PIF leads global SWFs as biggest investor in 2025

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Aramco is introducing 98-octane fuel to key cities

Good morning, nice people. The news cycle is finally kicking into gear as everyone shakes off the cobwebs and remembers what they do for a living.

The two big themes of the day: Sovereign wealth funds and debt markets. PIF came out on top as the world’s biggest sovereign investor in 2025, buoyed largely by its landmark acquisition of EA Sports. Meanwhile, the government raised north of USD 11 bn in its first international bond issuance of the year, just days after the Finance Ministry released its borrowing plan for 2026.

^^ We have the rundown on all of this and more in this morning’s news well, below.

Happening today

Khaled Dhafer & Brother’s Logistics Services (KDL Logistics) rings the opening bell on the Nomu parallel market today, according to a Tadawul disclosure. The company’s shares will be allowed to trade within a 30% price fluctuation cap and a static 10% band.

REFRESHER- The firm is floating a 20% stake at SAR 23 per share in a secondary offering on Tadawul’s parallel market. KDL’s founding family is selling down its positions to a combined 80% stake, subject to a 12-month lockup period, and pocketing net proceeds.

WEATHER- The National Center for Meteorology has issued alerts for widespread rain during the January 9-17 school break. Heavy thunderstorms and potential flooding are forecast for Makkah, Al-Baha, Asir, Jazan, Tabuk, and Madinah, while lighter showers fall in Riyadh and the East. The wet conditions are expected to persist through January, exceeding seasonal averages in northern and central regions, before normalizing later in 1Q. Temperatures are projected to run 1.5°C above average throughout the quarter.

Riyadh: 19°C high / 6°C low.

Jeddah: 32°C high / 24°C low.
Makkah: 31°C high / 23°C low.
Dammam: 19°C high / 8°C low.

Watch this space

AUTOMOTIVE — Saudi Aramco is adding a new piece to the Kingdom’s luxury economy as it prepares to provide new 98-octane gasoline in key cities later this month, state news agency SPA reports. The rollout will initially target what could be called the Kingdom’s wealth corridor — Riyadh, Jeddah, and the Dammam metropolitan area — before expanding to other regions based on market demand. Pricing has not yet been disclosed and is expected to be announced at the time of launch.

Why it matters: The move slots neatly into the Kingdom’s broader push to build a luxury economy, which has gained momentum in recent years. The Regional Headquarters (RHQ) program has drawn in wealthy expat executives, while luxury tourism developments along the Red Sea are attracting b’naires. Together, they are fueling demand for premium and performance vehicles — a segment that requires higher-grade fuel to match its high-performance engines.

DEBT — SAL Saudi Logistics is moving forward with plans to issue SAR-denominated sukuk, with the firm tapping JP Morgan and SNB Capital as lead joint managers and bookrunners for the transaction, it said in a Tadawul disclosure. The company is earmarking the proceeds for expansion plans.

YEMEN — A resolution to Yemen’s separatists could be in the offing as Southern Transitional Council (STC) Chair Aidarus Al Zoubaidi agreed to visit Riyadh “soon” for talks on solutions to the southern cause, Reuters reports, citing two unnamed sources.

Calls to reason: Presidential council head of the Aden-based central government Rashad Al Alimi had earlier urged Riyadh to host a conference bringing together all Yemeni factions — including the STC — to resolve the crisis in the south.

Tensions appear to be easing after the Saudi-backed government regained control of the country’s largest provinces, Hadhramaut and Mahra, from STC forces over the past few days. The STC seized power across southern Yemen last month, prompting the Kingdom to respond with calls for restraint — and airstrikes — amid rising tensions along its southern borders.

Data point

57.4 — that’s the seasonally adjusted purchasing managers’ index figure for Saudi Arabia in December, according to the Riyad Bank Saudi Arabia PMI (pdf). The figure maintains the country’s non-oil private sector in expansion territory, albeit at a slower rate for the second consecutive month. Still, December’s performance outperformed the index’s long-run average of 56.9. November’s reading was 58.5.

