PIF now owns 15% of Heathrow Airport + Apple launching stores here

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Riyadh Metro rolls out lines 2 & 5 today, eyes line 3 launch next month

Good morning, wonderful people. We hope you had a relaxing weekend. If you were hoping for signs of the end-of-year news slowdown, we have little to offer you but disappointment: It’s another busy day in the Kingdom, so we’re going to jump right in.

BUT FIRST- Apple is expanding into Saudi Arabia, with plans to open an online store in summer 2025 and and “several” flagship brick-and-mortar stores starting in 2026, the tech giant said in a statement out overnight. Look for one of those stores to open in Diriyah at some point.

By the numbers: Apple already has more than 90 points of sale across the country through its distributor network, which ranges from telecos to speciality retailers including our friends at eXtra as well as Aleph and Jarir. The company says it has spent more than SAR 10 bn in Saudi over the past five years.

AND- The Trump Organization and Dar Global will build a new tower and a golf property Riyadh, Reuters reports.

The news came just a day after the Trump Organization unveiled plans for a Trump Tower in Jeddah. Eric Trump, the president-elect’s son and a top Trump Organization official, talked up the Jeddah tower in a post on X and told Reuters the group is looking to enter Abu Dhabi “in the next year or so.” Dar Global is a London-listed, UAE-headquartered unit of Saudi’s Dar Al Arkan Real Estate Development.

What we know about the Jeddah tower: The Jeddah tower will feature 350 residential units, which are going for SAR 2-15 mn, Asharq Al Awsat reports, with Aleqtisadiah having earlier placed the value between SAR 2-10 mn. Construction should wrap by December 2029, according to Dar Global’s website.

MEANWHILE- Saudia plans to double its fleet ahead of Expo 2030 and the 2034 Fifa World Cup, adding 191 aircraft to its current fleet of 190, Gulf News reports, citing a statement from Saudia’s Spokesperson Abdullah Al Shahrani.

BACKGROUND- Saudi Arabia was officially awarded the right to host the 2034 Fifa World Cup after its bid went uncontested, receiving strong backing from the Football Association.

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INFRASTRUCTURE WATCH-

Riyadh Metro Line 2 (King Abdullah Road) and Line 5 (King AbdulAziz Road) both launch today, bringing the total number of operating lines to five. Line 2 will be operated by Capital Metro Company, while line 5 will be operated by Flow Consortium, state news agency SPA reports. This comes after a successful pilot earlier in the month, which introduced three of the network’s six lines.

What’s next? The final spur — Line 3 (Al Madinah Al Munawwarah Road) — is set to launch on 5 January. Chinese railway firms are vying for contracts to build Riyadh Metro's seventh line, a 65 km route connecting Qiddiya City, King Salman Park, Diriyah Gate, New Murabba, and King Khaled International Airport.

ALSO- Riyadh Metro will offer rides at no charge in neighborhoods that are within a 5 km radius from metro stations starting February, Aleqtisadiah reports citing a document it has seen. The “First and Last Mile” service will be free for the first six months and half-priced for the next six months. A tender will be issued to select transport companies to operate the service.

#2- November inflation data is set to be released today by the General Authority for Statistics (Gastat). Inflation accelerated to 1.9% y-o-y in October, up from 1.7% in September. October’s readings marked the highest inflation rate seen so far this year.

EVENTS TODAY-

#1- The five-day Internet Governance Forum will open its doors today at King Abdulaziz International Conference Center in Riyadh. The agenda for the UN forum focuses on innovation and risk management in the digital space, leveraging technology for peace and sustainability, advancing inclusion and human rights, and improving digital governance. You can register here.

#2- The three-day International MICE Summit (IMS24) kicks off in Riyadh, garhtering global event leaders, government officials, and business folks to explore investment opportunities in the international and domestic hospitality and tourism sectors. Key speakers include executives from Informa PLC, RX Global, Messe Munich, Clarion Events, and Messe Dusseldorf. Register here.

#3- The two-day Supply Chain and Logistics Conference gets underway this morning at the Hilton Riyadh Hotel. On the agenda: investment in the Kingdom’s logistics sector, with key speakers including Transport Minister Saleh Al Jasser, along with the ministers of industry and mineral resources, and investment.

