aramco + Adnoc going head to head in South Africa? Oil giant Aramco and Abu Dhabi National Oil Co. (Adnoc) are reportedly vying for Shell’s network of selrvice stations in South Africa, Bloomberg reports, citing unnamed sources it says are familiar with the matter.

Other bidders? Global commodities trader Trafigura could be interested. Long-shot players could also be interested, including Omani energy firm OQ, South Africa’s Central Energy Fund, and South Africa’s chemicals and energy player Sasol, according to Bloomberg.

Not the first time we’ve heard this: Shell confirmed in May that it’s looking to sell its South Africa downstream assets, leading to unconfirmed news reports that Aramco had its eyes on the assets.

Aramco has an appetite for downstream assets: “The downstream business is where we have M&A opportunities and now LNG (liquefied natural gas) as well. We have targets and markets and we work with these opportunities as they come,” Aramco Executive Vice President Yasser Mufti told Reuters last week. Aramco also acquired a 40% stake in oil retail company Gas & Oil Pakistan in June.

The details: Shell aims to raise up to USD 1 bn from this sale, which encompasses their trading and fuel supply operations across 600 stations in the country. The sale would include the company’s aviation, marine, construction and road, trading and supply, commercial fuels, and lubricant operations.

The timeline: A final list of bidders is expected soon and binding offers are due by December. The final decision on the sale could be made by the end of this year or possibly stretch into early 2025.

ADVISORS- Shell is being advised on the sale by Rothschild & Co.

Saudi sets first regs for tourism yachts in the Red Sea

Saudi Arabia's first yachting regulations set out licensing requirements for tourism, leisure vessels: The new yacht regulations provide a structured framework for managing yacht registration, licensing, and operations within the country's waters. The move aims at ensuring that all registered yachts and their activities comply with local maritime regulations, particularly those involved in leisure and tourism. The regulations set out by the Saudi Red Sea Authority’s (SRSA) went into effect on Thursday.

Who is + isn’t covered: The new system applies to all yachts under Saudi registration and lays out requirements for obtaining navigational and technical licenses. It’s unclear how the regulations impact foreign yachts.

Licensing: Yacht owners must submit registers on SRSA’s online platform by submitting inspection reports, navigation licenses, and ins. details. Licenses cost SAR 4k and run for a six-month period.

For owners wishing to charter out their vessels for leisure purposes, the regulations require appointing a licensed maritime agent and meeting various legal and technical criteria.

Safety + service + environmental protection: The rules also ensure yachts are appropriately equipped for passenger safety and comfort, with guidelines on capacity and necessary services, with strict requirements for crew training in first aid and emergency preparedness. They also emphasize environmental responsibility, urging yacht operators to reduce plastic usage and protect marine ecosystems.

IN OTHER REGULATION NEWS-

#1- All customs service fees for exports will be waived starting 6 October under new regulations introduced by the Zakat, Tax and Customs Authority (Zatca). Meanwhile, a new mechanism will be implemented to reduce customs declaration service fees for personal imports, where a fee of 0.15% of the value of incoming goods will be enforced, in addition to a SAR 15 fee on goods purchased through online stores whose value is less than SAR 1k.

What has changed? The new fee structure seeks to unify charged fees on imports by tying them to the 0.15% fee, whereas they previously included various charges such as SAR 100 for X-ray inspections, SAR 100 for information exchange services, and SAR 20 for declaration processing. The updated fee structure stipulates a maximum fee of SAR 500 and a minimum of SAR 15, including ins. and shipping. For goods exempt from duties, the maximum fee will be capped at SAR 130.

#2- Fresh regulations for parking spaces designated for individuals with disabilities: The guidelines specify that the parking slots should be placed near entrances to buildings and elevators, have adequate lighting, be clearly marked with signs, connected with ramps, and placed between horizontal access routes, according to a post on X.

Reachware closes USD 3 mn seed funding round led by Sadu Capital

Homegrown SaaS provider Reachware has secured USD 3 mn in a seed-funding round led by Sadu Capital’s early-stage fund, with participation from 500 Sanabil Investments and PIF-owned digital security firm Elm, according to a press release. Reachware offers tools for integrating customer relationship management (CRM), enterprise resource planning (ERP), and inventory management systems, while automating data entry and providing advanced real-time analytics.

The startup will use the investments to boost its presence in the GCC region, ramp up sales and marketing, and expand its product portfolio. “This includes hiring qualified talent, exploring AI and machine learning technologies to enhance its offerings, and improving its partnership program,” the statement reads.

Meet Reachware: Established in 2021 by Maysarah Mechaal (LinkedIn) and Hamza Abusitta (LinkedIn), the outfit has so far signed up more than 300 clients from the retail, manufacturing, financial services, hospitality, and e-commerce sectors.

