In loving memory of Sakhr Abdulrahman Mohammed Al-Mulhem

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WHAT WE’RE TRACKING TODAY

THIS MORNING: EFG Hermes plans to quarterback seven IPOs on Tadawul in 2025

Good morning, all. We’re kicking off this Monday on a somber note.

Please join us in extending our deepest condolences to the family of Sakhr Abdulrahman Mohammed Al-Mulhem, who passed away on Friday, 6 December.

Sakhr was not only a visionary leader, but a cherished partner of EnterpriseAM. At the time of his passing, he was the CEO of United International Holding Company (UIHC) and a driving force behind Tas’heel.

Sakhr had a distinguished career spanning Saudi Arabia, the United States, the United Kingdom, and Mexico in the banking and financial services sector. Most recently, he led UIHC’s very successful initial public offering on the Tadawul. Sakhr had a genuine passion for business and for driving performance at every organization he touched. May God rest his soul and provide solace and comfort to his family and those who were fortunate enough to know him.

HAPPENING TOMORROW-

The three-day pharma exhibition CPHI Middle East kicks off tomorrow at the Riyadh Front Exhibition and Convention Center, bringing together leading pharma companies, industry experts, and innovators to discuss advancements in pharma and healthcare. The event will host over 30k visitors, 400 exhibitors, and 150 speakers from over 100 countries. Register to attend via the link available on the event’s official website.

Meet the speakers: Saudi-based speakers at the event include Thamer Al Muhid, group CEO and managing director of the Saudi Chemical Company, Jerome Cabannes, CEO of Spimaco, and Maged ElShazly, managing director of Bayer Saudi Arabia.

PSAs-

#1- Some 22 building materials quarry licenses for gravel and sand are up for grabs in the Eastern Province and Tabuk, according to an Industry Ministry post on X. Applications can be submitted from 10-19 December via the ministry’s Taadeen platform.

#2- Property owners across 37k real estate plots in Makkah must register their properties by Thursday, 13 March 2025 via the Real Estate Registry’s online platform, state news agency SPA reports. Neighborhoods where registrations are open include Al Shamiya and parts of Al Shabika, Al Falaq, Harat Al Bab, Al Qashashiya, and Al Masial, among others.

WEATHER- Riyadh is in for one cloudy day with a high of 28°C and a low of 14°C. Dammam too has a cloudy day ahead, with temperatures peaking at 26°C and dropping to 12°C. Meanwhile, it’s a sunny day in Makkah with a high of 32°C and a low of 19°C.

WATCH THIS SPACE-

EFG Hermes eyes IPO frenzy in 2025: Our friends at EFG Hermes KSA are planning to quarterback seven IPOs on the Saudi Exchange next year, in sectors including education, healthcare, retail, and F&B, CEO Saud Al Tassan told Mubasher. The investment bank is bullish on Tadawul citing unprecedented IPO growth and higher investment activity, Al Tassan added.

ICYMI- EFG Hermes closed three IPOs on Tadawul in 2024 — Miahona, Fakeeh Care, and United International Holding. It is also currently wrapping up listings for Nice One and Almoosa Health.

DATA POINTS-

#1- The Kingdom has rehabilitated over 250k hectares of degraded land to date under the Saudi Green Initiative, state news agency SPA quotes Environment Minister Abdulrahman AlFadley as saying at COP16 of the United Nations Convention to Combat Desertification. In addition, the initiative will see over 115 mn trees planted by the end of the year, AlFadley added. The initiative aims to rehabilitate some 40 mn hectares of land — equivalent to planting 10 bn trees.

#2- Saudi commercial banks handed out SAR 2.98 tn in loans to non-financial government entities and private sector firms in October, up 13% y-o-y, Argaam reports, citing data from the central bank.

OIL WATCH-

Saudi Arabia to cut oil prices to Asia by “more than expected” as oil markets remain bearish following Opec+’ decision to extend production cuts, Bloomberg reports. State-owned Saudi Aramco is set to lower the premium on its Arab Light crude for Asian buyers in January to USD 0.90 per barrel above the regional benchmark, down from USD 1.70 in December, according to a price list seen by Bloomberg. Traders surveyed by the business information service had expected a smaller cut to USD 1. Aramco also slashed prices for Northwest Europe and the Mediterranean, while prices for North American buyers were left unchanged.

REMEMBER- Last week, Opec+ pushed back the start date of production increases by three months to April 2025, with further increases set to be rolled out piecemeal until the close of 2026.

SPORTS-

#1- Joaquin Niemann took home the USD 5 mn Saudi International title, edging out Cameron Smith and Caleb Surratt in a tense three-man playoff, according to LIV Golf. The Chilean 26-year old golfer closed with a solid 4-under 67, locking in his first win in nine months at the PIF-sponsored event. This marks his second victory on Saudi soil this year, topping off a season that had already seen him win two LIV Golf League — LIV Golf Jeddah and LIV Golf Mayakoba.

#2- The general committee for the 2024 sports federations elections released preliminary candidate lists for federation boards of the next Olympic cycle, which will run between 2024 and 2028, state news agency SPA reports. Some 29 lists were ratified, in which candidates will vie for heading 11 federations, namely volleyball, basketball, handball, cycling, athletics, karate, taekwondo, table tennis, badminton, chess, billiards and snooker. The nomination period for the Saudi Tennis Federation presidency was extended to 12 December, while that for the Swimming Federation closed yesterday.

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THE BIG STORY ABROAD-

The collapse of Bashar Al Assad’s regime reverberates across global headlines this morning, ending over five decades of autocratic rule in Syria by members of the Assad family after a rapid opposition offensive captured several key cities, including the capital Damascus yesterday. Assad and his family have fled to Moscow, where they have been granted asylum, as per Russian state media. As celebrations erupt across Syria and the diaspora across the world, the country faces the daunting task of navigating a deeply fractured political and social landscape to rebuild from the ruins of its long civil war. (Wall Street Journal | Financial Times | Bloomberg | Reuters | Associated Press | New York Times | Washington Post | Guardian)

The power vacuum left by Assad’s departure has thrust Hayat Tahrir Al Sham and its leader Abu Mohammed Al Golani into the spotlight, with numerous outlets out with pieces trying to decipher the man and his motives. The group — once an al-Qaeda affiliate — and its leader now seek to portray themselves as a stabilizing force, issuing reassurances to Syria’s minorities and pledging to preserve state institutions after transition, but questions remain as to how much the group has changed and what role it will play in a post-Assad Syria. (Bloomberg | Reuters)

While over in the states, Trump threatened to jail some of his political opponents in his first post-election TV interview, telling NBC that Liz Cheney and others on the House committee looking into the 6 January attack on the Capitol “should go to jail.”

Fed Chair Jay Powell, however, seems off to be off the hook — for now at least — with Trump saying that Powell will not be pushed out before his term ends in May 2026. (Financial Times | New York Times | Washington Post)

And in business news, Omnicom and Interpublic are currently in merger talks to form the world’s largest advertising group in a USD 30 bn merger. (Financial Times)

CIRCLE YOUR CALENDAR-

The largest online real estate auction in the Kingdom is scheduled to take place on Saturday, 14 December, offering 103 properties across Riyadh, Eastern Province, Madinah, Qassim, and Asir. The auction will be organized by Al Joud Real Estate and hosted on the Saudi Auctions platform.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

The ongoing FIFAe Finals 2024 in Riyadh will run until Thursday, 12 December at SEF Arena, BLVD Riyadh City, according to a press release. This year marks the first time the event is featuring multiple esports titles, including the FIFAe World Cup with Rocket League (5-8 December) and two FIFAe World Cups with eFootball (9-12 December) on console and mobile. With a total prize pool of USD 450k, the event showcases talent from 18 countries. Fans can attend in person or watch live on FIFAe’s Twitch channel. Register here.

The International Forum for Saudi Reef is scheduled for 16-18 December in the Intercontinental Al Ahsa, covering sustainable agriculture, rural entrepreneurship, and technology in farming, alongside a three-day exhibition of rural practices, handicrafts, and local work. Find the link to register on the event’s official website.

The Future Hospitality Summit will take place between 14-16 April, 2025 at Mandarin Oriental Al Faisaliah hotel in Riyadh. The forum will bring together top executives and decision-makers in the hospitality sector to probe potential investments and partnerships.

Saudi GDP grows 2.8% in 3Q 2024, ending a four-quarter long downtrend

Saudi Arabia’s real GDP grew 2.8% y-o-y in 3Q 2024, confirming flash estimates that came out in November, according to the latest revised estimates (pdf) by the General Authority of Statistics (Gastat).

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Breaking a year-long downward slide: The GDP growth breaks a four-quarter long downward trend, which saw GDP shrink 0.3% y-o-y in 2Q 2024. It comes on the back of a 4.3% y-o-y increase in non-oil activities, 3.1% y-o-y growth in government activity, and a moderate 0.05% y-o-y uptick in oil activities. Oil activity accounts for c. 40% of GDP and about 75% of government revenues.

On a quarterly basis: Seasonally adjusted real GDP was up 0.9% q-o-q in 3Q, driven by a 1.2% increase in oil activities and a 0.7% increase in non-oil activities during the period. Meanwhile, quarterly growth was partly offset by a 0.3% decline in government activity.

The non-oil sector in the driver’s seat: The Kingdom looks set to continue banking on the non-oil sector for GDP growth in the near future, with Opec+ pushing back production increases last week by a further three months to April 2025 as oil prices continue to fall. The Finance Ministry did not cite the oil sector as a key driver for the economy in its FY 2025 budget statement due to unclear timelines for Opec+ production restarts.

Forecasts for economic growth have trended down all year, with the Finance Ministry recently downgrading its 2024 growth forecast to 0.8% down from its initial forecast of 4.4%. The World Bank also slashed its estimate to 2.5% in April — and again to 1.1% in December — after citing a 4.1% figure earlier in the year. Meanwhile, the IMF cut back an earlier 4% estimate to 2.7% in January, before slashing it again to 2.6% in April, and finally to 1.7% in July.

Looking ahead: The Finance Ministry is targeting GDP growth of 4.6% for FY 2025 on the back of non-oil activities and private sector participation.

Rents at Riyadh’s mega malls up 4.2% y-o-y in 3Q - Knight Frank

Retail rents in the Kingdom’s top-tier malls are holding steady despite increased interest from international retail outlets and investors, according to Knight Frank’s Autumn 2024 Saudi Arabia Retail Market Overview (pdf). Riyadh bucked the national trend, with rents at the city’s mega malls up 4.2% y-o-y in 3Q to SAR 2.8k per sqm.

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Riyadh maintains its retail edge: Despite the retail rent hike, occupancy rates in the capital city were up five percentage points y-o-y to 92% in 3Q, with prime malls in strategic locales maintaining next to full capacity. Supply of retail space is also growing, with some 22.5k sqm added to the market in 3Q, bringing Riyadh’s total retail space to 3.8 mn sqm. This is expected to grow to hit a total of 4.3 mn sqm by 2026 as major projects such as Avenues Mall and Jawharat Mall come online.

The view from Jeddah: Jeddah’s retail scene saw 175k sqm of fresh retail space come online in the past 10 months, with new high-end boutiques and global brands at hotspots such as Souq 7 and La Paz Mall helping push the supply of retail space in Jeddah to 2.8 mn sqm by the end of the third quarter. Despite the influx, rents rose by a moderate 1.2% y-o-y to SAR 2.5k per sqm in the third quarter, while occupancy rates dipped 1 percentage point to 86% as markets adjusted to new consumer patterns. The city’s total retail supply is expected to hit 3.3 mn sqm by 2026 as new developments come online.

Meanwhile, retail rents in Dammam Metropolitan Area (DMA) fell 0.7% y-o-y to SAR 2.3k per sqm in the third quarter, despite occupancy rates remaining level y-o-y at 90%. DMA’s stock of retail space stood at some 1.3 mn sqm during the period, but is set to increase by 868k sqm by 2026. The addition of new retail space is expected to further weigh down prices and occupancy rates in DMA, the report said.

Point-of-sale (POS) spending in the Kingdom was up 9.7% y-o-y in August to sit at SAR 58.5 bn. Food and beverages accounted for 36% of POS spending, driven by an increase in income, tourism, and changing lifestyles and demographics. Riyadh accounted for 34% of POS spending throughout the Kingdom, followed by Jeddah at 14%.

Looking ahead: Rents throughout the country are expected to fall with some 7.4 mn sqm in new retail space in the pipeline — including 2.6 mn sqm in Riyadh — and as e-commerce continues to overtake in-store shopping.

E-commerce grew 22% y-o-y to SAR 124 bn during the first eight months of the year on the back of 97% smartphone penetration, increased internet usages, and supportive government policies. Platforms such as Noon, Amazon.sa, and Jarir are popular destinations for Saudis opting for the convenience of online shopping.

Saudi’s retail sector is expected to continue growing at a CAGR of 4.2% until 2028 when it is expected to hit USD 189 bn in yearly retail sales, accounting for 53.4% of the GCC market. Meanwhile, retail landlords are flipping the script by leaning into “experiential retail” concepts such as movie theatres, wellness hubs, learning centers, and entertainment zones at future developments in a bid to turn the tide on e-commerce, boost footfalls, and keep shoppers hanging around for longer.

