GDP to grow 4.5% this year, EFG says

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Aramco is reportedly looking to acquire a stake in an Indian refinery

Good morning, ladies and gentlemen, and a very happy almost-THURSDAY to you all. We’re approaching the end of summer as schools are set to begin their first semester of the year on Sunday, and the news cycle is picking up steam in tandem. We lead our newswell this morning with the latest forecasts from our friends at EFG Hermes, who expect to see Saudi Arabia’s GDP growing at a 4.5% clip this year — a more bullish projection than most.

Also on deck today: Aramco is reportedly looking to acquire a stake in an Indian refinery, Hamad Mohammed Bin Saedan issued its prospectus for a Nomu IPO, and First Mills signed a final agreement for its acquisition of Manar Feed.

WEATHER- Thunderstorms will continue to hit the Kingdom today with Riyadh expected to see a high of 45°C and a low of 36°C today, while Jeddah’s mercury will go as high as 40°C and as low as 32°C. Makkah will see a 40°C high and 35°C low.

PSAs-

Infrastructure works in residential areas can now be carried out from 7am to 6pm, Sunday through Thursday, and from 7am to 1pm on weekends, after new working hours for these works came into effect on 7 August, Riyadh Infrastructure Project Center said on X on Monday. The new working hours are part of the Infrastructure Projects Code announced in July. Infrastructure works — including telecommunications, energy, water, sewage, and roads — outside these hours requires an emergency permit.

WATCH THIS SPACE-

Aramco reportedly eyeing 20% stake in BPCL’s refinery: Aramco is in talks to acquire a 20% stake in Indian Bharat Petroleum Corporation’s (BPCL) planned refinery-cum-petrochemical complex (RcPC) at Ramayapatnam, The Hindu reports, citing government sources. Negotiations between the governments of India and Saudi Arabia are reportedly focused on finalizing terms and conditions, with an agreement expected by year-end.

BPCL is also in talks with Aramco for a long-term crude oil supply agreement for the RcPC, which is designed to help meet India’s rising energy demand. The Indian government has allocated 6k acres for the project, which will have a refining capacity of 9 mn metric tons per annum (mmtpa) and is estimated to cost nearly INR 1 tn (c.USD 12 bn). Plans to expand the refinery's capacity to 12 mmtpa are also on the table. Commissioning is expected to take at least four years after securing regulatory approvals.

BPCL has earmarked INR 61 bn (c. USD 730 mn) for pre-project activities, including feasibility studies, land acquisition, environmental impact assessments, and engineering design. The government had initially offered three sites — Machilipatnam, Ramayapatnam, and Mulapeta in Srikakulam — with BPCL selecting Ramayapatnam for logistics and multimodal connectivity advantages.

CABINET WATCH-

Cabinet agreed yesterday to a one-year extension on a royal decree that requires labor lawsuits to go through an amicable settlement process before reaching a court, state news agency SPA reports. The Council of Ministers also approved amendments to the rules governing the structure of the Saudi Bar Association during their meeting.

The cabinet also approved a string of agreements, including:

An MoU with Singapore to establish a Strategic Partnership Council;
An MoU with Singapore’s Industry and Trade Ministry to cooperate in the logistics sector;
An MoU with Malaysia on cooperation in social development;
An MoU with Cambodia’s Commerce Ministry to develop trade relations;
An MoU with Tajikistan's Export Agency to develop non-oil exports;
An MoU with the Korean Aerospace and Aeronautics Administration on cooperation in the peaceful use of outer space;
A joint customs agreement with Morocco to mutually recognize their Authorized Economic Operator Programs;
An MoU with Morocco on cooperation in environmental protection.

DATA POINTS-

#1- The Saudi Export-Import Bank (Saudi Exim) provided SAR 23.6 bn in credit facilities over the first half of the year, rising 44% y-o-y, it said on X. This total consisted of SAR 8.9 bn for export financing, up 26.2%, and SAR 14.7 bn in export credit ins., up 58.8%.

