Hotel occupancy was up + stays were longer in 2Q 2024

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Sama cuts interest rates in line with the Fed + United Carton Industries gets IPO green light

Good morning, ladies and gentlemen. We have a relatively busy Thursday issue to round out the week, with the latest hospitality figures from Gastat and another IPO set to hit Nomu leading this morning’s news well.

PLUS- The Saudi Central Bank (Sama) cut interest rates by 25 bps, in line with the US Federal Reserve’s move to cut rates in its meeting yesterday, according to a Sama statement. The move will see the reverse repo rates falling to 4.50%, while Sama’s repo rate is now at 5.0%. We have more on the Fed’s decision in Planet Finance, below.

HAPPENING TODAY-

#1- It’s the final day for the following events: The Impact Makers Forum (ImpaQ), taking place at Riyadh’s Mayadeen Hall, the UN’s Internet Governance Forum, and the Forbes Middle East’s Women’s Summit.

#2- The Riyadh Season World Masters of Snooker quarterfinals begin today at the Global Theater in Riyadh’s Boulevard City, featuring the world’s top 10 snooker players and two wildcards, competing for a pool of GBP 785k. The semifinals and final are scheduled for tomorrow.

WEATHER- Riyadh feels warmer today, hitting a high 20°C after a crisp 8°C early morning low. Meanwhile, Jeddah expects thunderstorms at a daytime high of 31°C, tapering off to 22°C. Madinah also faces thunderstorms but with cooler temperatures peaking at 25°C and hitting a 12°C low.

⚠️PSA- Makkah, Al Baha, Madinah, and Tabuk are expecting light to moderate rains, along with other regions in the Kingdom, according to a warning (pdf) from the National Center of Meteorology.

WATCH THIS SPACE-

#1- Engineers in the public sector will be subject to a new pay grade scheme as of Tuesday, 31 December, after Cabinet signed off on the new scale, the Human Resources and Social Development Ministry said. The new system places engineers on a salary scale depending on where they fall within four categories — engineer, associate engineer, professional engineer, and consulting engineer.

Who’s eligible? The new salary scale targets engineers with bachelor’s degrees from accredited universities in the Kingdom or abroad, who are currently employed under the public employee pay grade. Accreditation from the Saudi Council of Engineers is also required.

#2- United Carton Industries gets the go-ahead for its IPO: The Capital Market Authority greenlit United Carton Industries Company ’s bid to IPO 12 mn shares (or a 30% stake), according to a Tadawul statement. The exchange did not clarify whether the company plans to list on Tadawul or parallel market Nomu. The prospectus will be released before the subscription period begins.

About United Carton Industries: United Carton Industries Company is a corrugated packaging manufacturer and supplier. It currently operates five plants and 31 production lines in the Kingdom with an annual production capacity of 420k tons. It works with both international and domestic clients.

#3- The demand for parking services in the Kingdom is forecast to hit SAR 2.5-3 bn over the next three years, Batic Investments and Logistics ’ CEO Mohammed Al Zamil told Asharq Business (watch, runtime: 1:34:05). He said the tourism and entertainment sectors will fuel the rise, along with increasing demand for parking close to the new Riyadh metro.

ICYMI- Batic’s subsidiary Smart Cities Solutions Company recently signed an MoU with Dubai-based public parking operator Parkin to expand parking services in the Kingdom.

#4- US-based law firm Pillsbury Winthrop Shaw Pittman is looking to set up shop in Riyadh through a partnership with AlArfaj & Partners Managing Partner Khalid AlArfaj, who was formerly an associate at Pillsbury Winthrop, Bloomberg Law reports. The Pillsbury AlArfaj office will focus on energy, infrastructure, commercial transactions, compliance, and disputes, and launch operations once its license is approved.

#5- New Data Saudi app in town: The Economy and Planning Ministry is piloting the Data Saudi platform, a unified platform featuring the latest economic and social data for the Kingdom, as well as its trade stats with other countries, state news agency SPA reports. In addition to the website, the platform is available via the App Store and Google Play.

