Gov’t props up non-oil growth

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WHAT WE’RE TRACKING TODAY

Houthis attack energy facilities + civilian locations

Good morning, friends. Every headline number in today’s issue is a good one, but not one of them means what it looks like on the surface.

The through-line is distribution, not direction. Corporate earnings, ins. earnings, non-oil growth — three separate prints, three flattering top lines, and the same story sitting underneath each. While the gains are there, they’re actually rather narrow — concentrated in the largest companies, the largest insurers, and the parts of the non-oil economy the state is paying for. Averages are doing a lot of work this morning.

The question we’ll carry through the rest of the issue is what happens when the concentration stops working — when the state’s contribution plateaus, or when the strong insurers finish taking market share from the weak ones and there’s nobody left to take it from.

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Britain’s Gulf trade push picks up speed

Britain wants to get its long-awaited GCC trade agreement over the line within weeks. The UK’s new Trade Minister Anas Sarwar told The National that London is ready to sign the Gulf agreement, while discussions with Abu Dhabi over what comes next are also underway. His message: “We’re not going to wait. Those conversations have already begun.”

The GCC leg is nearly there: The agreement, which the two sides wrapped up in May after almost four years of negotiations, is now awaiting signature and domestic approval. The UK estimates it could increase trade with the bloc by 19.8% in the long run and eliminate USD 784 mn in annual tariffs on British exports at current trade levels — USD 486 mn from day one.

Riyadh and Abu Dhabi are getting extra attention: Sarwar chose Saudi Arabia and the UAE for his first trip outside Europe as the Iran war pushes energy and supply-chain security higher up London’s agenda. “It’s not a coincidence that we’re here in the Gulf,” he said. Talks covered investment in energy, AI data centers, ports, aviation, and defense, with Sarwar looking for capital to flow both ways — more Gulf money into the UK and more UK investment into the region.

REMEMBER- The UAE had already been angling for more. We reported last month that the UAE was pushing for a bilateral CEPA beyond the GCC agreement, with the UK government telling us it had launched a consultation on deepening ties. A separate track has plenty to work with: UK-UAE trade reached GBP 25 bn in 2025 — almost half the GBP 53 bn traded between Britain and the GCC as a whole — while the UAE-UK Sovereign Investment Partnership has delivered more than GBP 30 bn of investment commitments into Britain since 2021.

Bringing it home

Saudi Arabia is looking to bring outsourced work back home. The Kingdom plans to shift private-sector jobs and services currently handled abroad to local providers, Federation of Saudi Chambers Secretary-General Sultan Al Musallam tells Asharq Business. The plan covers IT, call centers, shared services, accounting, HR, data analysis, operations and maintenance, and consultancy. The aim is to create jobs, transfer knowledge and technology, and strengthen local operational capabilities.

Beleaguered

LIV Golf filed for Chapter 11 bankruptcy protection yesterday, marking the latest blow to the formerly Saudi-funded league, according to a filing (pdf) submitted by its New Jersey-based subsidiary. LIV’s filing reveals USD 500 mn to USD 1 bn in liabilities and assets valued between USD 100 and 500 mn, including mns of USD in unpaid debts to top players.

No more state backing: The Public Investment Fund (PIF) extended under USD 100 mn in debtor-in-possession financing to the league earlier this month — the last contribution from the fund. This followed the PIF’s decision in May to pull the plug on the breakaway golf league it had bankrolled for four years.

Any takers? Private equity firm BC Partners is evaluating an acquisition of LIV’s assets valued at USD 300 mn — squarely within the league’s USD 250-350 mn asking price. The proposal reflects the capital needed to keep the league afloat, though it falls short of PIF’s total investment.

SRC readies rated RMBS debut

SRC takes Saudi mortgages to the sukuk market: The Saudi Real Estate Refinance Company (SRC) is preparing to issue SAR 431.3 mn in Islamic sukuk backed by residential mortgages it bought from lenders including SNB and Arab National Bank, according to a Fitch report on the potential transaction.

What makes this one notable: Dubbed Sukuk Saudi Real Estate Refinance Company RMBS-2, it would be the first Saudi-backed residential mortgage-backed securities (RMBS) transaction to carry a published credit rating. SRC was first cleared to launch unrated RMBS transactions in August 2025.