WEATHER- We’re in for another cool day in Riyadh, with a high of 19°C and a low of 6°C. The mercury in Jeddah mercury will peak at 30°C before dipping to a low of 20°C. Meanwhile, Madinah will see a high of 25°C and a low of 11°C.

HAPPENING TOMORROW-

IPO WATCH- Shares of Balsm Alofoq will begin trading on Nomu tomorrow at SAR 60 apiece. Trading in the first three days will be capped at ±30%, after which the daily limit will be capped at ±10.

The Buraidah-based hospital operator is taking a 25% stake to Tadawul's parallel market. The final pricing sees the medical firm raising SAR 15 mn in proceeds, giving it a market cap of SAR 75 mn at listing.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager.

PSAs-

#1- Winter schedule for some schools: The start of the school day will be delayed to 9AM from today until Thursday in schools in Tabuk, while Al-Jouf Region will start today implementing its winter academic schedule.

DATA POINT-

Mada Cards saw a 36.7% y-o-y rise in sales transactions in October to SAR 18.3 bn, according to Sama data (pdf). Total transactions by cardholders climbed 29.3% y-o-y during the month to SAR 100.9 bn.

OIL WATCH-

The Kingdom’s crude supplies to China are set to reach a three-month high in January, as shipments rise to 46 mn barrels, up from December’s 36.5 mn barrels, Reuters reports citing unnamed trade sources. The increase comes on the back of Aramco’s decision to cut the premium on Arab Light crude for Asian buyers in January, bringing prices to their lowest in four years, the newswire said. Meanwhile, higher prices and fewer supplies out of Iran have also made Saudi crude more competitive, with both state-owned and private Chinese refineries expected to increase their uptake of Saudi crude.

LOOKING AHEAD- Global oil markets are expected to “enter a boom cycle” by 2035 fueled by sustained demand growth, particularly in China, Bloomberg reports citing Rapidan Energy Group. The consultancy sees global oil consumption growing until 2050, while gasoline is expected to see increasing demand to 2035 despite the switch to EVs. Dwindling spare capacity could drive prices to USD 150 a barrel by 2035, if there are no new investments to increase oil production.

In the meantime, oil producers are set to contend with a supply glut, as ramping productions from non-Opec+ producers push prices to as low as USD 55 a barrel. “This puts OPEC+ in an unenviable position,” Rapidan says, whereby the cartel will have to choose to either cede market share or allow prices to plummet to pressure competitors.

SPORTS-

Lee Chieh-po secured a spot in the 2025 LIV Golf season after winning the 36-hole LIV Golf Promotions event in Riyadh, according to a statement from LIV Golf. The 30-year-old became the first player from Chinese Taipei to earn full-time status in the league.

THE BIG STORY ABROAD-

Syria dominates the conversation on the global front pages this morning as business leaders the world over gird for the last really busy week ahead of what most hope will be a year-end slowdown.

IN SYRIA- Russia is backing out, but not completely, according to a Reuters exclusive, citing four Syrian officials. While the Russian military has been seen dismantling equipment at one of its Syrian bases, it will remain present at its two main bases with “no intention” of pulling out of the country.

The US is ready to recognize key opposition group Hayat Tahrir Al Sham as Syria’s government if it creates an inclusive government that represents the people of Syria, Secretary of State Antony Blinken said yesterday following his latest trip to the region.

AND- South Korea’s parliament impeached President Yoon Suk Yeol yesterday. Yoon narrowly avoided impeachment earlier this month for briefly imposing martial law. Prime Minister Han Duck-soo will serve as acting president, promising to "stabilize the situation” and “bring back normalcy for the people.” (AP | The Guardian | BBC | Financial Times)

ALSO- ABC News will pay USD 15 mn to Donald Trump’s foundation and museum as part of a settlement in a defamation lawsuit after one of its anchors claimed the president-elect had been found “liable for rape.” (Bloomberg | AP | BBC | CNN)

IN THE BUSINESS PAGES- Joe Biden looks set to block Nippon Steel’s USD 15 bn acquisition of US Steel. Tech CEOs are “bending the knee” to President-elect Donald Trump, the WSJ and CNBC note.