Fresh moves at Thob Al Aseel + Saudi Advanced Industries

#1- Men’s garments maker Thob Al Aseel has reappointed Faisal Abdullah Al Jedaie (Linkedin) as chairman and Abdulrahman Abdullah Al Jedaie as vice chairman, according to a disclosure to Tadawul. Al Jedaies will retain their posts for another three years, ending 3 September 2027. Faisal has held the chairmanship at Thob Al Aseel since 2016, and has had previous stints as CEO of Cenomi Centers, among several other leadership positions.

#2- Saudi Advanced Industries acting CEO Abdullah Sulaiman Al Juraish has stepped down from his position, the company said in a filing to Tadawul.

Netherlands’ Bergwijn clashes with national coach over Saudi move

It’s a relatively slow morning for Saudi in the foreign press, giving football drama an open field to lead coverage.

Bergwijn exchanges words with Dutch manager over Saudi move: Netherlands international Steven Bergwijn — who moved to Al Ittihad for EUR 21 mn — is in the headlines for butting heads with Dutch team coach Ronald Koeman, who claimed Berwijn’s move to Saudi would jeopardize his place in the national team. Following Koeman’s claims that players should focus on their sporting ambitions rather than financial gains, Bergwijn said that Koeman “knows very well that the competition in Saudi Arabia is at a great level.” The back-and-forth is getting wide play in the foreign press: Reuters | ESPN | BBC | AP | New York Times

MEANWHILE- The IMF’s annual review of the Saudi economy out last week got pickup from Bloomberg over the weekend (here and here)

Indian firms land major infrastructure contracts in the Kingdom

INFRASTRUCTURE-

#1- India-based firm lands a USD 317 mn desalination contract: VA Tech Wabag was awarded a USD 317 mn contract by the Saudi Water Authority to build a new desalination plant in Yanbu under an EPCC contract, Webag said in a disclosure to the Indian Exchange (pdf). The plant will have a capacity of 300 mn liters of fresh water per day and is scheduled to be completed within a 30-month period.

#2- India-based infrastructure construction firm KEC International will install 380 KV transmission lines across the Kingdom, after landing a SAR 64 mn (INR 14.23 bn) contract, according to a filing to the Indian Stock Exchange (pdf).

AUTOMOTIVE-

#1- India-based EV maker Wardwizard Innovations and Mobility is set to build an electric vehicle assembly plant and an EV cell plant in the Kingdom under a new joint venture with an unnamed local player, Reuters reported. The assembly plant will manufacture two-wheelers, three-wheelers, and four-wheelers, with plans to add electric buses at a later stage. The value of the potential JV and the timeline for the projects were not disclosed.

#2- Food delivery outfit Jahez Group added 30 EVs to its fleet, it said in a post on X. The vehicles can travel 200 km on a single charge.

M&A WATCH-

#1- Al Khaleej Training and Education’s potential acquisition of Adhwaa Al HedeyaSchools got the greenlight from the General Authority for Competition, according to a disclosure to Tadaw ul. Al Khaleej Training entered a sale and purchase agreement to acquire 80% of Adhwaa Al Hedeya through a share swap. Al Khaleej will boost its capital by 34.9% in order to give the selling shareholder, Ethraa Holding, a 25.8% stake in Al Khaleej.

#2- Commercial Growth Development plans to divest its 5.6% stake in Tadawul-listed BinDawood Holding, according to a document seen by Bloomberg. Goldman Sachs Saudi Arabia and SNB Capital are reportedly managing the sale.

INVESTMENT WATCH-

The Investment Ministry and the General Authority for Military Industries signed an MoU with Italy’s ELTGroup that will see them mull potential investments in the domestic military sector, state news agency SPA reported.

MINING-

Saudi-based credit rating agency Simah Rating Agency (better known as Tassnief) maintained its long-term (A-) and short-term (T-3) ratings for Alkhorayef for Water and Power Technologies Company, according to a press release. The rating action reflects the water infrastructure company’s “strong governance framework, experienced management team, robust internal controls, and a healthy & improving financial risk profile.”

FINTECH-

Fintech startup Barqwill add Mastercard Gateway to its payment solutions under a freshly inked agreement, according to a press release.

Ultra-rich families are set to control USD 9.5 tn by 2030

The (ultra) rich get (ultra) richer: The wealth controlled by ultra-rich families is expected to hit USD 9.5 tn by 2030, up 73% from today’s USD 5.5 tn, Bloomberg reports, citing estimates from consultancy Deloitte. Family offices — private investment firms for the wealthy — are growing fast, with their numbers projected to rise by one-third to over 10.7k over the same period.

What’s driving the growth? Wealth inequality is concentrating “more money in the hands of the very rich,” while it is increasingly becoming easier to set up family offices, the outlet reports. More family offices are popping up, and some are rivaling hedge funds in size and talent. These firms are taking on bigger roles in markets with some acting as activist investors.

Uh, Enterprise, what are activist investors? Activist investors are shareholders who use their equity stake to influence a company's operations, often pushing for changes to increase shareholder value.

Most family offices are small but mighty: The average family office manages some USD 2 bn with just 15 employees, and one-third of these firms are run by someone outside the family, according to the Deloitte report. “It can definitely be risky managing that much wealth,” Rebecca Gooch, global head of insights for Deloitte Private said. “Family offices really need to be careful about who they bring on board,” she added.

