Non-oil business activity posts strong expansion in August.

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WHAT WE’RE TRACKING TODAY

THIS MORNING: PIF looking to fully exit Al Hilal?

Good morning, everyone, and happy THURSDAY. The last day of the week is bringing the news cycle to full throttle, with the latest Riyad Bank Purchasing Managers’ Index showing stron non-oil activity expansion in August, the government closing a USD 5.5 bn sukuk issuance, and a UK-Saudi investment summit unveiling over GBP 360 mn in investments. Let’s dive in.

HAPPENING TODAY-

It’s the second and final day of the Sustainable Maritime Industry Conference (SMIC) The event draws 50 transport ministries, ambassadors and maritime leaders, along with 60 sponsors and 3k participants to the Ritz Carlton, Jeddah. Discussions will cover maritime decarbonization, digitalization and security, regulatory frameworks, and sustainable marine practices, alongside workshops and site visits.

WEATHER- Riyadh is bracing for a scorching 42°C with the mercury dipping to 31°C overnight. Jeddah’s coastal heat will peak at 39°C and bottom out at 31°C, while Makkah’s highs are set to hit 43°C before cooling to 31°C.

PSAs-

#1- The Public Transport Authority has issued new draft regulations for public and airport taxis, now open for public feedback, the Saudi Gazette reports. The proposed rules would allow in-vehicle advertising in non-distracting areas and permit pets to be transported in cages. They also specify when drivers may refuse service, such as cases involving smoking passengers or aggressive behavior.

Driver obligations: Drivers must use fare meters — failure to do so makes the trip free — and maintain both personal and vehicle cleanliness while complying with a dress code. Public taxis are allowed to carry passengers outside their licensed city, while airport taxis would be limited to one-way trips departing from the airport.

#2- Applications are now open for the 95th National Day seasonal discount licenses for retail and e-commerce stores, with discounts running from 16 to 30 September, the Commerce Ministry said on X on Tuesday. Retailers can apply electronically through the ministry’s portal, obtain and print licenses, and display them without affecting their annual discount quota. Consumers can verify discounts by scanning the unified QR code on license, which shows the type, percentage, duration, and store details.

WATCH THIS SPACE-

#1- PIF looking to fully exit Al Hilal? The Public Investment Fund (PIF) is said to be in early talks with Prince Alwaleed bin Talal to divest its entire 75% stake in Al Hilal Football Club to the b'naire royal and founder of Kingdom Holding, Bloomberg reports, citing people it says are in the know. The other 25% of the Riyadh-based club is owned by Al Hilal Non-Profit Foundation, established specifically for this purpose. The non-profit already receives much of its funding from Alwaleed, the business information service said.

ICYMI- PIF was handed control of Al Hilal, along with Al Ittihad, Al Ahli, and Al Nassr, in June 2023 as part of the first phase of the Kingdom’s football privatization drive.

REMEMBER- We are two weeks away from the end of the deadline for submitting expressions of interest for Al Najma and Al Okhdood to the Sports Ministry and the National Center for Privatization. The ministry is targeting about SAR 1.8 bn (USD 480 mn) in annual proceeds from this wave, which covers 14 clubs in total.

#2- National Signage Industrial Company’s (Sign World) stock gained 16.7% on its Nomu debut yesterday, closing at SAR 14, according to market data. The stock saw a high of SAR 15.1 in intraday trading and a low of SAR 11.7. More than 986.5 mn shares changed hands during the day, generating a total turnover of SAR 12.8 mn.

ICYMI- The firm took a 20% stake to market, raising SAR 18 mn in a primary offering which was 109% covered. Shares will be allowed to fluctuate within a 30% range and with a static band of 10%.

ALSO IN THE NOMU PIPELINE- Jamjoum Fashion Trading is guiding on a price range of SAR 140-145 per share for its 30% stake Nomu IPO. Wajd Life has also recently set its Nomu IPO price range at SAR 5.5-5.7 apiece. Meanwhile, Rawabi priced its shares at SAR 35 apiece. Property developer Hamad Mohammed Bin Saedan Real Estate set its IPO price at SAR 13.5. The Capital Market Authority has also recently approved the listing of online supplement store Alwazn Almithaly for Trading and two new equity funds on the parallel market.

