New pension system pushes up retirement age for most workers

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Shura Council wants gov’t to pay attention to lithium supply

Good morning, folks, and happy hump day to you all. It’s another brisk news day with very little in the way of gigaprojects and the PIF and plenty of workaday M&A and industry news. We also take a look at what recently enacted pension reforms mean for workers.

WEATHER- A spell of hazy weather is in the cards for Riyadh with a daytime high of 44°C, while Dammam will see the mercury peak at 46°C. Taif is set for some rainfall with a high of 34°C.

Need a reminder that our heat is special? This clip making the rounds on Instagram made us smile.

WATCH THIS SPACE- More calls to source lithium locally as demand for EVs grows: The Shura Council has called on the Industry and Mineral Resources Ministry to study the feasibility of extracting lithium locally to keep pace with expected future demand for electric vehicles, state news agency SPA reported yesterday. The council also called on the ministry to outline solutions for an inventory of state-owned land that could be licensed to prospectors.

Why it matters: Lithium is a critical component of both modern consumer electronics and the green transition, factoring into everything from rechargeable batteries for phones and computers to electric vehicles and grid storage.

REMEMBER- Saudi is looking to source lithium from overseas: Industry and Mineral Resources Minister Bandar Al Khorayef said in April that Saudi will continue to source lithium from abroad as part of its plans for the nascent EV sector as securing domestic supplies were still at an early stage. “Lithium is a very important mineral that happens to be part of a very important part of the supply chain, especially for batteries,” he said. Saudi companies and officials are looking at Chile and Saudi could become home to a battery anode plant.

DATA POINTS-

#1- Saudi Arabia’s M3 money supply grew 8.6% y-o-y in May to reach a record SAR 2.8 tn, according to the May 2024 Statistical Bulletin (pdf) from SAMA. M3 also increased by SAR 104.8 bn since the beginning of the year and was up SAR 32.4 bn from April. The largest contributors to the money supply were demand deposits (49.2%), time and savings deposits (31.5%), other quasi-cash deposits (11.1%), and cash in circulation outside banks (8.2%). Total liabilities were around SAR 5.1 tn.

SOUND SMART- M3 is the broadest measure of all the money in a country. It includes cash, current accounts, and other money that can be quickly mobilized (what econ-nerds call M2) as well as time deposits, money market funds and the like.

#2- Saudi and the UAE sent more oil to Japan than any of their GCC neighbors in May, accounting for 82% of total GCC oil exports to Tokyo, Mubasher reported, citing data from the Japanese government. The UAE took the lead with 30.2 mn barrels to account for 46.2% of Japan’s total oil imports, while Saudi sold 23.5 mn barrels, good for a 35.9% share of the Japanese market. Still, Japan bought less crude from the UAE (-8.2%) and Saudi (-19.8%) this past May than it did the same month the year before.

PSAs-

#1- Renewing or replacing your national ID just got a bit easier, after the Interior Ministry’s Civil Affairs Agency scrapped the requirement to submit personal photos or fill out forms when applying for an ID renewal or replacement, the agency said in a post on X. This exemption only applies to those who already have a personal photo and fingerprints on the civil registry.

#2- Some taxpayers may be able to pay taxes in installments Zatca-approved plans, the authority said in a post on X. Zatca requires applicants to have submitted all their tax returns before being considered for the installment plan. Failure to adhere to the installment plan will result in the plan being canceled and taxpayers will be required to pay fines on unpaid amounts, according to Zatca guidelines (pdf).

#3- Buraydah now has a public bus service with 12 routes covering 508 km, the Transport General Authority said in a post on X. The system, which Al Qassim province Emir Faisal bin Mishal inaugurated on Sunday, operates 18 hours a day.

IN CONTEXT- Buraydah’s new public bus service comes as part of a broader government initiative to gradually roll out transport services, including metro and bus services across the country. In the capital city, the King AbdulAziz Project for Riyadh Public Transport saw the launch of the first phase of the Riyadh bus service in March 2023 and will see metro service roll out, too. Jazan’s first-ever public bus service was launched under the initiative in May.

