Jahez aims for main market + PIF closing in on Saudi Re stake

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi-Canadian business council is back at work after five-year hiatus

Good morning, wonderful people. It’s a reasonably calm news morning at home with plenty of capital markets news and two M&A updates. And brace yourselves: Earnings season has just begun.

All of that is in stark contrast to the splash of politics that dominates the global business press, as we note in this morning’s Big Story Abroad. Little wonder that political risk advisory is fast becoming the next “big thing” on Planet Finance.

^^ We have all of this and more, below.

HAPPENING NOW: A Saudi delegation led by Economy and Planning Minister Faisal Alibrahim is taking part in the United Nations’ High-level Political Forum on Sustainable Development today, state news agency SPA reported. The delegation will present a report on sustainable development in Riyadh. The forum wraps up on Thursday, 18 July.

WEATHER- Riyadh will see clear skies with a daytime high of 44°C . Windy weather is in the cards for Dammam, with the mercury peaking at 45°C, while Madinah will see a high today of 43°C.

WATCH THIS SPACE-

#1- A bilateral business council with Canada is back to work after a five-year hiatus, the Federation of Saudi Chambers said in a post on X. The council will be led by Mohamed Al Daleem — a member of the federation’s mining committee and an investor in Canada’s mining sector, it said. The council will have two deputies on board with each an investor in Canada’s contracting and healthcare sectors.

REMEMBER- Saudi restored full diplomatic relations with Canada last year with both countries working on developing economic, commercial and security ties. Canada’s ambassador to the Kingdom Jean-Philippe Linteau said in February that Ottawa was looking to rebuild a “great relationship” with Riyadh.

#2- The Capital Market Authority (CMA) is out with proposed amendments to a regulatory framework to set up omnibus accounts here as it seeks to develop trading mechanisms on Tadawul and spur investment, it said in a statement. The draft amendments (pdf) have been put up on the government’s survey platform, Istitlaa, for public consultation until Thursday, 18 July.

How omnibus accounts work: They are an investment account that allows for managed trades for a pool of investors as a single entity. The account is run by a broker or agent who acts as an intermediary between the stock exchange and investors whose funds are being pooled. The transactions are carried out under the name of the associated broker.

What’s new? An omnibus account would no longer be required to be filed under the relevant client’s name and could be registered instead by their asset manager or an overseas custodian, according to the amendments. The CMA said the removal of such a requirement would help “develop the mechanism of holding and registering clients’ assets.” It also simplified notifications by asset managers to clients of risks associated with registering their assets in the names of another CMA-regulated institution or overseas custodian.

With an addition: Capital market institutions should ensure separate accounts and records to differentiate between their assets and those of clients included in the omnibus account.

#3- Bookbuilding for Al Ashghal Al Moysra’s IPO began yesterday as the local contractor seeks to float a 20% stake or 480k ordinary shares on Nomu at a price range of SAR 35-50. The subscription period for the share sale, which is only open to qualified investors, runs through Monday, 15 July. Investors can place orders on a minimum of 10 shares and a maximum of 119,990 shares. Final allotment of shares is slated for Sunday, 21 July.

PSA-

Two influencers have been fined a total of SAR 11.1 mn for using their social media accounts to manipulate share prices on Tadawul. Mohammed Alharbi and Nawaf Alharbi used their accounts on social media platform X (@mnawafms and @nawafmsz) to influence the share prices of 17 companies, the Capital Market Authority said in a statement.

DATA POINTS-

#1- The total number of factories in the Kingdom clocked in at just south of 11.9k in April 2024, up 9.2% compared to the same month last year, according to a post on X by the Industry and Mineral Resources Ministry. The ministry issued 86 new industrial licenses in April of this year, with an investment volume of SAR 2.3 bn. Meanwhile, 67 factories kicked off production with an investment volume of 1.5 bn.

By the numbers: Nearly 2.2k Saudis left manufacturing jobs in April 2024, while 753 expats took new positions. In total, the ministry said, there were 1.4k fewer jobs in manufacturing that month.

