Non-oil exports rise in 2Q 2024, while oil exports inch down

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Credit Sight sees Saudi economic growth recovering this year

Good morning, ladies and gentlemen, and welcome to a new week. We have a tight but meaty issue for you with which to begin the final work week of August, leading with the Kingdom’s latest trade figures.

HAPPENING TODAY-

#1- The five-day Tourism Week organized by Monsha’at will get underway in a few hours at the Enterprise Support Centers in Riyadh, Jeddah, Al Khobar, and Madinah. The event — designed to give the national tourism industry a shot in the arm — will include workshops and other events to help entrepreneurs and investors in the industry. You can check out the agenda here, and register here.

#2- Team Falcons is set to be crowned the 2024 Esports World Cup club champions today at Boulevard Riyadh City, clinching a USD 7 mn purse. Before wrapping up today, the World Cup will see the SEF Arena host the grand finals of StarCraft II, EA Sports FC 24, and Call of Duty. The tournament saw top esports clubs compete for a pool of USD 60 mn, the largest purse in esports.

#3- The New Global Sport Conference 2024 concludes today, having brought together 1,200 global delegates from esports, gaming, business, and entertainment for a two-day summit. The event focused on discussing the “transformative integration of esports into the Olympic movement,” according to a press release.

#4- A new competition for geospatial apps kicks off today. The initiative, led by the General Authority for Survey and Geospatial Information, aims to improve national geospatial infrastructure by inviting innovative applications that use national geospatial data. The competition will run for a month from today. To participate or inquire, send an email to ngc@geosa.gov.sa.

⚠️WEATHER WARNING- Severe thunderstorms and rain across the Kingdom until Tuesday: The General Directorate of Civil Defense issued warnings for heavy rain, flooding, and strong winds between Friday and Thursday in Makkah, Madinah, Al Baha, Asir, Jazan, and Najran. Lighter showers will hit Jeddah, Riyadh, and the Eastern Province, while flash floods have already struck Madinah.

PSAs-

#1- Saudi nationals can visit Sri Lanka without a visa starting Tuesday, October 1, under a new six-month pilot program designed to boost tourism, Reuters reports. This program also grants a 30-day visa upon arrival to tourists from 35 countries, including the UAE, Qatar, Oman, and Bahrain.

#2- The General Authority for Competition fined 14 contracting firms a total of SAR 6.5 mn for collusion on government projects and violation of Competition Law, according to a post on X.

WATCH THIS SPACE-

#1- The Saudi economy is projected to recover in 2H 2024, with GDP expected to grow 1.7% this year and 4.7% in 2025, Zawya reports citing a report by research firm CreditSights. “To a large extent this recession was self-inflicted, with the authorities deliberately reducing oil production by 8.5% to support global prices — as well as the Kingdom’s public finances,” said Regis Chatellier, head of EM sovereign strategy at CreditSights. The external surplus is likely to remain slightly positive if oil prices stay around USD 80 per barrel, though a drop in prices could widen fiscal deficits. “We maintain our ‘Outperform’ call on Saudi Arabia’s sovereign bonds,” Chatellier added.

#2- M&A WATCH- Liva Ins. and Malath Cooperative Ins. signed a non-binding MoU to consider a potential merger, according to a disclosure to Tadawul. Under the agreement, both companies will conduct financial and legal due diligence. If the transaction goes through, one of the companies would fully take over the other in a transaction that would see the buyer issue new shares for the shareholders of the seller.

#3- AlBabtain Food eyes chocolate factory to capitalize on rising domestic demand: AlBabtain Food is set to make an investment into a local chocolate factory, it said in a disclosure to Tadawul. The move is pending financial and technical studies to determine the scope of investment. It’s unclear whether this is a greenfield or brownfield investment.

#4- REGULATION WATCH- Saudi Arabia is exploring incentives for the nonprofit sector, such as exemptions from labor and expat fees, zakat, and customs duties, Saudi Gazette quotes Human Resources and Social Development Minister Ahmed Al Rajhi as saying. A committee is reviewing 21 proposed incentives and will deliver its recommendations by October.

#5- Over 700k private sector facilities inspected in 1H 2024 for labor law violations: Inspections from the Human Resources and Social Development Ministry led to 88.8k warnings and found 107.3k establishments in violation of various labor regulations, the ministry said in a statement. Key issues included failure to raise wages (60k cases), unpaid salaries (16.3k cases), and unauthorized employment of foreigners (7.7k cases).

