Of Tadawul debuts, rights issues, and tourism

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: SAMA governor Al-Sayari to meet US Treasury Secretary Janet Yellen in Brazil

Good morning, wonderful people. It’s a brisk but unremarkable morning for business news — and we expect three big international meetings to drive the news agenda over the next 24-48 hours.

We’re also looking forward to Avalon Pharma’s Tadawul debut tomorrow as bankers wrap the exchange’s second big share sale of the year, and we’re looking forward to seeing how Amiantit’s tradable rights issue goes — it also kicks off tomorrow.

Things happening today on which we expect to be reporting back to you tomorrow morning:

#1- Saudi Central Bank (SAMA) Governor Ayman Al-Sayari will meet with US Treasury Secretary Janet Yellen in Brazil, where they’re attending a meeting of their Group of 20 counterparts, Reuters reports.

#2- The UN World Trade Organization is hosting its once-every-two-years ministerial in Abu Dhabi. Ministers will tackle everything from e-commerce and the WTO’s dispute resolution system to rules on e-commerce and trade in agriculture. The gathering runs through Thursday.

Speaking of Thursday: It’s a leap year. February has 29 days this year, making it a perfect time to watch this sappy classic.

#3- Egypt, Qatar to host two rounds of ceasefire talks: Cairo and Doha will host the latest round of talks for a truce in the Gaza Strip and the exchange of captives, Al Qahera News reports, citing an unnamed Egyptian official.

The “basic contours” of a hostage and ceasefire agreement have already been agreeduponduring recent negotiations and an agreement could be reached “in the coming days,” US National Security Advisor Jake Sullivan said yesterday.

MEANWHILE- Two weeks from today and it’s Ramadan.

So, when do we eat? Maghreb is at 6:01pm on the first day of Ramadan. We’ll have until 4:47am to sort out sohour before fajr prayers.

WEATHER- It’s shaping up to be a sunny day in Riyadh and Madinah with some scattered clouds in Makkah.

Riyadh: 23°C daytime / 12°C overnight
Makkah: 34°C daytime / 20°C overnight
Madinha: 28°C daytime / 15°C overnight

WATCH THIS SPACE-

#1- The Public Investment Fund wants to ramp up its assets under management overseas to make it account for 20-25% of its total assets, Argaam reported yesterday, citing statements by fund governor Yasir Al Rumayyan at the FII Priority conference in Miami last week. Al Rumayyan said the PIF’s assets abroad currently account for less than 25% of the fund’s total assets, adding that more than 70% of its AUM were local investments.

#2- The General Authority for Competition (GAC) has reportedly handed retailer Panda an SAR 400k fine for violating the Competition Law, Mubasher reported yesterday, citing a statement by the competition watchdog. The information service writes that the authority found Panda had failed to file notice that it planned to acquire an IT services firm.

What the law says: Article 7 of the Competition Law stipulates that parties “seeking to join an economic concentration transaction” notify GAC at least 90 days prior to its completion. The stipulation is invoked, according to article 12, if one of the parties to the transaction has total sales above SAR 100 mn per year.

#3- Our friends at Value Makers Studio (VMS) and MENA and Africa edtech platform EYouth have launched a program to boost entrepreneurship in the Kingdom, they said (pdf) yesterday. The three-month Saudipreneur program, which VMS and EYouth say is the largest of its kind here, includes entrepreneurship training, mentoring and guidance sessions.

#4- Investment management firm Musharaka Capital is eyeing the launch of 13 real estate funds this year through a private placement, Managing Director Ibrahim Alassaf told Argaam in an interview yesterday. The funds will focus on real estate in Riyadh, he said. Alassaf also said that his firm plans to increase the value of its assets under management by 50% this year from last year’s SAR 5 bn.

BIG STORY ABROAD-

It’s a (fairly typical) slow Monday in the global business press. A rebound in (developed market) housing prices leads the front page of the Financial Times, while the Wall Street Journal has split its focus, writing that Donald Trump is “on the brink of securing” the Republican nomination and that Nvidia is on the cusp of entering a new, much larger market — with significantly more competition. Reuters also has Trump on its mind, while Bloomberg can’t really decide what’s news, leading the homepage with a spot report on the price of oil.

