Non-oil private sector grows at a faster pace in August

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi PMI rises for the first time since February

id: 2024-09-04-04:04:46:437t

Good morning, wonderful people. We’re in the final stretch of the first work week of September with a rather busy Wednesday issue. Several stories are competing for attention this morning, including Saudi’s non-oil private sector activity showing stronger signs of expansion in the August purchasing manager’s index, as well as the Public Investment Fund reportedly tapping debt markets for the fourth time this year. We have chapter and verse on these stories and more in this morning’s newswell, below.

WEATHER- Riyadh’s mercury will peak at 41°C, before dropping to a low of 28°C. Meanwhile, Jeddah will continue to see thunderstorms, with a high of 39°C, and a low of 31°C.

HAPPENING THIS WEEK-

Saudi Arabia is facing Indonesia in the third round of the Asian qualifiers for the 2026 World Cup tomorrow, state agency SPA reports. The team is wrapping up its training program held in Jeddah, with rumors that Italian coach Roberto Mancini might be leaving the team, according to VOI. Saudi Arabia ranks first in its group with 7 points.

WATCH THIS SPACE-

#1- Saudi-flagged oil tanker not attacked by Houthis? National shipping carrier Bahri issued a statement yesterday confirming that its Saudi-flagged vessel, Amjad, did not sustain an attack, but “was transiting north in the Red Sea, near another tanker that came under attack.” Bahri’s statement comes after the US Central Command said that Houthis had targeted the vessel. The story also got ink in Reuters and Bloomberg.

#2- British luxury brand Barbour is set to debut in the Kingdom, under a newly-penned agreement with Abu Dhabi-based fashion retailer Apparel Group, according to a press release. Saudi will be the latest regional market entry for Barbour, following the UAE, Bahrain, Kuwait, Oman and Qatar. No further information was provided.

#3- Samsung Pay is coming to Saudi in 4Q: E-wallet and contactless payment service Samsung Pay will be available across the country in 4Q 2024 under a freshly-inked agreement with the Saudi Central Bank, according to a LinkedIn post by the financial regulator.

#4- Aramco has its eyes on more M&A, but Horse Powertrain stake is staying as is: Aramco has no plans to increase its 10% stake in powertrain manufacturer Horse Powertrain, a joint venture with Renault and Geely, Aramco Executive Vice President Yasser Mufti tells Reuters. The oil giant signed definitive agreements in June to acquire a 10% stake in Horse Powertrain in a transaction that would value the company at EUR 7.4 bn.

DATA POINTS-

#1- Saudi ports moved up to 15th place globally for most containers handled in 2023, moving up one spot from 2022, according to a post on X citing a Lloyd’s List report. Jeddah Islamic Port came in 32nd place globally, while King Abdullah Port came in 70th place, and King Abdul Aziz Port came in 82nd place.

#2- The Kingdom’s non-oil trade balance with GCC countries recorded a surplus of SAR 5.7 bn in 2Q 2024, marking a 7x increase y-o-y, state news agency SPA reported, citing preliminary data from the General Authority for Statistics.

SPORTS-

FC Porto has vowed to take action against Al Ittihad for backing out of Brazilian winger Galeno’s transfer after reportedly reaching a final agreement, according to sports journalist Fabrizio Romano. Galena was said to have sealed a EUR 50 mn transfer agreement with the PIF-owned club, before it had a last-minute change of heart. The Saudi Pro League transfer window closed on Monday.

Out goes Galeno, in comes Bergwijn: Al Ittihad pursued and signed Dutch player Steven Bergwijn instead, Reuters reports. The 26-year-old winger will set the SPL club back around EUR 21 mn.

ALSO- Brazilian teen Angelo Gabriel has joined Al Nassr in a USD 25 mn move, joining Cristiano Ronaldo in the Saudi Pro League team, the Associated Press reported.

