Future Investment Initiative kicks off with carbon transparency + AI

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Bank Albilad’s CSOP MSCI Hong Kong China ETF starts trading on Tadawul today

Good morning, wonderful people. Today’s news flow is dominated primarily by the Future Investment Initiative forum, which is on its second day here in Riyadh. We have a rundown on the highlights of the first day in this morning’s news well, below.

HAPPENING TODAY-

#1- Bank Albilad’s CSOP MSCI Hong Kong China ETF will start trading today on Tadawul. The lender closed the offering period for the fund earlier this week after raising SAR 4.49 bn, according to a post on Linkedin. The Shariah-compliant ETF is shaping up to become the largest in the region, with its initial size surpassing Qatar Exchange-listed Al Rayan Qatar ETF which has so far been the Middle East’s largest Islamic ETF, Reuters reported citing LSEG data.

More on the fund: The ETF tracks Hong Kong-listed Chinese stocks, with its launch reciprocating Hong Kong’s move to list a Saudi-focused ETF on the Hong Kong exchange in November of last year. Yet another HK-focused ETF is in the works, with Saudi Awwal Bank’s SAB Invest lining up CMA approval last week to list its Hang Seng Hong Kong ETF on Tadawul.

#2- Riyadh will host the Global Coalition for the Two-State Solution’s first high-level meeting today, state news agency SPA reported yesterday.

WEATHER- A rainy Riyadh is looking at a high of 29°C and a low of 18°C today. Over in Jeddah, the temperature will peak at 39°C and hit a low of 29°C amid moderate rainfall. Madinah will see heavy rainfall and winds, with a high of 33°C and a low of 23°C

PSAs-

#1- Reminder to get your licenses in order before running a tourism business: Investors and operators of tourism facilities must obtain the required licenses before running their properties, with penalties for repeat violations set to double, according to state news agency SPA. The announcement comes after recent Tourism Ministry inspections found multiple regulatory breaches, it added.

#2- Property owners in 12 Riyadh neighborhoods have until tomorrow to register their properties online for a property number and title deed through the Real Estate Registry website, the Real Estate General Authority said in a statement. The neighborhoods are Tuwaiq, parts of Uraidh, King Abdulaziz, As Sulaimaniyah, Al Wazarat, Al Fakhriya, Ulaysha, Al Sinaiyah, Al Khalidiya, Ad Dar Al Baida, Ad Difa, and parts of Dahiat Namar. Missing the deadline may result in fines.

WATCH THIS SPACE-

#1- Goldman Sachs opened a new office in Riyadh’s King Abdullah Financial District, with operations scheduled to kick off next year, Bloomberg reports.

REMEMBER- Goldman Sachs was reportedly the first international bank to receive a regional headquarters license from the Saudi Investment Ministry. The bank has advised on several recent major transactions, including Aramco’s USD 11.2 bn secondary offering.

#2- Four companies received the Capital Market Authority’s (CMA) approval to debut on Tadawul’s parallel market Nomu, Argaam reports. The companies are Itmam Consulting, which plans to put 14.3% of its capital up for grabs to qualified investors, International Unions for Trade (offering a 13% stake), Alshehili for metal industries (offering 20%), and Basma Adeem Medical (offering 20%). Approvals are valid for six months.

#3- German flight operator Eurowings received clearance for weekly flights between Jeddah and Cologne and Berlin from the General Authority for Civil Aviation, the authority said on X. The carrier will operate three weekly flights between Jeddah and the two German cities. Cologne flights will start next Tuesday, 5 November, while Berlin flights will begin the following day.

DATA POINTS-

#1- Air traffic across Saudi airports increased 15% y-o-y to 94 mn passengers in 9M 2024, the General Authority for Civil Aviation said. Flight numbers increased 10% to 671k during the same period, while air cargo traffic saw a 52% bump at 974k tons.

Jeddah’s King Abdulaziz International Airport had the highest passenger count through the first nine months of the year with a 13% y-o-y increase at 35.6 mn passengers. Riyadh’s King Khalid International Airport was next in line, with passenger numbers up 18% at 27.6 mn passengers. Dammam’s King Fahd International Airport followed, with a 16% increase at 9.5 mn passengers.

#2- The PIF’s assets under management (AUM) have risen 21% since the start of the year to SAR 3.49 tn, Aleqtisadiah reports, citing its own calculations based on statements PIF governor Yasir Al Rumayyan at the FII forum.