#2- Saudis under the age of 35 made up 69.4% of the total Saudi population in 2024, the General Authority for Statistics said on X yesterday. The 15-34 age group accounted for 35.9% of the population, with a gender split of 50.3% male and 49.7% female. Including both Saudis and non-Saudis, individuals under 35 made up 61.4% of the Kingdom’s total population as of last year.

OIL WATCH-

Chinese refiners are favoring Russian crude over Middle Eastern grades, signaling a reshuffle in global flows, Bloomberg reports, citing London-based market intelligence firm Energy Aspects. Russia’s Urals remains “the most competitive” compared to similar grades from the Middle East, thanks to discounts and steady supply availability, the consultancy said.

ICYMI- Saudi Arabia is expected to export less crude oil to China in September, compared to August volumes that reached a more than two-year high. Aramco is projected to ship about 43 mn barrels to China next month — equivalent to 1.43 mn bbl / d, down from 1.65 mn bbl / d in August.

Russian imports already account for 17% of China’s overseas crude purchases, close to the 20% ceiling the consultancy sees for any single supplier.

The Brent-Dubai exchange of futures for swaps (EFS) has narrowed further amid US pressure on Indian imports of Russian oil, Bloomberg reports. Brent’s premium over Dubai crude fell to just USD 0.6 / bbl from USD 3.9 in late June, according to PVM Oil Associates data. The shift reflects growing expectations that Indian refiners will pivot away from Russian Urals crude in favor of medium-density grades from the Middle East under US pressure.

The US push, including tariffs threats, has already impacted October-loading cargoes. Indian state refiners pulled back from Russian oil and are now sourcing from Abu Dhabi, Libya, Nigeria, and the US. The shift also opened an arbitrage window for Atlantic Basin crudes — typically priced against Brent and WTI — to flow into Asia, reshaping regional trade flows, Bloomberg adds.

SPORTS-

#1- Al Nassr reached an agreement to sign French winger Kingsley Coman from Bayern Munich for an all-in transfer fee of EU 35 mn, Sky Germany’s Florian Plettenberg said on X on Monday. The 29-year-old is set to sign a contract until 2028, with an annual salary of EUR 20-25 mn.

#2- Week five of the Esports World Cup wrapped up with Team Liquid in the lead with 4.2k points, followed by Team Falcons with 3.7k and Team Vitality with 3.15k, according to a post on X.

Team Liquid became the first club to land three titles in a single Esports World Cup after Dutchman Manuel Bachoore (Team Liquid) took home the EA Sports FC Championship by beating France’s Brice Masson of Team Vitality 5-3 in the final, state news agency SPA reported on Monday. Team Liquid also snagged third place after Levi de Weerd defeated Brazil’s Gui Barros (RBLZ Gaming) with a score of 4-1.

Our own Twisted Minds clinched their first Call of Duty: Warzone title after defeating Virtus.pro. in the final match. Team Secret claimed their first-ever Tom Clancy's Rainbow Six Siege title, defeating G2 Esports 3-0.

AND- Game designer Hideo Kojima will be participating in the New Global Sports Conference, which runs between 23-24 August, to share insights on the development of his most recent game — Death Stranding 2: On the Beach.

***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.

EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel and Hassan Allam Properties.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.

DID YOU KNOW that we also cover Egypt, the UAE, and the MENA logistics industry?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***

THE BIG STORY ABROAD-

There’s no single story capturing the attention of the international business press, but there are a handful of business stories to sink your teeth into.

