KSA, Uzbekistan ink investment pacts worth USD 12 bn, mainly in energy

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WHAT WE’RE TRACKING TODAY

We’ll know in a few hours if we’re hosting the world’s Expo 2030

Good morning, wonderful people. It’s a relatively slow news morning in the Kingdom, but it won’t stay that way for long as we await news of whether Riyadh will get the nod to host the world’s Expo 2030.

And it’s never a slow news day when Metallica announce they’re coming to Riyadh — or when we make a USD 12 bn move to project power into the ‘Stans.

** You’re reading Zero Issue #004 of EnterpriseAM KSA.

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HAPPENING TODAY-

#1- We’ll know in just a few hours if we’re hosting the Expo 2030world fair as member states of the Bureau International des Expositions (BIE) get ready to cast their ballots at a general assembly meeting today.

Our competition: Rome and Busan. Rome has hosted before and Milan got Expo 2015, leading many pundits to say it come down to Riyadh vs Busan. Dubai had Expo 2020, raising calls in some quarters for the bid to be thrown to Busan, which has been lobbying heavily — backed by a massive online advertising campaign. (Is there any person out there that Google or Meta thinks is a college-educated business professional in MENA who hasn’t been blanketed by targeted ads, particularly on the Reuters website?)

Know who doesn’t want us to get the expo? The Israelis. Israel has reportedly withdrawn its support for KSA’s bid in the wake of the Gaza War, the Times of Israel writes, citing a report by Israel’s national broadcaster, Kan.

The story is getting tons and tons of ink from Politico’s EU edition (A football star, caviar and a water show: Inside Saudi Arabia’s campaign to host the 2030 Expo) through to Reuters and Korea JoongAng Daily.

#2- Fad International debuts on Nomu today: The shares of Fad International start trading on the parallel market Nomu today, according to a Tadawul disclosure yesterday. The fashion retail company will be listing 240k shares, good for a 20% stake, according to the company’s prospectus (pdf). The shares will open at SAR 84.00.

Everyone wants a piece: The SAR 20.2 mn IPO of the Jeddah-based company saw strong demand with a 9x oversubscription, according to Argaam. The company’s bottom line grew nearly 20% y-o-y to SAR 15.7 mn in 2023. Fad owns retail brands Femi9 and Vivid Flair London.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as the financial advisor and the underwriter, while PwC is the auditor.

Other Nomu listings in the pipeline:

NUPCO, Saudi’s largest medical procurement firm;
View United Real Estate Development (prospectus, pdf).

FELLOW TENNIS NERDS- Match play begins today as Jeddah plays host to the Next Gen ATP Finals presented by NEOM. It’s the first time the men’s tennis tour comes to KSA. Eight finalists in the “innovative 21-and-under season finale have settled quickly in Jeddah, Saudi Arabia, where Arthur Fils is the top seed,” ATP said in a statement out overnight. “The 19-year-old Frenchman also led from the front during a pre-tournament activity on Friday, when he drove some of his rivals in a golf buggy as they visited Al-Balad, the historic old town of Jeddah.” The ATP is talking up Jeddah as a holiday destination and has a cute story on KSA ballkids being part of Saudi tennis history.

FELLOW METAL FANS- Metallica is coming to KSA after it added Rihadh to its M72 world tour, which has seen the metal heavyweights sell-out stadiums across Europe and North America — sounding tighter (and looking happier) than they have at any time since the ‘90s. The band made the announcement on its Instagram account.

The details: Hetfield and pals are playing Soundstorm on Thursday, 14 December. Tickets are available here. Soundstorm runs 14-16 December with a lineup that also includes Pharrell Williams, Chris Brown and Her, DJs Tiesto and David Guetta, Black Eyed Peas, and others.

SIGNS OF THE TIMES-

#1- Love, Actually: PIF boss Yassir Al Al-Rumayyan was among 200 high-profile guests at an event hosted by UK PM Rishi Sunak to shake them down for fresh cash. The embattled prime minister is positioning his government’s low-tax approach as central to his success in already having landed some USD 30 bn in fresh investment. “Guests were greeted by buglers, a red carpet and a fleet of Aston Martin and McLaren sports cars as they arrived at the summit,” the Financial Times reports.