And the AI arms race continues to heat up, with OpenAI still set to unveil new features as part of what it had originally (and oh-so-badly) dubbed 12 Day of Shipmas while Google has unveiled a new look, additional features, and a corporate subscription to its hot NotebookLM.

CIRCLE YOUR CALENDAR-

#1- 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.

#2- The International Forum for Saudi Reef is scheduled for 16-18 December in the Intercontinental Al Ahsa, covering sustainable agriculture, rural entrepreneurship, and technology in farming.

#3- The two-day Forbes Middle East’s Women’s Summit will take place on 18 December at the Riyadh International Convention and Exhibition Center.

An all-star speakers lineup: Confirmed speakers include Princess Lamia Bint Majed Saud Al Saud, Princess Prof. Mashael Bint Mohammed Al Saud, Princess Doaa Bint Mohammed, and our friend Dalia Khorshid.

PIF closes 15% acquisition of Heathrow Airport

London just got a bit more Saudi: The Public Investment Fund (PIF) has completed the acquisition of a 15% stake in FGP TopCo, Heathrow Airport’s parent company, from Spanish infrastructure player Ferrovial and other shareholders, according to a statement. At the same time, Paris-based equity firm Ardian snapped up 22.6% in the London airport for the same group of shareholders via a separate vehicle.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Ironing out the kinks: PIF and Ardian had entered into a binding agreement with Ferrovial in November of last year which would have seen the pair grab 10% and 15% stakes apiece in FGP TopCo. The agreement was later revised in June after some FGP Topco shareholders exercised tag-along rights, demanding to be bought out so as to not block the full sale. The revised agreement sees the PIF and Ardian acquiring a 37.6% stake in the airport for GBP 3.3 bn (c.USD 4.1 bn).

SOUND SMART- If a shareholder exercises tag-along rights, the buyer must take their shares at the same price it offered other shareholders — or walk away.

A flurry of M&A news from Ma’aden + Etihad Atheeb + ADNH Catering

It’s a busy morning for the M&A folks, with at least three transactions worth a moment of your time.

#1- The Saudi Arabian Mining Company (Ma’aden) wants more phosphate in its portfolio: The company’s board has approved a capital increase that will allow it to take over Mosaic Phosphates BV’s full 25% stake in a JV with petrochemicals firm Sabic, according to a disclosure to Tadawul. Ma’aden inked the share purchase agreement with Mosaic back in April; the transaction will bring the miner’s total stake in Maaden Wa’ad Al Shamal Phosphate (MWSPC) to 85%.

The details: Under the agreement, which received the Capital Market Authority’s approval last month, Ma’aden will boost its capital by 3% to around SAR 38 bn by issuing 111 mn new ordinary shares, which will go to Mosaic in exchange for its stake and marketing rights in MWSPC.

#2- ADNH Catering expands operations in KSA: Abu Dhabi National Hotels’ catering arm, ADNH Catering, entered into a sales and purchase agreement with Compass Group to up its 30% stake in their Saudi JV to 50%, according to an ADX disclosure (pdf). Al Rushaid Group will hold the remaining stake. The transaction is expected to close in 1Q 2025.

The Saudi JV will be rebranded following the completion of the acquisition, with ADNH Catering managing and controlling its operations as part of a separate shareholder agreement with Al Rushaid.

#3- Tadawul-listed Internet service provider Go Telecom will acquire a 51% stake in digital transformation outfit Ejad Tech for SAR 86.7 mn, according to a disclosure to Tadawul. The transaction will see Go pay an upfront payment of SAR 40 mn, with the remaining SAR 46.7 mn to be paid in two installments at the end of 2025 and 2026. The acquisition is pending regulatory procedures.

We knew this was coming: The agreement follows a binding MoU signed in September, with Go’s shareholders approving the acquisition last week. Mekyal Financial Technologies served as Go's financial advisor, while Ejad Tech was advised by ValuHub.

COP16 drought talks end without agreement

COP16 drought talks concluded yesterday without a binding agreement as negotiators from 196 countries and the European Union were unable to reach an agreement on how to respond to drought on a global scale. The 12-day UN Convention to Combat Desertification was held in Riyadh. Meanwhile, more than USD 12 bn were pledged to tackle desertification, land degradation and drought. The story got ink in France24.

