Moody’s upgrades Saudi Arabia’s sovereign rating, while downgrading outlook

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Aramco Digital mulls USD 1 bn stake in US-based telecom software company Mavenir

Good morning, wonderful people. We’re kicking off the week the same way we ended the last — with lots of news to keep you busy.

THE BIG STORY AT HOME- Moody’s upgraded its sovereign credit rating for Saudi to Aa3 from A1, while downgrading its outlook to stable from positive.

^^ We have the full story and plenty more in this morning’s news well, below.

HAPPENING THIS WEEK-

#1- Trade balance figures will be released today from the General Authority for Statistics.

#2- The final allocation of shares for the IPO of United International Holding Company, which operates Tas’heel, is set to take place tomorrow.

#3- Three Riyadh Metro lines will open on Wednesday as part of a pilot phase. The initial batch of lines are set to be followed by another three in mid-December, Aleqtisadiah reports, citing sources it says are in the know.

Background: Transport and Logistics Minister Saleh Al Jasser said in October that the USD 22.5 bn project is scheduled to launch within weeks.

#4- The three-day World Investment Conference will kick off tomorrow in Riyadh. The conference serves as a platform for investment promotion agencies, corporates, multilateral institutions and other stakeholders to discuss global investment trends and prospects.

WEATHER- Riyadh is looking at a high of 26°C and a low of 16°C today. Over in Madinah, the temperature will peak at 31°C, before dropping to 22°C. Meanwhile, Jeddah will see a high of 31°C, and a low of 26°C.

WATCH THIS SPACE-

#1- Aramco Digital mulls USD 1 bn stake in Mavenir: Aramco Digital, Aramco’s digital arm, is in talks to potentially invest USD 1 bn in Mavenir in exchange for a minority stake in the US-based telecom software company, Reuters reports, citing people it says are familiar with the matter. The transaction, which could value the company at USD 3 bn, could be finalized before the end of the year, the sources added.

#2- US bank Citigroup obtained a license from the Saudi Investment Ministry to set up a regional headquarters in Riyadh, Bloomberg reports, citing an internal memo it saw. This follows a flurry of global banks basing their regional operations out of Saudi Arabia, including Goldman Sachs and Japan’s Mizuho. Reuters also had the story.

#3- King Abdullah Financial District (Kafd) plans to build 3k apartments and 45k parking lots in Riyadh by 2028, a Kafd representative told Aleqtisadiah. Three five-start hotels will also be joining the district, with 630 rooms already underway.

DATA POINTS-

#1- Some 19.4% of Saudi Arabia’s military spending this year has gone to local suppliers, compared to only 4% in 2018 as the Kingdom looks to localize over 50% of its military spending by 2030, the General Authority for Military Industries Governor Ahmed Al Ohali told Aleqtisadiah. Licensed military industrial facilities in the Kingdom reached 296 by the end of 3Q 2024.

#2- Local airports saw a 13% y-o-y increase in passengers in 3Q 2024 to 4.8 mn, Argaam reports, citing local airport operator Cluster2, a subsidiary of Airports Holding. The number of flights increased 12% y-o-y to 38.8 mn during the same period.

#3- The Kingdom issued 3.8k investment licenses in 3Q 2024, up 73.7% y-o-y, according to the Investment Ministry’s 3Q bulletin (pdf). This excludes licenses issued as part of the anti-concealment law enforcement.

SPORTS-

#1- The scoreboard for Saudi Pro League matchday 11 of 34:

Damac vs Al Kholood (Today 4:40pm)
Al Riyadh vs Al Ettifaq (Today 5:40pm)
Al Ittihad vs Al Fateh (Today 8pm)
Feiha vs Al Ahli: 0-1
Al Akhdoud vs Al Shabab: 1-1
Al Nassr vs Al Qadisiyah: 1-2
Al Raed vs Al Orobah: 3-1
Al Wehda vs Al Taawoun: 1-0
Al Khaleej vs Al Hilal: 3-2

#2- Luxembourg’s Victor Bettendorf snapped up the first place in the Longines Global Champions Super Grand Prix in Riyadh on Friday, according to the tournament’s website. Germany’s Gilles Thomas secured the second spot, followed by Ireland’s Michael Duffy in the third place.

#3- The player auction for the Indian Premier League (IPL) for cricket kicks off in Jeddah today, the Times of India reports. The auction is a precursor to the IPL season, and sees all its 10 teams finalize their rosters.