#6- US-based cybersecurity startup Bureau is eyeing expansion into Saudi Arabia, among other markets as it seeks to scale up its operations globally, the company’s founder and CEO Ranjan Reddy told Reuters. Bureau recently closed a USD 30 mn funding round led by Sorenson Capital and was valued at USD 150 mn in a Series B funding round.

DATA POINTS-

#1- Investment funds in the Kingdom saw the value of their assets go up 14.4% y-o-y in 3Q 2024 to SAR 23.6 bn, according to a Capital Markets Authority’s report (pdf).

#2- Saudi flight routes are among the world’s busiest: The Cairo-Jeddah route was the second-most busiest international flight route in 2024, with 5.5 mn seats booked, according to a report from UK-based travel data provider OAG. This marks a 14% y-o-y increase and a 62% rise from 2019. Meanwhile, the Dubai-Riyadh route landed in the sixth spot, with 4.3 mn seats, marking an 8% y-o-y increase and a 37% rise from 2019.

ALSO- The Jeddah-Riyadh route was the sixth-most busiest domestic route globally, with 8.7 mn seats booked. Moreover, it was the world’s fastest-growing route, with a 10% y-o-y increase.

#3- Consumer spending via point-of-sale transactions in the Kingdom fell 9.7% w-o-w for the week ending 14 December to SAR 12.8 bn, according to the Saudi Central Bank’s (Sama) weekly transactions report (pdf). Similarly, the number of transactions went down 4.1% to 212.7 mn transactions.

The breakdown: Spending was highest in the restaurants and cafes sector at SAR 1.97 bn, followed by food and beverage (SAR 1.86 bn). Riyadh led the pack in terms of weekly spending with SAR 4.5 bn across 67.9 mn transactions. Jeddah and Dammam followed with SAR 1.8 bn and SAR 640.3 mn, respectively.

#4- Mineral exploration spending in the Kingdom logged 40% annual growth to reach SAR 500 mn per sqkm, higher than the average global growth rate of 6%, Industry and Mineral Resources Deputy Minister Khalid Al Mudaifer told Aleqtisadiah. The specific time period was not mentioned.

#5- Private sector exports that were backed by letters of credit from commercial banks grew 21.1% y-o-y in 3Q 2024 to SAR 40.4 bn, state news agency SPA reports, citing central bank data. GCC nations were Saudi Arabia’s top export market with SAR 25.8 bn, accounting for 64% of the Kingdom’s exports during the period.

OIL WATCH-

The Kingdom saw its oil exports hit a four-month high in October at 5.93 mn bbl / d, adding 174k bbl / d m-o-m, Reuters reports, citing data from the Joint Organizations Data Initiative. Meanwhile, crude production logged a marginal drop of 3k bbl / d during the month to reach 8.97 mn bb / d.

ICYMI-Earlier this month, Opec+ pushed back the start date of production increases by three months to April 2025, with the overall production increases slated to be gradually implemented until the end of 2026.

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THE BIG STORY ABROAD-

One single story is on every front page this morning: The Federal Reserve has slashed rates for the third time this year but will be more cautious moving forward, Fed Chair Jerome Powell said in remarks that sent US stocks falling. (CNBC | Bloomberg | FT | AP | Reuters)

^^ We have the full story in this morning’s Planet Finance.

IN TECH NEWS- The US Supreme Court will next month hear TikTok’s challenge to a law that could potentially ban the application in the US. Meanwhile, the EU is pushing Apple to make its operating system more compatible with rivals.

CIRCLE YOUR CALENDAR-

#1- The three-day Future Minerals Forum kicks off on 14 January at Riyadh’s King Abdulaziz International Conference Center.

#2- The three-day Future Hospitality Forum opens its doors 11 May at the Mandarin Oriental Al Faisaliah, Riyadh.

#3- The three-day Real Estate Future Forum kicks off on 27 January at the Four Seasons, Riyadh.

#4- The Money 20/20 fintech conference will run from 15-17 September 2025. As a global hub for payments, banking, and financial services innovation, Money 20/20 promises to bring together industry leaders to shape the future of fintech.

