Non-oil private sector activity grows again in September

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Non-oil private sector activity grows again

id: 2024-10-06-03:31:33:711t

Good morning, ladies and gentlemen, and happy Sunday. We have a relatively busy issue with which to start the week, starting with the latest purchasing managers’ index figures that indicate the Kingdom’s non-oil private sector grew for the second consecutive month in September. We have chapter and verse on that story and others in this morning’s news well, below.

HAPPENING TODAY-

The 2024 Saudi Games is on its fourth day at Riyadh’s Boulevard City, with musical performances from The Saudi Arwa and Abdulwahab kicking off the annual sporting competition, according to a post on X. The event will see upwards of 9k male and female athletes compete in 52 sports. The two-week event runs from until 17 October. You can grab tickets here.

PSAs-

The Transport General Authority issued fresh requirements for licensing drivers and owner-operators training and testing centers, state news agency (SPA) reports. Under the new requirements, the centers must have a valid commercial register, a valid permit from the Technical Vocational Training Corporation, a financial guarantee of SAR 100k, and be integrated with specified online platforms dictated by the authority. The training facilities must also meet the standards set by the city where they operate. Applications for licenses can be made here.

WEATHER- Riyadh is looking at a daytime high of 37°C and a nighttime low of 26°C today. Over in Madinah, the temperature will peak at 40°C before dropping to 26°C. Meanwhile, Jeddah will see a high of 36°C and a low of 28°C.

WATCH THIS SPACE-

#1- PIF eyes larger holdings in Japan’s gaming sector: PIF might be raising its stakes in Nintendo and other Japanese gaming companies, with the fund already in the process of transferring its shareholdings in Japanese gaming companies to its gaming unit Savvy Games Group, in a bid to boost synergies, Vice Chair of PIF’s gaming unit Prince Faisal bin Bandar bin Sultan Al Saud told Japanese news agency Kyodo News on the sidelines of Tokyo Game Show. The story got ink from Reuters.

More on the fund’s gaming plans: PIF currently holds an 8.58% stake in Nintendo and an 8.97% stake in Koei, Kyodo News said, citing PIF filings to Japan’s Finance Ministry. The fund is also eyeing stakes in additional gaming firms as it looks to leverage intellectual property rights and help from Japanese partners to develop a localized gaming industry, complete with merchandise and animations, Al Saud explained.

#2- The Kingdom is planning to generate 44 GW of its electricity from renewable energy by the end of 2024, Energy Minister Prince Abdulaziz bin Salman was quoted as saying by state news agency SPA. The Kingdom plans to establish a hydrogen production facility in Ras Al Khair to support its renewable energy goals, in addition to developing a carbon capture and storage project with an annual capacity of 9 mn tons, bin Salman revealed at the G20 meetings in Brazil.

#3- The Tourism Development Fund is backing seven hotel projects in Al Ahsa, valued at a combined SAR 2 bn, the fund said in a press release. The projects are expected to have a combined capacity of 700 keys upon completion. Information about the completion timeline wasn’t disclosed.

#4- Russian state-owned nuclear developer Rosatom is participating in the development of Saudi Arabia’s inaugural nuclear power facility, the company’s MENA CEO Alexander Voronkov told Aleqtisadiah. Details about the specific role of Rosatom weren't disclosed.

REMEMBER- The Kingdom plans to step up its nuclear oversight and submitted last month a request to the International Atomic Energy Agency to implement the Comprehensive Safeguards Agreement, and withdraw from the less-strict Small Quantities Protocol. The new agreement is scheduled to be in place by the end of the year.

#5- Saudi investors proposed establishing investment funds to develop projects in the Egyptian tourism sector, state news agency SPA reports. The proposal came during a meeting between the Federation of Saudi Chambers and Egyptian Tourism and Antiquities Minister Sherif Fathy. No further details were provided.

