October’s inflation hits an all-year high

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Mohammed bin Salman to skip G20 summit?

Good morning, ladies and gentlemen, and welcome to a new — and rather busy — week. Inflation figures hit their highest levels in 2024 in October, as rent prices continued to push up consumer prices during the month. Meanwhile, the Public Investment Fund closed another partial stake offload, this time with the sale of a 2% stake in STC.

^^ We have chapter and verse on these stories and more in this morning’s news well, below.

WEATHER- A cloudy Riyadh is looking at a high of 29°C and a low of 16°C today. Over in Makkah, the mercury will peak at 34°C and hit a low of 25°C. Meanwhile, Dammam is looking at a high of 32°C and a low of 18°C.

PSA-

Commerce Minister Majid Al Kassabi issued a ban on the commercial use of state, religious, and sectarian symbols to prevent misuse, according to a statement published in Umm Al Qura. Businesses will have 90 days from 15 November to comply.

WATCH THIS SPACE-

#1- G20 SUMMIT- Crown Prince and Prime Minister Mohammed bin Salman will reportedly not attend next week’s G20 summit in Rio de Janeiro, Bloomberg reports, citing a person it says is familiar with the matter. The canceled trip could be due to a “chronic ear canal condition” that is typically aggravated by long-haul flights, the source says. Additionally, the absence of key leaders including Russian President Vladimir Putin and the looming close of Joe Biden’s presidency may have influenced the Crown Prince’s decision to skip this year’s summit, the source reportedly told the business information service.

#2- French President Emmanuel Macron is expected in Riyadh for a three-day state visit beginning on Monday 2 December, Bloomberg reports, citing a French presidential aide. The announcement comes on the heels of a phone call last Thursday between both leaders. Bilateral relations, the ongoing wars in Gaza and Lebanon, regional tensions, and security are expected to be on the visit’s agenda, the outlet cites unnamed French sources as saying.

#3- IPO WATCH- Kuwait-based Gulf Investment House (GIH) is mulling the IPO of its Riyadh-based Gulf Real Estate subsidiary on Tadawul, its CEO Mohammad Salah Al Ayoub told Asharq Business (watch, runtime: 0:35). GIH is also considering two additional listings on the Saudi bourse, without disclosing the timeframe or the advisors. GIH signed an agreement last month to raise its stake in Gulf Real Estate to 37% in a SAR 84 mn transaction, the news outlet added.

CAPITAL MARKETS-

#4- Tadawul lowers debt issuance barriers: The Tadawul slashed the minimum issuance size allowed for sukuk and bonds listings to SAR 5 mn, down from SAR 100 mn for first-time issuers and down from SAR 50 mn for return investors who already have listed debt, it said in a statement. The move, which comes under new amendments to Tadawul’s listing rules, allows smaller investors, especially SMEs, to tap the debt market.

#5- Riyad Capital received approval from the Capital Market Authority for the public offering of its Riyad Monthly Distributions Multi Asset Fund, according to a statement from the authority. No further information about the offering was provided.

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#6- M&A WATCH- Zahid Group unit eyes Barloworld buyout: A consortium including Zahid Group’s Gulf Falcon Holding and South African Entsha is in talks to take over South Africa’s Caterpillar distributor Barloworld, Bloomberg reports, citing a Barloworld statement. The Johannesburg-based construction equipment manufacturer is currently valued at USD 876 mn. The proposed transaction could see the consortium take the company private by acquiring all of its issued ordinary shares.

Zahid Group already owns a piece in Barloworld: The Jeddah-based group has been steadily upping its shares in Barloworld over the last four years through its Zahid Tractor and Heavy Machinery unit, bringing its current stake to 18.9%.

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#7- Lenovo is planning to set up new facilities here at home as part of a broader push to expand its global manufacturing footprint, Chairman Yang Yuanqing told Reuters. Just last week, Leshines — Lenovo’s supply chain arm — received a USD 50 mn package from Riyadh-based investment platform Ewpartners to localize its production in the Kingdom.

#8- Saudi Arabia will host the AlUla Conference for Emerging Market Economies in partnership with the IMF next year, according to a joint Finance Ministry and IMF statement. The annual two-day event will take place 16-17 February to address “conflicts, geoeconomic fragmentation, pandemics, climate change, food insecurity, and the digital divide,” and their impact on emerging economies.

