No income tax coming for individuals, Al Jaadan says. PLUS: WEF to meet in Riyadh in April

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Riyadh will play host to World Economic Forum meeting in April

Good morning, friends, and welcome to our final week of zero issues. EnterpriseAM Saudi will go live to the outside world on Sunday, 28 January.

We look forward to seeing some of you in Riyadh this evening for the launch of Mithaq Law Firm in Association with ALC Alieldean Weshahi and Partners. The firm will be the latest member of the Grimaldi Alliance.

Want to have coffee this week? Email patrick@enterprisemea.com.

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THE BIG STORY of the morning? Still the World Economic Forum, which key members of the cabinet economic team used as a global platform to drive forward the global conversation on the Saudi opportunity. We have the latest in this morning’s news well, below.

Don’t expect the conversation to end there: Riyadh will host a special meeting of the World Economic Forum 28-29 April. Global collaboration, growth, and energy will lead the agenda, said Economy Minister Faisal Alibrahim said on Friday in Davos. WEF in Riyadh won’t steal the spotlight from the Future Investment Forum, he added.

WATCH THIS SPACE-

#1- Not just another Bric in the wall:The government is still considering joining the Brics alliance as it assesses benefits, two sources told Reuters last week. “Saudi Arabia is assessing the benefits and then will make a decision, there is a process happening,” one of the sources said. They clarified that a set date of 1 January was not a deadline for the decision. Their statements come days after Commerce Minister Majid Al Kasabi said the Kingdom had not formally joined BRICS just yet.

The take-home message: “The Kingdom is a part of many multilateral platforms and multilateral institutions and whenever the kingdom is invited into one of them it goes through a process that is a multi-step process and at the end of it a decision is made,” Economy MInister Faisal Alibrahim said.

#2- PGM extends IPO subscription period: Stationary supplier Pan Gulf Marketing (PGM) has extended the subscription period for its planned IPO on Nomu until Monday, 29 January, Argaam reported last week, citing a complementary prospectus by the company. The book-building period for qualified investors was originally set for 10-18 January, with a set price range of SAR 51 to SAR 59 per share.

Background: PGM is planning to offer 600k shares — good for 12% of the company’s 50 mn capital. Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager, while PKF is acting as the legal advisor.

#3- Johnny Depp is back in the director’s chair — this time for Saudi-backed film Modi. No, not that Modi: The film, backed by Jeddah-based Red Sea Film Foundation, follows the life of Italian artist Amedeo Modigliani, the foundation said on Instagram yesterday. Al Pacino plays a supporting role as real-life French art collector Maurice Gangnat. It’s Depp’s first directorial outing in two decades.

DATA POINTS-

#1- Non-oil GDP is forecast to grow between 4.5% to 5% this year, Al Arabiya reports, citing statements by Economy and Planning Minister Faisal Alibrahim at the WEF in Davos. He also projected the tourism sector to grow by c. 4.4% this year.

In tune with what the pundits are saying: Non-oil GDP is expected to grow 3-4% every year through 2030 on the back of efforts to diversify away from oil, according to Moody’s Analytics in December. The World Bank said in November that it expects the non-oil economy to grow at a 4.3% y-o-y clip this year on the back of “looser fiscal policy, robust private consumption, and public investment drive,” cushioning a sluggish oil economy. The Finance Ministry is penciling in a more optimistic growth rate of 5.9% for non-oil activity in 2023.

#2- Tourist arrivals exceeded pre-pandemic levels recorded in 2019, growing 56% in 2023, according to the latest UNWTO Barometer (pdf). The Middle East was the only region to achieve growth on the 2019 figures with a 22% increase in tourist arrivals.

#3- Foreign investment jumped 4% y-o-y in 3Q 2023 to SAR 2.5 trn, Argaam reported last week, citing figures from SAMA. FDI account for 41%, or SAR 1.03 trn, of total foreign investment in the Kingdom.

