Real GDP grows 1.3% y-o-y in 2024

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Derayah Financial debut on Tadawul today + Zelensky, Rubio to land in Riyadh

Good morning. The Kingdom is easing into the expected business slowdown as we approach the ten-day mark of Ramadan. It’s not the same on the political landscape, however, as we gear up for mediating high-profile talks between the US and Ukraine this week that could see an end to the years-long conflict with Russia.

In this morning’s news well: Gastat is out with latest estimates on GDP growth in 2024, while Capital Economics weigh in on Opec+ raising production levels in April, and whether Saudi Arabia will stick to the plans amid falling oil prices. We also delve into the latest data on the contracting sector’s performance in February. Let’s dive in.

When do we eat? Maghrib is at 6:00pm today in Riyadh. You’ll have until fajr prayers at 4:48am tomorrow to wrap up sohour.

HAPPENING TODAY-

Shares of Derayah Financial will begin trading today on Tadawul’s main market, according to a statement from the exchange. Shares can fluctuate within a ±30% range for the first three days, after which price fluctuations will be capped at ±10% as circuit breakers take effect.

REFRESHER- The first brokerage firm to hit the market priced its offering of a 20% stake (good for 49.95 mn shares) at SAR 30 apiece, after its institutional book was 162x oversubscribed. The pricing gives Derayah a market cap of SAR 7.49 bn, with proceeds from the sale earmarked to the selling shareholders after deducting some SAR 51 mn to cover IPO-related expenses.

Ukrainian President Volodymyr Zelensky arrives in Saudi Arabia today to meet with Crown Prince Mohammed Bin Salman. The meeting precedes talks between top US and Ukrainian officials in Riyadh tomorrow, which Zelensky will be skipping.

US Secretary of State Marco Rubio is also due to land in Jeddah today to join the US-Ukrainian talks, and to meet separately with the Crown Prince to advance US-Saudi relations, according to a statement from the US State Department. Rubio is planned to stay in Riyadh until Wednesday.

IN CONTEXT- The talks follow last week's heated exchange in the Oval Office between Zelensky and US President Donald Trump, which resulted in the White House abruptly suspending military assistance and intelligence sharing with Kyiv. The US administration has been pushing hard for a ceasefire lately, to deliver on one of Trump’s key campaign promises.

WEATHER- Stormy skies still hover over Riyadh, while Makkah and Madinah can expect windy weather today.

Riyadh: 23°C daytime / 14°C overnight
Makkah: 31°C daytime / 19°C overnight
Madinah: 28°C daytime / 14°C overnight

PSAs-

#1- FINAL CALL- Businesses subject to withholding tax must file their February tax returns by end-of-day today through the Zakat, Tax and Customs Authority’s (Zatca) website. Missing the deadline will result in penalties of 1% of the unpaid tax for every 30 days of delay.

#2- The procedural guide for off-plan real estate sales and leasing is up for public consultation on Istitlaa until 8 April. The guide — prepared by the Real Estate General Authority (Rega) — outlines licensing procedures, developer requirements, and regulatory obligations for off-plan projects. You can check out Rega’s simplified guide here (pdf).

WATCH THIS SPACE-

Coffee chain operator Ratio Specialty’s shares rose 15.2% on its Nomu debut yesterday to close at SAR 11.52 apiece, up from its final IPO price of SAR 10.00. The Al Ahsa-based company took a 25% stake to the parallel market, raising SAR 200 mn in proceeds in a secondary share sale that was 8.6x oversubscribed.

Ratio’s shares can fluctuate within a ±30% range for the first three days, after which price fluctuations will be capped at ±10% as circuit breakers take effect.

DATA POINTS-

#1- Saudi women currently hold 28% of leadership positions in the local digital economy, the Communications and Information Technology Ministry said in a post on X. Women make up 52% of the digital economy workforce.

#2- Hospitality licenses in Makkah jumped 80% y-o-y to over 1k in 2024, up from around 570 in the previous year, the Tourism Ministry said in a post on X.