DATA POINTS-

#1- Tourist spending in the Kingdom totaled SAR 92.6 bn in 1H 2024, marking an 8.2% increase compared to the same period last year, the Tourism Ministry said on X. The boost saw the Kingdom record a surplus of some SAR 41.6 bn in the balance of payments’ travel account for 1H, setting a new semi-annual record. A travel account surplus indicates net gains from tourism exceeds the amount residents spent on travel abroad during the same period.

#2- Banks handed out SAR 6.6 bn in new mortgage finance to individuals in August, down 7.6% y-o-y, according to Sama’s latest monthly statistical bulletin (pdf). Meanwhile, finance companies provided SAR 161 mn, down 47.6% y-o-y.

OIL WATCH-

Aramco raised the price of its flagship Arab Light Crude to Asian buyers by USD 0.90 to a premium of USD 2.2 / bbl against the regional benchmark, Bloomberg reports. The move, which comes against a backdrop of rising geopolitical tensions, surprised traders and refiners who were expecting a less substantial USD 0.65 bump, according to a survey by the business news service. Meanwhile, the state owned oil giant slashed the price of all grades to the US and Europe.

IN CONTEXT- The price hike follows Iran’s missile strikes on Israel, which have shaken global oil markets. The ripple effects are being closely monitored, especially as OPEC+ delays output hikes until December.

Oil market gains relatively muted despite geopolitical turbulence: Substantial spare capacity — estimated at some 6 mn bbl / d — that can come online when needed, as well as recent history that shows that conflicts in the Ukraine and the Middle East have not led to significant supply disruptions so far, Daan Struyven, co-head of global commodities research told CNBC in an interview (watch, runtime: 3:29). At the same time, there is an uptick in activity in options markets as buyers look to hedge against future uncertainty.

SPORTS-

The scoreboard for Saudi Pro League matchday 6 of 34:

Al Ahli vs. Al Hilal: 1-2
Al Nassr vs. Al Orobah: 3-0
Al Akhdoud vs. Al Ittihad: 1-2
Al Ettifaq vs. Al Raed: 0-1
Al Wehda vs. Al Feiha: 2-2
Al Khaleej vs. Al Kholoud: 1-0
Al Riyadh vs. Al Qadisiyah: 2-1
Damac vs. Al Shabab: 1-0

Al Taawoun vs. Al Faleh: 2-0

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THE BIG STORY ABROAD-

Israel ramped up its attack on Lebanon on Saturday and overnight, executing “massive consecutive strikes” in Beirut’s southern suburbs, as well as its first attack on Tripoli in Lebanon’s north. Yesterday’s attacks come after a strike on Thursday reportedly targeting a potential successor to Hezbollah leader Hassan Nasrallah, who was killed by Israeli strikes late last month. The successor, Hashem Safieddine, has reportedly been out of contact since Friday, although Hezbollah has not confirmed his death. Reuters, Bloomberg, the New York Times, and the Financial Times all have coverage.

WORTH READING- The Financial Times and Bloomberg each also have a front-page piece looking into how the US and Israel’s relationship as “close allies” is being tested as Israeli Prime Minister Benjamin Netanyahu all but ignores warnings and so-called red lines in its attacks in the region. Meanwhile, Biden is weighing how to approach the issue during his last few months in the White House, which the Financial Times notes is an issue that “could influence the [US presidential] election and define his legacy.

CIRCLE YOUR CALENDAR-

The three-day 6 Kings Slam event at Riyadh’s Venue kicks off on Wednesday, 16 October, featuring all-star players competing for the largest purse in tennis history. The matches will see face offs between tennis champs Novak Djokovic, Rafael Nadal, Jannik Sinner, Carlos Alcaraz, Daniil Medvedev, and Holger Rune (watch, runtime: 5:15). The final and third-place match will be held on Saturday, 19 October. Book your tickets here.