DATA POINTS-

#1- King Khalid International Airport in Riyadh set a new record for passenger traffic in July, with 3.5 mn visitors, up from a previous high of 3.1 mn in June, news state agency SPA reported. Seat occupancy rates at the airport logged 91% during the month.

#2- Saudi Arabia attracted 13 international education companies to its private K-12 education sector over the past 14 months, Aleqtisadiah reported, citing an unidentified source.

#3- Saudi Arabia’s robo-advisor assets under management grew 236% y-o-y in 1Q 2024 to SAR 980mn, Aleqtisadiah reported, citing data from the Capital Market Authority. Meanwhile, the number of investors joining robo-advisor platforms grew 282% to 172k.

SPORTS-

New transfers: Al Shabab signed Wes Hoedt and made him team captain, while the club’s women’s team signed ex-PSG star Kheira Hamraoui. Meanwhile, Johann Berg Gudmundsson joined Al Orobah, and Dieng will move to Al-Kholood on loan for the 2024/2025 season.

WHISPERS- Al Ittihad has shown serious interest in acquiring FC Barcelona’s center-back Íñigo Martínez, according to Fichajes.

Results of the Saudi Pro League matchday 1 of 34:

Al Nasr vs. Al Raed: 1-1
Al Hilal vs. Al Akhdoud: 3-0
Al Ittihad vs. Al Kholood: 1-0
Al Ahli vs. Al Orubah: 2-0
Al Qadisiyah vs. Al Fateh: 3-0
Al Ettifaq vs. Al Shabab: 1-0
Al Riyadh vs. Al Wehda: 3-3
Al Khaleej vs. Damac: 1-0.

Tickets for the Riyadh Season Card Wembley Edition have sold out, according to state news agency SPA. The boxing match, slated for 21 September, features a heavyweight title bout between Anthony Joshua and Daniel Dubois as the main event.

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OIL WATCH-

OPEC+ faces a difficult decision on whether to boost oil production next month or keep it steady, given “concerns” about the fuel consumption outlook and increased output from other nations, according to Reuters. Last month, the group opted to maintain current production levels while assessing the effects of existing cuts, and had earlier agreed to ease the cuts starting October 2024.

THE BIG STORY ABROAD-

As is often the case on Sundays, it’s relatively quiet in the international business press, but NASA choosing Elon Musk’s SpaceX to bring back two of its astronauts at the International Space Station (ISS) is making the rounds.

The US space agency decided to bring Boeing’s Starliner capsule back to earth without its two crew members, NASA boss Bill Nelson said yesterday, after the Starliner saw technical failures that resulted in the two astronauts being stuck in space for months longer than expected. The astronauts will now remain on the ISS until late September, at which point they will board a SpaceX capsule with two other astronauts. The SpaceX spacecraft will be starting a six-month mission, meaning the stranded astronauts will return to Earth in February. (Reuters | Bloomberg | Wall Street Journal | Financial Times | Washington Post | CNBC)

CIRCLE YOUR CALENDAR-

The EFG Hermes London Conference returns: EFG Hermes will hold its annual conference in London on 9-12 September, giving investors “unique and unparalleled access to leading equities in MENA and key frontier emerging markets.”

The Crown Prince Camel Festival runs until Tuesday, 10 September at the Taif Camel Racing Track, featuring 610 rounds of racing and a purse of SAR 56 mn.

The New Global Sport Conference 2024 is happening on Saturday and Sunday, 24-25 August, bringing together top figures from sports, esports, gaming, entertainment, and technology. This year’s theme is the Future of Fandom, highlighting fans’ role in building brand equity and revenue.

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

The two-day Data Center Xpo summit will kick off in Riyadh on Tuesday, 3 September.

The two-day Kingdom Business and Luxury Travel Congress will kick off on Wednesday, 25 September, at the Crowne Plaza Riyadh RDC Hotel and Convention.

The three-day Global Logistics Forum will kick off on Saturday, 12 October at Riyadh’s King Abdullah Financial District.

Saudi Arabia’s non-oil exports edged up in 2Q, as oil exports continue to inch down

The Kingdom’s non-oil exports rose 1.4% y-o-y in 2Q 2024, according to the latest data from th e General Authority for Statistics (Gastat) (pdf). Total non-oil exports including re-exports were up 10.5% y-o-y, with exports increasing in value by 39.1% over the same period. Meanwhile, imports were up 3% y-o-y last quarter.

This marks a turnaround from 1Q: The Kingdom’s non-oil exports fell 5.2% in 1Q 2024. Total non-oil exports were up 3.3% during the period — including re-exports, which increased in value by 31.5%.