OIL WATCH-

More oil supply, less demand in 2025? Oil prices are expected to continue their decline into next year, with experts predicting supply will outpace demand by 500k to 1 mn barrels per day, the Associated Press reports, citing Tom Kloza, global head of energy analysis at the Oil Price Information Service. The “limited nature of Israeli strikes against Iran should diminish fears of wider war and shave some of the geopolitical premium on crude oil,” Kloza added.

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THE BIG STORY ABROAD-

It’s another mixed day in the foreign press dominated by US elections news as Kamala Harris delivered her closing remarks ahead of elections, more strikes in Gaza and a worsening humanitarian crisis, and a smattering of business news courtesy of earnings season.

#1- Less than one week from the US elections, Harris doubled down on her fight against The Donald with closing remarks at the Ellipse, where Trump had rallied his supporters on 6 January to fight against his loss in the 2020 elections, resulting in the US Capitol riot. She said Trump was “unstable, obsessed with revenge, consumed with grievance and out for unchecked power,” a day after Trump’s rally in Madison Square Garden hit a lot of nerves due to racist remarks from his allies. (Reuters | CBS | Semafor | The Guardian)

#2- At least 93 Palestinians — at least 20 of whom were children — were killed in northern Gaza yesterday in an airstrike on a residential building, an attack which the US called “horrifying,” Reuters reports. The US envoy to the United Nations also said Israel is not tackling the “catastrophic humanitarian crisis” in Gaza, as it faces a looming deadline imposed on 13 October to facilitate aid into Gaza or potentially lose US weapons support, the Guardian reports separately.

ALSO GETTING ATTENTION- Hezbollah appointed a new successor to its slain leader Hassan Nasrallah, Naim Qasem, in a move showing “continuity” and “resilience,” experts say. (Bloomberg)

#3- A handful of earnings are getting attention:

Google owner Alphabet reported a 34% jump in net income on the back of strong performance from its cloud division — results that help appease investors’ concerns over the payoff of Big Tech’s investments in AI. (FT | CNBC | Reuters)
Visa also saw its net income jump more than expected in a positive indication of consumer spending, beating market estimates. (Reuters | CNBC | FT)

ALSO- For the fellow iSheep, have you seen Apple’s new releases? The tech giant released its new Mac Mini — the tiniest desktop machine in its history — as well as the M4 iMac, and rolled out its first Apple Intelligence software capabilities across iOS, iPadOS, and macOS a day earlier.

CIRCLE YOUR CALENDAR-

WWE Raw is coming to Riyadh for the first time ever this coming Saturday and Sunday, 2-3 November, kicking off on the back of the WWE Crown Jewel event the day prior, Turki Alalshikh said in a post on X. You can book your Raw tickets here, and your Crown Jewel tickets here.

The two-day Road Safety and Sustainability Conference and Exhibition will open its doors next Sunday, 3 November, bringing global experts together to discuss technological advancements, AI applications, and sustainability in the transport sector.

The Saudi Rail Conference and Exhibition will take place on 20-21 November at the Riyadh International Convention and Exhibition Center. The event will showcase developments in the railway sector and provide insights from over 150 local and international speakers.

Everything you need to know from day one of FII 2024

Carbon transparency, energy, AI, and geopolitical tensions at FII: Day one of the Future Investment Initiative (FII) 2024 kicked off with a carbon transparency agreement, as well as discussions on everything from energy and renewables, to AI and geopolitical tensions.

Who was missing? Prominent figures from Abu Dhabi are not attending this year’s FII, focusing instead on Abu Dhabi Finance Week as the emirate competes with Riyadh to lead the region's financial sector, according to Bloomberg.

ALSO- It’s the last edition of the forum for FII Institute CEO Richard Attias, who announced he would step down from his role by year-end, according to Arab News.

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DOMESTIC INVESTMENT STRATEGY-

PIF is shifting its strategy towards domestic investments: The Public Investment Fund plans to reduce overseas exposure from 30% to 18-20%, shifting focus to support domestic diversification projects and encourage co-investment from foreign firms within the Kingdom, Reuters reports. The fund is imposing stricter conditions on external managers and encouraging partnerships aligned with national priorities.

REMEMBER: The PIF has sold down big stakes in US equities, including stakes in BlackRock, Carnival, and Live Nation, reducing US-listed holdings to USD 20.6 bn in mid 2024 from USD 35 bn in 2023, according to the Financial Times.

ENERGY + EMISSIONS + SUSTAINABILITY-

Transparency in carbon markets: The Regional Voluntary Carbon Market Company and the National Committee for the Clean Development Mechanism of Saudi Arabia inked an agreement to ensure the carbon markets in the Kingdom are transparent, robust, and credible.