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THE BIG STORY ABROAD-

It’s a quiet Monday morning in the global press, with no single story dominating the headlines. Among those worth noting:

#1- Ceasefire talks to bear fruit? A US envoy believes Hamas and Israel could reach a new ceasefire agreement within weeks. “I will say that I believe there is enough there to make a deal between what Hamas wants and what they’ve accepted and what Israel wants and it’s accepted,” envoy for hostages Adam Boehler told CNN’s State of the Union yesterday after holding talks with Hamas representatives. The new ceasefire agreement will see Hamas release the remaining 59 Israeli hostages.

IN CONTEXT- The news comes following Israel cutting electricity supplies to Gaza, which comes only days after Israel started blocking the entry of all humanitarian aid into Gaza in an effort to pressure Hamas into accepting amendments to the truce agreement. (Bloomberg | BBC | AP)

#2- Canada selects new prime minister: Former Governor of the Bank of Canada Mark Carney was elected to succeed Justin Trudeau as prime minister by the country’s Liberal Party. Carney will take office amid tensions with the US under President Donald Trump, who has recently slapped new trade restrictions on Canadian exports. (Reuters | AP | The Guardian | CNN)

Real GDP grows 1.3% y-o-y in 2024

Saudi Arabia’s GDP saw a 1.3% y-o-y increase in 2024, rebounding from a 0.8% contraction in 2023, on the back of a 4.3% increase in non-oil activities, according to figures from the General Authority of Statistics (Gastat) (pdf). Oil activities shrank 4.5% y-o-y, while government expenditure grew 2.6% over the same period. The latest estimates echo last month’s flash projections.

Beating (almost) all forecasts: The full-year growth figure is an uptick from the Finance Ministry’s 0.8% growth forecast, after it revised down its initial forecast of 4.4%. The figure was also higher than the World Bank’s revised estimate of 1.1% in December, and only 0.1 percentage point lower than the IMF’s recently revised 1.4% clip.

A look at 4Q: Real GDP grew 4.5% y-o-y during the fourth quarter of the year to SAR 1.1 tn, driven by a 3.4% growth in oil activity, which accounts for the highest share of GDP at 19.7%. Non-oil activity also saw a 4.7% growth, while government expenditure increased 2.2% y-o-y.

REMEMBER- Real GDP grew 2.8% y-o-y in 3Q 2024, snapping a four-quarter downward trend.

On a quarterly basis: Seasonally adjusted real GDP was up 0.3% q-o-q in 4Q, supported by an increase of 1.3% in non-oil activities and a 0.6% increase in government activities by 0.6%. Meanwhile, quarterly growth was partly offset by a 1.5% drop in oil activities.

LOOKING AHEAD- The IMF and the World Bank slashed the Kingdom’s 2025 growth projections to 3.2% and 3.4% respectively, citing extended Opec+ production cuts. Meanwhile, NBK forecasts our non-oil GDP to grow more than 4.0% in 2025, “underpinned by a strong investment drive, reform progress, rising FDI and employment, and promising momentum in strategic sectors such as tourism, manufacturing, and transport/logistics.”

How Saudi Arabia could be affected by Opec+’s decision to ramp up production in April

Sliding oil prices prompt questions over Saudi Arabia’s oil pledges: Opec+’s decision last week to move forward with raising production levels in April and the subsequent slide in oil prices “close to multi-month lows” are raising questions over “whether the group’s key decision maker Saudi Arabia will stick to the plans,” Capital Economics wrote in a note seen by EnterpriseAM.

REFRESHER- Opec+ agreed to stick to plans to revive supply in April following repeated delays, with the group citing “healthy market fundamentals” and a “positive outlook.” Opec+ kept the door open, however, for future changes in policy, saying that the increase may be paused or reversed depending on market conditions. “This flexibility will allow the group to continue to support oil market stability,” the group said.

The Kingdom is set to raise production by 10% by the end of 2026, partially unwinding its 1 mn bbl / d voluntary cut. This is higher than other Gulf states including Kuwait and Oman — which plan on raising production by about 5% — but shy of the UAE’s planned 15% production hike.

