Raising the floor

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Air defenses intercept Houthi missile over southern region

Good morning, wonderful people. The Saudi household is doing a lot of work in today’s issue — setting the floor for payrolls, funding a waterfront development, and testing a consumer lender’s provisioning all at once.

On the payroll side of things, employers will soon have to pay Saudi workers more for the same job to count toward Nitaqat, raising the cost of a Saudization credit up by 50% over 18 months, while leaving the statutory floor where it is.

But even without the higher salaries, consumer spending has been doing just fine — or at least that’s what Extra’s earnings show. Retail net income grew double digits on bigger baskets and the iPhone 18 cycle, while Tasheel’s earnings fell more than 80% on impairment charges, roughly half of which Extra booked as a management overlay rather than realized losses. The takeaway from the numbers: People are still spending.

AND- PIF’s flagship in Al Khobar will see Saudi Downtown Company putting in land and Sumou Real Estate funding the first residential plots from its own balance sheet and from off-plan sales, which means buyers are financing a good share of the construction before it exists.

Power Trip’s final issue turns to the people paying the bill. We look at the cost of a backup generator or going solar, how your electricity bill is really calculated and whether the price is right, whether an EV pays off against a petrol car today, and why green energy keeps skipping the consumer.

Subscribe to the Egypt edition for Power Trip, out tomorrow, 4 November.

War Watch

The US struck Iran’s Qeshm Island yesterday, even as President Donald Trump talked up the prospect of a diplomatic deal, The Wall Street Journal reports, citing US officials. It was the latest in a string of small-scale strikes that Washington has carried out against Iran in recent weeks, the officials said.

Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Monday evening that it had brought down two US MQM-170 reconnaissance drones south of Qeshm using electronic warfare systems. The IRGC said that brings the number of these drones it has downed to four, and it called the incident a fresh failure for US Central Command, according to the Islamic Republic News Agency (IRNA). The IRGC did not provide further details about this incident.

Qeshm sits at the entrance to the Strait of Hormuz and is home to an Iranian naval base, a major desalination plant, and a large underground missile facility. The US had hit the island in earlier rounds of fighting, and US officials have discussed taking control of it, The Wall Street Journal said.

Iran will not reopen the Strait of Hormuz unless its conditions are accepted, Foreign Minister Abbas Araghchi told the IRNA yesterday. After “dozens of phone calls and intensive shuttle diplomacy,” Iran sent a clear plan for diplomacy to the mediators, Qatar and Pakistan, he said. Iran’s top diplomat added that the “ball is in Washington’s court” to choose between “a wise path of negotiation” and repeating the “mistakes of military aggression.”

Washington has warned several Gulf states to prepare for a brief but forceful US military operation against Iran once the US midterm elections are over, The Wall Street Journal reported in late October, citing sources in the know. The US is also shipping a Patriot missile defense system from Texas to Israel, and has pulled troops away from exposed bases in the Middle East to prepare for possible escalation.

The Gulf, including Saudi Arabia, got some welcome news as the US signaled it wants to avoid war. Speaking in Washington a day before the US midterm elections, Trump said the White House was willing to negotiate and pointed to progress, though he did not elaborate further. “They want to make a deal, and that could happen,” he said. He also credited the drop in oil prices to the talks, saying “it looks like that’s coming together very nicely” and “people found out about it.” Shortly after, when a reporter asked whether he would restart military strikes on Iran after Tuesday’s vote, Trump mouthed “No,” Bloomberg reported.

The rising military tension comes as fighting between Saudi Arabia and the Houthis drags on. Saudi air defenses intercepted and destroyed a Houthi missile over the southern region, the Saudi-led coalition said yesterday. This interception follows the coalition’s recent strikes against key Houthi assets in Yemen, including ballistic missile and drone capabilities.

Leading the push

Saudi Arabia is rallying international support to protect vital shipping lanes and counter Houthi threats to maritime trade, with 14 countries joining a Saudi-led defense coalition, Deputy Chief of General Staff Lieutenant General Fahd Al Ghafili said at the Manama Dialogue, SPA reported. Other countries have also expressed interest in joining, pending completion of their national procedures, he added.

Al Ghafili called for coordinated international action to counter Houthi attacks on commercial vessels and oil tankers since 2023, warning that disruptions across the Arabian Gulf, Strait of Hormuz, Red Sea, Bab Al Mandab Strait, and Gulf of Aden threaten global trade, energy markets, food security, and supply chains.

New IPO rulebook gets CMA stamp of approval

CMA adopts rules requiring funded bids and forecasts after a year of weak IPOs: Banks underwriting Saudi IPOs must now commit to buying every share on offer, investors must have the money behind their orders, and issuers must publish financial forecasts in their prospectuses, after the Capital Market Authority approved the rules it put out for consultation in September, according to a Tadawul announcement.

Underwriters have to sign their agreements before bookbuilding opens and commit to buying all offered shares once it begins. If the stake they end up holding puts the issuer in breach of listing requirements, the shares won’t list at all and the underwriter buys the entire offering. Investor orders must reflect actual available liquidity, verified through funds or liquid equivalents, and become binding by the subscription payment deadline.

On disclosure, issuers must now forecast the remainder of the current financial period and at least the following year in the prospectus, with forecasts required to be clear, non-misleading, and based on reasonable assumptions, with financial advisors required to exercise due diligence.

The new rules build on a run of CMA moves to reshape the IPO process, as this year saw only three companies going public — Dar Al Balad, Saleh Abdulaziz Al Rashed, and MSGA — raising SAR 522.6 mn, around 4% of the SAR 13.27 bn that 25 companies raised over the same eight months of 2025. The Kingdom’s full-year IPO proceeds came in at about USD 144 mn, the weakest in years.

Another eye on TASI

Aljouf Mineral Water Bottling has its sights set on the main market, appointing Hamah Financial Company as its financial advisor to manage the planned transfer from Nomu, according to a Tadawul announcement.

Aljouf would follow several other jumps to the big league this year, starting with Alwasail Industrial and Nofoth Food Products transferring in January, followed by Armah Sports and Ladun Investment in August. Others are preparing to follow, with Tam Development and Axelerated Solutions securing board approval to begin the process, while National Building and Marketing plans to resubmit its application.

Data point

13% — that’s the share of Saudi box-office revenue taken by local films in 2025, nearly double the under-7% they held a year earlier, Asharq Business reported, citing the Film Commission’s 2025 Saudi Film Industry Report. Saudi films’ takings jumped 117% to SAR 123 mn and drove most of the market’s net growth, even as the total box office rose a gentler 9% to SAR 921 mn.

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The big story abroad

US voters are heading to the polls today in midterm elections that will determine whether President Donald Trump’s Republicans hold on to their majorities in Congress. Voters are focused on rising prices, which many attribute to Trump’s tariffs and the Iran war. The White House has reportedly been preparing for months for a Democratic victory, identifying ways Trump could keep pushing his agenda on immigration, tariffs, housing, and federal spending without Congress, while getting ready for potential investigations into his administration. Trump said that if Republicans lose, he could issue vetoes for “a month or two” before reaching common ground with Democrats.

Anthropic plans to spend more than USD 895 bn in the next few years, mostly on computing power and infrastructure. The Claude chatbot maker expects about USD 448 bn of that to come due by the end of 2030, including roughly USD 70 bn it must pay in the 12 months to September 2027. The company reported nearly USD 17 bn in revenue for the third quarter, up from USD 1.4 bn a year earlier, as it pitches investors ahead of an IPO that could break records.

Germany has warned that spyware may have compromised the iPhones of government officials and lawmakers. The Federal Office for Information Security issued an urgent notice over the weekend telling anyone who had recently received a security alert from Apple to treat their phone as no longer safe. The attack used a “zero-click” flaw, so the hackers needed only a target’s phone number and the owner didn’t have to click a link or open a file. German Chancellor Friedrich Merz’s spokesman, Stefan Kornelius, said the government was taking the incident very seriously and that authorities were working “flat out” to investigate it and help those affected. He declined to say whether Merz himself was among the targets.

Saudization minimum wage to climb 50% over 18 months in a bid to revive stalled hiring in lower-skilled jobs

Saudi raises private sector minimum wage for local employees: Saudi-based private employers will need to pay their Saudi workers a minimum of SAR 5k per month starting 25 April 2027, and SAR 6k a year later in order to count their employment towards the Nitaqat, the Kingdom’s compliance system for Saudization, the Human Resources Development Fund (HRDF) said last week. The minimum wage threshold currently stands at SAR 4k — way behind the average monthly salary of SAR 9.5k as of 2Q this year.