The breakdown: Output and new orders both cooled in December, reaching their weakest rates of growth since August. Firms maintained strong hiring trends, similar to the previous month, and accelerated their purchasing activity to the fastest pace in three months. This led to an increase in input stocks as firms worked to manage mounting backlogs, which hit their highest level since July. Meanwhile, input cost inflation accelerated amid rising purchasing prices. On the other hand, wage pressures eased, marking their slowest pace in approximately a year and a half.

Sports

The Spanish Super Cup is back in Jeddah this week, bringing FC Barcelona, Real Madrid, Atlético Madrid, and Athletic Bilbao to Alinma Stadium. The three-match tournament features semi-finals tomorrow and Thursday, and the final next Sunday, 11 January, with Barcelona arriving as defending champions after a 5-2 victory over Real Madrid last year. Gates open at 6pm, with kick-off at 10pm. Ticket prices begin at SAR 90.

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THE BIG STORY ABROAD-

The chatter about the kidnapping of Venezuelan President Nicolás Maduro has shifted to the US’ energy agenda and what it stands to gain from the move and from dictating policy in the country. US President Donald Trump clearly thinks there’s plenty to gain — saying there’s a “tremendous amount of wealth” up for grabs for American oil firms in Venezuela. He also said in an interview with NBC that the US could start offering subsidies to energy firms in a bid to encourage them to rebuild Venezuela’s oil industry, which has seen production fall to less than 1 mn barrels a day, down from 3.7 mn in 1970 on the back of mismanagement, corruption and sanctions.

Shares in the US’ top refiners have also surged since the capture of Maduro on expectations that US Gulf Coast refiners could snap up hefty volumes of Venezuelan crude now that Trump is looking to ease sanctions and revive production.

^^ The must-read on the topic: What is Trump’s plan for Venezuelan oil?

This all comes as Maduro made his first court appearance, pleading not guilty to charges of narco-terrorism, cocaine importation conspiracy and possession of machine guns and destructive devices.

Meanwhile, Nvidia CEO Jensen Huang said the company’s new generation of chips, Rubin, are now in full production. The chips can deliver up to five times the AI computing strength of its predecessor, Blackwell. Huang also touted other software the firm is working on, including networking switches that can link several machines as one, and self-driving car software. (Reuters)

PIF was the biggest sovereign investor in 2025

The Public Investment Fund (PIF) led global sovereign investment in 2025 with USD 36.2 bn, with 80% of that figure going towards its acquisition of EA Sports, according to Global SWF’s 2026 Annual Report. Abu Dhabi’s Mubadala came in second with a record USD 32.7 bn across 40 transactions in 10 countries.

Who were the other top regional spenders? The Abu Dhabi Investment Authority (Adia) ranked as the seventh top sovereign spender with USD 12.9 bn spent throughout the year, while ADQ came in 10th with USD 10.9 bn. On the regional front, Qatar Investment Authority (QIA) ranked sixth (USD 16.6 bn), and Kuwait Investment Authority (KIA) came in 13th (USD 6.5 bn).

Saudi solidified its position as a top sovereign wealth player in 2025, with state-owned investors managing around USD 2.2 tn in assets, ranking sixth globally. PIF’s assets amounted to USD 1.2 tn, and the National Development Fund’s reached USD 115 bn. Across the region, SWFs collectively oversee USD 6 tn, with the UAE maintaining its regional dominance as the wealthiest hub, managing USD 2.9 tn (fourth globally), followed by Kuwait at USD 1.2 tn (14th globally).

PIF leads on private equity, while AI + private credit trail

The Saudi fund was the largest contributor to private equity in 2025, deploying USD 33.1 bn throughout the year. PIF invested some USD 8.3 bn in digitalization, with only USD 0.3 bn of that amount going towards pure AI investments.

How this compares to regional peers: Mubadala deployed USD 23.0 into the asset class, while Adia and ADQ each committed at least USD 5 bn throughout the year to private equity transactions.

UAE funds took the lead in private credit: The PIF allocated 1% of its portfolio to private credit (USD 11.5 bn), followed by the General Organization for Social Ins. with USD 3.7 bn (1% allocation). UAE sovereigns dominated the region in this category, with Adia ranking second globally at 2% of its portfolio (USD 23.7 bn) and Mubadala seventh at 5.6% (USD 20 bn).