Reducing emissions rather than changing energy sources: Aramco CEO and President Amin Nasser argued that current energy transition strategies neglect the needs of Asia and the global south, which use only one-tenth of the energy of the global north despite higher populations. With coal, oil, and gas consumption at record levels, Nasser emphasized that the focus should be on reducing emissions rather than changing energy sources. Nasser advocated for a multidimensional approach that relies on energy source diversification to optimize cost and environmental impact.

The oil market is “balanced,” Nasser says, with demand expected to average 104.5 mn bbl / d this year and nearly 106 mn bbl / d in 4Q, Reuters reports. Influences from rising interest rates and recent price declines and reduced demand from China have impacted the market but demand-supply fundamentals remain stable. Nasser urged caution against overly pessimistic views on the country's economic outlook.

ARTIFICIAL INTELLIGENCE-

Artificial SuperIntelligence in a decade? SoftBank CEO Masayoshi Son predicts that we could have artificial superintelligence (ASI) by 2035, requiring hundreds of bns in investment, according to Reuters. By his estimations, ASI will be 10k times smarter than a human brain. Meanwhile, generative AI will need cumulative capex spending of USD 900 tn for data centers and chips.

Where does Saudi stand in the AI scene? Saudi Arabia aims to rank among the top 15 AI nations by 2030. The PIF is negotiating a USD 40 bn AI fund with Andreessen Horowitz, complementing its USD 100 bn tech and semiconductors firm Alat, according to Bloomberg.

REGIONAL GEOPOLITICS-

The geopolitics of it all: Goldman Sachs CEO David Solomon voiced concerns about regional security and growth prospects amid escalating conflict, particularly with Israel, although these conflicts have not yet significantly impacted regional economic activity, Bloomberg reports. Solomon also highlighted potential regulatory risks from the upcoming US presidential elections, which could impact the economic outlook for 2025 and 2026. Still, the Wall Street heavyweight remains confident in the resilience of the U.S. economy despite worries about growth in Europe and China.

Al Fakhera Men’s Tailoring is guiding on an indicative price range of SAR 5-6 apiece for its Nomu IPO

Thobe-maker and clothes retailer Al Fakhera Men’s Tailoring is guiding on a price range of SAR 5-6 per share for its Nomu IPO of a 20% stake, its financial advisor Yaqeen Capital said in a disclosure to Tadawul.

Proceeds + market cap: The pricing could see Al Fakhera raise up to SAR 36 mn in proceeds, according to EnterpriseAM calculations. The funds will be earmarked to buy new assets and finance the company’s working capital, after covering costs related to the offering, with no part allocated to shareholders. At the top of the range, the indicative price gives the firm a market cap of SAR 180 mn at listing.

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What’s next? Limited to qualified investors, the bookbuilding process will run from Sunday, 3 November to Monday, 11 November. Investors will be able to book up to 1.8 mn shares each, with the lower limit set at 100 shares. The final allocation is slated for Thursday, 14 November and excess funds will be refunded by Monday, 18 November.

Post-IPO structure + lockup: The company’s substantial shareholders, Suleiman Hammad Al Yahya and the Sulaiman Al Hamad Al Yahya Islamic Charitable Endowment, will see their combined ownership diluted from a 95.0% stake to 79.2% on listing. They will not be able to sell down their positions for a 12-month period from the first day of trading. Minority shareholders will see their positions reduced on a pro rata basis.

About Al Fakhera: Founded in 1976, the company operates over 100 branches across the Kingdom, according to its LinkedIn. Al Fakhera specializes in the design and crafting of the traditional Saudi thobe, offering tailoring services catered to men of all ages. It also owns and runs the largest detailing factory in the region.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor, lead manager and underwriter, with Monsfoon providing legal counsel to the issuer and RSM stepping in as auditor. Receiving agents include Yaqeen Capital, Al Rajhi Capital, AlBilad Capital, Riyadh Capital and Al Ahli Capital, Istithmar Capital and Alinma Investment, among others.

Cabinet approves amendments to Judicial Council structure

Cabinet signed off on restructuring the Supreme Judicial Council to include a chairman and 14 members, after approving an amendment to article 5 of the Judicial System in a bid to enhance governance and judicial oversight, state news agency SPA reports.

