Hajj death toll now tops 1.3k people

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Health minister confirms more than 1.3k pilgrims died during this year’s Hajj, most as a result of extreme heat

Good morning, friends. The high cost of building real estate in Riyadh and the prospect of a new cement champion in the kingdom’s west lead the business headlines this morning, but the story that everyone is talking about remains the death of hundreds of pilgrims during this year’s Hajj.

The Health Ministry has for the first time confirmed a toll, saying some 1.3k pilgrims died during Hajj. Most succumbed to heat stroke or other complications from extreme heat, mirroring an uptick in deaths in India and North America as the world breaks one heat record after another.

A big factor in the deaths: An influx of pilgrims on unauthorized tours who didn’t have the same on-site and medical support from tour operators that those on official visits had. “Eighty-three percent of [those who died] were unauthorized pilgrims who walked long distances under direct sun with no suitable shelter or comfort,” state news agency SPA reported Health Minister Fahad bin Abdurrahman Al Jalajel as saying.

Al Jalajel said most of those who died were elderly or had chronic illness, but stopped short of saying exactly how many fo the deaths could be directly attributed to heat. It’s the first time the government has confirmed a death figure.

Background: Hundreds died during this year’s pilgrimage as an extreme heat wave settled in over Makkah and the surrounding area. More Egyptians died than did any other nationality: 672 are confirmed dead and another 25 are missing, according to Reuters. The rise in fatalities led the Egyptian government to crack down on tourism operators who facilitated the travel of pilgrims who lacked hajj permits, rescinding the licenses of 16 tourism companies.

PSAs-

WEATHER- No respite from the searing heat: Riyadh is looking at a daytime of 46°C and a nighttime low of 31°C. In Makkah, the mercury will peak at 44°C before dropping to a cooler 30°C at night. Madinah will see the temperature hitting 45°C during the day and will fall to a low of 30°C.

WATCH THIS SPACE-

#1- Qatar is making an AI play as it looks to chip into the lead (pun intended, we’re afraid) already established by the Saudi and the UAE. Ooredoo CEO Aziz Aluthman Fakhroo told Reuters.

What’s happening: The Qatari network operator will deploy Nvidia chips at data centers in Qatar, Algeria, Tunisia, Oman, Kuwait, and the Maldives, the company said in a statement.

Why it matters: It will give some companies in our part of the world access the core tech behind much of the current boom in generative AI — at the same time as the US continues to block the export of some of Nvidia’s most advanced chips to the rest of our region.

What to watch for: A sweeping pact on defense and nuclear power between Riyadh and Washington is likely to also include an agreement on AI and other advanced technologies. That could see see Saudi companies get more access to cutting edge tech provided the Kingdom turns its back on rival Chinese gear, much as the UAE’s G42 promised to do as it embraced Microsoft technology earlier this year.

#2- SPEAKING OF AI… Singapore-headquartered startup Dyna.Ai plans to set up an office in Saudi, Chairman Tomas Skoumal told Arab News. The company wants to pitch government institutions and related agencies with AI-powered financial solutions. Dyna.Ai — which has already launched two of its products in Saudi — focuses on addressing digitization challenges for financial services players.

#3- A delay in regulatory approvals in “several countries” is holding up a USD 10 bn JV between Neom and Denmark-based freight company DSV, Bloomberg reports, citing a report from German outlet DVZ. The now-delayed joint venture — which was set to kick off operations in 2Q 2024 — is pending regulatory approvals from the Kingdom and Egypt before it can proceed. “It’s not unusual for delays to occur in projects of this size, and this doesn’t change our preparations and long-term expectations for the collaboration,” a DSV spokesperson told the business information service.

Background: The venture — which was announced in October of last year — will see the Danish freight company provide logistical services to Neom over the coming years. DSV had initially pledged USD 2.5 bn towards the project, but intends to cut its investment down to USD 1 bn “under the current business case,” Bloomberg reports.

IPO WATCH-

Automotive oil manufacturer Neft Alsharq will ring the opening bell for parallel market Nomu tomorrow as its shares start trading for the first time, according to a Tadawul statement. Neft’s offering was oversubscribed as it priced IPO at the top range of SAR 3.60 per share.

Background: Neft Alsharq is taking a 20% stake to the market in an offering that saw the company raise SAR 18 mn and lock-in a market cap of 90 mn at the start of trading, according to our calculations. Net proceeds from the share sale will support the company’s growth and working capital needs.

