Nice One prices Tadawul IPO at SAR 35 per share

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudia topped the global on-time performance tracker in November

id: 2024-12-17-03:33:44:666t

Good morning, wonderful people. We have a meaty hump day issue for you, led by a handful of new and developing IPO stories, as well as an update on expected investment cooperation between the Kingdom and Egypt. Let’s jump right in.

NOMU WATCH-

IPO WATCH- Balsm Alofoq shares closed at SAR 78 apiece on their first day of trading on Nomu yesterday, closing up 30% from its debut price. The Buraidah-based hospital operator took a 25% stake to Tadawul’s parallel market. Trading in the first three days will be capped at ±30%, after which the daily limit will be capped at ±10.

ADVISORS- Yaqeen Capital acted as financial advisor and lead manager on the transaction.

EVENTS HAPPENING THIS WEEK-

It’s the penultimate day of the International Forum for Saudi Reef taking place at the Intercontinental Al Ahsa, covering sustainable agriculture, rural entrepreneurship, and technology in farming.

AND- It’s day three of five of the UN’s Internet Governance Forum in Riyadh.

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

ALSO- The two-day Forbes Middle East’s Women’s Summit will take place tomorrowat the Riyadh International Convention and Exhibition Center.

An all-star speakers lineup: Confirmed speakers include Princess Lamia Bint Majed Saud Al Saud, Princess Prof. Mashael Bint Mohammed Al Saud, Princess Doaa Bint Mohammed, and our friend Dalia Khorshid.

⚠️WEATHER- Heads up: If you're in Tabuk, Al-Jouf, the Northern Borders, Hail, or northern parts of the Eastern Region, get ready to bundle up — temperatures are set to fall between 0°C and -3°C overnight through Thursday, according to a warning from the National Center for Meteorology.

Riyadh will stay chilly today, reaching a high of 17°C and dropping to a brisk 4°C overnight. In Jeddah, temperatures will climb to 31°C before settling at 21°C later. Over in Madinah, partly cloudy skies are expected, with a daytime high of 25°C and a nighttime low of 11°C.

[wwtt1 KUDOS- Saudia claimed the first spot globally in the on-time performance (OTP) tracker in November, achieving an OTP of 89.9% across 16.3k tracked flights, according to Cirium’s monthly report (pdf). King Khalid Airport came in fourth position with an OTP of 88.4%. Meanwhile, Flyadeal rose to second place in the low-cost carriers category, with a 90.5% OTP across 4.9k flights.

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THE BIG STORY ABROAD-

It’s a busy morning in the international pages, with a number of business and political headlines worth noting.

US forces struck Isis targets in Syria, killing 12 in a precision air raid aimed at disrupting the group’s resurgence. The strikes targeted “former Regime and Russian controlled areas ensuring pressure is maintained on Isis,” the US Centcom said following the attack. The Centcom vowed continued action to ensure Isis doesn’t exploit current instability in Syria. (Financial Times | AP)

OVER IN CANADA- Canada’s Deputy Prime Minister and Finance Minister Chrystia Freeland abruptly resigned after clashes with Prime Minister Justin Trudeau over fiscal policy and US trade threats as president-elect Donald Trump prepares to step into the White House. Freeland’s exit, framed by some as a “leadership crisis” leaves Trudeau politically vulnerable as his government faces lower approval ratings ahead of next year’s elections. Her resignation follows the departure of several other key ministers, amplifying pressure on Trudeau to step down. Trudeau has tapped close friend Dominic LeBlanc to replace Freeland. (Reuters | New York Times | Financial Times | AP | The Economist | Washington Post | WSJ)

AND- Scholz loses confidence vote: German Chancellor Olaf Scholz lost a confidence vote in the country’s parliament, putting the country on track for an early election next February. The vote follows the collapse of his coalition government after a fallout with his former finance minister. The country is now bracing for months of political uncertainty as campaigning intensifies, with the Friedrich Merz led conservative CDU leading the polls. (CNBC | Reuters | The Guardian | The Washington Post | France 24 | Bloomberg)

CIRCLE YOUR CALENDAR-

#1- The three-day Future Minerals Forum kicks off on 14 January at Riyadh’s King Abdulaziz International Conference Center.

