Institutional investors pour into Al Majed Oud IPO

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Tharwah debuts on Nomu today

Happy hump day, ladies and gentlemen. The news cycle has picked up somewhat at the midweek point as we hurtle towards the end of August.

THE BIG STORY TODAY is Al Majed for Oud’s IPO selling out within hours of the start of the company’s bookbuilding process. Institutional investors have until the end of the week to subscribe to the perfume maker’s market debut. We have the full story in this morning’s news well, below.

HAPPENING TODAY-

Homegrown recruitment and HR agency Tharwah will ring the bell on Tadawul’s parallel market Nomu this morning as its shares begin trading, according to a Tadawul statement. Tharwah’s shares will be allowed to trade within a ±30% range for the first three days before being capped at no more than 10% up or down when circuit breakers kick in. All shares on Tadawul are subject to the 10% up-or-down rule.

REFRESHER- The agency took a 15% stake public on Nomu in an offering that was 107.9%covered, earmarking the proceeds for expansion projects and shoring up its capital. Tharwah had priced its offering at SAR 62 a share, which could see it raking in up to SAR 43.8 mn in proceeds, and give it a market cap of SAR 292 mn at listing.

⚠️WEATHER WARNING- Storms aren’t letting up: Makkah is expected to see heavy rain, flooding, and strong winds from today through to next Saturday, the General Directorate of Civil Defense said, according to SPA. Madinah, Al Baha, Asir, Jazan, and Najran are also in for medium to heavy rain, the directorate said.

HAPPENING THIS WEEK-

Property owners in 18 districts in Riyadh and Makkah have until this Thursday, 29 August to register their properties on the Real Estate Registry platform (RER), according to a post on X. Applications can be submitted via RER’s online portal which provides a set of services including deed transfers. Registration requires a valid title deed.

PSAs-

#1- Making way for third ring road: The owners of properties at the Prince Sultan road intersection and the Grand Mosque road intersection have been given a 30 day eviction notice starting from yesterday to vacate their properties expropriated for the third ring road project, according to a post on X.

#2- No pensions if you’re out of the country for 3+ months: Payment of social security pensions will be suspended if the beneficiary resides outside the Kingdom for 90 consecutive or non-consecutive days in the year before pension disbursement, the Human Resources and Social Development Ministry said on X. The Social Security Law stipulates that pension beneficiaries must be permanent residents of the Kingdom, which is defined as not being outside the Kingdom for more than three months in the year before pension disbursement.

#3- Establishments with long-term vehicle rental contracts can now use these vehicles for delivery services, despite regulations that typically require vehicles for transporting goods to be owned or financially leased by the licensee, according to Saudi Gazette. The Transport General Authority, which is granting a temporary exemption to the regulations, instructed licensed establishments to submit vehicle data and rental contracts within 30 days to obtain operating cards, which will be valid until the rental contracts expire.

WATCH THIS SPACE-

#1- We still don’t have a timeline for the Saudi-US defense pact: There are ongoing efforts between Washington and Riyadh to finalize a strategic agreement on military cooperation, Saudi-Israel normalization, and advancing a Palestinian state, US Ambassador to Saudi Micheal Ratney said in an interview with Asharq Al Awsat. US Secretary of State Antony Blinken had said back in May that the agreement could be “weeks away” from finalizing, but the process appears to have stalled.

REFRESHER- The agreement would see Washington provide security assurances to Riyadh, along with cooperation on the development of a domestic nuclear power industry, as well as on artificial intelligence and other technologies.

#2- PIF-back Jadwa Investment’s 2024 fiscal outlook for Saudi remains unchanged from 2023, projecting a budget deficit of 2% of GDP this year, according to its Macroeconomic Update (pdf). “For 2025, we expect the deficit to widen to 2.5% of GDP, as higher spending outweighs further gains in non-oil revenue,” Jadwa said in the report.

Gains in non-oil revenues and rising government spending are anticipated to balance each other out. Non-oil GDP is forecasted to grow by 4.5 % this year, fueled by strong activity in sectors such as trade, transport, and construction.

Oil revenues are expected to remain stable, supported by increased Aramco dividends, the report reads. “Average crude production of 9 mn bpd in 2024, rising close to 9.5 mn bpd in 2025.” Oil GDP is expected to contract 6% this year, but is projected to recover with 5% growth in 2025, contingent on the implementation of Opec+ production cuts.

