Non-oil economy growth slows in December

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Retail sukuk program Sah subscription closes tomorrow

Good morning, friends. It’s shaping up to be one of those quieter Monday mornings here in the Kingdom, with just a handful of important stories to keep track of, including the latest purchasing managers’ index figures from Riyad Bank.

HAPPENING TODAY-

Subscription for the January round of the government’s retail sukuk program Sah closes at 3pm tomorrow after kicking off yesterday, the National Debt Management Center said in a post on X. The instruments carry a yield of 4.95%. The minimum subscription amount per investor is set at SAR 1k, with maximum subscriptions capped at SAR 200k.

⚠️ WEATHER- A rainy Riyadh will see a high of 19°C and a low of 6°C today, while Jeddah and Makkah are expecting highs of 27°C and 29°C and lows of 19°C and 21°C. The National Center of Meteorology forecasts moderate to heavy rainfall across much of the Kingdom through to Wednesday. The showers will be accompanied by strong winds, dust storms, with chances of hail, storm surges, and flash flooding.

PSAs-

#1- Businesses subject to withholding tax must file their December tax returns by Friday, 10 January via the Saudi Zakat, Tax and Customs Authority’s (Zatca) website, according to a statement from the authority. Missing the deadline could result in penalties of 1% of the unpaid tax for every 30 days of delay.

#2- The Saudi Arabian National Guard opened applications for military service positions across the Kingdom, it said in a post on X. Applications are open on the National Guard’s website for the ranks of Sergeant, Corporal, Private First Class, and Private, and will be accepted until Thursday, 9 January. A highschool certificate or a diploma in aircraft maintenance, refrigeration and air conditioning, or other maintenance-related fields is required.

#3- The General Authority for Statistics launched a new service offering access to MicroData, the authority said in a statement. The service is aimed at supporting decision-makers and researchers in analyzing data and addressing future challenges.

WATCH THIS SPACE-

Subscription for Itmam Consulting’s IPO on Nomu wraps up on Sunday, 12 January, after opening yesterday. Qualified investors can book up to 1 mn shares each with the minimum amount set at 100 shares. The final allocation is slated for Wednesday, 15 January.

BACKGROUND- The Riyadh-based consulting firm is offering a 14.3% stake on Tadawul’s parallel market. Proceeds from the offering will fund working capital to support expansion plans, with SAR 3 mn allocated to cover the offering expenses.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as lead manager and financial advisor, while RSM acts as a legal accountant. Receiving agents include Alistithmar Capital,

Alinma Investment, SNB Capital, AlJazira Capital, and Riyadh Capital, among others.

DATA POINTS-

#1- Aramco hit 45% of its long-term production target for liquids-to-chemicals (LTC) conversion, Aleqtisadiah reports, citing a company source. The company targets 4 mn bbl / d in LTC conversions by 2030, according to CNBC Arabia.

Efforts to diversify operations underway: Aramco is implementing several projects to increase its production capacity in the petrochemical sector to meet its 2030 target. The initiative is set to diversify Aramco’s revenue streams and reduce its dependency on traditional crude oil sales.

#2- The Industry and Mineral Resources Ministry issued around 40.5k certificates of origin in December, supporting exporters across commercial and industrial sectors, states news agency SPA reports. These certificates confirm that exported products are of Saudi origin.

#3- The Eastern Province Municipality secured SAR 9 bn investment contracts in 2024, the province said in a post on X. Some of the key projects launched in the province last year include a SAR 7 mn sustainable city, the Dammam Corniche, Al Hamra Corniche in Jeddah, and the Southern Corniche in Al Khobar.

SPORTS-

#1- Ivory Coast midfielder Seko Fofana ended his brief stint in Saudi after signing a four-and-a-half-year contract with French club Rennes, according to the Associated Press. He joined Al Nassr in July 2023 before being loaned to Al-Ettifaq six months later.

#2- Al Qadsiah snagged 17-year-old Brazilian attacking midfielder Gabriel Carvalho from Internacional, Reuters reports. Carvalho will remain in the ranks of Internacional until he makes the transition in the summer. Carvalho scored one goal and provided three assists in 26 appearances for Internacional last season. The financial terms of the transfer were not disclosed.

***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.

EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.

DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics and climate industries?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***

THE BIG STORY ABROAD-

It’s another mixed bag in the foreign press this morning, with updates on yet another round of Israel-Hamas ceasefire talks, a powerful US winter storm, and Nippon Steel’s blocked USD 15 bn bid for US Steel getting plenty of ink.

#1- Reuters and Bloomberg are both leading with US President Joe Biden’s blocking of Nippon Steel’s USD 15 bn bid for US Steel. Bloomberg took note of Nippon Steel’s shares slipping in the first day of trading following Biden’s announcement, and Reuters has an exclusive on another headwind that had been facing Nippon Steel, as the CEO of steelmaker Cleveland-Cliffs — which also made a failed bid for US Steel in 2023 — spread doubt over the transaction in the months leading up to Biden’s blocking of the bid. The newswire also looks at potential scenarios following Biden’s blocking, including the potential impact on US-Japan relations.

#2- Israeli and Hamas officials are still at odds in the latest round of ceasefire talks, which took place in Doha yesterday, after Hamas said it handed over a list of hostages it is prepared to return in exchange for the promise of a ceasefire and Israel’s withdrawal, France24 reports. Israel denied it received a list, even though Reuters says it has seen the list which was handed over by Hamas. The talks came against the backdrop of another brutal weekend in Gaza, with over 100 killed in airstrikes and bombardments.

#3- The US has been hit by a powerful winter storm, disrupting travel and prompting speculation over potential delays in government operations on the day where Congress is set to certify the results of the elections in November and formalize president-elect Donald Trump’s victory ahead of his inauguration on 20 January. US lawmakers confirmed the meeting will take place as planned. (WSJ | Axios | Reuters)

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 Real Estate Future Forum kicks off on 27 January at the Four Seasons, Riyadh.

#3- LEAP 2025 will take place between 9-12 February at the Riyadh Exhibition & Convention Center in Malham. The tech event will bring together over 1.8k global tech brands, 1k experts and some 680 startups. LEAP 2025 will feature over 300 hours of content across 17 tracks, covering AI, fintech, edtech, smart cities, and more. Co-located with LEAP is DeepFest, a major AI-focused event bringing thought leaders and innovators under one roof.

#4- The eight-day Big 5 Construct Saudi will take place from 15-18 February and 24-27 February at the Riyadh Front Exhibition & Conference Center. The Kingdom’s largest construction event will feature over 2k exhibitors from more than 60 countries, showcasing innovations across the sector. The event is expected to attract over 75k participants.

#5- The UFC returns to the Kingdom on 1 February, kicking off its 2025 collaboration with Riyadh Season, according to Forbes. The main event will see former middleweight champion Israel Adesanya face Nassourdine Imavov. Adesanya, on a two-fight losing streak, needs a win to remain in title contention, while Imavov enters with a four-fight winning streak.The co-main event will see Shara Magomedov square off with Michael "Venom" Page. The card also includes several ranked fighters, with matchups spanning multiple divisions. Full card here.

#6- The Formula One 2025 Saudi Arabian Grand Prix will kick off on 20 April, featuring 50 laps at the 6.174-km Jeddah Corniche Circuit. Tickets are available here.

Non-oil sector growth eases in December, marking the first dip since August

Non-oil sector growth slowed in December for the first time since August, despite a record pick-up in sales and new orders, according to the Riyad Bank Saudi Arabia PMI (pdf). The seasonally adjusted headline figure came in at 58.4 in December, coming in just slightly below November’s 17-month high of 59.0, while remaining well above the 50.0 mark that separates growth from contraction. The story was also picked up by Reuters.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

New orders hit full speed in December: The new orders subindex climbed to 65.5 in December up from 63.4 the previous month, with new export order growth hitting a 17-month high on the back of product innovations and solid ties with international clients. “This surge is supported by elevated domestic demand and strengthening exports, which have propelled total sales volumes to their highest levels in a year,” Riyad Bank Chief Economist Naif Al Ghaith said.

Naturally, output followed suit: Production levels rose well above long-term trends last month, as firms ramped up activity to meet rising demand. The push to expand capacity was evident, with purchasing activity accelerating to a nine-month high as businesses lay the groundwork for sustained growth into 2025.