REGIONAL HEADQUARTERS-

#1- Fitch Group is inching closer to setting up its regional shop in the Kingdom after it received a license from the Investment Ministry, it said in a statement. Fitch will gradually implement strategic direction and management functions for the RHQ over the next six months, with support services set to become operational in the subsequent six months. Fitch Ratings opened its Riyadh offices in 2017, and Fitch Learning opened its local office last year.

#2- HKEX-listed social entertainment company Newborn Town is also coming to town, after it lined up a RHQ license from the Investment Ministry, it said in a post on X.

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THE BIG STORY ABROAD-

The front pages of the international press are mixed this morning, although US President Joe Biden’s meeting with China’s Xi Jinping yesterday is getting ink. The two presidents — who met in Lima on the sidelines of the APEC Summit — discussed the path forward for their countries’ ties as Donald Trump returns to the Oval Office next year. China is ready to work with Trump to maintain “a stable, healthy, and sustainable” relationship with the US, even as Trump plans to impose 60% tariffs on US imports of Chinese goods. The two countries’ relationship is also at risk of becoming fraught as Trump puts together his cabinet, nominating several figures who are known to be hawkish on China. The meeting was covered by Reuters | Bloomberg | Associated Press | Financial Times | Wall Street Journal | New York Times

ALSO WORTH READING- Bloomberg’s Weekend Essay looks at what the introduction of generative AI means for the career ladder in many white collar professions. In many sectors, “entry-level grunt work” — which is both seen as part of the process and can teach employees basic yet critical skills — is now something within genAI’s abilities, raising questions about how the “basic logic” for career progression will change.

CIRCLE YOUR CALENDAR-

The Invest in Health Forum is set to take place in Najran this Wednesday, 20 November.

The Saudi Rail Conference and Exhibition will take place this Wednesday and Thursday, 20-21 November at the Riyadh International Convention and Exhibition Center.

The Black Hat MEA 2024 cybersecurity conference and exhibition will take place between 26-28 November at the Riyadh Exhibition & Conference Center in Malham. The event will gather cybersecurity professionals and technology developers. Speakers include information security leaders from Bayer, SoftBank Investment Advisors, the US Intelligence Community, the CIA, and Knostic.

The two-day Saudi Green Initiative Forum will kick off on Tuesday, 3 December, according to a statement. The forum will coincide with COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh between 2 and 13 December.

The two-day Zakat, Tax and Customs Conference 2024 will kick off on 4 December at the King Abdullah Financial District.

The Red Sea International Film Festival will run from 5-14 December in Jeddah.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

The Fortune Global Forum is coming to Riyadh in December 2025, according to a press release. The forum serves as a platform for the leaders of the world's largest companies, policymakers, and other influential figures to discuss global economic and business trends, challenges, and opportunities.

Inflation registers a record high this year at 1.9% y-o-y in October

Inflation accelerated to 1.9% y-o-y in October, up from 1.7% in September, according to the latest figures from the General Authority for Statistics (Gastat) (pdf). October’s readings mark the highest inflation rate seen so far this year. On a monthly basis, prices inched up 0.3%, driven by an 0.8% uptick in the combined housing, water, electricity, gas, and other fuels category.

IN CONTEXT- Inflation has been on an upward trajectory since August, largely driven by rising rental prices, following a two-month period where it held steady at 1.5% in June and July. Meanwhile, the International Monetary Fund sees Saudi inflation remaining stable at about 2% over the medium term, Reuters said.

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Home rentals are driving the increase: House rental prices — the heaviest weighted component in the domestic consumer basket — rose 11.6% y-o-y last month, on the back of a 11.3% surge in apartment rentals. This led to a 9.6% increase in the prices of housing, water, electricity, gas, and other fuels. Similarly, restaurant and hotel rates were up 1.9% during the period, driven by a 3.6% bump in hotel and serviced apartment fees.

Also feeling the pinch: Personal goods and service rates rose 2.3% y-o-y on the back of a 24.1% increase in the prices of jewelry, watches, and antiques. Education costs ticked up 1.1% y-o-y, led by a 1.8% rise in intermediate and secondary school fees, while food and beverage prices edged up 0.1% due to a 2.6% rise in vegetables.