Non-oil exports grew faster than imports: The ratio of total non-oil exports to imports rose to 37.6% y-o-y in 2Q, up from 35% in the same quarter last year.

Monthly snapshot: National non-oil exports grew 0.5% y-o-y in June, while total non-oil exports were up 7.3% y-o-y on the back of a 31% increase in the value of re-exported goods, according to a monthly Gastat report (pdf).

Chemical products made up 25.6% of total non-oil exports, despite a 4.6% y-o-y downtick. This was followed by plastics, rubber, and their derivatives, accounting for 24.3% of total non-oil exports with a 6.7% y-o-y increase.

China remains our number one trade partner: Saudi exports to China accounted for 16.2% of total exports in 2Q, followed by South Korea at 9%, and Japan at 8.8%. Chinese products and services also accounted for the largest share of Saudi’s imports during the quarter (23.1%), followed by the USA (8.4%) and the UAE (6%).

ON THE OIL SIDE-

Oil exports’ share of total exports dipped to 75% last quarter, down from 77.4% in the same quarter last year.

Oil export revenues were at a three-year low in June: Sales from crude oil and refined product shipments were down 9% y-o-y to USD 17.7 bn in June, Bloomberg reported citing Gastat. This was attributed to a combination of the decline in oil prices, and the Kingdom’s decision to put a cap on production.

East Gas is looking to debut 20% on Nomu through a private placement

East Gas Company (EGC) has filed to sell a 20% stake in the company via a private placement on Tadawul’s parallel market Nomu, according to two disclosures to Tadawul (here and here). The private placement is a precursor to the company’s plan to stage a full-fledged IPO on Nomu. There’s no publicly available information about whether the company has or is going to conduct a fair value study ahead of the private placement, or on the timeline of the potential transaction.

The rationale: The potential private placement likely aims at meeting one of the requirements for debuting on Nomu, which is to have a minimum of 50 public shareholders. EGC currently has a market cap of SAR 80 mn — that’s SAR 70 mn more than the minimum requirement to execute an initial public offering on Nomu.

SOUND SMART- What’s a private placement? It’s a method of raising capital by selling shares directly to a select group of investors, rather than through a public offering. Companies use private placements to quickly raise funds with fewer regulatory requirements and less disclosure compared to public offerings. This approach allows for more tailored investment terms and often accelerates the funding process.

About EGC: EGC acquires natural gas from Saudi Aramco and delivers it to over 45 industrial clients through its 44 km pipeline network in Dammam Second Industrial City, home to more than 300 factories. The company is extending its pipeline network to accommodate increasing energy needs and utilizes a 52 km fiber optic network to connect all customers to its SCADA system, enabling real-time monitoring of gas metering and regulation.

Who owns EGC? The natural gas company is formed by a consortium of five companies: National Gas & Industrial Company owns a 35% stake, Saudi Paper Group holds 26%, Arab Paper Manufacturing Company holds 23%, Saudi Arabian Amiantit Company holds 13%, and Rabiah and Nassar Group holds 3%.

ADVISORS- Arbah Capital is acting as sole financial advisor on the transaction.

Fintech, logistics startup PostEx eyes KSA expansion following pre-series A round

PostEx could be setting up shop in Saudi in a few days as part of its GCC expansion push, according to a press release (pdf). The Pakistan-based fintech and logistics company PostEx is initially concentrating its GCC expansion efforts in Saudi Arabia and the UAE, CEO Omer Khan told Enterprise UAE last week. The company launched a pilot in Saudi Arabia with online merchants and local financing partners to fine-tune its offering before a full market entry.

Background: The startup secured USD 7.3 mn in pre-series A funding round last week. The investment will allow PostEx to expand its operations in the GCC and double down its presence in Pakistan. The funding round was led by Dubai-based Conjunction Capital, with participation from Saudi Arabia’s Sanabil 500, Jordan’s Dash Ventures, and existing investors VSQ, FJ Labs, and Zayn VC.

More on PostEx: The Punjab-based company offers up-front payments for cash-on-delivery e-commerce orders placed by suppliers. PostEx serves 15k e-commerce merchants, with 80% using both its payment and logistics solutions, while the rest rely solely on its logistics services, according to Khan. The company became profitable over the past 18 months, after crossing annual recurring revenue of USD 21 mn, the statement said.

PostEx provides funding exclusively to e-commerce businesses that use its logistics network, a strategy that helped to maintain the company’s non-performing loan rate below 0.03%, according to Khan. The company covers around 60-70% of order values, with the remaining balance provided after delivery and payment. Financing levels are determined by the size of the business and the scale of its orders.