Firms are stocking up for the new year: December saw businesses racing to build inventories at the fastest pace since May, supported by improved supplier delivery times. Firms also took advantage of strong vendor relationships to shore up supply in anticipation of continued sales growth, giving them a buffer against future demand spikes while keeping shelves ready to meet growing demand.

Staffing level growth remained slow and steady: Job creation softened in December, reflecting a cautious approach despite the surge in activity. While staffing levels did rise, the pace eased from November, balancing out soaring input costs. Firms focused more on optimizing existing resources, and ensuring productivity remained high without putting too much strain on salary expenses.

Input costs saw a sharp increase in December, primarily driven by higher material prices. However, wage inflation remained subdued, helping to balance overall cost pressures. Some firms took a competitive stance, trimming prices to stay ahead of rivals and offload elevated stock levels. This strategy kept output charges in check, and inflationary pressure manageable.

We’re going full steam ahead: Optimism is running strong for 2025, with business expectations reaching a nine-month high, Al Ghaith said. Robust sales growth and expanding capacities have bolstered confidence across the board.

REFRESHER ON THE PAST YEAR- Private sector activity grew at the slowest clip in two years in January 2024, with the first PMI reading of last year clocking in at 55.4 before picking up to 57.2 in February, and maintaining momentum through to April (57.0). The pace of expansion gradually decelerated from May (56.4) to July (54.4), as demand softened and competition intensified, before recovering in August (54.8) and gaining further traction in September (56.3) and October (56.9). Finally, the headline figure peaked in November (59.0) driven by a surge in demand and renewed business confidence.

FinMin approves SAR 139 bn public borrowing plan for 2025

Finance Minister Mohamed Jadaan approved the Kingdom’s borrowing plan for FY 2025, outlining a requirement for some SAR 139 bn in new public debt, according to a National Debt Management Center (NDMC) statement. Aljadaan’s approval comes following a decision by NDMC’s BoD to endorse the yearly borrowing plan.

The targeted amount is intended to bridge an anticipated SAR 101 bn budget deficit that FinMin penciled in for the new fiscal year, in addition to covering some SAR 38 bn required to meet principals’ repayments for loans maturing during the period. The budget deficit is expected to “continue at similar levels over the medium term” as the government continues to invest heavily in the diversification agenda.

Footing the bill: The Kingdom intends to diversify its borrowing portfolio during the new fiscal year, as it looks to expand its creditor base by tapping fresh local and foreign lenders, the statement explained. In addition to sovereign debt issuances, prospects in “export credit agency financing, infrastructure development project financing, capital expenditure (CAPEX) financing,” as well as new markets and denominations are also on the cards, subject to market dynamics.

IN CONTEXT- The budget deficit is expected to come in at 2.3% of GDP (SAR 101 bn) this fiscal year, according to the new year’s budget statement. The government will not raise taxes to meet the shortfall, Al Jadaan told media outlets following the budget statement release, but will rather tap local and foreign debt markets as it looks to benefit from the interest rate reversal and decreased cost of borrowing.

ICYMI: The National Debt Management Center (NDMC) secured a USD 2.5 bn (SAR 9.4 bn) shariah-compliant revolving credit facility earlier this week to support the state budget. The three-year facility was secured with the participation of three unnamed regional and international financial institutions.

New appointments at Ericsson Saudi + Dr Soliman Fakeeh Hospital Jeddah

Fakeeh Care Group appointed Sohail Bajammal (LinkedIn) as CEO of Dr Soliman Fakeeh Hospital in Jeddah, it said in a filing to Tadawul. Bajammal replaces outgoing CEO Fatih Mehmet Gul, and previously served as CEO at King Abdullah Medical City in Makkah and at the National Center for Academic Accreditation and Evaluation.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Swedish telecoms equipment maker Ericsson tapped Hakan Cervel (LinkedIn) as its new VP and head of Saudi customer unit at its Middle East and Africa arm, it said in a post on LinkedIn. Prior to his promotion, Cervel served as president at Ericsson Saudi and Egypt.