Softening the blow: Furnishing and home appliance prices slipped 3.1% y-o-y, thanks to a 5% decrease in the prices of furniture, carpets, and flooring. At the same time, a 5.1% decline in ready-to-wear clothes pushed overall apparel and footwear prices down 2.7% y-o-y and transportation costs eased 3.1%, driven by a 4.2% drop in car prices.

MEANWHILE- Producer prices rose 2.4% y-o-y in October, on the back of a 12% increase in the prices of refined petroleum products, according to Gastat’s wholesale price index (pdf). Meanwhile, October wholesale prices were down 0.2% m-o-m.

Dive deeper into Gastat’s full report on October’s average prices of goods and services here (pdf).

PIF raises SAR 3.86 bn by selling 2% of STC to institutional investors

The Public Investment Fund (PIF) offloaded a 2% stake in STC last week in a SAR 3.86 bn transaction, marking the largest such transaction in the Kingdom and the MENA region, it said in a statement. “This transaction is in line with PIF’s strategy to recycle its capital and invest in emerging and promising sectors in the local economy,” the statement reads. STC’s share price closed down 2.2% to SAR 40.20 apiece on Thursday.

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The details: The fund sold 100 mn shares to local and international institutional investors in an accelerated bookbuild offering, though details about the buyers remain undisclosed. The transaction was priced at SAR 38.6 per share, and left the fund with a 62% stake in the telecom giant. The transaction was 5x oversubscribed, with 40% of the shares on offer allocated to international investors, Reuters reports, citing a source familiar with the matter. Bloomberg also had the story.

ADVISORS- The sovereign wealth fund tapped Goldman Sachs and Saudi National Bank (SNB) to manage the offering.

The move is the latest in a series of stake sales by the fund, with the most recent being a second selldown of its stake in Japanese gaming giant Nintendo to now own 6.3%, down from 7.5%. This reflects the fund’s plans to reduce overseas exposure from 30% to 18-20%, to support domestic diversification projects, and encourage co-investment from foreign firms within the Kingdom. It most recently took a majority 54% stake in local broadcaster MBC for SAR 7.5 bn.

ALSO FROM THE PIF- The fund’s ownership of US equities grew to USD 26.7 bn in 3Q 2024, up from USD 20.7 bn the previous quarter, Argaam reports, citing a US Securities and Exchange Commission filing.

Acwa Power partners with Masdar, Socar Green to build offshore wind projects in Azerbaijan

Homegrown renewables firm Acwa Power, the UAE’s Masdar, and Azerbaijan’s Socar Green will develop 3.5 GW of offshore wind projects in Azerbaijan’s Caspian Sea, under an MoU signed on the sidelines of COP29 in Azerbaijan, according to a statement from Masdar. This would mark Azerbaijan's first venture into offshore wind farms, playing into the country’s growing renewable energy portfolio. The project’s investment ticket was not disclosed.

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Acwa Power will also build 2 GW battery storage systems worth USD 1.1 bn in Uzbekistan under a separate agreement signed on the sidelines of COP 29, according to a statement from the Uzbek Ministry of Energy.

ALSO FROM COP 29- Electricity link-up with Azerbaijan, Kazakhstan, Uzbekistan in the works: The Energy Ministry signed an executive program with its counterparts in Azerbaijan, Kazakhstan, and Uzbekistan to mull potential regional power grid interconnection projects, with plans to integrate renewable energy sources into the grids of the countries involved, according to a press release from the Saudi Energy Ministry. In addition, the Saudi Electricity Company signed a similar agreement with network operators in the three countries.

Al Fakhera Men’s Tailoring Nomu IPO was 2.7x oversubscribed

Thobe-maker and clothing retailer Al Fakhera Men’s Tailoring priced its Nomu IPO at the top of the guidance range at SAR 6 apiece, with the offering 2.7x oversubscribed, lead advisor Yaqeen Capital said in a Tadawul filing. The final pricing sees Al Fakhera raising SAR 36 mn in proceeds, giving it a market cap of SAR 180 mn at listing, according to EnterpriseAM Saudi calculations.

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REFRESHER- The Riyadh-based retailer is selling a 20% stake on Tadawul’s parallel market Nomu in a primary offering. Proceeds from the sale will go towards buying new assets and shoring up working capital after IPO-related expenses are covered. Shareholders will not pocket any of the offering’s proceeds.