ALSO WORTH NOTING FROM PLANET FINANCE- The UAE is emerging as a standout among higher-rated emerging market borrowers as a global risk-off, worries about US growth, and lower US yields push investors to look at safer EM assets in search of returns, Bloomberg suggests. “Investors like the combination of twin surpluses, FX reserve accumulation, lack of political noise and a supportive local bid,” fixed-income portfolio manager at Arqaam Capital, Fady Gendy, told the outlet.

TASI	12,099	-0.2% (YTD: +1.1%)
MSCI Tadawul 30	1,511	-0.1% (YTD: -2.6%)
NomuC	25,769	-0.7% (YTD: +5.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	31,030	+0.1% (YTD: +24.7%)
ADX	9,448	-0.3% (YTD: -1.4%)
DFM	4,373	+0.04% (YTD: +7.7%)
S&P 500	5,408	-1.7% (YTD: +13.4%)
FTSE 100	8,181	-0.7% (YTD: +5.8%)
Euro Stoxx 50	4,738	-1.6% (YTD: +4.8%)
Brent crude	USD 71.06	-2.2%
Natural gas (Nymex)	USD 2.28	+0.9%
Gold	USD 2,524.6	-0.7%
BTC	USD 54,138	+1.5% (YTD: +28.5%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% last Thursday on turnover of SAR 7.7 bn. The index is up 1.1% YTD.

In the green: Cenomi Retail (+10%), Sieco (+9.9%) and Al Baha (+7.1%).

In the red: Wataniya (-4.9%), Red Sea (-4.5%) and Astra Industrial (-3.9%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.7% last Thursday on turnover of SAR 40 mn. The index is up 5.1% YTD.

In the green: NGDC (+9.7%), Leen Al Khair (+7.6%) and Paper Home (+7.4%).

In the red: Al Hasoob (-7.7%), Taqat (-4.2%) and Al Wasail Industrial (-4.1%)

CORPORATE ACTIONS-

#1- Cenomi Retail has shelved plans for a capital decrease, but will proceed with the implementation of cost controls and measures to boost performance while continuing to offload non-core brands, it said in a disclosure to Tadawul. Cenomi Retail’s board had recommended a 91.3% capital reduction in March via the cancellation of some 104.8 mn shares as part of a mandated plan to offset accumulated losses that had exceeded more than half of the company’s issued capital by 27 March.

What changed: “A substantial new transaction emerged involving the merger of several commercial agencies on August 19, 2024,” with the move improving the company’s financial position and negating the need for a capital decrease. The company has been working through its franchise sale program and is currently in the second wave of the program, which will see it divest from three brands. Cenomi Retail had exited 16 brands in the previous wave. A third wave is in the offing, with five further brands slated to be sold, CEO Salim Fakhouri said.

#2- Saudi Automotive Services (Sasco) will distribute SAR 17.5 mn in dividends at SAR 0.25 per share in 1H 2024, it said in a filing to Tadawul. Distribution is set for Monday, 30 September.

#3- Bank Albilad will distribute SAR 625 mn in dividends at SAR 0.5 per share for 1H 2024, it said in a disclosure to Tadawul. Distribution is set for Thursday, 3 October.

#4- Saudi Industrial Export Co. (Sadirat) shareholders have approved a stock split, increasing the number of shares to 194.4 mn shares, up from 19.4k shares, by reducing the nominal value to SAR 1 per share from SAR 10 per share, it said in a disclosure (pdf).

CALENDAR

AUGUST

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

SEPTEMBER

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

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

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

10 September (Tuesday): Saudi Arabia Investors Forum, Riyadh.

10-11 September (Tuesday-Wednesday): SkyMove MENA, Riyadh.

10-11 September (Tuesday-Wednesday): Middle East LPG Expo – Saudi Arabia 2024, Intercontinental Hotel, Riyadh.

10-12 September (Tuesday-Thursday): Saudi Sports Show, Riyadh.

10-12 September (Tuesday-Thursday): Global AI Summit, Riyadh.

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

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

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

16-19 September (Monday-Thursday): Foodex Saudi, Riyadh.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh.

17-19 September (Tuesday-Thursday): Hotel & Hospitality Expo, Front Exhibition & Conference Center, Riyadh.

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam.

18-19 September (Wednesday-Thursday): IDC Saudi Arabia CIO Summit 2024, Riyadh.

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

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

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

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

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

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

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

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

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

OCTOBER

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

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

12 October (Saturday): Riyadh Season.

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

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

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

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

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

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh.

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

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

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

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

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

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

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

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

NOVEMBER

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

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

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

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

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

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

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

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

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

DECEMBER

1 December (Sunday): Opec+ to meet.

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

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

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

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

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

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

FEBRUARY 2025

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

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

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

JUNE 2025

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

2026

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

2027

The World Water Forum takes place in Riyadh.

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