#2- Your single malt will likely cost you a little extra the next time you travel. “The value of rare whiskies sold at auction has recorded the steepest fall in a decade other than during the pandemic,” the FT reports, suggesting the slump reflects the softening of the luxury market as inflation bites.

OIL WATCH- There’s nothing new this morning on the oil price front ahead of Thursday’s closely watched OPEC+ meeting, at which KSA is expected to push for fresh production cuts heading into 2024. Oil’s downward streak continued, with prices dropping again yesterday. Brent fell toward USD 80 a barrel.

The cartel seems to have ironed out differences on 2024 output quotas,with Saudi Arabia and Russia imposing their intention to extend cuts on Angola, Nigeria and Congo, who were reportedly aiming for a higher output allowance in the new year.

DATA POINT- The number of SMEs in the kingdom rose 3.5% q-o-q to 1.27 mn in 3Q 2023,a quarterly report (pdf) by the Small and Medium Enterprises General Authority (Monsha’at) showed. Small businesses grew Saudi’s non-oil economy by 3.6% in 3Q, the report says.

Riyadh remains the nation’s entrepreneurial hub, with it now being home to 43.3% of SMEs.

Micro-sized firms are the most common SMEs:

Microenterprises accounted for for 1.1 mn of all SMEs in the kingdom (up from 1.06 mn the previous quarter);
Small-sized companies: 151.2k (down from 152.8k);
Medium-sized enterprises: 18.2k (up from 17.9k).

HAPPENING TOMORROW-

LOVE FROM HONG KONG- A Saudi ETF will debut on the Hong Kong Exchange tomorrow:The HKEXwill list its first-ever Saudi exchange traded fund (ETF) tomorrow, Xinhua reports, citing Paul Chan, financial secretary of the Hong Kong Special Administrative Region. Investors on HKEX can trade the fund to gain access to Tadawul equities.

HKEX x Tadawul: Tadawul was recently recognized by HKEX along with the Indonesia Stock Exchange (IDX), paving the way for Tadawul-listed companies to cross-list on HKEX, said Chan.

Music to our ears: The move will make it easier for large Saudi companies to tap new pools of capital via one of the world’s 10 largest exchanges. The HKEX speaks significantly to interest in the Saudi market on the part of international institutional investors.

THE BIG STORY ABROAD- The foreign media can’t seem to shift its attention from the war on Gaza, where Israel and Hamas have agreed a two-day extension after a concerted diplomatic effort by Egypt, the United States and Qatar.

The business pages are all about one of (ultra) fast-fashion’s biggest players, Shein, inching closer towards its IPO.

The Chinese-founded brand has filed for a US IPO in what some pundits say could be New York’s largest IPO of the decade. The company tapped Goldman Sachs, JPMorgan Chase, and Morgan Stanley to advise on the listing, which could happen as soon as 2024. The company, which was last valued at USD 66 bn in May, reportedly entered talks with the New York Stock Exchange and Nasdaq back in July. (CNBC | Financial Times | Bloomberg | Wall Street Journal)

AND- It’s not a good morning for: Mark Zuckerberg. The Facebook chief is facing fresh questions this morning about Instagram’s algorithm after a Wall Street Journal investigation found that the social network showed “salacious content … including risqué footage of children as well as overtly [redacted] adult videos — and ads for some of the biggest US brands” in test accounts it set up to follow just kids and young teens. Read: Instagram’s algorithm delivers toxic video mix to adults who follow children.

ALSO- Sleepy Joe is skipping COP28 in Dubai. US President Joe Biden will give COP28 a pass, sending instead climate envoy John Kerry. The New York Times suggests that Biden is preoccupied with Gaza and his upcoming presidential campaign. Biden attended the last two COPs — in Egypt and the UK — with climate issues being on top of his international and local agenda. (Financial Times | The Guardian | France 24 | The New York Times | Reuters)

Who is going to COP? And who’s pals with whom? This Reuters primer is a good place to start if you want to read the tea leaves sheep’s entrails.