For our fellow tech nerds: Lenovo earlier this morning showed off a prototype of a laptop with a see-through screen and a no-key keyboard (ugh), while Apple is said to be preparing for a March event. Look for the tech giant to unveil its first iPad Pro redesign in years, a new iPad Pro keyboard that looks more Mac-like, and MacBook Airs with M3 processors.

CIRCLE YOUR CALENDAR-

The Human Capability Initiative will open on Wednesday, 28 February in Riyadh. It wraps on Thursday.

Riyadh will host the International Conference on Sand and Dust Storms in the Arabian Peninsulafrom Monday, 4 March to Wednesday, 6 March. The conference will address regional challenges caused by sand and dust storms and discuss monitoring systems, mitigation strategies, economic and infrastructural impacts, and more.

Tickets are on sale for the 2024 Saudi Arabian Grand Prix, scheduled for Jeddah from 7-9 March.

Riyadh will host a World Economic Forum special meeting on 28-29 April.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

New proven reserves at Jafurah make the largest shale field outside of the US even more economically significant

Oil giant Aramco has added proven additional natural gas reserves of 15 tn standard cubic feet at its Jafurah field, state news agency SPA reported yesterday, citing remarks by Energy Minister Prince Abdulaziz bin Salman. Reserves at Jafurah are now estimated at 229 trn cubic feet of gas and 75 bn barrels of condensates, he added.

Jafurah could be the largest “unconventional” gas field outside the United States. It’s what the industry calls “unconventional,” or more commonly a “shale” field that demands the use of fracking techniques to bring reserves into production. It’s also the largest liquid-rich shale gas field in the Middle East, according to Aramco’s website, and the Kingdom's largest gas field that isn’t associated with an oil field.

What it will mean: Aramco could produce 430 mn cubic feet per day of ethane and c. 640k barrels of gas liquids and condensates per day at Jafurah by 2030. Aramco expects Jafurah to contribute to its energy transition push, with its reserves helping to curb emissions and provide feedstock for lower-carbon fuels.

SOUND SMART- What are “proven” reserves? The oil and gas industry break reserves down into 1P, 2P, and 3P reserves that speak to how much oil or gas is in place — or could be in please. Here’s the rundown:

1P reserves are called “proven” and refer to oil or gas deposits that drilling exploratory wells or doing seismic surveys have shown exist — and that is economic to produce.
2p = proved + probable, adding together what’s proven to be there (1P) plus what is probably there and likely to be recoverable at a price the producer can afford.
3p = proved + probable + possible, adding reserves that could be recovered if technology improves or economic conditions become more favorable.

Avalon Pharma to ring the bell on Tadawul tomorrow

Drugmaker Avalon Pharma will ring the bell on Tadawul’s main market tomorrow as shares from its SAR 492 mn IPO start trading, according to a regulatory filing yesterday. The offering saw heavy demand from retail and institutional investors.

About the IPO:Avalon Pharma has sold 6 mn shares, good for a 30% stake in the company. Some 90% of the offering was earmarked for institutional investors.

Shares will open at SAR 82 apiece, valuing the drugmaker at SAR 1.6 bn at listing after its IPO was priced at the top range earlier this month. The retail offering was 54.3x oversubscribed with demand totalling c. SAR 2.7 bn earlier in February. The institutional offering was also very heavily oversubscribed.

Shares will be allowed to trade in a ±30% band on each of the first three days before being capped at no more than 10% up or down after that before circuit breakers kick in. (All shares on Tadawul are subject to the 10% up-or-down rule.)

REMEMBER- Avalon is set to become Tadawul’s second listing this year after regional broadcaster MBC made its debut in January with a USD 222 secondary sale.

About Avalon: The Riyadh-headquartered company develops, makes, and markets a portfolio of consumer health and cosmetic brands, in addition to generic medications. The drugmaker has 70 brands including Alpha Plus, Avalon Care, and Avogain, along with 250 SKUs, according to its intention to float (pdf). Avalon claims a 9% market share in the dermatology and respiratory therapeutic products markets, along with a 45% success rate in the 160 public tenders it has pursued in the past four years.