The Professional Fighters League’s (PFL) Battle of the Giants is coming to Riyadh on Saturday, 19 October. Headlining the card, MMA superstar Francis Ngannou will face PFL heavyweight champion Renan Ferreira for the title of inaugural PFL Super Champion. Meanwhile, women’s featherweight champion Cris Cyborg will square off against Larissa Pachecho for the World Title Fight in the co-main event. Expect fireworks with additional matchups featuring Johnny Eblen vs. Fabian Edwards and A.J. McKee vs. Paul Hughes.

The two-day Multilateral Industrial Policy Forum will kick off in Riyadh on Wednesday, 23 October. The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the UNIDO General Conference in 2025.

The four-day Biban24 Forum organized by Monsha’at will run from Tuesday, 5 November to Saturday 9 November in Riyadh. It will feature over 250 speakers and 1.4k exhibitors, focusing on supporting the growth and competitiveness of SMEs, as well as promoting entrepreneurship in the Kingdom. Biban24 will also host the Entrepreneurship World Cup finals, offer 420 workshops, and focus on key sectors like e-commerce and financing.

The Saudi General Aviation Airshow Sand & Fun 2024 will run from Tuesday, 19 November to Saturday 23 at Al Thumamah Airport, Riyadh. Organized by the Saudi Aviation Club, the event will feature 100+ exhibitors and 15 airshow teams, with over 100k visitors expected. Sand & Fun is a key platform for exploring aviation tech, fostering partnerships, and driving industry growth.

The four-day Saudi Film Forum 2024 will kick off Wednesday, 9 October in Riyadh, featuring areas for agreement signings, consulting, studio simulation, film talks, cinematic arts, and a little filmmaker section for children.

The Saudi Winter festivities are back, starting October until the end of March 2025, with over 1k events spread across seven key destinations — Riyadh, Jeddah, AlUla, the Red Sea, Eastern Province, Madinah, and Hail. Expect everything from Riyadh Season’s entertainment spectacles, the Dakar Rally, and MDL Beast’s massive music festival, to hiking trails, camps and winter caravans, with special offers available through the Visit Saudi app (Google Play | App Store).

Saudi PMI picks up steam in September

Non-oil business activity in the Kingdom rose to its highest level in four months, signaling renewed confidence in the private sector following a period of slower growth in early 3Q, according to the Riyad Bank Saudi Arabia PMI (pdf). The seasonally-adjusted headline figure climbed to 56.3 in September from 54.8 in August, remaining well above the 50.0 mark that separates growth from contraction. September marks the second consecutive month Saudi’s PMI figure has risen.

This is doubly important given the weak outlook for oil on the back of production cuts and flagging oil prices, Chief Economist at Riyad Bank Naif Al Ghaith said. “As oil revenues come under pressure, the robust performance of the non-oil private sector serves as a buffer, helping to mitigate the potential impact on the country's economic health,” he adds.

New orders + output driving growth: The uptick was mainly driven by a surge in new orders and output as businesses tapped stronger domestic demand and rolled out new projects across a number of sectors. New clients and marketing efforts also contributed to the boost in orders, with export orders also seeing marginal growth. “Rising output levels not only enhance the competitiveness of Saudi businesses but also drive forward developments aimed at expanding private sector participation in the economy,” Al Ghaith also said.

Hiring was also up: Firms ramped up hiring efforts to keep up with new orders and reduce workloads. Nevertheless, shortages in skilled workers and weather-related disruptions meant that backlogs grew marginally in September.

Competitive pressures kept prices in check: Businesses reduced selling prices for the third month in a row, despite facing higher input costs from materials, wages, and technology costs. Higher competition also led some firms to dial back their outlook for future activity.

Firms’ purchasing activity eased: A sharp uptick in inventories among non-oil firms led some firms to “reassess” their purchasing, leading purchasing growth to hit a three-year low. Supplier delivery times improved at their slowest rate since August 2023.