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THE BIG STORY ABROAD-

All eyes are on Wall Street in the international business press this morning, with the S&P 500 having dropped 2.1% by yesterday’s close. A 9.5% slide in Nvidia’s stock price prompted a selloff of other big tech names. Nvidia was breaking all of the wrong types of records yesterday, claiming the unenviable title of having the steepest-ever single-day loss of market cap by a US company — wiping off a whopping USD 279 bn during trading.

Traders were prepared for a rocky September, but probably not this rocky. On top of the “traditional” September slump, an upcoming US jobs report on Friday, interest rate cut speculation ahead of the Fed’s mid-month meeting, and 10 September televised debate between Kamala Harris and Donald Trump have been weighing on the market.

Analysts are increasingly wondering if this may signal the end to chip mania, which had until recently been the main driver pushing US stock markets to historic records. After all the money that has been pumped into chipmakers over the last year and a half, a period of reflection and readjustment may be a matter of course, thinks Jackson Square Capital’s Andrew Graham, telling Reuters that “all tech revolutions go through periods of disillusionment.”

But high expectations aren’t Nvidia’s only problem, with it being reported on the same day that the US Department of Justice has subpoenaed Nvidia in an antitrust probe.

It wasn’t much calmer in the oil markets, with Brent crude falling 4.9% to settle under USD 74 and wiping out gains the black stuff had made throughout the year. Driving the fall was news that Libya is ready to turn back the tap back on. A dispute between competing political factions over oil revenue and control of the central bank had effectively stopped exports on the formal market.

AND IN OUR CORNER of the world, Riad Salameh faces the music … again. Former Banque du Liban head Riad Salameh was arrested yesterday in Beirut for alleged financial crimes related to USD 110 mn he amassed through the Lebanese central bank’s dealings with brokerage firm Optimum Invest.

CIRCLE YOUR CALENDAR-

The EFG Hermes London Conference kicks off in less than a week: 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.

SRMG Academy’s technology journalism course will kick off in Riyadh on Sunday, 15 September. The five-day, TikTok-backed program will run until 19 September.

Fenaa Alawwal cultural center will kick off the contemporary art forum Muntada FAA on Sunday, 15 September at the Diplomatic Quarters in Riyadh. The forum runs until Thursday, 19 September.

Smart Cities Saudi Expo 2024 runs 24-26 September at the Riyadh International Convention & Exhibition Center.

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.

Saudi’s non-oil private sector activity reverses a five-month downtrend in August

The Kingdom’s non-oil private sector activity grew at a faster pace in August, on the back of an increase in new orders, growth in government spending, and higher foreign sales, according to the Riyad Bank Saudi Arabia PMI (pdf).

Stronger expansion: The headline PMI figure recorded a slight increase to 54.8 in August, up from 54.4 in July, reversing a five-month downward trend. Despite the month-on-month growth, the index is below the 56.9 long-run average, the report reads. A score of 50.0 is the cutoff point that separates growth from contraction.

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Selling at cheaper prices: Growth in the non-oil private sector output saw the slowest momentum last month since the beginning of 2022, forcing businesses to reduce prices for the second month in a row in order to stimulate demand.

Costs were a mixed bag: Input costs fell to their lowest level since July 2023, while staff wages increased as firms boosted salaries.

Purchasing activity and stock levels were also on the rise last month, accommodating new orders and reducing backlogs at the fastest rates since June 2020.

Exports on the rise: “The increase in new export orders, although slower than the overall growth, shows that Saudi companies are finding opportunities abroad, despite facing tough competition in international markets,” said Naif Al Ghaith, chief economist at Riyad Bank.

A bullish outlook: The sector’s employment rate saw the sharpest increase in a decade, “signaling that businesses are increasingly confident in their expansion plans,” Al Gaith added. Businesses’ expectations for the year ahead are “rising to their strongest since March,” the report reads.

FROM THE REGION-

Egypt’s PMI rose to 50.4 last month, placing the country’s private non-oil sector in growth territory for the first time since November 2020, according to S&P Global’s Egypt PMI (pdf).

Kuwait's PMI fell below 50.0 in August for the first time in over a year and a half. The index came in at 49.7, down from the 51.5 recorded in July, according to Kuwait’s S&P Global PMI (pdf).

Qatar's PMI bumped up to 53.1 in August, up from 51.3 in July, according to Qatar Financial Center’s PMI (pdf).

Al Majed Oud prices its IPO top of the range at SAR 94 a piece

The institutional portion of Al Majed Oud’s Tadawul IPO was 15.6x oversubscribed, leading the perfume maker to price its IPO at the top of its indicative range at SAR 94 a piece, according to a press release. The final pricing is set to see Al Majed Oud raise SAR 705 mn in proceeds and give it a market cap of SAR 24 bn at listing when it takes a 30% stake to market in a secondary share sale.

What’s next? Retail investors can place their orders starting Sunday, 15 September. 100% of the offering is currently being allocated to institutional investors, but the financial advisor could allocate 20% to retail investors if there is sufficient demand. The final allocation of shares is slated for Thursday, 19 September.

Use of proceeds + lockup: Some SAR 25 mn of the proceeds will go towards covering IPO-related costs, while the rest will be split among the selling shareholders on a pro rata basis. Major shareholders will not be able to sell down their positions for a six-month period starting from the first day of trading. Meanwhile, the company is not allowed to issue or list any additional shares of the same category during the same period.

ADVISORS- BSF Capital is acting as financial advisor and lead manager, while Baker McKenzie is providing counsel to the issuer. Stat is counsel to the financial advisor, underwriter manager, institutional subscription manager, and lead underwriter. PwC is running financial due diligence, while Euromonitor International is the market study advisor and BDO Dr. Mohamed Al Amri & Co is the independent financial auditor.

PIF looks at new USD 1.5 bn sukuk sale + tap sale of green bond

PIF selling fresh sukuk + topping up green bond issuances? The Public Investment Fund (PIF) is reportedly gearing up to take a three-year USD 1.5 bn sukuk instrument to market, as the sovereign fund looks to bankroll its domestic growth plans, Bloomberg reports, citing unnamed sources. The fund is also reportedly looking to sell an additional USD 500 mn in green bonds due to mature in 2023, the business information service says. This would be the fourth time in 2024 for the PIF to tap the bond market. Reuters also had the story.

REMEMBER- The PIF issued its maiden green bonds in December 2022, which included a 10-year tranche. The issuance saw the sale of USD 1.25 bn-worth of the 10-year notes. It appears the additional green bonds are a top-up of the 2022 issuance, with the notes representing “a ‘tap’ — reopening an existing transaction for subscription,” Reuters notes.

The details: The sukuk issuance will offer a yield of 75 basis points over US Treasuries, down from an initial target of 110 basis points. Investors have reportedly placed 3x more orders than the amount of the issuance at USD 4.7 bn. Meanwhile, the green bonds will carry a yield of 107 basis points above US Treasuries, and investors have reportedly placed orders worth USD 3.5 bn for the USD 500 mn tap issuance.

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Financing needs: The fund needs USD 22 bn for 2024 to cover its investment plans — less than half of what it has already been raised through bond sales this year, Bloomberg reports citing Morgan Stanley’s strategist Pascal Bode.

REMEMBER-The PIF raised USD 7 bn since the start of the year from two debt sales, while also securing a USD 15 bn refinancing facility last week.

ADVISORS- Our friends at HSBC Holdings are joint bookrunners alongside Goldman Sachs, and JP Morgan Chase & Co, according to Bloomberg.

AviLease closes USD 2.5 bn 5-year debt facility

PIF-owned jet lessor AviLease raised a USD 2.5 bn 5-year unsecured term facility from a syndicate of 24 local, regional, and international lenders, according to a statement. The issuance was 2.7x oversubscribed, the statement read. The facility is structured in two parts, including a conventional facility worth some USD 1.7 bn and a Shariah-compliant USD 770 mn facility.