#3- Global trade tensions and tariffs have had only a limited impact on the Kingdom’s financial and banking sector, with no disruption in banking operations, according to the Saudi Central Bank’s (Sama) statements to Aleqtisadiah. No decision has yet been made on launching a Saudi digital currency, Sama said.

The sector showed resilience in 1Q 2025, with a capital adequacy ratio of 19.3%, tier 1 capital at 18.1%, and non-performing loans at 1.2% of total lending. Liquidity indications also stayed strong, with the liquidity coverage ratio at 161.2% and stable funding at 110.8%.

OIL WATCH-

Opec+ could weigh another output hike when it meets on Sunday, Reuters reported yesterday, citing two sources familiar with the matter. This stands in contrast to Bloomberg’s survey, which found a strong consensus that Opec+ would hold supply steady. Seventeen respondents expected no change, while only six predicted a modest increase. Analysts said Riyadh was unlikely to push more barrels into the market immediately, as the Kingdom seeks to balance its market-share play against the risk of adding to a surplus and pressuring prices further.

Some analysts and an Opec+ source also told Reuters the cartel may hold off on fresh increases for October, Reuters added, clarifying that a final decision has yet to be made.

Another hike now would accelerate the unwinding of an additional 1.65 mn bbl / d of cuts — equal to 1.6% of global demand — more than a year ahead of schedule. The bloc has already added some 2.5 mn bbl / d since starting output hikes in April, reversing its 2023 supply curbs. Crude has stayed near USD 70/bbl, supported by Western sanctions on Russia and Iran, and by Opec+ supply falling short of pledges.

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THE BIG STORY ABROAD-

The S&P and the Nasdaq Composite inched up on Wednesday, with tech stocks buoyed by the court decision allowing Google to keep its Chrome browser. Economic data weighed on the indexes, however, after new US job numbers fell below 7.2 mn in July for the second time since the end of 2020, sparking fears that tariffs might have grinded the economy into a halt.

Meanwhile, US President Trump is doubling down on his tariff plan, asking the Supreme Court to take on and expedite ruling on a recent lower court decision that blocks most of his blanket tariffs. Courts have been handing Trump nothing but defeats recently, with the most recent ruling siding with Harvard University in its battle to restore USD 2 bn in research funding frozen by the White House earlier this year.

ALSO- a strongman show in Beijing: China’s President Xi Jinping hosted Russia’s Vladirimir Putin and North Korea’s Kim Jung Un in Beijing. Over 50k people gathered in Tiananmen Square to witness the huge military parade — marking 80 years since China’s victory over Japan — that saw the unveiling of laser weapons, robotic wolves, and nuclear missiles. Xi used the parade to deliver strong statements on “the choice” between peace and war, while Putin and Kim met for over 2 hours, discussing North Korea’s participation in the war on Ukraine.

Speaking of peace and war: The US conducted a strike in the southern Caribbean targeting what it claimed is a drug vessel that departed from Venzuela. The strike came a day after Venezuela's President Nicolas Maduro warned he would respond to any military action with an “armed fight.”

Non-oil business activity posts strong expansion in August

Non-oil business activity in Saudi Arabia gained more momentum in August, boosted by a marked upturn in new orders, according to the Riyad Bank Saudi Arabia PMI (pdf). The seasonally adjusted figure hit 56.4 during the month, slightly up from 56.3 in July. This reading, which is well above the 50.0 mark that separates growth from contraction, signals a solid expansion, though it remains notably lower than January’s peak of 60.5.

“August’s outturn is, on past form, consistent with non-oil GDP growth of around 1% q-o-q in Q3, broadly in line with Q2’s performance,” Capital Economics’ James Swanston noted in a recent research note seen by EnterpriseAM.

