International debt sales + programs from three heavyweights

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi, Pakistan in talks to convert loans to military equipment supply agreement

Good morning and a very happy THURSDAY to you all. The first full workweek of the year is coming to a close with a rather busy issue, led by a healthy mix of politics and diplomacy, debt, and more.

After the government kicked off its 2025 borrowing earlier this week, Saudi corporates are getting into the game as well with international debt sales and programs. Riyad Bank and Al Rajhi Bank each kicked off international debt issuances — both of which are set to close today — while stc rolled out a USD 5 bn sukuk program.

ALSO- We’re rounding out our Year in Review coverage with a rundown of the 2025 macroeconomic mix for Saudi Arabia.

^^ We have these stories and more in this morning’s news well, below.

WATCH THIS SPACE-

YEMEN — The Saudi-backed Presidential Leadership Council (PLC) expelled the leader of the Southern Transitional Council from Yemen’s internationally recognized government after he failed to show up to talks planned in Riyadh that aimed to find a resolution to the escalation in the country’s south, the Washington Post reports.

PLC also referred Aidarous Al Zubaidi to the public prosecutor on charges of high treason and armed rebellion, according to state news agency SPA. Al Zubaidi was set to visit Riyadh for talks after PLC Chairman Rashad Al Alimi urged Riyadh to host a conference bringing together all Yemeni factions — including the STC — to resolve the crisis in the south. He was reported to have fled to an unknown location, although STC officials insisted their leader remained in the southern capital to oversee operations, Reuters reported. Shortly after, the coalition launched strikes in Dhale — Al Zubaidi’s home region.

Yemen’s Saudi-backed government took back control of most of the key parts of southern Yemen, after the STC — which has in the past been backed by the UAE — had earlier seized the areas.

DIPLOMACY — Saudi Arabia is reportedly in talks with Pakistan to convert USD 2 bn of its loans to Islamabad into a military equipment supply agreement, Reuters reports, citing two unnamed Pakistani sources. The sources indicate that several options are currently on the table, including Pakistan providing JF-17 Thunder fighter jets — which it developed with China and manufactures domestically. The exact value of the potential agreement remains unclear, with one source suggesting the total value “was worth USD 4 bn, with an additional USD 2 bn to be spent on equipment over and above the loan conversion.”

ENTERTAINMENT — Qiddiya is planning to roll out a new asset every quarter — and Aquarabia is slated for March, Managing Director of Qiddiya Investment Company Abdullah Al Dawood said (watch, runtime: 1:37:18). The water park is slated to open its doors on 19 March to capture Eid Al Fitr traffic, following the commercial launch of Six Flags Qiddiya City last week.

The accelerated timeline serves as the runway for Qiddiya’s three-stage masterplan. Phase 1 is racing toward a 2023 completion date, focusing on “active” entertainment, including the speedway, the National Tennis Center, golf courses, and some 15 hotels. The subsequent phases are expected to pivot toward cultural and niche assets, where the second phase will add a performing arts center, Dragon Ball Park, an esports arena by 2030. The third phase will align with the 2034 World Cup and the Asian Games.

CAPITAL MARKETS — ASG Plastic Factory is looking to graduate to the big leagues, with its board approving a transition from Tadawul’s parallel market Nomu to the main market yesterday, according to a disclosure. The move, which sees Estidamah Capital appointed as financial advisor, is a strategic play for deeper liquidity and a broader investor base.

What it takes: To transition from Nomu to the main market, a company must have been listed on Nomu for at least two years and satisfy all main market listing conditions — except for market capitalization, where a lower threshold of an average SAR 200 mn over the past six months applies.

DATA POINTS-

SAR 17 bn — that’s the total value of consumer spending via point-of-sale (PoS) in the Kingdom in the week ending 3 January, up 30.6% w-o-w, according to the Saudi Central Bank’s latest weekly report (pdf). New year festivities and the resumption of the academic term appear to be the drivers for the jump, also pushing the number of transactions up 15.7% w-o-w to 255.4 mn.

The breakdown:

Holiday consumption: Food and beverages (up 41.4% w-o-w), restaurants (up 20.9% w-o-w), and apparel (up 30.0% w-o-w) drove the bulk of the volume, coinciding with New Year celebrations.
Back-to-school: Education spending soared 66.4% w-o-w to SAR 235.5 mn as families prepare for the upcoming term.
Logistics peak: Freight and postal services saw the sharpest relative rise, more than doubling (up 110.9% w-o-w).