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THE BIG STORY ABROAD-

As is often the case on Sundays, there’s no single story driving the conversation in the international press this morning, although news of US president-elect Donald Trump’s pick for Treasury Secretary, along with governments’ reactions to the International Criminal Court (ICC) issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu pushed business news a bit further down the front pages.

Donald Trump named Scott Bessent as his Treasury Secretary, following a “drama-filled” process with several prominent candidates, including businessman Howard Lutnick and financier Kevin Warsh, vying for the position. Bessent would succeed Janet Yellen in running the department that manages the country’s finances, tax agency, and the Internal Revenue Service. He is currently the CEO and chief investment officer of New York-based hedge fund Key Square Capital Management. Bloomberg | Financial Times | Reuters | CBS News | Wall Street Journal

MEANWHILE FROM COPLAND- COP29 wrapped with an agreement on a USD 300 bn per year global climate finance target following two weeks of high-stress negotiations. The agreement — which will earmark the funding to help developing nations cope with climate change — triples a previous climate finance target, although the USD 100 bn goal was met two years late. Developing nations, however, are criticizing the new target as insufficient. Reuters | Bloomberg

Where Netanyahu is and isn’t welcome: Ireland’s Prime Minister Simon Harris confirmed Netanyahu would be arrested if he entered the country. Canada, Belgium, and Spain pledged to enforce the warrants. Germany said its “Nazi history” makes it “hard to imagine” that it would comply with the warrants, while Hungary, Czech Republic, and Argentina also said they would not comply. France acknowledged the warrants, but stopped short of committing to enforcement, while the UK government stated it would uphold its legal obligations under international law, though it avoided commenting on specifics. Politico | CNN | Guardian | Times of Israel | BBC

SOUND SMART- Decisions of the ICC are binding for its member states and require members to comply with arrest warrants, rulings, and sentences, as per the Rome Statute. However, the enforcement of ICC decisions, especially arrest warrants or requests for the surrender of individuals, depends on the cooperation of member states. Jordan, Palestine, and Tunisia are the only Arab state members of the ICC.

CIRCLE YOUR CALENDAR-

Red Bull’s Les Mills is bringing the Middle East’s largest fitness festival to Riyadh on Thursday, 30 November, at The Arena. The 12-hour event features global trainers, full-day workouts, exclusive Adidas products, and a women-only “Her Zone.” You can book your tickets online.

The Black Hat MEA 2024 cybersecurity conference and exhibition will take place between 26-28 November at the Riyadh Exhibition & Conference Center in Malham. The event will gather cybersecurity professionals and technology developers. Speakers include information security leaders from Bayer, SoftBank Investment Advisors, the US Intelligence Community, the CIA, and Knostic.

The two-day Saudi Green Initiative Forum will kick off on Tuesday, 3 December, according to a statement. The forum will coincide with COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh between 2 and 13 December.

The two-day Zakat, Tax and Customs Conference 2024 begins on 4 December at the King Abdullah Financial District.

The Red Sea International Film Festival will run from 5-14 December in Jeddah.

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.

The Fortune Global Forum is coming to Riyadh in December 2025, according to a press release. The forum serves as a platform for the leaders of the world's largest companies, policymakers, and other influential figures to discuss global economic and business trends, challenges, and opportunities.

Moody’s upgrades Saudi Arabia’s sovereign credit rating to Aa3, outlook stable

Moody’s upgraded Saudi Arabia’s sovereign credit rating to Aa3 from A1, while downgrading its outlook to stable from positive, according to a statement (pdf). The revision marks the first time that the agency upgrades Saudi’s sovereign credit rating since it first began assessing the Kingdom in 2016, with the step up now placing the Kingdom on par with Hong Kong and Belgium, Bloomberg said. The story was also covered by Reuters.

The upgrade sees Saudi’s sovereign long-term local and FX issuer and senior unsecured ratings bumped up to Aa3 from A1, while sovereign local and FX medium-term note program ratings notched up to (P)Aa3 from (P)A1.

The agency also upgraded KSA Sukuk Limited’s backed senior unsecured ratings to Aa3 from A1, and the backed medium-term note program rating to (P)Aa3 from (P)A1. The sukuk issue is a Cayman Islands-registered special purpose vehicle owned by the Saudi government, with its debt representing obligations to the Saudi state. Saudi’s local currency (LC) and foreign currency (FC) country ceilings also saw their ratings bumped up to Aaa from Aa1.