US stocks hit a record high after inflation data fueled market expectations that the Federal Reserve will move ahead with interest rate cuts when it meets again next month. US inflation remained steady at 2.7% in July, according to the Bureau of Labor Statistics, coming in just shy of economists’ expectations of 2.8%. The inflation data pushed futures market to price in a 94% chance that the Fed will cut rates by 25 bps in September, rising nine percentage points compared to before the inflation data was released. The S&P 500 closed up 1.1%, while the Nasdaq Composite was up 1.4% at the close of trading. (Bloomberg | Financial Times)

AI startup Perplexity made an unsolicited USD 34.5 bn offer to acquire Google’s Chrome browser, in a bid that would see the startup pay more than its own valuation. The offer comes ahead of an expected antitrust ruling later this month that could require Google to sell its web browser. Perplexity spokespeople have said that the company has secured financial backing from “several investors, including large venture capital funds” to fully finance the transaction if it were to go through. The story is getting play in the Wall Street Journal, Reuters, and Bloomberg.

EFG Hermes projects Saudi Arabia’s real GDP to grow 4.5% this year

EFG Hermes sees the Kingdom’s real GDP growing by 4.5% this year, likely driven by a 4.2% increase in the non-oil sector, lead economist Mohamed Abu Basha said in a research note seen by EnterpriseAM. GDP growth is anticipated to slow down to 2.7% in 2026, with 3.7% growth in non-oil activities, before dipping further to 2.6% in 2027 as non-oil activities grow at a 3.6% clip.

By the numbers: This year, nominal GDP is expected to reach USD 1.19 tn. That number is expected to rise to USD 1.23 tn in 2026 and to around USD 1.29 tn in 2027.

Where this stands versus other projections: The IMF has recently raised its forecast for the Kingdom’s GDP growth in 2025 to 3.6%, with growth for 2026 expected to rise to 3.9%. The World Bank maintained in June its growth forecasts for Saudi Arabia at 2.8% in 2025 and 4.5% in 2026, while a recent Reuters poll projects Saudi Arabia to record 3.8% growth this year.

EFG Hermes sees Saudi Arabia’s trade balance recording a surplus of USD 64.7 bn this year, before decreasing to USD 55.9 bn in 2026 and USD 49.9 bn in 2027. Hydrocarbon exports are expected to reach USD 198.1 bn this year, before increasing to USD 200.4 bn in both 2026 and 2027. Meanwhile, hydrocarbon revenues are seen reaching USD 164.1 bn this year, before declining to USD 156.8 bn in 2026 and USD 156.3 bn in 2027.

Meanwhile, non-hydrocarbon exports are projected to increase to USD 100.3 bn this year, before rising further to USD 107.5 bn in 2026 and USD 115.3 bn in 2027.

OTHER KEY MACRO INDICATORS TO WATCH-

#1- Saudi Arabia’s total public debt is expected to close the year at around 30% of GDP, EFG Hermes noted. The country’s total public debt stood at SAR 1.39 tn at the end of the 2Q, with domestic debt amounting to SAR 871.3 bn and external debt reaching SAR 515.1 bn. Gross external government debt is expected to reach 12.0% of GDP this year, before falling to 11.8% next year and 11.4% in 2027.

#2- The overall fiscal deficit is expected to reach SAR 196 bn in 2025, equivalent to 4.1% of GDP, EFG said. Recent GDP revisions boosted nominal GDP by 14%, providing the government room to run larger nominal deficits while keeping the shortfall near its preferred target of 3-4% of GDP. The fiscal deficit for 1H 2025 reached SAR 93 bn, representing 92% of the annual target of SAR 101 bn and indicating a “clear” budget overrun, according to the research note. 1H expenditures also reached 51% of the annual budget, signaling a high probability that total spending will not remain within budget.

#3- Inflation is projected to hit an average of 2.0% in both 2025 and 2026, before easing to an average of 1.8% in 2027, according to EFG. This is more bullish than Capital Economics’ projections of 2.6% y-o-y this year, but comes higher than its forecast of an average of 0.8% y-o-y in 2026. Meanwhile, Riyad Capital sees inflation rising to 2.5% this year, before easing slightly to 2.3% in 2026, up from an inflation reading of 1.7% in 2024. The IMF said in June that inflation in Saudi Arabia will remain around 2.0% this year.