Where oil prices stand: Brent crude futures fell 0.8% to USD 71.04 / bbl right after the decision was announced, recovering from an intraday low of USD 69.75. Futures currently stand at USD 70.36 / bbl. WTI crude fell 0.2% to USD 68.26 / bbl last Tuesday, and is down further to USD 66.72 / bbl today.

Falling prices “may not sit quite right with Saudi Arabia in particular,” Capital Economics argued, saying that if its prediction of the Kingdom’s oil production rising to 10 mn bbl / d by the end of 2026 happens concurrently with a drop in oil prices to USD 60 / bbl, it would lead to a larger fall in oil revenues than the country is experiencing under current conditions.

Falling oil prices could pressure the government’s fiscal position and widen the SAR 101 bn deficit it penciled for 2025, potentially leading to the scaleback of some projects, the National Bank of Kuwait (NBK) wrote in a report last week.

BUT- Saudi Arabia could be willing to bear the fiscal pressure from falling oil revenues “if it strengthens its long-term position in the oil market,” Capital Economics caveats.

On the flipside, lower dividends from Aramco could create more budget pressure: Aramco’s decision to cut its dividends by 31% in 2025, which is expected to widen Saudi Arabia’s budget deficit to 4% of GDP from 2.8% in 2024. Along with the potential hit to oil-related revenues, the lower dividends could lead to “a wider budget deficit than projected and increase the pressure for more fiscal consolidation measures,” according to Capital Economics.

Taxation presents a more sustainable approach in the long-term for the Kingdom: “A longer term approach to put the Kingdom’s public finances on a stronger footing would be to increase non-oil revenues through taxation,” Capital Economics wrote. Saudi Arabia remains behind other Gulf states that have more formal corporation tax and real estate taxes, which could be derailing the Kingdom’s goal of doubling non-oil revenues in the next five years from the revenues accrued in 2024, which Capital Economics estimates to be SAR 502 bn.

Saudi Arabia awards 10 projects valued at SAR 8.57 bn in February

The Kingdom awarded 10 projects worth a combined SAR 8.57 bn in February, up from January’s SAR 6.59 bn, the Saudi Contractors Authority said in its monthly Contracting Sector Overview report (pdf). That’s a 30% m-o-m increase, according to our calculations.

Oil is at the top: The oil and gas sector dominated in terms of total project value with a single SAR 5.63 bn accelerated carbon capture and storage project in the Eastern Province by Saudi Aramco, in partnership with multinational chemicals company Linde and US-based energy tech company SLB.

Power and water contracts followed, totaling SAR 2.79 bn across four projects. Saudi Water Partnership Company awarded two projects in Makkah — for Phases 1 and 2 of the Ras Mohaisan Independent Water Project — valued at SAR 2.25 bn. Meanwhile, Saudi Electricity Company awarded Al Jillah and Al Rain overhead transmission line projects in Riyadh, valued at a combined SAR 536.3 mn.

ALSO- The Industry and Mineral Resources Ministry awarded the largest number of projects, with five contracts worth SAR 161.25 mn.

March outlook: More than 50 new projects are expected to be awarded this month, with half focused on building and construction. Key players expected to award contracts include Aramco, Neom, the Public Investment Fund, and the Diriyah Gate Development Authority.

Aramco Ventures leads USD 30 mn Series A round for US-based Spiritus

Aramco’s global venture arm Aramco Ventures led a USD 30 mn Series A funding round for US-based climate-tech startup Spiritus, according to a press release. California VC firms Khosla Ventures and TDK Ventures, along with Tokyo’s Mitsubishi Heavy Industries America also participated in the round.

Where will the money go? The funds will be used to scale up Spirtius’ direct capture technology by accelerating its three major carbon capture facilities.

Not Aramco’s first rodeo with Spiritus: Aramco inked an MoU in May of last year with Spiritus to explore potential investments in direct air capture to help address challenges related to the implementation of the technology due to its high costs.