New orders saw a slight uptick in August, supported in part by a renewed growth in export sales. Firms attributed this improvement to enhanced marketing efforts in external markets, stronger collaborations with clients in the GCC. Additional support came from rising client demand and domestic infrastructure projects.

Output growth picked up in August, but the overall increase remained just above the 42-month low recorded in July. Firms reported that better economic conditions, stronger sales, and proactive marketing efforts supported the rise in business activity.

Purchasing activity and inventories saw a significant boost: Businesses accelerated their purchasing activity in August at a faster rate than in July. This led to a four-month high in total inventories, as firms stepped up purchasing to meet current and expected demand.

Employment also continued to increase sharply, with the pace of expansion being the softest since May, though it remained historically robust. This rise was largely driven by expanded sales departments, fresh project initiations and rising skills requirements. “Employment trends remained broadly supportive, with firms continuing to expand their headcounts to meet current and expected demand,” Riyad Bank Chief Economist Naif Al Ghaith wrote in the report.

Ongoing cost pressures pushed selling prices up: Input costs rose sharply in August, mainly due to a sharp rise in purchasing prices. “Input prices remained elevated due to persistent pressures on material, transport, and technology-related expenses. Wage pressures eased slightly, but firms still faced broad cost challenges. With an increase in demand and the above factors, output prices continue to grow, though increases were generally modest,” Al Ghaith noted.

Business sentiment remains positive: Output expectations improved in August after hitting a 12-month low in July. Firms pointed to increased demand, ongoing projects, and supportive government policies as key drivers of their positive outlook.

The bigger picture: Looking ahead, non-oil sector activity across much of the Gulf is forecast to moderate, Swanston noted. “Low oil prices will more than offset rising output volumes and, in turn, export receipts will be weaker this year than last,” Swanston wrote, adding that “current account and budget balances will deteriorate, prompting officials to make fiscal policy less supportive.”

ELSEWHERE IN THE REGION-

In the UAE, the non-oil private sector continued to lose momentum in August, with the headline PMI pdf coming in at 53.3 from a 49-month low of 52.9 in July.
Egypt saw a modest contraction in its non-oil private activities (pdf), with the headline PMI recording 49.2, marking a slight acceleration in contraction from July’s 49.5;
Kuwait’s non-oil private sector saw further improvement in business conditions, albeit at a slower pace, with the headline PMI coming in at 53.0 (pdf).

UK-Saudi summit unveils over GBP 360 mn in investments

A UK-Saudi summit in London has wrapped up with over GBP 360 mn in new joint investments, the UK's Department for Business and Trade said in a statement. The agreements, unveiled by UK Business Secretary Jonathan Reynolds at the Great Futures Summit, are expected to create 187 jobs in both countries, with 97 of them located in the UK.

The closing conference was attended by the largest Saudi trade delegation to date, including 195 business leaders and 33 government officials, as well as over 320 representatives of British companies and some 30 UK government officials, state news agency SPA reported.

THE BREAKDOWN-

The clean energy sector received the largest single investment: Alfanar launched its new UK headquarters in London with a GBP 94 mn investment to support the GBP 2 bn Lighthouse Green Fuels project in Teesside, set to become the world's largest facility for sustainable aviation fuels, according to the statement.

In the financial sector, International Investment Gate (IIG) is opening its European HQ in London to oversee GDP 550 mn of UK assets and a new GBP 60 mn UK property fund. Meanwhile, Lexham Partners and ANB Capital are launching the first institutional USD 200 mn Middle East and North Africa (MENA) Growth Fund to back the region's tech companies. UK’s Salica Investments will also launch a USD 75 mn fund focused on the MENA region.

UK firms are expanding their presence in Saudi Arabia, including:

Global insurance group Howden is launching a reins. business in the Kingdom as part of a multi-mn GBP investment;
Control Risks is establishing a regional HQ in Riyadh;
Fintech Paymentology is committing USD 7.5 mn to establish a presence in Riyadh,

The education and skills sector saw more than 10 new partnerships, including Cambridge University Press and Assessment establishing an office in Riyadh to support education transformation.

