Our balance sheet can absorb war shocks

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WHAT WE’RE TRACKING TODAY

Saudi oil fields and air bases targeted in weekend barrage

Good morning, wonderful people. The war (yes, it’s a war, regardless of what the Trump administration might say) officially entered its second week, and it’s hard to believe it has only been a week when looking at the pace of escalation.

As things stand: US President Donald Trump told reporters yesterday that his administration will keep attacking Iran until the country no longer has a military or leaders in power. “At some point, I don't think there will be anybody left maybe to say ‘We surrender,’” Trump said. His remarks came shortly after equally jarring remarks from the Iranian side — “as long as the presence of US bases in the region continue, the countries will not enjoy peace,” Iran’s speaker of parliament wrote on X.

MEANWHILE AT HOME- Riyadh could retaliate if Iran’s attacks persist: Saudi Arabia remains committed to a diplomatic resolution to Iran’s standoff with the US and Israel, but warned Tehran that further attacks could prompt a retaliatory response, Reuters reports, citing unnamed sources. The government will be forced to authorize Washington to use its bases in the country for military operations if the Islamic Republic continues to target Saudi territory and energy facilities, Foreign Minister Prince Faisal bin Farhan said, according to the sources.

We were under fire all weekend: The Defense Ministry said air defenses intercepted drones targeting Shaybah oil field, ballistic missiles aimed at Prince Sultan Air Base, cruise missiles and drones near Al Kharj, east of Riyadh, and in Al Jouf and the Eastern region.

And earlier today, the Defense Ministry intercepted seven drones, thwarting an attack on Riyadh’s Diplomatic Quarter.

Diplomats and embassy staff in Riyadh’s Diplomatic Quarter were told to stay indoors on Thursday following an unspecified security threat. Authorities also shut the district’s gates that afternoon, restricting access to the area that hosts most foreign missions in the Saudi capital.

Things are still relatively calm for us, compared to the relentless attacks on our neighbors. The UAE, Qatar, Bahrain, and Kuwait have all intercepted fresh barrages since Thursday morning. A quick overview:

The ongoing strikes forced a temporary halt to operations at Dubai International Airport yesterday — sending passengers into underground train tunnels to shelter;
In Manama, warning sirens sounded for the seventh time this weekend as a missile attack targeted the US Fifth Fleet’s service center;
Qatar intercepted a number of projectiles over Doha;
Kuwait temporarily shut its airspace to all commercial traffic.

There were signs we’re heading towards de-escalation: Iranian President Masoud Pezeshkian apologized to Gulf neighbors for recent strikes, announcing that Tehran’s interim leadership council has halted all attacks on regional states — provided their territories or airspace are not used to launch strikes against Iran. The concession offered a clear off-ramp and a potential diplomatic reset with GCC leaders who were reaching the end of their rope.

We might’ve had something to do with it: The Kingdom stepped up direct diplomatic engagement with Tehran over the past few days to try to contain the ongoing conflict and prevent further market disruption, Bloomberg reported on Friday, citing unnamed European officials. The talks, involving diplomats and security agencies, aim to de-escalate tensions, as Iran showed little willingness to negotiate with the US or Israel.

BUT- It didn’t last long: Iranian Foreign Minister Abbas Araghchi warned hours later that this window for de-escalation was “almost immediately killed” by Trump, who publicly framed the apology as an “unconditional surrender” by Tehran, and threatened further military action in a post on social media.

PLUS- Another security alert from the US embassy: The US mission in Saudi Arabia strongly urged Americans in the country to depart via commercial flights, it said in a statement on Saturday. US citizens who choose to remain in the Kingdom are urged to “shelter in place” with a supply of essentials. Operations at the US embassy and consulate are paused until further notice.

Happening today

Bidaya Finance’s SAR 1 bn sukuk offering commences today and continues through Tuesday, 10 March on the sukuk bonds market, Tadawul posted on X. The offering comes with a 7.1% quarterly coupon with a par value of SAR 1k, according to the prospectus (pdf).

ADVISORS- Bidaya tapped Impact46 and Merchants Capital to advise on the transaction. Receiving agents include Derayah, Alkhabeer Capital, Yaqeen, Aljazira Capital, Alrajhi Capital, SNB Capital, Musharaka, Albilad Capital, Alistithmar Capital, Arat, BSF Capital, SAB Invest, EFG Hermes, Alinma Capital, Riyad Capital, ANB Capital, and Sukuk Capital.

PSA

Eid vacation times are out: Private and government sector employees in the Kingdom will begin their Eid Al Fitr holiday at the end of the working day on Wednesday, 18 March. The break will run for four days.

Watch this space

AVIATION UPDATE — Saudia extended flight suspensions to and from Amman, Kuwait City, Abu Dhabi, Dubai, Doha, and Bahrain to today, with Moscow and Peshawar routes halted until 15 March. Limited flights on the Riyadh-Dubai and Jeddah-Dubai routes resumed yesterday.

SPORTS — The upcoming rounds of the Saudi Arabian Grand Prix and Bahrain Grand Prix could be cancelled without replacement, reducing the F1 season from a planned 24 races to 22, senior paddock sources told Reuters on Friday. The race at the Bahrain International Circuit in Sakhir is scheduled for 12 April, followed by the Saudi round at the Jeddah Corniche Circuit the following weekend.

Moving the races later in the year is difficult due to extreme summer temperatures in the region and a packed race calendar, while shifting them to alternative venues — such as Autodromo Internazionale Enzo e Dino Ferrari, Circuit Paul Ricard, Algarve International Circuit, or Istanbul Park — would pose major logistical challenges and leave little time for promoters to organize tickets, staffing, and race operations, the newswire reported.

Not just motorsports: The Fanatics Flag Football Classic, organized by Tom Brady for Riyadh this month, is expected to move to the US, Front Office Sports reported on Wednesday, citing sources familiar with the situation. The event will still air on Fox Sports and Tubi with Kevin Hart hosting, and features NFL stars including Saquon Barkley, CeeDee Lamb, Christian McCaffrey, and Rob Gronkowski in a round-robin tournament following Olympic-style flag football rules.

The move is a setback for the Kingdom’s efforts to grow American football, as officials had hoped the event would help pave the way for an NFL game in the Kingdom and attract US college program investment.

OIL — Aramco is temporarily rerouting some oil shipments via the Red Sea port of Yanbu, Al Ekhbariya reports. The oil giant is working to ensure the reliability of oil supplies and monitoring the ongoing conflict, with plans to restore operations once conditions stabilize, the company reportedly said.

REMEMBER — The Kingdom reportedly rerouted Asian energy shipments to the Red Sea port last week. Rising costs tied to the Strait of Hormuz — higher ins. premiums and security risks — have prompted a logistical pivot.

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The big story abroad

The escalating regional war is getting widespread coverage today, with US President Donald Trump saying Iran will be hit “very hard” on Saturday, adding that Washington will consider striking areas and groups of people in the Islamic Republic that were not previously targeted. This came after Iranian President Masoud Pezeshkian roundly rejected Trump’s call for Tehran’s “unconditional surrender.”

Regional oil output is severely disrupted: The UAE and Kuwait have started cutting oil production in light of the near-closure of the Strait of Hormuz. Kuwait Petroleum — a key exporter of naphtha to Asia and jet fuel to Europe — declared a force majeure over the weekend. It began with a cut of about 100k barrels per day early yesterday, which is expected to triple today, unnamed sources told Bloomberg.

Meanwhile, on Wall Street: Blackrock has set limits on withdrawals from one of its flagship private credit funds after seeing a 54% jump in redemption requests during 1Q 2026. Clients withdrew some USD 1.2 bn from the HPS Corporate Lending Fund, around 9.3% of its net asset value. Blackstone last week reported a similar outflow, with clients pulling out USD 3.7 bn from its flagship BCred fund in the first three months of the year.

Saudi’s books aren’t sweating the war

Saudi Arabia is signaling to markets that its balance sheet can easily absorb the shock of a regional war. The Finance Ministry maintained in a statement to Reuters that the Kingdom’s fiscal position is “solid” and economic activity is running normally.