Our take: GCC SWFs are stepping into private credit as banks and Western lenders pull back to reduce risk, manage balance sheets, and cope with higher funding costs. This allows them to fill financing gaps and secure higher yields, especially as competition thins. In private equity, the same retreat has created windows for GCC sovereigns to deploy large-scale capital at more attractive valuations, allowing them to back buyouts and growth investments.

Zooming out

Global SWFs invested USD 180.3 bn across 324 transactions in 2025, marking a 35% y-o-y increase. The Gulf’s biggest SWFs (PIF, Mubadala, Adia, ADQ, ICD, KIA, and QIA) accounted for 43% of the total — up 43% y-o-y.

What’s next?

USD 22.4 tn by 2030: Global SWF assets are projected to reach USD 22.4 tn by 2030, up from USD 15.2 tn today, driven by market performance, oil prices, and the emergence of new funds. Regional heavyweights are set to claim a larger share of this total, led by PIF, whose assets are set to hit USD 2 tn by the end of the decade. Adia is forecast to reach USD 1.67 tn, followed by ICD at USD 602 bn, and Mubadala at USD 500 bn.

As AI demand reshapes energy markets and rising debt burdens squeeze traditional returns, SWFs will increasingly rely on “policy due diligence” and political buy-in to secure transactions, which will show up in new cross-border collaborations, Ziemba Insights founder Rachel Ziemba told the data platform. This is especially the case as they navigate a fragmented global trade landscape and parallel US-China tech supply chains in 2026.

Saudi raises USD 11.5 bn in first international bond issuance of 2026

Saudi Arabia’s first international bond issuance of the year saw it raise USD 11.5 bn in USD-denominated notes, with the four-tranche offering carrying maturities of three, five, 10, and 30 years, Bloomberg reports, citing a source it says is familiar with the matter. The debt sale attracted as much as USD 29 bn in bids.

The bonds were priced at spreads tightened from their initial guidance, with the 30-year tranche — which drew in the lion’s share of demand — priced at 110 bps over US Treasuries. That’s 30 bps tighter than initial guidance. The final pricing of the other tranches was not disclosed.

Why this matters: The issuance comes just a few short days after Finance Minister Mohammed Al Jadaan approved the Kingdom’s borrowing plan for the year, which implies a targeted USD 14-17 bn of borrowing to cover its SAR 165 bn budget deficit. That range of borrowing would be below levels seen in past years; the lower end of the range would be the lowest bond volume since 2022, while hitting USD 17 bn in borrowing would still be below last year’s volume. Debt remains an important financial lever for Saudi Arabia to ensure consistent cashflow for gigaprojects.

An overshoot coming? Goldman Sachs Group forecasts that the Kingdom will issue USD 25 bn in international debt this year, Bloomberg says, suggesting that an overshoot of debt targets could be in the cards.

Background: The Kingdom also tapped bank financing in the first move under the government’s “deficit by design” phase earlier this week as the National Debt Management Center lined up a USD 13 bn (SAR 48.8 bn), seven-year syndicated loan to fund utility and infrastructure projects.

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National Grid to build power infrastructure at Soudah Peaks

Powering up Soudah Peaks

State transmission network operator National Grid secured a SAR 1.3 bn contract from PIF-owned Soudah Development to build the power infrastructure at Soudah Peaks, PIF said in a press release. The Soudah Peaks destination — situated 3 km above sea level — is advancing with an infrastructure-first strategy, laying the groundwork needed to meet its target of adding USD 7.8 bn to GDP by 2033.

Part of a PIF pledge to Aseer: The government has pledged to invest SAR 25 bn in Aseer, with SAR 20 bn from PIF supporting major projects including Soudah Peaks. The initiative aims to develop the region as a heritage-rich, mountain tourism destination that is distinct from other futuristic megaprojects. The area, which as of August 2025 sees fewer than 100k international visitors annually, faces several challenges, such as limited accommodation, infrastructure gaps, and safety concerns near the Yemeni border.

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AI investment drives stock and bond records while rising costs pose inflation risk

Investors banking on AI growth and falling rates may be overlooking AI’s inflationary risk. The data center construction boom has ignited rallies across stocks and bonds, but the surge in demand for electricity, chips, and skilled labor is pushing prices higher. As “AI-flation” threatens to keep the Federal Reserve cautious, markets are heading into a year where the price of building the future could test today’s valuations.