FDI + oil ports make the rounds

Regional geopolitical shocks have dampened investor appetite and suppressed FDI inflows into Saudi, Arqaam Capital’s head of fixed income asset management Abdul Kadr Hussain tells Bloomberg TV (watch, runtime: 5:55). In discussing the Kingdom’s third quarter “anemic FDI” inflows, Hussain emphasized a broader structural issue whereby the Kingdom's investment landscape continues to be led by PIF and government-led initiatives as foreign investors adopt a “wait and see” approach towards large diversification-focused investments.

Getting our ducks in a row: A new investment law set to roll out in 2025 and other reforms promoting transparency and ease of doing business will have to take root and “bed in” before foreign investors move in, Hussain said. Nevertheless, a large-scale influx of foreign investors will take place eventually due to continued growth and improvement in Saudi’s economy and infrastructure base.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

ALSO- The Guardian is putting two of our critical oil ports — Ras Tanura and Yanbu — in the spotlight amid climate-driven rising sea levels. The low-lying hubs, which are operated by Saudi Aramco and collectively handle 98% of the Kingdom’s oil exports, are particularly vulnerable to rising sea levels, the British daily wrote citing a climate study.

The irony isn’t lost on the scientists, who point out that the emissions driving global heating — and consequently higher sea levels — emanate from the very industry that is now at risk.

UIHC to set up new fintech company

FINTECH-

UIHC to set up a new fintech company for payroll services: United International Holding (UIHC) — owner and operator of the Tas’heel brand name — signed an MoU with Egypt-based fintech company Nowpay to set up a company to provide payroll administration and processing services in the Kingdom, it said in a disclosure to Tadawul. The new company will have an initial investment ticket of SAR 75 mn, and will be majority owned by UIHC (75%) while Nowpay holds the balance.

REMEMBER- UIHC tapped Vice Chairman Mohammed Galal Ali Fahmy (LinkedIn) as its acting CEO last month, following the passing of former CEO Sakhr Abdulrahman Mohammed Al Mulhem earlier in December.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

RENEWABLES-

Acwa Power’s 1.1 GW wind farm in Egypt gets the gov’t go-ahead: Homegrown renewables giant Acwa Power and Egypt’s Hassan Allam Utilities received approvals from the Egyptian government to establish their planned 1.1 GW wind farm in the Gulf of Suez, a government source told Enterprise. The project is set to be delivered under a build-own-operate (BOO) framework.

The details: The first of the project’s two phases will see the firms establish 550 MW worth of capacity in Ras Shukeir, with the second phases set to see an additional 550 MW installed in Ras Ghareb. Each phase is expected to take a year to complete, with Acwa holding a 70% stake in the project and Hassan Allam the remaining 30%. When operational, the project is expected to offset 2.2 mn tons of carbon dioxide annually and produce enough power for nearly 1.1 mn households.

ICYMI: The European Bank for Reconstruction and Development (EBRD) last month approved a USD 275 mn syndicated loan for the project, with the companies reportedly set to secure close to USD 900 mn in financing by the close of 2024.

DEBT-

Tal Finance lands debt-based crowdfunding license: Fintech firm Tal Finance secured a license from the Saudi Central Bank (Sama) to provide debt-based crowdfunding services, according to a statement from Sama.

Remember- Sama updated its debt-based crowdfunding regulations in October in a bid to boost debt crowdfunding in the Kingdom.

INFRASTRUCTURE-

The National Water Company broke ground on SAR 1.6 bn water supply projects in Makkah, it said in a statement. The projects include installing main water lines to serve 16 districts, or some 3 mn residents yearly.

M&A WATCH-

Lana Medical finalized the acquisition of a 50% stake in Emirati medical device manufacturer WavelightTechnologies after squaring away all the required procedures, it said in a filing to Tadawul. The purchase was financed via Lana Medical’s internal company resources and comes in a bid to expand the firm’s regional partnerships and increase market share. The transaction was valued at no more than 5% of Lana Medical’s revenue in 2023, which amounts to SAR 2.4 mn based on our math.

Abu Dhabi’s Mubadala was the world’s biggest-spending SWF in 2024

Abu Dhabi’s Mubadala Investment was the lead sovereign wealth fund (SWF) investor in 2024, deploying USD 29.2 bn across 52 transactions — rising 67% y-o-y, according to research consultancy Global SWF’s 2025 report (pdf). The story got ink from Reuters and Bloomberg.