The issuance is the securitization end of a mortgage-buying spree. SRC — set up in 2017 to pool mortgages from local banks, repackage them, and sell them on to investors in support of Saudi Arabia’s homeownership drive — signed in April an SAR 3 bn agreement to buy a residential mortgage portfolio from Al Rajhi Bank, on top of an SAR 10 bn arrangement for two other Al Rajhi portfolios in November 2025. Bringing a rated RMBS to market is how it turns those portfolios back into funding, recycling capital to buy more.

Data point

SAR 1.83 tn — that’s where Saudi Arabia’s official reserve assets stood at the end of August 2026, up 6.7% y-o-y, according to Saudi Central Bank (pdf). The reserves fell 0.27% m-o-m, a second consecutive monthly decline. Foreign exchange reserves rose 7.2% y-o-y to SAR 1.73 tn, while Special Drawing Rights fell 2% y-o-y to SAR 79.4 bn.

War watch

Iran-backed Houthi militants attacked several energy facilities and civilian locations in Saudi Arabia, targeting Abha, Najran, Jazan, and Khamis Mushait, injuring 73 civilians, the energy and foreign ministries said in separate statements. The group said its missiles and drones hit Aramco facilities, setting off fires and forcing a “temporary halt” in operations, Bloomberg reports.

ICYMI- Aramco’s oil facilities in Jazan were reportedly struck on Monday, with the damage still being assessed. This is the third major attack on Jazan in about six weeks. The Houthis claimed a drone strike on the refinery on 9 August, which came after missiles and drones struck the same plant on 27 July.

Riyadh is signaling retaliation: The Kingdom will take “all necessary operational measures” to deter the group and neutralize the risks it poses, Riyadh-led coalition spokesman Turki Al Maliki tells Al Arabiya (watch, runtime 1:08), calling the attacks a violation of Saudi sovereignty.

Markets are pricing this all in: Jazan is home to a 400k bbl / d refinery whose terminal already paused shipments in August, and the Abha and Najran facilities sit on Aramco’s nationwide oil and gas distribution system, which primarily serves domestic demand, according to a 2025 Aramco prospectus. Brent is approaching USD 100 as traders build in a higher risk premium. “Markets are increasingly pricing a prolonged Mideast conflict,” Goldman Sachs analysts tell Bloomberg, raising their forecasts on the assumption shipping disruptions persist into 2027.

REMEMBER- If Hormuz and the Red Sea both congest, the Suez Canal cannot absorb a wholesale rerouting, and the alternative around southern Africa is slower and costlier, S&P Global Ratings head of Emerging Markets Credit Research Zahabia Gupta previously told us.

The big story abroad

The regional conflict is flaring up once again. US forces destroyed five Iranian oil carriers in retaliation for two ballistic missile strikes launched by the Islamic Revolutionary Guard Corps at a US Navy warship over the past two days, US Central Command said. Iranian state media reported that the Islamic Republic launched missiles toward US targets in Jordan.

In the AI world: Qualcomm announced a long-term partnership with Amazon, which could purchase up to USD 60 bn in Qualcomm’s AI data center chips to boost the Semiconductor player’s presence in AI infrastructure, a relatively new field for the chip giant. The agreement grants Amazon USD 4 bn in warrants that vest with product purchases, allowing it to buy shares at USD 161.26 each.

Speaking of which: AI coding startup Cognition AI — which builds autonomous agents that plan and deploy software with minimal human input — raised USD 2 bn in a Series E funding round led by new investors Andreessen Horowitz and Accel. The round brings the firm’s valuation to USD 48 bn, nearly doubling its USD 26 bn valuation in May, when it raised USD 1 bn.

Saudi non-oil growth held up in 2Q, and the state paid for most of it

Saudi Arabia’s non-oil economy grew 0.9% y-o-y in 2Q 2026, but that growth is narrow and leans harder on the state than the headline lets on, according to data from Gastat’s full 2Q GDP report (pdf). The growth figure came in above the 0.6% flash estimate we covered last month. Overall real GDP contracted 4.7%, dragged down by a 24.8% fall in oil activity as two blocked straits kept the Kingdom’s output restrained.

Two sectors are doing most of the lifting and both sit close to the government. Community, social, and personal services grew 4.1% y-o-y, the fastest of any activity, followed by finance, ins., and business services at 3.3%. Agriculture (+2.6%) and real estate (+1.6%) round out the top of the table. Manufacturing outside refining managed 0.9%.

The consumer-facing economy, meanwhile, shrank. Wholesale and retail trade, restaurants, and hotels contracted 2.0% y-o-y. Electricity, gas, and water also slipped 2%.