Going strong: The Great Futures campaign, launched in Riyadh in May 2024, secured over GBP 3.7 bn in agreements and created more than 4.1 UK jobs since its launch in May 2024, according to the statement.

Saudi Arabia’s USD 5.5 bn sukuk sale draws USD 17.5 bn in orders

The Kingdom sold USD 5.5 bn in a two-part sukuk sale yesterday, Bloomberg reports. The issuance was split into a USD 2.25 bn five-year note and a USD 3.25 bn ten-year bond.

The details: The sale was heavily oversubscribed, attracting some USD 17.5 bn in orders. Strong demand allowed for tighter pricing than initial guidance; the five-year tranche priced at 65 basis points (bps) over US Treasuries, down from initial guidance of around 95 bps, while the ten-year tranche priced at 75 bps, down from 105 bps. Settlement is expected on September 9, 2025.

The sale brings Saudi Arabia's total international debt issuance this year to nearly USD 20 bn, putting it on track to challenge the 2017 record of USD 21.5 bn and reinforcing its position as one of the most active issuers in emerging markets, the business information service said.

Banks leading the sale: The issuance was arranged primarily by Citigroup, HSBC Holdings, JPMorgan Chase, and Standard Chartered, according to Bloomberg’s sources.

IN CONTEXT- This borrowing supports a fiscal deficit projected by both Riyad Capital and the IMF to reach 4.3% of GDP this year — a level the IMF considers appropriate for funding Vision 2030 projects. Riyad Capital anticipates the deficit will narrow to 3.4% next year, driven by a planned fiscal consolidation that follows a 32% cumulative rise in government expenditure between 2021 and 2024.

DATA POINT- Budget deficit narrowed to SAR 34.5 bn in 2Q 2025 from SAR 58.7 bn in the previous quarter. Government revenues reached SAR 301.6 bn during the quarter, down 15% y-o-y, while expenditures fell 9% y-o-y to SAR 336.1 bn.

Rumah 2 and Nairyah 2 gas-fired plants reach financial close

Financially closed: A consortium led by Abu Dhabi National Energy Company, Japan’s Jera, and Albawani Capital has reached financial close on the Rumah 2 and Al Nairyah 2 combined-cycle gas turbine (CCGT) power plants, according to a press release (pdf). The projects will add 3.6 GW of capacity — 1.8 GW each — to the kingdom’s grid under a 25-year power purchase agreement with the Saudi Power Procurement Company.

The projects are valued at around USD 4 bn, with senior debt and equity bridge loans covering more than 80% of total costs. Banks providing funding include Al Rajhi Bank, Riyad Bank, Saudi Awwal Bank, Saudi National Bank, APICORP, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Bank of China, and First Abu Dhabi Bank.

A big lineup: Taqa holds 49% stake in the projects, while Jera holds 31%, leaving the remaining 20% for AlBawani. China’s Harbin Electric International and China Tiesiju Civil Engineering Group were awarded EPC contracts, with Siemens Energy supplying turbines and equipment under long-term service agreements.

REFRESHER- In November, Taqa, Japan’s Jera, and Saudi’s Al Bawani were awarded contracts on a build, own, and operate basis for the two plants, with Taqa acting as the managing and technical lead, and Jera serving as a technical member.

Timeline: Simple cycle operations are set to begin in 2027, with full operations slated for 2028.

Saudi-German partnership to launch SAR 1 bn flying ambulance plant in the Kingdom

Saudi Arabia is set to host the region’s first factory for manufacturing unmanned flying ambulances, after Al Raya Security Systems signed an agreement with and Germany’s Avilus, Al Raya’s CEO Firas Fawaz Al Hadrawi told Asharq Business (watch, runtime: 5:59). The agreement follows an MoU signed between the two firms last month.

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The project will launch with an initial investment of SAR 50 mn, which is expected to reach SAR 1 bn as production lines are completed. The first locally produced flying ambulance is anticipated by mid-2027. The companies are now in the process of acquiring the necessary licenses.