Despite the lack of a final agreement, progress was made in setting the foundation for a global drought framework, with plans to complete it at COP17 in Mongolia in 2026.

Sign of the times: The failure of COP16 to reach an agreement is the latest in a string of failed global talks on preserving the planet, including talks on biodiversity in Colombia, plastic pollution in South Korea, and climate finance at COP29 in Baku.

Goldman Sachs taps Omar Alzaim as CEO of Saudi unit

Goldman Sachs has named Omar Alzaim (Linkedin) as CEO of its Saudi operation; Alzaim will retain his role as head of investment banking in the Kingdom, Bloomberg reports citing an internal memo. Alzaim, who joined the firm in 2021 and became a managing director in 2023, succeeds Khalid Albdah, who stepped down in October to lead Neuberger Berman’s Middle East, North Africa, and New Markets division.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

REMEMBER: Goldman Sachs was reportedly the first Wall Street firm to receive a regional headquarters license from the Saudi Investment Ministry. It opened a new office in Riyadh’s King Abdullah Financial District in October, with operations scheduled to kick off in 2025. The bank has advised on several recent major transactions, including Aramco’s USD 11.2 bn secondary offering.

The Crown Prince met with Trump’s Middle East envoy?

It’s a particularly busy morning for the Kingdom in the global press, with Saudi’s selection as the host of the 2034 World Cup driving the conversation.

The line in the Western press has been predictable, with NBC News serving as spokesidiot for the class as it notes that the selection “drew criticism from human rights groups,” while CNN takes it a step further, saying rights groups are warning that the tournament will come at an “unimaginable human cost.” Meanwhile, US public broadcaster NPR dubs it a “controversial pick.”

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Writing with more balance, Skift asks what the hosting rights will mean for tourism here, the Financial Times has a deep look at the ins and outs of the bid, and the NYT’s The Athletic asks, “Might Saudi Arabia actually be a good choice for a men’s World Cup?”

MEANWHILE- Crown Prince and Prime Minister Mohammed bin Salman reportedly met President-elect Donald Trump's Middle East envoy, Steve Witkoff, in Riyadh on Wednesday in the first official face-to-face between the Crown Prince and the incoming Trump administration, Axios reports citing sources familiar with the meeting. The discussions centred on US-Saudi relations, the Gaza war, and a potential Saudi normalization pact with Israel.

IN CONTEXT: Trump is reportedly eager to secure a normalization accord between Saudi Arabia and Israel during his term, after a previous Biden-led effort that would have also included US security assurances to Riyadh, as well as cooperation on nuclear technologies and AI fell through due to the outbreak of the War in Gaza. Meanwhile, Saudi Arabia insists on assurances for a credible path to Palestinian statehood before normalizing ties with Israel.

ALSO WORTH A READ- ‘China on Steroids’: A Saudi Path to a Peaceful, modern MiddleEast, by Matthew Kaminski for Politico Magazine. Kaminski was founding editor of Politico Europe.

PIF backs Mizuho’s launch of the largest Saudi equity ETF on TSE

CAPITAL MARKETS-

Mizuho Financial Group launched the One ETF FTSE Saudi Arabia Index on the Tokyo Stock Exchange, according to a press release (pdf). The USD 100 mn ETF is anchored by Mizuho Bank and the Public Investment Fund (PIF) and is the largest such ETF on TSE. It’s unclear whether this is the same fund the Group previously planned to launch with PIF.

REMEMBER- Mizuho is reportedly looking to open its regional headquarters in the Kingdom after receiving a license from the Investment Ministry. The firm has participated in debt capital market transactions for clients including PIF, the Finance Ministry, and Aramco, among others. It has had an investment banking license in Riyadh since 2009.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

DEFENSE-

The Ministry of Defense will buy three Avante 2200 warships from Spanish shipbuilder Navantia with deliveries slated for completion by 2028, state news agency SP A reports.The first vessel in the series will be built in Spain, with the remaining two to be built in Saudi.

DEBT WATCH-

#1- The Saudi Electricity Company secured a USD 3.6 bn syndicated loan from a group of 13 international lenders, it said in a disclosure to Tadawul. The five-year facility can be extended for two additional years and will be allocated for “financing general corporate purposes.” The lenders include banks from China, Germany, India, the UAE, and Kuwait, with the Saudi Investment Bank being the only local bank.