The outlook is positive: Upward momentum in the non-oil private sector signals wider business confidence, “showing a healthy environment to increase investment, job creation, and overall economic stability,” Al-Ghaith adds. Besides hedging against a fall in oil markets, greater output in the non-oil private economy also provides a basis underpinning long-term growth, Riyadh Bank’s chief economist adds.

Aramco’s multiple-tranche USD 3 bn sukuk issuance was 6x oversubscribed

Aramco’s USD 3 bn international sukuk issuance was 6x oversubscribed, it said in a statement. The Shariah-compliant issuance — which was listed on the London Stock Exchange — was split into two equal tranches of five- and 10-year maturities. The shorter tranche carries an annual yield of 4.25%, while the longer one has a 4.75% yield. This is the second time Aramco taps international debt markets this year after closing its first bond sale in three years in July, raising USD 6 bn.

Where the money is going: The oil giant earmarked the fresh funds for enhancing its liquidity position, the statement reads without elaborating further. Aramco’s dividend payments exceed the freecash flow (FCF) the company is generating, putting it in a net negative FCF position that is “unsustainable,” Bloomberg reported back in August. To sustain these dividends, the world’s largest oil company may need to take on more debt, the business information service said.

The issuance is unsubordinated + unsecured: The issued trust certificates are unsubordinated, which means they are not inferior to other debt held by the issuer in terms of repayment priority, according to a disclosure to Tadawul. They are also unsecured, indicating that no specific assets are held as collateral to back the issuance, while certain assets are directly tied to it. The certificates are also limited recourse obligations which means if the issuer defaults and the assets directly tied to the issuance are insufficient for repayment, investors can’t pursue the issuer’s other assets.

ADVISORS- Al Rajhi Capital, Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank, Goldman Sachs International, HSBC, JPMorgan, KFH Capital, and Standard Chartered, among other GCC-based banks, acted as active joint bookrunners for the issuance, according to a disclosure to Tadawul.

Saudi-Spanish consortium lands SAR 4 bn contract for Prince Mohamed bin Salman stadium in Riyadh

Nesma & Partners, Spain’s FCC Construction to construct Qiddiya stadium: PIF-backed Qiddiya Investment Company (QIC) awarded a SAR 4 bn (USD 1.1 bn) contract to Madrid-based FCC Construction and Khobar-based Nesma & Partners for the construction of the 45k-seat Prince Mohammad bin Salman Stadium in Riyadh’s Qiddiya city, according to a Meed exclusive.

The project is slated for completion in 2029, senior architect at the Royal Commission for Riyadh Khaled Al Ojyan said on Linked in. QIC tapped US-based architecture house Populous to design the stadium.

All part of our sports ambitions: The Kingdom’s sports economy — currently valued at USD 8 bn — is expected to top USD 22 bn by 2030, CNN reported last month, citing the Investment Ministry. “We want to be a leading country when it comes to sport, and a sport hub for lots of the sports that we are focusing on,” Vice Minister of Sport Bader Al Kadi told CNN’s Eleni Giokos.

REMEMBER- Saudi is looking to host a handful of international sporting events in the next decade, with plans to build out sports infrastructure to bolster its bidding position. Officials released the Kingdom’s bid book for the 2034 Fifa World Cup in August, highlighting 15 stadiums across five cities, from Riyadh to Al Khobar, Jeddah, Abha, and Neom. Saudi Arabia is the sole bidder for the 2034 World Cup after Australia backed out. The Kingdom is also exploring the possibility of bidding to host the Olympic games.

It’s all golf + oil for Saudi Arabia in the int’l foreign press

It’s a busy day for Saudi Arabia in the international foreign press, with a quick industry pulse from the Alfred Dunhill Links Championship at Carnoustie Golf Links in Scotland on the progress of a potential PIF investment in PGA tour Enterprises, courtesy of the Economist.