The spending breakdown points to the same source. Government final consumption jumped 5.0% y-o-y and gross fixed capital formation — the investment line — rose 2.7%. Private consumption grew just 0.8%. The figures put government spending and capital investment at the heart of growth, with household consumption playing a much smaller role. And both eased on the quarter: Government spending fell 2.0% and investment 1.4% versus 1Q, a sign the pullback in mega-project outlays is showing up in the accounts.

The state is the engine, and the state still runs on oil. Most of the non-oil growth traces back to public money — government consumption, the investment program, and the government-adjacent services topping the sector table — and that money comes from oil receipts. “Continuing dependence on oil revenues, directly or via their recycling into sovereign wealth and government-funded projects, remains the key risk,” Tellimer’s head of geopolitical risk and emerging-markets equity strategy Hasnain Malik tells EnterpriseAM, pointing also to “potential disruption to oil export volumes and higher defense spending from more fraught regional conflict risk.” In short, non-oil output funded by state spending carries the vulnerability of the revenue behind it.

The quarterly softening may be the point. Malik sees the rationalization of the domestic gigaproject pipeline as a deliberate trade-off, saying it “has hurt growth in the short term but allows for firmer footing on which to tackle these challenges.” The 2Q figures offer an early glimpse of that shift, with investment and government consumption easing from the previous quarter even as both remain up from a year earlier.

Trade took the hit as well: Exports fell 24.6% y-o-y in 2Q, while imports declined 14.8%.

REMEMBER- The outlook for the full year remains dependent on how quickly oil activity recovers. The IMF trimmed its Saudi outlook to 2% this year, while BMI has taken a more bearish view, forecasting a 1.3% contraction for 2026, followed by 7.6% growth conditional on an easing of Hormuz.

Saudi corporates lead GCC earnings as energy and banking drive gains, but the outlook stays uncertain

Saudi corporate earnings weathered geopolitical headwinds, but the longer-term outlook remains uncertain. Saudi companies led GCC corporate earnings in 2Q 2026 with a combined net income of USD 45.3 bn, a 36.4% increase from the same quarter last year, according to Kamco Invest’s latest corporate earnings report (pdf).

The performance was led by energy, banking, and materials, which together accounted for 92% of total earnings. Energy was the largest contributor, with net income up 49.4% to USD 33.8 bn, driven by Aramco’s USD 32.7 bn income in 2Q. Banking net income rose 8.3% to USD 6.6 bn on strong lending growth and resilient operating income, while utilities, telecom, real estate, and food recorded declines.

The half-yearly performance told the same story, net income rose 29% y-o-y to USD 89.7 bn. Energy was again the largest contributor, with earnings climbing 38.8% y-o-y to USD 66.9 bn. Banking and telecom also recorded growth of 7.9% and 2.4%, respectively. Total revenue across Saudi-listed companies rose 20.7% y-o-y to USD 230 bn.

The geopolitical conflict had an upside after all: The energy sector’s earnings accounted for around 75% of the Kingdom’s total earnings, with higher prices across oil products and chemicals driving the increase as average crude prices surged to USD 108.1 / bbl in 2Q from USD 66.7 / bbl in 2Q 2025. The increase more than offset lower sales volumes amid shipping disruptions and the closure of Hormuz. Saudi banks also provided support due to strong lending activity.

Zooming out

GCC corporate earnings are breaking records: Aggregate net income jumped 31.3% y-o-y to USD 74.8 bn, marking the region’s second straight quarter of annual growth, according to the report. GCC listed companies’ 1H 2026 net income grew 23.1% y-o-y to USD 142.81 bn.

Oil did much of the heavy lifting: Energy sector earnings surged 41.6% y-o-y to USD 36.2 bn as higher crude prices more than offset weaker regional export volumes. It was followed by the banking sector at a net income of USD 17.8 bn, the food and beverages sector at USD 3.9 bn, and the telecom sector at USD 3.3 bn.

The regional scoreboard was less uniform: Abu Dhabi-listed companies saw their earnings jump 41.8% to USD 14.7 bn, outpacing Dubai-listed companies, whose earnings rose 4.9% to USD 6.9 bn. Across the two emirates, banking, real estate, and F&B sectors drove the rise. Oman gained 24.2%, while Qatari-listed earnings fell 20% as telecom, energy, and real estate dragged. Bahrain was broadly flat, and Kuwait’s near-doubling came off a weak comparison base distorted by Agility’s prior-year losses.

What’s next?

