PIF swings to profitability in 2023 as revenues more than double -report

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi Investment Bank says it is not in sale talks

Good morning, friends, and happy Hump Day to you all.

BUT FIRST- Aramco’s run of positive (for shareholders) news continues. Energy Minister Prince Abdel Aziz bin Salman said Aramco has discovered seven oil and gas deposits in the Eastern Province and Empty Quarter, according to a statement by the ministry yesterday. He said Aramco discovered two unconventional gas fields, a reservoir of Arabian light crude oil, two natural gas fields, and two natural gas reservoirs.

What we don’t know: The size of the discoveries. The ministry made no mention of estimated reserves in place.

AND A QUICK PROGRAMMING NOTE- EnterpriseAM Saudi is off this coming Thursday, 4 July. We take a small handful of publication breaks in summer, around holidays, and in the final week of the year to retool and plan new things. You’ll see us in your inbox tomorrow morning, and we’re then off until Sunday, 7 July.

HAPPENING TODAY-

Housing Minister Majed Al Hogail is in Turkey for a three-day visit that will see talks with Turkish officials in real estate development, infrastructure, and waste management and recycling, state news agency SPA reports. He last visited Ankara a year ago, when SAudi and Turkish companies inked a series of cooperation agreements.

WEATHER- Expect windy weather in Riyadh with a daytime high of 44°C. Madinah will also see wind and a high of 40°C, while Jeddah can expect a daytime high of 41°C. Look for overnight lows to skim 29°C in all three cities.

HAPPENING TOMORROW-

The eight-week Esports World Cup will open tomorrow and run through Sunday, 25 August Riyadh’s Boulevard City. It will see the world’s best esports clubs competing for a pool of USD 60 mn — the largest purse in esports.

M&A WATCH-

#1- Saudi Investment Bank says it isn’t in talks to sell a stake to Kuwait Finance House: The Saudi Investment Bank (Saib) said it was not involved in “any discussions in relation to any mergers or acquisitions,” according to a disclosure to Tadawul by the lender.

BACKGROUND- The statement follows whispers by Bloomberg last week that Kuwait’s largest bank was considering the acquisition of a significant stake in Saudi Investment Bank. KFH later issued a statement saying only that it was “conducting careful studies” of a potential expansion tinto Saudi, including looking at “more than one bank” in which it might take a stake.

#2- WakeCap has acquired Silicon Vallye-based Crews by Core as WakeCap looks to set up an R&D base in the US, WakeCap said in a statement. Both companies offer digital project management solutions for companies working on megaprojects. WakeCap already operates in the US, Saudi Arabia, UAE, and Japan.

What we don’t know: Just how much of Crews by Core will WakeCap acquire and what that stake is worth. WakeCap’s clients include Aramco, Emaar, Adnoc, Enppi, and Besix, among others. Its CEO is Hassan Albalawi, a member of the prominent Saudi family.

DATA POINTS-

#1- Aramco dividends push Sama’s foreign reserves to 18-month high: The Saudi Central Bank’s (Sama) net foreign assets jumped 5% y-o-y in May to SAR 1.67 tn — its highest since November 2022, according to Sama’s figures (pdf). The increase was driven by state-owned Aramco’s huge dividend payments during 1H 2024, which included USD 25 bn paid in May to the government, according to Bloomberg. Sama receives the government’s dividends from Aramco.

#2- Spending by foreign tourists in Saudi grew 22.9% y-o-y to SAR 45 bn (c. USD 12 bn) in 1Q 2024 — the second-highest quarterly level ever, Mubasher reported, citing data compiled from Saudi Central Bank (Sama). The record for spending in a single quarter stands at SAR 48.9 bn in 2Q 2023.

Saudi tourists are spending more abroad: Spending by Saudi tourists abroad was up 3.9% y-o-y during the quarter to c. SAR 21 bn, and increase from SAR 20.2 bn in the same period last year.