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The facility will go towards refinancing a 2023 bridge facility that helped finance AviLease’s USD 3.6 bn acquisition of Standard Chartered’s global aviation finance leasing business which comprises more than 120 aircrafts, the statement read. The bridge facility was earmarked for fleet expansion, as AviLease eyes a spot among the top 10 global aircraft lessors by 2030.

ADVISORS- Our friends at HSBC Bank Middle East acted as lead arrangers on the conventional part, alongside Bank of Dubai, and Natixis, while Abu Dhabi Commercial Bank was the coordinating bank. For the Shariah-compliant facility, Mizuho Bank acted as coordinating bank, while Saudi National Bank and Warba Bank acted as lead arrangers. Meanwhile, White & Case acted as legal counsel to AviLease, while Pillsbury advised the lenders.

Syarah secures USD 60 mn in its latest Series C funding round led by Artal Capital

Online car marketplace Syarah raised USD 60 mn in a series C round, led by Artal Capital, with contributions from Tawuniya Ins., Derayah Ventures, Haraj’s founder Yousef Al Rasheedi, alongside existing investors Elm and Impact 46, according to a press release. US-based firm Partners for Growth (PFG) also contributed USD 20 mn via a venture debt facility. Syarah has raised USD 82 mn to date.

What we don’t know: Information about the equity investment each institution made, and the size of stake they received in return was not disclosed.

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Use of proceeds: “This investment will enable us to further enhance our value proposition in the fragmented used cars market. [Sayarah’s] operational success in cars sourcing, inspection, reconditioning, and online sales have already set a new benchmark in the industry, and with this funding, we aim to expand our reach and improve our services even further,” said Syarah CEO Salah Sharef.

About Syarah: Founded in 2015 by Sharef (Linkedin) and Fayez Al Anazi (Linkedin), Syarah allows customers to buy new and used cars online with doorstep delivery as well as an inspection at no cost, a five-day money back assurance, and a one-year warranty. The company currently sells 12k cars a year.

Fintech startup Malaa Technologies closes a SAR 65 mn series A funding round

Homegrown fintech startup Malaa Technologies raised SAR 65 mn in a series A funding round, led by Al Ahli Capital with participation from Derayah Financial and WKN, along with follow-on investments from Khwarizmi Ventures and Impact46, it said in a statement. This follows the SAR 6.4 mn raised in their 2022 seed funding round.

What we don’t know: Information about the specific amount each institution invested, the size of their equity, and the investment structure was not disclosed.

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Use of proceeds: The fresh funds will be used to enhance and upgrade the company's compliance systems, governance, and cybersecurity, said CEO Ali Alorainy. The investment will support the development of new wealth management products, said Malaa Co-Founder Faisal Alqarni.

What’s Malaa? Founded in 2021, Malaa offers a portfolio of fintech products with a focus on wealth management. It aims to be the go-to platform for individuals and institutions making saving, lending, or investment decisions. This includes its newly launched automated advisor service, a fully automated solution that tracks expenses and links users' budgets with their investment portfolios.

The company offers four investment and savings wallets designed for those seeking low- to high-risk investments, with returns ranging from 4% to 11%. These wallets are tailored to investors’ needs, whether they aim to preserve the value of their savings, grow their savings, or increase the value of their initial capital.

Cabinet approves new Measurement and Calibration Law

Cabinet approved new rules on measurement and calibration at its weekly meeting yesterday, state news agency SPA reported. The Kingdom’s Measurement and Calibration Law, which was issued in 2013, is meant to regulate standards for meters and other instruments of measurement. No further details were provided on the changes introduced to the rules.