Post-IPO structure + lockup: The company’s substantial shareholders, Suleiman Hammad Al Yahya and the Sulaiman Al Hamad Al Yahya Islamic Charitable Endowment, will see their combined ownership diluted from a 95.0% stake to 79.2% post-IPO. They will not be able to sell down their positions for a 12-month period from the first day of trading. Minority shareholders will see their positions reduced on a pro rata basis.

Where we’re at in the process: Excess funds will be refunded by tomorrow, following the final allocation of shares which took place last Thursday.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor, lead manager and underwriter, with Monsfoon providing counsel to the issuer and RSM acting as auditor. Receiving agents include Yaqeen Capital, Al Rajhi Capital, AlBilad Capital, Riyadh Capital and Al Ahli Capital, Istithmar Capital and Alinma Investment, among others.

Cityscape Global closes out with SAR 230 bn in real estate agreements

Cityscape Global concluded with SAR 230 bn in real estate agreements, including SAR 20 bn in sales by developers, SAR 30 bn in strategic agreements, and SAR 180 bn in investments announced during launch day, state news agency SPA reports.

DATA POINT- The Real Estate Development Fund (REDF) provided SAR 1 bn in housing finance to Sakani beneficiaries during the expo, SPA reported separately.

REMEMBER- 77% of expatriates are interested in owning property in Saudi Arabia, according to a KPMG survey. Among prospective buyers, 75% prefer properties in residential communities, with 68% favoring apartments, particularly branded residences with 1-3 bedrooms.

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REAL ESTATE-

Egeez World and local developer Aqaratic are exploring a partnership to bring entertainment IP-themed branded real estate to Saudi Arabia, according to a press release. If finalized, the USD 1 bn (SAR 3.75 bn) partnership will develop mixed-use, IP-themed luxury urban living spaces that are inspired by entertainment brands such as Emoji, the Smurfs, and Youtooz. The developments will also see partnerships with major Hollywood and gaming studios, the statement said.

HOSPITALITY-

Rikaz Real Estate secured hospitality agreements worth SAR 440 mn, including a partnership with Kerten Hospitality to create destination experiences for hotel apartments worth upwards of SAR 260 mn in Zaya ’s Uptown project, and a partnership with Sedco Capital and Mishal Abdullah Al Rajhi Group to establish a real estate investment fund worth SAR 180 mn for a hospitality project in Riyadh, according to a statement and Aleqtisadiah.

LOGISTICS-

Kaden is developing three industrial logistics projects in Jeddah, Madinah, and Dammam. The company signed an MoU with Almqr Development to develop the 1 mn sqm Imdad industrial logistics project in Madinah, and partnered with Al Wabel and Alawwal Invest to establish a SAR 550 mn fund for the Logistics Park Dammam, Aleqtisadiah reports. Kaden also inked an agreement with Miyar Capital and Tilal Real Estate to establish a separate real estate fund to develop the 300k sqm Logistics Park Jeddah, valued at up to SAR 400 mn.

LAND SALES-

Ladun Investment is looking to acquire Jabal Omar land worth SAR 600 mn from Musharaka Capital, with total project investments exceeding SAR 1.45 bn, CEO Hassan Alhazmi told Argaam on the sidelines of the forum. AlHazmi also divulged a 30% partnership with Mawten Real Estate for land near the Haramain Station in Makkah, with investments surpassing SAR 840 mn.

FROM THE PROVINCES-

The Eastern Province Municipality inked over SAR 800 mn in contracts and launched investment projects worth SAR 8 bn at the conference, state news agency SPA reports. The province also showcased 18 recently-launched projects worth SAR 14 bn in the tourism, health, sports, entertainment, and residential sectors.

Madinah Municipality’s investment arm Al Maqar Development and Investment signed a slew of agreements. These include an investment and development contract for the 64k sqm King Abdulaziz Square project and an MoU with a local company to develop the 1 mn sqm Imdad logistics hub. Other inked agreements include an MoU to develop and operate a 95k sqm exhibition and conference center and a partnership with Integrated Mosques to develop smart and sustainable mosques within Al Maqar’s developments, SPA reported separately.

Asir signed five investment agreements, including partnerships for municipal asset investments, a commercial complex on King Fahd Road, community based recovery centers in Abha’s Al Mashhad area, and a hotel with a multi-use area, SPA reported separately.