#2- The three-day Future Hospitality Forum opens its doors 11 May at the Mandarin Oriental Al Faisaliah, Riyadh.

#3- The three-day Real Estate Future Forum kicks off on 27 January at the Four Seasons, Riyadh.

Nice One prices Tadawul IPO at SAR 35 apiece

Nice One Beauty Digital Marketing Company priced its Tadawul IPO at SAR 35 per share, after its institutional offering was 139.4x covered, according to a statement (pdf). The final pricing will see Nice One raise SAR 1.2 bn in proceeds, and gives it an implied market cap of SAR 4 bn at listing, according to EnterpriseAM calculations.

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REFRESHER- Nice One is taking a 31.% stake to Tadawul’s main market. The cosmetics company secured cornerstone investments for 4.3 mn of the shares on offer earlier this month.

Use of proceeds: Selling shareholders will cover SAR 53.4 mn of the IPO’s expenses, with net proceeds distributed pro rata. The company will supplement these with loans and cashflows, allocating 35-45% to working capital, branding, and sales, 15-25% to logistics and technical upgrades, and 35-45% to potential M&A transactions.

What’s next? The two-day retail subscription begins next Tuesday, 24 December, with investors eligible for up to 10% of the shares, subject to demand. Each retail investor can subscribe to a maximum of 250k shares, and a minimum of 10 shares.

ADVISORS- Our friends at EFG Hermes are acting as financial advisor, bookrunner, and underwriter on the transaction, alongside SNB Capital, which is quarterbacking the transaction as lead manager. Baker McKenzie will provide counsel to the issuer, while PwC will serve as financial due diligence advisor.

United Int’l Holding names Vice Chairman Mohammed Fahmy as acting CEO

United International Holding (UIHC) — owner and operator of the Tas’heel brand name — tapped Vice Chairman Mohammed Galal Ali Fahmy (LinkedIn) as its acting CEO, following the passing of former CEO Sakhr Abdulrahman Mohammed Al Mulhem earlier this month, according to a filing to Tadawul. Fahmy assumes the role effective immediately and will serve in the interim until a permanent CEO is named.

Fahmy brings 30 years of experience in strategic planning and finance, and is currently serving as CEO and managing director of UIHC’s parent company United Electronics (eXtra). He’s also the managing director of Nawah Holding, and chairman of UIHC subsidiary Procco Financial Services. Fahmy is also a board member at Tas’heel, and Halwani Brothers Egypt.

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ICYMI- UIHC debuted a 30% stake on Tadawul earlier this month at SAR 132 apiece. The institutional tranche of the offering sold out within minutes of opening and was 132x oversubscribed, reflecting overwhelming demand. The offering raised some SAR 990 mn in proceeds, valuing the company at SAR 3.3 bn at listing, and firmly establishing UIHC as one of Tadawul’s standout listings of the year.

UIHC’s share price was up 0.9% to SAR 155 at the close of trading yesterday — that is a 17.5% increase from its debut price, according to EnterpriseAM calculations.

The company also recently reported robust financials, with its 3Q results showing strong momentum. UIHC logged 11.1% y-o-y growth in net income at SAR 59 mn in 3Q primarily driven by a 22.3% bump in revenues at SAR 161.7 mn as Tas’heel’s consumer finance portfolio grew 25%. On a 9M basis, UIHC’s bottom line saw a 0.8% y-o-y uptick at SAR 158.1 mn in 9M, and its top line was up 17.7% at SAR 451 mn on the back of a surge in Tas’heel’s consumer finance portfolio.

Al Khorayef talks investment projects with Egypt’s PM in Cairo

New investment agreements with Egypt on the way: Industry and Mineral Resources Minister Bandar Al Khorayef met Egypt’s Prime Minister Moustafa Madbouly in Cairo yesterday where they agreed to include the sectors of petrochems, pharma, and automotive in the broader agreements signed between the two countries back in October, according to the Saudi Gazette and the Egyptian Cabinet. Al Khorayef was joined by the CEOs of the Saudi Exports Development Authority and the Saudi EXIM Bank. Egypt’s Transport and Industry Minister Kamel El Wazir also attended the meeting, along with the other policymakers.

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Projects in the pipeline: The two sides agreed to explore the potential for a large-scale polyester production project, a pharma raw materials project, and an automotive manufacturing venture, Vice Minister of Industry and Mineral Resources for Industrial Affairs Khalil bin Salamah said. They also explored the potential for a project to produce electrical appliances and household tools. The minister is expecting that new mutual investments will be signed in the coming months.

IN CONTEXT- Crown Prince and Prime Minister Mohammed bin Salman met with Egyptian President Abdel Fattah El Sisi in Cairo in October, where they oversaw the signing of two agreements focused on streamlining mutual investments and providing investment guarantees. While the investment timeline and sectors remain undefined, discussions centered on the potential focus areas of energy, transportation, and tourism. The Crown Prince had directed the Public Investment Fund in September to invest USD 5 bn in Egypt.

FAST FIGURE- Al Khorayef noted that 80 out of 90 problems faced by Saudi investments in Egypt were resolved with the remaining currently under processing.

PIF’s Saudi Global Ports taps banks for potential USD 1 bn IPO

Saudi Global Ports (SGP) reportedly tapped banks including Goldman Sachs and HSBC to arrange an upcoming IPO, which could come “as early as next year,” Bloomberg reports, citing sources in the know. The offering is expected to raise up to USD 1 bn. The port operator is a joint venture between the Public Investment Fund (PIF) and Singapore’s PSA International. No details on the timing or size of the offering have been disclosed.

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Not the first we’re hearing of it: Media reports earlier this year suggested the PIF was lining up several companies in its portfolio — including Stc, Ma’aden, Nupco, and others — as part of a strategy to unlock fresh sources of capital to finance the government’s economic diversification projects.

About SGP: The PIF-backed outfit operates deep sea container terminals at Dammam’s King Abdulaziz Port in addition to the Riyadh Dry Port Ecosystem, which includes Riyadh Dry Port, Riyadh Empty Yard, and Dammam Empty Container Yard, according to its website. SGP’s different facilities are connected via rail and roadway networks.

PIF-backed SIC gets the green light to acquire up to 100% of CIRA Education

SIC bid for acquisition of Egypt’s CIRA gets regulatory greenlight: The Financial Regulatory Authority (FRA) has approved CIRA Education majority shareholder Social Impact Capital’s (SIC) mandatory tender offer to acquire up to an additional 48.78% of CIRA, the authority said in a disclosure (pdf) yesterday.

It’s all part of the PIF’s plan to acquire CIRA and use it as a regional platform: The Saudi Egyptian Investment Company — a wholly-owned subsidiary of the Public Investment Fund — said in May that it would buy into SIC. SIC used the cash injection to launch its mandatory tender offer for the rest of CIRA’s shares.

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Remember: SIC has offered to purchase some 284.3 mn of CIRA’s shares at EGP 15 a piece putting the transaction’s value at EGP 4.26 bn. SIC currently holds a 51.2% stake in the country’s leading private education company.

A tempting offer: SIC’s offer of EGP 15.00 per share represents a 21.8% premium on CIRA’s average share price of EGP 12.32 over the three months leading up to when SIC submitted its offer, and a 9.9% premium on its average share price of EGP 13.65 over the six-month period leading up to the offer.