The Red Sea hedge: Energy export infrastructure remains “resilient” and flexible, the statement said. The ministry pointed to its backup plan as markets are sweating over the Strait of Hormuz bottleneck, highlighting it has access to multiple export routes, including the Red Sea.

The blank check warning: “We also re-state that there is no price tag for defending our people and our country,” the statement said, signaling that all budget caps will be off if the conflict breaches Saudi borders.

Why it matters

The immediate math is working in Riyadh's favor. Global oil prices have spiked 20% since the conflict erupted and are already past the USD 90 mark, acting as a natural hedge against the drop in export volumes. Aramco reportedly hiked the price for its flagship Arab Light crude to Asia by USD 2.5 / bbl for April — the largest increase since August 2022.

Debt markets are similarly unfazed: Saudi’s five-year CDS spread has crept up by a mere 7 basis points to 89 — “barely half the Liberation Day spike” triggered by US President Donald Trump’s April 2025 tariff announcement, Gulf analyst at GlobalPartners Justin Alexander tells EnterpriseAM.

“This suggests no panicking about public finances, but it could change if the war does look like it will be protracted,” Alexander says.

BUT- Watch the bottleneck: The financial side is holding up so far, but the physical logistics are the real wild card. Riyadh is leaning heavily on its western coast with Hormuz compromised, and “a lot depends on how much it can ramp up exports on the Red Sea, as the terminals haven’t been tested at high capacities,” Alexander points out. The Kingdom has seen minimal incoming fire so far, with the notable exception of the Ras Tanura refinery.

DATA POINT- Some 9.4 mn barrels of oil were loaded from the Red Sea ⁠port of Yanbu in the first five days of March, equivalent to about 1.9 mn bbl / d, Reuters reported on Friday, citing LSEG data. The figure marks a roughly 60% jump from 1.1 mn bbl / d in February and 1.3 mn bbl / d in January.

The context

We entered the crisis already running a wider-than-expected fiscal deficit of 5.7% of GDP for 2025, well above the budgeted 2.3%. Spending on goods and services came in almost 20% above budget last year, while oil revenues dropped roughly 20% in 2025 due to softer prices at the time and a reduction in Aramco dividends.

The rationale: Running deficits are framed by the government as a deliberate policy choice aimed at maintaining a countercyclical fiscal stance and safeguarding the diversification momentum.

Riyadh had plenty of runway despite the spending spree. The government expects real GDP growth of 4.5% in 2026. Before the conflict, Moody's had projected government debt would reach a still-manageable 35% of GDP by the end of 2026, backed by sovereign financial assets sitting at an estimated 18% of GDP.

Stress-testing the Iran conflict

The escalating regional conflict could force a rethink of sovereign capital deployment across the GCC. The Public Investment Fund (PIF) — and other GCC sovereign wealth funds — will likely adjust their strategies based on their specific structural mandates and the layout of the sovereign balance sheet, Daniel Brett, head of data and research at Global SWF, wrote in a note.

The PIF angle

For the USD 1.2 tn PIF, the crisis highlights a unique built-in hedge: its balance sheet is deeply tied to Saudi Aramco. When geopolitical risk embeds a premium in oil prices, the valuation and dividend capacity of PIF's Aramco stake swells, effectively reinforcing the fund's capacity, according to Brett.

That doesn’t mean the taps are wide open. PIF is a strategic development vehicle, and under current conditions, it is accelerating a shift in how it structures agreements.

“PIF’s approach has generally been to act as a platform builder and co-investment partner,” Jaap Meijer, head of research at Arqaam Capital, tells EnterpriseAM. “Under uncertain conditions, the emphasis typically shifts even more toward partnership structures that share risk, create clarity on governance, and provide long-dated visibility on pipelines.”