Heavy lifting: The AI-equipped ambulances can carry patients up to 170 kg and medical equipment, while transmitting vital signs to treatment centers and providing in-flight support. They are designed to speed up emergency response in remote and difficult-to-reach locations like high altitudes, flooded areas, and highway accidents.

A strategic pivot: The plan shifted from importing the ambulances from Germany to manufacturing them locally, a decision driven by Saudi Arabia’s favorable regulatory and industrial environment, Al-Hadrawi said.

The sky will be busy with drones: US-based Matternet M2 delivery drones received regulatory approval in January, while the UAE’s Aramex planned to launch a drone delivery project by February, and Flynas has testing its eCopter prototype this year. In the industrial sector, Japan's Terra Drone partnered with Aramco in April for facility inspection drone tests. The Interior Ministry has also deployed high-altitude road security drones.

ANB closes AT1 sustainable sukuk days after BSF, Alinma, and SAB offerings

ANB wraps up AT1 sukuk sale: Tadawul-listed lender Arab National Bank (ANB) closed a USD 750 mn AT1 sustainable sukuk, after opening earlier this week to both local and international investors, according to a bourse disclosure. Settlement is slated for Tuesday, 9 September. The perpetual notes carry a 6.4% coupon, a five year call option, and will be listed on the London Stock Exchange. The Reg S-compliant sukuk falls under ANB’s AT1 capital sukuk program.

ICYMI- ANB last raised SAR 3.35 bn in a sukuk offering via private placement in February under its SAR 11.35 bn AT1 capital sukuk program.

THE BIGGER PICTURE- Saudi banks are ramping up activity in the green capital markets. Just last week, BSF wrapped up a USD 1 bn Tier 2 issuance, while SAB and Alinma also tapped the market with USD 1.25 bn and USD 500 mn deals, respectively.

ADVISORS- Our friends at HSBC acted as joint lead managers and bookrunners, alongside ANB Capital, Arqaam Capital, Citigroup Global Markets, Crédit Agricole Corporate and Investment Bank, Deutsche Bank, Kamco Investment, Merrill Lynch International, SMBC, and Standard Chartered.

PIF-backed Saudi bond ETF cross-listed on Singapore Exchange

CAPITAL MARKETS-

#1- Saudi bond ETF makes its debut in Singapore: US-based State Street Investment Management cross-listed the SPDR JP Morgan Saudi Arabia Aggregate Bond UCits ETF on the Singapore Exchange, with the Public Investment Fund (PIF) as the anchor investor, according to a press release. The fund tracks the JP Morgan Saudi Arabia aggregate Index and gives investors exposure to fixed income instruments.

REFRESHER- The PIF invested USD 200 mn in the Saudi-focused ETF — which launched on the Deutsche Boerse last December before being listed in London and Milan — earlier this year as a seed investor. The ETF targets USD- and SAR-denominated government and quasi-government debt instruments, including sukuk.

#2- Merrill Lynch Kingdom of Saudi Arabia received the Exchange’s approval to conduct market making on Flynas and Baan Holding Group shares as of today, according to a disclosure to Tadawul released yesterday.

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LOGISTICS-

FedEx launched its first dedicated flight to Saudi Arabia, establishing the Kingdom’s first nonstop express route from the US and Europe, it said in a statement. Operating six times a week on a B777 freighter, the service offers onward connections to Guangzhou and Shanghai and can transport oversized, heavy, temperature-controlled, and dangerous goods for sectors including energy, manufacturing, mining, healthcare, and automotive.

The move supports FedEx’s broader expansion in Saudi Arabia, which includes plans for a regional hub at King Salman International Airport and the rollout of FedEx Logistics to provide freight forwarding services.

ICYMI- Earlier this week, the logistics giant inaugurated its new Riyadh head office to oversee operations in Qatar, Bahrain, and Kuwait, and acquired its economic license from the General Authority of Civil Aviation (Gaca).

OIL & GAS-

Ades Holding signed a four-year contract extension worth an estimated SAR 808 mn with QatarEnergy for its jackup rig Aquamarine Driller, it said in a disclosure to Tadawul yesterday. The contract includes an option for three additional one-year extensions.