For more about inflation trends in the Kingdom, read our recent coverage here.

#4- Net foreign assets (NFAs) in the banking sector are expected to reach USD 372.1 bn in 2025, before dropping to USD 352.4 bn in 2026 and USD 332.5 bn in 2027, EFG said. NFAs in the Kingdom’s banking sector showed almost no change in June, holding steady at a surplus of around SAR 1.5 tn by the end of the month. The money supply is projected to grow by 12.3% this year, before growth slows down to 11.2% in 2026 and 10.7% in 2027, according to the note.

Kingdom’s output hits 9.5 mn bbl / d, spearheading Opec July production

Saudi Arabia leads Opec’s July production surge: The Kingdom’s oil production grew by 170k bbl / d m-o-m to reach 9.5 mn bbl / d in July, making up over half of the cartel’s monthly increase, according to Opec’s monthly report (pdf). This builds on a pattern of monthly increases from 9.4 mn bbl / d in June and 9.2 mn bbl / d in May.

Opec output and prices on the up: Opec output rose 335k bbl / d in July to 41.9 mn bbl / d, and Opec output grew 263k bbl / d to 27.5 mn bbl / d. The Opec Reference Basket rose USD 1.24 m-o-m to USD 70.97 a barrel.

Behind the numbers: The report continued to use “supply-to-market” figures rather than traditional production data, as it did for June, which kept Saudi Arabia’s production within its quota. The change followed a request from the Energy Ministry and stated that the extra oil produced due to geopolitical tensions went into storage and did not reach the market.

Opec supply growth to be outpaced by non-members: Natural gas liquids and non-conventional liquids from Opec members are expected to grow 0.1 mn bbl / d annually, reaching 8.7 mn bbl / d in 2025 and 8.8 mn bbl / d in 2026. Meanwhile, non-Opec liquids production is forecast to grow 0.8 mn bbl / d in 2025, led by the US, Brazil, Canada, and Argentina, with growth easing to 0.6 mn bbl / d in 2026.

Opec held its forecast for global oil demand growth in 2025 steady at 1.3 mn bbl / d, with OECD demand rising 100k bbl / d and non-OECD demand up 1.2 mn bbl / d. The organization raised its projection for 2026, increasing the expected demand growth by 100k bpd to 1.4 mn bpd on stronger economic activity, split between OECD (up 200k bbl / d) and non-OECD (up 1.2 mn bbl / d).

Opec+ leaders will meet on 7 September to decide their next steps.

Hamad Mohammed Bin Saedan Real Estate issues prospectus for Nomu debut

Hamad Mohammed Bin Saedan Real Estate is selling a 17.64% stake (equivalent to 4.2 mn shares) Tadawul’s parallel market Nomu, it said in its prospectus (pdf). The issuance will be equivalent to 15% of its post-IPO capital, which is set to hit SAR 282.4 mn from SAR 240 mn. The pricing of the offering has yet to be announced. The real estate player received regulatory approval for its planned IPO from the Capital Market Authority back in March.

Where will the money go? The company will use the net proceeds from the offering — after deducting SAR 3.5 mn in offering costs — to finance its expansion plans and future projects, whose total value is estimated at SAR 53.7 mn. This includes the development of a SAR 22.7 mn residential project in Riyadh’s Ar Rimal neighborhood, a SAR 15 mn residential project in the Namar neighborhood, and a SAR 16 mn logistics warehouse. The real estate player plans to top up the IPO proceeds with its own liquidity and additional financing to fund expansion plans if needed. Any surplus proceeds will be allocated to its working capital. Current shareholders will not receive any proceeds from the offering.

Subscription timeline: Qualified investors can subscribe for a minimum of 10 shares and a maximum of 1.4 mn shares each over a seven-day subscription window from Friday, 29 August to Thursday, 4 September. The final allocation of shares will take place on Sunday, 7 September, with the surplus being refunded over the following two working days.