CIRCLE YOUR CALENDAR-

The International Conference on Air Services Negotiations (ICAN) 2023 will take place from 3-7 December at the Hilton Riyadh Hotel and Residences. The General Authority for Civil Aviation is hosting the event as well as a networking platform for policy makers, regulators, air operators, service providers and other stakeholders.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Saudi, Uzbekistan ink agreements worth USD 12 bn, mainly in energy

Saudi Arabia and Uzbekistan signed agreements worth USD 12 bn that will see the Kingdom invest in everything from energy, agriculture, chemistry and IT to pharma and infrastructure, Uzbekistan’s News Agency (UzA) reported on Monday.

And more: The two countries also reached an agreement to promote new projects and programs in transport infrastructure and utilities, geology, irrigation, household waste processing, higher education, and labor migration, according to UzA. It’s unclear what promote means or whether Uzbekistan has the institutional capacity to organize an effort of that size.

Where the funds are coming from: A joint fund to scale-up Uzbekistan’s economy is in the works, UzA reported. The Saudi Fund for Development (SFD) is also weighing in by backing projects in healthcare, water supply and education and others.

We’ve had rising appetite for Uzbekistan for a while now: Trade turnover and inbound Saudi FDI has been on the rise, mainly in green energy, Uzbekistan President Shavkat Mirziyoyev noted.

And energy is a huge part of the game: Investment Minister Khalid Al Falih and Mirziyoyev took part in the launch ceremony of projects aimed at connecting a modern 1.5 GW combined-cycle power plant to the grid in the Syrdarya region. The USD 1.1 bn project will help provide electricity for over 3 mn homes and hundreds of industrial enterprises. They also broke ground on a pilot green hydrogen production project in partnership with Acwa Power in the Tashkent region.

About the pilot green hydrogen project: The first in the ‘Stans, it will be in the Uzbek capital of Tashkent, as agreed back in January. The project’s first phase will see the plant produce up to 3k tons of green hydrogen to be converted into fertilizers.

BACKGROUND- Acwa is throwing in greenbacks and green energy in Uzbekistan. Acwa Power has poured some USD 7.5 bn into renewable energy projects in Uzbekistan. The projects are set to produce some 25 GW of renewable energy by 2030, cutting emissions by 3 mn tons. It signed three power purchase agreements totaling USD 2.5 bn in March with the National Electric Grid of Uzbekistan and the country’s Investment, Industry, and Trade Ministry for 1.4 GW worth of solar projects and three battery energy storage (BESS) units totalling a capacity of 1.5 GWh.

Tadawul launches single-stock options for the underlying assets of four giants

Tadawul launches SSOs with limited underlying assets:Main market Tadawul launched single-stock options (SSOs) — its third derivative product — yesterday, according to a Tadawul disclosure (pdf). The contracts will be cleared by the Securities Clearing Center Company (Muqassa).

What’s this SSO of which you speak? The instrument allows investors to hedge their equity portfolios — and traders to speculate on the price direction of the underlying asset.

Traders can buy SSOs for just four firms — for now: Buyers and sellers of SSOs on Tadawul are limited to trading contracts on underlying assets in four of the largest, most liquid firms on the main market including Aramco, Al Rajhi Bank, STC, and Sabic, according to Tadawul. Contracts are expected to include more companies in the future.

More and more instruments on Tadawul: Before SSOs, Tadawul launched its derivatives market back in 2020, where it first introduced MT30 index futures, followed by single stock futures in a bid to diversify and ramp up its product offerings to investors as part of vision 2030.

The American way: Physical settlement before the expiration date:Just like with Nasdaq stock options, SSOs on Tadawul will actually have to be physically delivered rather than paid. While some exchanges allow the buyers and sellers of SSOs to settle contracts by paying the difference between the market price of an asset and the strike price, others require them to deliver the actual asset, requiring the seller to either own the asset or be able to acquire it. Also buyers and sellers are required to exercise their options at a time before the expiration date, unlike European-style options where options are exercised on the expiration date.

There’s a minimum charge: Transactions have to be executed at a minimum value of SAR 1 mn.