#2- Saudi Awwal Bank wrapped up its SAR-denominated Additional Tier 1 Sukukissuance, which includes a fixed-rate tranche of SAR 3.65 bn offering an annual yield of 6.07% and a floating-rate tranche of SAR 350 mn, it said in a disclosure to Tadawul. The floating-rate tranche will offer a yield linked to the three-month Saibor rate, plus an additional 1.3%, paid quarterly, it added. The sukuk are perpetual, with no fixed redemption date, though early redemption is possible under specific conditions.

#3- The Jeddah-based International Islamic Trade Finance Corporation earmarked USD 566 mn in on-lending facilities to 13 banks in Uzbekistan to support SMEs and job creation in the Central Asian country, state news agency SPA reported. The facilities will focus on import and pre-export finance for the private sector.

#4- Home improvement retailer Saudi Company for Hardware (Saco) lined up a SAR 50 mn, six-month loan from Saudi Awwal Bank to refinance letters of credit, it said in a disclosure to Tadawul.

MANUFACTURING-

Baalbaki Chemical Industries (BCI) inaugurated a new factory in Riyadh's Second Industrial City, with an initial production capacity of 40k tons a year, state n ews agency SPA reports. The company plans to ramp up the facility’s annual production to 60k tons next year. The factory focuses on manufacturing raw materials for the automotive, pipeline, air conditioning, home appliances, and insulation industries.

TECH REGULATION-

Sdaia puts new data protection rules draft up for public consultation: The Saudi Data and Artificial Intelligence Authority (Sdaia) is calling for public feedback on a draft paper (pdf) for rules governing the issuance of accreditation certificates for personal data protection. Feedback can be submitted through the Istitlaa platform until 11 January 2025.

What’s in the new draft? If enacted as is, it would stipulate that entities applying for the certificate must have the necessary technical tools and maintain approved records on organizational, administrative, and technical measures for secure data processing.

What are the certificates for? The accreditation certificates are issued for entities that need to process personal data — namely data processors and data controllers — to ensure the procedures are executed in compliance with the Personal Data Protection Law.

TECHNOLOGY-

Neom eyes localizing construction robotics technology: The Neom Investment Fund made an undisclosed investment in Denmark-based GMT Robotics to localize the use of robotics in the construction industry, according to a press release.

MINING-

Amak bags yet another mining exploration license: Tadawul-listed Almasane Alkobra Mining (Amak) has landed an exploration license from the Industry and Mineral Resources Ministry to look for chromium, copper, nickel, and manganese in Al Baha Province, it said in a disclosure to Tadawul. The license covers a 91.8 sq km area and runs through December 2029. The investment value was not disclosed.

BACKGROUND- The company snapped up a five-year quartz exploration license in Najran and Asir in August. Earlier in July, it was granted a five-year exploration license for manganese ore in Al Baha province. It also landed two exploration licenses in June, worth a total of SAR 92 mn, covering Jabal Qaran and Al Hijra, which hold reserves of gold, copper, lead, and zinc.

Emerging IPO markets leapfrog London’s as it hits a 21st century low

Emerging markets like Malaysia and Oman have outperformed London — and European markets — in IPO activity this year, underscoring the rise of Middle Eastern and Asian exchanges as global IPO hubs, Bloomberg reports. The UAE, Oman, and Malaysia have secured higher rankings in Bloomberg’s global IPO venue list, with the UK landing the 20th place, while Oman secured the 14th spot, Saudi Arabia the 7th, and the UAE the highest at fifth globally. This marks a significant shift from London’s heyday as a staple IPO market.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Middle East IPOs are thriving: The Middle East and Asia accounted for over half of global IPO IPO proceeds in 2024. Notable listings include Abu Dhabi-based Lulu Retail’s USD 1.7 bn offering and a USD 2 bn IPO by a unit of Oman’s state oil company. Dubai’s Talabat also completed a USD 2 bn IPO, now the world’s largest tech IPO of 2024.