HAPPENING TODAY

The Green Falcons will take on Kyrgyzstan today at 8:30pm KSA in their second game in the 2023 AFC Asian Cup in Doha.

The main message from coach Roberto Mancini? Don’t suffer a shock loss like tournament favorites Japan, which lost 2-1 against Iraq on Friday. "Kyrgyzstan are a very good team. You know what happened yesterday with Japan against Iraq -- nobody thought Iraq can beat Japan," he said yesterday.

ICYMI- It was a stunning comeback for the national team, who topped Oman 2-1 in their opener last week. Confusion over the VAR that saw a goal by defender Ali Al Bulayhi disallowed in injury time before it was awarded in the last minutes.

WEATHER- Expect clear skies in Riyadh and Al Khobar today with some sun and cloudy periods in Tabuk. Look for generally warmer weather this week before the mercury starts to dip next weekend.

Riyadh: 22°C daytime / 14°C overnight
Al Khobar: 23°C daytime / 12°C overnight
Tabuk: 25°C daytime / 8°C overnight

SPORTS-

#1- Riyadh will host the first World Snooker event to take place in Saudi Arabia with the addition of a 20-point golden ball that could allow players to complete a 167 break. The Riyadh Season World Masters of Snooker, which runs 4-6 March, will include the world’s top players with a USD 1 mn pool. It will follow existing rules, in addition to the 23rd “Riyadh Season ball” for players who complete a maximum break of 147.

Who’s playing? Seven-time world champion Ronnie O'Sullivan, 2019 winner Judd Trump and current holder Luca Brecel are set to play in the event. The other seven players and game schedule will be confirmed in the coming weeks.

#2- D.C United is coming to town: Major League Soccer side DC United will travel on Tuesday to the Kingdom for friendlies against Al Wehda and Al Ettifaq as part of its preseason camp, The Washington Post reported last week.

The one you’re really waiting for: Inter Miami will play two matches in Riyadh, including a game against Al Nassr on 1 February which will see long-time rivals Lionel Messi and Cristiano Ronaldo going head-to-head.

#3- Audi’s Carlo Sainz won the Saudi Dakar Rally for a fourth time on Friday. It’s the fourth time he has finished first in the car category. American Ricky Brabc won the motorcycle category for Honda.

#4- Team Saudia took home the Richard Mille AlUla Desert Polo yesterday, notching a 9-5 victory over Richard Mille. It’s the only modern polo tournament to be played in the desert.

#5- Henderson out: English midfielder Jordan Henderson has returned to Europe, joining Ajax just six months after his move to Al Ettifaq, he said on X. “I’m sad to say that I will be leaving Al Ettifaq with immediate effect. It wasn’t an easy decision but one that I feel is best for me and my family,” he said.

Is Benzema next? French forward Karim Benzema is reportedly weighing options to leave in the January transfer window just a little over six months since he joined the club, sources told ESPN.

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THE BIG STORY ABROAD-

Talk of an “undeclared regional war” is driving the conversation on our part of the world in a growing number of global business news outlets. “Risk of a regional conflagration is growing daily,” Bloomberg reports, noting that the UAE’s ambassador to the UN, Lana Nusseibeh, told it in an interview that “the risks are high, the war in Gaza is very clearly an open wound and it’s destabilizing the region.” The US, she said, needs to support an immediate ceasefire in Israel’s war in Gaza.

WATCH THIS SPACE- Beijing may step up its diplomacy in the region in a bid to de-escalate tensions. While officials are yet to signal formal diplomatic or military involvement, policymakers in China are becoming worried that disruption to Red Sea shipping could threaten their economy as it causes “huge losses for Chinese companies,” the Financial Times writes. The salmon-colored paper believes that Washington has asked Chinese diplomats to consider pressuring Iran to rein-in the Houthis.

Per the Wall Street Journal: “Violence from Lebanon to Iraq to the Red Sea all but amounts to an undeclared regional war, with Iran-backed militants fighting Israel and the US,” it writes in what it’s pitching as “ a guide to the Middle East’s growing conflicts.”