SOUND SMART- Uhm, Enterprise? What SSOs? Single-stock options are contracts that give investors the right, but not the obligation, to buy (call option) or sell (put option) a specific amount of a particular stock at a predetermined price (strike price) within a specified time frame or expiration date. These options provide a way for traders to potentially profit from changes in the price of individual stocks without actually owning the shares. If the option is exercised, the holder can either buy or sell the stock at the agreed-upon price. Options can be used for various strategies, including hedging against price fluctuations, generating income, or speculating on market movements.

A tender for new stadiums is coming up as KSA preps for major tournaments

The Sports Ministry will issue tenders in December for a new stadium and five upgrades across the Kingdomas part of a SAR 10.1 bn capital projects program, Meed reports. The initiative hopes to refurbish sports facilities in time for the kingdom’s hosting of the 2027 AFC Asian Cup and the 2034 FIFA World Cup later if confirmed.

The impetus: KSA was confirmed in late Octoberas the sole bidder for the 2034 FIFA World Cup after Australia said it would not be presenting a bid to host the tournament.

REMEMBER- The ministry has been accepting prequalification documents for the new construction contracts since July of this year. The program’s main contractor is yet to be announced.

One new stadium + five upgrades: The fresh tenders will see the ministry inviting companies to bid for the construction of one new sustainable stadium with 45k seats in the north of Riyadh, and sponsor the expansion of five existing football stadiums nationwide.

More room for the fans: Awardees will upgrade Riyadh’s King Fahd Stadium seating capacity to 92k from 58k, Riyadh’s Prince Faisal Bin Fahd’s stadium to 45k from 23k, Dammam’s Prince Mohammad Bin Fahd Stadium to 30k from 26k and Prince Saud Bin Jalawi Stadium in Khobar to 45k from 11k.

Project timeline: Work on the stadiums is set to begin in July of next year and be completed by December 2025. A total of 18 facilities will be ready in time for the 2026 AFC Women’s Cup, for which the kingdom is a confirmed bidder.

And that’s not all: The next phase of the Sports Ministry’s initiative will see the construction of 30 new training grounds and facilities in close proximity to the stadiums to be used for the 2027 tournament.

Sport is taking off in KSA: In October, the Saudi Arabian Football Federation awarded an early works contract to local contractor Al Osais for the construction of a new 40k seater stadium in Dammam. The Public Investment Fund has also invited consultants to manage, operate and revamp Al-Ittihad’s home court, the King Abdullah Sports City Stadium on the outskirts of Jeddah.

ALSO IN INFRASTRUCTURE-

PIF’s Seven will build the first entertainment hub in Aseer: Saudi Entertainment Ventures (Seven), a wholly-owned subsidiary of the Public Investment Fund (PIF), announced its first entertainment destination in Abha’s Aseer province in the Kingdom’s southwest, a statement by Seven says. The SAR 1.3 bn facility will have a built-up area of over 79k sqm.

Who’s designing and building? Saudi-based developer Modern Building Leaders will take care of construction. Global firms including Cundall, Theme 3, Top Notch, Holofice, Thinkwell, and Sea Quest have been taped to design entertainment attractions.

The destination will be home to eight attractions, including a family entertainment center and a Discovery Adventures jungle-themed edutainment attraction created in a partnership with Warner Bros. It will also include outdoor jungle-themed Discovery Global Themed Entertainment and a play-doh themed entertainment center and others.

BACKGROUND- SEVEN is investing over SAR 50 bn to build 21 entertainment destinations in 14 cities across the country, including Riyadh, Makkah, Taif, Dammam, Madinah, Yanbu and others.

PIF plans to spend SAR 4 tn on real estate over next decade as part of its economic diversification program

PIF set to spend big on real estate over the next decade:The Public Investment Fund (PIF) and companies it invests in will invest SAR 4 tn in the kingdom’s booming real estate sector over the next decade, Argaam reported on Sunday, citing statements by the PIF Head of Real Estate and Infrastructure National Programs Management Ahmed Al Shanqiti on the sidelines of the Northern Border Investment Forum.

One key project included: The PIF official highlighted the Saudi Downtown project as one of the key real estate development projects for the fund. The project, announced by Crown Prince Mohammed bin Salman in October 2022, aims to develop around 10 mn square meters in 12 cities around the kingdom. It comes as part of a push by the kingdom to diversify the economy and drive non-oil GDP growth.

Aiming big for local content spend: Al Shanqiti said the PIF eyes achieving 60% in local components by 2025 in a bid to drive growth for domestic businesses during the project’s construction and completion.

BACKGROUND- Earlier this year, the PIF announced its local content growth program — dubbed “Musahama.” The ambitious program aims to raise the share of local content spend in the sovereign wealth fund’s domestic portfolio to 60% by the end of 2025. It will pave the way for each PIF subsidiary to embed local content considerations in their design decisions and procurement policies.

The PIF has been tooling up for this: Roshn Real Estate Company — owned by the PIF — said it raised in September SAR 10 bn in funds for a building spree nationwide after lining up a SAR 6 bn revolving credit facility from three local banks earlier this year. It eyes building c. 400k houses, 1k schools and entire commercial and entertainment districts across the kingdom under diversification plans by the oil-rich kingdom.

Cigna Healthcare unveils new CEO of their Saudi wing, Buruj CEO steps down

Cigna Healthcare names CEO of Cigna Saudi Arabia: US-based Cigna Healthcare has appointed Hisham Radwan (Linkedin) as the CEO of Cigna Saudi after opening a HQ in Riyadh to become the first international insurance company authorized to operate through a branch in Saudi Arabia, according to their statement. The US health insurer said it is also partnering up with local ins. Company Total Care Saudi in its Saudi debut.

Buruj CEO steps down: Buruj Cooperative Ins. Co’s board of directors has accepted the resignation of CEO Abdulrahman Al Dokheel’s (LinkedIn) “for personal reasons,” the company said in a statement to Tadawul on Sunday. Al Dokheel’s last day will be Thursday, 30 November. It has yet to say who will take over as CEO.

FROM FOREIGN AFFAIRS-

Prince Khalid bin Bandar Al-Saud, the Kingdom’s ambassador to the UK, has been named president of the International Maritime Organization General Assembly at a meeting of the organization in London.

We have a new ambassador in Slovakia: Dr. Abdullah bin Khalid Tawlah presented his credentials at the Slovakian Ministry of Foreign and European Affairs yesterday.

Shock Guardian revelation: We like oil [troll warning]

Shocker — we like oil, and we’d like to wring maximum value from what time we have left selling it even as we transition to a green-energy future. Feeling the need to troll yourself this morning? Go read The Guardian’s Revealed: Saudi Arabia’s grand plan to ‘hook’ poor countries on oil.

Retail inks SAR 1.2 bn housing contract in Jubail. PLUS: Chinese tourism bookings, Foster + Partners, blueberries, and more

REAL ESTATE-

Retal signs SAR 1.2 bn contract for housing units in the Eastern Province’s Jubail:Retal Urban Development Co. signed a contract worth SAR 1.2 bn to develop primary and secondary infrastructure development and 897 residential units in Jubail Industrial City under a partnership with Jubail and Yanbu Industrial Cities Services Company (Jabeen), it said in a disclosure to Tadawul on Monday.

It’s the second big order for Retal this week, coming after it inked sub-development agreements worth c. SAR 925 mn with state-owned National Housing Co. (NHC) to build residential complexes in Riyadh and Jeddah.

TOURISM-

Bookings from China are up 277% after the Saudi Tourism Authority’s big push on China, which ran 17-23 November and included digital and broadcast components that reached some 500 mn Chinese. More than 80k people attended an in-person campaign that launched on Shanghai’s Bund to draw attention to the Kingdom’s wide tourism offering.

AGRICULTURE-

Morocco is our #1 supplier of blueberries this marketing year, having doubled its sales to Saudi and edging out South Africa, Peru, the United States, and Chila, East Fruit writes. We bought some 480 tons of fresh blueberries from Morocco in the 2022-2023 marketing year, more than double the 200 tons we bought the year before, making us the world’s 38th largest importer.

ARCHITECTURE-

Foster + Partners has been tapped to design Abha’s new airport terminal. “Inspired by Rijal Almaa village, the design reimagines the terminal as interconnected human-scaled clusters, courtyards, and walkways” and “takes advantage of prevailing winds to optimize natural ventilation,” ArchDaily reports.

