Inflation holds steady at 2.0% y-o-y in February

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Investors shift to Riyadh’s outskirts as real estate prices rise + Entaj Foods begins trading on Tadawul today

Good morning. It’s shaping up to be a calm day as the Ramadan slowdown continues. The big story here today is the latest inflation numbers from Gastat, showing inflation held steady in February as analysts predicted.

Also in the news well, below: We caught up with our good friend Saud Altassan, CEO of EFG Hermes Saudi Arabia, to discuss the firm’s approach to navigating market dynamics and its positioning in an increasingly evolving and competitive industry. We also delved into Capital Market Authority’s latest quarterly bulletin to gauge the market’s performance for 4Q 2024. Let’s dive in.

When do we eat? Maghrib is at 6:03pm today in Riyadh. You’ll have until fajr prayers at 4:41am tomorrow to enjoy suhoor.

HAPPENING TODAY-

Shares of Arabian Company for Agricultural and Industrial Investment (Entaj Foods) will begin trading on Tadawul’s main market today, according to a statement. The company’s shares will be allowed to fluctuate within a ±30% band, with a static fluctuation band of ±10% on the first three days of trading. Starting from the fourth day, shares will be allowed to trade at ±10% as circuit breakers take effect, and the static fluctuation limit will be removed.

REFRESHER- The Riyadh-based poultry producer priced its IPO at the top of the range it was guiding on — at SAR 50 per share — after the institutional tranche of the offering was 208.4x oversubscribed. Entaj is floating a 30% stake in a secondary offering, whereby its sole owner Arabian Agriculture Services (Arasco) is raking in some SAR 450 mn in proceeds.

⚠️WEATHER- Moderate to heavy rains are expected to hit some regions of the Kingdom today, the National Center of Meteorology warned in a report (pdf).

Riyadh: 29°C daytime / 17°C overnight
Makkah: 38°C daytime / 22°C overnight
Madinah: 33°C daytime / 21°C overnight

PSA-

Riyadh’s public bus network now includes the Diplomatic Quarter, with buses running daily from King Saud University Station to the area from 6:30am to midnight, according to a post on X by the Royal Commission for Riyadh City.

WATCH THIS SPACE-

Investors shift to Riyadh’s outskirts as real estate prices rise in the capital: With prices climbing to record highs in the capital city due to a demand-supply gap, investors shifted their gaze toward high-potential alternatives in the city outskirts in an attempt to anticipate future market trends, Aleqtisadiah reports, citing real estate experts.

What gives? Demand has long eclipsed supply in Riyadh with population growth far outpacing urban expansion — which has been significantly ramped up under Vision 2030, Emaar Advanced Chairman Ayed Al Harfi told the news outlet. This is pushing investors to snap up cut-price land and property across the capital’s peripheries.

Plugging the gap: The National Housing Company (NHC) has been tasked with building affordable housing options to close the 1.2 mn housing units gap needed to achieve a 70% home ownership target by 2030. The NHC may add another 100k housing units this year to the 200k already in the pipeline, Knight Frank Mena Chief Economist Christopher Payne estimates.

REMEMBER- The real estate price index rose 2.3% y-o-y in 2024, while apartment and villa prices rose by 10.6% and 6.3%, respectively. The rise in housing costs, particularly rent, was the primary driver behind the rise of the Kingdom’s annual inflation last year, reaching a peak at 2.0% in November.

The Kingdom is working on a unified national platform for consumer complaints, to protect consumer rights and improve market fairness, Executive Director of the Consumer Protection Association Ahmed Al Mehliki told Aleqtisadiah in an interview. No further information was disclosed.

DATA POINTS-

The total value of re-exported goods from Saudi Arabia increased 42.3% y-o-y to SAR 90 bn in 2024, with smartphones accounting for 27.5% of re-exported goods, according to Gastat data seen by Aleqtisadiah. Ships (13.4%), lightships (12.1%), cars (4.3%), and tugboats (3.9%) followed.

SPORTS-

Al Ittihad beats Al Riyadh to remain four points ahead at the top of the SPL as we head into another FIFA fixture, after Saleh Alshehri scored 11 min into stoppage time to clinch a 2-1 victory. Second-place Al Hilal kept pace with the league leaders after scoring two goals against Al Taawoun, while Al Nassr jumped to the third spot after seeing off Al Kholood 3-1, leapfrogging Al Qadisiyah which fell to a one-nil loss at Damac.