ADVISORS-Aldukheil Financial Group (AFG) is quarterbacking the transaction as financial advisor and bookrunner, Alinma Investment is lead manager and underwriter, Alinma Bank and SNB are receiving agents, and Mohammed Al-Dabaan and Partners is the legal advisor. KPMG is the financial auditor while PwC is financial due diligence advisor.

IN OTHER IPO NEWS-

Real estate developer Kinan has delayed its planned IPO on Nomu, Tadawul’s secondary market, financial advisor and lead manager Saudi Fransi Capital said in a disclosure yesterday. Kinan had been set to sell a 3.6 mn shares to qualified investors starting yesterday.

What gives? Saudi Fransi Capital said “there have been developments in which the company will prepare and disseminate a supplementary prospectus to provide updated information.”

Al Modawat Specialized Medicals’s shares plunge 5% in Nomu debut

Shares of Al Modawat Specialized Medical fell 5% yesterday in their first day of trading on Nomu, Tadawul’s parallel market. Al Modawat closed at SAR 105.40 from an opening price of SAR 120.00

ICYMI- The healthcare player sold a 20% stake earlier this month to qualified investors, offloading 475k shares as SAR 111 apiece.

ADVISORS-Yaqeen Capital quarterbacked the transaction as lead manager and financial advisor, while Talal Abu Ghazaleh (TAGI) was auditor.

This is the third IPO on Nomu this year after Pan Gulf Marketing and WSM Information Technology made the leap earlier this month. PGM took a 12% stake to market, while WSM Information Technology sold a 20% stake.

UPGRADE TO TADAWUL?

Sure Global Tech could be graduating from parallel market Nomu to main market Tadawulsoon, according to a disclosure to Tadawul. The upgrade is still subject to regulatory approvals and contingent on meeting the requirements for listing on the main market.

Saudi Tourism Authority gets clear mandate to lead on promotion, working with private sector, developing investment policy

We have more detail on the Saudi Tourism Authority’s updated regulatory framework: The Saudi Tourism Authority (STA) will be tasked with developing plans and policies to promote the Kingdom as a tourist destination both locally and abroad, its regulatory framework published on the official gazette Umm Al Qura showed last week. This comes nearly two weeks after the Cabinet approved the regulations.

At the heart of it, the STA will:

Be in charge of domestic and foreign marketing campaigns to promote the Kingdom’s tourist attractions;

Set up marketing offices;
Work with the private sector on improving the Kingdom’s tourism product;
Propose investments to the Tourism Ministry that would enhance the experience of visitors.

ALSO) The STA will also create a periodically updated database of the Kingdom’s tourist attractions, products, services and events. It will also be tasked with promoting Umrah and will survey visitor experiences and determine priorities and challenges that could face tourists and share them with the Tourism Ministry.

And more: The STA can propose policies and necessary steps to revamp tourist sites and destinations if necessary.

BACKGROUND- The Kingdom was among the world’s best-performing destinations for tourist arrivals in 2023 in comparison with 2019, welcoming 56% more international visitors, according to the World Tourism Barometer report (pdf) by the United Nations World Tourism Organisation (UNWTO) for January. It ranked first on the list of “best-performing large destinations” when measured by volume or the growth in number of arrivals.

The target-The Tourism Ministry recently more than doubled its tourism target for 2030, hoping now to be host to 150 mn tourist trips after it hit last year an earlier target of 100 mn ahead of plan. The new 2030 target sees 80 mn by domestic travelers and 70 mn by international travelers.

Amiantit kicks off rights issue tomorrow, aims to hike capital by nearly 4x

Dammam-based pipe and industrial products manufacturer Saudi Arabian Amiantit will kick off a rights issue tomorrow as it looks to increase its total capital by 4x or so, the company said in a disclosure to Tadawul. The subscription period wraps up on Sunday, 10 March.

Background: Amiantit shareholders approved last week a capital increase of SAR 346.5 mn in a bid to pay down debt and boost the company’s liquidity. The move would bring total capital to SAR 445.5 mn by way of a rights issue.

Uh, Enterprise? What’s a rights issue? Think of a right as a form of tradable security, each giving a shareholder the right to buy new shares at a predetermined price before those shares are offered to anyone else.