IN CONTEXT: 2023 was a “record-breaking” year for Saudi’s travel and tourism industry, with the sector growing more than 32% to contribute a record SAR 444.3 bn to the Kingdom’s GDP. Tourist spending was also on the rise, with spending by foreign visitors reaching a record SAR 227.4 bn, while local visitors’ spending grew 21.5% y-o-y in 2023 to SAR 142.5 bn.

OIL WATCH-

Aramco maintained the official selling prices (or “OSP,” in industry-speak) for liquefied petroleum gas in July, Reuters reported. July OSPs for propane and butane were unchanged at USD 580 per metric ton and USD 565 per ton.

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THE BIG STORY ABROAD-

US, British and French politics continue to push markets off the front pages of the global business press.

Not much has changed since yesterday: Democrats are still losing it over contentions that Joe Biden is too old to run for president. Top party officials held a call with key donors late yesterday to try to shore up their financial base. The FT sums up the current state of the debate nicely: There’s a growing sense among “donors, consultants, and operatives that Biden is no longer fit to challenge Donald Trump for the presidency and should make way for a younger candidate.”

And it could get messy, the paper says, noting there’s “anger at the president’s family and close circle of advisers for concealing his condition and their unwillingness to countenance his exit from White House race.”

Across the pond: Keir Starmer’s Labour party still leads Rishi Sunak’s Conservatives by 20 points or so in polls. And the horse-trading continues in France, as other parties look to block the far-right Rassemblement National from running away with parliament in second-phase voting due next week.

MEANWHILE- The US Supreme Court ruled that Trump has broad immunity for official (but not necessarily personal) actions he took while in office — a finding that almost ensures he won’t face trial before November on charges that he tried to usurp the 2020 election.

ENTERTAINMENT-

The eighth season of MBC’s Arabic-language version of Top Chef will move to Neom, according to a statement. Neom Media Village will be home to the show for the next few months. The new season of the culinary competition will have an ecological spin and will again feature guest judges from Michelin-starred restaurants. The show will air on MBC Group properties later this year.

CIRCLE YOUR CALENDAR-

This year’s edition of security-focused expo Intersec Saudi Arabia will open from Tuesday, 1 October to Thursday, 3 October at the Riyadh International Convention and Exhibition Center. The expo is expected to bring in over 350 exhibitors from 27 countries and 17k visitors and showcase latest technologies in security and safety industries by global suppliers.

PIF swings to profitability in 2023 as revenues more than double -report

The Public Investment Fund made a profit of nearly USD 37 bn last year after having posted a USD 15.6 bn loss the year before, Reuters reports, saying revenues more than doubled year y-o-y to more than USD 88 bn. “The rise in revenues was driven by factors including an improvement in both investment and non-investment activities in sectors like banking, telecommunications and gaming,” the newswire said.

Still waiting for details: PIF had not posted its 2023 annual report online as of our dispatch time this morning, and news of its financial performance last year hasn’t made state news agency SPA or other government-owned media organizations.

MEANWHILE- PIF maintained its top spot of the global sovereign fund league table in 1H2024. Together with its regional peers, PIF accounting more than half of the USD 96 bn deployed by the world’s sovereign wealth funds in the first half of this year, Bloomberg reported, citing data from Global SWF.

By the numbers: Data shows that PIF, the Abu Dhabi Investment Authority (Adia), and Qatar Investment Authority (QIA) account for 54% of total investment by the world’s SWFs in the first half. Investment by PIF and other regional funds were down year-on-year in absolute terms during the reporting period.

A windfall from oil: “While the market uncertainty has invited global funds to be cautious, Gulf-based and particularly, Abu Dhabi-based funds, have received significant windfall from oil and are more active than ever,” Global SWF Managing Director Diego Lopez said.