A PIF-PGA agreement is likely before year-end: PIF Governor Yasir Al Rumayyan and PGA Tour commissioner Jay Monahan played together in the first round of the Alfred Dunhill Links Championship in Scotland, signaling a possible easing of tensions in golf. Their pairing comes as the PGA Tour explores a potential USD multi-bn investment ticket from the PIF into PGA Tour Enterprises.

Industry sentiment: PGA golfer Billy Horschel expressed skepticism about discussing the agreement during the round, acknowledging the complexities involved. Meanwhile, PGA Tour star Rory McIlroy called the pairing a "step in the right direction" and expressed hope for a deal by year-end, emphasizing that significant transactions take time to finalize.

Saudi could cause a dent to Russia’s war purse if it decides to ramp up oil production: Faced with lack of compliance to production cuts among OPEC+ partners and has shown signs that it is willing to ditch an unofficial USD 100 per barrel price target, Saudi could move to ramp up production in a grab for market share, Politico reports. This spells trouble for Moscow which relies on oil for up to half of its national budget and to bankroll its ongoing war in Ukraine.

The new commercial registry + trade names laws will go into effect in early 2Q 2025

LEGISLATION WATCH-

The Commercial Registry and TradeNames laws were published in Umm Al Qura last Friday, according to a statement in the Official Gazette. The fresh laws will take effect 180 days from the date of their publication in the Gazette. Read our full explainer here.

M&A WATCH-

Saudi Industrial Export’s subsidiary considers establishing a fund to acquire stake in Jana: Hadaj Investment Company, a subsidiary of Saudi Industrial Export (SIEC), signed a three-month non-binding agreement to establish an investment fund with FAAD Capital Partners to acquire a stake in Jubail Chemical Industries Company (Jana), a subsidiary of Nama Chemicals, SIEC said in a disclosure to Tadawul.

Background: Hadaj signed an MoU with Nama in July to acquire a stake in Jana. The size and value of the acquisition are yet to be determined.

TRADE + BUSINESS-

The Federation of Saudi Chambers opened its first office in Toronto, state news agency S PA reports. This came during Industry and Mineral Resources Minister Bandar bin Ibrahim Al Khorayef’s visit to Canada where he participated in a roundtable meeting with the Saudi-Canadian Business Council.

Also on the agenda: Al Khorayef met with Ontario’s Lieutenant Governor and Canadian ministers to bolster industrial and mining cooperation. The talks focused on industrial innovation and the development of smart industrial cities in the Kingdom. Additionally, Al-Khorayef met with representatives of several Canadian firms, including Allied Gold Corporation, Kinross Gold, Bank of Montreal, Hatch Limited, Agnico Eagle Mines, Magna International, and McCain Foods to probe potential investments in the mining, automotive, and food sectors.

CONSTRUCTION-

#1- Retal + subsidiary to develop 442 residential units in Jeddah: Real estate developer Retal Urban Development inked a SAR 224.4 mn, 30-month agreement with its subsidiary Building Construction Company to build 442 residential units in south Jeddah, it said in a disclosure to Tadawul.

The developer has been on a roll: Retal Urban Development signed a SAR 142.4 mn agreement with the same subsidiary earlier this month to build 263 residential units in Riyadh. In addition, it signed two agreements last week, worth SAR 792 mn with the PIF-owned Roshn Group to purchase land plots in Riyadh’s Sedra neighborhood for the development of 644 residential units and related infrastructure with completion scheduled for 2027.

HOSPITALITY-

Knowledge Economic City subsidiary to manage two Radisson hotels: Al Gharaa International Real Estate Development, a Knowledge Economy City majority-owned subsidiary, inked a 15-year hotel management contract that will see Radisson Hospitality manage and operate two of Al Gharaa’s Park Inn hotels in the first phase of the Islamic World District Project, according to a disclosure to Tadawul. One of the hotels features 611 rooms, while the other features 146 serviced apartments. Radisson charges a percentage of both revenue and gross operating income for the hotels it manages and operates.

