Fresh regs for issuing debt instruments on crowdfunding platforms

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Umm Al Qura for Development to debut on the main market today

Good morning, wonderful people. It’s another brisk issue on what’s shaping up to be a (very) slow Ramadan morning. Excitement is in the air as we anticipate Eid festivities to commence in less than a week.

In today’s issue: CMA is out with new draft regulations on issuing debt instruments through crowdfunding platforms, and SHL Finance renewed SAR 1.9 bn sharia-compliant credit facilities with ANB. Meanwhile, Nayla Finance closed a seed funding round that saw the fintech startup raise USD 4 mn, and more companies publish their full-year earnings. Let’s dive in.

HAPPENING TODAY-

Umm Al Qura for Development and Reconstruction will ring the bell on the main market Tadawul today, the stock exchange announced. The company’s shares are allowed to fluctuate within a ±30% band on the first three days of trading, with a static fluctuation band of ±10%. Starting from the fourth day, shares will be allowed to trade at ±10% as circuit breakers take effect, and the static fluctuation limit will be removed.

ICYMI- PIF-backed Umm Al Qura’s institutional offering was 241x oversubscribed, with total orders hitting SAR 473 bn, pushing the firm to price its IPO at SAR 15 apiece — the top of its indicative price range. This gives the firm an estimated market cap of SAR 21 bn at the time of listing.

WEATHER- Riyadh is windy today, while Makkah is seeing thunderstorms. Madinah is set for scattered rain.

Riyadh: 21°C daytime / 13°C overnight
Makkah: 37°C daytime / 24°C overnight
Madinah: 27°C daytime / 12°C overnight

PSAs-

We’re getting four days off for Eid: The Eid Al Fitr holiday for private and non-profit sectors in the Kingdom will start on Sunday, 30 March and run through Wednesday, 2 April. The central bank had also declared celebrations will run from 30 March to 2 April.

WATCH THIS SPACE-

Demand for off-plan sales and rental units in the Kingdom grew 60% on average over the past five years, as developers increasingly adopt the model to market and monetize projects ahead of completion in a bid to fast-track delivery, the Real Estate General Authority’s Spokesperson Tayseer Al Mufarrej told Aleqtisadiah.

How were things last year? The authority issued over 200 off-plan sales and leasing licenses in 2024, covering more than 104k units across multiple regions in the Kingdom, Al Mufarrej said.

CMA gives all-clear for Wajd Life’s listing on Nomu: Medical equipment supplier Wajd Life Trading Company secured approval to offer a 20% stake — good for 2.5 mn shares — on Tadawul’s parallel market Nomu, the Capital Market Authority said in a statement. A prospectus for the offering is yet to be published.

About Wajd: Founded in 2013, the company operates in medical and non-medical services, supplying and importing equipment, spare parts, and maintenance. It is officially licensed by the Saudi Food and Drug Authority (SFDA).

DATA POINTS-

Our holdings of US treasuries drop to 15-month low: The Kingdom’s holdings of US treasury securities dropped to USD 126.9 bn at the end of January, marking lowest level in 15 months, according to data from the US Treasury Department. Saudi Arabia retained the 17th rank among the largest holders of US treasuries worldwide, the only GCC country among the top 20.

The drivers: The change could “reflect market fluctuations or potential portfolio rebalancing as the Kingdom navigates global economic conditions,” according to Arab News.

The Industry and Mineral Resources Ministry issued 23 new mining licenses in January, including 10 for building materials quarry, eight for exploration, and five for exploitation, the ministry said in a post on X. The total active mining licenses in the Kingdom currently stand at a little over 2.4k.

Where will you go this Eid? Around 84% of Saudis are planning to visit family and friends during Eid Al Fitr, while 79% intend to shop, with shopping malls being a major draw, Al Arabiya reports, citing Toluna & MetrixLab data. Additionally, 66% will visit amusement parks, and 57% will participate in cultural activities.

Spending is expected to rise: Over 50% said they will spend the most on shopping, while 44% will focus on dining out, 43% on social activities, and 41% on entertainment. Discounts and cashback offers are driving the rise in consumer spending during Eid, Al Arabiya said.