MEANWHILE- Riyadh recorded the highest value of PoS transactions at SAR 5.6 bn, followed by Jeddah at SAR 2.2 bn.

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THE BIG STORY ABROAD-

It’s another mixed morning in the global business press, with attention split towards the US’ control of Venezuelan oil, a global bond spree to kick off the new year, and a fresh funding round for Anthropic.

New details have emerged clarifying the logistics of the US’ effective takeover of Venezuelan oil, with Venezuela’s state oil company PDVSA saying it’s in talks with Washington “to sell volumes of crude oil” to the US […] under schemes similar to those currently in place with international companies, such as Chevron, and is based on a strictly commercial transaction, within the criteria of legality, transparency and benefit for both parties,” PDVSA said in a statement.

Meanwhile, Energy Secretary Chris Wright said the US would control the proceeds from oil sales “indefinitely,” and that it could “flow back into Venezuela to benefit the Venezuelan people.” The US has already started marketing Venezuelan oil, and is preparing to roll back sanctions to allow the sales, Bloomberg reports. The Financial Times has more.

Outside of Trump Land, global bond sales had their busiest start to a year this week, with some USD 245 bn raised by corporates across the US, Europe, and Asia, Bloomberg reports.

And in other capital raising news, Anthropic is reportedly eyeing a USD 10 bn funding round, valuing it at USD 350 bn, up from USD 183 bn earlier, from the likes of GIC, Singapore’s sovereign wealth fund, Coatue Management, Microsoft and Nvidia. (Bloomberg)

Riyad Bank, Al Rajhi Bank, stc set the tone for the year with int’l issuances

Three of the Kingdom’s largest listed institutions have set plans in motion to raise bns of USD-denominated debt. Al Rajhi Bank is preparing a perpetual AT1 social sukuk, while Riyad Bank is moving ahead with a Reg-S, 10-year Tier 2 sustainable note issuance, according to separate disclosures. Both offerings carry a par value of USD 200k, are callable after five years, and will be listed on the London Stock Exchange’s International Securities Market. Both offerings are also set to close today. Separately, stc launched a new USD 5 bn sukuk program.

Why it matters

For the banks this is a liquidity protection play: With gigaprojects entering peak construction phases this year, credit demand is expected to remain high. Issuing these notes allows the lenders to expand their loan books without stressing their capital adequacy ratios or driving up the SAIBOR. The ESG notes are expected to tighten pricing.

For stc, a program of this size suggests significant capex requirements for 5G infrastructure or a readiness for cross-border M&A activity in the corridor this year.

Our take

By tapping international markets at the start of the year, these heavyweights are bringing fresh hard currency into the Kingdom rather than competing for SAR liquidity domestically — which is already squeezed. Where these transactions price — specifically the spread over US Treasuries — will signal the cost of borrowing for regional issuers in 1Q.

Advisors

Riyad Bank’s advisors: The lender hired a syndicate of joint lead managers including First Abu Dhabi Bank, Banco Bilbao Vizcaya Argentaria, DBS Bank, Emirates NBD Capital, HSBC, Merrill Lynch Saudi Arabia, Mizuho International, Riyad Capital, SMBC Bank International, and Standard Chartered Bank.

Al Rajhi mandated a group of joint lead managers comprising Al Rajhi Capital, Goldman Sachs International, HSBC, Morgan Stanley, Standard Chartered Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq, Nomura, and Warba, with Affin Bank appointed as co-manager.

stc appointed a team of joint lead managers including BNP Paribas, Citibank, Dubai Islamic Bank, Emirates NBD Capital, HSBC, the Islamic Corporation for the Development of the Private Sector, Kuwait Finance House Capital, Mashreq Bank, National Bank of Greece, SNB Capital, and Standard Chartered Bank.

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Saudi’s 2025: The dual-engine economy hits its stride

Saudi Arabia’s economy found its second gear in the back half of 2025, as a recovering oil sector began to complement a consistently growing non-oil economy, setting up the country’s GDP to continue on an upwards trajectory.

By the numbers: Real GDP growth accelerated to 4.8% in 3Q 2025, compared to 3.9% in 2Q and 3.4% in 1Q. The sustained growth puts the Kingdom on track to hit the Finance Ministry’s 4.4% full-year target, accelerating from an overall growth rate of 2.7% y-o-y in 2024.

How this compares to forecasts: The World Bank and Fitch’s BMI have both penciled in GDP growth coming in at 3.8% this year. Meanwhile, the IMF is more optimistic with its growth forecasts, expecting to see a 4.0% clip in 2025.