The HRDF move comes on top of a wider citizen-support package King Salman ordered last week, which included cash transfers to support citizens against electricity and water tariff hikes.

Why this matters: Private-sector companies must meet Nitaqat compliance in order to qualify for the HRDF’s wage subsidies — the incentives system the Kingdom put in place to encourage firms to hire more Saudis rather than take on non-compliance fines. The scheme covers up to 50% of monthly pay, capped at SAR 3k.

Raising the compliance minimum wage may help Saudi address stalled Saudization rates on lower-skill roles. Most of the Saudization gains this year have been concentrated in high-skill roles where pay already clears the new ceiling.

It’s hard to gauge how many Saudis will benefit from the new salary bump. We know some 68% of the 2.7 mn Saudis employed in the private sector are in the SAR 4-8k wage cluster, but there’s no breakdown of how many are in the SAR 4-5k bracket. When the floor first moved from SAR 3k to SAR 4k in 2021, about 700k — some 39% of the 1.8 mn citizens employed then in the private sector — saw salary increases.

BACKGROUND- The Kingdom has been steadily expanding Saudization quotas in the last two years. In April, it expanded profession-specific quotas across 269 roles and rolled out mandatory contract documentation on the Qiwa platform, and a separate April directive extended the 100% Saudization mandate to 69 job types. Since then, foreign talent premiums have been narrowing, and GCC employers have pivoted toward more local hiring amid regional uncertainty.

PIF’s Saudi Downtown brings Sumou in to build its flagship’s homes

The first residential plots of PIF’s newly launched Downtown Al Khobar will be built with private money. Saudi Downtown Company, the PIF unit behind Downtown Al Khobar, signed three agreements handing the work to Sumou Real Estate, with Saudi Downtown contributing land in kind while Sumou funds the build through its own investment and off-plan sales, the companies said.

Downtown Al Khobar is Saudi Downtown’s flagship. The development spans more than 829k sqm along the waterfront and is slated to hold over 4k residential units, more than 500 hotel rooms, 40k+ sqm of office space, 139k+ sqm of retail, restaurants, and cafés, and 103k+ sqm of green space and parks, according to last week’s launch statement.

What Sumou is building: Through the three agreements, Sumou will build two mid-rise residential developments on near-identical plots of c. 28.3k sqm each, south and north of the Boulevard, and a high-rise residential tower on a 4.8k sqm plot, Sumou said in separate filings to Tadawul. In total, Sumou’s three plots come to c. 61.5k sqm, roughly 7% of the 829k sqm masterplan, based on our calculations. Each agreement runs for four years.

The financial arrangement in a nutshell: On every project, Sumou takes a development-management fee of 6.5% of total development costs and a sales-and-marketing fee of 2% of total sales, plus 32% of net income in return for its investment.

Why it matters: The structure — land in kind from PIF, capital and sales risk from the developer, construction funded off plan — lets PIF build out Downtown Al Khobar without fronting the cost, and draws more private money into the Eastern Province residential market.

REMEMBER- Saudi Downtown is already working in the Eastern Province with private partners. It tapped Cenomi to set up what it has billed as its largest mall there, with Cenomi picking Lynx Contracting for the design-and-build. Sumou, meanwhile, set up several real estate funds through its investment arm last year to finance projects including developments in Khobar.

Extra takes a lending hit, insurers split on investments, Mouwasat absorbs expansion costs

Retail up, lending down at Extra

Extra’s net income fell 26.6% y-o-y to SAR 104.8 mn in 3Q 2026, as a jump in impairment charges at its Tasheel consumer-finance arm overwhelmed a growing retail business, according to a Tadawul filing. Revenue, meanwhile, rose 5.8% to SAR 1.9 bn, on 6.1% retail growth and a 3.4% rise in consumer finance.

The two halves pulled apart: Retail net income rose 10.6% y-o-y on higher basket sizes, B2B strength, Clix and store growth, and the iPhone 18 launch. Consumer finance (aka Tasheel) went the other way, with net income down 82.4% as net impairment losses hit SAR 69.7 mn for the quarter. Extra framed the charge as prudent credit-risk management: SAR 33.8 mn was a management overlay to boost coverage and speed write-offs, and SAR 35.9 mn came from its annual ECL-model update as the loan book matured.