#3- Saudi is on track to hit its USD 24 bn target for foreign direct investment (FDI) for the current year, Arab News reports, citing a Standard Chartered report it has seen. Crown Prince and Prime Minister Mohamed bin Salman wants to see the Kingdom attract USD 100 bn in FDI annually by 2030.

#4- A new generative AI training program in town: The ICT Ministry and the Human Capacity Development Program launched the Digital Future Readiness Program to train over 7k participants in generative AI, according to a statement from the ministry.

DATA POINTS-

#1- The Kingdom currently hosts 206 pharma and medical equipment factories, the Industry Ministry said on X. This includes 56 pharma factories with SAR 10 bn in investments and 150 medical equipment factories with investments worth a combined SAR 3 bn.

#2- The Transport General Authority issued 448.2k operating cards in 1H 2024, up 24% y-o-y, the authority said on X. Operating cards are used to verify the technical efficiency of the vehicle, and can be issued or renewed via the Logisti platform.

SPORTS-

#1- Al Hilal are reportedly close to getting their new fullback: Saudi Pro League champions Al Hilal edge closer to signing Manchester City’s fullback Joao Cancelo as they wait for him to accept to move to the Kingdom after the two clubs agreed a GBP 30 mn fee, The Daily Mall reported. Al Hilal also has Cancelo’s teammate Kyle Walker and Bayer Leverkusen’s Jeremie Frimpong lined up to replace the outgoing Saud Abdelhamid — who is close to joining AS Roma after flying out to the Italian capital yesterday for his medical checkup, Goal reported.

#2- The Saudi Karate team took home eight medals at the 2024 AKF Cadet, Junior & U21 Championships in Manila, including two gold, four silver, and 2 bronze, according to state news agency SPA.

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THE BIG STORY ABROAD-

The international business press can’t agree on a story with which to lead this morning’s front pages, giving us instead a rather mixed bag. Among the stories and headlines getting top billing:

#1- Russia launched a barrage of missiles at Ukraine, targeting the country’s energy and water infrastructure in what Kyiv said appears to be a tactic from Moscow to hit water and heating infrastructure ahead of the winter months. The missile attacks from Russia come after Ukraine’s invasion of Russia’s western Kursk region this month, which marked a significant victory for Ukraine 2.5 years into their war. (Reuters | Bloomberg | New York Times)

#2- Skydance looks set to acquire Paramount after American businessman Edgar Bronfman Jr. decided to drop a bid to buy the studio. Bronfman — who previously served as CEO of Warner Music Group — raised doubts on his ability to secure the financing necessary for a USD 6 bn bid for Paramount before the deadline to submit a final offer tomorrow. The Wall Street Journal and CNBC have the story, and the New York Times also has more on Bronfman and the dynamics at play in the bidding dance.

ALSO- Apple is hosting a press event on 9 September, at which the company is expected to unveil new iPhone and Apple Watch models. Analysts don’t expect the upcoming iPhone 16 will be significantly different from its predecessor, save for redesigned cameras. (CNBC)

CIRCLE YOUR CALENDAR-

The EFG Hermes London Conference returns: EFG Hermes will hold its annual conference in London on 9-12 September, giving investors “unique and unparalleled access to leading equities in MENA and key frontier emerging markets.”

The Crown Prince Camel Festival runs until Tuesday, 10 September at the Taif Camel Racing Track, featuring 610 rounds of racing and a purse of SAR 56 mn.

The two-day Data Center Xpo summit will kick off in Riyadh on Tuesday, 3 September.

The two-day Kingdom Business and Luxury Travel Congress will kick off on Wednesday, 25 September, at the Crowne Plaza Riyadh RDC Hotel and Convention.

The three-day Global Logistics Forum will kick off on Saturday, 12 October at Riyadh’s King Abdullah Financial District.

The Industrial Hackathon 2024 is scheduled for 10-11 October, the Saudi Industrial Development Fund spokesperson said on X. The hackathon will pit top Saudi talents against each other to showcase their design, production and sustainability solutions for the local manufacturing sector. Contestants will compete for a pool worth a combined SAR 1.4 mn.

Institutional investors fully cover Al Majed Oud’s IPO on the first day of book-building

Perfume maker Al Majed Oud booked more orders than the shares on offer in its Tadawul IPO within hours of the bookbuilding process beginning for institutional investors on Sunday, Bloomberg reports, citing sources it says are familiar with the matter. Institutional investors have until this Thursday, 29 August to place their orders.