By the numbers: The S&P 500 climbed 16% in 2025, lifted by monetary easing and enthusiasm for AI. However, the rally was unusually narrow. Just seven major tech groups generated half of all market earnings, pulling European and Asian equities — and US Treasury bonds — to record highs alongside them, Bloomberg data shows.

The inflationary feedback loop

While investors expect falling interest rates, the AI build-out could stall the easing cycle — or push rates higher. Hyperscalers including Microsoft, Meta, and Alphabet are locked in a USD multi-tn data center race. Capital spending is projected to hit USD 4 tn by 2030, with USD 440 bn next year alone, Deutsche Bank and Bloomberg estimate. This spending strains real-world resources — energy and advanced chips — creating bottlenecks and price pressures, analysts told Reuters, keeping US inflation above the Fed’s 2% target through 2027, Morgan Stanley predicts.

A pickup in inflation and tighter money as a result could be the “pin that pricks the bubble,” Royal London Asset Management Head of Multi Asset Trevor Greetham warns. Higher rates would hit speculative tech stocks hardest, raising funding costs while squeezing margins across the AI supply chain.

The strain is already visible in corporate earnings, where Oracle shares fell late last year after revealing soaring spending, Broadcom slid after warnings that high margins would be squeezed, and HP Inc. expects net income pressure in late 2026 as memory chip costs rise with data center demand.

AI’s bond market bonanza

The AI boom is also reshaping credit markets. To fund massive data center projects, tech firms and utilities are issuing record columns of high-grade debt, Bloomberg reports. This wave pushed corporate bond trading to record levels in 2025, averaging USD 50 bn a day, up from USD 46 bn in 2024.

As new AI-linked bonds flood the market, investors are rotating aggressively, selling older debt to make room for fresh paper. This has fueled a growing secondary market for private credit, which Morgan Stanley’s Rehan Latif called “the biggest single opportunity coming into 2026.” However, rising use of credit default swaps suggests that investors are quietly hedging against an AI unwind.

Is it a bubble?

With valuations stretched, comparisons to past bubbles are growing louder. The top 10 stocks now account for 40% of the S&P 500 — a level unseen since the 1960s — while the Shiller P/E ratio, a long-term, inflation-adjusted valuation gauge, trails only the highs of the early 2000s. However, today’s tech giants show stronger balance sheets and real bottom line growth.

The boom has a circular quality that unsettles skeptics. OpenAI’s USD 1 tn infrastructure pledge largely flows back to the same listed tech giants funding it, creating a closed revenue loop that magnifies both gains and risks.

Still, Wall Street expects the stock market can secure a fourth consecutive year of gains in 2026, following double-digit increases from 2023 through 2025. However, the mood is one of cautious optimism, according to the Wall Street Journal. While analysts generally predict upward movement, they acknowledge the path forward will be tighter and more difficult than the torrid rallies of previous years.

MARKETS THIS MORNING-

Yesterday’s global stock rally pushed Asia-Pacific stocks to a broadly positive start to trading today, with virtually all markets — except South Korea’s Kospi index — in the green. Wall Street futures, meanwhile, are trading flat after the Dow Jones closed yesterday at an all-time high, driven by energy, financial, and defense stocks.

TASI	10,325	-0.4% (YTD: -1.6%)
MSCI Tadawul 30	1,371	+0.1% (YTD: -1.2%)
NomuC	23,227	-0.6% (YTD: -0.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	40,677	-0.5% (YTD: -2.8%)
ADX	9,944	-0.5% (YTD: -0.5%)
DFM	6,130	+0.3% (YTD: +1.4%)
S&P 500	6,902	+0.6% (YTD: +0.8%)
FTSE 100	10,005	+0.5% (YTD: +0.7%)
Euro Stoxx 50	5,924	+1.3% (YTD: +2.3%)
Brent crude	USD 61.56	-0.3%
Natural gas (Nymex)	USD 3.47	-1.7%
Gold	USD 4,451	0.0%
BTC	USD 93,883	+1.0% (YTD: +6.8%)
Sukuk/bond market index	921.07	+0.1% (YTD: +0.2%)
S&P MENA Bond & Sukuk	151.69	-0.1% (YTD: -0.1%)
VIX (Volatility Index)	14.90	+2.7% (YTD: -0.3%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.4% yesterday on turnover of SAR 4.0 bn. The index is down 1.6% YTD.