The Houthi threat challenges the Kingdom’s outlook: Iran-backed Houthi militants launched a major wave of missile and drone strikes on southern Saudi Arabia yesterday, including Abha, Khamis Mushait, Jazan and Najran. For the private sector, a prolonged escalation could raise logistics, ins., and operating costs, disrupt supply chains, and weigh on business confidence, which can put a dent in earnings in the upcoming months. Higher oil prices could, however, provide some offset through stronger energy revenues and government spending.

Consolidation, not pricing, will decide Saudi insurers’ survival, Moody’s VP says

Saudi insurers’ earnings jump in 1H 2026 masks a widening gap in the market — and Moody’s Ratings thinks consolidation, not pricing power, will decide who’s still standing by 2027.

We talked to Mohammed Ali Riyazuddin Londe, vice president at Moody’s Ratings, about whether the recovery is structural, why it isn’t broadening past the largest insurers, and what January’s new solvency framework means for the weak ones.

EnterpriseAM: Moody’s expects earnings to improve in 2026, but 12 of the 24 listed insurers still reported underwriting losses in 1H. What would need to change for you to consider the sector’s recovery structural and sustainable, rather than driven mainly by pricing or investment income?

Mohammed Ali Riyazuddin Londe: While earnings improved in 1H 2026, a sustainable recovery will require broader underwriting gains, stronger discipline, and greater diversification beyond motor and medical. Pricing discipline will stay difficult without further consolidation — intense competition in those two lines keeps pressuring both pricing and earnings. We see consolidation as key to more sustainable sector income.

E: Do you expect underwriting income to broaden across the market, or remain concentrated among larger insurers? What’s behind the divergence?

ML: We expect underwriting income to improve gradually, but the recovery will remain concentrated among larger insurers in the near to medium term. Larger players benefit from scale, diversification, and stronger capital positions, while smaller insurers remain more exposed to intense competition, concentrated business, and earnings volatility. Although some smaller insurers improved in 1H 2026, persistent underwriting losses highlight the widening gap between the market leaders and weaker players.

E: How do you expect the January 2027 transition to a risk-based capital and economic solvency framework to affect smaller insurers, particularly those already facing underwriting losses?

ML: The new framework will put greater pressure on weaker insurers with limited scale, concentrated risks, and weaker earnings. It could accelerate consolidation, with some players needing to raise capital, merge with stronger peers, or restructure to meet regulatory requirements and remain viable over the long term.

Qassim airport redevelopment narrowed to six bidders

Six groups vie for Qassim airport

Six bidders have qualified to compete for the redevelopment of Prince Naif Bin Abdulaziz International Airport in Qassim, the Civil Aviation Holding Company (Matarat) said on X. The project covers a new passenger terminal and upgrades to runways, taxiways, aprons, and other airside infrastructure, to be built under a design-finance-construct-operate-maintain-transfer model. Of the 89 companies that initially expressed interest, six consortia made the shortlist.

The shortlist: Turkey’s YDA Insaat with Safari Group, Bahrain’s Lamar Holding, and France’s Egis; Saudi Arabia’s Ports Projects Management & Development with Algihaz Holding; Mada International Holding with Turkey’s TAV Airports; Namaya International Investment with Oman Airports, AlBawani Capital, and the UAE’s Tanama; Vision Invest with Asyad Holding and Ireland’s Daa International; and India’s GMR Airports.

The wider push: Tendering is also underway for the new Taif International Airport, planned for 2.5 mn passengers by 2030 and built to handle demand through 2055. Both Qassim and Taif were awarded as PPP projects back in 2017, but those agreements stalled during Saudi Arabia’s aviation-sector restructuring, so this is the second time around for both, according to Meed.

Amaala adds another resort

Nammos Resort Amaala is now open at Triple Bay, adding 110 hotel rooms and 20 private residences to the Red Sea destination, according to a press release. The resort includes a private-island Nammos Beach Club, a Nammos Spa, restaurants, and family facilities.

Why it matters: Nammos brings Amaala another step closer to operating as a full destination. Six resorts are now open, with three more expected to complete Amaala’s first phase in the coming months, filling out the hospitality, wellness, and marine offering Red Sea Global has been building around Triple Bay. We reached out for comment but had no response by publication.

Tasnee buys time on debt

Tasnee has rescheduled an SAR 2 bn financing facility with Banque Saudi Fransi, extending the repayment profile to better match the company’s cashflows, according to a Tadawul disclosure. The facility, originally signed in January 2019, has been fully rescheduled with a seven-year tenor, unchanged from the original term. The financing is backed by promissory notes.