Separately, Cabinet also signed off on a handful of agreements, including:

The Justice Ministry joining the Euro-Arab Judicial Training Network;
Two MoUs on labor and employment cooperation with South Korea and Tunisia;
An MoU on health cooperation with Tunisia;
An MoU on civil aviation cooperation with the Latin American Civil Aviation Commission;
An MoU on legal cooperation with Bahrain;
An MoU on financial market cooperation with Bahrain;

Saudi films are hitting the global stage

Looking at the Saudi film industry’s growing influence: Variety is out with an interview with Jomana Al Rashid, head of the Red Sea Film Foundation and CEO of Tadawul-listed Saudi Research and Media Group. The interview zeros in on the Kingdom’s growing influence in the global film industry, eight years after a previous ban on cinema was lifted. With six Arab films backed by the foundation showcased at the Venice Film Festival, including notable titles like Tunisia’s Aïcha and Egypt’s Seeking Haven for Mr. Rambo, the foundation is proving to be a major force in Arab Cinema, Al Rashid said.

M&A news from Tabby + Salic + Dussur

M&A WATCH-

#1- BNPL startup Tabby is set to fully acquire fintech player Tweeq under a definitive agreement signed on the sidelines of the 24 Fintech forum, according to a joint press release. The agreement is pending regulatory approvals. “With Tweeq joining forces with Tabby, we will unlock a whole new suite of financial products designed to empower our customers to do even more with their money when they spend, send or save,” said Hosam Arab, CEO of Tabby. There’s no publicly available information about the transaction size.

#2- Salic wraps up sale of Saudi Fisheries stake: Saudi Agricultural and Livestock Investment Company (Salic) has completely exited Saudi Fisheries, selling its entire 40% stake to Abdulaziz bin Abdullah Al Humaid in a SAR 122.4 mn transaction, according to a filing to Tadawul.

#3- Dussur exits General Electric joint venture: State-owned Saudi Arabian Industrial Investments Company (Dussur) sold its 55% stake in General Electric Saudi Advanced Turbines (Gesat) to US-based energy equipment manufacturer GE Vernova, according to a statement. This makes GE Vernova the sole owner of Gesat. The value of the transaction was not disclosed.

REGULATION WATCH-

The Saudi Central Bank (Sama) updated its Open Banking Framework to integrate payment initiation services (PIS), according to a statement by Sama. The update aims to standardize how PIS can be deployed securely and clarifies the responsibilities of PIS providers.The Open Banking Framework is a comprehensive set of regulatory guidelines and technical standards that financial services providers must adhere to.

ALSO FROM SAMA- More fintechs join Sama’s Open Banking Lab: Sama added Seen Tarbi and Neotek to its Open Banking Lab platform, Sama said in a separate statement. In addition, the central bank gave the green light for MoneyMoon to conduct peer-to-peer lending activities. The lab is a simulation where banks and fintechs can test their open banking services ahead of their official launch on a pool of real customers for a specified period of time. The Lab currently hosts 19 companies.

DEBT WATCH-

Saudi EXIM backs Advanced Metal Industries Cluster: The Saudi Export-Import Bank has inked a SAR 50 mn credit facility agreement with titanium sponge manufacturer Advanced Metal Industries Cluster (Amic) and its subsidiary Amic Toho Titanium Metal (Toho), state news agency SPA reported. The proceeds will go towards shoring up the company’s working capital and boosting liquidity required for export operations.

SOUND SMART- Titanium sponge is a basic input for strategic industries such as aircraft and pharma. The product sees limited production worldwide, with Amic and Toho exporting to key markets including the US, the UK, Japan, China, and Estonia, SPA said.

ENERGY-

Pauwels Transformers, the Belgian arm of Saudi Electrical Industries Company (EIC), will supply distribution transformers to four Belgian power distribution companies under a four-year contract, EIC said in a disclosure to Tadawul. The value of the agreement is estimated between SAR 302-609 mn. The transformers will be manufactured in the Kingdom at the Dammam factory of the Saudi Transformers Company, another subsidiary of EIC. The contract is binding to Pauwels, but not to the other contracting parties.

FINANCIAL SERVICES-

The Saudi Ins. Authority launched a new platform to safely test their ins. products, state news agency SPA reported. The platform offers a controlled environment for businesses to test their ideas, in a bid to speed up innovation in the sector. No further information was disclosed.

