PIF’s SURJ wants to bid on a EUR 1 bn minority stake in European basketball league

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Capital Market Authority clears first Hong Kong-focused ETF to list on Tadawul

Happy almost-THURSDAY, wonderful people. We have a rather busy issue this morning that’s chock-full of M&A (with a bit of debt and investment news to round things out), so let’s get right to it.

HAPPENING TODAY-

The EV Auto Show 2024 is on its second day today and wraps tomorrow. The event is bringing together key industry players, with more than 100 exhibiting companies from 20+ countries. You can sign up for the event here.

WEATHER- Riyadh’s mercury will peak at 40°C, before dropping to a low of 28°C. Meanwhile, a cloudy Jeddah will see a high of 37°C, and a low of 31°C.

PSA-

Updated standards for non-bottled drinking water in the Kingdom target public and private water providers, desalination plants, and networks, the Environment, Water and Agriculture Ministry said on X. The new standards (pdf) require monitoring water quality throughout production, transportation, distribution, and storage to ensure safety. Water must be devoid of substances harmful to public health and the environment, with the new regs setting standards for chemicals, trace elements, heavy metals, microbiology, and other contaminants. Moreover, the new guidelines mandate that all individuals have access to safe drinking water.

WATCH THIS SPACE-

#1- The Capital Market Authority has cleared Saudi’s first Hong Kong-focused ETF for listing on Tadawul, according to a statement. The Albilad CSOP MSCI Hong Kong China Equity ETF is expected to launch on Tadawul by year-end, though no official timeline was disclosed. The story was also picked up by Reuters.

Another HK-focused ETF coming soon? Saudi Awwal Bank’s SAB Invest is reportedly set to launch a second ETF tracking Hong Kong-listed equities before the end of 2024, Bloomberg reports, citing sources with knowledge of the matter. SAB Invest and Albilad’s ETFs are collectively expected to raise nearly USD 1 bn, the business information service says.

Background: The move follows expectations that Saudi regulators would reciprocate Hong Kong’s move to list a Saudi-focused ETF on the Hong Kong exchange in November of last year, with the CSOP Saudi Arabia ETF growing to USD 1.3 bn since due to strong institutional interest.

MARKET WATCH-

#1- EFG Hermes bullish on Tadawul in 4Q: Saudi equity markets are expected to have a healthy final quarter of the year, with volatility and fluctuations remaining “healthy,” EFG Hermes Head of Research Ahmed Shams El Din told Argaam on the sidelines of the firm’s annual conference in London. The fluctuations are driven in part by speculation about when the US Federal Reserve will pull the trigger on interest rate cuts, Shams El Din said, but noted that markets have broadly priced in the cuts.

Undervalued gems? Key sectors such as retail, building materials, and maritime transport remain relatively undervalued in the market and are poised to perform well, especially with a pickup in M&A activity and as population growth and megaprojects boost demand, Shams El Din said. Shams El Din had previously told EnterpriseAM Saudi that real estate and petrochemicals are also interesting sectors.

The market has sufficient depth to absorb more IPOs coming up in the pipeline, Shams El Din said. EFG Hermes’ head of research also sees strong liquidity in the capital and sukuk markets, which positions them well to handle more offerings.

!_InserLine_!

#2- Investors in the Middle East's equity capital markets are becoming more selective as the region experiences a surge in transactions, EFG Hermes’ co-CEO of investment banking Mohamed Ebeid told Bloomberg “There continues to be decent demand for ECM [transactions], but investors will become a little bit more selective.”

The region has seen 31 ECM transactions worth USD 18.2 bn this year, surpassing last year's USD 11 bn, according to the news outlet. However, recent IPOs, like Saudi’s Fakeeh Hospital and Abu Dhabi’s Alef Education, showed weaker debuts, highlighting a more selective approach amid tightening liquidity in GCC markets.

Government entities are now stepping in to support local equity funds, who are usually offered more allocations in regional transactions, according to Ebeid.

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THE BIG STORY ABROAD-

Our corner of the world is once again dominating the international news cycle after an Israeli operation that killed nine and injured thousands in Lebanon “marked an extremely concerning escalation,” according to UN Special Coordinator for Lebanon Jeanine Hennis-Plasschaert.

At around 3:30pm in Lebanon, pagers belonging to Hezbollah members began exploding, injuring more than 2.7k and killing nine people — including a child. It is still unclear how Israel — which has not publicly admitted responsibility — conducted the attack, with some outlets reporting that they likely sabotaged supply lines and rigged the Taiwan-made pagers with small explosives prior to their arrival in Lebanon. An official from the armed group described the attack as the “biggest security breach” that Hezbollah has faced in the nearly year since 7 October.

All eyes are now on what happens next, with Hezbollah vowing that Israel would receive “fair punishment” for the attack and an increasingly belligerent Netanyahu saying Israel will pursue a “fundamental change in the security situation in the north” as part of its war aims.

WHILE IN AI NEWS- BlackRock and Microsoft are teaming up to bring us a USD 30 bn AI investment fund to invest in rapidly scaling up the power and digital infrastructure to get ahead of potential bottlenecks in AI’s growth trajectory.

The news comes as the US continues to throw up regulatory hurdles to stop AI tech from getting into Chinese hands, with Microsoft calling yesterday for more “clarity and consistency” on US chip export controls to the Middle as the tech giant seeks to expand its collaboration with Abu Dhabi-based AI company G42. Meanwhile, over in Japan, policymakers are mulling a deal with the US that would curb chip exports to China and prevent Japanese tech companies from falling afoul of new US export controls — though potentially at the cost of Chinese retaliation.

CIRCLE YOUR CALENDAR-

Smart Cities Saudi Expo 2024 runs from 24-26 September at the Riyadh International Convention & Exhibition Center.

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.

TheSaudi Women’s Premier League kicks off on Friday, 27 September with the return of Al Nassr, Al Ahli, Al Shabab, Al Qadisiyah, Al Hilal, Al Ittihad and Eastern Flames. New to the League are AlUla, Al Taraji, and Al Amal.

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

The Industrial Hackathon 2024 is scheduled for 10-11 October, the Saudi Industrial Development Fund spokesperson said on X. The hackathon will pit top Saudi talents against each other to showcase their design, production and sustainability solutions for the local manufacturing sector. Contestants will compete for a pool worth a combined SAR 1.4 mn.

The two-day Global PropTech Summit is happening on 27 October at the Mövenpick Hotel, Riyadh.

The Pakistan Investment Summit and Smart Expo will kick off 2 November at the Jeddah Hilton Hotel.

PIF’s SURJ Sports Investment eyes EUR 1 bn minority stake in EuroLeague

PIF-owned SURJ Sports Investment is reportedly bidding for a EUR 1 bn minority stake in the EuroLeague, the Financial Times reports, citing people familiar with the matter. EuroLeague Commercial Assets, the owner of EuroLeague and EuroCup Basketball, is looking to sell about a third of the business with talks reaching “advanced stages,” the FT said.

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Who else is in the running? SURJ may partner with private equity firm General Atlantic for its bid, putting it up against British investment firm BC Partners.

IN CONTEXT- The PIF, through SURJ, is focusing on expanding its sports investments, having previously invested USD 100 mn in the Professional Fighters League and USD 270 mn in a new cycling league, among other investments in golf and other sports.

By the numbers: EuroLeague’s television audience grew 27% y-o-y in the 2023-24 season, driven by gains in Turkey, Serbia, Greece, Spain, Lithuania, and Italy. Users of its online viewing platform grew 46% to 85k. However, it still lags behind its American counterpart, the NBA.

ADVISORS- EuroLeague Commercial Assets is reported coordinating with investment bank LionTree on the stake sale, the Financial Times reports.

An inflated market? Private equity firms have been jumping on investments in sports teams and leagues. The surge has led to “massively inflated” valuations based on “facile notions” about future growth, a separate FT report cites founder of the private equity firm RedBird Capital Partners Gerry Cardinale as saying.

Aramco expands its foothold in South America’s LNG market

Aramco to increase ownership in MidOcean, invest in new stake in Peru LNG: State-owned energy giant Aramco is backing EIG-managed LNG company MidOcean Energy’s acquisition of an additional 15% stake in Peru LNG, bringing MidOcean Energy’s stake in Peru LNG to 35%, according to a statement. As part of the agreement, Aramco will also expand its stake in MidOcean Energy to 49%. The agreement will also bring Aramco’s indirect stake in Peru LNG to 17.2%. No details were provided on the expected timeline to finalize the acquisitions.

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The financials: Aramco will wholly finance MidOcean’s additional stake purchase in Peru LNG, the statement says, although neither the investment ticket for the share sale nor Aramco’s funding have been disclosed. The firm expects to reach financial close on its planned stake purchase in MidOcean Energy this quarter. The oil giant initially agreed in September 2023 to acquire a USD 500 mn minority stake in MidOcean Energy, although it did not disclose the size of the stake at the time.