Mubadala topping the league means it overtook Saudi’s Public Investment Fund (PIF), which fell one spot in 2024 from the top rank the previous year. PIF’s ranking dip came as it shifted its spending focus towards domestic projects and cut outlays 37% y-o-y to USD 20 bn.

And the rest of the Oil Five weren’t far behind: Abu Dhabi-based ADIA and ADQ, as well as Qatar’s QIA — which, together with Mubadala and PIF are known as the “Oil Five” — all made it to the top 10 SWFs by investment value, shelling out a record-breaking USD 82 bn in new investments.

Differing investment tastes: GCC funds showed a tendency for investments in emerging markets — including their own domestic economies — but global SWFs maintained a preference for developed markets, the report explained.

Combined, the region’s funds accounted for 38% of the total USD 13 tn in assets under management (AUM) of SWFs worldwide, benefitting from high oil prices and strong financial markets, despite headwinds from geopolitical tensions.

GLOBALLY- China and Norway continued to top the SWF scene in 2024, accounting for 20% and 14% AuM worldwide, while Southeast Asian funds held another 10%, the report said. Norway remained home to the world’s largest SWF — Norges Bank Investment Management — with USD 1.8 tn in AuM.

State-owned investors (SOIs) also broke records in 2024, logging USD 55 tn in AUM. The category’s assets are projected to hit USD 60 tn this year and USD 75 tn in 2030 as GCC economic agendas drive growth in assets.

Sovereign funds around the world invested heavily in digital infrastructure, data centers and AI startups such as OpenAI and xAI, driven by rapid AI adoption. GCC funds also went all in on AI in 2024, with the UAE, Saudi, and Qatar vying to position themselves as prospective AI hubs, Reuters noted.

MARKETS THIS MORNING-

Asian markets are mixed following the release of PMI figures, with Hong Kong’s Hang Seng opening higher before slipping marginally, and China’s CSI 300 losing 0.2%. Japan’s Nikkei is also down, as is the Topix, while South Korea’s Kospi is up 1.5% despite political uncertainty following the failed arrest of impeached president Yoon Suk Yeol.

On Wall Street, futures are also telling a mixed story ahead of the first full week of trading in 2025, with Nasdaq and S&P 500 futures up slightly and Dow Jones futures down.

TASI	12,070	-0.3% (YTD: +0.3%)
MSCI Tadawul 30	1,510	-0.5% (YTD: 0.0%)
NomuC	31,054	+0.2% (YTD: -1.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	30,184	+0.4% (YTD: +1.5%)
ADX	9323	+0.01% (YTD: -1.0%)
DFM	5127	-0.5% (YTD: -0.6%)
S&P 500	5942	+1.3% (YTD: +1.0%)
FTSE 100	8224	-0.4% (YTD: +0.6%)
Euro Stoxx 50	4871	-0.9% (YTD: -0.5%)
Brent crude	USD 76.51	+0.8%
Natural gas (Nymex)	USD 3.35	-8.4%
Gold	USD 2654.70	-0.5%
BTC	USD 98,398.20	+0.04% (YTD: +5.3%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.3% yesterday on turnover of SAR 4.2 bn. The index is up 0.3% YTD.

In the green: Saudi Re (+9.9%), Salama (+8.4%) and Riyadh Cables (+6.3%).

In the red: Care (-3.5%), Emaar EC (-3.1%) and Marafiq (-2.9%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.2% yesterday on turnover of SAR 24.1 mn. The index is down 1.3% YTD.

In the green: Pan Gulf (+10.0%), Tharwah (+4.0%) and Naba Al Saha (+4.0%).

In the red: View (-10.8%), IOUD (-6.8%) and Food Gate (-6.0%)

CORPORATE ACTIONS-

Emaar EC’s shareholders approved a 53.8% capital decrease to SAR 5.2 bn by way of canceling shares to offset SAR 6.1 bn in accumulated losses, the firm said in a filing to Tadawul. The company got a go-ahead from the CMA for the move last month.

Anaam Int’l Holding’s board has recommended raising capital to SAR 105 mn via a rights issue to bolster working capital, reduce loan rates, and support growth, it said in a filing to Tadawul.