Itmam Consulting issues prospectus for Nomu IPO

ItmamConsulting is taking a 14.3% stake to Tadawul’s parallel market Nomu, the firm said in its prospectus (pdf) for the offering. Some 3 mn shares will be up for grabs, out of which 1 mn are newly-issued stocks. The Riyadh-based business consulting service lined up Capital Market Authority approval for the move back in October.

Qualified investors can subscribe to the IPO between 5-12 January. They can book up to 1 mn shares each with the minimum amount set at 100 shares. The final allocation is slated for Wednesday, 15 January.

Net proceeds from the sale will be used to finance the company’s working capital to support its expansion plans. Some SAR 3 mn from the proceeds will be earmarked to cover the offering’s expenses.

Post-IPO structure + lockup period: Itmam’s seven major shareholders will see their ownership diluted to a combined 80.6%, down from their current 94%, and will be subject to a 12-month lock-up period from the first day of trading.

Earnings snapshot: The company posted SAR 6.7 mn in net income for 1H 2024, up from SAR 4.1 mn in 1H 2023, according to its latest financial results in the prospectus. Meanwhile, revenues came in at SAR 27.7 mn in the first half of the year, down from 36.5 mn during the same period last year.

About Itmam: Established in 2018 and headquartered in Riyadh, Itmam Consulting provides management consulting services operating in administrative restructuring, compliance evaluation, market research, business accelerators, upskilling and event management. Its services extend to sectors such as construction, manufacturing, IT, real estate, education, healthcare, and energy.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as lead manager and financial advisor, while RSM acts as legal accountant. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, and Riyadh Capital, among others.

Hotel occupancy at 55.4% in 2Q with longer stays - Gastat

The Kingdom’s hotel room occupancy rates reached 55.4% in 2Q, up 0.5 percentage points from 2Q 2023, according to a General Authority for Statistics report (pdf). Meanwhile, occupancy rates for serviced apartments and other hospitality facilities rose by 1.5 pp to 52.4%, during the same period.

How long are guests staying? The average length of stay for hotel guests increased by 17.6% y-o-y in 2Q 2024, to 5.2 nights. However, stays in serviced apartments and other facilities were shorter, averaging 2.1 nights, down 10.9% y-o-y.

The going room rates: The average daily rate for hotel rooms inched down 0.4% y-o-y to SAR 725.5, whereas the rates for serviced apartments and other facilities were up 15.2% y-o-y, averaging SAR 254.3.

Tourism workforce breakdown: Tourism workers represented 5.7% of the total workforce in 2Q 2024, down 0.2 percentage points y-o-y and 8.6% of the private sector workforce, a 0.5 percentage point y-o-y decline. The sector employed 959.2k workers, a 5.1% y-o-y increase, with Saudis making up 25.6%. Male workers made up 86.6% of the workforce, while females constituted 13.4%.

Acwa Power breaks ground on five Uzbek ventures

Homegrown renewables giant Acwa Power broke ground on two solar plants in Samarkand, Uzbekistan, with a combined capacity of 1 GW, according to a statement by the Uzbek government. The firm has also connected two 500 MW wind projects in Bukhara to the national grid, along with launching a 334 MW Battery Energy Storage System (BESS) in Tashkent.

Acwa Power’s latest ventures in Uzbekistan have brought its 10-year green energyportfolio in the country to a total of USD 15 bn, with four projects — worth a combined USD 3 bn — already sealed, according to the statement.

ICYMI- Earlier in October, Acwa Power signed a joint development agreement with Japan’s Sumitomo Corporation to develop 2.5 GW worth of renewable energy projects and nearly 1 GW worth of battery energy storage systems (BESS) in Uzbekistan valued at USD 4.2 bn. The first set of projects — the Sazagan 1 and 2 solar farms — are located in Samarkand, with each boasting a 500 MW capacity.

Tracing the USD trail: Acwa Power recently tapped the Opec Fund for International Development to help finance its two wind projects — a USD 658 mn 500 MW wind farm in Dzhankeldy and a USD 690 mn 500 MW wind plant in Bash — snapping up two USD 20 loans for the move.