MANUFACTURING-

US-based software and engineering firm Emerson inaugurated a 13k sqm manufacturing facility at King Salman Energy Park in Eastern Saudi Arabia, it said in a statement. Some of the production will be earmarked for regional exports. No further information was disclosed. The potential facility is set to manufacture mission-critical control and safety systems, measurement instrumentation, control valves, isolation valves, pressure relief valves, solenoid valves and industrial lighting assemblies.

TELECOM-

Stc partners with Qatar’s Ooredoo to boost ICT infrastructure in the region: Tadawul-listed telecom operator stc Group inked an MoU with Qatar’s Ooredoo to collaborate on expanding digital services and connectivity across the MENA region and boost the ICT digital ecosystem, stc said in a LinkedIn post. No further details on the partnership were disclosed.

SHIPPING + MARITIME-

Mawani has launched the FEM1 shipping service at Jeddah Islamic Port in collaboration with C Star and United Global Logistics (UGL), according to a press release. The service has a 2.8k standard container capacity and links Jeddah to the ports Qingdao, Shanghai, Ningbo, and Nansha in China, Kelang in Malaysia, and Istanbul in Turkey. The expansion is the 21st new route to be added to the Kingdom’s ports in 2024 according to a Mawani post on X, and comes in a bid to boost competitiveness and enhance connectivity at the port, while boosting national exports and imports.

FINANCIAL SERVICES-

Amana Cooperative Ins. will now be able to offer medical malpractice ins. products, after receiving approval from the Ins. Authority, it said in a filing to Tadawul.

AGRICULTURE-

The Middle East’s first operational license for a commercial aeroponics project issued in Saudi Arabia: The Environment, Water, and Agriculture Ministry issued the first operational license for a commercial aeroponics project in the Middle East to a consortium of Saudi Tamimi Markets, Japanese Mitsui Group, and Italian Zero Group, according to a ministry statement. The project’s first phase has been completed, establishing an aeroponics farm for various vegetables. The project seeks to reduce water usage by 95% and enable all-year-round production.

ENTERTAINMENT-

A training program for Saudi filmmakers coming to town: The Korean Film Council and Neom’s screen production hub are gearing up to launch a training initiative for Saudi filmmakers in December, Variety reports. The initiative will see the Korean Academy of Film Arts send experienced Korean filmmakers to mentor emerging Saudi talents, giving them hands-on training in film production.

Emerging-market currencies fall on the back of Middle East tensions and strong US economic data

Emerging-market currencies slump amid Middle East tensions and speculations over rate cuts: Emerging-market currencies tumbled on Thursday as escalating tensions in the Middle East drove demand for safer assets like the USD, Bloomberg reports. Adding to the strain, new data revealed that the US services sector expanded at its fastest pace since early 2023, raising expectations that the Federal Reserve may slow its rate cuts. Plus: President Joe Biden’s implication that Israel may hit Iranian oil infrastructure further unsettled markets.

The MSCI index tracking emerging-market currencies fell by 0.5% yesterday before paring losses. The key gauge for developing countries’ stocks also fell 1.3% as Hong Kong stocks fell after a two-week streak stimulated by a package of measures aimed at reviving the Chinese economy.

The risk: a slower pace of Fed rate cuts means slower rate cuts in EMs, and in turn, a harder time for EM currencies. US Federal Reserve Chair Jerome Powell already signaled recently that the Fed is in no hurry to cut rates.

On the bright side, both HSBC and Morgan Stanley expressed a positive outlook for China's equities, with predictions of further gains. That is set to boost EM currencies, which have already been benefitting from a removal of downside risk in China’s economy, one portfolio manager said.

US labor data in focus: US labor market data expected tomorrow could provide more insight into the Fed's upcoming rate cut trajectory.