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THE BIG STORY ABROAD-

Israel ramps up airstrike, killing tens: Israeli airstrikes killed two senior Hamas leaders in Gaza between Saturday and Sunday, in what appears to be a renewed escalation of the war. Hamas said political bureau member Ismail Barhoum was killed in an Israeli strike on the surgery department of Nasser Hospital in Khan Younis on Sunday, which also killed a handful of civilians. A separate strike on Saturday reportedly killed Salah Al Bardaweel, another top political figure in the group. Israeli Defense Minister Israel Katz confirmed the strike targeted Barhoum, describing him as a key figure in the group. At least 45 people were killed in the strikes on Rafah and Khan Younis on Sunday alone.

Tel Al Sultan under siege: Israeli troops have surrounded the Tel Al Sultan neighborhood in western Rafah, issuing evacuation warnings and claiming the operation aims to “dismantle terror infrastructure sites.” (Reuters | AP)

AND- Ukrainian and US delegations held talks in Saudi Arabia yesterday as part of a fresh diplomatic effort to end the war in Ukraine, with US special envoy Steve Witkoff expressing optimism about progress toward a ceasefire. (Reuters | BBC | FT | New York Times)

Fresh regs. for issuing debt instruments on crowdfunding platforms

New regulations for debt instruments on crowdfunding platforms: The Capital Market Authority (CMA) is out with new rules that aim to regulate the offering of debt instruments on crowdfunding platforms, and the institutions licensed to conduct arranging activities. The amendments will be up for public consultation on Istitlaa until Wednesday, 23 April. You can check out the full draft amendments here (pdf).

The rationale: The key proposals aim to establish licensing requirements for capital market institutions to engage in offering debt securities on crowdfunding activities and would allow them to issue debt instruments in the sukuk market. It will also enable companies with a fintech experimental permit to secure the necessary license to operate as a capital market institution.

What’s new? The proposed amendments include the following:

Crowdfunding platforms on which debt instruments are offered must be licensed as special purpose entities;
Issuers cannot use offering proceeds for lending, investment, or debt repayment;
The offering period must not exceed 45 days, and total proceeds must be a minimum of 80% of the total value disclosed in the offering document. Proceeds are otherwise to be refunded to subscribers within 5 days;
Only registered clients can subscribe to debt instruments, with each client subject to a limit of SAR 25k per offering and SAR 100k in total;
Retail subscribers can cancel their subscription within 48 hours without incurring any fees;
Platforms are responsible for evaluating debt instruments and conducting due diligence on the credit record of issuers and sponsors to ensure their solvency;
Detailed requirements for the content of offering documents were laid out.

SOUND SMART- Crowdfunding platforms offer less stringent rules than stock exchanges for offering debt securities, making them an easier and faster option for issuers to raise capital. Meanwhile, they don’t provide the liquidity offered by the stock exchanges, making investors unable to sell the securities before maturity.

Who’s in the game: Some of the operational debt crowdfunding platforms include Funding Souq, Lendo, Forus, and Tameed.

SHL Finance renews SAR 1.9 bn sharia-compliant facility with ANB

Riyadh-based SHL Finance Company renewed a SAR 1.9 bn Sharia-compliant credit facilities agreement with Arab National Bank (ANB), it said in a disclosure to Tadawul.

The details: The loan is secured by a promissory note, and receivables are assigned to cover 105% of the outstanding balance. The facility runs until 23 March 2030.

Where will the money go? SHL will use the funds to support business expansion and revenue growth. Obaid Abdullah Al Rasheed, Managing Director and CEO of Arab National Bank, holds an indirect interest in the transaction.

Nayla Finance secures USD 4 mn in seed funding round

Homegrown fintech startup Nayla Finance raised USD 4 mn in a seed funding round led by Sanabil Venture Studio by Stryber, according to a press release. The company is in the final stage of obtaining its license from the Saudi Central Bank and expects to launch operations in 2Q 2025.

More details: The funds will be used to enhance Nayla’s lending platform and expand operations and partnerships in key sectors like F&B, e-commerce, and retail. Nayla also plans to deploy an additional USD 2.7 mn in debt financing to grow its loan book.

About Nayla Finance: Founded in 2024 by Shaqran Alyahya (LinkedIn) and Khaled Naili (LinkedIn), Nayla Finance uses alternative data and advanced risk models to offer tailored financing solutions for micro-businesses in Saudi Arabia, addressing the challenges traditional lenders avoid.