#2- Businesses submitted fewer requests in 2Q for antitrust rulings ahead of potential mergers, acquisitions, and joint-venture agreements, figures (pdf) from the General Authority for Competition (GAC) showed. The authority said it had no objection to 34 of the 57 so-called “economic concentration requests,” with 14 other requests deemed unnecessary to notify, the report showed. Nine of the requests were still pending review, according to the authority. May 2024 saw the highest number of approved requests with 15, followed by April with 11, and June with eight.

#3- The number of registered businesses across the Kingdom grew 78% y-o-y to 121.5k in 2Q 2024, according to the Commerce Ministry’s quarterly bulletin (pdf). Riyadh saw the most registered businesses during the period to account for 42% of the total followed by the Eastern Province (17%), Makkah (16%), Qassim (5%), Asir (4%) and others. Female business owners made up 45% of new registered businesses during the quarter.

Zooming out: There are currently 1.5 mn registered businesses in the Kingdom as of the end of Q2 2024.

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THE BIG STORY ABROAD-

There’s no sign that politics will leave the front pages of the global business press anytime soon:

France won’t have a far-right government: The country’s centrist and left-wing parties dealt a blow to the far-right Rassemblement National as the leftist Nouveau Front Populaire took the most seats in parliament in voting yesterday. Anti-RN parties got their act together and strategically withdrew candidates so as not to split the vote. They now start a delicate dance: figuring out how to put together a government, a process that could take weeks.

The state of play at dispatch time this morning:

Nouveau Front — 180
Ensemble — 159
Rassemblement National — 143
Others — 95

Want more? Bloomberg is liveblogging what the elections mean for business and markets, the New York Times is also covering it live, and French business daily Les Echos says President Emmanuel Macron will give himself plenty of time before deciding what to do next. His party came second behind the Nouveau Front Populaire.

What’s next? Le Monde has an explainer.

In the US: More senior Democrats are calling on Joe Biden to abandon his bid for re-election.

In Iran: President-elect Masoud Pezeshkian, a reformer and heart surgeon, will be eager to end Iran’s nuclear stalemate with the west, the Financial Times notes.

Get ready for a busy week packed with more politics — and the start of 2Q earnings season:

New UK Prime Minister Keir Starmer will cross the Atlantic for a three-day meeting that starts tomorrow to mark Nato’s 75th birthday in Washington, DC;
Also tomorrow: Fed boss Jay Powell will testify before the Senate Banking Committee;
Oil market reports are due out on Wednesday (Opec) and Thursday (the IAE);
BNY Mellon, JPMorgan Chase, Citigroup, and Wells Fargo all report earnings on Friday

And so much sports: Football’s Copa America semi-final is on Wednesday (we’re hoping for Canada to make it to the finals, obviously). Wimbledon will see the women’s final on Saturday and the men’s on Sunday. And the Euro 2024 final takes place Sunday.

CIRCLE YOUR CALENDAR-

Interested candidates can apply for the Digital Government Award until Sunday 4 August, the Digital Government Authority (DGA) said in a post on X. The award recognizes projects that enhance digital services and governance. Shortlisted candidates will be announced in September, with judging in October and winners revealed in December. Applicants can apply here.

The eight-week Esports World Cup runs until Sunday, 25 August Riyadh’s Boulevard City. It will see the world’s best esports clubs competing for a pool of USD 60 mn — the largest purse in esports.

Team Falcons took the Call of Duty Warzone championship, marking the tournament’s inaugural victory, according to the local esports team’s post on X.

This year’s edition of security-focused expo Intersec Saudi Arabia will run from Tuesday, 1 October to Thursday, 3 October at the Riyadh International Convention and Exhibition Center.

PIF to invest near SAR 500 mn in Saudi Re’s capital increase

PIF closer to a significant minority stake in Saudi Re: The Public Investment Fund (PIF) is set to acquire a 23.1% stake in local ins. player Saudi Re after signing a binding agreement that will see it fully subscribe to a capital increase, according to a disclosure to Tadawul. The signing of the binding agreement follows multiple extensions of an MoU signed between the two parties last October

What we know: Saudi Re, which is the Kingdom’s first reins. company, plans to raise its capital by 30% to SAR 1.2 bn by issuing 26.7 mn new ordinary shares (representing 30% of current capital) at a price of SAR 10 per share. Current shareholders will not have the right to buy into the offering. The sovereign fund is set to pour in a total of SAR 427.6 mn to subscribe to Saud Re’s new shares at SAR 16 apiece.