Why it matters: The rescheduling is another step in Tasnee’s broader balance-sheet cleanup. Tasnee sold Al Rowad for SAR 684 mn to exit plastics conversion and redirect capital toward debt reduction. An SAR 889 mn net loss in 1H, versus SAR 830 mn in net income a year earlier, has added to the pressure. The rescheduling gives Tasnee more room to manage its debt while it refocuses on upstream petrochemicals.

FlyNow plots Saudi eVTOL plant

FlyNow Arabia plans to build a mass-production facility in Saudi Arabia, following the relocation of its headquarters to Riyadh, CEO Yvonne Winter told Asharq Business (watch, runtime 3:18). The eVTOL maker is developing the plant with support from the General Authority of Civil Aviation and recently signed MoUs covering c. 700 aircraft for various uses.

The timeline: FlyNow expects to start cargo and firefighting services after a roughly two-year pilot phase, then launch air taxi services by 2030, timed to Expo. The rollout runs in sequence: testing first, then logistics and firefighting, then passenger transport.

REMEMBER- FlyNow announced its expansion plan in 2025, including setting up an eCopters production facility and introducing the Kingdom’s first flying taxi. It also ran sandbox flights last year with local and international partners to demonstrate safe eVTOL integration in low-altitude airspace.

Gaia closes pre-seed round

AI startup Gaia raised USD 1.5 mn in a pre-seed funding round led by Seedra Ventures, the company said in a statement. The funding will support the company’s team and continued development of the platform as it works with Saudi enterprises to apply AI to operational use cases.

About the company: Gaia, founded by Badr Al Malluh (LinkedIn) and Mohammad Rababah (LinkedIn), aims to bring together the fragmented knowledge that sits across companies’ emails, documents, CRMs, ERPs, internal systems, and employees, and turn it into a more accessible source of business intelligence, according to Seedra Ventures.

Epson to establish regional HQ in Riyadh

Japanese tech firm Epson plans to open its Middle East and North Africa regional headquarters in Riyadh, Regional Director Hossam Al Zogheir tells Asharq Al Awsat. The firm plans to expand its operations in the Kingdom, targeting education, healthcare, and entertainment, and will use this new office to link regional operations with its R&D centers in Japan. Epson also has its eyes on potential ventures in Saudi Arabia’s financial services, tourism and hospitality, retail, and government sectors, alongside digital infrastructure and smart-city projects.

The hedge fund industry's biggest players added USD 224 bn in 20 months

The nine largest hedge funds have added a combined USD 224 bn in assets since early last year — and Millennium Management is closing in fastest on a threshold almost no one in the industry has crossed, Bloomberg writes in its latest Big Take. It now manages USD 97 bn and is set to lock in USD 22 bn in fresh commitments on 1 October, enough to push assets toward USD 130 bn within a few years if its usual double-digit returns hold. AQR has already cleared USD 140 bn; DE Shaw added USD 40 bn in 19 months to reach USD 90 bn; and a half-dozen more firms have topped USD 75 bn — the most ever to do so at once.

The money coming in is changing: Wealthy individuals — not only pensions and endowments — are funding the growth; they already make up 30-40% of Millennium's assets.

Why it matters: Industry-wide hedge fund assets hit USD 5.6 tn at midyear, up 25% since the end of 2024 — but growth is concentrating, not spreading. Multistrategy funds tend to hold similar positions and can be forced to unwind them at the same time, Ivy Invest Co-Founder Wendy Li told Bloomberg — a risk that's harder to see coming at a diversified multistrat than at a plain-vanilla equity fund.

Size needs to be managed, though: Bridgewater — the first hedge fund to cross USD 100 bn, peaking near USD 150 bn in 2021 — underperformed peers in 2022 and 2023. New CEO Nir Bar Dea then deliberately shrank the flagship Pure Alpha fund toward an internal target of USD 50-60 bn rather than chasing scale. Performance recovered — Pure Alpha returned 11.3% in 2024, ahead of the industry, and kept gaining through 2025 and into this year — and firm-wide assets have since climbed back to roughly USD 102 bn.

The Gulf is riding that wave: DIFC now has 100 registered hedge fund managers, with hedge fund AUM there over USD 700 bn. ADGM's own AUM grew 54% y-o-y in the first half of 2026, and Man Group and Capital Group both opened ADGM offices this year. Remember: Millennium reaffirmed its Dubai office in March, even amid regional tensions.

MARKETS THIS MORNING-

Asian markets are up in early trading. South Korea’s Kospi is up 1.3%, while chip-related stocks are driving gains in Japan’s Nikkei, which rose 0.5%. US equities are down across the board as investors assess ongoing developments in the US-Iran conflict.