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THE BIG STORY ABROAD-

It’s a quiet day in the foreign press, as elections in Europe wrap and heads of state head over to Washington for the Nato summit.

Political analysts are saying it’s a “make-or-break” week for Joe Biden’s re-election as Congress returns from its Fourth of July recess, and today could be an inflection point as Democrats in the Senate hold a caucus meeting at which the way forward for Biden will be Topic #1.

“Go ahead. Challenge me at the convention,” Biden thundered on the call with the hosts of his favorite morning show. “Any of these guys don’t think I should, run against me. Announce for president.” The Financial Times has more on what it’s calling his new “offensive” to keep his campaign.

All eyes will now be on Washington, which plays host to the Nato summit. Russia launched its biggest attack in Ukraine in months on the eve of the summit, hitting a children’s hospital and killing at least 36 people, Reuters reports.

And there’s still no word from France, where centrist and left-wing parties are jostling to see how they can put together a government, France24 notes.

AND IN BUSINESS- There are still folks outside the Middle East committing to venture capital as an asset class. HongShan, formerly the China unit of Sequoia Capital, has raised a USD 2.5 bn, RMB-denominated fund to invest in Chinese startups.

CIRCLE YOUR CALENDAR-

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

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

South Korea’s T1 took the League of Legends championship at the Esports World Cup in Riyadh, it said in a post on X. T1’s victory against Top ESports saw it take home USD 400k.

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

New pension system comes into effect, pushing up retirement age for most Saudis

New entrants to the job market now have a higher retirement age: Fresh grads and other working individuals who have less than 20 years of work experience will now be subject to new rules for retirement and pensions after the government passed a new Social Ins. Law last week. Under the new rules, the retirement age at which these employees can retire with full pension benefits will now be between 58-65 years, according to the General Organization for Social Ins. (GOSI). The previous retirement age was 60.

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Who the rules apply to: All those who are younger than 50 Hijri years old and have paid into the pension scheme for less than 20 years will be subject to the new rules, GOSI said. Those who are subject to the new rules can retire 10 years earlier than the statutory age as long as they have been employed for at least 30 years, and will take a pension haircut in exchange for the earlier retirement, according to GOSI’s website. The changes apply to both public and private sector employees.

Who’s exempt: The new rules do not apply to anyone who are more than 50 Hijri years old, or have paid into the pension scheme for 20 years or more, GOSI said.

How the change will be implemented: The higher retirement age will be introduced gradually at four-month increments, with the youngest employees currently in the job market subject to the highest retirement age, according to GOSI. For example, those who are currently 48-48.5 years of age will now have a statutory retirement age of 58 years and four months. Those aged between 47-48 will see their retirement age set at 58 years and eight months, and those aged between 46-47 will now retire when they are 59. For employees currently below 29 years of age, the retirement age will become 65.

SMART POLICY- Raising the retirement age is expected to create a more sustainable system for pensioners, particularly as the country currently has a largely young population, Mercer said in its Global Pension Index (pdf) last year.

Pay-in structure + pension calculations are also getting a shakeup: Public and private sector employees will now see their national ins. contribution rates rising 0.5 percentage points each year for four years, according to GOSI’s website. The rules will also tack on an extra 0.75% deduction, bringing the total amount contributed from the subscription wage to 11.75%. Employers will also pay an additional 13.75% per employee. This increase will come into effect one year after the new law was passed. Pension payouts will now also be based on 2.25% of each individual’s average monthly earnings (down from 2.5%) over the course of their subscription to the pension system, Okaz reports.

Saudi has the third-fastest 5G download speed in Europe, Middle East and Africa

The Kingdom has the third-fastest 5G download speed in Europe, Middle East and Africa (Emea), ranking higher than any other Arab country with a land area greater than 200k km2 at speeds of up to 230.7 Mbps, according to the latest Opensignal figures. Saudi was also the top Arab country for average download speeds and 6th overall, boasting average speeds of 43.2 Mbps — a 14% y-o-y improvement from last year.