A pivot on a pivot: The PIF is already undergoing a revision of its 2026-2030 strategy to prioritize high-return sectors and time-sensitive projects ahead of its spring release. Under new directives, the fund reportedly plans to cut capital expenditure by 15%, deprioritizing initiatives that fail to meet strict internal rate of return thresholds or support major “trophy events.” The PIF will concentrate capital on six “ecosystems” — including AI, manufacturing, and tourism — to scale portfolio companies into global champions while aggressively courting international asset managers for capital. Neom will be put on the back burner.

The four scenarios

Global SWF analysts have mapped out how the conflict will dictate the flow of Gulf money over the coming months:

#1- Prolonged Hormuz disruption (25% probability): Export volumes choke, leaving fiscal receipts volatile despite high prices. PIF would likely rephase its massive domestic projects, tighten capital discipline, and slow its international dealflow.

#2- The high-price windfall (40%): Shipping lanes reopen, but the geopolitical risk premium keeps oil and LNG prices elevated. Aramco dividends surge, strengthening PIF's balance sheet and enabling selective, strategic global deployment.

#3- Gradual de-escalation (20%): Energy prices retreat to pre-crisis levels. PIF resumes standard investment pacing and continues its diversification strategy across tourism, tech, and infrastructure.

#4- Infrastructure escalation (15%): Persistent attacks on energy production create revenue uncertainty. PIF and other strategic funds would abruptly redirect capital toward defense industrialization, logistics, and national resilience. Tourism and consumer-facing investments would lose near-term priority.

The regional picture

While the Saudi market has demonstrated resilience, the UAE remains slightly more vulnerable due to its heavier reliance on the Strait of Hormuz, tourism, and expatriates. Brett argues the reaction to the crisis depends entirely on how a fund interfaces with its government's fiscal needs:

Abu Dhabi: Operating through a layered sovereign system, the emirate isn't reliant on a single stabilization pool. The Abu Dhabi Investment Authority will likely stick to standard portfolio rebalancing, while strategic funds like ADQ will prioritize capital toward sectors supporting economic resilience and secure supply chains;
Qatar: Shielded from direct energy asset valuations, QIA is primed to use any LNG windfall to aggressively deploy capital outward. Analysts expect surplus recycling to hit liquid public markets — like sovereign bonds — first, as private market origination won’t be able to keep pace with the generated liquidity;
Kuwait: As the region’s clearest example of a fiscal stabilization buffer, Kuwait is the most sensitive to physical export disruptions. If government revenues fall, KIA will prioritize liquidity and potentially trim liquid public assets to cover state deficits.

Gulf states are already discussing budget strains and the potential for scaling back investments. The Financial Times reports that three of the four big Gulf economies — Saudi Arabia, the UAE, Kuwait, and Qatar — have jointly discussed the strain the war is putting on their budgets and economies, though sources declined to name which countries participated.

Sabic posts biggest loss since 2003 amid asset sales and sector glut

Sabic reported its largest annual loss in 22 years for 2025, taking an SAR 25.78 bn hit — surpassing Bloomberg analysts’ expectations of SAR 22.48 bn. Revenue slipped 1% y-o-y to SAR 116.53 bn, the company said in an earnings release (pdf).

The massive bottom-line loss is largely a deliberate accounting reset rather than an operational collapse. The company recorded SAR 15.2 bn in noncash losses from revaluing assets it is exiting in Europe and the Americas, alongside SAR 3.8 bn in provisions and impairments linked to a UK cracking unit.

REMEMBER- Sabic is slimming down its business, having agreed to sell its European petrochemicals and engineering thermoplastics units in an SAR 3.6 bn (USD 950 mn) divestment.

Why it matters

The company is still grinding through a brutal downcycle. “The decline in sales revenues was attributed to a decline in the average selling prices for the company products that came despite an increase in the sales volume,” Al Awwal Capital Equity Research Consultant Hesham El Shebeini tells EnterpriseAM. The primary culprit is a flood of new production capacity in China that has depressed global utilization rates and curbed income margins. High interest rates and low oil prices further squeezed worldwide demand, El Shebeini added.

Sabic is taking the pain now to structurally improve its bottom line for the future. Dumping legacy European and American operations shields Sabic from regions plagued by structural energy shortages and strict carbon emission rules.