REFRESHER- Al Majed Oud is taking a 30% stake to market in a secondary share sale. The company is guiding on a price range of SAR 90-94 apiece, which could see it raise up to SAR 705 mn in proceeds. At the top of the range, the company’s market cap would be SAR 24 bn at listing.

What’s next? Retail investors can place their orders starting Sunday, 15 September. 100% of the offering is currently being allocated to institutional investors, but the financial advisor could allocate 20% to retail investors if there is sufficient demand. The final allocation of shares is slated for Thursday, 19 September.

Use of proceeds + lockup: Some SAR 25 mn of the proceeds will go towards covering IPO-related costs, while the rest will be split among the selling shareholders on a pro rata basis. Major shareholders will not be able to sell down their positions for a six-month period starting from the first day of trading. Meanwhile, the company is not allowed to issue or list any additional shares of the same category during the same period.

ADVISORS- BSF Capital is acting as financial advisor and lead manager, while Baker McKenzie is providing counsel to the issuer. Stat is counsel to the financial advisor, underwriter manager, institutional subscription manager, and lead underwriter. PwC is running financial due diligence, while Euromonitor International is the market study advisor and BDO Dr. Mohamed Al Amri & Co is the independent financial auditor.

Savola lines up board approval for capital hike

Savola Group’s board of directors signed off on the company’s SAR 6 bn rights offering to boost its capital, adding 600 mn shares valued at SAR 10 apiece, it said in a disclosure to Tadawul. The Tadawul-listed player will then reduce its capital before offloading its entire 34.5% stake in Almarai to its existing shareholders, with each of the following steps pending regulatory and shareholder approvals.

This has been in the works: Savola first unveiled its plans to exit one of its “most successful investments for Savola Group to date” in February, followed by issuing a prospectus (pdf) for the rights offering earlier this month. Its investment in the dairy giant increased more than 100x since it took a majority stake in what ultimately became the region’s largest dairy outfit in 1991. The PIF is the second biggest shareholder with a 16% stake it holds through one of its units.

REFRESHER- Savola wants to “ unlock value ” — it doesn’t think the market fairly values what it does or what Almarai does, writing in an FAQ that “over the past years, Savola’s market capitalization is approximately equal to the market value of its stake in Almarai.” For folks who like Almarai’s story, it’s a way to get direct exposure. And if you like Savola, buying Savola stock gives you direct exposure to its future growth prospects and starts to do away with the so-called “holding company discount.”

What are those growth prospects? Savola is being cautious, but says it will use the proceeds from the rights issue to pay down debt and “invest in the growth of its portfolio companies.” Savola says that it doesn’t need the transaction to go through to meet its debt obligations. Look for it to deleverage before taking on fresh cash at optimized terms to fund its growth going forward.

Flight bookings from Saudi are on the rise this summer -Wego

This summer saw a 16.4% y-o-y increase in international flight bookings from the Kingdom, and a 16.6% rise in domestic flights, buoyed by the Eid Al Adha holiday coinciding with the start of summer break. according to a press release from travel app Wego. Bookings this season surpassed those during Ramadan and Eid Al Fitr by 23.2%, Wego Chief Business Officer Mamoun Hmidan said.

Egypt accounted for nearly half of all bookings from Saudi on Wego between June and August, due to its proximity to Saudi, frequency of daily flights, convenient visa options, and the large Egyptian expat community in the Kingdom. India, the UAE, Turkey, and Pakistan were also among the most popular destinations for Saudi national and expat holiday goers booking on Wego.

Last-minute travel plans: Most Saudi travelers booked their trips within two weeks of their departure, indicating a growing trend of spontaneous travel planning, particularly to Egypt. Meanwhile, there was a notable uptick in the use of travel apps and online booking platforms in the Saudi travel market during this summer season, Hmidan added.

Summer spending sprees: Saudi travelers spent an average of SAR 1.7k (USD 466) per person on flights and hotel stays in June and July, marking the highest spending for the Saudi travel market so far this year.

Travelers tended to prefer luxury accommodation, with 41% of international bookings made at 5-star hotels and 35% at 4-star hotels. Other alternative accommodations included resorts and aparthotels.