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Rankings among Emea countries were split into two groups, one for countries with over 200k km2 in land area (Group I) and another for those with less (Group II). Qatar took the lead in Group II among its Emea peers with 5G download speeds of 359.2 Mbps, followed by Denmark at 293.3 Mbps. Kuwait came third with 5G download speeds of 272.7 Mbps with Bahrain ranking fourth and UAE ranking 7th.

How things look within GCC’s capitals: Riyadh came second after Kuwait City for GCC capitals with an overall download speed of 54.5 Mbps. It came in fifth in terms of download speeds when connected to 5G at 260.9 Mbps behind Abu Dhabi, Manama, Kuwait City and Doha.

More consumers are switching to 5G: The percentage of mobile connections that are 5G in the GCC are forecast to rise by 11 to 13 percentage points by the end of the year, the report said, citing forecasts by GSMA Intelligence. It sees average 5G adoption in those markets reaching 95% by the end of the decade compared with a global average of 54%.

More advanced 5G is coming to the region: The 5G Advanced, which is an update to existing 5G networks by leveraging AI and machine learning to boost network performance, is already gaining momentum in GCC markets. Zain KSA said it plans to launch 5G Advanced in eight cities here between 2024 and 2026. The UAE’s telecoms regulator TDRA also plans to outline a plan for the deployment of the technology in the country.

ALSO IN TELECOMS- King Abdullah University of Science & Technology (Kaust) has extended for two years a research and development partnership on 5G and 6G with Swedish telecoms equipment maker Ericsson for, according to a statement.

BinDawood + Mayar Holding close in on separate acquisitions

BinDawood has received notice that the General Authority for Competition has no objection to the Tadawul-listed supermarket groups’ full acquisition of Jumeirah Trading in a transaction valued at SAR 186.5 mn, it said in a disclosure to Tadawul yesterday. The acquisition comes as BinDawood looks to expand its distribution reach, reduce supply chain risk, and improve profit margins through vertical integration, it added. Bindawood’s board approved the takeover in May.

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What’s Jumeirah? It is engaged in the wholesale, retail and distribution of food, household products, toys, and luggage across Saudi. Its net income nearly doubled y-o-y in 2023 to report SAR 22.2 mn, while its revenues were up 28.7% y-o-y last year to SAR 142.9 mn.

Share price: BinDawood’s shares were down 1.2% to SAR 7.3 a piece at yesterday’s market close.

MAYAR HOLDING TO BUY TWO ELEVATOR COMPANIES

Mayar Holding unit eyes two elevator companies in one go: Elevator Solutions Investment, a subsidiary of Nomu-listed Mayar Holding Company, has signed a contract to fully acquire Saudi Installation Operation and Maintenance Contracting Company (ITM) and the Smart Elevators Company in one transaction, Mayar Holding said in a disclosure to Tadawul. The parties signed a non-binding MoU on the acquisition last month.

Ironing out the details: The acquisition sees the sellers of ITM and Smart Elevators receiving SAR 40 mn and a 28% stake in Mayar’s Elevator Solutions Investment, according to the disclosure. The transaction will be funded from Elevator Solutions’ own resources with the amount paid over one year as agreed between the parties. The completion of the acquisition remains contingent on a “number of terms and conditions…including but limited to terms and procedures of a regulatory and commercial nature.”

The rationale: The acquisition comes under Elevator Solutions’ plan to increase its market share in the local elevator market and offer a broader range of products and services to boost its competitiveness, according to the disclosure.

Market reax: Mayar’s shares were up 3.0% to SAR 3.4 per share at yesterday’s market close.