What’s next for CIRA? If the mandatory tender offer is successful, SIC plans to delist CIRA Education from the EGX, with the founding El Kalla family expected to remain invested in the company and our friend Mohamed El Kalla staying on as CEO to lead the company’s regional growth.

Post-acquisition plans: SIC plans to enhance the quality of education offered at CIRA schools, open up a number of universities in partnership with local and foreign players, and expand regionally — all within a year of the acquisition.

The transaction was nearly two years in the making, a source with first-hand knowledge of events told us earlier this year, but it took the float of the EGP this spring and CIRA’s clear ambition to become a regional player in education to bring it home. PIF is known to be exceptionally rigorous in its investment decision making process, employing top advisors to make certain that it invests only in companies with clear growth prospects that fit the fund’s mandate to grow Saudi and regional champions.

ADVISORS: Our friends at EFG Hermes are brokering the transaction and Matouk Bassiouny & Hennawy is buy-side legal counsel.

Alsulaiman’s Flow + Bahrain’s Arcapita to develop logistics complex in Riyadh

New logistics complex coming to Riyadh: Alsulaiman Group ’s supply chain arm, Flow Progressive Logistics, and Bahrain-based Sharia-compliant real estate and private equity player Arcapita will develop and operate a modern class-A logistics complex in Riyadh after signing an agreement, according to a statement. There is no publicly available information about the investment ticket or expected timeline for the project.

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The details: Arcapita will develop the 80k sqm mixed-use storage complex, while Flow will manage its operations under a long-term lease agreement, the statement said. The facility will include cold storage areas, dry storage for non-perishable goods, temperature-controlled spaces, and specialized areas for pharma and hazardous goods that are intended to meet the growing demand for modern storage and logistics services.

The pitch: “The Saudi Arabia industrial and logistics market continues to demonstrate positive supply-demand dynamics that are likely to support rental growth in the foreseeable future. This partnership will contribute to meeting the growing demand for modern logistics facilities and services in Riyadh, where demand is outstripping supply particularly when it comes to higher-quality assets,” Director of Real Estate Investments at Arcapita Isa Al Khalifa said.

ICYMI: Arcapita closed the SAR 1.8 bn KSA Logistics Fund III in March, with the participation of unnamed institutional investors and a GCC-based sovereign wealth fund. The fund is intended to develop Arcapita’s KSA logistics portfolio.The Bahraini fund expanded to Saudi in 2022.

IN OTHER LOGISTICS NEWS-

Batic + UAE’s Parkin to collaborate on parking solutions: Smart Cities Solutions Company, a subsidiary of Tadawul-listed Batic Investments and Logistics, will work with Dubai’s public parking operator Parkin to expand paid parking services in the Kingdom under an MoU it signed with Batic, according to a disclosure (pdf) from Parkin. The partnership will involve municipalities, real estate developers, operators of shopping centers, and hotels, among others.

ALSO- The partnership will see the two sides look into deploying technologies like AI, real-time data analysis, digital gates, sensors, and smart cameras in parking facilities.

SVC invests in tech-focused USD 150 mn VC

SVC backs MEVP fund to fuel Saudi tech expansion: SME Bank subsidiary Saudi Venture Capital (SVC) has contributed to Middle East Venture Partners’ (MEVP) new Saudi-focused USD 150 mn Middle East Venture Fund IV as an anchor investor, according to a press release. The size of SVC’s investment in the fund was not disclosed.

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Fund profile: The fund — which will be managed by MEVP — set its sights on nurturing high-growth tech companies based here at home, providing support from the seed stage all the way to their IPO.

What they said: “With SVC's support, we will expand our investment footprint further in Saudi Arabia and amplify our positive economic and social impact in the Kingdom,” Co-founder and Co-CEO of MEVP Walid Mansour said.

Dubai-based MEVP is no stranger to KSA: The regional VC has operated in the Kingdom for over a decade, investing some USD 50 mn in local tech startups while creating 12k jobs and attracting USD 1.1 bn in co-investments, Mansour added.