Meanwhile, the Commerce Minister was authorized to negotiate and sign MoUs with foreign countries to develop the SME sector and promote entrepreneurship across different regions:

Labor Fund (Tamkeen) in Bahrain;
Qatar Development Bank;
Estonia’s Agency for Business and Innovation.

ALSO- The Council of Ministers approved an MoU for political consultations between the Foreign Affairs Ministry and the Foreign Affairs Ministry of San Marino.

More earnings roll in

SAB-

Saudi Awwal Bank’s net income was up 2.9% y-o-y at SAR 1.88 bn in 3Q 2024 as increases to total operating income offset hikes to credit loss provisions, Zakat and income tax, and operating expenses, the bank said in a disclosure to Tadawul. The lender’s total income from financing grew 23.5% y-o-y to SAR 4.17 bn, while total income from investment gained 4.7% y-o-y to SAR 1.13 bn.

On a 9M basis: SAB’s bottom line increased 15.5% y-o-y to SAR 5.94 bn during the first nine months of the year, while total income from financing gained 27.9% y-o-y to SAR 11.82 bn and total income from investment increased 10.6% y-o-y to SAR 3.43 bn.

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ZAIN KSA-

Zain KSA’s net income more than doubled y-o-y at SAR 150 mn in 3Q 2024, buoyed by the release of SAR 157 mn in withholding tax as well as a SAR 21 mn one-off gain from the sale and leaseback of sites, it said in a disclosure to Tadawul. Revenues were up 2.3% y-o-y during the period at SAR 2.6 bn, on the back of better performance in B2B sales, 5G services, wholesale revenue, as well as growth in other segments.

On a 9M basis:The telecom company’s bottom line dropped 75.6% y-o-y to SAR 322 mn during the first nine months of the year, while revenues grew 4.5% at SAR 7.7 bn.

SAUDI KAYAN PETROCHEMICALS-

Saudi Kayan Petrochemicals narrowed its losses to SAR 296.2 mn in 3Q 2024, compared to a SAR 449 mn loss logged during the same period last year, with the improvement in performance coming on the back of an increase to average selling prices that offset higher feedstock prices, the company said in a disclosure to Tadawul and an earnings release (pdf). Revenues were up 12.2% during the period at SAR 2.4 bn.

On a 9M basis: The company narrowed its losses to SAR 1.1 bn during the first nine months of the year, compared to a SAR 1.5 bn loss noted for the same period last year, with the improved performance attributed to higher average selling prices and a SAR 178 mn ins. payment. Meanwhile, revenues rose 7.5% at SAR 6.5 bn.

LEEJAM SPORTS-

Leejam Sports Company’s net income increased 103.3% y-o-y to SAR 187 mn in 3Q 2024, buoyed by a one-off SAR 92 mn gain from the sale of three land plots in Riyadh, and despite offsets from rising costs attributed to the opening of 30 new fitness centers over the previous 12 months, it said in a disclosure to Tadawul. Revenues increased 16.7% y-o-y during the quarter to SAR 406 mn on the back of higher subscriptions and paid programs due to the new openings. The company also hit its 2025 target of 500k members during the quarter, according to an earnings release (pdf).

On a 9M basis: Leejam’s net income increased 56.4% y-o-y to SAR 355 mn during the first nine months of the year, while revenues were up 17.9% at SAR 1.1 bn. The company opened 19 new centers during 9M — setting a record for annual expansion and bringing the total count of fitness centers to 192, the release said.

ICYMI- Leejam Sports used to be Fitness Time before the company changed its trading name on Tadawul to Leejam Sports in July.

Al Falih expresses cautious optimism about Saudi Arabia’s FDI

Although Saudi Arabia is currently ahead of its annual benchmarks for foreign direct investment (FDI) inflows, it still has a long way to go, Investment Minister Khalid Al Falih told Bloomberg on the sidelines of the Future Investment Initiative forum (watch, runtime: 0:38). “Today — if you normalize for fluctuations — we’re about 4x where we were [on FDI targets for 2030] before the Vision [2030] started,” Al Falih said. The Kingdom is looking to hit an ambitious target of USD 100 bn in annual FDI inflows by 2030. Al Falih expressed cautious optimism, noting that "all leading indicators are pointing upwards, all lights flashing green."

REMEMBER- FDI net inflows declined 14.7% y-o-y to SAR 85.5 bn in 2023, down from SAR 100.2 bn in the previous year.

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Crown Prince and Prime Minister Mohammed bin Salman received high praise at the FII, with Bridgewater Associates founder Ray Dalio calling him a “great leader” on par with Deng Xiaoping and Lee Kuan Yew — both of whom spearheaded transformative economic reforms in China and Singapore, Bloomberg reports.