PIF-backed EV maker Lucid beats market forecasts for 2Q 2024 deliveries

PIF-backed Lucid beat analyst expectations for deliveries in Q2 2024, saying it has delivered over 2.3k vehicles by the end of the quarter, according to a production update (pdf). The deliveries beat market analysts’ forecasts of 1.9k during the quarter, according to Reuters. Lucid also produced 2.1k vehicles during the quarter ending in June, it said. Its earnings for the quarter are set to follow on Monday, 5 August.

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Zooming out: The update brings Lucid’s production to 3.8k units in 1H 2024, closer to its annual output target of 9k in 2024 if it produces over 5k vehicles. It made 8.4k vehicles last year. “I think at this point, everything is shaping for them to achieve that guidance,” Andres Sheppard, senior equity analyst at Cantor Fitzgerald, said. He sees the EV maker’s production and deliveries picking pace in 2H 2024 due to seasonal effects.

IN CONTEXT- The growth in deliveries comes as Lucid reaps fruit of price cuts of up to 10% earlier this year for its flagship Air sedans to help shore up demand as US appetite for EVs slumps. Lucid plans to ramp up its capex spending to about USD 1.5 bn as it launches production of the Gravity, invests in its Arizona facility, and builds out its plant in Saudi, Lucid CFO Gagan Dhingra told Reuters in May.

Sumou’s Adeer to build mixed-use project in Egypt — with appetite for more

Sumou subsidiary Adeer, Egypt’s Paragon to build a mixed-use development in Cairo: Real estate company Adeer — a unit of local real estate player Sumou Holding — is working with Egyptian real estate developer Paragon Developments to build a mixed-use development in eastern part of Cairo, according to a press release (pdf). The first phase of the project is expected to generate EGP 80 bn (SAR 6.3 bn) in sales.

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The details: The project will include hotels, hotel apartments, shopping mall, and administrative offices.

More on the way: The two companies want to look into other potential investments, the release read.

Two projects in two days: The announcement comes a day after we heard that Adeer inked an agreement with our friends at Hassan Allam Properties to build a mixed-use development in Egypt with an investment cost in the USD 100-150 mn range.

Adeer has plans for Egypt: It plans to invest USD 400 mn in the Egyptian real estate sector over the next five years, CEO Bassel El Serafy told Asharq Business. Adeer is looking to acquire half of Egyptian developer Melee Development, which it currently works with on a SAR 1 bn project developing three Saudi sports clubs across Riyadh, Jeddah, and Khobar.

That’s not all: The company is also in talks with three Egyptian real estate players on new projects in the Kingdom, El Serafy added.

ASG Plastic Factory plans to take 10.6% stake to the parallel market

ASG Plastic Factory Co. is planning to take a 10.6% stake — good for 750k ordinary shares — to parallel market Nomu, its financial advisor and lead manager Yaqeen Capital said in a statement to Tadawul yesterday. The plastics products maker lined up the Capital Market Authority’s approval for the offering in March.

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IPO timeline: Qualified investors will start placing orders on a minimum of ten shares and a maximum of 352k shares starting Sunday, 28 July until Monday, 5 August, according to its prospectus (pdf). The final allocation of shares will take place on Sunday, 11 August. Neither the offering price nor how much ASG plans to raise from the offering was disclosed.

Post IPO structure + lock-up period: The four substantial shareholders are selling down their positions to a combined 82.2%. They are prohibited from conducting any transactions on their shares for a period of 12 months from the first day of trading.

Use of proceeds: ASG plans to use the proceeds — after deducting SAR 3 mn in offering fees — to support its expansion plan, according to the prospectus. The plan sees the company raising its current production capacity by 50% with further increases planned in the coming years, it said. In the case of a surplus in proceeds following the expansion plan, the additional funds will be used to finance the company’s working capital.

About ASG Plastic Factory: Established in 2005, ASG Plastic Factory specializes in manufacturing generic plastic products including bottles and jars, tableware such as spoons, forks, and knives, as well as garbage bags and food storage bags.

ADVISORS- Yaqeen Capital is serving as the financial advisor and lead manager, while Al Rajhi Capital, Riyad Capital, Alinma Investment, AlJazira Capital, SAB Invest, Derayah Financial, BSF Capital, SNB Capital, Alistithmar Capital, Albilad Capital, ANB Capital are all receiving agents.