GCC-based investors, family offices launch VC fund Waad Investment

Gulf investors, family offices launch new VC fund: Saudi investor Yaser AlGhamdi, the AlMajed and AlMisfer family offices, and other GCC-based investors and family offices have launched Riyadh-based VC fund Waad Investment in a bid to support growth-stage startups, according to a press release (pdf). Information about the ticket size that will be offered by the fund wasn’t disclosed.

The SAR 750 mn fund aims to “bridge the financial gap many startups face and will offer comprehensive support that includes financial investment, mentorship, and guidance,” said Al Ghamdi, who is the fund’s chief investment operations officer. The fund currently has a portfolio of 23 startups, in fintech, proptech, AI, and F&B. Waad Investment has invested in a total of 35 companies.

A tech-focused fund? While it it’s not clear whether the fund will target tech-driven startups only, or adopt a sector-agnostic approach, its Managing Director and CEO Nasser Al Majed said that "the alliance aims to change the rules of how family offices invest in startups, and to reassure the entrepreneurial ecosystem that family offices possess the expertise in exit strategies, IPOs, and financial solvency to lead the tech scene.”

UAE’s Powder Beauty plans Saudi expansion following pre-series A round

UAE-based beauty products platform Powder Beauty plans to scale its operations in Saudi after securing undisclosed pre-Series A funding round. The round was led by women-focused investor Sophia Collective and a family office fund founded by the founders of Indian stock broker Zerodha, Wamda reported. The round also saw participation from several regional angel investors including Maha Taibah.

Where the money is going: Powder Beauty also plans to launch new brands exclusive to the region and expand its existing product lineup.

About the startup: Founded by Ayat Toufeeq (LinkedIn), Amina Grimen (LinkedIn), and Mariam Mossalli (LinkedIn) in 2018, Powder Beauty touts itself as the Middle East’s first female-owned and operated e-commerce platform to offer a range of clean, cruelty-free, and sustainable beauty brands.

Fresh Saudi-US real estate agreements of Municipalities and Housing Minister Maji Al-Hogail’s visit to the US

REAL ESTATE-

Saudi Real Estate Development Fund’s unit Saudi Mortgage Guarantee ServicesCompany(Dhamanat) inked two separate agreements with US firms BlackRock and Apollo in a bid to enhance real estate financing in the Kingdom, according to the Saudi Gazette. The agreements were signed on the sidelines of Municipalities and Housing Minister Maji Al Hogail’s visit to the US.

The minister also signed an MoU with US-based real estate developer K. Hovnanian to develop integrated residential communities here, and 500k housing units in the US.

ALSO- Al Hogail met with US government-owned mortgage organization Freddie Mac’s executives to discuss mortgage refinancing knowledge transfer.

On the sidelines: The Sakani Program Exhibition was inaugurated at the Saudi Cultural Attaché in Washington, aiming to provide Saudi expats in the US with information on available housing options and financing solutions.

TECHNOLOGY-

IT services provider Perfect Presentation (2P) was awarded an SAR 86 mn, five-year contract by the Health Ministry for the maintenance of IT infrastructure in 48 public hospitals in the Kingdom’s central region, according to a disclosure to Tadawul.

ALSO-2P renewed and topped up its Islamic banking facility with Al Rajhi Bank, securing SAR 265 mn until 25 August, 2025, according to a separate disclosure. The funds will be used for new projects, including issuing letters of guarantee, letters of credit, and invoice financing.

ENERGY-

Mitsubishi Power will supply a hydrogen-ready combined cycle gas turbine (CCGT) to a cogeneration power plant that is currently under construction in the Kingdom, under a contract with the Saudi arm of Samsung C&T Corporation, according to a statement from Mitsubishi Power. No information was provided on the value of the contract.

Made in KSA for the first time: Mitsubishi will assemble the M501JAC CCGT supplied for the project at its assembly center in Dammam for the first time.

About the cogeneration plant: The 475 MW cogeneration plant is being built by Abu Dhabi National Energy Company (Taqa) and Japan’s Jera to power the Saudi Aramco Total Refining and Petrochemical Company petrochemical complex.

Neom + Kaust: King Abdullah University of Science and Technology (KAUST) has partnered with NEOM to advance green economy initiatives by developing hydrogen production and sustainable fuel technologies through three strategic research projects, state news agency SPA reports. These projects, led by experts in mechanical and chemical engineering, focus on creating carbon-neutral marine fuels, lowering the cost of large-scale hydrogen electrolysis, and reducing emissions from green ammonia-powered engines.