ICYMI- Aramco Ventures is making significant investments in climate tech: Aramco Ventures participated in US-based CarbonCapture’s USD 80 mn Series A funding round in May 2024. Additionally, it invested USD 10 mn in Singapore-based renewable energy certificate service provider Redex back in November 2023, and backed new technology from American start-up Rondo Energy earlier in August 2023.

IN OTHER STARTUP NEWS-

Homegrown prop-tech startup Ajras raised USD 1.5 mn in a pre-Series A round led by Riyadh-based incubator Veda Holding, according to Waya Media. No further information was disclosed.

About Ajras: Founded in 2022 by Muath Aljubailan (LinkedIn), the company operates as an intermediary between property owners and tenants, providing flexible solutions to businesses and individuals, with a focus on monthly rental payments instead of traditional annual or semi-annual leases.

Behind the USD 1 bn headlines: meet the new platform enabling transformation in the Kingdom of Saudi Arabia

It’s no secret: the Kingdom of Saudi Arabia is undergoing a massive transformation. Across industries, organizations are racing to modernize and rethink how they operate in a digital-first world. From smart city developments to national infrastructure projects, the need to orchestrate complex transformations with precision is critical. Yet, transformation at this scale is rarely straightforward.

Disconnected systems, inefficient processes, and lack of real-time visibility slow transformation initiatives around the world. Without the right tools, ambitious goals can quickly become overwhelming obstacles. By centralizing operations, automating repetitive processes, and offering AI-driven insights, it’s possible to ensure that transformation efforts are not just ambitious – they're achievable.

Enter Conductor, the enterprise orchestration platform revolutionizing transformation in the Middle East. Unlike most digital solutions, Conductor isn’t just about modernizing – it's about reinventing how businesses and governments operate, making them more agile, efficient, and future-ready. Conductor guides execution, identifies risks before they escalate, and ensures every stakeholder is aligned.

Saudi Arabia’s public and private sectors are leveraging this technology to manage large-scale initiatives with precision, leveraging its one-of-a-kind hosting capabilities in the region. Conductor helps organizations work more efficiently, stay on top of complex projects, and execute digital strategies smoothly - all supporting the goals of Vision 2030.

Want to learn more about Conductor? Click here to get started.

Lazurde’s net income falls 62% in 2024 + Jahez, Arabian Shield, Saco post full-year earnings

LAZURDE-

Jewelry maker Lazurde’s net income fell 62% y-o-y to SAR 11.7 mn in FY 2024, weighed down by lower gross profit and higher expected credit loss, as well as one-off expenses, according to a disclosure to Tadawul. Meanwhile, revenue rose 13.1% y-o-y to SAR 2.1 bn in the same period, driven by growth in retail sales and store expansions in both the Saudi and Egyptian markets.

ALSO- The company’s board decided to forgo dividends distribution for FY 2024 to support its financial position and maintain its solvency margin for future expansion, it said in a separate disclosure.

JAHEZ INTERNATIONAL-

Jahez International’s net income increased 49.9% y-o-y to an all-time high of SAR 188 mn in FY 2024, fueled by targeted promotion strategies, moderate marketing spending, and lower delivery costs, it said in a disclosure to Tadawul. Meanwhile, revenue grew 24.3% y-o-y to SAR 2.2 bn, boosted by rising total orders, higher take rate and average order value, and healthier returns from advertising and online payments.

ARABIAN SHIELD-

ArabianShield CooperativeIns. Company’s net income increased 6.1% y-o-y to SAR 71 mn in FY 2024, with the company reporting a 14.5x y-o-y growth in returns from its ins. services and higher net investment income, according to a disclosure to Tadawul. Meanwhile, ins. revenues were up 38.9% y-o-y at SAR 1.6 bn in the same period, driven by growth across the board, reads the disclosure.

SAUDI COMPANY FOR HARDWARE-

The SaudiCompany for Hardware (Saco) saw its net loss shrink 79.6% y-o-y to SAR 14.1 mn in FY 2024, helped by lower administrative expenses, better commercial terms, and improved operational efficiency, according to a disclosure to Tadawul. Meanwhile, revenue grew 6.8% y-o-y to SAR 993.6 mn, boosted by product portfolio expansion and growing logistics service revenue.