What comes next

A change in leadership: Abdulrahman Al Fageeh is stepping down as CEO to be replaced on 1 April by Faisal Al Faqeer (LinkedIn), an Aramco veteran with extensive experience in the refining and petrochemicals sectors.

The worst may be over for the Saudi petrochemical giant. Sabic is set to capture a major domestic feedstock advantage under Al Faqeer. “Jafurah gas project, which commenced operations recently, will increase Saudi daily production of ethane to 1.5 bcf/d, hence benefiting the Saudi petrochemicals industry,” El Shebeini points out. Combined with expected interest rate cuts and the exit of European competitors, the newly slimmed-down portfolio looks poised for a rebound.

The market seems to understand the logic: Sabic’s stock closed up 2.5% on Thursday following the announcement, signaling that the losses were already priced in.

ALSO- Sabic’s board will distribute SAR 4.5 bn in interim dividends for 2H 2025 at SAR 1.50 per share, it said in a disclosure. The distribution date is set for 31 March.

Maaden + Catrion Catering post 2025 earnings

Maaden

Saudi Arabian Mining Company (Maaden) posted a 156% y-o-y surge in net income to SAR 7.3 bn in 2025, it said in an earnings release (pdf). Revenue grew 19% y-o-y to SAR 38.6 bn, exceeding Bloomberg analysts’ expectations of SAR 38 bn. The results were driven by record phosphate output, near-record aluminum production, higher commodity prices across phosphate, aluminum, and gold, and the first full-year consolidation of aluminum smelter Alba —in which it acquired a 20.6% stake in February — contributing SAR 1.2 bn.

Catrion Catering Holding Company

Catrion Catering Holding Company’s net income slid 11% y-o-y in 2025 to SAR 313.6 mn, weighed down by higher finance costs, lower finance income, and losses from an associated company, it said in a disclosure to Tadawul. Revenue rose 6.2% y-o-y to SAR 2.4 bn, supported by stronger performance in in-flight catering, business lounge, and on-airline services, as well as new Red Sea operations launched in 4Q 2025.

Dividends: The company’s board greenlit an SAR 94.3 mn dividend payout for 2H 2025 at SAR 1.15 apiece, it said in a separate disclosure. The distribution date is set for 7 May.

SRSA taps new leadership

The Saudi Red Sea Authority (SRSA) tapped Maryam Ficociello (LinkedIn) as its new CEO, effective 22 March, according to the Saudi Gazette. She succeeds Mohammed Al-Nasser (LinkedIn), who led the authority for four years. Ficociello previously served as group chief governance officer at Red Sea Global and brings over 20 years of public and private sector experience in governance, risk, resilience, and compliance.

SAL lands in Europe with Liège ground handler acquisition

SAL Saudi Logistics to acquire Aviapartner Liège for EUR 28 mn

SAL Saudi Logistics Services is expanding into Europe, having signed a EUR 28 mn (SAR 123 mn) sale and purchase agreement to fully acquire Belgian ground handling and cargo service provider Aviapartner Liège from Aviapartner Belgium and Aviapartner Holding, it said in a Tadawul disclosure. The self-funded move awaits regulatory sign-off.

Why it matters: The acquisition would give the Saudi logistics heavyweight a firm footprint in a key European freight hub, capturing logistics flows between Europe and the GCC by bypassing third-party intermediaries.

Asia loses altitude

The “sell America, buy Asia” trade has hit turbulence. One of 2026’s cleanest positioning calls is suddenly wobbling, as oil, war risk, and a firmer USD force investors to ask whether Asia’s rally was built for geopolitics after all, Bloomberg reports.

The market reaction has been blunt: The MSCI Asia Pacific Index was down about 6% last week, versus a 2% drop for the S&P 500, as funds rotate back toward US assets and the USD regains haven status.

The problem for Asia: Asia imports the shock more directly than most, with Japan and South Korea especially exposed to Hormuz-linked shipments. China, Japan, Korea, and Taiwan are all heavily import-dependent, making this oil spike “exponentially more corrosive” for Asia than for the West, Vantage’s Hebe Chen said. Goldman Sachs estimates a 20% jump in Brent would shave as much as 2% off regional earnings.