INFRASTRUCTURE-

The Riyadh Municipality kicked off the first phase of the Riyadh Parking project, which includes managing over 140k parking lots and establishing more than 24k new ones, state news agency SPA reported. This phase, which covers 16 areas in the Saudi capital, is carried out under a 10-year public-private partnership (PPP) between Remat Al-Riyadh, the development arm of the municipality, and IT services provider Solutions by stc.

LOGISTICS-

Emirates Shipping Line added a new shipping service to the Jeddah Islamic Port connecting it to the ports of Ningbo, Xiamen, and Nansha in China, Klang in Malaysia, Aqaba in Jordan, and Sokhna in Egypt, according to a statement from the Saudi Ports Authority (Mawani). The new service will operate twice a month.

POLICY-

The Environment, Water and Agriculture Ministry has transferred dam-related mandates to the Saudi Irrigation Organization, state news agency SPA reported. This includes dams building, revamping, operating, and maintenance. The move seeks to improve the operational efficiency and safety of dams.

GAMING-

PIF unit + Xsolla partner to set up Saudi-based game development academy: PIF-owned Savvy Games Group signed an MoU with US-based game developer Xsolla to establish the Xsolla Game Development Academy in Riyadh, according to a joint statement. The partnership will also see Savvy and Xsolla roll out funding rounds, incubator and accelerator programs, and host events to support local game developers. Information about the potential project’s size of investment and timeline wasn’t made publicly available.

ALSO- Xsolla is setting up shop in the capital: The leading video game commerce company will base its regional headquarters in Riyadh as per the agreement’s terms. The new office is set to offer product development, technology, customer support, and business development services that look to help developers and publishers scale their local and regional operations, the statement also said.

Election uncertainty makes investment managers wary of pouring cash into infrastructure projects

Turbulent times in infrastructure spending: Fund managers have expressed concerns over pouring funds in infrastructure projects due to “uncertainty over the outlook for green energy subsidies and tariffs, ahead of a US presidential election,” according to the Financial Times.

The why: Republican candidate Donald Trump’s return to office could possibly mean bidding farewell to incentives for domestic industry and clean tech under the Biden administration’s Inflation Reduction Act. This has put funds in a position where they can’t accurately cost or price a project. “We have to be more cautious over the next 12 months on committing to projects. There’s a bit of a stalling of momentum until we have more certainty around costs,” saud Quinbrook Infrastructure Partners Co-founder David Scaysbrook.

What’s next? Some asset managers expect a pick up in investment activity following election results in November, with the demand and need being there, while others expect some pullback.

Despite all this, investors continue to have an appetite for infrastructure funds: North American infrastructure funds raised some USD 10 bn during the first half of the year, a 150% y-o-y increase, in addition to another USD 7 bn raised between July and August. Investor appetite is expected to continue and even rise as fund managers view the funds as a safe haven for investors looking to put their funds in high-yielding assets ahead of upcoming rate cuts.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning, as traders react to US big tech stocks falling the day before as Western markets get ready for Nvidia earnings out Wednesday. Japan’s Nikkei is down 0.3%, Korea’s Kospi is down 0.5%, and China’s Hang Seng is down 0.9%.

TASI	12,261	0.0% (YTD: +2.5%)
MSCI Tadawul 30	1,536	0.0% (YTD: -0.9%)
NomuC	26,434	-1.0% (YTD: +7.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	30,134	+0.2% (YTD: +21.1%)
ADX	9,356	-0.2% (YTD: -2.3%)
DFM	4,325	+0.8% (YTD: +6.5%)
S&P 500	5,617	-0.3% (YTD: +17.8%)
FTSE 100	8,328	+0.5% (YTD: +10.8%)
Euro Stoxx 50	4,897	-0.3% (YTD: +8.3%)
Brent crude	USD 81.2	+2.8%
Natural gas (Nymex)	USD 1.96	-3.3%
Gold	USD 2,553.50	+0.3%
BTC	USD 63,414.90	-1.2% (YTD: +50.2%)

THE CLOSING BELL: TADAWUL-

The TASI was unchanged yesterday on turnover of SAR 9 bn. The index is up 2.5% YTD.

In the green: Al Baha (+8.3%), Al Akaria (+6.3%) and Spimaco (+5.0%).

In the red: Savola Group (-5.0%), Wafrah (-3.6%) and Herfy Foods (-2.9%).