More earnings roll in

AL BABTAIN POWER AND TELECOM-

Al Babtain Power andTelecom’s net income rose 87.8% y-o-y to SAR 265.7 mn in 2024, supported by increased sales, improved operational income, and capital gains of SAR 47.7 mn from the sale of investment properties, it said in a disclosure to Tadawul. Revenue grew 12.9% y-o-y to SAR 2.81 bn during the year, driven by higher sales volume and new project acquisitions.

ALSO- The company’s board greenlit a SAR 63.9 mn dividend payout for 2H 2024 at SAR 1 per share, it said in a separate disclosure to Tadawul. The distribution date is yet to be announced.

ALUJAIN CORPORATION-

Alujain Corporation’s net loss narrowed to SAR 50.7 mn in 2024, from 82.3% in 2023, according to a disclosure to Tadawul. The decline came on the back of lower financing costs, higher murabaha income, a zakat provision reversal, and increased gains from the company’s JV National Petrochemical Industrial Company (Natpet Schulman).

MEANWHILE- Revenues were up 11.4% y-o-y at SAR 1.56 bn during the year, buoyed by a 3.5% rise in selling prices and a 10% increase in quantities sold compared to the previous year.

Alujain’s subsidiary Natpet saw its net income rise 23.5% to SAR 130.7 mn in 2024, while its sales grew 13.8% to SAR 1.5 bn, despite a 9% propane cost increase.

REMEMBER- Alujain sold a 35% stake in its subsidiary Natpet to Basell International Holdings for SAR 1.9 bn in May, realizing a SAR 535 mn gain, which helped settle SAR 1.2 bn in debt and strengthen financials for project financing.

ALSO- Alujain’s board approved a two-year dividend policy of distributing SAR 0.75 per share for each quarter during 2025–2026, pending shareholders’ approval, according to a separate disclosure to Tadawul.

ALANDALUS PROPERTY-

Alandalus Property moved into the red, reporting a SAR 31.6 mn net loss in 2024, compared to a SAR 36.4 mn net income the year before, according to an earnings release (pdf). The loss was attributed to operational losses at affiliates, a 31% rise in financing costs, and losses from investments in sister companies, especially West Jeddah Hospital.

MEANWHILE- Revenues grew 9.6% y-o-y to SAR 235.9 mn during the year, driven by a 3.4% increase in retail revenue, a 23% growth in hospitality revenue — supported by higher occupancy rates — and a 26% increase in office sector revenue.

ALSO- The company’s board approved distributing SAR 23.3 mn in dividends for 2H 2024 at SAR 0.25 per share, with distribution set for 29 April, it said in a separate disclosure to Tadawul.

ALMUJTAMA-

Nomu-listed Almujtama Alraida Medical saw its net income fall 30.4% y-o-y to SAR 7.9 mn in FY 2024, driven by an increase in operating costs and a one-off lease obligation interest expense, it said in a disclosure to Tadawul. Meanwhile, revenues increased 5.6% y-o-y to SAR 430.8 mn during the year on the back of expansion in its pharmacy network.

ALSO- The company’s board opted to withhold dividends for FY 2024 in a bid to “support the company’s strategic plan,” according to a separate disclosure. The company’s General Assembly is yet to vote on the recommendation.

TAM-

Tam Development’s net income decreased 25.8% y-o-y to SAR 30.1 mn in FY 2024, which the company attributed to delays in the awarding of government projects and falling behind in budget reviews during 1H 2024, it said in a disclosure to Tadawul. Meanwhile, revenues continued double-digit growth for the fourth straight year in FY 2024, rising 45.1% y-o-y to SAR 273.4 mn on the back of gains in its consulting and digital solutions segments, coupled with an expanded client base, the company said in its earnings release (pdf).

Looking ahead: The company currently boasts a SAR 249 mn project backlog and a bid pipeline worth SAR 401 mn, along with an expected 40% conversion rate in 2025. “Despite challenges in the first half of 2024, our strategic investments and cost optimization measures have positioned us well for improved profitability in 2025 and beyond,” said Tam’s CEO Abdullah Youssef.

ALSO- The company’s board recommended distributing SAR 3.3 mn in dividends for FY 2024 at SAR 0.92 per share, according to a separate disclosure. The distribution date is yet to be announced.