The AI trade is now part of the unwind. Investors are trimming last year’s hardware outperformers — especially South Korea and Taiwan — as higher energy costs collide with rich multiples and make capital-heavy tech stories harder to defend.

Credit is flashing the same warning: A Julius Baer note seen by EnterpriseAM says Asian CDS spreads are widening across oil-importing economies, with India up 6.6 bps in a week and higher-risk Southeast Asian names moving 4-6 bps, as markets begin pricing a steeper regional risk premium if the war drags on.

Truth is, some of that fatigue predated the geopolitical jitters. Foreign investors sold Asian equities for a fourth straight month in February, Reuters reports, with South Korea alone posting record outflows of USD 13.7 bn, as AI valuation nerves had already started spilling far beyond Wall Street.

TASI	10,776	+0.8% (YTD: +2.7%)
MSCI Tadawul 30	1,462	+0.8% (YTD: +5.4%)
NomuC	22,497	+0.5% (YTD: -3.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	47,516	+2.3% (YTD: +13.6%)
ADX	9,903	-1.4% (YTD: -0.9%)
DFM	5,917	-3.2% (YTD: -2.2%)
S&P 500	6,740	-1.3% (YTD: -1.5%)
FTSE 100	10,285	-1.2% (YTD: +3.6%)
Euro Stoxx 50	5,710	-1.1% (YTD: -1.2%)
Brent crude	USD 92.69	+8.5%
Natural gas (Nymex)	USD 3.19	+6.1%
Gold	USD 5,159	+1.6%
BTC	USD 67,259	-1.6% (YTD: -23.2%)
Sukuk/bond market index	919.29	0.0% (YTD: 0.0%)
S&P MENA Bond & Sukuk	151.78	-0.3% (YTD: -0.1%)
VIX (Volatility Index)	29.49	+24.2% (YTD: +97.3%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.8% last Thursday on turnover of SAR 5.2 bn. The index is up 2.7% YTD.

In the green: MIS (+10.0%), SRMG (+7.7%), and Shaker (+7.6%).

In the red: Catrion (-3.7%), Chemical (-3.1%), and Azm (-3.0%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.8% last Thursday on turnover of SAR 17.1 mn. The index is down 3.4% YTD.

In the green: Multi Business (+10.0%), Alshghal Almoysara (+9.97%), and HKC (+8.4%).

In the red: Almodawat (-11.0%), Amwaj International (-9.9%), and Sure (-8.8%).

CALENDAR

MARCH

12 March (Thursday): Deadline for real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.

18-23 March (Tuesday-Monday): Eid Al Fitr holiday (TBC).

21 March (Saturday): Fanatics Flag Football Classic, Kingdom Arena, Riyadh.

25-27 March (Wednesday-Friday): Future Investment Initiative Institute, Faena Hotel, Miami Beach.

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

6 April (Monday): Procurement and Supply Chain Futures Forum, Al Faisaliah Hotel, Riyadh.

6-7 April (Monday-Tuesday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

12-15 April (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

20-22 April (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh

22-23 April (Wednesday-Thursday): The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

28 April (Tuesday): GC Summit Saudi Arabia, Riyadh.

MAY

3-9 May (Sunday-Sunday): The Global Sustainability Expo, The Arena Riyadh Venue.

5-6 May (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

19-21 May (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

24-28 May (Sunday-Thursday): Eid Al Adha holiday.

JUNE

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

SEPTEMBER

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

OCTOBER

12-15 October (Monday-Thursday): World Energy Congress, Riyadh.

26-28 October (Monday-Wednesday): ACHEMA Middle East, Riyadh International Convention & Exhibition Center.

NOVEMBER

24-28 November (Tuesday-Saturday): Aero Middle East and Sand & Fun, Thumamah Airport, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
November: The UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia;
November: The Esports Nations Cup, Riyadh;
The Intervision international music competition will take place in Saudi Arabia;
6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

Signposted to happen sometime in 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.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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