More highlights from matchday 25:

Al Shabab routed Al Orobah with 6 clean goals;
Al Ahli fell to Al Akhdoud 2-1 away from home;
Al Fateh saw off Al Raed 3-1 at home;
Al Wehda and Al Feiha secured 2-0 away victories at Al Khaleej and Al Ettifaq.

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THE BIG STORY ABROAD-

It’s a quiet Monday morning in the global press, with the US dominating the few headlines worth noting.

US vows to continue “unrelenting” attacks on Yemen’s Houthis until they stop attacking vessels crossing the Red Sea, Pentagon chief Pete Hegseth said yesterday. “I want to be very clear, this campaign is about freedom of navigation and restoring deterrence,” he said, adding that the US will stop its attacks when the Houthis say they will stop shooting vessels in the Red Sea. Houthi leader Abdul Malik Al Houthi vowed to “continue the escalation” and keep targeting US vessels in the Red Sea as long as they “continue their aggression.” (Bloomberg | AFP | Reuters)

AND- The Trump administration has deported over 200 alleged Venezuelan gang members to El Salvador, defying a federal judge’s order to halt the deportations. The White House dismissed the ruling, arguing the order had “no lawful basis.” (New York Times | AP | Reuters | FT)

Inflation holds steady at 2.0% y-o-y in February

Inflation once again came in at 2.0% y-o-y in February 2025, remaining unchanged from January, according to the General Authority for Statistics’ (Gastat) latest consumer price index (pdf). Prior to January’s figures, the Kingdom has seen a continued overall upward trend in its inflation figures over the last five months, with December’s figures being the only decline in inflation since August.

On a monthly basis, consumer prices rose at a slower pace of 0.2%, on the back of a 0.4% rise in the housing, water, electricity, gas, and other fuels category, which was attributed to an equal rise in rent prices. The figure was also driven by a 0.7% rise in the prices of personal goods and services.

^^ Gastat’s full report on February’s average prices of goods and services is available here (pdf).

Rental prices were the culprit yet again: Housing, water, electricity, gas and other fuels — the heaviest component in the consumer basket — saw a 7.1% y-o-y increase, primarily driven by an 8.5% increase in rents paid for housing, as well as an 11.2% increase in villa rentals.

Food prices were up 1.0% during the month, driven by a 3.7% increase in meat and poultry prices. Meanwhile, restaurants and hotel prices rose by 0.8%, attributed to a 2.4% jump in the cost of hotel and furnished apartment services.

Education prices were also up in February, rising by 0.4% on the back of a 4.3% increase in fees of tertiary education.

A few items cooled off: Furnishing and home equipment prices continued to fall in February, logging a 2.5% y-o-y decrease, driven by a 4.4% decline in furniture, carpets, and flooring prices. Clothing and footwear prices also dropped 1.0%, driven by a 2.4% drop in ready-made clothing prices. Meanwhile, transportation costs went down by 1.5%, mainly due to a 2.4% decrease in vehicle purchase prices.

The figures came in line with analysts’ expectations: Capital Economics expects the Kingdom’s headline inflation rate to hover around 2.0% y-o-y until 4Q, before slowing back down towards the 1.0% mark. Meanwhile, the IMF sees inflation holding steady at 1.9% and 2.0% this year and the next, while Al Rajhi Capital sees inflation remaining stable at 2.1% in 2025 before cooling slightly to 2.0% in 2026.

WHOLESALE PRICE INDEX-

Producer prices were up by 1.5% y-o-y in February 2025, on the back of a 3.4% increase in the prices of other transportable goods, except metal products, machinery, and equipment, coupled with a 3.9% increase in the prices of agriculture and fishery products, according to Gastat’s wholesale price index (pdf). Meanwhile, February’s wholesale prices decreased by 0.5% m-o-m, due to a 1.4% decline in the prices of other transportable goods, except metal products, machinery, and equipment on a monthly basis.

EFG Hermes’ Saud Altassan on capital market shifts + growth sectors

The IPO + M&A outlook in Saudi Arabia, according to EFG Hermes KSA’s CEO: As Saudi Arabia’s capital market continues to attract international attention, we caught up with our good friend Saud Altassan (Linkedin), CEO of EFG Hermes Saudi Arabia, to discuss the firm’s approach to navigating market dynamics and its positioning in an increasingly evolving and competitive industry.

Edited excerpts from our conversation:

Diversification in offerings is key to attracting new investors: As part of the Kingdom’s strategic shift toward economic diversification, we are focusing on attracting institutional and foreign investors to the domestic market. By diversifying the sectors we bring to the table, we’ve generated significant foreign interest. This variety enables us to engage institutional investors who may have not been interested in traditional public sector offerings.