ALSO- Saco’s board recommended forgoing dividends distribution for FY 2024 to strengthen the company’s financial position and support its turnover plans, it said in a separate disclosure.

FOURTH MILLING-

FourthMilling’s net income grew 19.7% y-o-y to SAR 170.9 mn in FY 2024, driven by improved efficiency rates, according to a disclosure to Tadawul. Revenue increased 12.7% y-o-y to SAR 629 mn during the same period, buoyed by rising sales of flour, feed, and bran, in addition to an increase in overall sales (16%) on the back of wider geographic presence.

ALSO- The company’s board greenlit the distribution of SAR 59.4 mn in dividends for 2H 2024 at SAR 0.11 per share, it said in a separate disclosure. The eligibility date is March 24, with distribution due in the following 15 working days.

SUMOU REAL ESTATE -

Sumou RealEstate saw its net income grow 3.5% y-o-y to SAR 106.6 mn in FY 2024, buoyed by revenue growth and higher return on investments, according to a disclosure to Tadawul. Revenue rose 56.9% y-o-y to SAR 429.5 mn in the same period, backed by completion rates of real estate projects, as well as contracting activity.

ALSO- The company’s board approved distributing SAR 25 mn in dividends for 2H 2024 at SAR 0.50 per share, it said in a separate disclosure. The distribution date is set for 1 May.

Saudi Arabia’s film industry looks to homegrown hits for recovery

Saudi Arabia’s film industry earned a feature from the Financial Times, as the Kingdom is banking on domestic films to boost box office sales, following a 24.5% drop in revenues to USD 200 mn in 2023. Hobal, a Bedouin family drama, has earned USD 6 mn and may surpass the local record of USD 10.8 mn, aided by rural outreach by the cast and staggered releases throughout the country.

The push for local hits: Domestic films accounted for only 10% of 2023 receipts, with Hollywood blockbusters continuing to dominate, despite efforts to cut licensing fees and ticket prices. Telfaz11 Studios ’ head Wael Abumansour stressed the need for homegrown hits and genre experimentation to build audience trust and attract investment.

Hope is not dead: Industry figures remain hopeful, with upcoming films like Haifaa Al Mansour’s Unidentified expected to drive future growth. “There is a whole generation of filmmakers who grew up in the era of cinematic openness, and a whole generation of audiences who do not remember what it was like to travel to Bahrain or Dubai,” film critic Ahmed Al Ayyad told the salmon-colored paper.

Morgan Stanley gets the greenlight for market-making on Tadawul, Nomu

CAPITAL MARKETS-

Morgan Stanley Saudi Arabia can now conduct market-making activities on eight Tadawul and Nomu-listed companies, after getting the greenlight from the exchange, according to a statement.

The companies include telecoms firm Solutions, Electrical Industries, Elm, Cooperative Ins. (Tawuniya), National Environmental Recycling (Tadweeer), International Human Resources (IHR), Almuneef for Trade, Industry, Agriculture an Contracting, and Aqaseem Factory for Chemicals and Plastics.

INFRASTRUCTURE-

Hassan Allam lands in Neom port: Egypt’s Hassan Allam Holding’s subsidiary Hassan Allam Roads and Bridges was awarded a roads and paving works contract at the Port of Neom, according to a statement published last week. The work — which covers a total area of 375k sqm — will include supplying and applying pavement across multiple zones as well as expanding Neom’s infrastructure.

This has been in the making for a while: Our friends at Hassan Allam Construction Saudi were awarded a contract in July 2024 to develop Port of Neom’s Container Terminal 1 and a related marine services area. The company will work with El Seif Engineering Contracting and China Harbour Engineering.

REAL ESTATE-

Msandh Alemdad — a unit of Al KathiriHolding Company inked a SAR 82.7 mn contract with the NationalHousing Company (NHC) to complete electromechanical and finishing works for 295 villas in the third phase of the Melaa Project in Jeddah, according to a disclosure to Tadawul. The contract will span for six months.