Selling shareholders: Hunt Oil Company is selling down its stake in Peru LNG from 50% but will continue to be Peru LNG’s operator following the transaction. The pair are set to hold an equal foothold in the company after the transaction closes.

Background: MidOcean purchased a USD 256.6 mn 20% stake in Peru LNG back in April, according to Reuters.

Strategic investments: Peru LNG owns and operates the sole LNG export facility in South America — located 170 km south of Lima in Pampa Melchorita — which is one of only two production facilities in the region. The LNG plant has a 4.45 mmtpa processing capacity and comes equipped with two 130k m3 storage tanks and a 19.2 mmcf/d truck loading facility. The plant is supported by a fully-owned 408 km 1.2k mmcf/d capacity pipeline and 1.4 km marine terminal.

What’s next? Aramco plans to increase its drilling rigs to 300 by the end of this year and ramp up its gas operations by over 60% by 2030. The LNG market is forecasted to expand by 50% globally by 2030, with LNG capacity expected to almost double in the US alone over the next four years, Reuters added.

Ma’aden to acquire Sabic’s shares in Bahrain’s Alba

Ma’aden wants Sabic’s stake in Aluminum Bahrain: Saudi Arabian Mining Company (Ma’aden) signed a share purchase agreement to acquire Sabic’s entire 20.6% stake in Aluminum Bahrain (Alba), according to disclosures to Tadawul here and here. The acquisition involves the purchase of 292.8k ordinary shares for a total cost ranging between SAR 3.62 bn to SAR 3.97 bn, depending on the mechanism determined in the share purchase agreement.

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Background: Earlier this week, Ma’aden agreed to acquire a 51% stake in Aluminum Bahrain (Alba), pending regulatory approval. The agreement would involve Ma’aden swapping its full share capital of subsidiaries Ma’aden Aluminum and Ma’aden Bauxite and Alumina for new shares in Alba. Additionally, Ma’aden signed a binding agreement to purchase a 25.1% stake in its joint venture with Alcoa for USD 1.1 bn.

What happens next? After the transaction, Ma’aden will become Alba’s second-largest shareholder and secure two board seats. It will fund the purchase through its own resources and existing facilities.

ADVISORS- Merrill Lynch KSA is the financial advisor, while AS&H Clifford Chance Law Firm is the legal advisor, while Moelis & Company UK is advising Alba on the transaction.

BinDawood earmarks SAR 1.5 bn for expansion plans

BinDawood Holding and unnamed strategic partners are planning to invest SAR 1.5 bn for expansion plans, including boosting its e-commerce infrastructure, strengthening supply chains, and integrating robots in store operations, CEO Ahmad BinDawood told Argaam on the sidelines of the EFG Hermes conference in London. The planned upgrades come in a bid to increase efficiency and profitability, BinDawood said.

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The details: The firm is set to roll out new e-commerce stores spanning 30k-50k sqm to several cities across the country, backed by smaller 2k-3k sqm distribution hubs across Saudi Arabia. The company is currently focused on expanding its presence locally, with future plans to venture into Gulf markets through acquisitions and franchising agreements.

What we don’t know: BinDawood did not provide a further breakdown of the company’s expansion strategy and the timelines involved.

BinDawood is on an expansion spree: The company closed a SAR 186.5 mn acquisition of Jumeirah Trading last month, and now holds 100% of the wholesaler as it looks to expand its distribution reach, reduce supply chain risk, and improve margins through vertical integration. BinDawood also inked a non-binding MoU with Qatar-based Regional Group Company in July to provide commercial franchise rights for the opening of eight branches under the BinDawood brand in Qatar.

Saudi Investment Bank rolls out USD 1.5 bn sukuk program

Saudi Investment Bank (SIB) is launching a Tier 1 USD-denominated sukuk program to raise up to USD 1.5 bn to fund its core capital, it said in a disclosure to Tadawul. SIB plans to issue an undisclosed amount of Tier 1 sukuk as part of the program to qualified investors via private placement.

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Details are scarce: The exact value and terms for the offering will be determined later based on market conditions. Raised funds are earmarked to support the bank’s Tier 1 capital and meet “financial and strategic needs,” read the disclosure.

REMEMBER- The Kingdom’s debt market had a blockbuster 1H: Saudi was the largest USD-denominated debt issuer among emerging markets (excluding China) and was also the largest in terms of global sukuk issuances in 1H 2024, according to Fitch Ratings. The market is expected to slow down in 2H partly due to Aramco paying out larger dividends, curbing the government’s need to borrow more money.