CALENDAR

JANUARY 2025

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

7-9 January (Tuesday-Thursday) Saudi Tourism Forum, Riyadh Front, Riyadh.

8-12 January (Wednesday-Sunday): Supercopa de España, King Abdullah Sports City Stadium, Jeddah.

9 January (Thursday): Deadline to submit applications for the Saudi Capital Market Awards.

12 January (Sunday): Launch ceremony of the standard incentives for the industrial sector.

13-16 January (Monday-Thursday): Hajj Conference and Exhibition, Superdome, Jeddah.

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

15-16 January (Wednesday-Thursday): The International Learning and Technology Conference, Effat University, Jeddah.

18 January (Saturday): Deadline for companies to amend status under the New Companies Law.

21 January (Tuesday): Data Center Nation, Mandarin Oriental Al Fasisaliah, Riyadh.

21-23 January (Tuesday-Thursday): The International Exhibition for Material Handling, Equipment, Warehouse Supplies, Forklifts & Heavy Equipment, Riyadh International Exhibition Center.

21-23 January (Tuesday-Thursday): Saudi International Exhibition for E-Marketing and E-Commerce, Riyadh International Convention and Exhibition Center.

24-25 January (Friday-Saturday): UIM E1 World Championship Jeddah, Jeddah.

25 January (Saturday): The opening of the 2025 Islamic Arts Biennale, Western Hajj Terminal of King Abdulaziz International Airport, Jeddah

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-29 January (Monday-Wednesday): Saudi Franchise Expo, Riyadh International Convention and Exhibition Center.

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.

31 January (Friday): Deadline for businesses to update their registered customs items.

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

FEBRUARY 2025

1 February (Saturday): UFC Fight Night: Adesanya vs Imavov, The Venue, Riyadh.

2 February (Sunday): Flyadeal launches direct flights to Karachi, Pakistan, departing from Riyadh and Jeddah twice a week.

3-5 February (Monday-Wednesday): Saudi International Marine Exhibition (SIMEC), Riyadh.

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

4-5 February (Tuesday-Wednesday): Capital Markets & ESG Finance, Hilton Riyadh Hotel & Residences.

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.

9-12 February (Sunday-Wednesday): LEAP Tech Conference, Malham, Riyadh.

9-12 February (Sunday-Wednesday): DeepFest by Leap, Riyadh.

10-12 February (Monday-Wednesday): Saudi Travel Market, Riyadh International Exhibition Center.

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

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

15-18 February (Saturday-Tuesday): Week one of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

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

18 February (Tuesday): The Capital Markets Forum, KAFD Conference Centre, Riyadh.

19-20 February (Wednesday-Thursday): The Capital Markets Forum, The Four Seasons, Riyadh.

19 February (Wednesday): Derayah REIT dividend distribution.

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

21-22 February (Friday-Saturday): The Saudi Cup, Riyadh.

22 February (Saturday): Founding Day.

22 February (Saturday): Dazn Boxing event: Beterbiev vs Bivol II, Riyadh.

23-27 February (Sunday-Thursday): Riyadh International Disputes Week, Hilton Riyadh Hotel Granada.

24-25 February (Monday-Tuesday): The Riyadh International Humanitarian Forum, Riyadh.

24-27 February (Monday-Thursday): Week two of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

MARCH 2025

1-30 March: Ramadan.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 March- 3 April (Monday-Thursday): Eid Al Fitr.

APRIL 2025

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

3-20 April (Thursday-Sunday): AFC Asian U17 Cup.

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

18-20 April (Friday-Sunday): Saudi Arabian Grand Prix, Jeddah,

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

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

25 April- 4 May (Friday-Sunday): AFC Champions League Elite Finals

MAY 2025

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

12-15 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh International Convention & Exhibition Center.

13-14 May (Tuesday-Wednesday): Global EV & Mobility Technology Forum, The Arena, Riyadh.

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.

AUGUST 2025

5-17 August (Tuesday-Sunday): Fiba Asian Cup.

SEPTEMBER 2025

15-17 September (Sunday-Tuesday): Money 20/20 Middle East, Riyadh.

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

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

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front Convention & Exhibition Centre, Riyadh.

27-30 November (Thursday-Sunday): The World Rally Championship (WRC), Jeddah.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily