PIF’s annualized returns rise as AUM grow 29% in 2023

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Is Al Ahli closing in on Ivan Toney?

Good morning, nice people. We have a meaty but tight issue to get us over the midweek hump today, leading with the Public Investment Fund’s annual report recapping the fund’s performance over the past year and its targets for 2025.

⚠️ WEATHER WARNING- Thunderstorms are expected to hit different parts of the Kingdom through to Thursday, the General Directorate of Civil Defense said in a warning on X. Makkah is in for the most severe conditions, including heavy rainfall, flash floods, hail, and sandstorms. Meanwhile, Riyadh, Madinah, Baha, Asir, and Jazan are also forecasted to get varying degrees of rainfall.

PSA-

#1- Agricultural projects up for grabs in Makkah: The Environment, Water and Agriculture Ministry is offering four agricultural investment projects in Makkah, state news agency SPA reported. Prospective investors can bid for the projects on the Furas platform. The deadline for bid submissions is Tuesday, 1 October.

#2- The Saudi Logistics Academy is now offering a Level 2 Certificate in Procurement and Supply Operations, it said in a post on LinkedIn. The four-month program starts on Monday, 2 September. You can apply here.

WATCH THIS SPACE-

#1- Cenomi Retail appoints advisors for potential transaction: Cenomi Retail has tapped Lazar as its financial advisor and AS&H Clifford Chance as counsel on its ongoing discussions with “a leading international fashion retailer regarding a potential significant transaction involving the combination of certain fashion brands,” the company said in a filing to Tadawul.

This is likely part of the exits the retailer has in the pipeline: The company is in the final push of the second wave of the franchise sale program, which will see it divest from three brands, after exiting 16 brands in the previous wave, Cenomi Retail’s newly-minted CEO Salim Fakhouri said last week. Fakhouri added that “third wave is about to start with the upcoming sale of five further brands (Charles & Keith, Pedro, Call it Spring, Estee Lauder, and Nine West) which is expected to result in proceeds of valued at SAR 77 mn plus inventory and a decrease of 70 stores in Saudi Arabia.”

#2- Egypt-based SaaS solutions startup Wfrley wants to set up shop in Saudi in 4Q 2024 to serve the Gulf region, co-founder and CEO Mohammed Korshom told Al Mal. The SaaS e-commerce platform provides retailers, supermarkets, and wholesalers with digital solutions for inventory management, logistics, and delivery.

SPORTS-

FROM THE RUMOR MILL- Ivan Toney seems to be edging closer to a move to Al Ahli, with the Brentford striker sitting out his team’s first Premier League match of the season amid transfer interest, manager Thomas Frank said prior to the game. Al Ahli remains in talks with Toney after its GBP 35 mn bid to sign him was rejected, sports journalist Fabrizio Romano separately said in a post on X.

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THE BIG STORY ABROAD-

The Democratic National Convention is front and center across the front pages of the international press this morning, as US President Joe Biden passes the torch to his vice president and Democratic presidential candidate Kamala Harris.

Among those making appearances at the DNC in Chicago: Biden took to the stage to hand off the convention to Harris and her running mate Tim Walz, while a host of other Senate and Congress members, and other political figures also had time on stage. Former presidential candidate Hillary Clinton is also in today’s lineup, while each night of the convention is scheduled to feature a celebrity host. Harris herself also made a surprise on-stage appearance, despite not originally being scheduled to speak today.

Harris is starting to give shape to her vision as president, starting with plans to raise the corporate tax rate to 28%, partially rolling back a Trump-era decision to slash the tax rate to 21% from 35%. The tax hike would, if implemented, raise USD hundreds of bns that will be necessary to help finance the presidential hopeful’s plans in office. (Reuters | Bloomberg | Financial Times | CNBC | Politico | Wall Street Journal | Washington Post | New York Times)

MEANWHILE- Israeli Prime Minister Benjamin Netanyahu has accepted a “bridge proposal” for a ceasefire in Israel’s war on Gaza, US Secretary of State Antony Blinken told reporters yesterday, according to a readout of his remarks. Blinken urged Hamas to accept the proposal, citing “fierce urgency” to reach an agreement between the two sides to prevent further bloodshed and destruction. (Reuters | New York Times | Financial Times | Bloomberg)

Blinken is heading to Cairo next, where he is expected to land today to discuss next steps on the ceasefire talks between Israel and Hamas. Blinken will fly from Israel as part of a four-day trip that marks his ninth visit to the region since Israel’s war on Gaza began.

REMEMBER- Senior government officials from Egypt, Qatar, and the US are set to reconvene in Cairo before the end of the week in a bid to finalize an agreement based on the proposal presented in Doha last week.

SPEAKING OF BLINKEN- Foreign Minister Faisal bin Farhan and Blinken discussed regional developments in a phone call on Sunday, the Foreign Ministry said on X. The pair reviewed ongoing efforts to end the war in Gaza, as well as updates to developments in Sudan and Yemen. The call came before Blinken landed in Tel Aviv to meet with Prime Minister Benjamin Netanyahu and other Israeli officials to push for a ceasefire.

CIRCLE YOUR CALENDAR-

The EFG Hermes London Conference returns: EFG Hermes will hold its annual conference in London on 9-12 September, giving investors “unique and unparalleled access to leading equities in MENA and key frontier emerging markets.”

The Crown Prince Camel Festival runs until Tuesday, 10 September at the Taif Camel Racing Track, featuring 610 rounds of racing and a purse of SAR 56 mn.

The New Global Sport Conference 2024 is happening on Saturday and Sunday, 24-25 August, bringing together top figures from sports, esports, gaming, entertainment, and technology. This year’s theme is the Future of Fandom, highlighting fans’ role in building brand equity and revenue.

The eight-week Esports World Cup runs until Sunday, 25 August Riyadh’s Boulevard City. The world’s top esports clubs are competing for a pool of USD 60 mn — the largest purse in esports.

The two-day Kingdom Business and Luxury Travel Congress will kick off on Wednesday, 25 September, at the Crowne Plaza Riyadh RDC Hotel and Convention.

The three-day Global Logistics Forum will kick off on Saturday, 12 October at Riyadh’s King Abdullah Financial District.

The Public Investment Fund’s assets under management rose 29% to SAR 2.9 tn in 2023

The Public Investment Fund’s (PIF) annualized return on investments since 2017 rose to 8.7% by the end of 2023, according to its 2023 annual report (pdf). That’s compared to the 8% annualized return rate the fund recorded at the end of 2022.

PIF’s assets under management rose 29% y-o-y to SAR 2.9 tn by the end of 2023, it said in the report. Some 76% of these assets are in local investments, while 20% are international investments, and 3% of its portfolio is in treasuries. The majority of the fund’s AUM (85%) are managed internally, while the balance is externally managed.

The fund is most bullish on localization + giga-projects: While most of the fund’s portfolio components have seen their share of total AUM decline y-o-y last year, assets in sector development projects rose to 33% of total AUM, up from 21%, and giga-projects rose to 8%, up from 5% the year prior.

Meanwhile, Saudi equity holdings accounted for 27% of AUM, down five percentage points, while treasuries accounted for 3% of AUM, down from 9% the year prior. This could be viewed as a signal of the fund’s growing interest in productive sectors rather than fixed-income instruments, which is aligned with the Kingdom’s diversification ambitions.

Energy is king: The largest allocation was in energy at 23%, followed by 19% in multi-sector funds and money-markets, real estate at 17%, IT at 9.4%, and financials at 7.3%.

2025 targets: The sovereign wealth fund is targeting SAR 4 tn in AUM by the end of next year, with 21% of that in new sectors, and 24% in international sectors (up from 20% in 2023). The fund aims to have contributed SAR 1.2 tn to non-oil GDP by the end of next year, and created 1.8 mn jobs.

The fund has identified 13 strategic sectors for next year, including aerospace and defense, automotive, real estate, and entertainment, leisure, and sports. Bloomberg also had the story.

Al Majed Oud plans to sell 30% stake in Tadawul IPO

Al Majed Oud plans to offer a 30% stake (equivalent to 7.5 mn shares) in an IPO on Tadawul’s main market, the company said in its prospectus (pdf). The perfume retailer CMA lined up the Capital Market Authority’s approval to kick off the offering in June.

The breakdown: Institutional investors are being allotted 100% of the offering, but the financial advisor can reduce that to 80% and allocate 20% of the offering to retail investors “if there is sufficient demand” during the retail subscription window. Public funds — which are counted as institutional investors — will be earmarked 30% of the offering, which may be rolled back to 24% if demand falls short.

What’s next: Subscription to the IPO begins for institutional investors next Sunday, 25 August and runs through to Thursday, 29 August. The retail subscription window is set for Sunday, 15 September. The final share allocations will be announced on Thursday, 19 September, with any excess subscription fees set to be refunded on Tuesday, 24 September. The first day of trading will be determined once the company meets all regulatory requirements.

Use of proceeds: Some SAR 25 mn of IPO proceeds will go towards covering costs associated with the offering including advisory, bookbuilding, legal, auditing, marketing, and other fees. The selling shareholders will divide the rest of the proceeds on a pro rata basis.

Lock-up period: Major shareholders are restricted from selling their shareholdings for a six-months period beginning with the start of trading. Moreover, the company is not allowed to issue or list any additional shares of the same category for six months after trading begins.

ADVISORS- BSF Capital is financial advisor and lead manager, while Baker McKenzie is providing counsel to the issuer. Stat is counsel to the financial advisor, underwriter manager, institutional subscription manager, and lead underwriter. PwC is running financial due diligence, while Euromonitor International is the market study advisor and BDO Dr. Mohamed Al Amri & Co is the independent financial auditor.

Earnings snapshot: Al Majed for Oud reported a 18.7% y-o-y rise in net income to SAR 148.7 mn in FY 2023, up from SAR 125.3 mn during the previous year. Meanwhile, revenues were up 30.4% to SAR 767 mn during the same period, up from SAR 588.4 mn.

Aussie battery player EVM lines up US private equity money for Yanbu lithium chemicals plant

EVM lines up private equity investment for Yanbu plant as Saudi pushes ahead with lithium, EV-tech ambitions: Australian battery chemicals company EV Metals Group (EVM) has lined up investment from US mining and mineral private equity firm Resource Capital Funds for EVM Arabia’s lithium chemicals plant in Yanbu Industrial City, according to a statement.

What’s the status on the ground: EVM is ready to start construction of the first two processing trains, which it says will have an annual production capacity of 50k tons of high-purity lithium hydroxide monohydrate. Output will be sold to the clients in Europe and the Middle East, it says.

BACKGROUND- EVM signed an agreement with Finnish industrial machinery company Metso to establish the plant in January using Metso’s leaching technology. The battery chemicals company also agreed with the Royal Commission for Jubail and Yanbu last year to establish a facility to produce key chemicals for EV batteries and renewable energy storage.

EVM has other projects in Saudi: EVM’s subsidiary Riwaq Al Mawarid for Mining signed a binding earn-in joint venture agreement with UK exploration company Power Metals Resources to expand EVM's exploration activities in the Arabian Shield in March. EV Metals Group is based in Australia but has offices in the Kingdom and the UK, according to their website.

REMEMBER- Saudi has been working on strengthening its critical minerals supply chain: The kingdom signed an agreement with the UK in May to strengthen the global supply of critical minerals and prioritize the sustainable production of critical minerals essential to EV, wind turbine, and solar panel manufacturing.

Active building projects in Saudi are worth USD 103.1 bn -report

Active building projects in the Kingdom accounted for 28.9% of total building projects across the GCC in July, with 1.8k active projects valued at USD 103.1 bn, according to data from BNC Network. These only include projects that are in concept, design, tender or construction phases.

Low-rise buildings were the most common type of building project during the month with 969 projects valued at USD 58.5 bn, followed by 737 mid-rise projects valued at USD 30.3 bn and 94 high-rise buildings with a valuation of USD 14.3 bn.

Almost half of Saudi’s building projects — worth a combined USD 50 bn — are currently under construction, while USD 21.6 bn-worth of projects are currently on hold. There are currently projects with a combined value of USD 31.5 bn either in concept, design, or tender stages.

REMEMBER- Real estate has been the main driver for inflation in Saudi as rental prices climbed 10.5% y-o-y in May as growing demand for office space amid Saudi’s regional headquarters program driving up prices with supply coming up short.

Asas closes a SAR 1.2 mn pre-seed funding round to boost its developer recruitment unit

Homegrown IT services provider Asas Specialised Information Technology has closed a SAR 1.2 mn pre-seed funding round led by Abdulrazzaq Mohammed Al Ansari, among other unnamed angel investors, according to a press release.

The proceeds are being earmarked for Asas subsidiary Resquad AI, with the AI-powered IT recruitment outfit looking to expand further into the Kingdom, serving more tech-powered sectors. The proceeds will also be used to enhance the subsidiary’s tech stack.

What’s Resquad AI? The startup focuses on “connecting local software development studios with other companies needing additional workforce to complete their projects,” according to its website. Resquad facilitates the hiring of front-end, and back-end developers, as well as database managers, cloud and data science experts, and cybersecurity specialists. The platform also has a rate estimator where clients can use it to discover the hourly competitive rates of the IT professionals they are seeking to hire.

Loyalty program aggregator Mithu raises USD 500k in pre-seed investment round

Homegrown loyalty platform aggregator Mithu secured a USD 500k pre-seed investment from Adaverse, a Web3 venture builder, according to a press release picked up by Wamda.