About the wind farms: The developments include two transmission lines, one extending 128 km for Dzhankeldy and one 160 km long for Bash. The company signed 25-year power purchase agreements with the National Electrical Grid of Uzbekistan for both projects.

AI startup OmniOps raises SAR 30 mn to fuel growth

Homegrown AI Infrastructure provider OmniOps secured SAR 30 mn in a funding round from GMS Capital Ventures, according to an emailed statement (pdf) to EnterpriseAM. The statement did not disclose at which funding stage the company is currently at, and whether the investment was debt or equity-based.

The pitch: “Optimizing AI infrastructure and workloads through OmniOps helps our clients achieve a potential 50% reduction in GPU power consumption and double their workload speed, resulting in up to 14x improvement in GPU inference efficiency.”

Where the funds are going: The funding will be used to “scale its operations, enhance R&D, and advance AI infrastructure,” the statement read.

About OmniOps: Founded in 2024 by Mohammed Altassan (LinkedIn), OmniOps specializes in high-performance computing and AI solutions, assisting local businesses and government organizations in deploying and scaling AI technologies. The company builds custom, energy-efficient systems and is developing AI tools to drive digital transformation. OmniOps has worked with clients such as Saudia Airlines and CNTXT.

Awards for telecom companies + best places to work

#1- Local telecom companies shined at the Telecom Review ExcellenceAwards — where STC was recognized as the best fixed 5G network provider in the Middle East, while also landing an award for the best AI Application for Telco alongside Nokia Networks and Solutions. Additionally, its Bahrain unit’s technology deployment was recognized as the best in the region.

Also recognized by Telecom Review:

Zain KSA was named the best 5G-advanced business innovation and the best BSS/OSS solution operator in the region;
The best wholesale company award in the Middle East went to Mobily;
Integrated Telecom Company (Salam) was recognized as the best mobile virtual network operator in the region.

#2- Dammam’s King Fahd International Airport achieved a record-breaking performance this year, with the number of passengers reaching a record 12 mn between January and mid-December, marking a 15% y-o-y increase, state news agency SPA reports.

Flight traffic also rose by 5% y-o-y to 99k flights, while setting new records for daily operations with 50k passengers served in a single day and 374 flights handled on 13 June.

#3- The best places to work in 2024: In the Large Companies Category (Over 1001 employees), Roshn claimed the top spot for its commitment to fostering an inclusive and engaging work environment. In the Mid-Size Companies Category (101–1000 employees), First Milling Company led the rankings, recognized for its pivotal role in Saudi Arabia’s food sector. Meanwhile, in the Small Companies Category (Less than 100 employees), Alnahdi Family Office secured first place, praised for its exceptional workplace culture and efficient team practices.

New appointments at Al Saif Stores + Almujtama Medical

Almujtama Alraida Medical appointed Abdulaziz Omar Khojah as its CEO, it said in a disclosure to Tadawul.

ALSO- Al Saif Stores Development and Investment tapped Ahmed Alsultan (LinkedIn) as its new CEO, following the resignation of Mohammed Al Saif, according to two separate filings to the exchange (here and here). Alsultan was previously the CEO of Thobe Al Aseel, and he has been a member of Al Saif’s BoD since 2022.

It’s a mixed bag for the Kingdom in the int’l press

Reuters is taking note of the PIF’s shifting game plan in the sports world. After making splashy investments in men’s soccer and golf — think Newcastle United, LIV Golf, and Neymar — the newswire sees PIF’s sports M&A strategy getting “smarter” in 2025 by targeting smaller but faster-growing leagues such as women’s soccer and rugby.

While these might seem too niche to move the needle, they fit the fund’s broader strategy of scaling back foreign investments from 30% to about 20% of its portfolio. Smaller investments with higher growth potential could be the winning formula, the newswire writes.

IN DIPLOMACY- The Jerusalem Post is spotlighting the Kingdom’s firm stance on potentially establishing diplomatic ties with Israel, writing that Saudi will not entertain normalization talks until the war in Gaza ends, government officials reportedly told members of US President-elect Donald Trump’s Middle East team, including incoming envoy Steve Witkoff.