TASI	11,958	-0.7% (YTD: -0.1%)
MSCI Tadawul 30	1,497	-0.7% (YTD: -3.5%)
NomuC	24,915	-0.2% (YTD: +1.6%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.5% repo	5.0% reverse repo
EGX30	31,721	+1.2% (YTD: +27.4%)
ADX	9,180	-0.4% (YTD:-4.2%)
DFM	4,406	+0.2% (YTD: +8.5%)
S&P 500	5,751	+0.9% (YTD: +20.6%)
FTSE 100	8,281	0.0% (YTD: +7.2%)
Euro Stoxx 50	4,955	+0.7% (YTD: +9.6%)
Brent crude	USD 78.05	+0.6%
Natural gas (Nymex)	USD 2.85	-3.9%
Gold	USD 2,667.80	-0.4%
BTC	USD 62,205.40	+1.8% (YTD: +40.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.7% on Thursday on turnover of SAR 7.2 bn. The index is down 0.1% YTD.

In the green: Kingdom (+9.9%), Anaam Holding (+8.6%) and Al Baha (+7.7%).

In the red: Retal (-6.0%), Sfico (-5.8%) and Alistithmar REIT (-5.0%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% on Thursday on turnover of SAR 21.8 mn. The index is up 1.6% YTD.

In the green: Knowledge Tower (+5.4%), Tibbiyah (+4.3%) and Aldawliah (+3.9%).

In the red: Apico (-10.0%), Edarat (-6.4%) and WSM (-6.3%)

Saudi FM talks regional tensions with US, French, Egyptian counterparts

Foreign Minister Prince Faisal bin Farhan met with France’s Europe and Foreign Affairs Minister Jean-Noël Barrot during a visit to Saudi yesterday, according to state news agency SPA. The two ministers discussed bilateral ties, as well as their views on regional developments, including Israel’s attacks on Lebanon. The visit comes at the start of Barrot’s tour in the region that will take him to Qatar and Jordan before stopping in Israel and the West Bank.

Bin Farhan also discussed the escalating conflict in the region with US Secretary of State Antony Blinken and Egyptian Foreign Minister Badr Abdelatty, SPA reported (here and here).

More finance cooperation with Qatar: Finance Minister Mohamed Al Jadaan inked an MoU with his Qatari counterpart Ali Al Kuwari on the sidelines of the Gulf Cooperation Council’s Financial and Economic Cooperation Committee to boost cooperation between both states in financial policy, public sector laws and regulations, and knowledge sharing, in a bid to spur economic growth in the region, state news agency SPA reported.

CALENDAR

OCTOBER

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

9-12 October (Wednesday-Saturday): Saudi Film Forum 2024, Riyadh.

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.

23-24 October (Wednesday-Thursday): UNIDO’s Multilateral Industrial Policy Forum (MIPF), Riyadh.

26 October (Saturday): Donor Conference to Support Refugees in Sahel and Lake Chad Regions, TBD.

27-28 (Sunday-Monday): The Global PropTech Summit, Movenpick Hotels & Resorts, Riyadh.

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

30 October-3 November (Wednesday-Sunday): Hia Hub 4.0, Riyadh.

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

NOVEMBER

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

3-23 November (Sunday-Sunday): NEOM Beach Games, Neom.

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

5-9 November (Tuesday-Saturday): Biban24 Forum, The Front Exhibition and Conference Center, 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.

11-12 November (Monday-Tuesday): Expenditure Efficiency Forum, The Hilton, Riyadh.

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

16 November (Saturday): Latino Night at Riyadh Season, Riyadh.

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

19-20 November (Tuesday-Wednesday): The Women's Economic Forum 2024, Dammam.

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

23 November (Saturday): Red Sea 600, Jeddah Yacht Club and Marina.

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

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

28 November-14 December (Thursday-Saturday): Noor Riyadh, Riyadh.

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

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.

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

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

5-8 December (Thursday-Sunday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

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

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

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

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

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

6-8 February (Thursday-Saturday): Liv Golf season opener, Riyadh Golf Club, Riyadh.

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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