The rationale: Moody’s points to substantial progress and momentum in the Kingdom’s efforts to diversify income and promote a sustainable non-hydrocarbon economy. “Continued progress will, over time, further reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition,” the agency said. Additionally, the kingdom’s recent steps to promote fiscal prudence by recalibrating spending on megaprojects — including regular reviews to prioritize projects with maximum economic impact— also contributed to the upgrade. Although such reforms may delay some non-hydrocarbon sector projects, “the focus on macroeconomic and fiscal sustainability is credit positive,” Moody’s said.

The downgrade in Moody’s outlook on the Saudi economy comes on the back of “balanced risks to the rating at a higher level,” the ratings agency said. Although increased engagement from the private sector may result in an acceleration of diversification plans, there are “supply-side constraints” that may limit the pace of non-oil investments, particularly in the mining and industrial sectors. At the same time a weak outlook for oil and geopolitical tensions also present risks to diversification plans and the general economy.

Some projections: The Kingdom’s private sector non-hydrocarbon GDP is expected to grow at 4-5% annually, pegging the rate as among the quickest in the GCC, Moody’s says. Meanwhile, the ratings agency sees Saudi maintaining fiscal deficits of between 2-3% of GDP a year, assuming “the absence of large shocks to oil prices and production.” Oil prices are expected to drop from USD 82-83 / bbl in 2023-24 to USD 75 / bbl in 2025, and USD 70 / bbl in 2026-27 as Opec+ begins phasing out output cuts next year. Saudi Arabia’s public debt is also expected to hit 35% of GDP in 2030, up from 26% of GDP at the close of 2023.

Chemical manufacturer Al Battal Factory issues prospectus for Nomu IPO

Al Battal Factory for Chemical Industries Company is taking a 22.3% stake to the Nomu parallel market, it said in a prospectus (pdf). The 670k offered shares are split equally between newly issued shares and shares to be sold by existing shareholders. The chemicals manufacturing company lined up Capital Market Authority approval for the move in September.

Use of proceeds: After deducting SAR 2.8 mn in IPO-related expenses, 50% of the proceeds will go to selling shareholders. The remaining funds will be directed toward financing the company’s working capital.

Ownership structure + lockup: The IPO will see Al Battal Investment’s stake in the company reduced to 44%, down from 55.1%, while indirect shareholder Bassam bin Mohammed Al Dosari will see his 10% stake decrease to 8%. Substantial shareholders will be restricted from trading their shares for 12 months from the first trading day.

IPO timeline: Qualified investors can book shares between 15 and 19 December, with a minimum subscription limit of 10 shares and a maximum of 166.7k shares per investor. The final allocation of shares is slated for 24 December.

Earnings snapshot: Al Battal reported a net income of SAR 4.5 mn in 1H 2024, up from SAR 2.5 mn in the same period last year. The company logged SAR 36.6 mn in revenues during the same period, up from SAR 24.1 mn. Al Battal’s net income came in at SAR 11.9 mn in FY 2023, while revenues were SAR 72.3 mn.

About Al Battal Factory: Al Battal Factory specializes in manufacturing cellulose ether products, including polyanionic cellulose, carboxymethyl cellulose, salt auxiliary products, and thermal coating solutions.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager with Moore serving as the auditor. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah Financial, Saudi Fransi Capital, SAB Invest, Alkhabeer Capital, and Sahm Capital.

Multi Business Group prices its Nomu IPO at SAR 15 apiece

Local contractor Multi Business Group (MBG) priced its Nomu IPO at the top of the guidance range at SAR 15 per share, with the offering 2.65x oversubscribed, lead advisor Amwal Capital said in a disclosure to Tadawul. The final pricing sees MBG raising SAR 45 mn in proceeds and gives the company a market cap of SAR 225 mn at listing, according to EnterpriseAM Saudi calculations.

REFRESHER- The group is taking a 25% stake to Tadawul's parallel market Nomu. Net proceeds from the transaction will go towards stocking up on building materials retail inventory and shoring up working capital after some SAR 2.8 mn are set aside for offering-related expenses.

ADVISORS- Amwal Financial is quarterbacking the transaction as financial advisor, with AlMaghthawi & Partners providing counsel. Derayah is the lead manager. Receiving agents include Alinma Investment, AlRajhi Capital, SNB Capital, BSF Capital, Riyad Capital, ANB Capital, and Alistithmar Capital, among others.