REMEMBER- PIF ranked first in 202 3 Global SWF report with USD 31.6 bn worth of investment (+33% y-o- bn. PIF last year wrapped-up some 49 transactions, dethroning Singapore’s sovereign wealth fund Government of Singapore Investment Corporation (GIC).

IN CONTEXT- PIF has been considering in recent months more global bond sales and IPOs as it looks to ramp up the pace of investment. The Kingdom’s treasury is prepared to run deficits through 2026 and pace out the implementation of some aspects of select Vision 2030 projects, putting more pressure on PIF to deploy at home. The fund has raised USD 7 bn since the start of the year from two debt sales. Its GBP 650 mn offering — which was the second GBP-denominated debt issuance in Saudi history — was more than 6x oversubscribed in June.

ALSO FROM PIF- The fund ranked first in the region and second globally in governance, sustainability, and resilience (GSR) in a Global SWF ranking, according to a statement by the PIF. It moved up five places in the ranking to score at 96%, highlighting the fund’s role “as an impactful and responsible investor, with best-in-class practices focused on sustainability, transparency, ethics and good governance,” according to the statement.

Dar Global to build a Trump Tower in Jeddah

Jeddah will be home to the first Trump Tower in Saudi: Dar Global, the international arm of one the Kingdom’s largest listed real estate developers, Dar Al Arkan, signed an agreement with the Trump Organization to build a Trump Tower in Jeddah, according to a statement (pdf). It would be Dar Global’s debut project in Jeddah, according to the statement, as the luxury real estate venture looks to expand its offerings across the Kingdom.

BACKGROUND- This is the Trump Organization’s second venture in the region with Dar, with the announcement of the project coming days after the two unveiled a USD 500 mn Trump International hotel project in Oman.

Who’s doing what: Dar will build and market the tower, to which the Trump organization is lending its name. The facility will also include a Trump-branded golf course.

By the numbers: Neither the Trump Organization nor Dar Global made public the financial details of the Jeddah project. Dar Global partners with high-profile brands including Missoni, Trump, and Lamborghini.

Dar Global’s shares on the London Stock Exchange are tightly held and did not trade yesterday, LSE market date shows.

Baker McKenzie acquires majority stake in local affiliate as it looks to boost Saudi operations

Baker McKenzie, the largest US law firm by head count, has acquired a “majority interest” in its Saudi partner Legal Advisors, Abdulaziz Alajlan & Partners, renaming it as Baker McKenzie Law Firm, according to a statement. The US law firm also said it has obtained a regional HQ license from the Investment Ministry.

What we know: The direct acquisition of a majority stake in Bajer’s longtime Riyadh-based associate will see it operate in the Kingdom under the Baker McKenzie brand, the statement said, without providing further details on the size of the stake that was acquired or the value of the transaction. Baker McKenzie’s regional HQ will be based in Riyadh and will be run by Managing Partner Karim Nassar (Linkedin).

Baker McKenzie already has a footprint in Saudi: The US-based firm has been active in Saudi and the MENA region since the 1970s either directly or indirectly through local affiliates, according to the statement. It currently operates eight offices in the region, including two in Riyadh and Jeddah.

What they said: “Our regional headquarter in Riyadh entrenches our long-established and market-leading presence in Saudi Arabia and the MENA region…We are also thrilled to have acquired an equity interest in Legal Advisors, after so many years of seamless collaboration with them,” Nassar said. Riyadh-based partner Abdulrahman AlAjln said the acquisition would “contribute to the transfer of international legal knowledge and expertise to the Kingdom of Saudi Arabia and the region.”

Making it easier for foreign firms to open here: More global law firms have been encouraged to open offices in the Kingdom after the government removed a requirement last year requiring the firms to work through affiliated Saudi law firms.

AND- Fully-owned foreign law firms coming? The Justice Ministry is also seeking public opinion on proposed rule changes that would allow foreign law firms to set up wholly-owned shops here. The amendments would allow these firms to provide legal advisory services and plead before courts through practicing Saudi lawyers. Public consultation over the amendments runs until Sunday, 7 July.