PIF’s Neo Space Group appoints Martijn Blanken as CEO

PIF-owned Neo Space Group has named Martijn Blanken (LinkedIn) as its CEO, the newly established space company said in a post on LinkedIn yesterday. Blanken, who has been on the job a couple of months now, has experience in telecom and digital infrastructure, previously serving as CEO at London-based digital infrastructure giant Exa Infrastructure. He was previously senior advisor at global infrastructure investor I Squared Capital and leading US management consultancy firm Boston Consulting Group.

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About the company: The new commercial satellite and space company was launched in May with a focus on investments in localization, technology, start-ups, and knowledge in the space and satellite sector in the Kingdom.

GIB Capital receives CMA approval for its public offer

ASSET MANAGEMENT-

The Capital Market Authority (CMA) approved investment bank GIB Capital’s public offering of GIB Opportunistic Indian Equity Fund, according to a statement by the market regulator. No details have been yet disclosed on the offering.

About GIB Capital: Established in 2008, GIB Capital is a fully owned subsidiary of pan-GCC Gulf International Bank. It has offices in Riyadh, Bahrain, and Abu Dhabi and has advised on some of top IPOs in Saudi in the past years, including telecom operator Stc in 2003, National Commercial Bank in 2014 and others. It was also the financial advisor to the substantial shareholders of leading broadcaster MBC’s blockbuster IPO in late 2023.

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DEBT WATCH-

Tadawul-listed SHL Finance Co. has renewed a SAR 2.1 bn Shariah-compliant credit facility with Arab National Bank (ANB), it said in a disclosure to Tadawul. The facility will now run until 30 April, 2025. It aims to grow the finance company’s sales volume.

More than acquainted: The home finance company’s primary shareholders include ANB, leading real estate developer Dar Al Arkan, and the World Bank’s private investment arm, the International Finance Corporation.

FOOD-

The UAE’s Agthia launched its protein manufacturing facility in Jeddah’s First Industrial City, according to a statement (pdf). The AED 90 mn (SAR 91.9 mn) facility can produce up to 9k tons of manufactured protein over 9k sqm and export to more than 25 countries, according to the statement. The facility has two production lines manufacturing over 50 SKUs, supported by a supply chain involving over 69 raw materials. The facility is part of a Saudi expansion announced in May 2022.

FINANCE-

The board of Tadawul-listed drugmaker Jamjoom Pharma has agreed to provide a corporate guarantee for a credit facility for its joint venture in Algeria, according to a disclosure to Tadawul. The pledge will secure an SAR 44.4 mn loan from Société Générale Algérie to fund a production line for ophthalmology products at Jamjoom Algeria Lil Dawa’s factory. Jamjoom Pharma owns a 49% stake in the JV.

MANUFACTURING-

The total sales of 17 local cement manufacturers were down 4.6% y-o-y to 3.6 mn tons in June, with Northern Region Cement leading the drop with a 53.1% fall in sales, Mubasher reported, citing monthly figures by Yamama Cement. The Tadawul-listed cement manufacturer topped the list of top sellers in June despite its sales falling 25.4% y-o-y. Only eight companies reported higher sales on an annual basis in June led by Umm Al-Qura Cement’s 66.7% increase in sales.

Germany’s BTC sell-off is spooking an already-jittery market

A significant sell-down of BTC by the German government has rattled the market for the cryptocurrency, CNBC reports, adding new selling pressure as traders brace for the continued release of even more supply to creditors of defunct crypto exchange Mt. Gox.

What’s happening? Police in the state of Saxony seized nearly 50k BTC (about USD 2.2 bn worth) back in January. Even after a series of recent sales from that position, it still holds nearly 32.5k BTC that’s worth about USD 1.9 bn at current prices. The government looks to be exiting that position in chunks — it’s sold positions worth USD 379 mn or so, with most of that hitting the market in last two weeks.