The hottest sectors right now are healthcare and education. We’ve been very active in both, with a dedicated education fund, and we’re also working on an IPO in this space. Healthcare is another sector that is ripe with opportunity, and we’re involved in most of the major transactions there, both IPOs and private sector transactions. Outside of these, we’re also looking at renewables and energy, which are increasingly attractive to foreign investors. Our IPO and M&A transactions span a wide range of industries, including healthcare, education, facility management, car rentals, and more.

We’re working on two high-profile major IPOs right now. One of them will definitely happen this year, and we’re optimistic about the second one, though it might extend into next year.

We have the largest investment banking team on the ground and we are one of the largest foreign brokers in the region. We also have the best research team in the region, and it’s our in-depth coverage that sets us apart. Our analysts don’t just cover companies in Saudi Arabia; they cover the entire region, which gives us unparalleled insight into various sectors. This allows us to provide investors with unique perspectives and benchmarking that others can’t offer.

EFG Hermes KSA sets itself apart with deep local expertise, complemented with regional and international experience that is backed by a strong track record of some of the biggest transactions in the region. By leveraging our top-tier in-house research capabilities, international reach, and extensive connections with the largest institutions both in Saudi Arabia and globally, we are able to offer more value than any of our competitors in the domestic market.

ESG + sustainability in focus: As demand for impact investments, ESG factors, and sustainable practices continues to grow, we’ve made these priorities central to how we structure most of our transactions.

We anticipate a rise in IPO activity in the coming years, driven by strong performance and increasing demand for growth as the market matures. At the same time, the M&A market is poised for more activity, particularly as companies seek to scale rapidly. M&A remains one of the quickest paths to growth, and with investors becoming more sophisticated, this will continue to be a key driver of market momentum.

The downside risks: Geopolitical risks are something we’re always mindful of, particularly as we operate in the Middle East. But Saudi Arabia has shown incredible resilience. We’re hopeful that political stability will continue, which bodes well for the financial sector. For us, the challenge is really to continue what we’ve been doing — leveraging our strengths and staying on track.

ICYMI- We also recently sat down with EFG Hermes’ Head of Research Ahmed Shams El Din for a chat about sectors driving growth in the local market, untapped potential in real estate, and shift in investors' mix.

How the equity + debt capital market fared in 4Q 2024

The Kingdom's capital markets saw increased activity on an annual basis last quarter, with a shift towards private debt placements and a rise in Nomu market listings, according to the Capital Market Authority’s (CMA) latest quarterly bulletin (pdf). While equity offerings declined, institutional investors continued to dominate equity ownership. Nomu experienced strong trading and growth, while Tadawul saw a slight net selling trend from institutional investors.

Nomu listings accounted for over 80% of total IPO approvals in 4Q. The parallel market lined up 17 IPO and listing approvals in 4Q (up from 8 in 4Q 2023), with 28 pending listing applications. Meanwhile, the main market saw four approvals last quarter with 20 pending applications.

Equity remained heavily concentrated in institutional hands, with total market ownership reaching SAR 10.2 tn (down from SAR 11.3 tn in 4Q 2023), of which 95.5% is held by institutional investors. Local institutions — including government-related entities (GRE), corporates, funds and strategic partners — owned 85.8% of the total, while retail investors across the board held only 4.5% of Tadawul’s total equities.

Institutional investors were somewhat bearish on Tadawul last quarter, as they accounted for 47.1% of total sell-side trades versus 45.96% of total buys. GREs emerged as net sellers, offloading SAR 10.7 bn and buying SAR 9 bn. Meanwhile, retail investors were net buyers, with a net purchase position of nearly SAR 5.7 bn, according to our math.

Corporates leaned heavily on private debt placements to shore up balance sheets: The size of private debt placements in 4Q was more than 6.5x that of private equity offerings. Some 27 private debt issuances raised SAR 17.89 bn, up 62.6% y-o-y, compared to 7 private equity placements totaling SAR 2.7 bn, marking a 35.9% y-o-y increase.

ALSO- Capital market institutions generated a combined net income of SAR 2.5 bn in 4Q 2024, up from SAR 1.5 bn in 4Q 2023, while revenues were up 32.5% y-o-y to SAR 5.2 bn. Asset management and dealing activities drove the increase in aggregated revenues, contributing SAR 1.95 bn and SAR 571.3 mn respectively, while investment banking raked in some SAR 526.6 mn in revenues. Custody services added SAR 203.8 mn, while advisory services raked in SAR 59.8 mn.