9M carries the same split: Extra reported a 9.9% y-o-y decline in net income to SAR 302 mn, despite a 5.4% increase in revenue to SAR 6 bn. A 36.2% drop in Tasheel’s bottom line on net impairment losses weighed down the results.

One-offs and higher costs weigh Bupa Arabia down

Bupa Arabia’s net income dipped on costs and one-offs while the business underneath grew. Net income fell 5.3% y-o-y to SAR 344.7 mn in 3Q 2026, even as ins. revenue rose 11.4% to SAR 5.6 bn and gross written premiums climbed 16% to SAR 5.4 bn, the insurer said in a Tadawul filing.

Reading past the headline, income before Zakat actually rose 1.9% to SAR 410.1 mn. The after-Zakat line fell because a year earlier Bupa booked a one-off Zakat-provision reversal that didn’t repeat this quarter. A 24.6% jump in other operating expenses to fund the expansion took some edge off the growth, but the operating engine held up with net ins. services results up 3.5% and net investment results up 14.1%.

The drag came from the sukuk portfolio. Total comprehensive income dropped 61.7% y-o-y to SAR 169.2 mn, far steeper than the net-income dip, on fair-value losses in Bupa’s FVOCI sukuk portfolio as interest-rate expectations shifted.

9M tells the same story. Net income edged up 0.8% to SAR 1 bn on ins. revenue of SAR 16.16 bn, up 14%, with gross written premiums up 12.9%, the net ins. result up 4%, and net investment income up 12.2%. Comprehensive income again fell — down 32.6% to SAR 775.3 mn — on the same sukuk marks.

Al Rajhi Takaful’s underwriting picks up the slack

Al Rajhi Company for Cooperative Ins. (Al Rajhi Takaful) posted a net income of SAR 87.4 mn in 3Q 2026, edging up 2% y-o-y, as an improvement in underwriting offset a swing to investment losses, the insurer said in a Tadawul disclosure. Ins. revenue rose 14.9% to SAR 1.6 bn on growth in medical and motor, despite higher expected losses.

Behind the numbers: The ins.-services result jumped 38.1% y-o-y to SAR 219.1 mn and the net ins. result rose 40.3% to SAR 101.1 mn, both driven by the medical and motor books. Working against that, the investment result swung to a SAR 79.1 mn loss from a SAR 275.6 mn gain a year earlier, which the company tied to higher investment credit-loss charges, though a large positive swing in net ins. finance cushioned the bottom line.

9M tells a steadier story: Net income rose 2.5% y-o-y to SAR 295.2 mn on ins. revenue of SAR 4.6 bn, up 16.6%, with net investment income up 12.1% to SAR 179.5 mn over the fuller period. The 9M ins.-services result, though, fell 61.9% to SAR 206.8 mn, carrying the weak first half when underwriting had turned negative.

Investment losses sink GIG’s 3Q

Gulf Ins. Group’s net income fell 44.2% y-o-y to SAR 19.2 mn in 3Q 2026, as a 68.4% drop in investment income to SAR 9 mn on mark-to-market losses outweighed fast-growing premiums, according to a Tadawul disclosure. Ins. revenue rose 48.5% to SAR 567.3 mn and gross written premiums doubled to SAR 718.3 mn, both driven mainly by motor.

The underwriting picture underneath was mixed: Net ins. results rose 9% to SAR 30.4 mn on the bigger book, but the ins.-services result fell 16.3% to SAR 69.9 mn as service expenses outran the revenue gain. The investment hit ran all the way through: total comprehensive income swung to a SAR 4.4 mn loss from a SAR 39.3 mn gain a year earlier, on mark-to-market losses.

9M holds up better: Net income rose 6.3% y-o-y to SAR 101.7 mn on ins. revenue of SAR 1.5 bn, up 32.4%, with gross premiums up 66% and ins. service up 20%. Investment income still fell over the period, down 32.3% to SAR 50.9 mn.

Mouwasat’s expansion comes with a near-term earnings drag

Mouwasat Medical Services’ net income declined 5.8% y-o-y to SAR 188 mn in 3Q, despite a 10.2% increase in revenue to SAR 856.4 mn, according to a Tadawul filing. The revenue growth came from the new Yanbu Hospital, which opened in 1Q, and higher inpatient occupancy, and the dip in net income is a base effect — the year-earlier quarter was boosted by a recovery of doubtful receivables that didn’t repeat. Excluding that, the bottom-line grew 4.3%.