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It’s a crypto bear… The sales and, in parallel, transfer of German state BTC reserves to other exchanges has helped push the price of BTC to below USD 55k on Friday to mark its lowest level since February. Together with the Mt. Gox transfers, which blockchain data suggests began last week, new supply has helped send BTC down 20% from a month ago.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, with the ASX 200 and Nikkei, the Kospi and Hang in the red, and the Shanghai Composite largely unchanged. Nasdaq, Dow, and S&P futures were all up in overnight trading after the S&P 500 and Nasdaq closed at fresh highs again yesterday.

Futures point to a mixed open for major European benchmarks, with the Euro Stoxx 50, Germany’s Dax 30, and France’s CAC 40 all on track to open in the red while the FTSE 100 looking set to start the day in the green.

TASI	11,718	+0.3% (YTD: -2.1%)
MSCI Tadawul 30	1,464	+0.5% (YTD: -5.6%)
NomuC	26,000	-0.6% (YTD: +6.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	28,412	-0.7% (YTD: +14.1%)
ADX	9,133	-0.1% (YTD: -4.7%)
DFM	4,082	+0.3% (YTD: +0.6%)
S&P 500	5,573	+0.1% (YTD: +16.8%)
FTSE 100	8,193	-0.1% (YTD: +6.0%)
Euro Stoxx 50	4,970	-0.2% (YTD: +9.9%)
Brent crude	USD 85.75	-0.9%
Natural gas (Nymex)	USD 2.38	+0.5%
Gold	USD 2,363.50	-1.4%
BTC	USD 56,348.50	-1.7% (YTD: +33.3%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.3% yesterday on turnover of SAR 5.59 bn. The index is down 2.1% YTD.

In the green: Saudi Re (+9.7%), Mediterranean and Gulf Ins. and Reins. (+4.8%) and Salama Cooperative Ins. (+4.4%).

In the red: Saudi Advanced Industries (-6.3%), Care Group (-4.9%) and Al Babtain Power and Telecommunication (-3.9%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% yesterday on turnover of SAR 78.8 mn. The index is up 6.0% YTD.

In the green: Leaf Global Environmental Services (+16.9%), Alhasoob (+9.8%) and Horizon Educational (+8.1%).

In the red: Arabian Plastic Industrial (-9.5%), Ghida Alsultan (-8.6%) and Naba Alsaha Medical (-8.4%)

CALENDAR

JULY

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

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

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

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

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

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

AUGUST

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

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

18 August (Sunday): New academic year begins.

27-29 August (Tuesday-Thursday): Saudi Fashiontex Expo, Riyadh.

SEPTEMBER

2-4 September (Monday-Wednesday): Saudi Warehousing & Logistics Expo, Riyadh.

2-4 September (Monday-Wednesday): Saudi Wood Expo, Riyadh.

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

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

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

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

10-12 September (Tuesday-Thursday): Saudi Sports Show, Riyadh.

10-12 September (Tuesday-Thursday): Global AI Summit, Riyadh.

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

16-19 September (Monday-Thursday): Foodex Saudi, Riyadh.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh.

17-19 September (Tuesday-Thursday): Hotel & Hospitality Expo, Front Exhibition & Conference Center, Riyadh.

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam.

18-19 September (Wednesday-Thursday): IDC Saudi Arabia CIO Summit 2024, Riyadh.

24-26 September (Tuesday-Thursday) Saudi Infrastructure Expo, Riyadh International Convention and Exhibition Center, Riyadh.

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

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

OCTOBER

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

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

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

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

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh.

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

29-31 October (Tuesday-Thursday): Future Investment Initiative Conference, Riyadh.

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

NOVEMBER

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

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

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

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

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

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

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

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

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

DECEMBER

1 December (Sunday): Opec+ to meet.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

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

FEBRUARY 2025

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

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

JUNE 2025

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

2026

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

2027

The World Water Forum takes place in Riyadh.

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