The latest in a flurry of firms setting up shop in Saudi: More than 400 global firms — in contracting, manufacturing and tech — including Boeing and Amazon, have obtained RHQ licenses from the Investment Ministry, Bloomberg reported last week. Big banks are also finding it hard to resist the incentives to do so, with Goldman Sachs and Japan’s Mizuho obtaining licenses to base their MENA operations out of Saudi. Others including BlackRock, JPMorgan Chase, Deutsche Bank, and HSBC have ramped-up their hiring in the Kingdom.

BACKGROUND- Earlier this year, the government rolled out tax incentives for foreign companies that relocate their regional headquarters to the Kingdom — and state institutions are helping with the push. The incentives are part of a plan that is a cornerstone of Crown Prince and Prime Minister Mohammed bin Salman’s drive to build a diversified, globally significant non-oil economy, and has been in the works since February 2021. Companies that don’t declare Saudi their regional HQ could be prevented from bidding for government work.

Contractor Al Ashghal Almoysra sets price range for Nomu IPO

Contractor Al Ashghal Almoysra is guiding on a price range of SAR 35-50 for its IPO on parallel market Nomu, its financial advisor and lead manager Yaqeen Capital said in a statement to Tadawul yesterday. It is looking to offer a 20% stake — 480k ordinary shares — on Nomu after lining up the Capital Market Authority’s approval for the offering in March.

What’s next: Qualified investors can place orders on a minimum of 10 shares and a maximum of 119,990 shares from Sunday, 7 July to Monday, 15 July, according to its prospectus (pdf). The final allocation of shares will take place on Sunday, 21 July, and refunds, if any, on Tuesday, 23 July.

Post IPO structure + lock-up period: The five substantial shareholders are selling down their positions to a combined 80%. They are prohibited from conducting any transactions on their shares for a period of 12 months from the first day of trading.

Proceeds + market cap: At the top range, the pricing could see Al Ashghal Almoysra raise up to SAR 24 mn and give it a post-IPO market cap of SAR 120 mn, according to our calculations. Some SAR 2.3 mn will be used to cover all the offering related costs including fees for the financial advisor, subscription manager, and other advisors, as well as other expenses, according to the prospectus. The remainder of the net proceeds will go entirely to the selling shareholders, it added.

About Al Ashghal Al Moysra: The company specializes in facility management, contracting, and provision of logistics and transport solutions across the Kingdom and was established in 2013 in Sakaka, Al Jouf.

ADVISORS- Yaqeen Capital is serving as the financial advisor and lead manager, while Al Rajhi Capital, Riyad Capital, Alinma Investment, AlJazira Capital, Alawwal Invest, Derayah Financial, Saudi Fransi Capital, SNB Capital, Alistithmar Capital, Albilad Capital, ANB Capital are all receiving agents.

Acwa Power secures SAR 1.4 bn in financing for Uzbek solar power project

Acwa Power has secured some SAR 1.4 bn (c. USD 373.2 mn) in financing to fund its 200-MW solar PV and battery storage project in Uzbekistan, the renewables giant said in a disclosure to Tadawul. The financing will be provided through a consortium of banks that comprise the European Bank for Reconstruction and Development, Proparco, DEG, Islamic Development Bank, Standard Chartered Bank, and KfW-IPEX Bank. The facility has a 19-year tenor, it said, without giving details on cost.

About the project: Located in Uzbek capital Tashkent, the Riverside Power Station is a SAR 2 bn greenfield independent power project that comprises a 200-MW solar PV and 500MWh battery energy storage system, according to a project profile. The 25-year contract for the project is under the build, own operate and transfer model.