AVALON PHARMA-

Middle East Pharma Industries Company (Avalon Pharma) saw its net income rise 21.3% y-o-y to SAR 79.9 mn in FY 2024, it said in an earnings release (pdf). Meanwhile, revenue increased 16.4% y-o-y to SAR 394 mn during the same period, supported by higher private sector sales and increased government contracts and exports.

Emerge to develop 3 MWp solar plant for Tanmiah Food’s Haradh facility

ENERGY-

Tanmiah Food is getting a solar plant for its Haradh facility: Poultry producer Tanmiah Food tapped Emerge, a JV between Abu Dhabi-based renewable energy giant Masdar and France’s EDF, to develop a 3 megawatt peak (MWp) solar power plant at its Haradh facility, according to a press release.

The details: Emerge will handle the project’s financing, design, construction, operation, and maintenance for 25 years at no upfront cost. The plant will supply 35% of the facility’s electricity needs, reducing carbon dioxide emissions by over 3.9k tons annually, according to the statement.

FOOD-

Modern Mills secures production lines for new Makkah feed plant: Modern Mills for Food Products signed an agreement with an undisclosed company to procure production lines for its new animal feed plant in Al Jumum, Makkah, according to a disclosure to Tadawul. The company previously allocated SAR 150 mn for the facility, which is estimated to produce 422k tons of poultry and livestock feed annually.

DISPUTE WATCH-

Court backs Al Fakhera Chairman: The Commercial Court in Riyadh upheld its January decision on Thursday that it lacks jurisdiction over a case filed against Al Fakhera Men’s Tailoring's Chairman Sulaiman bin Hamad Al Yahya, seeking 58% of his ownership in the company, according to a regulatory filing to Tadawul. The ruling can still be appealed, the company noted.

REMEMBER- Al Yahya is facing three other lawsuits that could lead to a SAR 365k financial impact on the company. Al Fakhera appointed earlier this month Abdulrahman Saed Al Malah as its new CEO, succeeding Al Yahya, who resigned from the position to focus on board and committee operations.

Supreme Court returns Mepco case: The Supreme Administrative Court overturned a previous appeal ruling in a case involving a Middle East Paper Manufacturing and Production Company (Mepco) subsidiary and the General Authority for Competition, according to a regulatory filing to Tadawul. The case was sent back to the Administrative Court of Appeal in Makkah for a new judgment. The company expects to receive the Supreme Administrative Court’s ruling on 16 April.

ICYMI- Mepco won a years-long legal battle with the Environment, Water and Agriculture Ministry (Mewa) when it received a favorable final verdict for a compensation close to SAR 74 mn for its improperly-valued asset bought by Mewa back in 2007.

EV-

EV infrastructure firm EVIQ launched its first highway EV charging station at Sasco Aljazeera, located on the Riyadh-Qassim highway, according to a press release.

REMEMBER- The Electric Vehicle Infrastructure Company (EVIQ), a joint venture between the PIF and the Saudi Electricity Company, opened its first fast EV charging station in Riyadh in January 2024 and plans to deploy over 5k chargers across the Kingdom by 2030.

More than half of regional CEOs are eyeing M&A transactions over the next three years -PwC

Regional M&A is set to pick up over the next three years -PwC survey: Corporate divestitures, regional expansion and portfolio expansion are among the key trends expected to support regional M&A activity, which is expected to pick up after a sluggish 2024, PwC said in its latest report (pdf), citing LSEG Refinitiv data. While the region saw a 4% y-o-y decline in volume of M&A activity in 2024, which is still narrower than the 17% global decline, a PwC annual CEO survey showed that more than half of regional business leaders plan to engage in M&A transactions in the next three years.

ICYMI- EY recently said that the MENA region saw 701 M&A transactions last year, worth USD 92.3 bn, with the bulk of activity being in the GCC.

The decline came amid a dip in cross-border transactions: Cross-border outbound transactions declined 32% y-o-y to 191 transactions in 2024, with the culprits being high valuations, stricter regulations, and unfavorable market conditions. “Despite these challenges, regional champions, such as the UAE’s Mubadala and Saudi Arabia’s PIF continued their global expansion, acquiring assets across Europe, Asia, and North America.” Inbound transactions also continued their multi-year decline, falling 7% y-o-y to 182 transactions last year.