Saudi Arabia ranks third in global tourist growth for 9M 2024 compared to pre-covid figures

Tourist arrivals in Saudi surged 61% in 9M 2024 compared to 2019, ranking third globally in terms of growth, behind Qatar (+141%) and Albania (+77%), according to the UN World Tourism Barometer report (pdf). The Kingdom welcomed 27.4 mn foreign tourists in 2023, up 64.8% y-o-y.

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We have big tourism ambitions: The Tourism Ministry doubled its 2030 tourism target to 150 mn tourist trips earlier this year, after hitting the 100 mn milestone ahead of schedule, with the new target including 80 mn domestic and 70 mn international travelers. The government is also investing some USD 800 bn into the tourism sector under plans to build new future destinations at Neom, the Red Sea, Diriyah, and Qiddiya, among others.

ICYMI- The Tourism Ministry, earlier this year, kicked off the Tourism Investment Enablers Program, which looks to streamline licensing for local and foreign investors in Saudi tourism, with a particular focus on the hospitality sector.

The region also fared well: The Middle East continued to lead global recovery and retained its 7M position as the world’s “strongest-growing region,” with 9M arrivals up 29% from pre-pandemic levels, outperforming Africa (+6%), Europe (+1%), the Americas, Asia and the Pacific regions.

International passenger traffic fully recovered to return to pre-pandemic levels last September, with international air capacity reaching 99% of 2019 levels, the report reads.

Al Mousa to invest EUR 50 mn in new Egyptian cable factory

MANUFACTURING-

Al Mousa Cables is looking into setting up shop in Egypt: Riyadh-based Al Mousa Cables plans to establish its first cable manufacturing facility in Egypt with a EUR 50 mn investment, Ashraq Business reports, citing an unnamed company official. The facility will be built in partnership with an undisclosed Egyptian investor and will be entirely self-financed, the official said.

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The details: The factory will span some 40k sqm in Egypt’s Tenth of Ramadan, with the first phase set to begin operating in mid-2025. The factory will have a production capacity of some 6k kg of specialized cables per month in its first phase, with the company targeting the export of 50% of its production to international markets, particularly North Africa.

EXPANSION-

Egypt’s Eva Pharma has tapped a local contractor to help it implement its USD 150 mn pharma research and manufacturing complex in the Sudair Industrial City, managing director of the local drugmaker’s Saudi cluster Amgad Talaat told Al Arabiya without disclosing the name of the contractor. The contractor broke ground on the project last month and the first of the complex’s five pharma factories is set to come online next year — all five factories will be operational by 2030.

Remember: Eva Pharma inked an agreement with the Saudi Authority for Industrial Cities and Technology Zones to build the complex back in 2023.

STARTUP WATCH-

The Youth Pitches initiative crowns winners: The Salamtak platform came in first place at the Youth Pitches initiative securing USD 50k in funding, state news agency SPA reports. Zero Net platform secured the second spot and MembroLogy came third, receiving funds of USD 20k and USD 10k, respectively.

About the initiative: Projects part of the initiative — launched by the Arab Youth Center and the King Khalid Foundation — completed a two-week training program and will continue to receive support until July 2025. The initiative aims to engage youth and governments in addressing challenges in employment, education, health, environment, and culture.

RENEWABLES-

The National Water Company started generating electricity from wastewater treatment at the Heet plant in Riyadh and the Ajyal plant in the Eastern Region, the PIF-owned company said in a statement. The Ajyal plant now generates 600 kWh of electricity, covering 30% of its power needs, while Heet produces 2.8k kWh, covering 46% of its power needs. The company is currently seeking permits to produce biogas and renewable energy at its facilities.

TRANSPORTATION-

Saptco to operate shuttle transportation service for pilgrims: Al Madinah Region Development Authority awarded the Saudi Public Transport Company (Saptco) a SAR 113.8 mn, one-year contract to operate shuttle transportation services for the Pilgrims Experience Program, according to a disclosure to Tadawul.

Fed expected to pull the trigger on another rate cut in December meeting after jobs report

The US economy added 227k jobs in November amid expectations of interest rate cuts for the third time this year before 2024 is out, according to data from the US Bureau of Labor Statistics on Friday. This marks a significant increase over October’s 36k new hires, giving the US Federal Reserve enough room to cut rates during its next meeting in December, with the implied probability of a reduction reaching close to 90%, according to a CME Group gauge, CNBC reports.

The unemployment rate slightly ticked up to 4.2% from 4.1% in October, The Guardian reports.

