Local industrial production index dips in September as manufacturing declines

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Joint Arab-Islamic Summit begins in Riyadh

Good morning, friends. It’s another busy Monday, leading with the latest industrial production index figures, which point to a slight slowdown in September.

WEATHER- Riyadh is looking at a high of 30°C and a low of 19°C today. Over in Jeddah, the mercury will peak at 33°C and hit a low of 28°C. Meanwhile, Madinah is looking at a high of 34°C and a low of 22°C.

HAPPENING TODAY-

Joint Arab-Islamic summit begins today: Ministerial meetings kicked off yesterday in Riyadh, laying the groundwork for today’s Joint Arab-Islamic summit, state news agency SPA reports. The event will gather leaders from the Arab League Council and the Organization of Islamic Cooperation’s member states with a focus on resolving the ongoing wars in Gaza and Lebanon. Speaking to Asharq Al Awsat, Yemeni Foreign Minister Shaye Al Zindani — whose country chairs the Arab League — said the summit aims to create a unified front that could potentially influence the UN Security Council and press Israel to adhere to international resolutions.

While specific attendance lists are not publicly available, it is anticipated that most, if not all, member states of the Arab League and OIC will be represented at the gathering. Pakistani Prime Minister Shehbaz Sharif, Lebanon's Prime Minister Najib Mikati, Bahrain’s Justice Minister Nawaf Al Maawda, and Nigerian President Bola Tinbu, among others, have confirmed their attendance.

WATCH THIS SPACE-

A Yemeni Defense Ministry employee attacked Saudi-led coalition forces in Yemen, killing two and injuring another, according to a statement by coalition spokesperson Turki Al-Maliki carried by state news agency SPA. The incident occurred during a training session at a coalition base in Seiyun. Al Maliki emphasized that this was a “lone wolf” attack, and that the perpetrator's actions are not representative of Yemen’s Defense Ministry, which coordinates with coalition forces. The story got ink from Reuters and the Associated Press.

What happens now? Saudi’s Joint Forces Command and Yemen’s Defense Ministry are coordinating efforts to arrest the perpetrator and uncover the motives for the attack, while the two deceased and one injured servicemen were repatriated to Saudi Arabia.

DATA POINTS-

#1- Jeddah’s King Abdulaziz Airport beat its one-day record for most passengers served on Wednesday 6 November, serving a total of 161.2k passengers across 817 flights in just 24 hours, it said in a post on X.

#2- The citizen account program disbursed SAR 3.4 bn to 10.7 mn beneficiaries for November, according to a statement. The beneficiaries received an average of SAR 1.5k per family. The citizen account program was created to provide financial support to vulnerable Saudi families who are impacted by economic reforms, according to its website.

#3- AI accelerating Saudi mining: The use of AI and advanced analytics has helped cut mining exploration time to nine years from 16, Ma’aden CEO Robert Wilt is quoted as saying in KPMG's Global Metals and Mining Report 2024 (pdf). “Processing geophysical data used to take two years to do manually and now takes a matter of weeks. Evaluating core samples used to take 45 days and now takes 12 minutes,” Wild said. Though one of Ma’aden’s biggest challenges is filling skilled labor vacancies, Wilt is optimistic about attracting talented Saudi nationals.

NEWS TRIGGERS-

A handful of news triggers coming up in the next few weeks:

Inflation rate for October (Thursday, 14 November);
Trade balance for September (Sunday, 24 November);
Riyad Bank PMI for November (Tuesday, 3 December);
State budget approval and release (December).

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THE BIG STORY ABROAD-

There’s no single story capturing the imagination of the international press this morning, instead giving us a smattering of stories about US president-elect Donald Trump’s plans in office and how global leaders are reacting to his upcoming term.

Trump’s policy on Russia and Ukraine is a key point of concern for Ukraine, Russia, and outgoing president Joe Biden, who is planning to lobby Trump to maintain the US’ support for Ukraine when the two meet at the Oval Office on Wednesday. Trump, meanwhile, reportedly spoke with Russian President Vladimir Putin but urged him not to escalate his war against Ukraine, Reuters reports.