A flurry of debt news from SNB + SAIB + SAB

Saudi National Bank, Saudi Investment Bank, and Saudi Awwal Bank are each out with sukuk-related news this morning, with the first two closing sukuk issuances and the third mulling a fresh offering.

Saudi National Bank (SNB) closed a SAR 6 bn Additional Tier 1 (AT1) sukuk sale, it said in a disclosure to Tadawul. The offering saw 6k sukuk sold — based on the total SAR 6 bn issue size and minimum SAR 1 mn buy-in — at 6% annual returns. Proceeds from the offering will go towards strengthening the bank’s local currency capital base. Subscriptions kicked off on 10 November, and wrapped up last Thursday, 21 November.

What we know: The offering is perpetual, meaning there is no fixed maturity date, although redemption may occur under specific terms defined in the terms sheet. If the sukuk are not redeemed, purchased, or canceled on or prior to 21 May 2030, the rate of return will be reset on that date and in five-year cycles thereafter.

ADVISORS- SNB Capital quarterbacked the offer as its sole bookrunner, lead arranger, and lead manager.

IN OTHER DEBT NEWS-

The Saudi Investment Bank (SAIB) completed its USD 750 mn Additional Tier 1sustainable sukuk offering, according to a disclosure to Tadawul. The USD-denominated debt sale consisted of 3.75k sukuk, each valued at USD 200k, with an annual return of 6.37%. Settlement is scheduled for Wednesday, 27 November.

ADVISORS- Our friends at HSBC are acting as joint lead managers and bookrunners on the transaction, along with Alistithmar for Financial Securities and Brokerage, Citigroup Global Markets, J.P. Morgan Securities, Goldman Sachs, MUFG Securities EMEA plc, Arqaam Capital, and Standard Chartered.

Saudi Awwal Bank (SAB) is mulling a SAR-denominated Additional Tier 1 Sukuk via private placement under its SAR 20 bn issuance program, according to a disclosure to Tadawul. The proceeds will go to supporting SAB’s capital base and long-term strategic objectives. The offer, which is pending regulatory approval, will be priced and structured based on market conditions. HSBC Saudi Arabia was tapped as the lead manager for the issuance.

Businesses report improved business performance citing AI adoption

AI investments drive business growth in Saudi + the UAE: Some 88% of organizations in the Kingdom and the UAE that have made investments in artificial intelligence reported improved business performance over the past two years, according to an International Data Corporation survey (pdf). Currently, 28% of surveyed organizations in both countries are investing in AI, 50% plan to invest, and 21% have no plans for AI adoption.

Investment targets across the value chain: Some 69% of Saudi-based organizations plan to invest in data literacy and AI skills enablement over the next 12-18 months, followed by 60% focusing on AI solution/model security. Investments in AI-enabled tools/apps are prioritized by 54%, while 41% target data architecture, engineering, and management and advanced analytics and AI at the edge. Additionally, 29% intend to invest in AI-ready digital infrastructure / data centers, and 24% are focused on integrated AI use-case development. Smaller priorities include change management (21%), responsible AI (19%), and AI platforms for model life-cycle management (12%).

Generative AI investment by business function shows corporate strategy leading the way, with 23% of surveyed organizations in both countries already investing, and 41% planning to do so. Software development follows, with 11% currently investing and 59% planning. Facilities and customer service, though reporting the lowest current investments at 4% and 3%, have the highest planning rates, at 84% and 83%.

Spending allocations for generative AI: The largest share of genAI spending in the Kingdom is allocated to public cloud infrastructure, accounting for 25% of earmarked investments in the next 18 months. External service providers follow closely, receiving 24% of investments. Spending on external AI platforms amounts to 16%, while dedicated infrastructure captures 13%. Internal teams, including data scientists, developers, and IT staff, receive 9% of the budget for generative AI initiatives.

Challenges to AI adoption: Key obstacles include unclear privacy and security regulations, shortage of talent, unpredictable costs, limited access to GPUs/servers, and data issues including security risks and inefficient architecture.

Preferred partners for generative AI in the next 12 months: Local companies are exploring partnerships to support generative AI initiatives, with 53% favoring cloud providers, 43% opting for IT consulting partners, and smaller shares targeting enterprise application providers (22%) and GenAI model vendors (18%).