The pitch: Founded earlier this year, Mithu (pronounced Mit-who) works to integrate multiple loyalty programs into a single gamified platform, making it easier for customers to manage all their programs and limiting the amount of money lost on those that go unutilized.

IN CONTEXT- Adaverse is a venture fund and cardano accelerator that aims to scale Web3 solutions within the blockchain sphere. The fund has invested in some 60 startups across 13 countries globally, with a focus on Asia, the Middle East, and Africa. Adaverse’s “expertise in Web3 and gamification is invaluable as [Mithu develops] a tokenized version of [its] app,” Mithu founder Mohsin Qureshi said.

All part of the plan: The venture fund had committed USD 10 mn for investments in Saudi Web3 startups throughout the current year, making its first investment in a Saudi startup with fintech startup Takadoe earlier this year.

Another Saudi-Egyptian private sector project in the making. Plus: Aviation, infrastructure, debt news

REAL ESTATE-

#1- A Saudi-Egyptian EGP 1 bn retail project in New Cairo: Saudi-based Saleh Almudayfer Son’s Holding has reached an agreement with a unit of Egypt’s Home Group Developments to launch a EGP 1 bn mall in its New Cairo area, Al Mal reports. The mall will feature commercial, administrative, and medical facilities, and is expected to be completed within three years.

REMEMBER- Egyptian firms are flocking into the Kingdom to capitalize on its diversification ambitions: Our friends at Hassan Allam Construction Saudi were also awarded a contract late last month to develop Port of NEOM’s Container Terminal 1 and a related marine services area among a slew of other undertakings in the Kingdom. Meanwhile, Egypt’s Talaat Moustafa Group (TMG) kicked off a real estate project in Riyadh in May, hitting SAR 3.3 bn in sales up until late last month.

#2- Arab Sea Information Systems Company has completed the purchase of a SAR 59 mn office tower in Riyadh’s Al Sahafa district that will become the company’s new headquarters, according to its disclosure to Tadawul.

AVIATION-

Saudia slashes plane ticket prices on flights from Riyadh, Jeddah: Saudia is offering up to 50% markdowns on international flights operating through King Abdulaziz International Airport in Jeddah and King Khalid International Airport in Riyadh, the national carrier announced on its website.

The details: The offer — available for business and guest classes — will run until Saturday, 31 August, and is valid for flights scheduled between 1 September and 30 November this year. It also includes the Your Ticket Your Visa service, allowing visitors to stay in the Kingdom for up to four days to explore the country and perform Umrah.

INFRASTRUCTURE-

The 3.2 km Safwa-Ras Tanura Bridge is now 88% complete, according to state news agency SPA. Once complete, the project — which links Ras Tanura to Dammam, Qatif, and King Fahd International Airport — will be the Kingdom’s second-largest double sea bridge. The project includes 24 water drainage canals and aims to improve regional travel and boost tourism.

MARITIME-

Neom orders electric ferries to greenify water commuting: KSA’s Neom city has ordered eight units of Swedish electric boat and ferry company Candela‘s P-12 shuttle, TradeArabia reports. This marks the largest order in Candela’s history, with the first batch set to be delivered and integrated into the city’s planned water network between 2025 and early 2026.

About the ferries: Launched last year, the P-12 — the world’s first electric hydrofoil ship — will debut in Stockholm’s public transport later this year, TradeArabia writes. It offers zero-emission, energy-efficient water transport with advantages over traditional ferries, including faster speeds and more frequent departures. It uses 80% less energy and emits 97.5% less CO2 than traditional diesel vessels of the same size.

DEBT WATCH-

Al-Azizah Real Estate Investment and Development — a unit of Banan Real Estate — has signed a 5-year SAR 50 mn credit facility agreement with Riyad Bank, according to a disclosure to Tadawul. The funds will be used to support the company’s expansion plans.

Startups are increasingly going bust as funding dries up

There’s trouble in startup land: US startup failures are on the rise two years after bearing the fruit of the tech boom, with the number of startups failing increasing nearly 60% this year already as founders find themselves running out of funds, capitalization table manager and valuation startup Carta detailed in a blog post.

By the numbers: Some 254 of Carta’s venture-backed clients went out of business during the first quarter of the year, marking the “highest quarterly total so far this decade.” The figure has been on the rise for years now — the number of startups closing their doors rose 58% y-o-y during 1Q 2024 and 124% y-o-y during 1Q 2023.

Most recently, fintech firm Tally announced that it will be shutting its doors after nine years in business after it was “unable to secure the necessary funding to continue operations.” The company had a valuation of USD 855 mn just two years prior.