What to expect tomorrow: Shares will be allowed to trade within a ±30% band in daily price fluctuation limits and a ±10% band in static price fluctuation limits.

DATA POINTS-

#1- Saudi Arabia is expected to attract an estimated 300 m’naires in 2024, thanks in part to the Kingdom’s Premium Residency program, giga-projects, and advancements in aviation, according to Henley & Partners’ Private Wealth Migration Report 2024. The report lists Saudi as the top country to watch — edging out Malta, Mauritius, Monaco, Spain, France, and New Zealand — after seeing a 40% growth in its number of m’naires in the last 10 years.

Riyadh and Jeddah were highlighted as “hotspots” for m’naire inflows, especially from neighboring MENA countries, with potential to rival Dubai and Abu Dhabi in the future.

Zooming out: The UAE leads the charts as the top magnet for high-net worth individuals for the third year in a row with a projected record net inflow of 6.7k m’naires this year. That’s twice as many as its runners-up, the US (3.8k) and Singapore (3.5k). The report cites the UAE’s no-tax income, golden visa residency program, and geographic location as its secrets to success for attracting migrating m’naires. China, meanwhile, has the highest outflows of m’naires with an anticipated exit of 15.2k m’naires.

#2- The total number of complaints lodged against airline carriers rose 62.5% y-o-y to 1.3k complaints in May 2024, according to data by aviation regulator Gaca. Flagship carrier Saudia saw the least complaints in May at a rate of ten per 100k passengers, followed by budget airline flyadeal at 11 and low-cost airline Flynas at 13. Most of the complaints were related to boarding services, customer service, tickets, baggage services and others.

#3- The fourth phase of the Jeddah-Makkah road is 24% complete, according to Okaz. This phase spans 11 km and is part of the larger 73 km, four-lane highway which has already opened its first three phases to traffic.

#4- Motorcycle imports grew in volume by 95.5% y-o-y in 2023, with the total value of motorcycle exports growing 36.6% y-o-y to SAR 258.5 mn, Aleqtisadiah reports, citing the General Authority for Statistics. The upward trend is expected to continue into 2024, with SAR 41 mn worth of motorcycles imported in the first two months of the year.

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THE BIG STORY ABROAD-

Expect a big week of politics to dominate headlines in the global business press, though AI and the stock market (is a correction finally in the cards?) aren’t going anywhere anytime soon.

Elections will be the big theme, with three televised debates setting up a high-stakes week for incumbents on both sides of the pond:

French Prime Minister Gabriel Attal takes on his top right- and left-wing challengers in on Tuesday;
Across the Channel, sitting Prime Minister Rishi Sunak goes head-to-head with Labour’s Keir Starmer in a leaders’ debate on BBC this Wednesday;
Joe Biden takes on Donald Trump this Thursday in the first of two televised debates. (They will meet again on 10 September.)

French voters go to the polls in snap parliamentary elections this coming Sunday — an FT poll suggests voters trust the right-wing Rassemblement National more on the economy than they do Emmanuel Macron’s centrist bloc. And voters in Iran follow suit on this Friday, casting their votes for a new president.

HEAT is also in the headlines after Saudi Arabia confirmed more than 1.3k pilgrims died during this year’s Hajj — the vast majority of the deaths were heat-related — and as much of the US and Canada swelters under a heat dome.

WAR WATCH- Netanyahu says his assault on Gaza will enter a more “targeted” phase “very soon.” The Israeli leader was speaking in his first televised interview since October of last year. Meanwhile, an Israeli air assault killed eight people at an aid distribution center yesterday.

SPORTS

#1- We’ve got dates for the Esports World Cup: The eight-week Esports World Cup will open on Wednesday, 3 July and run through Sunday, 25 August Riyadh’s Boulevard City. It will see the world’s best esports clubs competing for a pool of USD 60 mn — the largest purse in esports.

IN CONTEXT- Saudi aims to be a global power in esports: Multi-bn USD development Qiddiya is also set to be home to the world’s first gaming and esports district. The Kingdom has invested heavily in the domestic and global game development industries and aims to see gaming contribute SAR 50 bn to the economy by 2030.

#2- Robert Whittaker (also known as The Reaper) knocked out Ikram Aliskerov in the debut UFC card at the Kingdom Arena in Riyadh on Saturday. Former middleweight champion Whittaker hit Aliskerov with a massive overhand in the first round, forcing the referee to stop the fight which lasted a little under two minutes. This victory marks Whittaker’s first knockout win since 2017.