IN OTHER DEBT NEWS-

#1- Saudi Arabia Refineries Company (SARCO) inked an agreement with Riyad Bank for Shariah-compliant facilities worth SAR 500, according to a disclosure to Tadawul. The company plans to use this financing for public investments in shares and investment units. The agreement is renewable for up to three years, with the debt backed by Sarco’s investment portfolio.

#2- Catrion Catering Holding inked a SAR 425 mn Shariah-compliant credit facility agreement with Saudi Awwal Bank through its fully owned subsidiary, Catrion Commercial Laundry, according to a bourse filing. The funds will cover costs for the company’s ongoing Red Sea central laundry project, with SAR 407.5 mn earmarked for construction costs and SAR 17.5 mn for VAT during construction. The loan spans 15.5 years, with a 13.5-month grace period, and is secured by promissory notes and company guarantees.

Cabinet approves fresh commercial law + trade names laws

The Cabinet signed off on a new Commercial Registration Law, a new Trade Names Law, and a new Real Estate Tax Law during its weekly meeting yesterday, according to state news agency SPA. The statement did not provide any further information on these laws or the changes made.

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The Council of Ministers also approved the formation of the Saudi-Egyptian Supreme Coordination Council, according to SPA. The approval comes days after Egyptian Prime Minister Moustafa Madbouly met with Crown Prince Mohammed bin Salman in Riyadh to discuss facilitating investments. The Crown Prince directed the Public Investment Fund to invest USD 5 bn in Egypt. The Crown Prince also said during his meeting with Madbouly he wants to hold the first meeting of a coordination council between the two sides in October.

Other agreements + decisions approved:

An educational MoU with Guinea-Bissau;
A civil aviation MoU with the European Civil Aviation Conference;
A revised protocol for the Saudi-Jordanian Coordination Council;
A Sharia-compliant MoU with the World Intellectual Property Organization concerning judicial rulings;
An updated agreement with Jordan for mutual investment protection;
Approval of a standard MoU template for the Saudi Food and Drug Authority to collaborate with international counterparts;
Promotions and appointments to senior positions across several ministries.

Riyadh, Jeddah ramp up residential unit supply amid rising demand

Residential markets swell on solid demand for homeownership: Riyadh added some 16.2k new residential units in 1H 2024 alone, bringing its total stock to 1.46 mn units, according to a report (pdf) by real estate services firm Jones Lang LaSalle (JLL). Meanwhile, Jeddah‘s stock was up by 11.3k units to 891k over the same period, with both cities projected to put on an additional 16k units by year-end.

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The number of mortgage contracts in the Kingdom grew 12% y-o-y in 2Q 2024, with a total of 24.5k contracts worth a combined SAR 18 bn

Rental and sales rates are on the up: Riyadh recorded a 10% y-o-y rise in housing sale prices and a 9% hike in rental rates by June 2024. Meanwhile, sale prices and rental rates in Jeddah were up 5% and 4% during the same period.

REMEMBER- Rental rates are a consistent driver of consumer inflation: House rental prices — the heaviest weighted component in the Saudi consumer basket — rose 10.7% y-o-y in August, fueled by a 10.8% spike in apartment rents. Consumer inflation for the month came in at 1.6% y-o-y.

Some challenges remain: Despite a generally positive outlook, rising land rates — especially in Riyadh — volatile construction costs, capacity constraints, and high shipping and financing costs are some of the hurdles developers face. These challenges have delayed some projects, leading some investors to adopt a more cautious approach to the market.

Sadr Logistics reappoints chair + vice chair

Sadr Logistics’s board of directors approved re-appointing Mohammed Abdullah Al Samaani as chairman for a four-year term, while Bandar Mohamed Abdullah bin Abdullah Al Sumaani retained his role as vice chairman and managing director, according to a filing to Tadawul. Meanwhile, CEO Majid bin Abdullah Al Essa and CFO Ahmed Mustafa Qurtam were selected as company representatives to the Capital Market Authority.

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The LIV-PGA golf saga is making the rounds

PIF-backed LIV Golf and the PGA Tour are still hashing out details for player crossovers, with a potential agreement also outlining terms that will see PIF snap up a minority stake in PGA Tour Enterprises, Bloomberg reports. Negotiations are ongoing, with PIF representatives sitting down with PGA officials in New York last week, although they hit a snag on how to reintegrate players who left the PGA for LIV.