MEANWHILE- Haaretz alleges that behind-the-scenes talks led to a tentative breakthrough, with Israel allegedly agreeing to a vague “path toward Palestinian statehood” rather than explicit recognition, in a bid to secure domestic and political support on both sides. The proposed framework reportedly ties normalization to a two-phase hostage agreement with Hamas, potentially unlocking Saudi-led Gaza reconstruction efforts backed by international coalitions.

Heathrow Airport plans GBP 2.3 bn facilities investment following PIF stake acquisition

LOGISTICS-

#1- PIF-backed Heathrow Airport plans to invest over GBP 2.3 bn to revamp its facilities following the Saudi sovereign wealth fund’s acquisition of a 15% stake in the UK’s largest airport, The Telegraph reports. The upgrade, which the airport billed as the biggest private sector investment ever in the UK transport sector, will target baggage systems, runway resurfacing, and security scanners.

#2- Flyadeal launched an annual domestic travel program offering three membership plans for regular travelers to help travelers budget their expenses and avoid ticket price fluctuations, according to a press release. The offered plans include SAR 298 for 12 round-trip flights, SAR 599 for 24, and SAR 889 for 36.

#3- Sal eyes expanding logistics services in Hail Region: Logistics firm Sal signed an agreement with Cluster2 Airports and the Hail Region Development Authority to expand logistics services at the Hail International Airport to facilitate regional exports and imports, according to a press release.

ALSO- Sal tapped PIF-owned IT solutions firm Elm to develop digital solutions for streamlining customer experience and boosting operational efficiency. Elm will also help Sal deploy truck scheduling systems and payment platforms, as well as integrate Sal with the Zakat, tax and Customs Authority platform, and the online platform for Interior Services Ministry Absher.

#4- Mawani adds new shipping service to Jeddah Islamic Port: The Saudi Ports Authority (Mawani) added Similar Group’s MXS1 service to Jeddah Islamic Port, it said in a statement. The new service, which has nearly 2.1k in standard container capacity, will link the Jeddah port to the ports of Mundra in India, Karachi in Pakistan, Mersin and Yarimca in Turkey, and Jebel Ali in the UAE.

INFRASTRUCTURE-

The Saudi Water Authority terminated its USD 317 mn desalination plant contract with India-based VA Tech Wabag following the authority’s “internal administrative procedures,” Wabag said in a filing to the Bombay Exchange (pdf). No further details were provided. Wabag is seeking clarification from the authority.

About the facility: The desalination plant was set to be built in Yanbu with a capacity to produce 300 mn liters of fresh water per day. The Saudi Water Authority awarded Wabag an EPCC contract in September to execute the project within 30 months.

REAL ESTATE-

Several residential compounds in Riyadh received off-plan sale licenses from the Real Estate General Authority, according to posts on X. These include Banan BB II by Talaat Moustafa Group SA, Majd Compound 41 by Majd Real Estate Development Company, Neptune by Dar Al Arkan Global Holding Company, Iwan Sidra 4 by Retal Real Estate Development Company, and Jeddah Front ’s flagship project. All projects are backed by escrow accounts.

ENERGY-

Aramco, Adnoc, and Emirates National Oil Company extended their oil supply agreement with Kenya, following a green light from the Kenyan cabinet, Reuters reports. It wasn’t clear from the cabinet’s decision how long the extension will run.

About the agreement: The agreement, which was initially signed in March 2023 and first extended in September 2023, includes 180-day credit terms, giving more room to Kenya to line up USD for oil purchases, instead of making monthly payments of USD 500 mn.

BANKING-

#1- D360 Bank launches operations: Digital bank D360 received permission from the Saudi Central Bank to kick off its operations, state press agency SPA reports. D360 is a shariah-compliant digital bank and is one of three licensed digital banks in the Kingdom. Dereyah and the Public Investment Fund are among its strategic investors.