USD under pressure on Fed cuts and independence doubts

The USD is set to remain under pressure in the coming months as markets weigh further Fed rate cuts and questions over the Fed’s independence, a Reuters FX poll shows. The greenback has already shed nearly 10% y-t-d against a basket of peers — the weakest performance among major currencies — as the short-USD trade has dominated since late March.

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Survey respondents expect the trend to persist, with nearly 80% of strategists seeing net short positions rising or holding steady. “The [USD] will face some pressure to soften into the end of the year,” said HSBC’s Paul Mackel.

Over in Asia, the INR has been among the hardest hit, with the currency touching a record low of 88.33 against the USD on Monday before stabilizing after the Reserve Bank of India used part of its USD 690 bn in reserves to intervene, Reuters separately reported. It has fallen about 3% this year on USD 15 bn in equity outflows, compounded by Trump-era tariffs on Indian goods and tensions over Russian oil imports.

Some near-term relief has emerged: The INR has gained for two sessions, closing at 88.07 yesterday, supported by a softer USD index and stronger local equities, Reuters reports separately. A Reuters poll put the median forecast at 88.04 by month-end, though about one-third of analysts warn it could drift towards 90 if the 50% US tariff on Indian goods remains in place.

Longer-term projections are split: Many expect the INR to hold around 88 over the next year, but top forecasters at Nirmal Bang and HDFC see fresh lows near 90. “The RBI's role would be to prevent panic selling rather than defend any particular level,” said HDFC’s Sakshi Gupta, who projects 89.5 by this time next year.

For now, traders caution that positioning is heavily skewed against the USD, leaving both the USD and INR vulnerable to sharp swings if inflation surprises or trade tensions escalate. “A big risk is the fact everybody seems to think the [USD] is likely to weaken,” Rabobank’s Jane Foley warned.

OTHER PLANET FINANCE NEWS-

Global bonds stayed under pressure yesterday, with the US 30-year Treasury yield briefly hitting 5% for the first time since July before easing to 4.97%, the Financial Times and Reuters report. UK 30-year gilts touched 5.75%, while Japan’s equivalent rose to a record 3.29%. The sell-off was fueled by heavy sovereign issuance — including a record GBP 14 bn UK syndication on Tuesday — stubborn inflation, and political strains.

ICYMI- Government bond markets have been gripped by a global rout, with yields at multi-year highs on swelling debt loads, tariff uncertainty, and political turmoil across Europe, the US, and Japan.

MARKETS THIS MORNING-

Asian markets are in the green, tracking Wall Street gains that came on the back of a tech rally. The only outlier, Hong Kong’s Hang Seng, is currently in the red, despite trading in the green in early trade. Meanwhile, Wall Street futures largely point to another strong open despite jitters about the US economy following a weak jobs report — though the Dow Jones, which fell yesterday, could open in the red.

TASI	10,619	-0.5% (YTD: -11.8%)
MSCI Tadawul 30	1,376	-0.6% (YTD: -8.9%)
NomuC	25,673	+0.1% (YTD: -18.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	3,491	-1.5% (YTD: +13.1%)
ADX	10,051	+0.2% (YTD: +6.7%)
DFM	5,974	-0.6% (YTD: +15.8%)
S&P 500	6,448	+0.5% (YTD: +9.6%)
FTSE 100	9,178	+0.7% (YTD: +11.1%)
Euro Stoxx 50	5,325	+0.6% (YTD: +8.8%)
Brent crude	USD 67.60	-2.2%
Natural gas (Nymex)	USD 3.08	+0.4%
Gold	USD 3,613.70	-0.6%
BTC	USD 112,109	+1% (YTD: +18.7%)
Sukuk/bond market index	913.70	0.0% (YTD: +1.3%)
S&P MENA Bond & Sukuk	148.24	-0.2% (YTD: +5.9%)
VIX (Volatility Index)	16.35	-4.8% (YTD: -5.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.5% yesterday on turnover of SAR 3.3 bn. The index is down 11.8% YTD.