L’azurde names Adnan Alkhalaf as CEO

L’azurde appointed Adnan Al Khalaf (LinkedIn) as CEO and managing director, according to a disclosure to Tadawul. Al Khalaf brings over 20 years of administrative experience, having served in a similar capacity at Leejam Sports Company. He held executive roles across the sports, medical, service, manufacturing, retail, and distribution sectors.

ICYMI- The jewelry maker tapped Ihab Ibrahim as acting CEO back in October, who had been the COO of Lazurde Egypt since 2011.

Tihama Advertising tapped Hossain Aldosari (LinkedIn) as its new CEO, according to a disclosure to Tadawul. Aldosari brings over 17 years of experience in regulatory compliance and strategic planning, in addition to serving as a board member at Nama Chemicals Company.

A flurry of 2024 earnings

ALMUNAJEM FOODS-

Almunajem Foods’ net income fell 1.2% y-o-y to SAR 278.7 mn in FY 2024, impacted by lower gross profit margins and increased operating expenses, according to a disclosure to Tadawul. Meanwhile, revenue inched up 1% to SAR 3.3 bn during the same period, driven by improved trade conditions and higher sales volume in most categories except red and white meat.

On a 4Q basis, Almunajem’s net income dropped 26.1% y-o-y to SAR 60.3 mn, with revenue falling 1.2% y-o-y to SAR 819.1 mn.

TASNEE-

National Industrialization Company (Tasnee) saw its net income fall 49% y-o-y to SAR 102.8 mn in FY 2024, pulled down by lower returns from its JV investments and rising operational costs, it said in a disclosure to Tadawul. Meanwhile, revenues were up 9.4% y-o-y at SAR 3.9 bn in the same period, driven by the consolidation of the JV Saudi Acrylic Polymers Company acquired in 2023.

SAUDIA DAIRY AND FOODSTUFF CO (SADAFCO)-

Saudia Dairy and Foodstuff Co.’s (Sadafco) net income rose 48.7% y-o-y to SAR 483.2 mn in FY 2024 on the back of stable gross margins, lower G&A expenses, and reduced finance costs, it said in a di sclosure to Tadawul. Gains were partially offset by higher selling and distribution costs due to increased spending on advertising for the Saudia brand. Meanwhile, revenues were up 40.3% y-o-y at SAR 2.96 bn over the same period.

AWPT-

Alkhorayef Water and Power Technologies (AWPT) saw its net income grow 64.3% y-o-y in FY 2024 to SAR 230 mn, according to a disclosure to Tadawul. Revenue grew 16.2% y-o-y to SAR 1.95 bn in the same period, pushed by a 170.9% increase in the wastewater segment, despite higher diesel costs.

Highlights of the year: AWPT landed a slew of contracts this year with the National Water Company, including a SAR 1.7 bn operation and maintenance agreement for four Al Ahsa sewage treatment plants and a SAR 1 bn project for three Manfouha plants .

SAUDI RE-

Saudi Reins. Company (Saudi Re) saw its net income grow 2.8x y-o-y to SAR 474.8 mn in FY 2024 on the back of healthier returns from its ins. segment as well as a SAR 365.9 mn capital gain from selling its entire 49.9% stake in Probitas Holdings (Bermuda), it said in a disclosure to Tadawul. Revenues were up 80.2% y-o-y at SAR 1.1 bn in 2024.

ALSO- The company’s board recommended a capital hike to SAR 1.69 bn through a rights issue at a rate of four bonus shares for every nine shares held, according to a separate disclosure. The capital hike will be financed using SAR 539.8 mn in retained earnings, while an additional 2.5 mn shares will be allocated to its employee stock program.

NAJRAN CEMENT-

NajranCement’s net income rose 24.1% y-o-y to SAR 68.4 mn in FY 2024, backed by improved sales and gross margin, despite rising administrative and finance costs, according to a disclosure to Tadawul. Revenue grew 10.1% y-o-y to SAR 534.5 mn in the same period, buoyed by higher average selling prices.

Retal-owned JV lands SAR 450 mn hospitality works contract

REAL ESTATE-

Remal Al Khobar inks SAR 450 mn contract for Nobu Hotel and restaurant + Retal Rise: Remal Al Khobar Real Estate, a 50%-owned JV of Retal Urban Development, signed a SAR 450 mn, 15-month contract with the Specialized Construction Company (SPCC), a 40%-owned JV of Retal, to handle the finishing and MEP works for Retal Rise and Nobu Hotel and restaurant in Al Khobar, Retail said in a disclosure to Tadawul.