Tell us something we didn’t know: The oil market is “bracing for a weeks-long disruption” to shipping in the Red Sea, Bloomberg reports, saying data shows a growing number of tanker charters are being booked for routes that go around the Cape of Good Hope. Cruise lines are also giving the Red Sea a pass, Reuters notes.

Also making headlines:

OpenAI impresario Sam Altma is back to raising funds from GCC and other backers for a global network of chip factories to serve the booming AI industry, Bloomberg reports. Abu Dhabi’s G42 is said to be interested in investing and the Public Investment Fund has a track record of exploring chip investments with Altman.
A Japanese lander has made it to the surface of the moon, making Japan only the fifth country to make it to the surface after the US, the Soviet Union, China and India. The mission could be curtailed by a power problem on the Slim lander, the Guardian writes.

WASHINGTON WATCH

Nikki Haley is stepping up her assault on her former boss, Donald Trump, questioning his age and mental health as she heads into a critical primary on Tuesday.

Trump recently confused her with Nancy Pelosi while accusing the former House speaker of negligence during the 6 January 2021 attacks on the US Capitol. Voters need to think “beyond the two 80-year-olds,” she said, with the US “in disarray and the world on fire.”

Trump is now mocking Haley’s birth name, Nimarata, calling her “Nimbra” and questioning whether she was born in the United States.

Republicans in New Hampshire hold their primary on Tuesday, so expect lots of noise from the campaign trail in the days to come.

CIRCLE YOUR CALENDAR-

BiznEX International Exhibition will kick off on Sunday, 28 January at the Riyadh Convention Center and wrap up on Wednesday, 31 January. Register here.

The PIF Private Sector Forum takes place in Riyadh on Tuesday, 6 February to Wednesday, 7 February, the PIF said on Linkedin. The event will bring together the fund, portfolio companies, private sector and others to help advance economic growth.

The Saudi Capital Market Forum will open on Monday, 19 February and wrap up on Tuesday. Held under the theme “Powering Growth”, the event will bring together members of the global financial landscape for discussions on the capital markets and investment strategies.

Riyadh will host the International Conference on Sand and Dust Storms in the ArabianPeninsulafrom Monday, 4 March to Wednesday, 6 March. The conference will address regional challenges caused by sand and dust storms and discuss monitoring systems, mitigation strategies, economic and infrastructural impacts, and more.

Tickets are on sale for the 2024 Saudi Arabian Grand Prix, scheduled for Jeddah from 7-9 March.

Riyadh will host a World Economic Forum special meeting on 28-29 April.

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

Saudi Finance Minister Mohamed Al Jadaan on reform, taxation, and the outlook for oil

Key takeaways from Finance Minister Mohammed Al Jadaan’s interview with Bloomberg TV on Friday on the sidelines of WEF in Davos (watch, runtime: 7:31):

TOP PRIORITIES FOR 2024

Reform + diversification: The government plans to “double down on what we are doing in terms of reform and diversifying our economy,” Al Jadaan said, suggesting that policymakers are set to put more firepower behind the country’s economic transformation plan initiated in 2016.

Regional diplomacy: “We don’t want to be distracted by what’s happening, we don’t want to be derailed by what’s happening,” Al Jadaan added, suggesting that policymakers will keep their eyes on economic transformation, while Riyadh leverages its “diplomatic machine to make sure that we de-escalate in the region, bring wisdom, and try to find solutions to the situations in the region.”

OIL WATCH-

“I’m mot worried about that at all,” said Al Jadaan, highlighting that the ministry’s conservative budget approach safeguards against market turmoil and volatility — including dipping oil prices. State revenues still exceeded expectations even as oil ended 2023 at a 20% discount to the projected USD 100 a barrel and production was 17% less than projected (11 mn barrels a month), Al Jadaan explained.