In the green: Thimar (+10.0%), Red Sea (+4.9%) and Masar (+2.8%).

In the red: Build Station (-3.8%), Riyadh Reit (-3.5%) and NCLE(-3.2%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.1% yesterday on turnover of SAR 49.6 mn. The index is down 18.4% YTD.

In the green: Sign World (+16.7%), Edarat (+8.4%) and NAF (+8.3%).

In the red: Shalfa (-14.6%), Jana (-11.7%) and Asas Makeen (-9.3%).

The Kingdom and France’s two-state solution conference set for 22 September

Crown Prince Mohammed Bin Salman and France’s President Emmanuel Macron spoke on the phone on Tuesday, SPA reported. The two leaders discussed regional developments, including the Palestinian territories and Gaza, with the Crown Prince urging an immediate end to the Gaza war, and condemning actions undermining the two-state solution.

Two-state conference to go ahead: The Saudi-French co-hosted two-state solution conference is slated for 22 September in New York, Macron said on X. Prerequisites for peace set by the two leaders include a permanent ceasefire, the release of all hostages, and large-scale humanitarian aid for Gaza. He also mentioned a post-conflict plan involving Hamas’ disarmament, reforming the Palestinian Authority, and rebuilding Gaza.

The US is throwing a wrench: Macron criticized a recent US decision to deny visas to Palestinian officials, calling it “unacceptable” and urging Washington to reverse the move to ensure their participation.

REMEMBER- The Kingdom and France co-hosted a UN ministerial conference in New York in July in a meeting — backed by 125 countries, including 50 ministries — that aimed to map out steps toward the creation of a Palestinian state and a long-term resolution to the conflict, despite the absence of Israel and the US.

CALENDAR

SEPTEMBER

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference (SMIC), Ritz-Cartlon, Jeddah.

3-4 September (Wednesday-Thursday): The first International Forum for Talent in Higher Education, University of Jeddah’s Conference Center.

5 September (Friday): The Visual Arts Commission will hold two public dialogues in Seoul during Frieze Seoul Week under its Art & Ideas program.

7 September (Sunday): Final allocations are due for Rawabi Marketing International IPO.

7-9 September (Sunday-Tuesday): Saudi Woodshow, the Arena Riyadh Venue.

9-11 September (Tuesday-Wednesday):The Saudi Food and Drug Authority and the UN's Food and Agriculture Organization’s Hack4safeFood, Riyadh.

9-11 September (Tuesday-Thursday): Index Saudi Arabia, Riyadh Front Exhibition & Conference Center.

9-11 September (Tuesday-Thursday): International Beauty Expo 2025, Jeddah Superdome.

9-11 September (Tuesday-Thursday): Seredo Real Estate Development and Ownership Exhibition, Jeddah Superdome,

10 September (Wednesday): Deadline for businesses subject to withholding tax to file their August tax returns via Zatca’s website.

15 September (Monday): Deadline for businesses subject to excise tax file their July and August tax returns via Zatca’s website.

15-17 September (Monday-Wednesday): Smart Cities Saudi Expo 2025, Riyadh International Convention & Exhibition Center.

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

15-17 September (Monday-Wednesday): Global Infrastructure Forum, Riyadh International Convention and Exhibition Center.

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

23 September (Tuesday): Saudi National Day.

28-30 September (Sunday-Tuesday): Jeddah Construct, Jeddah Superdome.

29 September-1 October (Monday-Wednesday): Intersec Saudi Arabia, Riyadh International Convention and Exhibition Centre, Riyadh.

29-30 September (Monday-Tuesday): Cultural Investment Conference, King Fahd Cultural Center, Riyadh.

30 September (Tuesday): Deadline for businesses subject to VAT to file their August tax returns.

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

OCTOBER

1 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

1-3 October (Wednesday-Friday): FIBO Arabia 2025, Riyadh Front Exhibition & Conference Center.