Non-oil growth led the way

The growth came despite a year of falling oil prices and was driven instead by the burgeoning non-oil economy. The oil sector took the lead in 3Q 2025 with a growth rate of 8.3% y-o-y, pushing the overall GDP to its highest level of the year. This uptick in oil GDP mirrors higher production levels as the Kingdom began unwinding Opec production cuts.

This gave a massive boost to a non-oil economy that had already been doing the heavy lifting: Non-oil growth came in at 4.9% in 1Q 2025 and 4.6% during the second quarter of the year. For the non-oil private sector, expansion was also sustained throughout the year, peaking in February with a seasonally adjusted purchasing managers index figure of 60.5, the second fastest level since September 2014. The PMI figure then averaged between 55-60 throughout the year and reached its second-highest reading of 60.2 in October.

The budget tells a more complex story

The deficit ballooned to SAR 88.5 bn in 3Q 2025 — its highest in five years — driven by a 13% y-o-y drop in total revenues and a 6% rise in spending. The Finance Ministry repeatedly signaled that the deficit was a choice and that the government is willing to sustain higher deficits through 2028 to invest in the economy and unlock private-sector growth, as long as returns exceed borrowing costs.

Meanwhile, inflation remained the macroeconomic success story of the year: Annual inflation came in at an average 2.0% through November, EmiratesNBD recently noted, putting it just below the Finance Ministry’s expectation of a 2.3% average annual rate for 2025. The contained inflation rate was also supported by Crown Prince Mohammed bin Salman approving a five-year rent freeze in Riyadh. The major policy intervention effectively put a ceiling on the Kingdom’s biggest inflationary pressure: Housing.

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Saudi Arabia emerges as rare bright spot for consumer goods

The Kingdom is seeing genuine expansion in the consumer products market even as global peers struggle with stagnant demand and price hikes to mask flat volumes, according to Bain & Company’s Middle East Consumer Products Report 2025 (pdf). Saudi Arabia’s consumer packaged goods (CPG) market hit USD 65 bn in 2024, posting 4% volume growth — more than double the global average of 1.7%.

What’s driving the growth

The momentum is rooted in a shifting population and lifestyle mix. Expats and tourists are expected to account for nearly half of the population by 2030, while female workforce participation has climbed to 35%.

Retail channels are evolving just as quickly. Bain & Company projects that e-commerce and food service will drive 70% of the F&B sector’s incremental growth through 2030, outpacing traditional retail. The driver is rising “time poverty” across MENA, where 37% of consumers say they lack time for daily essentials — a rate higher than global peers — making convenience and speed critical for brands.

What the numbers mean

Saudi’s consumer market is booming, but that means businesses need to get smart about how they operate: As the Kingdom positions itself as the primary regional business hub, firms are paying more attention to their supply chains and governance plans, with c.26% of surveyed firms signaling they plan to localize manufacturing in Saudi Arabia. While this shift is partially grounded in streamlining costs, it’s also about proximity to an opinionated consumer base that places value on Made in Saudi products and brands with value alignment.

Rising workforce participation also doesn’t just mean wage inflation — it’s a signal of shifting priorities to cater to. With more women entering the workforce, this labor market shift is creating a massive new segment of “time-strapped” consumers who prioritize convenience.

The regional context

The Middle East remains a rare bright spot for global CPG, with the regional market totaling over USD 450 bn in sales in 2024, including USD 200 bn in F&B and USD 250 bn in non-food categories. The market is on track to reach USD 650 bn by 2030.

While the Kingdom and the UAE lead in volume growth, Egypt remains the largest market by scale with sales reaching USD 67 bn in 2024. The Egyptian market is forecast to hit USD 106 bn by 2030, driven by demographics and a shift toward modern trade channels, particularly in Cairo and Alexandria. Iraq is emerging as a key focus market, offering a diversified growth corridor backed by improving retail infrastructure.

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Saudi housing reform sets to unlock global capital, Bloomberg says

The Kingdom’s housing push is getting fresh ink from Bloomberg, which ran a deep dive on Khuzam, a SAR 100 bn master-planned community rising out of the desert, as part of the Kingdom’s push to tackle housing affordability. Investor confidence in Saudi housing is rising as a steadier and more long-term play than nearby Dubai, supported by a large, young population expected to drive demand for years to come. Foreign interest is also on the up ahead of reforms set to allow overseas buyers to own property. “There is a massive amount of capital that wants to be there and you’ll start to see those opportunities open up both on the development and the financing side.” Bloomberg quotes CBRE Group’s Matthew Green as saying.