Other agreements locked in:

Retal Urban Development closed out its participation at the conference with 11 agreements signed and upwards of 1.2k units sold at a total value of SAR 2 bn, it said in a statement.
Tilal Real Estate has developed 3k housing units across four Saudi cities in coordination with the National Housing Company at a SAR 3 bn investment, Aleqtisadiah quotes CEO Abd Al Rahman Al Bassam as saying on the sidelines of the expo.
The Capital Market Authority and the Real Estate General Authority inked an MoU to boost governance, transparency, and enhance protection for stakeholder’s rights in real estate investments, according to a p ost on X.
Monsha’at signed a cooperation agreement with PIF-backed developer Roshn Group to support innovation and startups in the real estate development sector, according to a post on X.

CMA approves new regs on omnibus accounts

CAPITAL MARKETS-

Capital market institutions can now open omnibus accounts to manage their clients’ investments under new regulations approved by the Capital Markets Authority (CMA), which comes as part of a broader push to ramp up investment and streamline trading procedures, the authority said in a statement. The amendments (pdf) to the capital market institutions regulations took effect Thursday.

ICYMI- The CMA had drafted the amendments earlier this year to scrap a requirement for an omnibus account to be filed under the relevant client’s name.

Uh, Enterprise, what are omnibus accounts? An omnibus account is a shared investment account that pools together the assets and trades of several customers, allowing the broker to execute and clear trades on behalf of its clients. Omnibus account transactions are executed in the broker’s name, which allows individual investors to maintain privacy.

ALSO- The CMA signed off on a series of amended rules, including updates to derivatives trading, membership rules, and securities clearing, Tadawul Group said in a separate statement. The revised framework aims to improve post-trade infrastructure and boost market efficiency.

HOSPITALITY-

PIF-owned Aseer Investment partnered with Rikaz to establish a holding company for developing tourism projects in the Aseer region, including hotels, resorts, and cultural centers, according to a statement on Aseer Investment’s website. The partnership targets to lure local and international investors to the region.

LOGISTICS-

Saudi Post and the Export Development Authority will provide logistical solutions to non-oil exporters, including air and land freight services under an MoU they signed, state news agency SPA reports. The two parties will organize workshops to inform exporters about the services they will offer.

BUSINESS-

The General Authority for Small and Medium Enterprises (Monsha’at) launched the Fikraplatform to allow commercial innovators to connect with national experts to receive guidance on how to turn their ideas into commercially viable and investment-ready projects, according to a statement from the authority.

Gold sees worst weekly drop in over three years amid post-US election market reset

As good as gold? The safe haven asset has seen prices face their worst drop in more than three years following the election of Donald Trump in the US election on 5 November. Traders were quick to react to what a Trump victory could mean for the asset class, with gold pieces falling 2.7% on the day that the Republican contender for the White House declared victory. Throughout the whole month, gold prices are now down 6.6% to USD 2,570.10 per ounce.

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The prospect of high interest rates for longer is helping drive the fall, with the US Federal Reserve signaling that its rate cut cycle may play out slower than initially forecasted — a problem for gold as a non-interest paying asset. Traders are also pricing in an uptick of inflation on the back of Trump’s proposed tariffs, draconian migration policies, and tax cuts, which could potentially persuade the Fed to hold back on rate cuts for even longer.

A stronger USD is likewise partly to blame, as a stronger greenback racks up the price of the precious metal for many international buyers as the metal is usually priced in USD.

The move towards Trump trades is also contributing to the sell-off, as investors flock to the likes of BTC and Tesla shares, “attracting money from typical safe havens like gold,” the Financial Times quotes MKS Pamp’s Nicky Shiels as saying.

Despite the recent dip, the metal is still up 29.2% over the last 12-month period — a decent notch above all of the world’s main indexes.

And some think that the gold rally still has a lot of gas left in the tank, including Shiels, who think that the recent fall in value “is not a reversal of the bullish trend, gold simply rose too quickly, and now it is reverting to a less bullish trajectory.” StoneX’s Rhona O’Connell even expects the asset to soon recover and pass the USD 3k at some point next year.