The labor market could be in for some headwinds once Trump takes office: US president-elect Donald Trump’s strategies might lead to a regression in employment rates if he chooses to go after “tns in tax cuts for the wealthy” and attempts to “slash public investments,” one expert said. Others believe that the results might be affected by Trump’s “mass deportation” plans, as the reference week for the figures was after the election, the Co-Director of the Center for Economic and Policy Research Dean Baker said.

And the path forward for rates is still uncertain: Some analysts believe the Fed should pause rate cuts, believing further rate cuts to be “unwise” while jobs pile up and inflation remains elevated, Economist Chris Rupkey said. One economist expects the Fed to pause cuts in January, and potentially go for one other cut in early 2025 before taking a longer pause.

MARKETS THIS MORNING-

Asian markets are mixed as investors digest growth data from Japan and inflation in China, with the Nikkei up 0.3%, Hong Kong’s Hang Seng trading flat, and South Korea’s Kospi down 2% following South Korean President Yoon Suk Yeol’s close brush with impeachment. Wall Street futures are unchanged after a record week for US stocks.

TASI	11,955	+0.2% (YTD: -0.1%)
MSCI Tadawul 30	1,497	+0.2% (YTD: -3.4%)
NomuC	31,215	+1.0% (YTD: +27.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	31,061	+0.7% (YTD: +24.8%)
ADX	9,266	-0.1% (YTD: -3.3%)
DFM	4,854	+0.7% (YTD: +19.6%)
S&P 500	6,090	+0.3% (YTD: +27.7%)
FTSE 100	8,309	-0.5% (YTD: +7.4%)
Euro Stoxx 50	4,978	+0.5% (YTD: +10.1%)
Brent crude	USD 71.12	-1.4%
Natural gas (Nymex)	USD 3.08	-0.1%
Gold	USD 2,659.60	+0.4%
BTC	USD 100,027.80	+0.1% (YTD: +136.7%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.2% yesterday on turnover of SAR 4.6 bn. The index is down 0.1% YTD.

In the green: Al Baha (+10.0%), MBC Group (+5.3%), and Chemical (+4.9%).

In the red: Fakeeh Care (-3.8%), NCLE (-3.7%), and Bawan (-2.9%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.0% yesterday on turnover of SAR 83.4 mn. The index is up 27.3% YTD.

In the green: Munawla (+10.5%), First Avenue (+10.3%), and Knowledgenet (+10.1%).

In the red: Dar AlMarkabah (-9.5%), Horizon Food (-9.3%), and Fad (-4.3%)

CORPORATE ACTIONS-

#1- Yanbu Cement will distribute SAR 78.8 mn in dividends at SAR 0.50 per share before the end of the year, according to a filing to Tadawul. The distribution date is set for Monday, 30 December.

#2- Edarat’s BoD has recommended doubling the firm’s capital to SAR 50.4 mn by granting bonus shares to shareholders, at a rate of one bonus share for each share held, according to a disclosure to Tadawul. The capital hike will be financed by reserves and retained earnings and looks to strengthen the company’s capital base ahead of future expansion. The move is still subject to approvals from shareholders and regulatory authorities.

#3- Savola Group intends to buy back and cancel SAR 859 mn of the SAR 1 bn sukuk it put up for sale in 2019, the firm said in a disclosure to Tadawul. The move comes in a bid to shore up the company’s capital structure and reduce financial obligations and financing costs.

#4- Ataa Educational’s BoD has recommended a dividend payout of SAR 52.6 mn at SAR 1.25 per share for the fiscal year ended 31 July 2024, the firm said in a disclosure to Tadawul. The distribution date is yet to be announced.

CALENDAR

DECEMBER

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

5-12 (Thursday-Thursday): FIFAe Finals 2024, SEF Arena, BLVD Riyadh City.

5-14 (Thursday-Sunday): Red Sea International Film Festival, Jeddah.

10-12 December (Tuesday-Thursday): CPHI Middle East, Riyadh Front Exhibition & Convention Center, Riyadh

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

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

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

15 December (Sunday): Launch day for Riyadh Metro lines two and three.

15-17 December (Sunday-Tuesday): The International MICE Summit (IMS24), Riyadh.

15-19 December (Sunday-Thursday): Internet Governance Forum, King Abdulaziz International Conference Center, Riyadh.

16-18 December (Monday-Wednesday): The International Forum for Saudi Reef, Intercontinental Al Ahsa.

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

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

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

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

State budget approval and release.

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

Saudi and Turkey plan to raise their bilateral trade volume to USD 10 bn

JANUARY 2025

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

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

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

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

28-29 January (Tuesday-Wednesday): 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.

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

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.

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

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

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.

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.

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

MAY 2025

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

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

JUNE 2025

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

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

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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