PACING OUT GROWTH-

“The game is efficiency, and the game is economic value,” said the fiscal policy chief, reiterating that the government’s decision to pace out growth by expanding the timeframe for some economic development projects is aimed at managing the import bill and inflation. “We [policymakers] want to make sure that every SAR we spend in the economy is not leaking,” and not fueling inflation.

TAX POLICY-

“There is no intention at all in Saudi Arabia to impose income tax on individuals,” the minister highlighted, explaining that the tax revenues are levied on corporates and foreign investors, while locals pay Zakat. “We are trying to rationalize some of the burden on the economy to make it even more business friendly.”

DEBT WATCH-

The latest three-tranche, USD 12 bn debt financing will be used to fund some of the country’s fiscal deficit, and fast-track projects particularly in the fields of logistics, water treatment, and renewable energy, Al-Jadaan added. “We will tap the markets as opportunities arise,” he said, signaling a plan to sell more bonds.

Saudi Tadawul Group acquires strategic stake in Dubai Mercantile Exchange, rebrands to Gulf Mercantile Exchange

Saudi Tadawul Group (STG) is acquiring a 32.6% stake in Dubai Mercantile Exchange (DME) for USD 28.5 mn, according to a press release. The acquisition will see STG acquiring the strategic stake in DME’s parent company, DME Holdings Limited, making it the company’s largest shareholder, along with financial services company CME Group, Reuters reports. Other DME Holdings Limited shareholders include Oman Investment Authority and Dubai Holding. The agreement gives STG the option to buy more shares in the future.

A regional rebrand: Saudi Tadawul will rebrand the DME as the Gulf Mercantile Exchange, which the company says is meant to emphasize the exchange’s regional and global significance.

The fine print: The Gulf Mercantile Exchange will continue to operate out of the Dubai International Finance Center and be regulated by the Dubai Financial Services Authority. CME Group will continue to provide the exchange’s technology and clearing services.

Keeping the DME Oman contract out of it: The agreement stipulates that no changes will occur to any aspect of DME Oman contract and that “no Saudi Arabian crude oil contract will be traded, sold or bought on, or indexed to, nor will Saudi crude be delivered against, the DME Oman contract via DME” to maintain neutrality and price discovery.

What is the DME Oman contract? DME hosts the DME Oman contract, the world's largest physically delivered crude oil generator. This contract ranks as the third most important global benchmark for crude oil and is used by five national oil companies in GCC countries.

Meatpacking giant JBS wants to expand its footprint in Saudi Arabia with another farm in Qassim

Brazil-based meat giant JBS is mulling a USD 2 bn investment to establish a livestock farm in Qassim, Aleqtisadiah reported last Thursday. The farm could export some of its production to neighboring countries, the news outlet says, citing remarks by JBS Global President of Operations Wesley Batista on the sidelines of WEF in Davos. Information about the timeframe for the potential investment wasn’t disclosed.

The investment has been in the works for a while now: Brazilian President Luiz Inacio Lula da Silva headed a delegation to the Kingdom last November to chew over new investments in town. Batista and JBS joined the delegation accompanying Lula. “Every day we become more interested in exploring the possibility of making much more relevant investments than we had been thinking about in the past,” Reuters reported Batista as having said at the time.

Not a stranger: The animal protein processor acquired a plant in Dammam in 2022 and there is another currently under construction in Jeddah, the newswire reported. The Jeddah facility is expected to drive a 4x increase in the company’s processed chicken production to 40k metric tons annually, the newswire reported citing a statement by parent company J&F Investimentos.

Saudi mobile network operator Mobily secures SAR 4.8 bn in murabaha agreement with SNB. PLUS: BSF wraps up a sukuk offering

Mobily refinances some of its debt with a USD 1.3 murabaha facility from SNB:Telecoms giant Etihad Etisalat (Mobily) has inked a SAR 4.8 bn (USD 1.3 bn) murabaha financing agreement with Saudi National Bank (SNB), the company said in a statement to Tadawul last week. The agreement plays into the operator’s long-term financial strategy and its capital restructuring objectives.