Still hanging: The capital increase remains contingent on non-objection by the Ins. Authority, approvals by the Capital Market Authority and Tadawul and internal approvals at the PIF, according to the disclosure. Saudi Re’s shareholders will also need to approve the increase.

Three PIF-nominated members to join in Saudi Re’s board: The PIF will nominate three members to be appointed to Saudi Re’s board upon the completion of the capital increase, according to the disclosure.

Market reax: Saudi Re’s shares were down 6.7% to SAR 25.80 a piece at yesterday’s market close.

ADVISORS- AlRajhi Capital is advising Saudi Re, while GIB Capital is advising the PIF.

Pakistan’s competition authority okays Asyad’s acquisition of Shell Pakistan

Asyad’s acquisition of Shell Pakistan gets go-ahead from competition authority: The Competition Commission of Pakistan approved Saudi fuel retailer Asyad Holding ’s acquisition of Shell’s assets in Pakistan, according to a statement by the authority. The transaction will see Asyad taking a 77.4% stake in Shell Pakistan through its subsidiary Wafi Energy, according to the statement. The authority said its analysis of the transaction confirmed that Wafi Energy “will not gain dominant position in the relevant markets even after attaining the direct control of Shell Pakistan.”

Background: Plans for the sale of Shell's assets in Pakistan were first made in June last year under the global energy giant’s plan to “high-grade its mobility network.” It later agreed in November to sell its majority interest in Shell Pakistan to Asyad’s Wafi Energy. The sale is set to close by 4Q 2024, subject to regulatory approvals.

About Shell Pakistan: The company is listed on Pakistan’s stock exchange. It owns and operates some 600 mobility sites, ten fuel terminals, and a lubricant oil blending plant. Shell Pakistan also holds a 26% stake in oil transportation company Pak-Arab Pipeline.

Asyad and Shell are acquainted: Asyad Group and Shell Brands International inked a trademark licensing agreement last year to enter the local mobility market, allowing Asyad to open gas stations across the Kingdom under the Shell brand.

Jahez International gears up to transition to Tadawul’s big league

Homegrown food delivery app Jahez International (our personal favorite) has filed to transition to Tadawul’s main market, it said in a disclosure to the exchange yesterday. The startup’s board approved the move back in March.

The checklist: The company has been on Nomu for more than two years, meeting the requirement for making a move to Tadawul’s main market. It currently boasts a market cap of SAR 5.7 bn, exceeding the main market’s requirement that it have an average market cap of SAR 200 mn in the last six months ahead of an upgrade to the main market. Jahez has 13% of its issued capital in freefloat, still shy of the main market’s 30% requirement. The company is in the black and has been publishing its audited financial statements for the last three years . You can find all the requirements for making the move to the main market from Nomu here.

A snapshot of FY 2023: Jahez’s net income doubled y-o-y to SAR 125.3 mn in FY 2023, driven by growth in its delivery segment, according to its latest financial results. Revenues were up 11.4% y-o-y to just under SAR 1.8 bn over the same period.

Al Hokail Academy Specialized Digital Polyclinics to price Nomu IPO at SAR 118-125 per share

Al Hokail Academy Specialized Digital Polyclinics will price its Nomu IPO at SAR 118-125 per share, according to a filing to Tadawul. The company is taking a 29% stake to Tadawul’s parallel market in an offering a secondary sale open to both retail and institutional investors. At the top of the range, the pricing could see Al Hokail Academy raise up to SAR 250 mn, giving it a market cap of SAR 862.5 mn on the first day of trading.

The subscription period kicked off yesterday, according to the timeline outlined in the prospectus (pdf). Bankers will be taking orders from institutional investors until Wednesday, 10 July, after which the final price will be announced.

What’s next? The book-building process for retail investors will run from Wednesday, 17 July, to Sunday, 21 July, while the final allocation of shares is slated for Tuesday, 21 July.

The seller: Amjad Abdul Aziz Ibrahim Al Hokail, the company’s only substantial shareholder, is selling-down his position to 65% from 93.06%. He will be barred from selling shares for a period of 12 months from the first day of trading. Al Hokail will take home the proceeds from the transaction.

A snapshot of FY 2023: Al Hokail’s net income was down 18.5% y-o-y to SAR 34 mn in FY 2023 while revenues were up 12.1% y-o-y during the period to SAR 248 mn.

ADVISORS- Emirates NBD Capital KSA is quarterbacking the transaction as financial advisor and lead Manager. Khaligyoun Legal Advisors is acting as the legal advisor, while PwC acts as auditor and Reflexion as business consultant. Receiving agents include Riyad Capital, BSF Capital, Alinma Investment, Al Jazira Capital, SNB Capital, ANB Capital, Al Rajhi Capital, Derayah Financial Company, Albilad Capital, SAB Invest, Alistithmar Capital and Alkhabeer Capital.

Almarai’s net income up 10% y-o-y in 1H due to higher revenues, improved cost management

Dairy giant Almarai’s net income rose 10% y-o-y to SAR 1.3 bn in 1H 2024 on the back of revenues, improved expenses management, and stabilized commodity costs, according to its earnings release (pdf). Revenues rose 8% y-o-y during the period to SAR 10.6 bn due to strong performance in core GCC markets led by its dairy and poultry segments.

A strong performance across all segments: Almarai said its dairy and juice segment saw a higher bottomline y-o-y during the first six months of the year due to an “improved sales mix” and disciplined expenditure control. Its bakery category was also up during the period due to a higher efficiency in production and seasonal consumption adjustments with its poultry category also reporting growth due to production optimization.

A look at 2Q: Almarai’s net income rose 11% y-o-y to SAR 619.7 mn in 2Q 2024, while its revenues grew 8% y-o-y during the period to SAR 5.2 bn. Compared to 1Q 2024, its bottom line was down 10% and its top line fell by 6%.

What they said: “Almarai is pleased to report strong performance for the second quarter of 2024 with positive revenue growth in all product categories and in all geographies, supported by higher volume growth. We expect this positive momentum to continue at the top line, driven by stable macroeconomic momentum and improved business performance,” according to the release.

REMEMBER- Almarai is looking to spend more to make more: It said in March that it plans to spend SAR 18 bn over the next five years as part of a strategic plan aimed at maximizing sales. It plans to ramp up investment in supply chain, development, sustainability, operational efficiency, and technology. The plans saw it ink several agreements during the Middle East Poultry Expo in May, including two with Swiss company Bühler to establish feed mills, one with Belgium’s Petersime to set up hatcheries, and another agreement with Germany’s Big Deutschmann to work together on supplying feed equipment to serve the sector.

The Executive Council of the Arab Civil Aviation Organization selects a new chairman, Executive Council of the Arab Civil Aviation Organization,

Abdulaziz Al-Duailej, the president of the General Authority of Civil Aviation, was elected as the new chairman of the Executive Council of the Arab Civil Aviation Organization, according to a news blurb. Al Duailei brings 30 years of experience in the private and public sectors, according to his profile on Aviation Guide. He has previously held several leadership positions at Saudi Basic Industries Corporation, served as CEO of Advanced Electronics, Managing Director and CEO of the Saudi Printing and Packaging Company, Chairman of the Middle East Specialized Cables Company, CEO of the First Real Estate Development Company, and CEO of Adwan Chemical Industries Company.

Streamer Shahid’s MENA advantage over Netflix is in the spotlight

It was a slow day for the Kingdom in the international press, with the Financial Times examining how media giant MBC’s streaming platform, Shahid, has emerged as the top competitor to Netflix in the Middle East. MBC, which listed early this year on Tadawul, is taking the approach of free programmes funded by advertising instead of a solely subscription-reliant business model, writes the salmon colored paper.

Gone are the days of TV: Television is “not where we’re going to get the growth from”, MBC’s CEO Sam Barnett told FT in an interview. “We’re getting similar [TV] viewership we had in previous years. We’re maintaining market share. It’s the media that is changing…we are seeing the shift of people to using [streaming].” He hit back at critics who described the company as a “parochial Middle Eastern company” that cannot compete with Netflix and other global streaming platforms.