This might not last too long: “The push to develop energy infrastructure, leisure, and tourism assets is expected to create new opportunities for inbound investment,” the report said.

In other good news: appetite is strong for big-ticket transactions. Last year saw five transactions worth over USD 1 bn across the region, up from just one in 2023, with the largest reaching USD 3.6 bn. “The region saw a notable rise in large-ticket [transactions], reflecting the bold ambitions of investors to accelerate regional diversification, bringing in new capabilities and strategic expertise to strengthen key industries,” said Romil Radia, deals market leader at PwC Middle East.

Foreign PE interest also strengthened, highlighted by Main Street Capital's USD 40 mn investment in UAE's Gulf Manufacturing to support its acquisition of Maass Global Group, and TA Associates' acquisition of a majority stake in Dubai's AlephYa Education. Private equity transactions accounted for 44% of total transaction volume. Still, corporates continued to dominate activity in 2024, representing 56% of total volume, with corporates favoring intra-regional transactions.

Sovereign wealth funds topped investor charts during the year, with Mubadala investing USD 29.2 bn across 52 transactions in AI, telecom infrastructure, logistics, and data centers, among others, the report said, adding that other notable active SWFs include Saudi Arabia’s PIF and the Qatar Investment Authority (QIA).

Industrial transactions dominated activity, accounting for 110 transactions — the highest number across all sectors, the report said, highlighting Adnoc's USD 3.6 bn acquisition of OCI's 50% + 1 share stake in Fertiglobe. This was followed by consumer markets and financial services tied for second spot, with 103 transactions each.

Artificial intelligence + green energy are leading trends: Some of the most notable transactions in AI-driven solutions include Presight AI Holding’s acquisition of an 11% stake in Athletic Intelligence Quotient (AIQ) from Adnoc for USD 350 mn.. Another key trend driving investments in the regional M&A industry is green energy, highlighted by Masdar's acquisition of a majority stake in Terna Energy for USD 2.7 bn, the report said.

MARKETS THIS MORNING-

Asian markets are broadly in the green, with Japan’s Nikkei up 0.14%, South Korea’s Ksopi up 0.13%, and Hong Kong’s Hang Seng index up 0.1%. Meanwhile, China’s CSI 300 is flat. Over on Wall Street, futures are higher, indicating a possibly good week for US indices, after closing last week in the green and recovering from four weeks of losses.

TASI	11,695	-0.6% (YTD: -2.8%)
MSCI Tadawul 30	1,479	-0.7% (YTD: -2.0%)
NomuC	30,535	+0.1% (YTD: -3.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,934	+0.8% (YTD: +7.4%)
ADX	9,368	0.0% (YTD: -0.5%)
DFM	5100	-0.6% (YTD: -1.1%)
S&P 500	5,668	+0.1% (YTD: -3.6%)
FTSE 100	8,647	-0.6% (YTD: +5.8%)
Euro Stoxx 50	5,423	-0.5% (YTD: +10.8%)
Brent crude	USD 72.16	+0.2%
Natural gas (Nymex)	USD 3.98	+0.1%
Gold	USD 3,021.40	-0.7%
BTC	USD 85,270	+1.6% (YTD: -8.9%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.6% yesterday on turnover of SAR 2.6 bn. The index is down 2.8% YTD.

In the green: Albabtain (+10.0%), Alujain (+8.7%), and ARDCO (+6.1%).

In the red: Naseej (-9.6%), Al Rajhi Takaful (-4.6%), and Banan (-4.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.1% yesterday on turnover of SAR 28.9 mn. The index is down 3.0% YTD.

In the green:Lime Industries (+11.9%), Mobi Industry (+10.0%), and Saudi Top (+8.0%).

In the red: NBM (-11.2%), Rawasi (-10.0%), and Dar Almarkabah (-7.2%).

CORPORATE ACTIONS-

Al TaiseerGroup Talco Industrial Company’s board recommended distributing SAR 64 mn in dividends for FY 2024 at SAR 1.60 per share, it said in a disclosure to Tadawul. The distribution date is yet to be announced.

The board of Bawan Company opted to not distribute dividends for 2H 2024, aiming to strengthen the company's financial position and support its strategic and operational development goals, it said in a filing to the exchange.