How it works: Existing shareholders have the option of not exercising their rights (ie: doing nothing); they can exercise their rights (buy some or all of the shares they’re being offered); or trade the rights (sell them to someone else or buy more rights if they want more exposure to Amiantit. Investors who own no shares can buy rights from current shareholders, and folks who do nothing or sell their rights would be diluted down if the rights issuance sees others subscribing.

The allocation of rights shares: Each shareholder will be granted 3.5 rights for every share they hold. Each right can then be used to subscribe to one new share at a reduced cost of SAR 10 a piece. No information was yet provided about the indicative selling price to institutional investors.

Rights trading for Amiantit wraps up on Tuesday, 5 March.

Selling rump shares on the open market: The underwriter on the transaction will be selling any remaining unsubscribed shares to institutional investors in a rump offering. Investors that buy rights issues from existing shareholders that don’t wish to exercise their subscription rights, will be subscribing to the new shares through private placements with the underwriter.

Use of proceeds: SAR 165 mn will be injected into the company’s working capital until 4Q 2024, while SAR 156.5 mn will be used to pay down debt, and SAR 25 mn will be paid in transaction expenses, according to the prospectus (pdf).

Latest results: Amiantit’s net losses declined 65% y-o-y to SAR 3.5 mn in 1H 2023, while its revenues rose 51% y-o-y to SAR 364 mn over the same period.

Market reaction: The company’s shares rose c.10% to SAR 29.30 at yesterday’s close.

ADVISORS- Wasatah Capital is quarterbacking the transaction as financial advisor and underwriter, while Al-Nafaie Investment Group is acting as lead manager, and Gulf Legal Advisors is legal counsel.

CFA Institute to make Saudi the heart of its regional expansion

CFA Institute says Saudi is the core of regional expansion: US accrediting group CFA Institute plans to double the number of members here to around 1k over the next three years as part of its Middle East expansion, President and CEO Marg Franklin told Bloomberg in an interview yesterday. It also plans to increase its candidate pool by 20% annually, Franklin said, adding that the non-profit educational organization for chartered financial analysts is exploring the addition of Arabic certification and Islamic finance training to meet high demand.

CFA Institute? The organization’s Chartered Financial Analyst accreditation is the benchmark for everything finance from wealth advisors to analysts. Its CFA Program sees a three-part exam that tests the foundations of investment tools, valuing assets, portfolio management and others, according to its website.

What she said: “Most of this is really around trajectory and direction,” she said on the sidelines of the CFA Institute’s Middle East Investment Conference in Riyadh. “When you look at the last five years, the ambition is clear,” she added. “It’s a young population and they know the most important levers that will help it to become a more diversified, resilient economy and much bigger global player”.

In numbers: The Kingdom currently has 520 CFA members, with women accounting for 12% of total memberships, CFA board member Fahad Kordi told Bloomberg. Figures for women membership are up from 8% in 2022, Kordi, who is also Head of Investments and Structured Funding at Banque Saudi Fransi said.

Saudi Lime inches closer to becoming the sole owner of Astra Mining

Saudi Lime Industries inches closer to a full acquisition of Astra Mining:The Riyadh-based limestone supplier has sealed a conditional binding agreement to acquire 100% of Astra Mining, it said in a disclosure to Tadawul.

The sellers: The transaction will see the limestone supplier acquire the entirety of Tharawat Mining and Astra Industrial Group stakes in Astra mining within the next three months.

Payment details: The transaction will set Lime Industries back SAR 35 mn in addition to paying off Astra Mining debts to local banks in the amount of SAR 129.6 mn, settling the transaction at up to SAR 164.6 mn.The transaction will be funded through financing from a local bank in addition to the company’s own resources. No further information was provided.

The caveat: The move is still subject to regulatory approvals and is contingent on compliance to terms and conditions including signing escrow and licensing agreements.

The latest results from Hail Cement, Saudi Pipe

#1- Hail Cement’s net income rose 50% y-o-y to SAR 24.6 mn in 2023 on the back of healthy returns from financial investments and murabaha deposits, it said in a disclosure to Tadawul. Revenues fell 37.3% y-o-y to SAR 229 mn over the same period.

The company’s BoD has recommended a dividend payout of SAR 33.7 mn at SAR 0.35 a share for 4Q 2023, it said in a separate disclosure.