MEANWHILE- The large purse at the Six Kings Slam in Riyadh played a part in attracting stars to the championship, but wasn’t the only motivator: Spain’s Carlos Alcaraz — who bagged USD 1.5 mn over his four days at the tournament — said the Kingdom giving out the highest rewards in tennis history prodded him to compete here, Reuters reports.

What was said: "I love playing tennis. You know, most of the time I don't think about the money. I just play for love or for fun. But you have to be realistic. You have to think that you want to earn money, you know, and that's it," he explained. Others have said they joined the tournament for the sporting challenge it presented, with Jannik Sinner refuting claims that he only joined for the money, writes the newswire.

Proptech Arktech raises USD 1 mn in a pre-seed round

STARTUP WATCH-

Homegrown proptech startup Arktech raised USD 1 mn in a pre-seed funding round led by Riyadh-based VC firm Core Vision, according to a press release. The freshly raised funds are earmarked for the support and expansion of the startup’s tech-enabled investment solutions.

The pitch: Founded in 2023 by Waheed Al Jassas (LinkedIn), the proptech startup offers a specialized platform for the trading of usufruct contracts, a post on Linkedin by Core Vision explained. Arktech’s business model applies Shariah-compliant investment strategies to make real estate investments more accessible to investors, Startup Researcher reported. The platform operates on a license from the Real Estate General Authority.

BUSINESS-

Aramco awarded an engineering contract to UK-based consulting and engineering firm Wood, which will see Wood providing project management consultancy services on the oil-giant’s onshore gas production and processing facilities to the east of the Kingdom, according to a statement. Wood forecasts that the project will run for seven years, but did not specify its financial ticket.

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TRADE-

China renews anti-dumping duties on Saudi ethanolamine: China decided to uphold anti-dumping duties on imported ethanolamine from Saudi Arabia, among other countries, for five more years, Reuters reports, citing a statement from the Chinese Commerce Ministry. Saudi Arabian exporters will be subject to 10.1-27.9% tariffs under the decision. Ethanolamine is a chemical used in the manufacturing of detergents, emulsifiers, dyes, and pharma products.

HSBC reports strong 3Q results + plans a fresh USD 3 bn stock buyback

HSBC posted pre-tax net income of USD 8.5 bn in 3Q 2024, rising 10.4% y-o-y, according to its earnings release. The improvement was fueled by growth in wealth and personal banking and gains across foreign exchange, equities, and global debt markets. However, net interest income dropped by USD 1.6 bn due to increased funding costs and asset sales. Operating expenses rose 2% to USD 8.1 bn, driven by technology investments and inflationary pressures. The bank completed the distribution of USD 4.8 bn to shareholders for last quarter’s results, which will bring HSBC’s total payouts in 2024 to USD 18.4 bn.

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The lender also announced a new stock buyback of “up to” USD 3 bn, which is expected to wrap before its full-year earnings are released in February, according to the earnings release. The buyback announcement comes as the bank’s earnings came in stronger than expected, Bloomberg says. The bank “has already handed USD 34.4 bn to shareholders in the past 18 months, much of it in the form of stock buybacks, which have become one of the bank’s preferred ways to distribute capital to its investors,” the business information service notes.

Market reaction: HSBC’s shares closed up 3.9% in London yesterday, according to market data. The shares hit an intraday high of 4.9%, Bloomberg says.

ICYMI- Last week, HSBC unveiled a major restructuring plan to merge its global commercial and investment banking units and reorganize its geographical division to create standalone units for Hong Kong and the UK, while combining Asian Pacific and Middle East operations into one Eastern division. However, HSBC’s Chief Georges Elhedery refuted any suggestions that these moves are leading to a break up of the banking group, The Guardian said. “This is not either a precursor or an intent or a preparation for any split,” he said.

OVER IN THE US OF A- Top Wall Street executives — including the chief executives of Goldman Sachs, Morgan Stanley, and Standard Chartered, among others — doubt the US Federal Reserve will enact more than one more interest rate cut by year-end, Bloomberg reports. Speaking at a panel at the Future Investment Initiative forum in Riyadh, the executives signaled that further cuts are unlikely to be as significant as traders predict.

Traders anticipate that the Fed might implement two more rate cuts this year, potentially lowering the rate to c. 3.5% by the end of 2025 — following the first rate reduction in September. While Goldman Sachs CEO David Solomon said future predictions are difficult to make until after the US presidential elections are through “and we get a clear sense of policy actions,” BlackRock CEO Larry Fink suggested that cuts may not come quickly or deeply, especially given persistent high inflation.