A look at the company’s financial results: Hamad Mohammed Bin Saedan Real Estate’s net income increased by 31.1% y-o-y in FY 2024 to SAR 5.7 mn, compared to SAR 4.4 mn, while its revenue jumped 230.3% y-o-y to SAR 185.6 mn from SAR 56.2 mn.

About the company: Established in 2019, Hamad Mohammed Bin Saedan Real Estate Company is a firm specializing in real estate investment and development in the Kingdom. It holds a real estate portfolio of income-generating assets and residential, logistical, industrial, and commercial development projects, in addition to its investment in proptech real estate technology startups.

ADVISORS- Alinma Capital is acting as the lead manager on the transaction, while Merchants Capital is serving as the financial advisor, and AlShareef & Partners is providing counsel.

Receiving agents include Alinma Capital, AlJazira Capital, Albilad Capital, Alkhabeer Capital, ANB Capital, Al Rajhi Capital, BSF Capital, Derayah Financial, GIB Capital, Alistithmar Capital, Riyad Capital, Sab Invest, Sahm Capital, SNB Capital, and Yaqeen Capital.

Red Sea International and Emaar EC report 2Q earnings

RED SEA INTERNATIONAL-

Red Sea International Company posted a 30.6% y-o-y decline in net income to SAR 6.4 mn in 2Q 2025 due to lower gross margins and higher finance costs, it said in a disclosure to Tadawul. However, revenue increased 3.7% y-o-y to SAR 779.2 mn during the quarter as the company met performance and project completion targets.

On a 1H basis, the company’s bottom line swung back to the black with SAR 1.9 mn in net income, compared to a loss of SAR 2.8 mn in the same period a year earlier. Revenue grew 4.9% y-o-y to SAR 1.5 bn in the first half of the year.

EMAAR THE ECONOMIC CITY-

Emaar The Economic City narrowed its net loss position to SAR 44 mn in 2Q 2025 from SAR 342 mn, mainly due to higher project revenues and a SAR 243 mn gain from bank debt restructuring, it said in a disclosure to Tadawul. Revenue jumped 55.3% y-o-y to SAR 118 mn during the quarter, boosted by increased sales of residential lands and units, new lease contracts, higher hospitality income, and higher student enrollment in the education sector.

In the first half of the year, the company’s net loss narrowed to SAR 167 mn, while its revenue jumped 114.7% y-o-y to SAR 322 mn.

First Mills acquires Manar Feed to level up its feed production

M&A WATCH-

First Milling Company (First Mills) sealed a final agreement to fully acquire Makkah-based animal feed producer Manar Feed Company, it said in a press release (pdf) yesterday. The move will add at least 420 tons to First Mills’ daily feed production capacity, raising its total output to 1.3k tons per day, and help meet rising demand in local and regional markets. No financial details were disclosed.

ICYMI- We sat down with First Mills’ CFO Alaaeldin Shousha back in March for a chat about the company’s challenges, successes, and future goals, which include earmarking around SAR 210 mn for expansion over the next two years. The company is building a SAR 123 mn flour milling unit at its Al Qassim plant, which is expected to wrap up by 2Q 2026. The new unit will boost the plant’s wheat milling capacity by 66%, or 600 tons a day, to 1.5k tons a day.

The National Building and Marketing Company exited the Nomw Al Ahsa Real Estate Fund through an in-kind transfer valued at about SAR 138.2 mn, it said in a disclosure to Tadawul yesterday. The move comes after the company raised its stake in the SAR 130 mn fund to around SAR 125 mn in 2023 — equivalent to a 96.1% stake.

AVIATION-

Red Sea International Airport began a phased operational launch, now receiving both domestic and international flights, according to a press release. Domestic flights were shifted to the new Main Terminal Building, while international flights and seaplanes continue to operate from the Air Taxi Terminal.