IN OTHER STARTUP NEWS-

Social Development Bank (SDB) partnered with Saudi National Bank (SNB) to set up a SAR 10 mn financing package targeting local entrepreneurs and startups under SNB’s social responsibility program Ahalina, state news agency SPA reports. The funding package will be directly managed by SDB.

Jeddah’s Red Sea Film Festival is making the rounds in the int’l press

Hollywood eyes Saudi’s budding film industry: The Kingdom’s push into the global entertainment arena was on full display at this year’s Red Sea Film Festival in Jeddah, drawing A-listers such as Vin Diesel, Emily Blunt, and Spike Lee, Bloomberg’s Lucas Shaw — who attended the event — wrote in his newsletter titled Screentime. The story also got ink from AP.

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PIF’s Dan Company set to launch high-end resort in Al Ahsa

PUBLIC INVESTMENT FUND-

#1- PIF’s Dan Company set to launch high-end resort in Al Ahsa: PIF’s hospitality arm Dan partnered with Abdulmohsen Al Tamimi Contracting Company to develop Tuaja Luxury Resorts, a 1.8 mn sqm resort in Al Ahsa, according to a press release. The resort will include 201 units, with plans to secure Leadership in Energy and Environmental Design (LEED) certification. Details on the timeline and investment size were not disclosed.

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#2- PIF-backed developer Diriyah Company tapped Golf Saudi to operate the Wadi Safar Signature Golf Course and the Royal Golf Club, located in Diriyah city on the outskirts of Riyadh, according to a statement from Golf Saudi. No further information was disclosed.

PHARMA-

Zeta Pharma eyes Saudi expansion: Egypt-based Zeta Pharma is looking to complete its SAR 200 mn factory in Saudi Arabia — dubbed Zeta Gulf — within 1.5 years, Al Borsa quotes Commercial Director Mohsen Hassan as saying. The factory is being set up in the Sudair Industrial City and will target the Saudi market and other neighboring Gulf markets.

MANUFACTURING-

US chemical producer LyondellBasell (LYB) opened its regional office in the Kingdom at the Muqarnas Tower in King Abdullah Financial District, according to an emailed statement (pdf).

ICYMI- Earlier in June, LYB's subsidiary Bassel International Holdings acquired a 35% stake in National Petrochemical Industrial Company, a subsidiary of Alujain, for SAR 1.9 bn (USD 500 mn).

More volatility in 2025

Expect more swings across stock markets in 2025 on the back of geopolitical tensions and uncertainties surrounding US president-elect Donald Trump’s tax and tariff policies, Bloomberg cites strategists at Bank of America, JPMorgan Chase, and Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) as saying. JPMorgan sees the Cboe Volatility Index (VIX) averaging around 16, slightly higher than 15.5 across 2024 — still, it believes macro indicators suggest volatility will be higher, with data pointing to a VIX level of around 19 on average.

Markets could see long bouts of calm interrupted by “fat tails” — extreme market swings — with BofA forecasting a fivefold increase in market fragility shocks in the S&P 500 Index compared to the past 80 years, with a major index shock likely on the cards.

That trend has already started: “The magnitude of fragility shocks in the largest S&P stocks reached 30+ year extremes in 2024 with few signs of dissipating if the AI boom continues,” BofA strategists including Benjamin Bowler wrote.

Volatility will likely be concentrated in the first half of the year: “We could go straight into a relatively elevated equity volatility environment in the first half of next year,” UBS Group’s head of US equity-derivatives research Max Grinacoff said. Certainty around Trump’s policy direction later in the year could later lower bond volatility, according to UBS.

But some expect volatility to last through to 2026: Societe Generale SA strategists forecast rising volatility through 2025 and 2026, recommending buying the dips in volatility.