ENTERTAINMENT-

Flow House to come to Saudi Arabia: PIF-owned Saudi Entertainment Ventures (Seven) partnered with Flow House to bring their entertainment venue to Riyadh, Jeddah, and Al Khobar, according to a statement from Seven. Flow House is one of the venues owned by US-based FlowRider.

The USD lost 2% against other major currencies in August 2024

The USD took its steepest dive of the year in August, losing over 2% against other major currencies as markets anticipated the US Federal Reserve might cut interest rates amid signs of a slowing economy, Reuters reports. The greenback nevertheless rose to a two-week high yesterday, as markets braced for a series of key economic reports, including Friday's U.S. Jobs report, which pundits think will help set the tone for the US Federal Reserve’s next three interest rate meetings.

The USD’s fall eased pressures on most global markets, particularly in Japan, offering breathing space for (emerging) markets to cut rates and become more sensitive to domestic growth issues, Reuters suggests.

Currencies in Latin America gained no ground on the greenback in August thanks to economic troubles and shaky commodity prices.

The weaker USD positioned the EUR and GBP as the top-performing major currencies this year, with the GBP above USD 1.30, up over 25% since its record lows, and the EUR above USD 1.10. Sweden’s SEK was the best-performing major currency, rallying 4% in August.

THE MARKETS THIS MORNING-

Asian markets fell sharply in early trading this morning, mirroring yesterday’s tech-led selloff on Wall Street. Japan’s Nikkei and Taiwan’s Taiex were each down more than 3%, while Australia’s ASX 200 was off 1.7%. Benchmark indexes in China have so-far been least impacted: The Shanghai Composite is down 0.6% and the Hang Seng is off 1.5%.

Futures suggest we can expect more of the same in Europe as well as on Wall Street and Bay Street when trading opens there later today.

TASI	12,180	+0.1% (YTD: +1.8%)
MSCI Tadawul 30	1,517	+0.1% (YTD: -2.2%)
NomuC	26,045	-0.6% (YTD: +6.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	31,018	+0.9% (YTD: +24.6%)
ADX	9,379	+0.2% (YTD: -2.1%)
DFM	4,370	+0.3% (YTD: +7.6%)
S&P 500	5,529	-2.1% (YTD: +15.9%)
FTSE 100	8,198	-0.8% (YTD: +7.3%)
Euro Stoxx 50	4,913	-1.2% (YTD: +8.7%)
Brent crude	73.75	4.9%
Natural gas (Nymex)	2.2	0.0%
Gold	2,493	0.01%
BTC	USD 58,149.10	-1.5% (YTD: +37.4%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.1% yesterday on turnover of SAR 7.3 bn. The index is up 1.8% YTD.

In the green: Sfico (+9.9%), Al Baha (+8.3%) and Savola Group (+6.7%).

In the red: East Pipes (-5%), Zamil Industrial (-4.7%) and Red Sea International (-3.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% yesterday on turnover of SAR 36.9 mn. The index is up 6.2% YTD.

In the green: Knowledge Tower (+8.6%), View United (+6.8%) and Naas Petrol (+6.4%).

In the red: Al Razi (-9.2%), Quara (-7.6%) and Leaf Global (-5.1%)

CORPORATE ACTIONS-

Tadawul-listed City Cement’s BoD has approved the establishment of a SAR 500k wholly-owned mining services subsidiary in Riyadh, it said in a disclosure to Tadawul. The move is pending approvals and licenses. No further details were disclosed.

CALENDAR

AUGUST

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

30 August-7 September (Friday-Saturday): Saudi Arabia Snooker Masters, 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.

15-19 September (Sunday-Thursday): SRMG Academy Technology Journalism Workshop, Riyadh.

15-19 September (Sunday-Thursday): Muntada FAA, 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).

24-26 September (Tuesday-Thursday): Smart Cities Saudi Expo 2024, Riyadh Front Exhibition & Conference Center.

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

26 September-5 October (Thursday-Saturday): AlUla Skies Festival, AlUla.

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.

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.

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.

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.

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

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

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

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.

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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