#2-Saudi Steel Pipe’s net income rose 4x y-o-y to SAR 217 mn in 2023, which was down to product diversification and volume increase as well as positive results from its acquisition of Global Pipes Company despite its SAR 35 mn finance fee, it said in a disclosure to Tadawu l. Revenues were up 78.5% y-o-y to SAR 1.3 bn over the same period.

Fintech player Geidea appoints KSA CEO, new board member + advisor

Saudi-born regional fintech player Geidea has appointed Ziyad Al-Eisa as its CEO for Saudi Arabia. Al-Eisa (LinkedIn) will also join Geidea’s board and joins with a track record that includes time at SAMA, Al-Rajhi Bank, the Saudi Investment Bank. He was also CEO of Neoleap and of SAMA-regulated corporate credit credit reporting agency Bayan.

AND- Geidea has also named Abdulmalik Al-Sheikh (LinkedIn) to its board as an independent, non-executive member. Al-Sheikh has a 30-year track record with SAMA.

ALSO- Omar Yassine (LinkedIn) has been named senior advisor to Abdulla Al-Othman (pictured, above), Geidea’s founder and executive chair. Yassine was most recently CEO for digital ventures and payments at SNB.

All sports, all the time

It’s a relatively quiet morning for the Kingdom in the global press, with the conversation being driven largely by sports coverage:

Two-time Olympic boxing gold medallist Claressa Shields’s historic victory in the first female MMA card here continues to get coverage from CNN and Sky Sports.

NBC Sports is out with whispers that Anthony Kim will return to pro golf at a LIV Golf event in Jeddah next week. Kim hasn’t played professionally since his achilles injury during the Wells Fargo Championship back in 2012.

A new IMC in Jeddah. Plus: manufacturing, sports, fintech

HEALTHCARE-

A new IMC hospital in Jeddah: The International Medical Center Company Healthcare signed two agreements worth a combined SAR 21 mn to set up a new integrated hospital in North Obhur in Jeddah, Dallah Healthcare and Fitaihi Holding Group said in two separate disclosures (here and here). The first agreement signed with Dar Al Handasah covers hospital design, while a second agreement focused on project management was signed with Midrar Development Management. They will break ground on the project after completing feasibility studies and receiving the necessary approvals. Dallah Healthcare owns a 27.2% stake in IMC, while Fitaihi Holding has a 19.25% stake.

MANUFACTURING-

City Cement Co. expects higher costs on higher fuel prices: Tadawul-listed City Cement Co. expects its sales cost to rise by 8% on the back of Aramco hiking diesel fuel prices, City Cement said in a disclosure to Tadawul yesterday. The cement manufacturer expects the impact will be seen from 1Q 2024, although its investments in using alternative fuel and waste heat recovery will help alleviate the financial impact.

Background:Aramco notified industrial and petrochemical companies in January that it wasraising the price of diesel 53% to SAR 1.15 per liter this year from SAR 0.75 last year. A number of Tadawul-listed players, including Sabic, said they expect the price hike to hit their cost of production in 1Q 2024.

SPORTS-

Armah Sports inks SAR 19.7 mn lease for men’s sports club: Armah Sports signed a 22-year, SAR 19.7 mn land lease agreement worth SAR 19.7 mn for a plot on Makkah road in Riyadh’s Al Hada to operate a men’s sports club under its B-Fit brand, it said in a statement to Tadawul.

FINTECH-

Enjaz Banking Services, a unit of Bank Albilad, is looking to offer zero-cost international transfers through a partnership with Singapore fintech outfit Nium, according to a statement.

TRADE-

Boosting Saudi’s non-oil exports:Saudi Export Import (Exim) bank signed an MoU with the Arab Monetary Fund’s Arab Trade Finance Program to support Saudi non-oil exports to Arab markets with the help of credit solutions, state news agency SPA reports, citing an Exim statement.

EDUCATION-

The first virtual school in the Kingdom is set to launch by 2025, after Ataa Educational inked a one-year MoU with Electronic Education and Training (Semanoor), Ataa said in a statement to Tadawul. The school will be open to both local and international students. No further information was provided.