Investors ❤️ PostEx: The startup raised USD 1.5 mn in a previous seed round in 2021 led by MSA Capital. Shorooq Partners, Zayn Capital, VentureSouq, PNO Ventures, +92 Ventures, and Arbisoft’s CEO Yasser Bashir also participated in the funding round.

New appointments at Yaqeen Capital + Saudi Industrial Export Company

Nomu-listed Yaqeen Capital has appointed Ahmed Ibrahim Al Shabanah (Linkedin) as its new CEO and managing director, effective 1 October, succeeding Moath Qasem Al Khasawneh, it said in a disclosure to Tadawul. Al Shabanah has held several leadership roles at the investment bank for the past 18 years, and has been serving as its deputy CEO since 2022.

Tadawul-listed Saudi Industrial Export Company (Sadirat) announced that CEO Sulaiman Al Jedaie’s (Linkedin) contract will not be renewed, as per his request, according to a disclosure to Tadawul. There’s no publicly available information about potential candidates for Al Jedaie’s replacement.

PIF’s shift in strategy is still making the rounds in the foreign press

CNBC is the latest to give digital ink to the Public Investment Fund’s shift in strategy by turning its focus more inward, investing in domestic projects, and prioritizing local growth over external ventures

New regs for capital market institutions + donation organizations

REGULATION WATCH-

#1- Investors can now make returns on deposits held in their client accounts at capital market institutions, according to a Capital Market Authority statement. The fresh amendment (pdf) to the Capital Market Institutions Regulations (pdf) permits institutions to invest client deposits in short-term, low-risk products to generate return. This is provided the institution obtains “the client's prior written approval to receive this service and its terms.” This shift provides clients with more leeway to earn returns on their investments, offering greater flexibility compared to the original rule, which prohibited any payable returns on client money held in client accounts.

#2- The cabinet has approved new regulations on donation collection, limiting activities to licensed, Saudi-operated entities, according to Umm Al-Qura (here and here). Donations must now be made through approved bank accounts, electronic channels, or checks. Violations can result in fines of SAR 100k to SAR 500k or up to two years in prison. The regulations will take effect 180 days after their publication in the official gazette.

M&A WATCH-

Tadawul-listed Almunajem Foods raised its share in Balady Poultry to 40%, after wrapping up the acquisition of an additional 23% stake in a SAR 181.3 mn private transaction, a disclosure to Tadawul showed.

HOSPITALITY-

Anaam Holding Group agreed to sell its Hyatt Al Fersan Hotel in Al Jouf to an individual investor for SAR 19.1 mn, it said in a filing to Tadawul. The proceeds are earmarked to support the company’s working capital.

REAL ESTATE-

PIF unit + King Street Partner to boost Saudi real estate financing: PIF-owned Saudi Real Estat e Refinance signed an MoU with US-based asset manager King Street Capital Management to boost liquidity and diversify financing solutions for the Saudi secondary real estate market in a bid to attract foreign investors, according to a press release. The MoU will also support the securitization of Shariah-compliant residential real estate loans.

TECHNOLOGY-

Saudi to get its first game development, virtual worlds diploma: Tuwaiq Academy and Meta are set to launch Saudi Arabia’s first game development and virtual worlds diploma on Sunday, 15 September, at the Academy's HQ in Riyadh, according to state news agency SPA. The program will offer more than 800 training hours across two semesters. The program wraps up on 29 May 2025. Registration is available here.

On the menu: The program’s curriculum includes courses on 3D modeling, augmented, mixed, and virtual reality applications, C# programming language, Unity game engine, and Web 3 technologies.

Fed chief signals September rate cut as economic risks shift

The “time has come” for rate cuts in the US: Federal Reserve Chair Jerome Powell indicated his readiness to start cutting interest rates in September during his address at the Fed’s annual retreat in Jackson Hole on Friday — read the speech or (watch, runtime: 16:06). Powell emphasized that “the time has come for policy to adjust,” citing cooling inflation and slowing job growth.

Behind Powell’s comments was a more optimistic inflationary forecast: US inflation fell under the 3% mark in July for the first time since March 2021, strengthening the case for the Fed to cut interest rates. The figure undercut economists’ expectations that inflation would hold steady at 3% and helped to support Powell’s argument at Jackson Hole that “inflation is on a sustainable path back to 2%.”