Riyadh ranks as the region’s most expensive city for real estate construction –report

Riyadh was named the most expensive city in the region in which to build real restate, with costs running as high as USD 2.6k per square meter as the capital city continues to expand at a breakneck pace, according to the 2024 International Construction Market Survey (ICMS) report (pdf) by global consultancy firm Turner & Townsend.

In global context: The report also ranks the Kingdom as the 19th most-expensive city in which to build in globally.

By the numbers: For high rise CBD offices in Riyadh, prestige locations average SAR 790 (USD 211) per square foot (sqft) in building costs, while A-Grade CBD offices average around SAR 651 per sqft. Construction for educational buildings range from SAR 836-SAR 1k per sqft. Resort style hotels cost around SAR 1.9k per sqft to build, while five-star luxury hotels average SAR 1.7k per sqft and three-star hotels around SAR 790 (USD 211). Residential building costs average from SAR 604-743 per sqft.

A “standout story”: Turner & Townsend described the Kingdom’s construction boom as a “standout story” across the region. It said the Kingdom “has seen remarkable investment as both domestic and foreign funds look to capitalize on state-backed initiatives such as Neom and the Government’s wider 2030 vision.” It also attributed the growth in demand to the regional headquarters programs and the hosting of several major global events, including Expo 2030 and the 2034 Fifa World Cup.

The catch: The Kingdom continues to face a shortage of the skilled labor, according to the report — competition for skilled workers is among the factors keeping prices high, Tuner & Townsend suggests. Labour costs in Riyadh were generally higher than in Dubai across multiple skilled trades:

Group 1 tradesmen (plumbers and electricians) earn SAR 45 per hour in Riyadh, while in Dubai they earn the equivalent of SAR 24.49 per hour,
Group 2 and 3 (carpenters and tilers) earn SAR 38 per hour in Riyadh, compared to Dubai’s equivalent of SAR 22.45 per hour.

And higher material costs: Concrete blocks cost SAR 6.9k per thousand in Riyadh versus AED 3k in Dubai, while reinforcement bars cost SAR 3.8k per tonne in Riyadh compared to AED 2.5k per tonne in Dubai.

Construction cost inflation in Riyadh will cool to 5.0% y-o-y in 2024 and next year, down from 7.0% last year 2023. Dubai’s construction cost inflation is set to stay steady at 5.0% this year before dropping to 3.0% in 2025, while Doha’s building cost inflation will average 2.5% this year before rising to 3.0% next year.

IN CONTEXT- Doha was the second-most expensive city for construction regionally, averaging USD 2.1k per sqm, followed by Dubai at USD 1.9k per sqm.

Two of PIF’s cement heavyweights could merge, creating western regional champion

Two of PIF’s cement heavyweights are mulling a merger. Yanbu Cement and Southern Province Cement (SPCC) have signed a non-binding MoU to assess the feasibility of merging, they said in separate disclosures to Tadawul (here and here). They’ve given themselves up to 12 months to wrap up their talks. The disclosures say nothing about valuation or future strategic plans for the merged entity.

Why it matters: The merger would create a substantial new player in the Kingdom’s west and comes as the PIF looks to better-structure the nation’s relatively fragmented construction industry. PIF lists both SPCC and Yanbu among its holdings. Publicly available data suggest PIF directly holds 10% of Yanbu and 37.4% of SPCC.

About SPCC: Southern Province Cement is one of the largest cement manufacturers in the Middle East, according to the PIF’s website, and had a market cap of SAR 5.2 bn at yesterday’s market close. The Abha-based cement producer owns and operates a total of three plants in Jazan, Assir, and Makkah with a combined manufacturing capacity of 40k tons per day.

About Yanbu Cement: Yanbu Cement is the largest cement producer in the western region, according to the PIF with an installed capacity of 7 mn tons of clinker and a total dispatch capacity of over 10 mn tons of cement per year. Its plant is located in Ras Baridi northwest of the Yanbu Port. The Jeddah-headquartered company has a market cap of SAR 4.4 bn.

A look at their financials:

SPCC’s net income rose 27% y-o-y to SAR 62.1 mn in 1Q 2024, while its revenues were down 16.4% y-o-y during the period to SAR 250.7 mn, according to its financial statements (pdf).
Yanbu Cement’s net income was up 14.3% y-o-y to SAR 58.3 mn during the first three months of the year, with its revenues inching up 4.6% y-o-y yo SAR 234.2 mn, according to its financial statement (pdf).

Saudi trails Kuwait and Dubai on M&A dealflow in 1Q 2024

Saudi was among the top three countries in the GCC in terms of M&A transaction volume in 1Q 2024, Arab News reports, citing Dealogic figures. The Kingdom saw a total of 18 transactions during the quarter worth a combined USD 955 mn, according to the data. Of these transactions, 60% were outbound M&A.

Sector breakdown: Some 52% (USD 500 mn) of Saudi’s M&A activity was concentrated in the chemical sector, followed by the professional services sector (USD 160 mn) and the tech sector (USD 138 mn).

The regional view: Transaction value in the Middle East fell 27% y-o-y in 1Q 2024 to a combined USD 6.2 bn, according to the Dealogic figures. Kuwait was the biggest contributor to GCC M&A activity in terms of both volume and value, with transactions worth USD 1.1 bn, all of which were outbound. The UAE came in second in transaction value at USD 988 mn, 58% of which were domestic transactions.

Tech takes the lead: Oil and gas fell out of the top position in M&A activity during the quarter, dropping to the eighth position overall. Tech saw the highest amount of M&A activity in the GCC during the quarter, with 42 M&A worth a combined USD 1.6 bn, followed by the finance sector, which reeled in USD 1.3 bn worth of M&A.

Mawani inks SAR 30 mn contract for recycling complex at Jeddah Islamic Port

Jeddah Islamic Port is getting a waste recycling complex: The Saudi Ports Authority (Mawani) signed a contract with local waste management company Reviva to set up a waste recycling complex at Jeddah Islamic Port, according to a post on X by Mawani. The complex will cost SAR 30 mn to build. Reviva is a subsidiary of the Saudi Investment Recycling Company (Sirc) — a wholly owned subsidiary of the Public Investment Fund.

What the complex offers: The 10k sqm facility will also recycle byproducts and provide industrial maintenance and transportation services, according to Aleqtisadiah. No further details were provided.

About Reviva: The Jeddah-based company provides environmental solutions and services to the oil and petrochemical, power plant, utility, shipping, port, and FMCG sectors.

IN CONTEXT- Mawani is on a a drive to cut its environmental footprint under what it’s calling a “Green Ports initiative.” Mawani and France’s Marseille-Fos Port signed an MoU earlier this month to work together on smart ports as part of the same drive.

And more for Jeddah Islamic Port: Mawani and Dubai-based DP World broke ground last month on a SAR 900 mn logistics park at Jeddah Islamic Port. The new storage and distribution hub, which is set to boost trade volumes in the Kingdom and the region, is set to open in 2Q 2025. The project will be developed in two phases. It also inked an agreement in March with MSC logistics arm Medlog to establish a SAR 175 mn integrated logistics park at Jeddah Islamic Port for the handling and storage of empty containers. The 100k sqm hub will also feature an integrated service site for the upkeep and inspection of full and empty containers.

Riyadh’s King Khalid International Airport holds on to top spot in May

King Khaled International Airport maintained its top spot in May among airports catering to 15 mn or more passengers annually, edging King Abdulaziz International Airport in Jeddah for a second consecutive month, aviation regulator Gaca said in its monthly report posted on X.

The methodology: The aviation watchdog tracks 11 metrics on passenger experience, including flight delays, check-in, security, passport and customs control, asset availability and assistance services for individuals with limited mobility.

The breakdown:

In the 5-15 mn passenger category, King Fahd International Airport in Dammam led the pack, followed by Madinah’s Prince Mohammed bin Abdulaziz International Airport.
Abha International Airport in Asir ranked first in the 2-5 mn passenger group, followed by King Abdullah bin Abdulaziz International Airport in Jizan.
The category for airports catering to fewer than 2 mn passengers per year saw Al Qaisumah-Hafar Al Batin Airport in first place.

Domestic airports category: Arar Domestic Airport came in first, outperforming peers by delivering shorter wait times for departure and arrival flights.

Hajj deaths dominate the conversation on Saudi in the global press

Heat-related deaths during this year’s Hajj are still dominating the conversation on Saudi Arabia as the toll passes the 1.3k mark. Associated Press has picked up the story, ensuring it gets wide syndication. Hundreds of pilgrims — half of whom were Egyptian — lost their lives during this year’s sacred pilgrimage due to an extreme heat wave in Makkah. Reuters and the Washington Post also have the story, putting it in context of the how soaring global temperatures are making heat deaths a pressing public health issue.

In context: The world broke some 1.4k temperature records in the past week, Semafor notes, leading its coverage with the Hajj deaths, a heat dome that has settled over the United States, and the impact of extreme temperatures in India.

Afac awarded site development works for Aramco’s CCS project in Jubail

CARBON CAPTURE-

Contractor Abdullah Fahad Al Khaledi for General Contracting (Afac) was awarded site development and early works package by Aramco for its carbon capture and sequestration (CCS) project, it said in a post on Linkedin. It said work has begun on the project, which Aramco is developing with US-German industrial gases giant Linde and leading oilfield services firm SLB.

About the project: Aramco is developing one of the world’s largest carbon capture and storage hubs with the capacity to store up to 9 mn tons of carbon dioxide a year by 2027. The first phase of the project — in Jubail Industrial City — will capture CO2 from three Aramco gas plants and other industrial sources before transporting them for storage in a targeted reservoir.

HOSPITALITY-

Capella Hotel Group — the hospitality arm of Singapore-based and privately-owned luxury real estate developer Pontiac Land — will open its first coastal destination in the Kingdom at Neom’s wellness retreat Elanan, according to a statement by Neom. The resort in Elanan, which is located in Neom’s Magna along the Gulf of Aqaba, will feature 80 bespoke rooms and suites. It will focus on providing a “holistic wellness experience” for guests, according to the statement.

HEALTHCARE-

A cheaper cancer treatment? King Faisal Specialist Hospital and Research Centre has succeeded in locally producing CAR-T cells to be used in cancer treatment, state news agency SPA reported. This will help cut treatment costs by nearly 80.8% to SAR 250k per patient instead of SAR 1.3 mn. It will also make the treatment accessible to patients within two weeks, with local production helping overcome shipping hurdles and costs associated with imports of the T-cells for treatment.

About the treatment: CAR-T cell therapy is an cancer treatment that sees the patient’s T cells altered in a laboratory so they attack cancer cells. It’s now being used to treat certain types of lymphoma and leukemia and researchers are looking now at whether it could be used to treat solid tumors (thin breast, lung, pancreas), glioblastoma, and neuroblastomas, among others.

By the numbers: While there is no recent official data on the number of cancer cases in the Kingdom, it is estimated that the Kingdom reported 21.8k new cases and 13.4k cancer-related deaths in 2022, according to figures (pdf) by the World Health Organization’s International Agency for Research on Cancer (Iarc).

EU tariffs on Chinese EVs might possibly ease up

China wants to hash out EV tariffs with the EU: China has agreed to enter into negotiations with the EU over the bloc’s move to impose higher tariffs on imported Chinese EVs, the Financial Times reports, with German Vice-Chancellor Robert Habeck paying a visit to Beijing in a bid to “[soothe] tensions.”

REFRESHER- The EU passed a decision this month to push tariffs on imports of Chinese EVs to up to 48% on some vehicles. The move follows an anti subsidy investigation initiated by the supranational political union last year against Chinese EVs.

Are the tariffs already hitting trade volumes? German exports to China dropped 14% y-o-y last month, the Financial Times reports separately. Although tensions could be rising between Beijing and Berlin over the EV tariffs, analysts and economists suggest the export decline is likely attributable to other factors, including weaker auto sales in China or “a lagged impact of the Red Sea blockage.” It doesn’t look like this reading is the start of a new downtrend,” Oxford Economics economist Oliver Rakau said.

As one door opens, another door closes: The Canadian government is also mulling passing its own set of fresh tariffs on Chinese-made EVs, in a bid to match actions by the US and EU, Bloomberg reports, citing people familiar with the matter. The decision is still pending, with public consultations about the matter expected to kick off soon, the business information service cites officials as saying.

REMEMBER- The Biden administration also revealed plans last month to nearly quadruple tariffs on Chinese EVs to up to a final rate of 102.5%, as part of an election-year bid to ramp up domestic manufacturing in critical industries. The government accused the Chinese market of “cheating” on trade, and dumping underpriced goods into international markets.

Chinese EVs are priced notably more affordably than Western brands, with some selling for 20% cheaper in the EU, on the back of Chinese companies supplying a significant portion of global EV batteries, Al Jazeera reports. Chinese EVs dominated an 8.2% market share in the EU in 2023, with China’s BYD surpassing Tesla as the world's largest electric car company in 2023. Predictions place Chinese EVs as comprising an 11% market share in the EU in 2024 and possibly 20% by 2027.