MARKETS THIS MORNING-

Japan’s Nikkei is among the only Asia-Pacific indexes in the green in early trading this morning, while the Hang Seng Index, mainland China’s Shanghai Composite, and South Korea’s Kospi are all in the red.

Over on Wall Street, futures suggest that markets will open in the green after the S&P 500 and Nasdaq both closed up yesterday.

TASI	12,062	+0.1% (YTD: +0.8%)
MSCI Tadawul 30	1,518	+0.3% (YTD: -2.1%)
NomuC	26,623	-0.7% (YTD: +8.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.5% repo	5.0% reverse repo
EGX30	30,620	-0.5% (YTD: +23.0%)
ADX	9,312	+0.1% (YTD: -2.8%)
DFM	4,583	+1.0% (YTD: +12.9%)
S&P 500	5,833	+0.2% (YTD: +22.3%)
FTSE 100	8,220	-0.8% (YTD: +6.3%)
Euro Stoxx 50	4,950	-0.4% (YTD: +9.5%)
Brent crude	USD 71.12	-0.4%
Natural gas (Nymex)	USD 2.35	+1.6%
Gold	USD 2,787	+0.2%
BTC	USD 72,491	+4.1% (YTD: +71.5%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.1% yesterday on turnover of SAR 7.3 bn. The index is up 0.8% YTD.

In the green: Al Baha (+8.3%), Zamil Indust. (+6.4%) and Maaden (+3.1%).

In the red: Leejam Sports (-6.3%), Riyadh Cement (-4.1%) and Arabian Mills (-3.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.7% yesterday on turnover of SAR 54.2 mn. The index is up 8.5% YTD.

In the green: Naseej Tech (+16.9%), Rawasi (+4.3%) and CMCER (+4.2%).

In the red: Al Rashid Industrial (-8.9%), Burgerizzr (-8.7%) and Waja (-8.3%)

More signs that Saudi may play host to Russia-Ukraine peace talks

Saudi Arabia is ready to assume the role of mediator in Russian-Ukrainian talks, Saudi’s ambassador to Moscow Abdulrahman Bin Suleiman Al-Ahmed told Russia’s TASS news agency, adding that the Kingdom supports all efforts at de-escalation.

Background: Russian President Vladimir Putin had signaled during a presser at the recent BRICS summit in Kazan, Russia that Moscow was interested in Saudi Arabia assuming the role of host and mediator for potential peace talks between Russia and Ukraine.

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Spain + Saudi partner on training and logistics for warships under construction: The Defense Ministry signed an executive agreement in Madrid with its Spanish counterpart to support the construction of three Avante 2200 multi-mission corvettes for the Royal Saudi Naval Forces, state news agency SPA reports. The Spanish navy will provide technical assistance throughout the construction process, including inspection, testing, crew training, and logistical support, as per the agreement’s terms.

CALENDAR

OCTOBER

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

29 October-2 November (Tuesday-Saturday): Jeddah International Motor Show, Superdome, Jeddah.

30 October (Wednesday): Global Coalition for the Two-State Solution high level meeting, 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 November (Saturday): WWE Crown Jewel, Riyadh.

3 November (Sunday): WWE Raw, Riyadh.

3-4 November (Sunday-Monday): Road Safety & Sustainability Conference: Innovating for Tomorrow, Riyadh.

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

3-23 November (Sunday-Sunday): NEOM Beach Games, Neom.

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

5-9 November (Tuesday-Saturday): Biban24 Forum, The Front Exhibition and Conference Center, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Center.

11-22 November (Monday-Friday): The Diplomatic Conference to Conclude and Adopt a Design Law Treaty, 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.

11-13 November (Monday-Wednesday): Saudi Intermobility Expo 2024, Jeddah.

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.

20-21 November (Wednesday-Thursday): The Saudi Rail Conference and Exhibition, Riyadh International Convention and Exhibition Center, Riyadh.

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.

28 November-14 December (Thursday-Saturday): Noor Riyadh, 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.

4-5 December (Wednesday-Thursday): Zakat, Tax and Customs Conference, 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.

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.

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

FEBRUARY 2025

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

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.

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

22 February (Saturday): Founding Day.

MARCH 2025

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

MAY 2025

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

JUNE 2025

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

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

SEPTEMBER 2025

23 September (Tuesday): Saudi National Day.

2026

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

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

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