GAMING-

Neom Media’s gaming division launched the Publishing Partner Network to help boost the visibility of local game studios and assist them in connecting with global publishing companies, according to a press release. The initiative was launched under Neom Media’s Level Up accelerator program, which supports startups through funding and mentorship.

Four companies so far have joined the network as publishing partners, including Kwalee, Sandsoft, Tamatem Games, and Black Smoke Studios as publishing partners.

FINANCIAL SERVICES-

Alrajhi Bank launched the Marriott Bonvoy AlRajhi Bank Credit Card in partnership with Marriott Bonvoy, Marriott International’s global travel program, according to a press release. The new card is tailored for travelers, allowing them to earn rewards and benefits on their purchases.

MANUFACTURING-

Schuler to install press shop at Ceer’s facility: Homegrown EV manufacturer Ceer tapped Germany-based Schuler, the world's largest press manufacturer, will install the company’s first fully automatic press shop at its manufacturing complex in King Abdullah Economic City, according to a press release. No details were provided on the investment ticket.

CONSTRUCTION-

Nomu-listed construction firm Multi Business Group (MBG) agreed to build a sports club in King Abdullah Financial District for Leejam Sports under a seven-month contract they signed, according to a disclosure to Tadawul from MBG. The contract was valued at 10% of MBG’s 2023 revenues, which amounts to SAR 12.5 mn, according to our math.

FINTECH-

Arabia Ins. rolls out a pay as you go auto ins.: Arabia Ins. Cooperative scored regulatory approval from the Ins. Authority to launch a Pay as You Go ins. product for private vehicles, it said in a filing to Tadawul. The new scheme allows drivers to pay based on how much they drive.

Fed cuts rates by another 25 bps, signals slower easing cycle next year

The US Federal Reserve cut interest rates for the third time in 2024 by 25 bps, bringing its overnight borrowing rate to 4.25%-4.5%, it said in a press release yesterday. This brings interest rates down a full percentage point this year, after it cut rates by 50 bps in September, and by 25 bps in November.

The Fed is now expected to make two rate cuts next year, according to the closely watched “dot plot,” CNBC reports — half the amount of cuts expected the last time the dot plot was updated in September. The next meeting will take place on 28-29 January.

Still, all options are on the table: The Fed is currently not on “any preset course,” Powell says, and restraint can be “dialed back more slowly” if the economy remains strong, Fed chair Jerome Powell said in a press conference (watch,runtime: 6:53). However, with the current, less restrictive policy stance, coming steps can be more cautious as further adjustments are considered.

Inflation to come in higher than expected: Expectations on inflation remain “well-anchored,” says Powell, with numbers currently still above, but moving steadily toward, the longer term 2% goal. Officials now see inflation coming in at 2.5% by the end of next year, with the 2% target likely out of reach until 2027.

Tariffs? We’ll cross that bridge when we get to it: The effect of Donald Trump’s potential tariffs on the economy is not a present situation to handle, Powell said, according to Reuters, with the proper assessment mainly taking place after the policies are officially issued.

Market reax: US stocks slid after the Federal Reserve’s decision, with the S&P 500 falling 3%, Nasdaq sliding 3.6%, and the Dow Jones declining 2.6%.The USD also hit a two-year high on the news.

MARKETS THIS MORNING-

Asian markets are also in the red following the sell-off on Wall Street, with Japan’s Nikkei down 1.2%, South Korea’s Kospi down 1.7%, and Hong Kong’s Hang Seng falling 0.9%. Wall Street futures are hovering near the flatline.

TASI	11,961	+0.1% (YTD: -0.1%)
MSCI Tadawul 30	1,498	+0.03% (YTD: -3.4%)
NomuC	31,196	+0.3% (YTD: +27.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	30,503	-0.32% (YTD: +22.5%)
ADX	9,293	+0.3% (YTD: -3.0%)
DFM	5,037	-0.8% (YTD: +24.1%)
S&P 500	5,872	-3.0% (YTD: +23.1%)
FTSE 100	8,199	+0.1% (YTD: +6.0%)
Euro Stoxx 50	4,957	+0.3% (YTD: +9.6%)
Brent crude	USD 72.98	-0.3%
Natural gas (Nymex)	USD 3.37	+2.0%
Gold	USD 2,653	-0.3%
BTC	USD 100,112	-5.0% (YTD: +138%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.1% yesterday on turnover of SAR 4.57 bn. The index is down 0.1% YTD.