9M shows expansions’ lifts and drags: Net income rose 2.9% y-o-y to SAR 600.4 mn in 9M on revenue of SAR 2.57 bn, up 9.8%, helped by lower Zakat after a 2024 assessment was finalized. Start-up costs at the newly opened Yanbu Hospital held reported growth back; excluding that drag, Mouwasat says net income would have grown 14%.

Saudi Fisheries appoints Mansour Al Sagheer as new chairman

Saudi Fisheries has appointed Mansour Al Sagheer (LinkedIn) as board chairman for a three-year term, which began 25 October, according to a Tadawul disclosure. The company also appointed Abdulmajeed Al Sheikh (LinkedIn) as vice chairman for the same term, appointed a board secretary, formed the remuneration and nomination committee, and designated company representatives to the Capital Market Authority, Tadawul, and Edaa.

Riyadh Metro brings in US-French expertise

A Parsons-led consortium including France’s Systra and Egis will provide project and construction management for the Riyadh Metro’s 8.4 km Red Line extension to Diriyah Gate, with the work running for six years, Agbi reports. The 8.4 km extension will connect King Saud University to Diriyah and include five stations, with 7.1 km underground and 1.3 km elevated.

Barclays’ Saudi plans are moving forward

Barclays Capital Saudi has completed the Capital Market Authority’s requirements to commence arranging and advising activities in the securities business, following its licensing in October 2025, the CMA announced.

REMEMBER- Barclays returned to the Kingdom in 2025 after more than a decade away, securing a provisional CMA license and planning to open its Riyadh regional headquarters in King Abdullah Financial District. The bank is now working to build a broader platform in the Kingdom, with plans to expand its financial services offering and deepen its coverage of corporate, institutional, and sovereign wealth fund clients.

Alphabet’s EUR bond drew EUR 17 bn in orders despite the stock rout

Nasdaq-listed tech conglomerate and Google’s parent company Alphabet raised EUR 6 bn (USD 6.7 bn) in a bond sale yesterday, drawing orders of about EUR 17 bn, just days after the stock market gave it the worst session in its history, Reuters reports, citing a memo from one of the managers. Shareholders had taken a very different view the Thursday before: the stock fell more than 12% after results showed AI spending eating into liquidity, and tech names went on to shed more than USD 1 tn in value on Friday, according to NBC News.

The order book held up: Yesterday’s transaction was covered roughly 2.8 times, by our math. That matches May, when Alphabet sold EUR 9 bn, according to Reuters, after bids passed EUR 25.2 bn, Bloomberg reported at the time. However, it falls well short of February, when a USD 20 bn sale closed on a USD 94.5 bn book, nearly five times covered, according to IFR. Alphabet came back for a roughly USD 25 bn, 10-tranche USD offering in August, the same publication noted.

The spending behind it hasn’t slowed. Alphabet guides capex of up to USD 205 bn this year. It also has USD 130.5 bn in signed data center leases that haven’t started and sit off its balance sheet, according to an SEC filing cited by Reuters.

SOUND SMART- Shareholders and bondholders are asking different questions. Equity investors want proof that USD 205 bn a year earns a return. Bondholders need the coupons paid, and S&P rates Alphabet AA+ with adjusted leverage of 0x. That’s why the book fills while the stock slides. The risk the bond price doesn’t reflect is the leases: USD 130.5 bn in commitments that will behave like debt once they start, without showing up in the leverage numbers creditors are underwriting.

The pattern goes beyond Alphabet: OpenAI cut its funding target to as much as USD 20 bn at a lower USD 1.25 tn valuation, and investors from the UAE are leading the round alongside Coatue, CNBC reported. The company had secured only about USD 11 bn by its deadline, according to The Wall Street Journal. As US equity investors retreat, the AI buildout is being funded more by creditors and by Gulf capital. Closer to home: Saudi Arabia’s Humain is taking a different approach to funding its AI buildout. The company plans to secure customers before borrowing against their contracts, CEO Tareq Amin told EnterpriseAM last month. That gives lenders contracts to lend against rather than demand that has yet to show up: “when you have bankable off-take [transactions], raising capital for me is not an issue,” Amin told us. The same week, Alphabet’s freecash flow went to negative USD 9.07 bn and search growth slowed to 12%, which is what actually sent the shares down 12.6% on Thursday.