5 October-8 January 2026: Title deed registration for 3.2k properties in Al Yasmin district, Hail.

6-8 October (Monday-Wednesday): Saudi Lifestyle Week, Riyadh International Convention & Exhibition Center.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

12 October-15 January 2026: Title deed registration for 31.7k properties in 14 neighborhoods in the Eastern Province.

12 October-15 January 2026: Title deed regiswatch tration for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 October (Wednesday): Russian-Arab Summit.

16 October (Thursday): Aviation Impact Middle East, Hyatt Regency Riyadh Olaya .

17 October (Friday): Saudization for private healthcare roles enters its second phase.

21 October (Tuesday): The Visual Arts Commission will hold a public talk and a live performance in Paris through Asia NOW under its Art & Ideas program.

21-22 October (Tuesday-Wednesday): Saudi Festival of Creativity (Athar), JAX District, Riyadh.

21-23 October (Tuesday-Thurday): Global Internet of Things Congress 2025 (GIoTC 2025), the Arena Venue, Riyadh.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

23-25 October (Thursday-Saturday): Zenos Wellness Summit, Bab Samhan Hotel, Riyadh.

24 October-1 November (Friday-Saturday): AlUla Wellness Festival.

26-27 October (Sunday-Monday): The Global Proptech Summit 2025, Mandarin Oriental Al Faisaliah, Riyadh.

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, Riyadh.

27-30 October (Monday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

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

NOVEMBER

2 November (Sunday): Naming ASICS Innovation Pitch competition’s six finalists.

3-9 November (Monday- Sunday): WTA Tour Finals, Riyadh.

5-9 November (Wednesday-Sunday): Jewellery Salon Expo, Riyadh.

7-8 November (Sunday-Monday): The Visual Arts Commission will conclude its Art & Ideas program with a two-day symposium in Riyadh.

8-9 November (Saturday-Sunday): Del Monte Superleague Supercup, Jeddah.

9 November (Sunday): The deadline for applications for the second batch of the Standard Incentives for the Industrial sector deadline.

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

19-22 November (Wednesday-Saturday): PIF Saudi International Golf Championship, Riyadh Gold Club.

20 November (Thursday): Deadline for title deed registration for 14.6k properties across 21 neighborhoods in Qassim.

22 November (Saturday): The Ring IV, ANB arena, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

23-27 November (Sunday-Thursday): Global Industry Summit by United Nations Industrial Development Organization, Riyadh.

24-26 November (Monday-Wednesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

25-26 November (Thursday-Saturday): The Global Sustainability Expo, The Arena Riyadh Venue, Ghirnatah.

25-29 November (Thursday-Monday): General Aviation Airshow 2025 - Sand & Fun, Riyadh.

27 November (Saturday): Deadline for title deed registration for 8.7k properties in Jeddah’s Al Sheraa and Al Amwaj neighborhoods.

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

28-30 November (Friday-Sunday): UIM F1H2O World Championship, Jeddah.

30 November (Sunday): Zatca 21st E-invoicing integration wave deadline.

DECEMBER

1-3 December (Monday-Wednesday): Industrial Transformation Saudi Arabia, Riyadh International Convention & Exhibition Center.

1-4 December (Monday-Thursday): International Conference on Nuclear and Radiological Emergencies, Riyadh.

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, Riyadh.

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

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

31 December (Wednesday): Zatca 22nd E-invoicing integration wave deadline.

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

9-14 February (Monday-Saturday): Asian Racing Conference, Crowne Plaza Riyadh RDC Hotel & Convention Centre, Riyadh.

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

MARCH

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

6 April (Monday): Procurement and Supply Chain Futures Forum, Al Faisaliah Hotel, Riyadh.

6-7 April (Monday-Tuesday): Real Estate Supply Chain Forum, Al Faisaliah Hotel, Riyadh.

12-15 April (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

20-22 April (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Al Faisaliah Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

21 April (Tuesday): GC Summit Saudi Arabia 2026, Saudi Arabia.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

OCTOBER

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

Signposted to happen sometime in 2026:

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
November: The Esports Nations Cup, Riyadh.

Signposted to happen sometime in 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.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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