In context- A bigger market share despite unprofitability: Shahid currently holds 22% of tne MENA streaming market, which is valued at USD 1 bn, according to tech advisory Omdia. This places it 5 points ahead of Netflix. The growth in its viewership comes as the streaming business seeks profitability as MBC pours in more investments. Shahid saw SAR 6 mn in losses in 1Q 2024, trimming its losses from SAR 102 mn a year earlier as subscription and advertising revenues grew. Revenues were also up 72% y-o-y over the year to SAR 298 mn due to increased demand on Arab dramas during Ramadan.

Al Moammar to explore feasibility of cloud-based AI with Saudi Fransi Capital

TECH-

Al Moammar Information Systems to study feasibility of cloud-based AI: Tadawul-listed Al Moammar Information Systems (MIS) has signed an MoU with Saudi Fransi Capital to explore the feasibility of Saudi-based, cloud-hosted artificial intelligence, it said in a disclosure to Tadawul. The MoU enters into force within six months of its signing date, MIS said, without disclosing financial details on the plan.

The details: MIS will conduct a study on the market for cloud-hosted AI services and recommend a business model to that end. Saudi Fransi Capital will assess funding options and implementation strategies for the plan either through a joint venture, a private equity fund or a combination of both. MIS “will be Saudi Fransi Capital’s lead technical and commercial partner and collaborator if and when this venture is launched,” it said.

M&A WATCH-

Sarco is seeking to acquire Golden Compass, Gesico: Oil refineries operator Saudi Arabian Refineries Company (Sarco) has signed two non-binding MoUs to acquire 100% of the mining consultancy firm Golden Compass and the sodium methylate manufacturer Gesico, Sarco said in separate disclosures to Tadawul (here and here). The acquisitions are set to take place via share swap after funneling additional capital into both companies, Sarco said, without disclosing how much capital it plans to allocate for the transactions.

About the companies: Golden Compass offers exploration, mining, drilling, and consulting services for companies in the mining sector, with offices located in Saudi Arabia and Australia. Gesico is a joint venture between Saudi FTCP Group and German Desatec GmbH that manufactures Sodium Methylate at its factory in Dammam. The catalyst is used to manufacture fuels, pharma products, and laboratory chemicals, among others.

TRADE-

Amendments to the rules of returned goods custom duties exemption: Businesses in the import / export industry can now export goods (which they have previously imported) for repair work and re-import them back into the country without having to pay custom duties, according to the new amendments (pdf). The same applies on goods of national origin that have been returned to the Kingdom by a foreign importer.

Why does it matter? This contributes to the Kingdom’s price competitive advantage in transactions with local importers / exporters, allowing for lower operational costs and encouraging the repair and reuse of products rather than disposal. This is the latest push part of the Kingdom’s ambition to become a major regional and international logistics hub as it better facilitates trade with the rest of the world.

DEBT WATCH-

Nomu-listed Pan Gulf Marketing (PGM) has obtained one-year Sharia-compliant bank facilities worth SAR 100 mn from the National Bank of Dubai to finance its working capital, according to a disclosure to Tadawul. No further details were provided. PGM listed on the parallel market in February after taking a 12% stake to market.

Nomu-listed National Building and Marketing (NBM) signed an agreement to raise the Shariah-compliant banking facilities limit provided by Alinma Bank by SAR 50 mn, according to a disclosure to Tadawul. This brings the total facilities made available to NBM by the bank to SAR 135 mn. NBM secured the revolving financing last week to finance its working capital.

Geopolitical advisory is the new “in” thing for corporates and investors

The growing influence of geopolitics on investment-making globally is pushing companies to bring in political expertise amid an increasingly fragmented world, the Financial Times writes. Tensions in our part of the world, the Biden-Trump showdown, and a shift in leadership elsewhere is putting politics in the equation for investors.

Political consultancy is the new thing: Political experts are back in fashion on Wall Street and beyond: “Those people are in high demand,” global asset management firm AllianceBernstein CEO Seth Bernstein said. “Every Wall Street firm is bringing around people like that for [investors] to meet… there’s a profound [political] realignment happening, and it does spook the hell out of me.”