Rising concerns about the labor market are also pushing the Fed to take actions: “The upside risks to inflation have diminished, and the downside risks to employment have increased,” Powell explained. With the US unemployment rate rising to a near three-year high of 4.3% in July, which in turn raised recession fears and triggered a market meltdown at the start of August, the Fed is now weighing how confident it is the economy’s inflationary trajectory with a desire not to see “further cooling in labor market conditions.”

The odds: Markets now see a 35% chance of a larger-than-usual 50 bps cut in September, up from 28% before Powell’s remarks, according to the Financial Times.

Market reax: US Treasuries rallied and the USD fell as investors priced in larger rate cuts this year following Powell’s comments on Friday before the markets closed for the weekend. The two-year Treasury yield dropped 0.1 percentage points to 3.9%, while the S&P 500 closed up 1.2% on Friday, approaching July's all-time high.

What’s next? The Fed will meet on 17-18 September to review rates, six weeks before the US presidential election. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks,” Powell said.

TASI	12,194	+0.1% (YTD: +1.9%)
MSCI Tadawul 30	1,524	+0.1% (YTD: -1.7%)
NomuC	26,578	+2.4% (YTD: +8.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	30,141	+0.8% (YTD: +21.1%)
ADX	9,374	0.0% (YTD: -2.1%)
DFM	4,293	-0.4% (YTD: +5.7%)
S&P 500	5,635	+1.2% (YTD: +18.1%)
FTSE 100	8,328	+0.5% (YTD: +7.7%)
Euro Stoxx 50	4,909	+0.5% (YTD: +8.6%)
Brent crude	USD 79.02	+2.3%
Natural gas (Nymex)	USD 2.02	-1.5%
Gold	USD 2,546	+1.2%
BTC	USD 64,050.10	+0.7% (YTD: +51.9%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.1% on Thursday on turnover of SAR 7.6 bn. The index is up 1.9% YTD.

In the green: Herfy Foods (+9.9%), Chubb (+9.0%) and Al Rajhi Takaful (+6.6%).

In the red: Buruj (-2.8%), Raydan (-2.7%) and Ataa (-2.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 2.4% on Thursday on turnover of SAR 224.6 mn. The index is up 8.4% YTD.

In the green: Jahez (+12.8%), Knowledge Net (+10.0%) and Al Modawat (+8.9%).

In the red: iOud (-5.4%), AZM (-4.8%) and Meyar (-4.6%)

CORPORATE ACTIONS-

Edarat Communication and Information Technology is set to buy back up to 5k shares — representing 0.22% of outstanding shares — for its employee stock ownership program, it said in a filing to Tadawul. The purchase will be financed through the company’s own resources.

CALENDAR

AUGUST

10 August-10 September (Saturday-Tuesday): Crown Prince Camel Festival, Taif Camel Racing Track.

24-25 August (Saturday-Sunday): New Global Sport Conference 2024 (NGSC24), Four Seasons Hotel Riyadh.

25-29 August (Sunday-Thursday): Tourism Week, Enterprise Support Centers in Riyadh, Jeddah, Al-Khobar, and Madinah.

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

SEPTEMBER

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

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

3-4 September (Tuesday-Wednesday): Data Center Xpo, Voca, Riyadh.

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

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

9-12 September (Monday-Thursday): EFG Hermes London Conference, Emirates Stadium, London.

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

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

10-11 September (Tuesday-Wednesday): Middle East LPG Expo – Saudi Arabia 2024, Intercontinental Hotel, Riyadh.

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

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

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

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

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

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

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

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

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

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

25-26 September (Wednesday-Thursday): Kingdom Business and Luxury Travel Congress, Crowne Plaza Riyadh RDC Hotel and Convention.

27 September (Friday): CAF Super Cup Final 2024, Riyadh.

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

29 September (Sunday): Start of Digital Chip Design Technologies training program.

OCTOBER

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

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

12 October (Saturday): Riyadh Season.

12 October (Saturday): Shakur Stevenson x Joe Cordina, Riyadh.

12-14 October (Saturday-Monday): Global Logistics Forum, Riyadh.

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

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

19 October (Saturday): Battle of the Giants, Mayadeen Hall, Riyadh.

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

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

21-23 October (Monday-Wednesday): Global Health Exhibition 2024, Riyadh.

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

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

NOVEMBER

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

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

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

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

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

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

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

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

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

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

DECEMBER

1 December (Sunday): Opec+ to meet.

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

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

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

FEBRUARY 2025

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

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

JUNE 2025

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

2026

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

2027

The World Water Forum takes place in Riyadh.

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