MEANWHILE- BTC rallied to a record high as the crypto industry sees Trump’s election — including him securing all seven swing states — as a positive outcome that will see digital currencies facing less hostile policy. The cryptocurrency rose above USD 81k, with expectations it will break the USD 90k ceiling soon. The Financial Times and CNBC have more.

CIRCLE YOUR CALENDAR-

The Saudi Rail Conference and Exhibition will take place on 20-21 November at the Riyadh International Convention and Exhibition Center. The event will showcase developments in the railway sector and provide insights from over 150 local and international speakers.

The two-day Zakat, Tax and Customs Conference 2024 will kick off on 4 December at the King Abdullah Financial District. The event will bring together over 50 speakers and 10k attendees to chew over some of the solutions for the applications of zakat, tax and customs.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

Saudi’s industrial production dips in September

The local industrial production index (IPI) fell 0.3% y-o-y in September, on the back of declines in manufacturing, electricity, gas, steam, and air conditioning supply, according to a report (pdf) from the General Authority for Statistics (Gastat). The IPI analyzes survey data to track changes in industrial production volumes across the Kingdom.

The manufacturing sub-index contracted 0.5% y-o-y, with the fall attributed to a drop in the manufacture of coke and refined petroleum products (down 12.3%). This was slightly offset by increases in chemicals and chemical products (up 2%) and food (up 12.3%). Manufacturing makes up for 35% of the overall IPI, making it the second-heaviest component after oil and minerals. September’s performance marks a downturn from the previous month’s 1.1% growth, and brings to an end seven months of back-to-back growth in the sub-index.

Mining and quarrying activity remained unchanged y-o-y, according to the report. Oil production maintained a level 8.97 mn bbl / d compared to September of last year. The mining and quarrying sectors make up 61.4% of the overall IPI.

REMEMBER- Riyad Capital had indicated in September that Saudi crude oil production was expected to begin ramping up this quarter towards a targeted 10 mn bbl / d by 4Q 2025. However, Opec’s decision last week to put off output hikes beyond December will likely delay the anticipated acceleration in Saudi oil output.

The IPI for non-oil sectors grew 5% y-o-y in September, driven by broad-based growth across most non-oil activities, with the exception of utilities. Meanwhile, the index for oil declined 2.5%.

IN CONTEXT- Non-oil activity was at a six-month high in October, with the Kingdom’s headline PMI figure hitting 56.9, up from 56.3 in September, signaling strong private sector demand. This represented the third consecutive month that Saudi’s PMI figure was on the up, with PMI “exactly aligned with its long-run average.”

Utilities was a mixed bag: The sub-index for electricity, gas, steam, and air conditioning supply activity fell 4.9% y-o-y, while water supply, sewage, and waste management and remediation activities increased 2.5%.

Tamkeen HR’s Tadawul IPO retail tranche was 14.4x oversubscribed

Tamkeen HR’s retail offering was 14.4x oversubscribed, receiving orders worth SAR 1.1 bn, Argaam reports, citing an emailed statement. The homegrown manpower provider allocated 1.6 mn shares to individual investors — amounting to 20% of the total offering. A minimum of 4 shares were allocated per individual subscriber, while rump shares will be distributed on a pro-rata basis. The institutional tranche of the offering was sold out within hours of opening last month.

REFRESHER- The labor agency is taking a 30% stake to Tadawul's main market in a secondary share sale that will see selling shareholders pocket proceeds on a pro-rata basis, after SAR some 25 mn in IPO-related expenses are covered. The IPO was priced at the top of the indicative range at SAR 50 per share, locking in some SAR 397.5 mn in total proceeds and giving the firm a market cap of SAR 1.3 bn at listing.

ADVISORS- Saudi Fransi Capital is quarterbacking the transaction as lead manager, financial advisor, bookrunner and underwriter, with Stat Law Firm providing counsel to the issuer. Meanwhile, PwC will act as financial due diligence advisor and Euromonitor International is stepping in as market study consultant, and Baker Tilly MKM as auditor. Receiving agents include Saudi Fransi Capital, Al Rajhi Bank, SNB Capital, Riyadh Capital, Albilad Investment, and others.

SNB kicks off SAR-denominated AT1 sukuk sale

Saudi National Bank (SNB) launched a SAR-denominated Additional Tier 1 (AT1) sukuk sale, it said in a disclosure to Tadawul. The offering — which opened yesterday and will run until Thursday, 21 November — is open to both institutional and qualified retail investors. Proceeds of the offering will go towards strengthening the bank’s local currency capital base.

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What we know: The minimum buy-in stands at SAR 1 mn per sukuk, with the total size of the issuance and its terms subject to market conditions. The offering is perpetual, meaning there is no fixed maturity date, though redemption can occur under specific conditions defined in the term sheet.

Uh, Enterprise, what are AT1 bonds? They’re a common way banks raise core tier-one capital without diluting shareholders by raising equity. Additional tier one certificates (or just “AT1 certificates”) are a form of subordinated debt — they rank behind other types of bank debt in case of liquidation. That makes them riskier than senior debt, but still prioritizes them above equity holders. They pay interest in much the same way as a bond does, but usually can be converted into equity in some circumstances.

ADVISORS- SNB Capital will be quarterbacking the potential offer as the sole bookrunner, lead arranger, and lead manager.

Ladun Investment, Musharaka Capital to launch a SAR 525 mn real estate fund

Nomu-listed developer Ladun Investment and Musharaka Capital are planning to set up a SAR 525 mn real estate development fund to finance a SAR 1.5 bn real estate project at the Jabal Omar development in Makkah focused on the development of a residential and hotel tower, according to a disclosure to Tadawul. This is a related party agreement and will run for five years, with a potential two-year extension.

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The details: Ladun will assume the role of developer, marketer, and executor, while Musharaka will act as fund manager and work on securing project financing. Musharaka has already purchased a 3.8k sqm land plot in the Jabal Omar development area for SAR 660 mn. Meanwhile, Ladun’s board of directors approved a SAR 33 mn contribution to the fund.

ICYMI- Nomu-listed Ladun has been ramping up its projects in Makkah, inking an agreement last month to develop a SAR 827 mn mixed-use real estate project in Makkah including a high-end 25-story tower.

Biban24 warps up with a total of SAR 34.5 bn in SME financing + agreements

The Biban24 forum wrapped up with a total of SAR 35.4 bn in agreements and project launches, the General Authority for Small Medium Enterprises (Monsha’at) said in a news release. The first day of the forum saw Monsha’at line up some SAR 18.3 bn in SME financing through partnerships with local and global players, while days two, three, and four saw the authority ink over 16 major agreements in a bid to support the Kingdom’s business ecosystem and homegrown SMEs.

Startups raised SAR 15 mn: The Investor Ring — a live platform organized by Numu Angels where investors in fintech, healthtec and AI review pitch decks and potentially make on-the-spot investments — saw 115 entrepreneurs pitch their business ideas to investors, out of which 65 landed preliminary investment approvals totaling over SAR 15 mn.

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ALSO- The authority also partnered with several Saudi banks — including Riyad Bank, Al Rajhi Bank, and AlBiland Bank —- securing a total SAR 15 bn in funding to support entrepreneurs and SMEs and streamline their access to capital.

MBC posts SAR 12.7 mn net income in first earnings post-PIF acquisition

MBC GROUP-

MBC reported a 1,714.3% y-o-y growth in net income to SAR 12.7 mn in 3Q 2024, the firm said in an earnings release (pdf). Revenues were up 16.6% during the period at SAR 757.1 mn, driven by gains in Shahid (up 25.9% y-o-y) and Broadcast & Other Commercial Activities (up 21.6%) , despite seasonal dips in advertising.

On a 9M basis: The company’s bottom line grew 378% y-o-y to SAR 250.5 mn during the first nine months of the year. Meanwhile revenues increased 11.6% to SAR 2.96 bn, on the back of upticks in Shahid (up 35.9%) and Broadcast & Other Commercial Activities (up 20.7%) that offset declines in Media & Entertainment Initiatives (down 35.5%).

REMEMBER- The Public Investment Fund (PIF) is now the majority shareholder of MBC, after acquiring Istedamah Holding’s entire 54% stake for SAR 7.5 bn under a binding share sale and purchase agreement last week. The move comes inline with PIF’s shift in strategy towards domestic investments.

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ACWA POWER-

Renewables giant Acwa Power turned to the red in 3Q 2024, reporting a net loss of SAR 2.1 bn down from a net income of SAR 2.5 bn during the same quarter last year, it said in an earnings release (pdf). The company pinned the drop on higher development costs and administrative expenses. Meanwhile, revenues were up 13.3% y-o-y to SAR 1.7 bn supported by higher income from electricity and construction management services.

On a 9M basis:Acwa Power reported SAR 312.9 mn in net losses during the first nine months of the year (compared to SAR 3.6 bn in net income in 9M 2023), while revenues were up 6.4% y-o-y to SAR 4.6 bn.

DALLAH HEALTHCARE-

Dallah Healthcare’s net income increased 27.6% y-o-y to SAR 126.2 in 3Q 2024, according to a disclosure to Tadawul. Revenues rose 13.1% y-o-y to SAR 847.7 mn, driven by “the expansion in the operational capacity, performance effectiveness, and the continuing growth in the number of patients in the Group’s hospitals.” The company’s bottom line grew 45% y-o-y to SAR 357.3 mn and its revenues increased 12.2% y-o-y to SAR 2.4 bn.

PETRO RABIGH-

Rabigh Refining and Petrochemical’s (Petro Rabigh) losses widened to SAR 1.3 bn in 3Q 2024, compared to a SAR 1.1 bn loss incurred during the same period last year, the firm said in a disclosure to Tadawul. The company attributed the downturn to lower sales volumes and product margins, higher shipping costs due to Red Sea disruptions, and other factors. Revenues were down 21.3% y-o-y to SAR 10.0 bn during the period on the back of lower selling prices and volumes of refined products.

On a 9M basis:Petro Rabigh posted a net loss of SAR 3.8 bn during the first nine months of the year, down from a SAR 3.3 bn loss logged during the same period last year. Meanwhile revenues were down 18.5% y-o-y at SAR 28 bn over the same period.

CENOMI-

Alhokair Co. (Cenomi Retail) reported SAR 19.3 mn in 3Q 2024 net income, compared to a net loss of SAR 202.9 mn in the same period last year, according to a Tadawul filing. The flip to profitability came as the company cut employee costs, rent expenses and inventory provision. Revenues were up 9% to SAR 1.2 bn, driven by its Zara and Inditex retail brands in Saudi Arabia as well as better revenues from international operations. On a 9M basis, the company narrowed its losses to SAR 48 mn in 9M, down from SAR 89 mn in the same period last year, while revenues inched down 1.5%, to SAR 3.7 bn.

Cenomi Centers’ net income rose 11.8% y-o-y to SAR 328.1 mn in 3Q 2024 on the back of revenue growth and cost-control initiatives, according to the company’s earnings release (pdf). The Saudi mall operator’s revenues climbed 3.4% y-o-y to SAR 587.1 mn during the quarter.

Cenomi’s net income is down 14.8% y-o-y to SAR 867.6 mn in 9M 2024 — primarily due to the write-off of SAR 50.6 mn in non-amortized financing costs, a one-time increase of SAR 87.5 mn in impairment loss, and a one-time increase of SAR 53.6 mn in finance costs related to tenant payment plans. Revenues rose 2.9% y-o-y to SAR 1.8 bn during the period on the back of improved occupancy rates, the launch of U Walk Jeddah, and stronger visitor traffic across the company’s portfolio.

Shareholders are in line for a dividend: The company will pay a dividend of SAR 0.38 per share on its 2Q 2024 earnings to eligible shareholders on 21 November.

New chairman appointments at Petro Rabigh + Atlas Elevators

Petro Rabigh appointed Ibrahim Al Buainain (LinkedIn) as its new chairman, it said in a disclosure to Tadawul. Al Buainain has served as President and CEO of Aramco Trading since 2016, and previously held executive positions at Saudi Aramco.

Atlas Elevators tapped Yousef Algafari (bio) as its new chairman, it said in a disclosure to Tadawul. Algafari has previously served as CEO for Abdullah Al Othaim Markets and Maharah Human Resources Co. He also held executive positions at Al Rajhi Bank and Riyad Bank.

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Saudi Armed Forces Chief visits Tehran for defense talks

Chief of Staff Fayyad Al Ruwaili’s visit to Tehran is making the rounds in the foreign press this morning, following meetings with his Iranian counterpart and to discuss defense-related issues, Reuters reported citing Iranian state media. Saudi-Iranian ties were re-established in March 2023 following seven years of hostility via a landmark agreement brokered by China.

ALSO- Bloomberg highlights regional competition to become a finance hub: The competition between Riyadh and Abu Dhabi to attract global financial giants is heating up, with firms like BlackRock, Goldman Sachs, and Barclays splitting operations between the two cities. Riyadh, backed by a young population, is pushing to localize operations as part of its broader privatization push, while Abu Dhabi’s strategy centers on leveraging assets — like energy wealth and infrastructure — for a post-oil future, Bloomberg notes.

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WSM edges closer to acquiring Wasl Technology

M&A WATCH-

#1- WSM edges closer to acquiring Wasl Technology: WSM for Information Technology received a No Notification Required Certificate from the General Authority for Competition for its full acquisition of Wasl Technology for Information Systems, according to a disclosure to Tadawul.

Remember- WSM inked a non-binding 12-month MoU last month to acquire 100% of Wasl. The transaction’s value will be determined through financial evaluation and due diligence, and it will be funded by WSM’s own resources. Value Capital Company was appointed by WSM as a financial advisor for the transaction.

#2- Sasco’s unit extends MoU for acquiring Tadbeer Recruitment: Saudi Automotive Services’s (Sasco) subsidiary Investments and Equipment extended an MoU it had signed to acquire a majority stake in Tadbeer Recruitment for an additional three months, according to a disclosure to Tadawul. The agreement, which was originally signed on 11 August, will see Sasco’s unit acquire a 70% share in Tadbeer Recruitment for SAR 85 mn.

The caveat: The Sasco subsidiary will proceed with the transaction under the condition that Tadbeer increase its capital to SAR 100 mn, up from SAR 20 mn, and convert its stock type to class A from class B. Class A stocks usually give the majority shareholder more voting rights, and higher dividends. The transaction is pending the completion of due diligence, but is not subject to regulatory approvals.

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DEBT WATCH-

Red Sea International’s subsidiary raises credit line limit with Alinma Bank: The Fundamental Installation for Electric Work Company, the MEP contracting arm of Red Sea International, raised its credit line ceiling with Alinma Bank by SAR 30 mn to SAR 230 mn, according to a disclosure to Tadawul from its parent company.

The pitch: Building on a SAR 200 mn agreement on 31 March, the credit line runs until 20 August, 2025 and aims to back the issuance of advance payment and performance bonds, as well as letters of credit.

AVIATION-

Local budget airline flyadeal is adding three new domestic flights from Dammam next year, according to a press release. The new routes include daily flights to Najran, and four flights a week to Tabuk, scheduled to launch 1 January, 2025. In addition, a Yanbu flight will be operated three times a week starting 2 January.

Flydeal’s all-year-round domestic network now includes: Abha, Al Bahah, Al Hofuf, Bisha, Dammam, Gizan, Hail, Jeddah, Madinah, Neom, Qassim, Riyadh, Tabuk, and Taif. Meanwhile, the carrier’s international routes include Amman in Jordan, Cairo and Sohag in Egypt, Dubai in the UAE, and Istanbul in Turkey.

HEALTHCARE-

The International Medical Center (IMC) Hospital plans to set up a new medical college in Jeddah, according to a press release. The IMC Medical College will offer medical and nursing programs, and a public health master’s degree. The campus will feature six floors, with a capacity for 1.2k students. “The construction of the IMC Medical College will begin soon, with completion targeted within the coming years,” the statement read, without giving specific dates. The project’s investment ticket was not disclosed.

Emerging markets remain vulnerable to the sway of US economic policies, even as momentum for de-dollarizing the world economy grows

EMs at a crossroads: As another Donald Trump presidency looms, Bloomberg Economics sees emerging market economies (EMs) as having some cause for optimism — as well as significant causes for concern. While EM interest rates and growth prospects may not be as tightly linked to developments in the US as they once were, financial vulnerabilities and as-of-yet unrealized chances for coordination could hamper EM attempts to adjust to a new global economic normal.

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In some ways, EMs’ independence from the US’ economic sphere has never been greater: Bloomberg’s research outfit points out that EMs’ rate moves are beginning to break away from the US Federal Reserve’s easing and tightening cycles, with several EMs lowering rates before the Fed did. Some countries have moved in the opposite direction of the Fed, with Brazil and Russia hiking rates shortly after the Fed’s initial 50 bps cut in September — suggesting that at least some EMs’ fates are beginning to decouple somewhat from the US economic outlook.

But US economic policy still has an oversized impact on EMs — especially following Trump set to soon take up the Oval Office: Egypt, along with Argentina and South Africa are pointed to as EMs that stand out as being particularly vulnerable to building debt burdens on the back of higher global rates pushed up by a forecasted uptick in inflation in the states. The new Republican president’s talk of hiking tariffs could also have an outsized impact on certain countries with export industries that target the US.

So far, Brics is yet to live up to its promise of de-dollarizing the world economy: Brics has yet to capitalize on its potential to coordinate policies and boost trade across its member economies, Bloomberg Economics writes. While the bloc has continued to grow in economic weight, it has struggled to reduce its reliance on the USD and has failed to find a mechanism to settle trade between members in alternative currencies — a key condition for decoupling EM growth from US policy.

MARKETS THIS MORNING-

Asian markets are starting the day in the red, as the markets react to inflation data for China that came in lower than forecast, putting into question the country’s economic recovery. Leading the pack in the red was Hong Kong’s Hang Seng that was down 2.4% at the time of writing, followed by Korea’s Kospi at -0.9%, Japan’s Nikkei at -0.2%, and China’s Shanghai index at -0.1%

TASI	12,103	-0.2% (YTD: +1.1%)
MSCI Tadawul 30	1,519	-0.2% (YTD: -2.1%)
NomuC	29,248	-0.1% (YTD: +19.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	31,394	+0.4% (YTD: +26.1%)
ADX	9,449	-0.2% (YTD: -1.3%)
DFM	4,640	-0.1% (YTD: +14.3%)
S&P 500	5,996	+0.4% (YTD: +25.7%)
FTSE 100	8,072	-0.8% (YTD: +4.4%)
Euro Stoxx 50	4,803	-1.0% (YTD: +6.2%)
Brent crude	USD 73.87	-2.3%
Natural gas (Nymex)	USD 2.67	-0.9%
Gold	USD 2,695	-0.4%
BTC	USD 80,327.90	+5.0% (YTD: +88.9%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 6.1 bn. The index is up 1.1% YTD.

In the green: Riyadh Cement (+9.9%), SIECO (+9.8%) and Miahona (+5.8%).

In the red: Al Babtain (-8.0%), Al Jouf (-7.7%) and Burgerizzr (-7.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% yesterday on turnover of SAR 81.2 mn. The index is up 19.2% YTD.

In the green: Dar Al Markabah (+26.4%), Al Razi (+19.4%) and Keir (+15.9%).

In the red: APICO (-7.9%), Sure (-4.8%) and United Mining (-4.6%)

CORPORATE ACTIONS-

#1- The BoD of Dallah Healthcare approved SAR 48.7 mn in dividends at SAR 0.5 per share for 3Q 2024, it said in a disclosure to Tadawul. Distribution is set for Sunday,1 December.

#2- Ladun Investment is set to distribute SAR 10 mn in dividends at SAR 0.02 per share for 1H 2024, it said in a filing to the Tadawul. Distribution is set for Wednesday, 27 November.