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Acwa closes USD 693 mn purchase of Az-Zour North IWPP stakes + Neom backs five startup studios

Acwa Power closes purchase of Kuwaiti and Bahraini power assets-

Acwa Power finalized its USD 693 mn purchase of Engie’s stakes in Kuwait’s Al-Zour North One Power and Water Plant (Az-Zour North IWPP), according to a Boursa Kuwait filing (pdf). The transaction transfers Engie’s 17.5% share in the plant and its 50% stake in the associated operations and maintenance company to Acwa Power. The assets were acquired from Kahrabel, Engie’s MENA operations arm.

The four-plant play completed: This acquisition ties a bow on the USD 693 mn (SAR 2.6 bn) share purchase agreement Acwa Power signed in February 2025 to acquire a 4.6 GW power and desalination portfolio in Kuwait and Bahrain. Alongside Az-Zour North, Acwa now holds 45% stakes in Bahrain’s 940 MW Al Ezzel and 1.22 GW Al Dur plants, a 30% stake in the 930 MW Al Hidd plant, and full ownership of Al Ezzel O&M, closing those acquisitions last month.

Neom backs five new startup studios with funding and mentorship

Neom is tapping five new studios for its Level Up gaming accelerator, it said in a press release. This marks the program’s largest cycle to date as the Kingdom races to build local talents alongside its massive intellectual property acquisitions.

Why this matters: This is the latest in the Kingdom’s buy-and-build strategy for gaming. While the PIF secures market dominance through acquisitions like Electronic Arts and Scopely, accelerators like Level Up address the human capital gap in the local gaming industry. By nurturing domestic talent in specialized technical niches now, Neom is preparing the workforce required to staff future local gaming development hubs.

The latest intake suggests a move away from generic mobile gaming toward specialized technical niches. The new cohort features studies focused on user-generated content tools (Makera) and health-tech gamification (Phys), alongside creators in animation and immersive multiplayer experiences (Aiqona, Fourcast, and Off Box).

Past success: Alumni from the program’s past cycle include Fahy Studio, which secured an international publishing agreement and USD 1.8 mn in investment, and awardwinning startups Starvania Studio and Majestic Mind Games.

Four Seasons joins Diriyah’s growing roster of luxury hotels-

Diriyah Company signs SAR 3.1 bn Four Seasons agreement: Diriyah Company signed a SAR 3.1 bn (USD 827 mn) joint development agreement with Midad Development and Real Estate Investment Company for a new Four Seasons Hotel and Private Residences Diriyah, it said in a press release. The agreement covers land acquisition and construction for a 159-room luxury hotel and residences across a 235.9k sqm site, pushing Diriyah’s total contracts awarded to over USD 27 bn.

IN CONTEXT- The Four Seasons joins a roster of seven other high-end properties — including Raffles, Armani, and Orient Express — where Diriyah broke ground in November 2024. Those seven projects alone account for 877 keys, bringing Diriyah’s total under development to 1k by our tally, edging the gigaproject closer toward its 2030 target of 40 hotels with 6.5k rooms.

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GCC recalibrates economic strategy for a tougher 2026

GCC economies are heading into 2026 with less focus on accelerating growth and more on sustaining it. After a year defined by diversification momentum and rapid digital buildout, governments are now recalibrating toward resilience as tighter global financial conditions, rising geopolitical risk, and softer oil prices reshape the outlook, according to PwC’s research platform Viewpoint. Governments are broadening trade ties, localising supply chains, and tightening fiscal discipline to navigate a lower-revenue environment.

A tighter grip on the government wallet

Budgeting for a USD 60 oil era: With crude prices expected to average at USD 55-60 / bbl, governments are tightening spending and becoming more selective in how capital is deployed. Funds are channeled toward projects that deliver clear economic returns, while subsidies are gradually scaled back to protect balance sheets without derailing national transformation agendas.

Privatization to bridge gaps: To ease pressure on public finances, governments are expanding the role of asset sales and public-private partnerships to finance and operate major infrastructure and utility projects. Simultaneously, non-oil revenue streams are being strengthened through more robust corporate tax and VAT frameworks, giving states greater insulation from oil market swings.

Rewiring global trade

Commercial diplomacy rising: As US-China tensions persist and global supply chains fragment, Gulf states are diversifying economic partnerships beyond their traditional allies. The region has adopted a strategy of “commercial diplomacy,” where trade agreements are frequently paired with investment packages to secure both market access and technology transfer.