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The main point of contention? USD mns in earnings for LIV players, particularly Jon Rahm’s hefty USD 300 mn contract, remain a trouble point. Some PGA players are reportedly pushing for LIV defectors to return some of their earnings to the tour, give them out to charity or forfeit future tournament prizes on the PGA tour.

Jarir opens new location in Qatar

MEDIA-

Tadawul-listed Jarir Marketing has opened its latest showroom in Doha Mall, marking its fourth location in the country and its 73rd overall, it said in a filing to Tadawul. Jarir invested SAR 27 mn to launch the new 3.3k sqm space, which marks the second showroom Jarir launched this 2024.

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CONSTRUCTION-

Red Sea Int’l subsidiary lands SAR 1.5 bn infrastructure contract: Red Sea International subsidiary, the Fundamental Installation for Electric Work, secured a SAR 1.52 bn contract with Modern Building Leaders to deliver mechanical, electrical, plumbing, and infrastructure works for one of its projects, according to its disclosure to Tadawul. The project spans 19 months, with financial impact expected from 3Q 2024.

MANUFACTURING-

The Industry and Mineral Resources Ministry is looking to set up factories at technical universities and colleges, under the newly-launched Rafed program, state news agency SPA reported. These include a drone factory at Princess Nourah bint Abdulrahman University and a drone system manufacturing facility at Qassim University, as well as a medical products factory at King Abdulaziz University. A food manufacturing facility is coming to Umm Al Qura University, alongside a 1.5 mn sqm land plot allocated for its Hajj related industries — while King Faisal University received a 1.4 mn sqm industrial land plot for food and environmental industries.

DIGITIZATION-

Construction on the 187 MW Desert Dragon Data Centers has begun, according to the Saudi Gazette. The data centers are owned by a JV between ICS Arabia and Shanghai-based Lumaotong Group with China Mobile International. The data centers’ first phase is set to be operational in March 2026, while the second phase will break ground in February 2025 and be operational in 4Q 2026. The final phase will start its build-out in September of next year.

INFRASTRUCTURE-

Buraidah City is getting a new SAR 277.8 mn extension to the King Abdullah Road, after Municipalities and Housing Minister Abdullah Al Hogail signed off on the project for the city in the Qassim Municipality, state news agency SPA reported.

ALSO ON OUR RADAR Baha Municipality China Mobile International Desert Dragon Data Centers Drones General Authority for Survey and Geospatial Information ICS Arabia Industry and Mineral Resources Ministry infrastructure Jarir Marketing King Abdullah Road Municipalities and Housing Ministry Red Sea International Saudi Federation for Cybersecurity

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PLANET FINANCE

Wall Street's biggest banks are lagging in their response to climate risks

Wall Street’s climate blind spot: Some of Wall Street’s biggest banks might be miscalculating a crucial risk metric — how they’ll navigate a world shaped by rising temperatures and extreme weather, Bloomberg reports. A new study from Climate X, a risk data provider, suggests that while banks, such as Goldman Sachs, Morgan Stanley, and JPMorgan Chase, are beginning to track climate-related risks, they are not making the necessary shifts to address future disruptions caused by extreme weather and rising global temperatures.

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Deja vu? Kamil Kluza, chief product officer at Climate X, drew a parallel to the 2008 financial crisis, when banks overlooked liquidity risks. He believes a similar gap exists today with climate risk.

How banks fared: Standard Chartered and Banco Santander emerged as the top performers in financing climate adaptation, scoring around 11-12 points out of 17, while US banks Goldman Sachs, Morgan Stanley, and JPMorgan Chase rank among the lowest for investments that support climate adaptation.

Adaptation efforts fall short…: Climate X found that while 80% of banks are collecting climate-related data, less than half are actively engaging with clients to adjust their financing for climate-vulnerable businesses.

… creating a funding gap: The private sector’s contribution to climate adaptation finance is still alarmingly low. From 2019 to 2022, it accounted for just 3% of the total funding, with most of the burden falling on governments and philanthropies. The current allocation of funds represents only a “fraction of what’s needed," according to World Bank Senior Managing Director Axel van Trotsenburg, who criticized that much of it is being used to "rectify mistakes that should not have been made.”