AVIATION-

Flynas x UNWTO: Flynas became the first Saudi airline and the first low-cost carrier in the Middle East to join the UN World Tourism Organization as an affiliate member, Saudi Press Agency reports.

PUBLIC POLICY-

We now have a National Data Index: Saudi Data and Artificial Intelligence Authority (SDAIA) and the National Transformation Program (NTP) announced the launch of the National Data Index (Nudei) on the sidelines of the Saudi Data Forum, the NTP said on X. The Index is used to survey, develop, and assess how governmental entities are progressing in terms of data management.

DEBT-

Waja secures shariah-compliant credit facility agreement with BSF: Multi-industry services outfit Waja inked an agreement with Banque Saudi Fransi (BSF) for a credit facility worth up to SAR 5 mn, Waja said in a statement to Tadawul on Sunday.

Foreigners are still bullish on the Tadawul

Foreigners remain bullish on Tadawul: Foreigners were net buyers of Saudi equities in the week ending 23 November, with net purchases worth SAR 1.7 bn. GCC nationals were net sellers, with net sales worth SAR 264.5 mn, while Saudis made net sales worth SAR 1.4 bn, according to Tadawul figures.

Foreigners are holding their positions: The value of all equities held by non-GCC foreigners fell by a mere SAR 221 mn to SAR 367.8 bn in the week ending 23 November, down from SAR 368 bn in the previous week, while their share of issued capital (3.32%) and freefloat shares (12.61%) stabilized.

WHISPERS-

Is PIF-backed Savvy Games Group among the suitors for Shanghai-basedMoonton Technologies, a company owned by TikTok parent company ByteDance? It’s shaping up to be a USD 5 bn sale as ByteDance looks to walk back its expansion into videogames.

TASI	11,080.74	-0.1% (YTD: 5.8%)
MSCI Tadawul 30	1,425.70	-0.2% (YTD: -36.5%)
USD : SAR (SAMA)	3.75	–
Interest rates	6% repo	5.5% reverse repo
EGX30	25,905.54	+2.4% (YTD: +77.5%)
ADX	9,515.37	-0.4% (YTD: -6.8%)
DFM	3,994.59	+0.1% (YTD: +19.7%)
S&P 500	4,559.12	-unch- (YTD: +18.7%)
FTSE 100	7,460.70	-0.4% (YTD: +0.1%)
Euro Stoxx 50	4,354.41	-0.4% (YTD: +14.8%)
Brent crude	USD 80.01	-0.7 %
Natural gas (Nymex)	USD 2.76	-3.2%
Gold	USD 2,032.20	+0.4%
BTC	USD 36,916.25	– 1% (YTD: 127.8%)

THE CLOSING BELL-

The TASI fell 0.1% yesterday on turnover of SAR 5.1 bn.The index is up 5.8% YTD.

In the green: Tadco (+7.3%), Ataa (+6.7%) and SRMG (+6.2%).

In the red: Jadwa REIT SAudi (-3.5%), Alamar (-3%) and Wafra (-2.7%).

Asian markets are mixed this morning and CNBC reports that European markets are heading for a flat open as traders across the world “ struggle to find momentum.” Equities futures suggest US and Canadian markets will follow suit later today.

KSA, Italy are planning joint investments amid closer ties

KSA, Italy are cozying up as joint investments planned: Riyadh and Rome are in talks on joint investments in the automotive, mining, oil and gas, defense, hydrogen and space sectors, Reuters reported on Monday, citing statements by Italian Industry Minister Adolfo Urso. His visit to the kingdom is part of a Gulf tour that also includes Qatar and the UAE.

SOUND SMART- The visit comes as Italian PM Giorgia Meloni pushes with efforts to reset ties with Gulf countries since she assumed office last year.

Lured by the Kingdom’s mining potential: Urso said following a meeting with officials in Riyadh that the two countries are set to develop a regulatory and industrial framework that “accelerates strategic autonomy” in the critical raw materials sector.