London’s woes: London’s IPO market declined by 9% y-o-y to USD 1 bn in 2024, with the number of London-listed firms falling to the lowest on record. Only about a dozen companies listed on the LSE this year, none among the global top 100, with the largest raising a modest GBP 150 mn. The UK’s performance has been undermined by low valuations, cautious domestic investors, and increasing competition from other financial hubs.

A lot of delistings are another symptom of a bigger problem: In addition to the shrinking IPO pipeline, the UK stock market has faced a wave of delistings and takeovers. Some 45 companies exited the London Stock Exchange this year, marking the highest tally since 2010 — including big names such as Just Eat Takeaway.com and Ashtead Group moving each to the Netherlands and the United States — and many medium-cap firms acquired by private equity giants like KKR and EQT.

Things may look up: UK authorities are implementing sweeping reforms to revive its listing market, including easing rules on dual-class shares and disclosures. Several companies, including Shein and Canopius Group, are reportedly preparing to list in 2025. However, experts suggest that significant momentum is required to restore investor confidence and make the UK competitive again.

TASI	12,099	-0.4% (YTD: +1.1%)
MSCI Tadawul 30	1,519	-0.5% (YTD: -2%)
NomuC	31,101	-0.6% (YTD: +26.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,795	+0.2% (YTD: +23.7%)
ADX	9,265	-0.1% (YTD: -3.3%)
DFM	4,830	+0.4% (YTD: +19%)
S&P 500	6,051	0% (YTD: +26.9%)
FTSE 100	8,300	-0.1% (YTD: +7.5%)
Euro Stoxx 50	4,968	+0.1% (YTD: +9.9%)
Brent crude	USD 74.49	+1.5%
Natural gas (Nymex)	USD 3.28	-5.1%
Gold	USD 2,675.80	-1.2%
BTC	USD 101,036.80	-0.4% (YTD: +128.6%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.4% last Thursday on turnover of SAR 4.8 bn. The index is up 1.1% YTD.

In the green: Sumou (+10%), Zamil Indust (+6.6%) and Al Baha (+6.5%).

In the red: MCDC (-3%), Amak (-2.5%) and Al Etihad (-2.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6%last Thursday on turnover of SAR 67 mn. The index is up 26.8% YTD.

In the green: Riyadh Steel (+17.4%), Dar Almarkabah (+12.9%) and Watani Steel (+12.2%).

In the red: Armah (-9.4%), Ladun (-7.6%) and Edarat (-5.6%)

FM Faisal bin Farhan talks Syria in Jordan + Saudi, UK want to boost trade

FM Faisal bin Farhan arrived in Jordan yesterday to participate in discussions with his Arab counterparts on the future of Syria following the collapse of Bashar Al Assad’s regime, according to state news agency SPA. Arab diplomats also held a separate meeting with top diplomats from the United States, Turkey, and the European Union. Reuters also had coverage.

MEANWHILE- Saudi Arabia and the UK have reaffirmed their commitment to boost bilateral trade to GBP 30 bn by 2030, Arab news reports citing a joint statement issued following UK Prime Minister Keir Starmer’s visit to the Kingdom last week. The two sides are also looking to do more together on education in Saudi.

CALENDAR

DECEMBER

15-17 December (Sunday-Tuesday): The International MICE Summit (IMS24), Riyadh.

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

16-18 December (Monday-Wednesday): The International Forum for Saudi Reef, Intercontinental Al Ahsa.

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

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

18-19 December (Wednesday-Thursday): Forbes Middle East’s Women’s Summit, Riyadh International Convention and Exhibition Center.

23-25 December (Monday-Wednesday): Retail offering for Almoosa Health’s Tadawul IPO.

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

24-25 December (Tuesday-Wednesday): Retail subscription period for Nice One’s Tadawul IPO.

29 December (Sunday): Final allocation for Almoosa Health’s Tadawul IPO.

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

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

JANUARY 2025

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

5 January (Sunday): Launch day for Riyadh Metro line 3.

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 February (Wednesday): Derayah REIT dividend distribution.

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.

APRIL 2025

14-16 April (Monday-Wednesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

21-24 April (Monday-Thursday): Saudi Food Exhibition and Conference, Riyadh.

7-9 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

MAY 2025

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

23 May ( Friday): Guns N’ Roses Show, Riyadh.

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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