#3- Cenomi Centers BoD greenlit SAR 178.1 mn in dividends at SAR 0.375 per share for 2Q 2024, the company said in a disclosure to Tadawul. Distribution is set for Thursday, 21 November.

CALENDAR

NOVEMBER

3-23 November (Sunday-Sunday): NEOM Beach Games, Neom.

3 November-19 December (Sunday-Thursday): Measles and Rubella vaccination campaign, Najran.

11 November (Monday): Last day for qualified investors to subscribe to Mufeed's 10% stake on Nomu.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Center.

11-22 November (Monday-Friday): The Diplomatic Conference to Conclude and Adopt a Design Law Treaty, Riyadh.

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

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

11-12 November (Monday-Tuesday): Expenditure Efficiency Forum, The Hilton, Riyadh.

11-13 November (Monday-Wednesday): Saudi Intermobility Expo 2024, Jeddah.

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

11-17 November (Monday-Sunday): Launch of China’s USD 2bn bond issuance in Saudi.

12-18 November (Tuesday-Monday): Offering period for Multi Business Group’s (MBG) Nomu IPO.

14 November (Thursday): Inflation rate for October.

16 November (Saturday): Latino Night at Riyadh Season, Riyadh.

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

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

20-21 November (Wednesday-Thursday): The Saudi Rail Conference and Exhibition, Riyadh International Convention and Exhibition Center, Riyadh.

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

21 November (Thursday): Final allocation for Multi Business Group’s (MBG) Nomu IPO.

21 November (Thursday): Cenomi Centers 2Q 2024 dividend distribution.

23 November (Saturday): Red Sea 600, Jeddah Yacht Club and Marina.

24 November (Sunday): Balance of trade for September.

25 November (Monday): Refunds for Multi Business Group’s (MBG) Nomu IPO.

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

25 November-1 December (Monday-Sunday): Offering period for Digital Research Company’s (DRC) Nomu IPO.

26 November (Tuesday): Saudi Aramco 3Q 2024 dividend distribution.

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

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

28 November-14 December (Thursday-Saturday): Noor Riyadh, Riyadh.

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

DECEMBER

1 December (Sunday): Opec+ Joint Ministerial Monitoring Committee meeting.

1 December (Sunday): Dallah Healthcare 3Q 2024 dividend distribution.

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.

3 December (Tuesday): Riyad Bank PMI for November.

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

4 December (Wednesday): Final allocation for Digital Research Company’s (DRC) Nomu IPO.

4-5 December (Wednesday-Thursday): Zakat, Tax and Customs Conference, Riyadh.

5-8 December (Thursday-Sunday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

8 December (Sunday): Refunds for Digital Research Company’s (DRC) Nomu IPO.

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

15-19 December (Sunday-Thursday): Internet Governance Forum, King Abdulaziz International Conference Center, Riyadh.

17-18 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

23-26 December (Monday-Thursday): Aqarat Expo, Riyadh.

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

State budget approval and release.

2025

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma

1Q: Roshn expected to raise SAR 2.6 bn from international bank

Saudi and Turkey plan to raise their bilateral trade volume to USD 10 bn

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

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

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

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

6-8 February (Thursday-Saturday): Liv Golf season opener, Riyadh Golf Club, Riyadh.

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

10-13 February (Monday-Thursday): Leap 2025, the Kingdom’s premier tech investment conference.

14-15 February (Friday-Saturday): Formula E, Diriyah.

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

22 February (Saturday): Founding Day.

MARCH 2025

1-30 March: Ramadan.

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

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

MAY 2025

6-7 May (Tuesday-Wednesday): Federal Open Market Committee meeting.

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

JUNE 2025

6-9 June ( Friday-Monday): Eid al-Adha.

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

26 June (Thursday): 2024-2025 academic year ends.

JULY 2025

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

29-30 July (Tuesday-Wednesday): Federal Open Market Committee meeting.

SEPTEMBER 2025

17-18 September (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

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

NOVEMBER 2025

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

DECEMBER 2025

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

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