Terms & conditions: The shariah-compliant loan comes with a seven-year payback period, and is “characterized by favorable terms and competitive interest rates,” the statement read.The agreement does not include any mortgages or financial guarantees.

Settling an old bill + boosting its working capital: Some SAR 3.7 bn out of the Murabaha proceeds are earmarked to partially refinance Mobily’s existing debt obligations — which currently amount to SAR 5.3 bn. The facility’s remaining SAR 1.1 bn will be used to finance the company’s operational capital, according to the disclosure.

Murabaha? Murabaha financing is often used instead of loans in Islamic finance given that interest-bearing loans are prohibited under Islamic Shariah. It sees the seller and buyer agree to the cost and markup of an asset, with the markup replacing interest. A seller and buyer agree to the cost and the markup, which are paid back in installments.

2023 was a good year: Mobily’s bottomline for 9M 2023 jumped 41% y-o-y to c. SAR 1.5 bn on the back of higher revenues, according to the company’s latest financial statements in October.

IN OTHER ISLAMIC FINANCE NEWS-

Banque Saudi Fransi (BSF) wrapped up its USD-denominated sukuk issuance on Friday, according to a disclosure to Tadawul. The issuance is part of the lender’s USD 4 bn trust certificate issuance program, rated A- by S&P global. There was no publicly available information about the size of the actual allocations by the time we clicked send on this issue. Expect BSF to make a regulatory filing about the transaction today.

The details: The London-listed offering has reportedly received orders worth USD 3 bn, according to a document seen by Reuters. The shariah-compliant securities reportedly carried a five-year maturity and traded at a 105 bps premium to their US treasury counterparts, the newswire added. The required minimum subscription is USD 200k at increments of USD 1k in excess.

What we know: The issuance will be made available for subscription to local and international investors through a special purpose vehicle with proceeds earmarked to support the lender’s Islamic finance business.

ADVISORS- BSF has hired Citigroup Global Markets, Emirates NBD Bank, HSBC Bank, Merrill Lynch International, Mizuho International, and Saudi Fransi Capital as joint lead managers on the transaction.

Not the first: Last year, BSF closed a USD 900 mn RegS senior unsecured sukuk issuance that was 3x oversubscribed. The London-listed issuance offered an annual yield of 4.75% with a five-year maturity.

Southern Province Cement appoints new Chairman

SPCC names new chairman: The Southern Province Cement Company has appointed Saad Abdulaziz Alkroud (Linkedin) as its new chairman, it said in a disclosure to Tadawul last week. Alkroud is currently chief of staff at the PIF. He is also the vice chairman of Alinma Bank and a board member of several PIF-owned companies, including Albalad Development Company, Diriyah Gate, and Taqnia.

Sports, entertainment + AI lead the conversation on Saudi this morning

AND- The PIF a key backer of EV racing leagues, Bloomberg reports.

PLUS- Saudi Arabia goes big in Davos as it looks to become a top AI tech hub for the Middle East, writes CNBC.

MEANWHILE- Homegrown cinema chain Muvi is getting love from Variety and the PFL’s first pay-per-view event in the Kingdom next month, which was aided by a minority stake acquisition by the PIF in the MMA promotion, is getting ink from Bloomberg.

Not a day goes by without a mention for Riyadh as the regional crisis continues, with Bloomberg out with a piece on how an Arab proposal for Gaza post war is facing obstacles from Israeli Prime Minister Benjamin Netanyahu’s right-wing coalition.

Gov’t signs agreements with WEF for sustainability. PLUS: Solutions renews debt facilities with SNB

SUSTAINABILITY-

The Economy and Planning Ministry signed two agreements with the WEF UpLink platform aimed at expanding their partnership through mobilizing global solutions to critical environmental and sustainability challenges, according to a Ministry statement last week. They aim to spur investments for solutions related to ocean degradation, biodiversity loss, and the circular carbon economy.

Uplink? It is a WEF initiative that links entrepreneurs to investors and others in a bid to scale innovation technologies towards a more sustainable future.

Background: The latest agreement expands on the 2022 MEP-UpLink partnership, with initiatives such as 'Food Ecosystems in Arid Climate Challenge' and the 'Smarter Climate Farmers Challenge.'

ISLAMIC FINANCE-

Solutions by STC + SNB: Arabian Internet and Communications Services Company (Solutions) has renewed its short-term debt facilities with the Saudi National Bank (SNB) for a period of one year with a limit increase to SAR 1 bn, it said in a statement to Tadawul. The IT services provider has also renewed its SAR 500 mn medium-term debt facility for a period of five years from the June 2022 utilization date. The renewal of Solutions’ short term facilities will support the company’s working capital and fund the issuance of letters of credit.

INVESTMENT-

SASCO inks three SAR 3.4 mn fuel station contracts: Saudi Automotive Service Company (SASCO) has inked SAR 3.4 mn contracts worth a total with the State Properties General Authority for three fuel station sites in the Eastern Province, it said in a statement to Tadawul. The contracts will run for a period of 15 years and their value is set to increase by 10% every 5 years. It’s unclear whether SASCO will own the subject three new gas stations or will operate them under a lease. SASCO operates 541 stations, with another 50 set to go live this year.

MINING-

Commercial production in the Mansourah & Massarah gold plant has started, Ma’aden said in a disclosure to Tadawul. The project was implemented by the Outotec and Larsen & Toubro consortium under a SAR 2.3 bn EPC contract in 2019 with Ma’aden Gold & Base Metals Company. The mine is expected to produce 250k ounces of gold annually.

EARNINGS WATCH-

Tadawul-suspended Saudi Cable recorded a bottomline of SAR 39 mn in 1Q 2023, reversing losses worth SAR 18.5 mn in 1Q 2022, it said in a disclosure to Tadawul. The turnaround is attributed to a reversal of a Zakat provision along with good results from a unit of the company. The topline fell 67% y-o-y to SAR 11.7 mn in 1Q 2023 on sliding sales and some contract expiries.

ALSO ON OUR RADAR Arabian Internet and Communications Services Company Asir Eastern Province Mansoura and Massara mining MSB Holding Pan Gulf Marketing Royal Road Minerals Royal Roads Arabia SASCO Saudi Automotive Service Company Saudi Cable Saudi National Bank SNB Solutions STARTUP WATCH State Properties General Authority

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PLANET FINANCE

US stocks are in a bull market. Can it last?

Wall Street confirmed on Friday that it’s in a bull market, but pundits are already wondering how much longer it can last. The S&P 500 gained 1% to close at an all-time high on Friday, confirming it’s in a bull market that began last October. The S&P, Dow and Nasdaq composite are all now in positive territory for 2024 despite macro headwinds gathering globally and political uncertainty in the United States.

What gives? “The [US] stock market keeps scaling new heights as investors focus on the good and ignore the bad, no matter how bad the bad parts might look sometimes,” CNBC writes. The US economy is relatively solid, and one pundit refers to less-welcome international news (including the Houthis attacking Red Sea shipping) as “noise.”

Is it a sputtering bull market? The Financial Times is among a handful of outlet that sees clouds when it takes a step back: Tech stocks are doing a lot of the heavy lifting, whereas a month ago the rally was a much more broad-based. “A rally of almost 16% in the last two months of 2023 has ebbed in the new year,” it writes, and the S&P was dragged past the goalpost by a handful of tech stocks on Friday. Nvidia climbed 4.2%, and AMD surged 7.1%.

Don’t expect the Fed to give much support when it meets next week, Bloomberg suggests. “Investors eager for interest-rate cuts keep asking policymakers, ‘Are we there yet?’ The repeated reply so far: ‘Soon, but not quite yet.’” The business information service sees the Fed leaving rates unchanged for a fourth straight meeting when it meets 30-31 January, leaving investors to parse language about what they could expect from March onward.

Across the ocean: European shares closed down slightly on Friday, with only the FTSE100 bucking the trend (it closed flat).

TASI	11,959.07	-0.9% (YTD: -0.1%)
MSCI Tadawul 30	1,549.09	-1.2% (YTD: -0.1%)
USD : SAR (SAMA)	3.75 Buy	3.75 Sell
Interest rates	6% repo	5.5% reverse repo
EGX30	26,842.67	+0.3% (YTD: +7.8%)
ADX	9,712.40	-0.1% (YTD: +1.4%)
DFM	4,081.71	+0.7% (YTD: +0.5%)
S&P 500	4,839.81	+1.2% (YTD: +1.5%)
FTSE 100	7,461.93	+0.04% (YTD: -3.5%)
Euro Stoxx 50	4,448.83	-0.1% (YTD: -1.6%)
Brent crude	USD 78.56	-0.7%
Natural gas (Nymex)	USD 2.52	-6.6%
Gold	USD 2,048.60	+0.4%
BTC	USD 41,811.54	+0.4% (YTD: +55.6%)

THE CLOSING BELL-

The TASI fell 0.9% yesterday on turnover of SAR 9.7 bn. The index is down 0.1% YTD.

In the green: MBC Group (+10%), Mepco (+6.6%) and Ayyan (+5.2%).

In the red: Albaha (-6.7%), APC (-5.7%) and Teco (-5.6%).

CORPORATE ACTIONS-

Walaa Cooperative Ins.has appointedAljazira Capital as its financial advisor to manage its capital increase through a rights offering.

FM says normalization with Israel conditioned on formation of Palestinian state

FM talks Gaza, normalization of ties with Israel: Foreign Minister Faisal bin Farhan has urged a “credible and irreversible path to a Palestinian state” in an interview with NBC (watch, runtime: 1:50) over the weekend. “I think irreversible is the thing we need to underline because that’s been lacking in the past,” he said.

On the possibility of normalizing ties with Israel, he said the Kingdom has been prepared to move towards establishing diplomatic ties with Tel Aviv “provided we have addressed the issue of Palestine and the Palestinian state … We do need to see the formation of a Palestinian state before we move forward.”

CALENDAR

JANUARY

22-24 January (Monday-Wednesday): Real Estate Future Forum, Riyadh.

26 January (Friday): Andrea Bocelli concert, AlUla.

26-27 January (Friday-Saturday): 2024 Diriyah E-Prix, Diriyah.

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

28-31 January (Sunday-Wednesday): BiznEX, the Riyadh International Convention and Exhibition Center, Riyadh.

FEBRUARY

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

8 February (Thursday): end of Tuwaiq International Sculpture Symposium, Riyadh.

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

9 February- 23 March (Friday-Saturday): Desert X ALUla, AlUla

11- 12 February (Sunday-Monday): The Space Debris Conference, Securing the Future Growth of the Global Space Economy, Riyadh.

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

19-20 February (Monday-Tuesday: Saudi Capital Market Forum, King Abdullah Financial District, Riyadh.

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

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

26-29 February (Monday-Thursday): FM EXPO SAUD

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

MARCH

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

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

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

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

Signposted to happen sometime in March:

Ramadan

APRIL

28-29 April (Sunday-Monday): World Economic Forum’s Special Meeting, Riyadh.

29 April-1 May: Future Hospitality Summit at Al Faisaliah Hotel, Riyadh.

Signposted to happen sometime in April:

Eid Al-Fitr (national holiday)

MAY

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

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

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

5 June (Wednesday): World Environment Day.

Signposted to happen sometime in June:

Eid Al-Adha (national holiday)

AUGUST

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

SEPTEMBER

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

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

DECEMBER

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

Signposted to happen sometime in 2024:

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