A hiring spree: Boutique investment bank Lazard was among the first firms taking the lead to integrate political advisory for clients seeking guidance on investment in regions including China. It set up a dedicated unit in 2022 that has since expanded and was being involved in Lazard’s asset management division and its financial advisory clients. “In the past, the impulse was to remove politics from corporate decision making,” Theodore Bunzel, who leads Lazard’s advisory unit, said. That approach is now unthinkable due to “tension between large, interconnected powers.” Goldman Sachs set up a similar unit last year.

So many “hot conflicts” here and there: “I don’t recall a time where there were so many hot conflicts that affected so many markets,” hedge fund co-founder Harvey Sawikin said.

Geopolitics is turning inflationary: “Over the past 20 or 30 years, [geopolitics] has been deflationary, created lower risk and made it easier to invest,” British-American investment group CEO Janus Henderson said. “Going forward it is the complete opposite: it is probably inflationary; it is probably going to create more risk; and it is going to make it harder to invest.”

MARKETS THIS MORNING-

Major Asian benchmarks are all in the red this morning, and futures point to selling pressure on Wall Street at today’s market open. Major European benchmarks, meanwhile, were in the green in overnight trading — the big exception being France, where CAC 40 futures are down slightly as the country looks forward to what some think could be weeks of horse trading to form a new government.

TASI	11,689	+0.3% (YTD: -2.3%)
MSCI Tadawul 30	1,456	+0.1% (YTD: -6.1%)
NomuC	26,155	+0.9% (YTD: +6.6%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	28,602	+0.8% (YTD: 14.9%)
ADX	9,139	+0.1% (YTD: -4.6%)
DFM	4,070	+0.1% (YTD: +0.3%)
S&P 500	5,567	+0.5% (YTD: +16.7%)
FTSE 100	8,204	-0.5% (YTD: +6.1%)
Euro Stoxx 50	4,979	-0.2% (YTD: +10.1%)
Brent crude	USD 86.54	-1.0%
Natural gas (Nymex)	USD 2.32	-4.1%
Gold	USD 2,398	+1.2%
BTC	USD 56,729	-2.2% (YTD: +34.8%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.3% yesterday on turnover of SAR 3.9 bn. The index is down 2.3% YTD.

In the green: SRMG (+9.9%), Al Baha (+8.3%) and Medgulf (+8.0%).

In the red: Saudi Re (-6.7%), Anaam Holding (-4.4%) and Al Yamamah Steel (-3.7%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.9% yesterday on turnover of SAR 44.5 mn. The index is up 6.6% YTD.

In the green: Al Rasheed (+18.6%), Armah (+14.8%) and Neft Alsharq (+8.2%).

In the red: Bena (-12.4%), Ladun (-11.0%) and Alwasail Industrial (-6.1%)

CORPORATE ACTIONS-

Shareholders of Nomu-listed escalator company Mayar Holding have approved the board’s recommendation to issue SAR-denominated sukuk worth SAR 500 mn, according to a disclosure to Tadawul. The issuance program will be spread out across 24 months through a number of separate issues offered publicly in the market. It set a maximum number of new shares at 1 mn with a nominal value of SAR 0.5, with the board tasked with determining returns for the sukuk program.

CALENDAR

JULY

4 July-25 August: (Thursday-Sunday): Esports World Cup, Boulevard Riyadh City, Riyadh.

7-11 July (Sunday-Thursday): Monsha'at’s wholesale and retail week, Riyadh, Jeddah, Madinah and Khobar SME support centers.

12 July (Friday): PFL MENA 2, The Green Halls, Riyadh.

10-11 July: (Wednesday-Thursday): Global EV & Mobility Tech Forum, Riyadh International Convention & Exhibition Center, Riyadh.

July 24 (Wednesday): Stc shareholders to vote on PIF acquisition of Tawal.

21-30 July (Sunday-Tuesday): International Chemistry Olympiad, King Saud University, Riyadh.

AUGUST

4 August (Sunday): Last day to apply to the Digital Government Authority (DGA) awards.

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh.

18 August (Sunday): New academic year begins.

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.

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

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

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

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

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

OCTOBER

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

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

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

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

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.

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.

19-21 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.

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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