Helping suppress volatility in the market: Quantitative selling strategies such as zero-day to-expiry options by banks and EFTs to exploit returns are pushing investors towards long gamma trading — meaning that dealers are making moves against the prevailing market action to hedge their risks, thereby suppressing volatility. Volatility selling is steady in the US and Europe, while in Asia, the demand for volatility is expected to rise, especially in China and Hong Kong, driven by economic pressures and stimulus measures.

Heightened volatility makes an “active investment approach, diversification, and strong risk management” essential, Goldman Sachs also said in its Asset Management 2025 Outlook report (pdf). The investment bank believes that investment-grade bonds are an ideal option in 2025, as rate cuts continue — albeit at different timelines. The investment bank also sees opportunity in US stocks and in emerging markets.

It also recommends investing in small-cap stocks to benefit from their large valuation discounts. Smaller companies are expected to be more resilient in light of tariffs in comparison to their larger peers, due to larger domestic revenue sources and shorter supply chains, the report says.

MARKETS THIS MORNING-

Asian markets are mixed once again as traders await the Fed’s interest rate decision this week, with Japan’s Nikkei and Topix both up and South Korea’s Kospi and Hong Kong’s Hang Seng down. Over on Wall Street, futures point to a lower open, after the Dow Jones fell yesterday to log its longest losing streak since 2018.

TASI	12,097	+0.3% (YTD: +1.1%)
MSCI Tadawul 30	1,518	+0.3% (YTD: -2.1%)
NomuC	31,144	-0.1% (YTD: +27%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,799	+0.1% (YTD: +23.7%)
ADX	9,280	+0.2% (YTD: -3.1%)
DFM	5,048	+4.5% (YTD: +24.3%)
S&P 500	6,074	+0.4% (YTD: +27.3%)
FTSE 100	8,262	-0.5% (YTD: +6.8%)
Euro Stoxx 50	4,947	-0.4% (YTD: +9.4%)
Brent crude	USD 73.90	-0.8%
Natural gas (Nymex)	USD 3.21	-2.0%
Gold	USD 2,670	-0.2%
BTC	USD 105,823	+3.1% (YTD: +151%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.3% yesterday on turnover of SAR 4.8 bn. The index is up 1.1 % YTD.

In the green: Sidc (+4.3%), Riyadh Cables (+4.1%) And Fakeeh Care (+4.1%).

In the red: Chemical (-3.6%), Astra Industrial (-3.1%) And Care (-3.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% yesterday on turnover of SAR 81 mn. The index is up 27% YTD.

In the green: Balsm Medical (+30%), Neft Alsharq (+13.3%) and Rawasi (+7.3%).

In the red: Apico (-7.9%), Naseej Tech (-5.5%) and Mayar (-5.4%)

CALENDAR

DECEMBER

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

16-18 December (Monday-Wednesday): The International Forum for Saudi Reef, Intercontinental Al Ahsa.

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

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

18-19 December (Wednesday-Thursday): Forbes Middle East’s Women’s Summit, Riyadh International Convention and Exhibition Center.

18-22 December (Wednesday-Sunday): Next Gen ATP Finals, King Abdullah Sports City, Jeddah.

23-25 December (Monday-Wednesday): Retail offering for Almoosa Health’s Tadawul IPO.

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

24-25 December (Tuesday-Wednesday): Retail subscription period for Nice One’s Tadawul IPO.

29 December (Sunday): Final allocation for Almoosa Health’s Tadawul IPO.

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

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

JANUARY 2025

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

5 January (Sunday): Launch day for Riyadh Metro line 3.

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

14-16 April (Monday-Wednesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

21-24 April (Monday-Thursday): Saudi Food Exhibition and Conference, Riyadh.

22-23 April (Tuesday-Wednesday): AAM Middle East, Riyadh.

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

MAY 2025

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

23 May ( Friday): Guns N’ Roses Show, Riyadh.

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

JUNE 2025

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

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

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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