TASI	11,791	-1.2% (YTD: -1.5%)
MSCI Tadawul 30	1,481	-1.3% (YTD: -4.5%)
NomuC	29,468	+0.9% (YTD: +20.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	31,462	+0.1% (YTD: +26.4%)
ADX	9,443	+0.5% (YTD: -1.4%)
DFM	4,740	+0.2% (YTD: +16.8%)
S&P 500	5,871	-1.3% (YTD: +23.1%)
FTSE 100	8,064	-0.1% (YTD: +4.3%)
Euro Stoxx 50	4,795	-0.8% (YTD: +6.1%)
Brent crude	USD 71.04	-2.01%
Natural gas (Nymex)	USD 2.82	+1.4%
Gold	USD 2,570	-0.1%
BTC	USD 90,881.60	-0.4% (YTD: +115.1%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.2% on Thursday on turnover of SAR 11.1 bn. The index is down 1.5% YTD.

In the green: Saudi Cable (+5.1%), Burgerizzr (+3.8%) and Arabian Mills (+3.1%).

In the red: Chemical (-4.9%), Alkhaleej Trng (-4.9%) and Red Sea (-4.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.9% on Thursday on turnover of SAR 91.5 mn. The index is up +20.1% YTD.

In the green: Al Qemam (+9.6%), Dar Al Markabah (+9.1%) and Horizon Educational (+7.6%).

In the red: WSM (-6.2%), Osool And Bakheet (-5.4%) and NGDC (-5.0%)

CALENDAR

NOVEMBER

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

3 November-19 December (Sunday-Thursday): Measles and Rubella vaccination campaign, Najran.

11-22 November (Monday-Friday): The Diplomatic Conference to Conclude and Adopt a Design Law Treaty, Riyadh.

12-18 November (Tuesday-Monday): Offering period for Multi Business Group’s (MBG) Nomu IPO.

18 November (Monday): Roadshow SearchInform 2024, Riyadh.

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

19-20 November (Tuesday-Wednesday): The two-day retail subscription of United Holding International Company’s Tadawul IPO.

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

20 November (Wednesday): Invest in Health Forum, Najran

20-21 November (Wednesday-Thursday): The Saudi Rail Conference and Exhibition, Riyadh International Convention and Exhibition Center, Riyadh.

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

21 November (Thursday): Final allocation for Multi Business Group’s (MBG) Nomu IPO.

22 November (Friday): Submission deadline for UNCCD Young Researchers Award at COP16.

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

24 November (Sunday): Balance of trade for September.

25 November (Monday):The final allocation of shares of United Holding International Company’s IPO on Tadawu.

25 November (Monday): Refunds for Multi Business Group’s (MBG) Nomu IPO.

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

25 November-1 December (Monday-Sunday): Offering period for Digital Research Company’s (DRC) Nomu IPO.

26 November (Tuesday): Saudi Aramco 3Q 2024 dividend distribution.

26-28 November (Tuesday-Thursday): Black Hat MEA 2024, Riyadh Exhibition & Conference Center, Malham

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

26-28 November (Tuesday-Thursday): Saudi Electricity 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+ Joint Ministerial Monitoring Committee meeting.

1 December (Sunday): Dallah Healthcare 3Q 2024 dividend distribution.

2-4 December (Monday-Wednesday): Emmanuel Macron expected to visit Riyadh.

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

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

3 December (Tuesday): Riyad Bank PMI for November.

3-4 December (Tuesday-Wednesday): Saudi Green Initiative (SGI), Riyadh.

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

4 December (Wednesday): Final allocation for Digital Research Company’s (DRC) Nomu IPO.

4-5 December (Wednesday-Thursday): Zakat, Tax and Customs Conference, Riyadh.

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

5-14 (Thursday-Sunday): Red Sea International Film Festival, Jeddah.

8 December (Sunday): Refunds for Digital Research Company’s (DRC) Nomu IPO.

10-12 December (Tuesday-Thursday): CPHI Middle East, Riyadh Front Exhibition & Convention Center, Riyadh

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

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

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

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

17-18 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

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

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

State budget approval and release.

2025

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

Saudi and Turkey plan to raise their bilateral trade volume to USD 10 bn

JANUARY 2025

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

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): 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.

FEBRUARY 2025

1 February (Saturday): UFC event, The Venue, Riyadh.

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

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.

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

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

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

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

22 February (Saturday): Founding Day.

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.

MAY 2025

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

31 May-5 June (Saturday-Thursday): Hajj.

JUNE 2025

6-9 June ( Friday-Monday): Eid al-Adha.

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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.

SEPTEMBER 2025

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

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

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.

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