REMEMBER- Acwa has been busy in Uzbekistan: It signed in May a SAR 18.2 bn (c. USD 4.9 bn) power purchase agreement with the National Electric Grid of Uzbekistan (Negu) to develop a new 5 GW wind farm — set to become the largest in Central Asia. The Aral project is the 15th project by Acwa Power in Uzbekistan as the renewable energy utility advances investments in green energy in the Central Asian country. Acwa Power’s total investments to Uzbekistan are estimated at USD 13.9 bn, with the Central Asian country becoming its second largest after Saudi.

AND– Acwa Power can now operate its Kom Ombo solar plant in Egypt: Acwa Power has received a commercial operation certificate for its 200-MW Kom Ombo solar plant, according to a separate disclosure to Tadawul. It expects the project to be reflected in its financial results starting 3Q 2024. The project is Egypt’s largest privately-owned solar plant with long-term loans from multilateral lenders including EBRD, the OPEC Fund for International Development, the African Development Bank, and others.

Everyone is talking about Trump Tower Jeddah

Surprising no one, a planned Trump Tower in Jeddah is raising questions in the foreign press on possible conflicts of interest if Donald Trump makes his way again to the White House. The plans announced by Dar Global and the Trump Organization is leading international media coverage with ink from Bloomberg | The New York Times | and CNN.

What the pundits are saying: “The Trump Organization’s continued pursuit of foreign business projects raises perilous national security, corruption and constitutional concerns,” as US advocacy group told CNN.

Meanwhile, Bloomberg looks at our drive to build a domestic semiconductor industry. Naveed Sherwani, who is leading the government’s National Semiconductor Hub, spoke on the Kingdom’s ambitions for the industry, telling the business information service that the hub is focusing on “everyday use chips” which are needed in every market (watch, runtime: 7:35). “We want to build that human resource and the ecosystem to work on the kind of chips that we can over the next five to seven years,” he said. “Once we have that capability, we can start doing a little bit more complicated chips.”

About the hub: The government is setting up the National Semiconductor Hub, which will be used “to develop so-called fabless chip companies that design new semiconductors.” The government hopes to attract 25 experts and 5k engineers specialized in semiconductor design, with a focus on simple chips, rather than advanced technology,

Saudi’s first locally-made gas turbine unveiled

MANUFACTURING-

Saudi’s first locally-made gas turbine is here: GE Saudi Advances Turbines (Gesat) unveiled the Kingdom’s first locally-made H-class gas turbine unit at its Dammam plant, according to a statement. The unit is set to power Aramco’s Jafurah Cogeneration Independent Steam and Power Plant, which is set to be the most efficient power plant in the Kingdom when operational. Gesat is a joint venture between the Public Investment Fund-backed Dussur and General Electric’s energy spin-off company GE Vernova.

What’s Jafurah? The entire Jafurah gas field — the largest unconventional, non-oil-associated gas field in the Kingdom — is set to produce 630k barrels of gas liquids and condensates per day and over 420 mn standard cubic feet of ethane per day by 2030, according to the statement. Jafurah is also the largest shale gas development outside the United States.

REMEMBER- Aramco signed earlier this week contracts worth over USD 25 bn as it pushes deeper into natural gas. The contracts are for the development of the second phase of its Jafurah gas field and the expansion of the Kingdom’s primary natural gas pipeline. The state-owned oil giant aims to see natural gas production in 2030 be 60% higher than it was in 2021.

More local production rolling in: Four out of six H-class gas turbines procured for the planned Taiba 1 and Qasim 1 Independent Power Producer (IPP) projects will be manufactured at Gesat’s factory in Dammam.

And more: GE Vernova signed an MoU with Saudi EXIM to facilitate the exports of its locally manufactured technology products abroad, according to the statement. The bank is set to support lending and ins. support, the statement read, before providing further details.