In the green: SIDC (+6.3%), Alyamamah Steel (+6.1%) and Cherry (+5.3%).

In the red: Bahri (-5.9%), Burgerizzr (-5.8%) and Acwa Power (-4.7%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% yesterday on turnover of SAR 24.9 mn. The index is down 0.3% YTD.

In the green: Riyadh Steel (+9.1%), Pro Medex (+5.1%) and Atlas Elevators (+4.9%).

In the red: Mayar (-12.9%), Hamad Bin Saedan Real Estate (-9.5%) and United Mining (-9.1%).

Corporate actions

Salama Cooperative Ins.’s shareholders greenlit a 62.98% capital increase to SAR 488.9 mn, paving the way for the Enaya merger, the firm said in a disclosure to Tadawul. The capital hike will be executed through the issuance of 18.9 mn ordinary shares, raising Salama’s share count to 48.9 mn, with Enaya shareholders set to receive 0.82 Salama shares for each Enaya share held.

Upon the transaction’s completion, Enaya’s assets, rights, and obligations will transfer to Salama, resulting in an ownership structure of 61.4% for Salama’s existing shareholders and 38.6% for Enaya’s. The merger had initially been scheduled to take full effect tomorrow, with fractional share distributions completed by early February. However, the timeline was pushed back after Enaya failed to secure the required quorum for its general assembly meeting.

Methanol Chemicals Company (Chemanol) formally moved forward with its capital restructure plan after posting SAR 577.9 mn in accumulated losses, submitting a request to the Capital Market Authority to cancel 52.5 mn shares, it said in a Tadawul disclosure. The losses now amount to 85.7% of Chemanol’s capital, forcing the company to expand the capital reduction from the SAR 535.5 mn it had initially proposed. Chemanol will use SAR 53.4 mn from its statutory reserve to cover the remaining losses.

ICYMI- Chemanol revived a two-year-old plan last month to increase its capital by 51.9% to SAR 350 mn via a rights issuance. This came after almost two years of challenges during which Chemanol’s capital hike ambition was nearly halved (from SAR 674.5 mn). Chemanol was forced to write off SAR 127 mn in goodwill tied to its 2024 acquisition of Addar Chemicals and Global Company for Chemical Industries and a record SAR 374 mn in related asset impairment — prompting the board to propose a SAR 535.5 mn capital reduction in October.

CALENDAR

JANUARY

10-18 January (Saturday-Sunday): Public school mid-year break.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

15 January (Thursday): Title deed registration deadline for 31.7k properties in 14 neighborhoods in the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 January (Monday-Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

26-28 (Monday-Wednesday): IFAT Saudi Arabia, Riyadh Front Exhibition & Conference Center, Riyadh,

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

2-13 (Monday-Friday): 2026 Asian Road Cycling Championship and Paralympic Cycling, Qassim.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

4 (Wednesday): Michelin Guide’s Restaurant Celebration, Four Seasons Hotel, Riyadh.

5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.

9-10 February (Monday-Tuesday): Global Games Show Riyadh 2026, Malf Hall, Riyadh.

9-14 February (Monday-Saturday): Asian Racing Conference, Crowne Plaza Riyadh RDC Hotel & Convention Centre, Riyadh.

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

15-17 February (Sunday-Tuesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front & Exhibition Center.

16 February (Monday): King Salman Stadium design-and-build contract prequalification submission deadline.

16 February (Monday): First day of Ramadan (TBC).

22 February (Sunday): Founding Day.

26 February (Thursday): Title deed registration deadline for 142.8k properties across 104 neighborhoods in Hail.

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.

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, 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 Al Faisaliah Hotel, Riyadh.

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

21 April (Tuesday): GC Summit Saudi Arabia 2026, Saudi Arabia.

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

MAY

3-5 May (Sunday-Tuesday): Sports Investment Forum (SIF), Riyadh.

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

24-28 (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

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production in 2026.
November: 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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