THE CLOSING BELL: NOMU-

The NomuC was down 1.0% yesterday on turnover of SAR 35.9 mn. The index is up 7.8% YTD.

In the green: Al Razi (+7.3%), Naseej Tech (+6.3%) and Al Babtain Food (+5.9%).

In the red: Naba Al Saha (-13.4%), Rawasi (-10.7%) and Lana (-9.5%)

CORPORATE ACTIONS-

Alwasail Industrial will distribute SAR 12.5 mn in dividends at SAR 0.05 per share for 1H 2024, according to a filing to Tadawul. The distribution date is contingent upon general assembly approval.

Saudi Arabia’s ramps up diplomacy efforts with Qatar + Iran

Foreign Minister Faisal bin Farhan discussed bilateral relations in a phone call with his new-appointed Iranian counterpart Seyyed Abbas Araghchi on Sunday, according to state news agency SPA. The pair also exchanged views on the developments in Gaza.

Defense Minister Prince Khalid bin Salman and Emir of Qatar Sheikh Tamim bin Hamad Al-Thani met in Doha yesterday to discuss ways to enhance security and stability in the region, according to state news agency SPA.

The Saudi-Ethiopian Business Council was officially launched yesterday, with Abdullah bin Mohammed Al-Ajmi named as chairman for the council’s first four-year tenure, according to a Council of Saudi Chambers statement on X. Both countries agreed to establish the council in June.

CALENDAR

AUGUST

10 August-10 September (Saturday-Tuesday): Crown Prince Camel Festival, Taif Camel Racing Track.

25-29 August (Sunday-Thursday): Tourism Week, Enterprise Support Centers in Riyadh, Jeddah, Al-Khobar, and Madinah.

27-29 August (Tuesday-Thursday): Saudi Fashiontex Expo, Riyadh.

SEPTEMBER

2-4 September (Monday-Wednesday): Saudi Warehousing & Logistics Expo, Riyadh.

2-4 September (Monday-Wednesday): Saudi Wood Expo, Riyadh.

3-4 September (Tuesday-Wednesday): Data Center Xpo, Voca, Riyadh.

3-5 September (Tuesday-Thursday): 24 Fintech, Front Exhibition & Conference Center, Riyadh.

9-11 September (Monday-Wednesday): International Manufacturing Congress, Riyadh.

9-12 September (Monday-Thursday): EFG Hermes London Conference, Emirates Stadium, London.

10 September (Tuesday): Saudi Arabia Investors Forum, Riyadh.

10-11 September (Tuesday-Wednesday): SkyMove MENA, Riyadh.

10-11 September (Tuesday-Wednesday): Middle East LPG Expo – Saudi Arabia 2024, Intercontinental Hotel, Riyadh.

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.

16-19 September (Monday-Thursday): Foodex Saudi, Riyadh.

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

17-19 September (Tuesday-Thursday): Hotel & Hospitality Expo, Front Exhibition & Conference Center, 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).

25-26 September (Wednesday-Thursday): Kingdom Business and Luxury Travel Congress, Crowne Plaza Riyadh RDC Hotel and Convention.

27 September (Friday): CAF Super Cup Final 2024, Riyadh.

29 September-1 October (Sunday-Tuesday): Jeddah Construct Expo, Jeddah.

29 September (Sunday): Start of Digital Chip Design Technologies training program.

OCTOBER

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

5-7 October (Saturday-Monday): Middle East Education & Training Exhibition 2024, Jeddah.

12 October (Saturday): Riyadh Season.

12 October (Saturday): Shakur Stevenson x Joe Cordina, Riyadh.

12-14 October (Saturday-Monday): Global Logistics Forum, Riyadh.

15-16 October (Tuesday-Wednesday): Solar & Storage Live KSA, Riyadh.

16-17 October (Monday-Tuesday): Global Airport & Aviation Forum, Jeddah.

19 October (Saturday): Battle of the Giants, Mayadeen Hall, Riyadh.

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

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

21-23 October (Monday-Wednesday): Global Health Exhibition 2024, Riyadh.

26 October (Saturday): Donor Conference to Support Refugees in Sahel and Lake Chad Regions, TBD.

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.

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

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

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

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

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

19-20 November (Tuesday-Wednesday): The Women's Economic Forum 2024, Dammam.

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam.

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

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

DECEMBER

1 December (Sunday): Opec+ to meet.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

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

JANUARY 2025

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

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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