Anchoring emerging corridors: This approach has pushed forward advanced trade negotiations with major economies including China, the European Union, and Asean. In parallel, the GCC is positioning itself as a central node in emerging trade corridors, including the India–Middle East–Europe Economic Corridor (IMEC), to facilitate East-West commercial flows.

Strategic mineral security

2026 will be a race for critical minerals: As industrial development and energy transitions efforts gather pace, access to critical minerals like lithium, copper, and rare earths is moving higher on the policy agenda. Sovereign investors and national champions, such as Saudi Arabia’s Ma’aden, are establishing joint ventures across Africa and Asia to secure upstream supply and reduce exposure to concentrated global value chains.

And localizing the value chain: Alongside overseas investments, GCC economies are ramping up domestic midstream refining and processing capacity. By 2026, new logistics infrastructure and deeper upstream partnerships are expected to position the region as a key bridge between African raw materials and global industrial demand.

AI goes operational

Commercial AI is set to unlock this year: After years of groundwork and with last year focused on resolving computing bottlenecks, AI is set to shift to real-world deployment. With new GPU capacity coming online in Saudi Arabia and the UAE, reliance on overseas data hosting is expected to decline, allowing sectors like finance, logistics, and energy to deploy AI models locally and at scale.

And the labor market is adapting: Governments are moving away from preserving legacy roles toward managing workforce transitions in an AI-enabled economy marked by weak productivity growth. Modular training, micro-credentials, apprenticeships, and targeted mid-career incentives are being rolled out to prepare workers for AI “translation roles.” New positions — including model operators and AI compliance specialists — are set to expand, helping automation lift efficiency while keeping the workforce competitive.

MARKETS THIS MORNING-

Asia-Pacific markets are broadly in the red this morning. Early trading shows South Korea’s Kospi in the green, while Japan’s Nikkei, Hong Kong’s Hang Seng Index, China’s CSI 300, and the Shanghai index all down. This comes after Wall Street closed down overnight following remarks from US President Donald Trump that dividends and stock buybacks for defense companies will be suspended until they accelerate military equipment production, among other stipulations.

TASI	10,455	+1.6% (YTD: -0.3%)
MSCI Tadawul 30	1,393	+1.8% (YTD: +0.4%)
NomuC	23,492	+0.7% (YTD: +0.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	41,543	+2.1% (YTD: -0.7%)
ADX	10,048	+0.5% (YTD: +0.6%)
DFM	6,249	+1.1% (YTD: +3.3%)
S&P 500	6,921	-0.3% (YTD: +1.1%)
FTSE 100	10,048	-0.7% (YTD: +1.2%)
Euro Stoxx 50	5,924	-0.1% (YTD: +2.3%)
Brent crude	USD 60.32	+0.6%
Natural gas (Nymex)	USD 3.58	+1.5%
Gold	USD 4,456	-0.2%
BTC	USD 90,842	-2.8% (YTD: +2.4%)
Sukuk/bond market index	920.99	+0.2% (YTD: +0.2%)
S&P MENA bond & sukuk	151.60	-0.1% (YTD: -0.2%)
VIX (Volatility Index)	15.38	+4.3% (YTD: +2.9%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.6% yesterday on turnover of SAR 6.0 bn. The index is down 0.3% YTD.

In the green: SRMG (+7.8%), Alarabia (+7.1%) and Chubb (+6.9%).

In the red: Raydan (-3.5%), Bahri (-3.3%) and Cherry (-3.0%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.7% yesterday on turnover of SAR 24.4 mn. The index is up 0.8% YTD.

In the green: Group Five (+9.8%), Altwijri (+8.7%) and Food Gate (+7.9%).

In the red: Hamad bin Saedan Real Estate (-9.4%), Alfakhera (-8.2%) and Ghida Alsultan (-5.8%).

Yusef Alyusef, managing director at Alvarez & Marsal Saudi Arabia

Yusef Alyusef, managing director at Alvarez & Marsal Saudi Arabia: My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Yusef Alyusef, managing director and partner at Alvarez & Marsal in Riyadh (LinkedIn). Edited excerpts from our conversation:

I’m an early morning person. I start my day early with prayers. On weekdays, this coincides with my four children getting ready for school. I help get them ready, and those moments are very important to me — just wishing them luck and seeing them off. My morning coffee time is for catching up on overnight and late evening emails. I check my calendar and line up a simple plan for the day.