REMEMBER- We’re going big with energy transition metals: Saudi Arabia aims to become a global hub for green metals critical for the energy transition under efforts to diversify its economy away from oil. This includes tapping significant amounts of uranium and titanium discovered in the country, according to officials. KSA says it has untapped metals and minerals — including copper, zinc, phosphate, and gold — collectively worth USD 1.3 tn.

ALSO- WE JUST ESTABLISHED DIPLOMATIC TIES WITH ARMENIA: Saudi Arabia and Armenia inked this week a protocol to establish diplomatic ties, a statement by the Armenian Foreign Ministry read earlier this week.

AND- FM bin Farhan in Spain for meeting on Gaza war: A two-state solution and the recognition of an independent Palestinian state is the only way to resolve the Israeli-Palestinian crisis, Foreign Minister Prince Faisal bin Farhan told his counterparts during the Union for the Mediterranean’s Regional Forum in Barcelona. He also held Israel responsible for the destruction caused in Gaza, warning that continued escalation would only lead to further chaos and destruction in the region.

CALENDAR

NOVEMBER

26-28 November (Sunday-Wednesday): Reliability & Maintainability Conference & Exhibition 2023, Grand Hyatt Hotel, Al Khobar.

26-28 November (Sunday-Tuesday): NCT Middle East, Riyadh.

27 November (Monday): Saudi Data Forum, JW Marriot, Riyadh.

27-29 November (Monday-Wednesday): Saudi HORECA, Riyadh International Convention & Exhibition Center, Riyadh.

30 November (Thursday): Start of Noor Riyadh show, King Abdullah Financial District, Riyadh.

DECEMBER

4 December (Monday): Saudi Green Initiative Forum, Dubai.

4-7 December (Monday-Thursday): FIABCI Global Leadership Summit, Riyadh.

5 December (Tuesday): Taxcom Middle East, Riyadh.

5-6 December (Tuesday-Wednesday): Education Investment Saudi, Riyadh.

6-7 December (Wednesday- Thursday): Collection and Recovery Middle East Summit, Riyadh.

16 December (Saturday): end of Noor Riyadh show, segment “The Bright Side of the Desert Moon, Riyadh.

18-20 December (Monday-Wednesday): Smart Grid Conference, Riyadh.

19-20 December (Tuesday- Wednesday): Saudi Airport Exhibition, Riyadh.

19-21 December (Tuesday-Thursday): International Digital Signage Expo 2023, Riyadh.

2024

JANUARY

9-11 January (Tuesday-Thursday): Future Minerals Forum, Riyadh.

14-17 January (Sunday-Wednesday): The International Exhibition for construction and building materials (Saudi Projects), Jeddah.

28-31 January (Sunday-Wednesday): Saudi Franchise Expo 2024, Jeddah.

FEBRUARY

4-6 February (Sunday-Tuesday): SIMEC International Expo, Riyadh.

5-7 February (Monday-Wednesday): Saudi HORECA 2024, Jeddah.

12-14 February (Monday-Wednesday): The International Petroleum Technology Conference (IPTC), Riyadh.

22 February (Thursday): Founding Day (national holiday)

26-29 February (Monday-Thursday): Big 5 Construct Saudi, Riyadh.

26-29 February (Monday-Thursday): FM EXPO SAUDI, Riyadh.

26-29 February (Monday-Thursday): Stone and Service Saudi Arabia, Riyadh.

MARCH

2 March (Friday): end of Noor Riyadh show, segment “Refracted Identities, Shared Futures”, Riyadh.

4-6 March (Monday-Wednesday): International Conference on Sand and Dust Storms in the Arabian Peninsula, Riyadh.

4-7 March (Monday-Thursday): LEAP 2024, Riyadh.

11 March (Monday): Flag Day (national holiday)

Signposted to happen sometime in March:

Ramadan

APRIL

Signposted to happen sometime in April:

Eid Al-Fitr (national holiday)

MAY

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh.

21-23 May (Tuesday-Thursday): The Saudi Food Show, Riyadh.

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

5 June (Wednesday): World Environment Day.

Signposted to happen sometime in June:

Eid Al-Adha (national holiday)

SEPTEMBER

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

23 September (Monday): National Day (national holiday)

DECEMBER

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

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