Buffett says Berkshire Hathaway has no possible “eye-popping” gains left

Warren Buffett’s USD 900 bn conglomerate now has “no possibility of eye-popping performance” because its colossal size means “there remain only a handful of companies in this country capable of truly moving the needle at Berkshire, and they have been endlessly picked over by us and by others,” Buffett said in his annual letter (pdf) to Berkshire shareholders.

A hard act to follow: Since Buffet took over Berkshire Hathaway in 1965, its price has risen 4.4 mn percent By comparison, the S&P 500 has risen 31k percent during the same period.

Berkshire Hathaway still reported its highest ever earnings in 2023: The company reported earnings of USD 97 bn in 2023, according to Berkshire’s latest earnings release (pdf).

With Buffett now in his twilight years, his latest letter is sparking a look back at a remarkable career. Case in point: I read all 59 of Warren Buffett’s annual letters. These are the best parts, in this morning’s Wall Street Journal.

MEANWHILE- It’s a mixed picture for Asian markets this morning. Shares in China are mixed, with both Shanghai and Hong Kong basically flat, the Kospi in the red, and the Nikkei extending its rally to hit a new high. Futures suggest a soft open for shares in both Europe and North America later today.

	TASI	12,604.59	-0.2% (YTD: +5.3%)
	MSCI Tadawul 30	1,620.57	-0.5% (YTD: +4.5%)
	USD : SAR (SAMA)	3.75 Sell	3.75 Buy
	Interest rates	6% repo	5.5% reverse repo
	EGX30	27,840.86	-5% (YTD: +11.8%)
	ADX	9,279.94	-0.4% (YTD: -3.1%)
	DFM	4,225.90	-0.1% (YTD: +4.1%)
	S&P 500	5,088.80	+0.03% (YTD: +6.7%)
	FTSE 100	7,706.28	+0.3% (YTD: -0.4%)
	Euro Stoxx 50	4,872.57	+0.4% (YTD: +7.8%)
	Brent crude	USD 81.63	+0.01%
	Natural gas (Nymex)	USD 1.69	+5.2%
	Gold	USD 2,043.00	-0.3%
up	BTC	USD 51,782.77	+0.4% (YTD: +120.4%)

THE CLOSING BELL-

The TASI fell 0.2% yesterday on turnover of SAR 6.6 bn. The index is up 5.3% YTD.

In the green: Amiantit (+10%), Arabian Pipes (+9.9%) and Saudi Steel Pipes (+9.9%).

In the red: AlBaha (-6.7%), Savola Group (-3.7%) and Jadwa Reit Saudi (-3.1%).

CORPORATE ACTIONS-

#1- Saudi National Bank’s board of directors has recommended a dividend payout of SAR 5.4 bn at SAR 0.8 per share for 2H 2023, it said in a disclosure to Tadawul. No further information was provided.

#2- Al Rajhi Bank’s board has proposed a dividend distribution of SAR 4.6 bn at SAR 1.15 a share for 2H 2023, it said in a filing to Tadawul. This brings shareholders’ dividend payout for 2023 to SAR 2.30 per share, amounting to a total of SAR 9.2 bn.

CALENDAR

MARCH

2 March (Friday): end of Noor Riyadh show, segment “Refracted Identities, Shared Futures”, Riyadh.

10 or 11 March (Sunday or Monday): First day of Ramadan (tbc)

4-6 March (Monday-Wednesday): International Conference on Sand and Dust Storms in the Arabian Peninsula, Riyadh.

4-7 March (Monday-Thursday): Leap 2024, Riyadh.

11 March (Monday): Flag Day (national holiday)

APRIL

14-21 April (Sunday-Monday): IMF and World Bank spring meetings, Washington, DC

28-29 April (Sunday-Monday): World Economic Forum’s Special Meeting, Riyadh.

29 April-1 May: Future Hospitality Summit at Al Faisaliah Hotel, Riyadh.

Signposted to happen sometime in April:

Eid Al-Fitr (national holiday)

MAY

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh.

21-23 May (Tuesday-Thursday): The Saudi Food Show, Riyadh.

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

5 June (Wednesday): World Environment Day.

Signposted to happen sometime in June:

Eid Al-Adha (national holiday)

AUGUST

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh

SEPTEMBER

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

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

DECEMBER

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

Signposted to happen sometime in 2024:

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