About the projects: The Retal Rise project features 129 residential units, while the Nobu Hotel features 101 rooms and 62 residential units, along with a Nobu restaurant and cafe, all overlooking Al Khobar Corniche.

SPORTS-

Armah Sports taps Gulf Architects to build two B_Fit clubs in Riyadh: Gulf Architects for Contracting agreed to build two B_Fit gyms in Riyadh’s Munsiyah district for Armah Sports under a SAR 51.5 mn contract, the fitness centers operator said in a disclosure to Tadawul. Construction will be executed over 14 months, with payments set to be made in monthly installments based on work progress.

Not the first time: Armah Sports signed a 22-year, SAR 19.7 mn land lease agreement worth SAR 19.7 mn in February 2024 to secure a plot on Makkah road in Riyadh’s Al Hada to operate a B_Fit sports club.

CAPITAL MARKETS-

SNB Capital secured approval to act as a market maker for Buraidah-based pipes maker Alwasail Industrial starting today, according to a Tadawul disclosure. SNB Capital will maintain a minimum order presence of 50%, a minimum order size of SAR 50k, and a maximum bid-ask spread of 5%.

IN CONTEXT- The Nomu-listed pipe manufacturer withdrew its application in August to move up to Tadawul’s main market, citing failure to meet requirements after submitting a request in June. The company said it plans to reapply in the future.

REGULATION WATCH-

Six companies secured a Tier 1 Managed Cybersecurity Operations Center (MSOC) Services License from the National Cybersecurity Authority, according to a statement released yesterday. The newly licensed providers include PIF’s wholly owned Saudi IT company (Site), stc’s sirar, Haboob, Aramco Digital’s Cyberani, Riyadh-based Technology Control Company, and Saudi Arabian Military Industries Advanced Electronics (SAMI-AEC).

About the license: The license is designed for large-scale service providers managing critical cybersecurity operations for government and private sector entities, including managing critical national infrastructure. License holders must have a minimum capital of SAR 50 mn, operate 24/7 Security Operations Centers (SOCs), and meet strict technical and staffing requirements.

DEBT WATCH-

Environment Fund + Kafalah partner up to back SMEs loans for green projects: The Environment Fund signed an agreement with the Small and Medium Enterprise Loan Guarantee Program (Kafalah) to launch a loan guarantee product to help SMEs secure needed loans for their local environmental projects, the Saudi Gazette reports, citing Environment Minister Abdulrahman bin Abdulmohsen Al Fadhly. The move aims to back the national environment strategy.

US tariffs will have a “limited” impact on MENA economies, though headwinds may follow, economists say

BMI sees US tariffs having a limited effect on the MENA region: Fitch Solutions’ research unit BMI sees MENA countries (and GCC countries in particular) being safe from direct tariffs from the Trump administration due to “economic and strategic considerations,” it said in its MENA Monthly Outlook Report (pdf). While exports from the region will not be significantly affected, there could be an impact on oil prices and inflation, with more debt-ridden emerging markets set to feel the brunt of the impacts.

Tariffs on the UAE and Saudi Arabia would be “counterproductive”: The report argues that the two countries’ investments in the US — specifically in AI — along with close relations with US President Donald Trump would make tariffs on both countries “counterproductive,” especially as Trump looks to “expand the Abraham Accords and reduce China's influence in the Middle East,” the report reads.

The impact on the oil market: “The macro outlook for MENA (Middle East and North Africa) is set to be weighed down by global tariff uncertainty indirectly through oil prices, to the extent that tariff and macro uncertainties continue to be a drag to Brent oil prices,” Standard Chartered MENA Economist Carla Slim told CNBC. While tariffs could drive up the price of oil in the short term, providing a boost to oil-exporting economies, a resulting slowdown in global trade could offset tangible benefits, especially for countries like the UAE that are looking to establish themselves as logistics hubs.

Interest rates to stay higher for longer: A move from the US Federal Reserve to keep monetary policy tight for the remainder of the year would represent a “dilemma” for policymakers in the GCC, “especially as the inflationary environment is benign” — but it would also create “head-winds for the non-oil economy” in Gulf countries, according to the report. Tighter monetary policies could trigger a downturn in private sector investment and growth for economies like Saudi Arabia and the UAE, S&P Global said earlier.