DEBT WATCH-

Nomu-listed MolanSteel plans to issue sukuk worth SAR 20 mn, with proceeds going toward the financing of future company investments and operational needs, it said in a disclosure to Tadawul. The company tapped Afaq Financial as the sole arranger for the issuance.

All eyes are on US inflation data this week, while China faces deflationary pressures

The US and China are on opposite inflation tracks — with the US battling stubborn price growth, and China sliding toward deflation. In the US, consumer prices likely rose 3.2% y-o-y in February, reflecting slow but persistent disinflation and keeping the Federal Reserve in a cautious stance, Bloomberg reports. The Bureau of Labor Statistics’ figures will be out this Wednesday.

In the US, core CPI is projected to have climbed 0.3% last month, easing slightly from January’s 0.4% gain but still well above the Fed’s 2% target. Producer price data on Thursday and consumer sentiment data on Friday will offer further insight into inflationary pressures. However, with investors awaiting March inflation data for clearer signals on Fed policy, Treasury yields remain elevated amid ongoing uncertainty over rate cuts.

REMEMBER- The country’s inflation risks could worsen. Trump-era trade measures — including 25% duties on steel and aluminum and looming reciprocal tariffs — threaten to push prices higher, further complicating Fed rate-cut bets.

In contrast, China’s inflation slump is deepening, with the country’s consumer price index (CPI) falling 0.7% last month — its first negative reading in 13 months. Its core CPI posted its first decline since 2021 and factory prices fell for a 29th straight month. Goldman Sachs estimates that an early Lunar New Year shaved 0.7 percentage points off February’s CPI reading, but sluggish consumer spending remains the bigger concern. The latest reading raises deflation fears as domestic demand weakens, Bloomberg reports separately.

Beijing has set a 2% inflation target for 2025, its lowest in two decades, and is ramping up stimulus efforts to counter prolonged price declines. Economist David Qu warns of an “urgent need for policymakers to deliver on pledged stimulus quickly,” adding that without strong fiscal and monetary support, “deflationary pressures will continue to weigh on the economy.”

How the rest of the world is faring:

In Europe, inflation is cooling, but the ECB’s next rate move remains uncertain as industrial output shows signs of recovery;
Middle East inflation is stabilizing, with Egypt’s February reading expected to drop sharply from 24%, setting the stage for rate cuts;
In Latin America, Brazil’s inflation surged past 5.1%, likely prompting another rate hike, while Argentina’s price growth is slowing after last year’s crisis;
In Asia, Japan’s wage-driven inflation continues to rise, while India’s cooling consumer prices are fueling speculation of policy easing.

MARKETS THIS MORNING-

Asian markets are rising this morning, with Japan’s Nikkei up in choppy trade, along with South Korea’s Kospi. On the other hand, mainland China’s CSI 300 fell 0.5%, while Hong Kong’s Hang Seng is down 0.6%. Wall Street stocks are expected to open lower, with Nasdaq futures leading the downward move after a volatile week that saw all indexes make significant losses.

TASI	11,837	+0.2% (YTD: -1.7%)
MSCI Tadawul 30	1,494	+0.3% (YTD: -1.0%)
NomuC	31,332	+0.1% (YTD: -0.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,131	+0.6% (YTD: +4.7%)
ADX	9,447	-0.9% (YTD: +0.3%)
DFM	5,223	-1.0% (YTD: +1.2%)
S&P 500	5,770	+0.6% (YTD: -1.9%)
FTSE 100	8,680	0.0% (YTD: +6.2%)
Euro Stoxx 50	5,468	-0.9% (YTD: +11.7%)
Brent crude	USD 70.36	+1.3%
Natural gas (Nymex)	USD 4.40	+2.3%
Gold	USD 2,914	-0.4%
BTC	USD 81,173	-6.0% (YTD: -13.1%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.2% yesterday on turnover of SAR 4.0 bn. The index is down 1.7% YTD.