M&A WATCH-

The General Authority for Competition has issued a non-objection on eight “economic concentration requests” in June 2024, it said in a post on X. Seven out of eight of the approved requests were for acquisitions with one for a joint venture. Some of the takeovers listed i nclude an acquisition by Riyadh-based healthcare equipment supplier Cigalah of a 28.5% stake in Buruj Cooperative Ins. from Kuwait’s Gulf Ins. Group. The approved joint venture was formed between leading conglomerate Ajlan & Bros and local 4Data Information Technology.

COMMODITIES-

Less wheat bought than planned: The General Food Security Authority (GFSA) purchased 235k tons of wheat in its third tender for 2024, the authority said in a post on X. The quantities purchased are below the 595k tons of wheat sought in the tender. The wheat shipments — sourced from the EU, Black Sea, North America, South America and Australia — are set to arrive here between September and October.

LOGISTICS-

Global freight forwarder Scan Global Logistics (SGL) made its entry into the Kingdom with the opening of offices in Riyadh and Jeddah, according to a statement. SGL said Saudi’s strategic location as a gateway to the GCC, Europe, Asia and Africa makes it “an ideal distribution hub for these regions.” It plans to open a third office in Dammam this year. The new offices will launch with 20-25 employees with the company planning to bring its headcount to 50 in the second year of operations.

REAL ESTATE-

Hassana, the investment manager of the Saudi General Organization for Social Ins., is set to develop a mixed-use project in Riyadh’s Al Raml district with real estate developer Kinan International Real Estate Development, TradeArabia reported. The 2 mn sqm mixed-use project will feature residential, educational, healthcare, entertainment, retail, and office spaces. It aims to accommodate up to 9k residential units and includes 222k sqm of commercial space. The financial value of the planned project was not disclosed.

Ignis, a unit of EFG Holding’s Vortex, will launch a EUR 400 mn renewables JV with private equity major KKR

KKR + Vortex portfolio company Ignis: US private equity firm KKR and Spanish renewable group Ignis — a portfolio company of global renewables platform Vortex Energy, which is managed by the private equity arm of our friends at EFG Hermes — will create a new platform to develop green hydrogen and ammonia projects targeting hard-to-abate-sectors, according to a statement.

By the numbers: KKR will invest up to EUR 400 mn into the JV dubbed IGNIS P2X, with shares divided evenly between KKR and Ignis. The platform will start with a pipeline of 20 GW of projects “as well as more than 10 GW of advanced and early-stage renewables in Spain and additional renewable projects globally,”

More details: IGNIS P2X will produce green hydrogen, ammonia, e-methanol, e-fuels, renewables, and sustainable aviation fuel (SAF), “serving blue chip corporates active in refining, steel, chemicals, fertilizer, among other sectors, as well as traditional renewables, largely wind and solar, associated with the hydrogen and ammonia projects.”

KKR is looking to invest big in climate: The firm announced that it was looking to raise as much as USD 7 bn from its first planned climate transition fund back in December. The fund will scope out green mobility, battery storage, and decarbonization projects across the US, EU, and Asia Pacific markets, with plans to earmark between USD 300 and 750 mn for each venture.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, with the Hang Seng leading the gainers (+1.5% at dispatch time) after taking yesterday off for a national holiday. The Kospi (-0.5%) leads the decliners. US equities futures were uniformly (but gently) in the red in overnight trading, while futures for major European benchmarks were largely flat.

TASI	11,659	-0.2% (YTD: -2.6%)
MSCI Tadawul 30	1,457	-0.3% (YTD: -6.0%)
NomuC	26,318	+0.7% (YTD: +7.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	27,970	+0.7% (YTD: +12.4%)
ADX	9,060	0.0% (YTD: -5.4%)
DFM	4,057	+0.7% (YTD: -0.1%)
S&P 500	5,475	+0.3% (YTD: +14.8%)
FTSE 100	8,167	0.0% (YTD: +5.6%)
Euro Stoxx 50	4,930	+0.7% (YTD: +9.0%)
Brent crude	USD 86.60	+1.9%
Natural gas (Nymex)	USD 2.48	+0.2%
Gold	USD 2,341.30	+0.1%
BTC	USD 63,026	+1.5% (YTD: +50.0%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 7.3 bn. The index is down 2.6% YTD.