TASI	11,036	+0.1% (YTD: +5.2%)
MSCI Tadawul 30	1,482	+0.1% (YTD: +6.8%)
NomuC	21,707	-0.2% (YTD: -6.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	56,174	-0.8% (YTD: +34.3%)
ADX	10,021	+0.5% (YTD: +0.3%)
DFM	5,947	+0.3% (YTD: -1.7%)
S&P 500	7,674	-0.6% (YTD: +12.1%)
FTSE 100	10,812	-0.1% (YTD: +8.9%)
Euro Stoxx 50	6,413	+0.1% (YTD: +0.1%)
Brent crude	USD 99.48	+1.6%
Natural gas (Nymex)	USD 2.90	-0.5%
Gold	USD 4,392	-1.1%
BTC	USD 78,511	-0.9% (YTD: -10.4%)
Sukuk/bond market index	906.81	+0.4% (YTD: -1.4%)
S&P MENA Bond & Sukuk	150.71	+0.0% (YTD: -0.8%)
VIX (Fear gauge)	15.72	+2.8% (YTD: +5.2%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.10% yesterday on turnover of SAR 3.2 bn The index is up 5.2% YTD.

In the green: Banan Real Estate (+8.0%), Saudi Industrial Development (+6.0%), and Najran Cement (+5.5%).

In the red: National Gypsum (-3.6%), Saudi Vitrified Clay Pipes (-2.8%), and Saudi Arabia Refineries (-2.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 13.9 mn. The index is down 6.8% YTD.

In the green: Alfakhera (+30.0%), Advance International (+10.2%), and Time Entertainment (+8.1%).

In the red: Wajd Life Trading (-14.0%), Rawasi Albina (-9.7%), and Arabian Plastic Industrial (-9.7%).

CORPORATE ACTIONS-

The Capital Market Authority approved Saudi Vitrified Clay Pipes Company’s request to cut its capital by 69.7% to SAR 45.43 mn from SAR 150 mn, reducing its share count to 4.54 mn from 15 mn, according to CMA’s announcement. The move remains subject to shareholder approval at an extraordinary general meeting and the completion of regulatory requirements.

CALENDAR

SEPTEMBER

8-10 September (Tuesday-Thursday): The WTM Spotlight Riyadh, Riyadh Front Exhibition & Conference Center (RFECC), Riyadh.

9 September (Wednesday): CyberHero x Riyadh, Riyadh.

14-17 September (Monday-Thursday) The fourth Unesco Global Forum on the Ethics of AI (GFEAI), The Ritz-Carlton, Riyadh.

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

28 September-1 October (Monday-Thursday): The International Conference on Theory and Practice of Electronic Governance (ICEGOV), Prince Sultan University, Riyadh.

OCTOBER

25-26 October (Sunday-Monday): The Global Proptech Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

26-28 October (Monday-Wednesday): ACHEMA Middle East, Riyadh International Convention & Exhibition Center.

26-29 October (Monday-Thursday): The Future Investment Initiative, King Abdulaziz International Conference Center, Riyadh.

28-29 October (Wednesday-Thursday): Procurement and Supply Chain Futures Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

28-29 October (Wednesday-Thursday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

30 October-1 November (Friday-Sunday): The New Global Sport Conference, Sofitel Hotel & Convention Centre, Riyadh.

NOVEMBER

11-12 November (Wednesday-Thursday): Aluminum Arabia, The Arena, Riyadh.

16-19 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre (Malham), Riyadh.

29 November-1 December (Sunday-Tuesday): The UN Trade and Development Global Supply Chain Forum, Riyadh.

29 November-1 December (Sunday-Tuesday): The Global Logistics Forum, King Abdulaziz International Convention Centre, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;

2027

FEBRUARY

1-3 February (Monday-Wednesday): Energy Regulators Regional Association annual conference, Riyadh.

MARCH

21-25 March (Sunday-Thursday):The World Water Forum, Riyadh.

22–24 March (Monday-Wednesday): Capital Markets Forum, Four Seasons Hotel, Riyadh

APRIL

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

JUNE

1-3 June (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

Signposted to happen sometime in 2027:

The Ocean Race finishes in Amaala on the Red Sea;
Riyadh-Kudmi transmission line to be completed;
Aero Middle East and Sand & Fun takes place in Thumamah Airport, Riyadh.

Signposted to happen sometime in 2Q 2027:

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

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