IN CONTEXT- Operated by daa International and developed by Red Sea Global, the airport is part of the Red Sea megaproject. The main terminal is set for full operation by the end of 2025, targeting a capacity of 1 mn passengers annually by 2030.

DEBT WATCH-

Professional Medical Expertise (ProMedEx) lined up a SAR 45 mn shariah-compliant loan with Saudi Awwal Bank to finance its ongoing projects, it said in a disclosure to Tadawul yesterday. The one-year facility features a SAR 40 mn import finance facility and SAR 5 mn in standby letters of credit. The funding is backed by a promissory note and corporate backing from Al Omran Holding Company, both valued at SAR 45 mn.

REFRESHER- ProMedEx signed a SAR 74.5 mn, one-year shariah-compliant loan agreement with Riyad Bank last October to fund existing projects and expansion plans.

Asia’s super wealthy look to physical gold trade amid global economic uncertainty

The boom in gold prices isn’t just pushing the wealthy to bolster their gold ETFs and mining stocks, it’s also sparking a revival of the physical gold trade. The world’s rich, especially in Asia, are now actively participating in the physical gold trade themselves, “financing, shipping and flipping bullion like traders,” Bloomberg reports.

Firms and even families that had previously had no physical and direct contact with gold are now sourcing bullion themselves — often from little regulated markets in Africa — transporting it back to Asia and refining it, before selling it on with higher prices.

Closer to home, the very wealthy in the UAE are lending gold to local jewelers, enabling them to add on extra returns for the appreciating assets, the outlets cites two precious metals traders as saying. Discounted bars in Dubai are also being brought to be sold for higher prices in Asia to meet high demand — and with it high prices.

Worldwide, wealthy investors have increased their exposure to gold in 2025 by some 120%, according to HSBC’s Affluent Investor Snapshot 2025 report (pdf). The move towards gold notched the largest shift of investors’ mean asset allocations surveyed by the lender, followed by a move towards alternative assets by 100%. According to the survey, gold now makes up 11% of wealthy investors’ assets on average.

And for wealthy investors who don’t yet own gold, many of them want to. Half of the investors surveyed by the HSBC said they plan to add gold to their portfolios in the next 12 months, which is double the current level. Of these, 41% are looking to own physical gold, while 28% plan to own digital gold.

The uptick in appetite for gold isn’t surprising, given the precious metal has increased in value some 41.0% in the last 12 months, to sell for USD 3.4k per ounce. Driving demand — and arguably pushing gold’s appeal beyond a safe haven asset to a speculative investment — is geopolitical and economic uncertainty coupled with an unpredictable USD.

In recent days, investors rushed to buy up gold, pushing the price of the precious metal to new highs after reports emerged alleging that the US would soon impose tariffs on imported bullion. But some calm returned to the market after Trump clarified on Monday in a Truth Social post that gold would not be tariffed under incoming trade changes.

MARKETS THIS MORNING-

Asian markets are in the green in early trading today, as markets continue to digest the extension of the US-China trade truce. Japan’s Nikkei is leading gains, up 1.3%, with the Hang Seng and Kospi trailing behind, looking at gains of 1.0% and 0.5%, respectively.

TASI	10,770	-0.2% (YTD: -10.5%)
MSCI Tadawul 30	1,391	-0.3% (YTD: -7.8%)
NomuC	26,144	-0.4% (YTD: -16.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	3,645	0.0% (YTD: +18.1%)
ADX	10,296	-0.1% (YTD: +9.3%)
DFM	6,119	-0.6% (YTD: +18.6%)
S&P 500	6,436	+1.0% (YTD: +9.3%)
FTSE 100	9,148	+0.2% (YTD: +11.9%)
Euro Stoxx 50	5,336	+0.1% (YTD: +9.0%)
Brent crude	USD 66.15	-0.7%
Natural gas (Nymex)	USD 2.79	-5.7%
Gold	USD 3,400	-0.2%
BTC	USD 119,916	+0.9% (YTD: +28.1%)
Sukuk/bond market index	908.77	-0.3% (YTD: +0.7%)
S&P MENA Bond & Sukuk	147.85	+0.1% (YTD: +5.7%)
VIX (Volatility Index)	14.73	-9.4% (YTD: -15.1%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 4.1 bn. The index is down 10.5% YTD.