MARKETS THIS MORNING-

South Korea’s Kospi recovered from early losses to close 2.2% higher on Monday, driven by institutional buying, even though US chip stocks slumped on Friday. The bad news was reportedly already priced in, and strong October chip exports and signs of easing Middle East tensions lifted sentiment. In Japan, markets are closed on Tuesday for Culture Day, a national holiday, so the Nikkei 225, which fell 0.3% on Monday, will not trade.

TASI	9,882	+0.5% (YTD: -5.8%)
MSCI Tadawul 30	1,342	+0.6% (YTD: -3.2%)
NomuC	21,595	-0.2% (YTD: -7.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	48,403	-0.7% (YTD: +15.7%)
ADX	9,490	+0.3% (YTD: -5.0%)
DFM	5,807	+0.6% (YTD: -4.0%)
S&P 500	7,541	-0.5% (YTD: +10.2%)
FTSE 100	10,761	+0.3% (YTD: +8.4%)
Euro Stoxx 50	6,176	+0.7% (YTD: +6.6%)
Brent crude	USD 104.77	-7.6%
Natural gas (Nymex)	USD 2.86	+0.3%
Gold	USD 3,957	-0.3%
BTC	USD 77,944	-1.8% (YTD:-12.4%)
Sukuk/bond market index	892.39	+0.0% (YTD: -2.9%)
S&P MENA bond & sukuk	148.90	-2.1% (YTD: -2.0%)
VIX (Fear gauge)	21.15	+8.9% (YTD:+41.5%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.5% yesterday on turnover of SAR 3.6 bn. The index is down 5.8% YTD.

In the green: Malath Cooperative Ins. (+8.6%), Sustained Infrastructure Holding (+6%), and Arabian Company for Agricultural and Industrial Investment (+5.4%).

In the red: Consolidated Grunenfelder Saady Holding (-9.9%), Gulf Ins. Group (-8.4%), and Middle East Specialized Cables (-6.8%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 40.1 mn. The index is down 7.3% YTD.

In the green: Molan Steel (+11.8%), WSM for Information Technology (+10%), and Natural Gas Distribution (+8.6%).

In the red: Almuneef Company for Trade, Industry, Agriculture and Contracting (-10.3%), Asas Makeen Real Estate Development and Investment (-9.8%), and Horizon Educational (-9.4%).

CORPORATE ACTIONS-

Watani Iron Steel’s board recommended a SAR 9.1 mn dividend distribution for 1H 2026, at SAR 0.05 a piece, it said in a Tadawul filing. The distribution date has not been set.

AND- Miral Medical Clinics will distribute SAR 4 mn in 1H dividends, equivalent to SAR 2 per share, according to a Tadawul disclosure. Payouts are scheduled for 19 November.

MEANWHILE- Rawasi Al Bina still hasn’t published its 1H 2026 results, as it works with its auditor to reconcile accounts, obtain supporting documents and complete its financial review, it said in a Tadawul filing. The company is also restructuring its finances, including rescheduling debt and improving cashflow. Trading in its shares will stay suspended until the results are published and Tadawul’s requirements are met.

CALENDAR

NOVEMBER

11-12 November (Wednesday-Thursday): Aluminum Arabia, The Arena, Riyadh.

16-19 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre (Malham), Riyadh.

29 November-1 December (Sunday-Tuesday): The UN Trade and Development Global Supply Chain Forum, Riyadh.

29 November-1 December (Sunday-Tuesday): The Global Logistics Forum, King Abdulaziz International Convention Centre, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;

DECEMBER

14-16 December (Monday-Wednesday): The Innovation Driven Water Sustainability Conference (IDWS 2026), Jeddah

2027

JANUARY

12-14 January (Tuesday-Thursday): The Future Minerals Forum (FMF), Riyadh.

FEBRUARY

1-3 February (Monday-Wednesday): Energy Regulators Regional Association annual conference, Riyadh.

MARCH

21-25 March (Sunday-Thursday): The World Water Forum, Riyadh.

22–24 March (Monday-Wednesday): Capital Markets Forum, Four Seasons Hotel, Riyadh

APRIL

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

JUNE

1-3 June (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

Signposted to happen sometime in 2027:

The Ocean Race finishes in Amaala on the Red Sea;
Riyadh-Kudmi transmission line to be completed;
Aero Middle East and Sand & Fun takes place in Thumamah Airport, Riyadh.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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