The trigger: Between boom year 2022 and now, startups were faced with rising interest rates, dwindling VC sentiment, and the aftermath of the collapse of Silicon Valley Bank. The difficult reality facing many startups now comes in stark contrast to just a few years back, when “an abnormally high number of companies raised an abnormally large amount of money during 2021-2022,” Morgan Stanley analysts wrote in a note seen by the Financial Times.

As things stand: There’s been a huge drop in the amount of companies able to raise funds within two years of their last funding round, Peter Walker, head of insights at Carta, told the salmon-colored paper. Startups are now resorting to cutting costs to stay afloat, a move that puts growth on the backburner and in turn puts off VCs from lending their financial backing.

The collapse will echo far beyond startup land: The failure of startups will create “spillover risks to the rest of the economy,” Morgan Stanley said, pointing to the 4 mn people employed by VC-backed companies.

ALSO FROM PLANET FINANCE- Turkey’s Monetary Policy Committee is expected to leave the one-week repo rate at 50% when it meets later today, according to Bloomberg. The committee has held rates steady for four months running now. Turkish officials noted that monetary policy needs to remain tight to tackle inflation, which currently sits at 62%.

MARKETS THIS MORNING-

Asian markets are mostly in the green in early trading this morning in the wake of a rally in Western markets yesterday. Japan’s Nikkei is up 1.6% and Korea’s Kospi is up 0.8% at the time of writing, while China’s Hang Seng is down 0.3%.

TASI	12,023	+0.4% (YTD: +0.5%)
MSCI Tadawul 30	1,492	+0.2% (YTD: -3.8%)
NomuC	25,792	+0.3% (YTD: +5.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	29,321	-0.5% (YTD: +17.8%)
ADX	9,305	+0.2% (YTD: -2.9%)
DFM	4,238	-0.1% (YTD: +4.4%)
S&P 500	5,608	+1.0% (YTD: +18.3%)
FTSE 100	8,357	+0.6% (YTD: +8.1%)
Euro Stoxx 50	4,871	+0.6% (YTD: +7.7%)
Brent crude	USD 77.80	-2.4%
Natural gas (Nymex)	USD 2.24	+5.3%
Gold	USD 2,541.30	+0.1%
BTC	USD 59,112.80	-1.2% (YTD: +39.8%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.4% yesterday on turnover of SAR 8.0 bn. The index is up 0.5% YTD.

In the green: Buruj (+10.0%), Red Sea (+10.0%) and Al Baha (+8.3%).

In the red: Riyadh Cement (-4.3%), Tawuniya (-2.0%) and APC (-1.7%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.3% yesterday on turnover of SAR 35.8 mn. The index is up 5.2% YTD.

In the green: Al Rasheed (+8.7%), Mulkia (+7.3%) and Al Muneef (+6.9%).

In the red: Taqat (-9.2%), Mayar (-8.1%) and View (-7.8%)

CORPORATE ACTIONS-

Jadwa Investment will distribute SAR 37.3 mn in dividends for 2Q 2024 at SAR 0.2 per unit to holders of Jadwa REIT Saudi Fund, it said in a disclosure to Tadawul.

CALENDAR

AUGUST

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

10 August - 10 September (Saturday-Tuesday): Crown Prince Camel Festival,Taif Camel Racing Track.

18-22 August (Sunday-Thursday): SANS Riyadh Cyber Leaders August 2024, Hyatt Regency Riyadh Olaya.

24-25 August (Saturday-Sunday): New Global Sport Conference 2024 (NGSC24), Four Seasons Hotel Riyadh.

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.

9-12 September (Monday-Thursday): EFG Hermes London Conference, Emirates Stadium, London.

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

10-11 September (Tuesday-Wednesday): SkyMove MENA, Riyadh.

10-11 September (Tuesday-Wednesday): Middle East LPG Expo – Saudi Arabia 2024, Intercontinental Hotel, 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).

25-26 September (Wednesday-Thursday): Kingdom Business and Luxury Travel Congress, Crowne Plaza Riyadh RDC Hotel and Convention.

27 September (Friday): CAF Super Cup Final 2024, Riyadh.

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

29 September (Sunday): Start of Digital Chip Design Technologies training program.

OCTOBER

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

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

12 October (Saturday): Riyadh Season.

12-14 October (Saturday-Monday): Global Logistics Forum, Riyadh.

15-16 October (Tuesday-Wednesday): Solar & Storage Live KSA, Riyadh.

16-17 October (Monday-Tuesday): Global Airport & Aviation Forum, 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.

21-23 October (Monday-Wednesday): Global Health Exhibition 2024, 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.

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

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

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

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam.

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

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

DECEMBER

1 December (Sunday): Opec+ to meet.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

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

JANUARY 2025

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh.

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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