I time my commute to avoid the rush. Mornings in Riyadh can be quite busy, so I try to avoid the school and business rush hours. Increasingly, I’ve been using the metro since it launched late last year — it’s been a game-changer for me. I typically arrive at the office before noon, which is when most of my client and team meetings start.

I stay focused by setting clear priorities. I rank my tasks by urgency and importance and block time to concentrate on high-priority items without interruption. I also check emails at set times to avoid constant distraction. I rely heavily on our executive assistants to manage my calendar and protect my focus time.

To wind down, I switch off by being with family. Most evenings, I like to have dinner at home and catch up with my wife and kids about their day. I’m also a football fan, so I follow my Saudi team closely — though I won’t say which one to avoid upsetting any clients. I also watch big European matches in the Premier League or La Liga. For activity, I enjoy light workouts, usually swimming or a short walk.

I enjoy media that blends survival and mystery. I listen to podcasts related to tax and business, like Talking Tax on Bloomberg, and read news from platforms like Forbes and EnterpriseAM. For entertainment, I love shows like Lost or movies like Castaway. They resonate with me, perhaps because of my background working in aviation and logistics, and I appreciate stories where people work together under pressure to resolve problems.

The best advice I’ve received is to “enjoy the journey, not just the destination.” It applies to career, family, and personal goals. We often focus so much on the next achievement that we forget to appreciate the progress we’re making. For me, that means balancing ambition with presence.

Trust your ability to adapt. Leaving a secure government role for the private sector was one of the biggest leaps in my career. It required faith in my capabilities, but it taught me that we are often capable of more than we think. Stay grounded, and trust yourself to take bold steps when opportunity calls.

CALENDAR

JANUARY

10-18 January (Saturday-Sunday): Public school mid-year break.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

15 January (Thursday): Title deed registration deadline for 31.7k properties in 14 neighborhoods in the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 January (Monday-Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

26-27 January (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 January (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

26-28 January (Monday-Wednesday): IFAT Saudi Arabia, Riyadh Front Exhibition & Conference Center, Riyadh,

27-28 January (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 January (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 January (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 February (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 February (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

2-13 February (Monday-Friday): 2026 Asian Road Cycling Championship and Paralympic Cycling, Qassim.

3-4 February (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

4 February (Wednesday): Michelin Guide’s Restaurant Celebration, Four Seasons Hotel, Riyadh.

5 February (Thursday): Deadline to submit bids for EPC contract for Ras Mohaisen-Baha-Makkah Independent Water Transmission System.

5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.

8-9 February (Sunday-Monday): AlUla Conference on Emerging Market Economies (ACEME), Maraya Hall, AlUla.

9-10 February (Monday-Tuesday): Global Games Show Riyadh 2026, Malf Hall, Riyadh.

9-14 February (Monday-Saturday): Asian Racing Conference, Crowne Plaza Riyadh RDC Hotel & Convention Centre, Riyadh.

11 February (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 February (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

15-17 February (Sunday-Tuesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front & Exhibition Center.

16 February (Monday): King Salman Stadium design-and-build contract prequalification submission deadline.

16 February (Monday): First day of Ramadan (TBC).

22 February (Sunday): Founding Day.

26 February (Thursday): Title deed registration deadline for 142.8k properties across 104 neighborhoods in Hail.

MARCH

12 March (Thursday): Deadline for real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.

18-23 March (Tuesday-Monday): Eid Al-Fitr holiday (TBC).

21 March (Saturday): Fanatics Flag Football Classic, Kingdom Arena, Riyadh.

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

6 April (Monday): Procurement and Supply Chain Futures Forum, Al Faisaliah Hotel, Riyadh.

6-7 April (Monday-Tuesday): Real Estate Supply Chain Forum, Al Faisaliah Hotel, Riyadh.

12-15 April (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center – Malham.

20-22 April (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Al Faisaliah Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

21 April (Tuesday): GC Summit Saudi Arabia 2026, Saudi Arabia.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

MAY

3-5 May (Sunday-Tuesday): Sports Investment Forum (SIF), Riyadh.

3-9 May (Sunday-Sunday): The Global Sustainability Expo, The Arena Riyadh Venue.

24-28 May (Sunday-Thursday): Eid al-Adha holiday.

JUNE

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

SEPTEMBER

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

OCTOBER

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

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production in 2026.
November: UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
November: The Esports Nations Cup, Riyadh.
The Intervision international music competition will take place in Saudi Arabia.
6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

Signposted to happen sometime in 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.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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