In the green: Red Sea (+10.0%), Baan (+5.0%) and Astra Industrial (+4.7%).

In the red: Chemanol (-9.9%), Cenomi Retail (-4.9%) and Jahez (-4.7%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.4% yesterday on turnover of SAR 34.8 mn. The index is down 16.9% YTD.

In the green: Future Care (+15.1%), Paper Home (+10.0%) and Alqemam (+5.7%).

In the red: Rawasi (-9.3%), Mayar (-7.1%) and Lana (-6.9%).

CORPORATE ACTIONS-

Al Babtain’s board greenlights subsidiary capital raise: Al Babtain Power and Telecommunication ’s board approved raising the capital of its wholly owned subsidiary Al Babtain LeBlanc Communication Systems to SAR 30 mn from SAR 10 mn, it said in a disclosure to Tadawul on Monday. The capital hike will take place by converting part of the current account balance owed by the parent company.

Qiyam Holding shifts 8 mn Al Modawat shares: Al Modawat Specialized Medical ’s major shareholder Qiyam Holding — which owns 60.4% of the company — plans to transfer about 8 mn of its shares to investment portfolios owned by its partners as part of an internal restructuring, it said in a disclosure to Tadawul yesterday.

CALENDAR

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

19-20 August (Tuesday-Wednesday): Marketing Home Group IPO retail subscription period for investors to request 10k-250k shares each.

24 August (Sunday): Final allocations are due for Marketing Home Group IPO.

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

SEPTEMBER

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference (SMIC), Ritz-Cartlon, Jeddah.

9-11 September (Tuesday-Thursday): International Beauty Expo 2025, Jeddah Superdome.

9-11 September (Tuesday-Thursday): Seredo Real Estate Development and Ownership Exhibition, Jeddah Superdome,

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

15-17 September (Monday-Wednesday): Global Infrastructure Forum, Riyadh International Convention and Exhibition Center.

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

23 September (Tuesday): Saudi National Day.

OCTOBER

1 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

1-3 October (Wednesday-Friday): FIBO Arabia 2025, Riyadh Front Exhibition & Conference Center.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

15 October (Wednesday): Russian-Arab Summit.

17 October (Friday): Saudization for private healthcare roles enters its second phase.

21-23 October (Tuesday-Thurday): Global Internet of Things Congress 2025 (GIoTC 2025), the Arena Venue, Riyadh.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

23-25 October (Thursday-Saturday): Zenos Wellness Summit, Bab Samhan Hotel, Riyadh.

24 October-1 November (Friday-Saturday): AlUla Wellness Festival.

26-27 October (Sunday-Monday): The Global Proptech Summit 2025, Mandarin Oriental Al Faisaliah, Riyadh.

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, Riyadh.

28-30 October (Tuesday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

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

NOVEMBER

2 November (Sunday): Naming ASICS Innovation Pitch competition’s six finalists.

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

8-9 November (Saturday-Sunday): Del Monte Superleague Supercup, Jeddah.

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

22 November (Saturday): The Ring IV, ANB arena, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

24-26 November (Monday-Wednesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

28-30 November (Friday-Sunday): UIM F1H2O World Championship, Jeddah.

30 November (Sunday): Zatca 21st E-invoicing integration wave deadline.

DECEMBER

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

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, Riyadh.

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

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

31 December (Wednesday): Zatca 22nd E-invoicing integration wave deadline.

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

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

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

MARCH

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

OCTOBER

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

Signposted to happen sometime in 2026:

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

Signposted to happen sometime in 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.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

Sections

About

Privacy & Support

Get EnterpriseAM daily