Riyadh’s King Khalid Int’l Airport leads GACA rankings in October

King Khaled International Airport in Riyadh maintained the leading position in October among international airports handling 15 mn or more passengers annually, marking its third month at top spot, according to aviation regulator Gaca's monthly report. Jeddah’s King Abdulaziz International Airport came in second.

The methodology: The aviation watchdog evaluates 11 metrics relating to passenger experience, including waiting times for travel procedures, time spent collecting baggage and at passport and customs controls, access for travelers with limited mobility, as well as other internationally recognized criteria.

The breakdown:

In the 5-15 mn passenger category, King Fahd International Airport in Dammam ranked first, followed by Prince Mohammed bin Abdulaziz International Airport in Madinah;
Abha International Airport in Asir topped the 2-5 mn passenger group, followed by King Abdullah bin Abdulaziz International Airport in Jizan;
Qurayyat Airport led the domestic airports category.

IN OTHER AVIATION NEWS-

Budget carrier Flyadeal had the fewest complaints among the Kingdom’s airlines in October, with 11 complaints per 100k passengers and a 99% on-time resolution rate, according to a separate Gaca report. Meanwhile, Riyadh’s King Khalid International Airport had the lowest complaint rate among international airports with more than 6 mn yearly passengers, logging just 12 complaints for the month with a 100% on-time resolution rate.

Activists disrupt Aramco CFO’s MIT talk

Saudi Aramco CFO Ziad Al Murshed left the MIT Sloan CFO Summit in Newton, Massachusetts, after climate activists disrupted his talk, Bloomberg reports. Prior to the interruption, Al Murshed had discussed plans for some USD 50 bn in capex this year, while also highlighting the importance of hydrocarbons in the future energy mix.

More portrayals of Saudi as COP29 spoiler-in-chief: A Saudi delegate at COP29 was accused of tampering with an official negotiating text and removing sections discussing transition pathways, raising concerns of bias from host country Azerbaijan, the Guardian writes.

MEANWHILE- Over a year after being invited to join BRICS, Saudi Arabia has yet to commit, reflecting an ambiguous “hedging” strategy towards the alliance, the Carnegie Endowment for International Peace said in a long form report.

ALSO- Bloomberg is out with a piece on Crown Prince Mohammed bin Salman’s strategic moves to create a “burgeoning” Saudi economy and cement the Kingdom’s place on the global stage as a key political player.

China Telecom sets up shop in Riyadh

TELECOM-

China Telecom opened its Gulf branch in Riyadh, offering services including cloud-network solutions and 5G networks, according to a press release. The company also signed cooperation agreements with undisclosed local partners during the event, the release read.

REAL ESTATE-

Retal partners with subsidiary to develop 60 residential units in Jeddah: Retal Urban Development signed a SAR 112.7 mn contract with its subsidiary Building Construction Company to build 60 residential units in Jeddah’s Al Mohammedia district, it said in a disclosure to Tadawul. The project will take 30 months to complete and will be financed through existing facilities and off-plan sales.

STARTUP WATCH-

#1- PIF-owned Jada Fund of Funds invested an undisclosed sum in Seedra Ventures Fund II, according to a press release. The sector-agnostic venture capital fund will support early-stage companies in Saudi Arabia and the Mena region.

#2- STC’s InspireU accelerator program saw the graduation of 44 startups in its latest cohorts, state news agency SPA reported. The program has backed over 130 startups since it launched in 2015, including Mrsool, Zid, and Sary.

INTELLECTUAL PROPERTY-

The World Intellectual Property Organization (Wipo) member states adopted the Riyadh Treaty on Design Law, a move which aims to streamline the registration of designs — especially among small scale designers and MSMEs — by standardizing the registration criteria across all Wipo 193 member states, according to a statement from the UN agency.

TOURISM-

Al Ahlam Marine lands first marina operator license in Al Laith, Yanbu: Al Ahlam Marine Tourism became the first company to receive marina operator licenses in Al Laith and Yanbu from The Red Sea Authority, the authority said in a post on X.

Adani stocks plunge on US indictment

The aftermath of Adani’s indictment: In the wake of Indian bn’aire Gautam Adani’s indictment on bribery and fraud charges, the Adani Group saw its companies lose USD 27 bn in value by market close the day after the news, Reuters reports. Losses extended into Friday, with Adani Group companies losing a combined USD 1.2 bn in value, the newswire reported in a separate story.