In the green: Dar Al Arkan (+7.5%), Dallah Health (+6.8%) and Bupa Arabia (+4.8%).

In the red: Kingdom (-10.0%), Arabian Shield (-7.5%) and Batic (-7.0%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.1% yesterday on turnover of SAR 50.0 mn. The index is down 0.5% YTD.

In the green: Ratio (+15.2%), Quara (+9.9%) and Balady (+8.1%).

In the red: Leaf (-14.0%), AlRazi (-8.7%) and AlJouf Water (-5.9%).

CORPORATE ACTIONS-

Electrical Industries Company is distributing SAR 140.6 mn in dividends for 2H 2024 at SAR 0.125 apiece, it said in a disclosure to Tadawul. Distribution is scheduled for Sunday, 13 April.

CALENDAR

MARCH

1-30 March: Ramadan.

10 March (Monday): Deadline for businesses subject to withholding tax to file their February tax returns.

13 March (Thursday): Final allocation of shares for Umm Al Qura for Development and Construction’s Tadawul IPO.

16 March (Sunday): Surplus refunds for Umm Al Qura for Development and Construction’s Tadawul IPO.

17 March: Settlement date for Saudi National Bank’s USD-denominated Formosa bonds.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 March-3 April (Monday-Thursday): Eid Al Fitr (TBC).

31 March (Monday): Deadline for applying to theReal Estate General Authority’s Regulatory Sandbox Program.

31 March (Monday): Deadline for applying to the World Intellectual Property Organization (WIPO) Global Awards 2025

APRIL

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

3-20 April (Thursday-Sunday): AFC Asian U17 Cup.

13-14 April (Sunday-Monday): Human Capability Initiative (HCI) Conference, King Abdulaziz International Conference Center, Riyadh.

13-16 April (Sunday-Wednesday): EdgeX HCI, The Ritz Carlton, Riyadh.

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

18-20 April (Friday-Sunday): Saudi Arabian Grand Prix, Jeddah,

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

22-23 April (Tuesday-Wednesday): AAM Middle East, Riyadh.

23-25 April (Wednesday-Friday): Construction and Real Estate Development Exhibition, Jazan.

25 April- 4 May (Friday-Sunday): AFC Champions League Elite Finals

28 April- 30 April (Monday-Wednesday): Automechanika Riyadh, Riyadh International Convention and Exhibition Center, Riyadh.

MAY

May: The World Intellectual Property Organization (WIPO) Global Awards 2025 announces its results.

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

12-15 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh International Convention & Exhibition Center.

13-14 May (Tuesday-Wednesday): Global EV & Mobility Technology Forum, The Arena, Riyadh.

19-20 May (Monday-Tuesday): Tech-ecO-System Summit (ToSS), Riyadh.

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

31 May-5 June (Saturday-Thursday): Hajj.

JUNE

6-9 June ( Friday-Monday): Eid Al Adha.

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

30 June (Monday): Deadline for Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca).

JULY

July: The World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

29-30 July (Tuesday-Wednesday): Federal Open Market Committee meeting.

AUGUST

5-17 August (Tuesday-Sunday): Fiba Asian Cup.

SEPTEMBER

15-17 September (Sunday-Tuesday): Money 20/20 Middle East, Riyadh.

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

23 September (Tuesday): Saudi National Day.

OCTOBER

28-29 October (Tuesday-Wednesday): Federal Open Market Committee meeting.

NOVEMBER

3-9 November (Monday- Sunday): WTA Tour Finals.

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front Convention & Exhibition Centre, Riyadh.

27-30 November (Thursday-Sunday): The World Rally Championship (WRC), Jeddah.

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear Emergencies, Riyadh.

4-13 December (Thursday-Saturday): Red Sea International Film Festval, Jeddah.

December: The Fortune Global Forum 2025, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

2026

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

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

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

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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Real GDP grows 1.3% y-o-y in 2024

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THIS MORNING: Derayah Financial debut on Tadawul today + Zelensky, Rubio to land in Riyadh

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