ALSO WORTH KNOWING-

Microsoft boosts dividend, launches USD 60 bn buyback program: Microsoft raised its quarterly dividend 10% to 83 cents per share and introduced a new USD 60 bn stock-buyback plan, matching a similar program from three years ago. Shares rose up to 2.4% following the announcement. (Bloomberg)
#3- Forty commercial banks have joined in on the new G7-dominated digital currency platform Agora, considered a rival for the multi-central bank digital currency platform being developed by the UAE, China, Hong Kong, Thailand, and Saudi Arabia, mbridge. (Reuters)

MARKETS THIS MORNING-

Once again, Asian markets are mixed as traders continue to brace themselves for a decisive day for global markets, with the Fed expected to make its first rate cut in five years. While South Korea and Hong Kong markets remain closed for national holidays, Japan’s Nikkei rose 1.22%, and Topix was up 0.9%. Meanwhile, Wall Street futures are flat heading into the big day, with the Nasdaq and Dow Jones only marginally up.

TASI	11,886	+0.2% (YTD: -0.7%)
MSCI Tadawul 30	1,480	+0.2% (YTD: -4.6%)
NomuC	25,617	-0.5% (YTD: +4.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	30,159	-0.3% (YTD: +21.2%)
ADX	9,428	+0.4% (YTD: -1.6%)
DFM	4,395	0.0% (YTD: +8.3%)
S&P 500	5,635	+0.03% (YTD: +18.1%)
FTSE 100	8,310	+0.4% (YTD: +7.5%)
Euro Stoxx 50	4,861	+0.7% (YTD: +7.5%)
Brent crude	USD 73.70	+1.3%
Natural gas (Nymex)	USD 2.31	-0.8%
Gold	USD 2,592.40	-0.6%
BTC	USD 60,380.70	+4.2% (YTD: +42.3%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.2% yesterday on turnover of SAR 5.7 bn. The index is down 0.7% YTD.

In the green: Naseej (+9.6%), Maaden (+6.6%) and Rasan (+4.6%).

In the red: Al Baha (-5.6%), Saico (-3.3%) and Saudi Cable (-2.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.5% yesterday on turnover of SAR 31.7 mn. The index is up 4.4% YTD.

In the green: Al Modawat (+9.9%), Molan (+5.8%) and Academy of Learning (+3.7%).

In the red: Leaf (-7.0%), Naseej Tech (-6.7%) and NBM (-6.3%)

CALENDAR

SEPTEMBER

15-19 September (Sunday-Thursday): SRMG Academy Technology Journalism Workshop, Riyadh.

15-19 September (Sunday-Thursday): Muntada FAA, Riyadh.

16 September (Monday): The Federation of Saudi Chambers’ meeting on iron and steel, Riyadh.

16-17 September (Monday-Tuesday): MEP International Conference 2024, Hilton, Jeddah.

16-17 September (Monday-Tuesday):Building Envelope Design and Insulation Conference (Bedic) 2024, Hilton, Jeddah.

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.

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

24-25 September (Tuesday-Wednesday): CX & Loyalty Summit & Awards, Riyadh.

24-25 September (Tuesday-Wednesday): Future Banks Summit & Awards, InterContinental Hotel, Riyadh.

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

24-26 September (Tuesday-Thursday): Smart Cities Saudi Expo 2024, Riyadh Front Exhibition & Conference Center.

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

26 September-5 October (Thursday-Saturday): AlUla Skies Festival, AlUla.

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

27 September (Friday): Saudi Women’s Premier League starts.

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 October (Saturday): Shakur Stevenson x Joe Cordina, Riyadh.

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.

19 October (Saturday): Battle of the Giants, Mayadeen Hall, Riyadh.

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.

23-24 October (Wednesday-Thursday): UNIDO’s Multilateral Industrial Policy Forum (MIPF), Riyadh.

26 October (Saturday): Donor Conference to Support Refugees in Sahel and Lake Chad Regions, TBD.

27-28 (Sunday-Monday): The Global PropTech Summit, Movenpick Hotels & Resorts, Riyadh.

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

30 October-3 November (Wednesday-Sunday): Hia Hub 4.0, Riyadh.

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

NOVEMBER

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

3-23 November (Sunday-Sunday): NEOM Beach Games, Neom.

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.

11-12 November (Monday-Tuesday): Expenditure Efficiency Forum, The Hilton, Riyadh.

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

16 November (Saturday): Latino Night at Riyadh Season, Riyadh.

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

19-20 November (Tuesday-Wednesday): The Women's Economic Forum 2024, Dammam.

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

23 November (Saturday): Red Sea 600, Jeddah Yacht Club and Marina.

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

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

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

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.

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

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

5-8 December (Thursday-Sunday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

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): Sustainability Forum Middle East, Riyadh.

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

6-8 February (Thursday-Saturday): Liv Golf season opener, Riyadh Golf Club, Riyadh.

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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