MARKETS THIS MORNING-

Major Asian benchmarks are each down around 0.6% this morning as the trading week gets started, with only the Nikkei bucking the trend — it’s flat. Traders are looking forward to Australian and Japanese inflation data this week. US stock futures are down slightly overnight as traders prepare for the last week of the first half of 2024.

TASI	11,730	+2.0% (YTD: -2.0%)
MSCI Tadawul 30	1,475	+2.7% (YTD: -4.8%)
NomuC	26,825	+0.3% (YTD: +9.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	27,062	+2.4% (YTD: +8.7%)
ADX	9,013	+0.7% (YTD: -5.9%)
DFM	4,012	+0.6% (YTD: -1.2%)
S&P 500	5,465	-0.2% (YTD: +14.6%)
FTSE 100	8,238	-0.4% (YTD: +6.5%)
Euro Stoxx 50	4,907	-0.8% (YTD: +8.5%)
Brent crude	USD 85.24	-0.6%
Natural gas (Nymex)	USD 2.71	-1.3%
Gold	USD 2,331.20	-1.6%
BTC	USD 63,974	-0.5% (YTD: +52.2%)

THE CLOSING BELL: TADAWUL-

The TASI rose 2.0% yesterday on turnover of SAR 5.2 bn. The index is down 2.0% YTD.

In the green: Rasan (+10.6%), Acwa Power(+10.0%) and Cenomi Retail (+6.1%).

In the red: Batic (-5.8%), Atheeb Telecom (-4.4%) and Smasco (-4.4%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.3% yesterday on turnover of SAR 22.9 mn. The index is up 9.4% YTD.

In the green: Future Care (+22.9%), Burgerizzr (+10.7%) and Knowledge Tower (+9.5%).

In the red: Naseej Tech (-7.8%), Tam Development (-6.6%) and Fad (-5.9%)

CORPORATE ACTIONS-

#1- Tadawul-listed Saudi Industrial Development (Sidc) has submitted its application file to reduce its capital by 66.3% to SAR 135 mn to the Capital Market Authority, it said in a disclosure to Tadawul. It plans to bring its capital down from SAR 400 mn before hiking it via a rights issue as per its board’s earlier recommendation last month. Sidc has tapped Alinma Investment as financial adviser for the move which comes under its restructuring plan to help “offset accumulated losses.” The capital reduction is still subject to regulatory approvals and the approval of Sidc’s extraordinary general assembly.

#2- Shareholders of Tadawul-listed healthcare giant Saudi German Health have approved the board’s recommendation to not distribute a dividend for FY 2023, according to a regulatory filing (pdf).

#3- Tadawul-listed Al Babtain Power and Telecommunication Co. will distribute dividends of SAR 64 mn at SAR 1 per share for FY 2023 starting Wednesday, 26 June, it said in a disclosure to Tadawul.

#4- Shareholders of Nomu-listed Al Rashid Industrial have approved the board’s recommendation of a dividend of SAR 8 mn at SAR 1 per share for FY 2023, according to a disclosure to Tadawul. Eligible shareholders will be able to cash in starting Thursday, 11 July.

#5- Shareholders of Nomu-listed Almuneef Company for Trade, Industry, Agriculture and Contracting have approved the board’s recommendation to distribute SAR 7.6 mn in dividends at SAR 2 per share for FY 2023, according to a disclosure to Tadawul. The distribution date was set for Wednesday, 26 June.

CALENDAR

JUNE

1-30 June (Saturday- Sunday): Monsha’at’s support meetings, Riyadh, Jeddah, Alkhobar, and Madinah.

28 June (Friday): Start of Jeddah Season 2024, Jeddah.

JULY

4 July-25 August: (Thursday-Sunday): Esports World Cup, Boulevard Riyadh City, Riyadh.

12 July (Friday): PFL MENA 2, The Green Halls, Riyadh.

10-11 July: (Wednesday-Thursday): Global EV & Mobility Tech Forum, Riyadh International Convention & Exhibition Center, Riyadh.

AUGUST

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh.

18 August (Sunday): New academic year begins.

SEPTEMBER

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

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

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

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

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

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

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

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

OCTOBER

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

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

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

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

NOVEMBER

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

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

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

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

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

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

DECEMBER

1 December (Sunday): Opec+ to meet.

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

FEBRUARY 2025

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

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

JUNE 2025

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

2026

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

2027

The World Water Forum takes place in Riyadh.

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