In the green: Savola Group (+10%), UIHC (+9.0%) and Batic (+6.1%).

In the red: Red Sea (-7.1%), Jahez (-5.1%) and Zamil Indust (-4%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.3% yesterday on turnover of SAR 58.1 mn. The index is up 27.2% YTD.

In the green: VIEW (+30%), Leen Alkhair (+9.6%) and Yaqeen (+8.1%).

In the red: Enma Alrawabi (-11.7%), Knowledgenet (-8.7%) and Leaf (-8.4%).

CALENDAR

DECEMBER

18-22 December (Wednesday-Sunday): Next Gen ATP Finals, King Abdullah Sports City, Jeddah.

18-20 December (Wednesday-Friday): Riyadh Season Snooker Championship, Boulevard City, Riyadh.

23-25 December (Monday-Wednesday): Retail offering for Almoosa Health’s Tadawul IPO.

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

24-25 December (Tuesday-Wednesday): Retail subscription period for Nice One’s Tadawul IPO.

29 December (Sunday): Final allocation for Almoosa Health’s Tadawul IPO.

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma

1Q: Roshn expected to raise SAR 2.6 bn from international bank

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

5 January (Sunday): Launch day for Riyadh Metro line 3.

7-9 January (Tuesday-Thursday) Saudi Tourism Forum, Riyadh Front, Riyadh.

12 January (Sunday): Launch ceremony of the standard incentives for the industrial sector.

13-16 January (Monday-Thursday): Hajj Conference and Exhibition, Superdome, Jeddah.

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

15-16 January (Wednesday-Thursday): The International Learning and Technology Conference, Effat University, Jeddah.

21 January (Tuesday): Data Center Nation, Mandarin Oriental Al Fasisaliah, Riyadh.

21-23 January (Tuesday-Thursday): The International Exhibition for Material Handling, Equipment, Warehouse Supplies, Forklifts & Heavy Equipment, Riyadh International Exhibition Center.

21-23 January (Tuesday-Thursday): Saudi International Exhibition for E-Marketing and E-Commerce, Riyadh International Convention and Exhibition Center.

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-29 January (Monday-Wednesday): Saudi Franchise Expo, Riyadh International Convention and Exhibition Center.

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

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh.

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

FEBRUARY 2025

1 February (Saturday): UFC event, The Venue, Riyadh.

3-5 February (Monday-Wednesday): Saudi International Marine Exhibition (SIMEC), Riyadh.

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

4-5 February (Tuesday-Wednesday): Capital Markets & ESG Finance, Hilton Riyadh Hotel & Residences.

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

6-8 February (Thursday-Saturday): LIV Golf season opener, Riyadh Golf Club, Riyadh.

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

9-12 February (Sunday-Wednesday): LEAP Tech Conference, Malham, Riyadh.

9-12 February (Sunday-Wednesday): DeepFest by Leap, Riyadh.

10-12 February (Monday-Wednesday): Saudi Travel Market, Riyadh International Exhibition Center.

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

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

15-18 February (Saturday-Tuesday): Week one of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

16-17 February (Sunday-Monday): AlUla Conference for Emerging Market Economies, AlUla.

19 February (Wednesday): Derayah REIT dividend distribution.

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

22 February (Saturday): Founding Day.

23-27 February (Sunday-Thursday): Riyadh International Disputes Week, Hilton Riyadh Hotel Granada.

24-27 February (Monday-Thursday): Week two of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

MARCH 2025

1-30 March: Ramadan.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

APRIL 2025

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

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

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

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

MAY 2025

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

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

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

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

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

JUNE 2025

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

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

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

JULY 2025

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

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

SEPTEMBER 2025

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

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

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

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

NOVEMBER 2025

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

DECEMBER 2025

December: The Fortune Global Forum 2025, Riyadh.

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

2026

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

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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