What went down? US prosecutors formally charged Adani and seven others with involvement in a USD 265 mn bribery and fraud scheme, promising contracts that would have yielded USD 2 bn in net income over 20 years. The charges also detail raising capital through false and misleading statements, including USD 2 bn in syndicated loans and another USD 1 bn from bond offerings sold to US-based investors.

Adani Green Energy scrapped its USD 600 mn bond issuance, which was offered to the market mere hours before the charges made the news. The debt offering was almost 3x oversubscribed and had drawn over USD 1.9 bn in orders, Bloomberg reports.

Kenyan President William Ruto called off two major projects with Adani, including a USD 2 bn airport project at Jomo Kenyatta International Airport — that would have seen Adani add a second runway and upgrade the passenger terminal in exchange for a 30-year lease — and a USD 736 mn power transmission line project, Reuters reports.

Adani has gone on the defensive, rejecting the accusations as “baseless,” and reaffirming that “Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations,” the group said in a statement.

This isn’t Adani’s first controversy, with the group being on the receiving end of a sackful of allegations over the years. The accusations include market manipulation and fraud schemes made by US short seller Hindenburg Research, which triggered massive share sell-offs in January 2023 and again in August, to allegations of using offshore funds to trade its own shares, to protests over the Kenya airport project.

TASI	11,841	-0.2% (YTD: -1.1%)
MSCI Tadawul 30	1,487	-0.3% (YTD: -4.1%)
NomuC	30,540	+2.3% (YTD: +24.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,632	+0.1% (YTD: +23.1%)
ADX	9232	-0.9% (YTD: -3.6%)
DFM	4724	-0.1% (YTD: +16.4%)
S&P 500	5969	+0.4% (YTD: +25.2%)
FTSE 100	8262	+1.4% (YTD: +6.8%)
Euro Stoxx 50	4789	+0.7% (YTD: +5.9%)
Brent crude	USD 75.17	+1.3%
Natural gas (Nymex)	USD 3.13	-6.3%
Gold	USD 2737.20	+1.4%
BTC	USD 97,971.70	-1.4% (YTD: +131.9%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% on Thursday on turnover of SAR 5.4 bn. The index is down 1.1% YTD.

In the green: Albaha (+10.0%), Saudi Re (+7.1%) and Chemical (+5.5%).

In the red: Saudi Cable (-4.0%), Chubb (-3.1%) and Naseej (-2.6%).

THE CLOSING BELL: NOMU-

The NomuC rose 2.3% on Thursday on turnover of SAR 148.3 mn. The index is up 24.5% YTD.

In the green: NGDC (+17.9%), Alhasoob (+13.4%) and Aljouf Water (+10.0%).

In the red: Alqemam (-9.1%), Aldawliah (-5.3%) and Naba Alsaha (-4.5%)

CALENDAR

NOVEMBER

25 November (Monday): The final allocation of shares of United Holding International Company’s IPO on Tadawu.

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): Black Hat MEA 2024, Riyadh Exhibition & Conference Center, Malham

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.

30 November (Thursday): Red Bull’s Les Mills, The Arena, Riyadh.

DECEMBER

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

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

2-4 December (Monday-Wednesday): Emmanuel Macron expected to visit Riyadh.

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.

3-4 December (Tuesday-Wednesday): Saudi Green Initiative (SGI), Riyadh.

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 December (Wednesday): Banan Real Estate shares halt trading on Nomu.

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.

5-14 (Thursday-Sunday): Red Sea International Film Festival, Jeddah.

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

10-12 December (Tuesday-Thursday): CPHI Middle East, Riyadh Front Exhibition & Convention Center, Riyadh

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.

15-17 December (Sunday-Tuesday): The International MICE Summit (IMS24), Riyadh.

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

1 February (Saturday): UFC event, The Venue, Riyadh.

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.

16-17 February (Sunday-Monday): AlUla Conference for Emerging Market Economies, AlUla.

19 February (Wednesday): Derayah REIT dividend distribution.

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.

APRIL 2025

7-9 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

17 April (Thursday): Implementation of new Saudization rates in four private-sector healthcare professions in select cities.

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

17 October (Friday): Nationwide implementation of Saudization rate in four private-sector healthcare professions.

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

December: The Fortune Global Forum 2025, Riyadh.

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.

Riyadh-Kudmi transmission line to be completed.

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