Al Rashid Industrial Company’s board recommended a dividend payout of SAR 10 mn for FY 2024 at SAR 1.25 per share, according to a disclosure to Tadawul. The distribution date is yet to be announced.

“Difficult” Russia, Ukraine ceasefire talks continue in Riyadh

Ukraine and US delegations held their second round of talks in Riyadh yesterday, amid heightened tensions following Russia’s attacks on Kyiv. The talks were held at a technical level with military, diplomatic, and energy officials, and could extend to today depending on progress, The NYT reported, citing Ukrainian sources familiar with the matter.

How is it going? Ukrainian President Volodymyr Zelenskiy described the talks as “quite useful” after an update from Defense Minister Rustem Umerov in Riyadh, he said in a post on X. Meanwhile, the Kremlin’s spokesperson Dmitry Peskov told Russian state TV yesterday that “difficult negotiations” lie ahead and are only “at the beginning,” The Moscow Times reported. Russia’s priority remains reviving the Black Sea grain agreement brokered by Turkey and the UN in 2022, he added.

CALENDAR

MARCH

1-30 March: Ramadan.

30 March-2 April (Sunday-Wednesday): Eid Al Fitr holiday.

31 March (Monday): Deadline for applying to theReal Estate General Authority’s Regulatory Sandbox Program.

31 March (Monday): Deadline for applying to the World Intellectual Property Organization (WIPO) Global Awards 2025

APRIL

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

3-20 April (Thursday-Sunday): AFC Asian U17 Cup.

13-14 April (Sunday-Monday): Human Capability Initiative (HCI) Conference, King Abdulaziz International Conference Center, Riyadh.

13-16 April (Sunday-Wednesday): EdgeX HCI, The Ritz Carlton, Riyadh.

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

14-16 April (Monday-Wednesday): Umrah and Ziyarah Forum, King Salman International Convention Center, Madinah.

17-23 April (Thursday-Wednesday): 11th edition of the Saudi Film Festival, Dhahran.

18-20 April (Friday-Sunday): Saudi Arabian Grand Prix, Jeddah Corniche Circuit, Jeddah.

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

22-23 April (Tuesday-Wednesday): AAM Middle East, Riyadh.

23-25 April (Wednesday-Friday): Construction and Real Estate Development Exhibition, Jazan.

25 April- 3 May (Friday-Saturday): AFC Champions League Elite Finals, Jeddah.

28 April- 30 April (Monday-Wednesday): Automechanika Riyadh, Riyadh International Convention and Exhibition Center, Riyadh.

MAY

May: The World Intellectual Property Organization (WIPO) Global Awards 2025 announces its results.

3 May (Saturday): Canelo Alvarez vs William Scull, Anb arena, Riyadh.

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

9 May (Friday): PFL Mena Season 2 Kick-off

12-15 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh International Convention & Exhibition Center.

13-14 May (Tuesday-Wednesday): Global EV & Mobility Technology Forum, The Arena, Riyadh.

19-20 May (Monday-Tuesday): Tech-ecO-System Summit (ToSS), Riyadh.

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

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

JUNE

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

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

30 June (Monday): Deadline for Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca).

JULY

July: The World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

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

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

AUGUST

5-17 August (Tuesday-Sunday): Fiba Asian Cup.

SEPTEMBER

15-17 September (Sunday-Tuesday): Money 20/20 Middle East, Riyadh.

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

23 September (Tuesday): Saudi National Day.

OCTOBER

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

NOVEMBER

3-9 November (Monday- Sunday): WTA Tour Finals.

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

27-30 November (Thursday-Sunday): The World Rally Championship (WRC), Jeddah.

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear Emergencies, Riyadh.

4-13 December (Thursday-Saturday): Red Sea International Film Festval, Jeddah.

December: The Fortune Global Forum 2025, Riyadh.

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

2026

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

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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THIS MORNING: Umm Al Qura for Development to debut on the main market today

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Fresh regs. for issuing debt instruments on crowdfunding platforms

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SHL Finance renews SAR 1.9 bn sharia-compliant facility with ANB

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Nayla Finance secures USD 4 mn in seed funding round

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Emerge to develop 3 MWp solar plant for Tanmiah Food’s Haradh facility

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More than half of regional CEOs are eyeing M&A transactions over the next three years -PwC

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“Difficult” Russia, Ukraine ceasefire talks continue in Riyadh

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