In the green: SSP (+10.0%), Talco (+8.9%) and East Pipes (+7.2%).

In the red: Sedco Capital Reit (-4.3%), Zain KSA (-4.1%) and Walaa (-3.5%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.7% yesterday on turnover of SAR 36.8 mn. The index is up 7.3% YTD.

In the green: Gas (+11.3%), Leaf (+7.1%) and Knowledge Tower (+6.5%).

In the red: AlHasoob (-8.2%), Ioud (-6.5%) and Amwaj International (-6.2%)

CORPORATE ACTIONS-

Shareholders of our friends at Cenomi Center have approved the board’s recommendation to distribute a dividend of SAR 178.1 mn at SAR 0.375 per share for 1Q 2024, according to a filing to the exchange (pdf). The shareholders have also approved the company’s dividend policy for the 12 months starting 2Q 2024, the statement said.

Shareholders of Tadawul-listed telecom group Zain KSA have approved the board’s recommendation to distribute SAR 449.4 mn in dividend at SAR 0.5 per share for FY 2023, according to a disclosure to Tadawul. A distribution date will be announced at a later date by the board, according to the disclosure.

CALENDAR

JULY

4 July-25 August: (Thursday-Sunday): Esports World Cup, Boulevard Riyadh City, Riyadh.

12 July (Friday): PFL MENA 2, The Green Halls, Riyadh.

10-11 July: (Wednesday-Thursday): Global EV & Mobility Tech Forum, Riyadh International Convention & Exhibition Center, Riyadh.

21-30 July (Sunday-Tuesday): International Chemistry Olympiad, King Saud University, Riyadh.

AUGUST

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

18 August (Sunday): New academic year begins.

27-29 August (Tuesday-Thursday): Saudi Fashiontex Expo, Riyadh.

SEPTEMBER

2-4 September (Monday-Wednesday): Saudi Warehousing & Logistics Expo, Riyadh.

2-4 September (Monday-Wednesday): Saudi Wood Expo, Riyadh.

3-5 September (Tuesday-Thursday): 24 Fintech, Front Exhibition & Conference Center, Riyadh.

9-11 September (Monday-Wednesday): International Manufacturing Congress, Riyadh.

10 September (Tuesday): Saudi Arabia Investors Forum, Riyadh.

10-12 September (Tuesday-Thursday): Saudi Sports Show, Riyadh.

10-12 September (Tuesday-Thursday): Global AI Summit, Riyadh.

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

16-19 September (Monday-Thursday): Foodex Saudi, Riyadh.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh.

17-19 September (Tuesday-Thursday): Hotel & Hospitality Expo, Front Exhibition & Conference Center, Riyadh.

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam.

18-19 September (Wednesday-Thursday): IDC Saudi Arabia CIO Summit 2024, Riyadh.

24-26 September (Tuesday-Thursday) Saudi Infrastructure Expo, Riyadh International Convention and Exhibition Center, Riyadh.

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

29 September (Sunday) – 1 October (Tuesday): Jeddah Construct Expo, Jeddah.

OCTOBER

1-3 October (Tuesday-Thursday): Intersec Saudi Arabia 2024, Riyadh.

5-7 October (Saturday-Monday): Middle East Education & Training Exhibition 2024, Jeddah.

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh.

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

29-31 October (Tuesday-Thursday): Future Investment Initiative Conference, Riyadh.

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

NOVEMBER

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

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

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

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

DECEMBER

1 December (Sunday): Opec+ to meet.

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

FEBRUARY 2025

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

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

JUNE 2025

26 June (Thursday): 2024-2025 academic year ends.

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

2027

The World Water Forum takes place in Riyadh.

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PIF swings to profitability in 2023 as revenues more than double -report

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