Countries with high foreign debt, like Egypt, Jordan, and Lebanon, are at particular economic risk, CNBC said, as the cost of servicing this external debt could rise on the back of a higher valued greenback.

MARKETS THIS MORNING-

Asian markets are mostly on the rise, though China’s CSI 300 is flat after China announced it would boost people’s income in a bid to revive consumption. Japan’s Nikkei and South Korea’s Kospi are both up by more than 1%.

Wall Street futures signal another disappointing open, after a brutal week that saw sell-offs wipe bns of USD in value of US stocks, and sent the S&P 500 into correction territory.

TASI	11,854	+1.1% (YTD: -1.5%)
MSCI Tadawul 30	1,495	+1.1% (YTD: -1.0%)
NomuC	31,275	+0.5% (YTD: -0.6%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,338	+0.2% (YTD: +5.4%)
ADX	9,419	+0.1% (YTD: 0.0%)
DFM	5,141	-0.9% (YTD: -0.4%)
S&P 500	5,639	+2.1% (YTD: -4.1%)
FTSE 100	8,632	+1.1% (YTD: +5.6%)
Euro Stoxx 50	5,404	+1.4% (YTD: +10.4%)
Brent crude	USD 70.58	+1.0%
Natural gas (Nymex)	USD 4.10	-0.2%
Gold	USD 3,001.10	+0.3%
BTC	USD 82,102	-2.7% (YTD: -12.2%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.1% yesterday on turnover of SAR 4.7 bn. The index is down 1.5% YTD.

In the green: ARDCO (+9.9%), SRMG (+8.0%) and Banan (+6.3%).

In the red: SPM (-3.6%), AlBaha (-2.6%) and Taprco (-1.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.5% yesterday on turnover of SAR 27.6 mn. The index is down 0.6% YTD.

In the green: Miral (+17.4%), Knowledgenet (+10.0%) and Mulkia (+9.7%).

In the red: Pan Gulf (-9.3%), Drc (-7.6%) And Amwaj International (-7.7%).

Crown Prince, Italy’s Meloni discuss recent developments, stability efforts

Crown Prince Mohammed Bin Salman and Italian Prime Minister Giorgia Meloni talked on the phone yesterday, discussing the latest regional and international developments and their mutual efforts to maintain stability and security, state news agency SPA reports.

CALENDAR

MARCH

1-30 March: Ramadan.

17 March: Settlement date for Saudi National Bank’s USD-denominated Formosa bonds.

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

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

31 March (Monday): Deadline for applying to theReal Estate General Authority’s Regulatory Sandbox Program.

31 March (Monday): Deadline for applying to the World Intellectual Property Organization (WIPO) Global Awards 2025

APRIL

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

3-20 April (Thursday-Sunday): AFC Asian U17 Cup.

13-14 April (Sunday-Monday): Human Capability Initiative (HCI) Conference, King Abdulaziz International Conference Center, Riyadh.

13-16 April (Sunday-Wednesday): EdgeX HCI, The Ritz Carlton, Riyadh.

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

17-23 April (Thursday-Wednesday): 11th edition of the Saudi Film Festival, Dhahran.

18-20 April (Friday-Sunday): Saudi Arabian Grand Prix, Jeddah Corniche Circuit, Jeddah.

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

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

23-25 April (Wednesday-Friday): Construction and Real Estate Development Exhibition, Jazan.

25 April- 4 May (Friday-Sunday): AFC Champions League Elite Finals

28 April- 30 April (Monday-Wednesday): Automechanika Riyadh, Riyadh International Convention and Exhibition Center, Riyadh.

MAY

May: The World Intellectual Property Organization (WIPO) Global Awards 2025 announces its results.

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.

19-20 May (Monday-Tuesday): Tech-ecO-System Summit (ToSS), Riyadh.

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

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

JUNE

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.

30 June (Monday): Deadline for Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca).

JULY

July: The World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

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.

AUGUST

5-17 August (Tuesday-Sunday): Fiba Asian Cup.

SEPTEMBER

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

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

NOVEMBER

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

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

27-30 November (Thursday-Sunday): The World Rally Championship (WRC), Jeddah.

DECEMBER

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

4-13 December (Thursday-Saturday): Red Sea International Film Festval, Jeddah.

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.

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

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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Inflation holds steady at 2.0% y-o-y in February

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THIS MORNING: Investors shift to Riyadh’s outskirts as real estate prices rise + Entaj Foods begins trading on Tadawul today

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