Retal to develop new homes in Al Khobar under SAR 1.4 bn agreements with NHC

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Global tourism platform Tourise

Good morning, ladies and gents. It seems the pre-Eid slowdown is already upon us, as we start the week with a light issue featuring real estate agreements from our friends at Retal and the National Housing Company, Gaca’s regulatory makeover, and a meeting of Arab FMs with their French counterpart in Paris to prepare for the two-state solution conference set to be held in June. Let’s dive in.

HAPPENING TODAY-

Today is the final day to subscribe to Asas Makeen’s Nomu IPO. The company is offering 10% of its capital (good for 1 mn shares) at SAR 80 apiece to qualified investors, who are able to buy between 10 to 500k shares.

WEATHER- Winds will be picking up today, especially along the coast, and stirring up some dust in the Eastern Province, Northern Borders, Al-Jawf, Hail, Tabuk, Madinah, and Makkah

Riyadh is expected to see a high of 45°C and a low of 30°C today. Jeddah’s mercury will go as high as 37°C and as low as 27°C, while Makkah will see a 42°C high and 31°C low.

PSAs-

The Cultural Development Fund (CDF) launched Nama’ Accelerators, the first cultural businesses accelerator of its kind in the Kingdom, in partnership with the Culture Ministry and the Quality of Life program, according to a statement by the CDF.

The program kicks off with a Handicrafts Track targeting MSMEs across 11 crafts fields, including pottery, textiles, and woodworking. Participants will receive specialized training, business development support, and access to markets, with financial initiatives at the end.

Full details are available here.

CIRCLE YOUR CALENDAR-

The Kingdom has launched Tourise, a global tourism platform to steer the industry’s direction for the next 50 years by unlocking investments, setting a sustainable future agenda, and operating year-round through digital collaboration, thematic working groups, cross-sector partnerships, white papers, and global indices, according to a press release.

The inaugural TouriseSummit in Riyadh is scheduled for 11–13 November 2025, bringing together international public and private sector leaders, CEOs, investors, innovators, and experts in tourism, technology, and culture. The invite-only event will focus on innovating sustainable and resilient solutions for the tourism industry, centered around themes including AI-powered tourism, investment, and travel experience innovation.

Accompanying the summit will be the Tourise Awards, recognizing destination achievements in sustainability, digital transformation and more, with nominations opening Monday, 2 June (here) and winners to be announced at the summit.

WATCH THIS SPACE-

#1- Aramco is looking for infrastructure investors, including pipelines, for its USD 100 bn Jafurah unconventional gas field, Reuters reports, citing people it says are familiar with the matter. The investment is set to assist in developing the Jafurah shale gas field while Arama retains majority ownership and remains in control of the project.

The project is set to begin production this year, adding some 2 bn cubic feet per day and raising gas production by 60% by 2030.

ALSO- Selling assets to free capital? Aramco is reportedly considering selling some assets to raise banknotes, asking unnamed investment bankers to come up with strategies to cash-in on assets, Reuters reports, citing two people it says are familiar with the matter. Sources also mentioned improving efficiencies and cutting costs as alternative strategies to increase liquidity.

#2- Neom Green Hydrogen Company (NGHC) is reportedly shifting attention to the local market after a slowdown in securing international buyers, Bloomberg reports, citing sources in-the-know.

The rationale: US-based co-developer Air Products & Chemical secured sales worth 70k tons green ammonia — a third of total capacity — to TotalEnergies SE for 2030 to 2045. However, it has reportedly failed to secure more customers, despite an initial commitment to purchase all output for resale.

The pivot: The project is reportedly shifting focus to the local market to shore up demand. The developers are also considering building the project in phases, while delaying investments until offtake agreements are signed. However, this could prove challenging as construction has already moved to advanced stages in some sections, the business information service reported.

Impact beyond Saudi: Air Products told Bloomberg the home facility is progressing well, with products set to be available in 2027. However, the company delayed investments in receiving terminals located in Europe, citing muddy regulations and lack of firm commitments by customers.

BACKGROUND- Neom, Air Products, and Acwa Power are equal partners in the joint venture NGHC, marketed as the world’s largest green hydrogen production facility. The mega facility will produce up to 600 tons of green hydrogen per day, with the capacity to produce 1.2 mn tons of green ammonia annually. The plant will source its power needs from up to 4 GW of solar and wind energy.

#3- Egypt deposits converted into investments? The Central Bank of Egypt (CBE) is working to finalize a swap agreement involving Saudi Arabia’s deposits, which would convert some of the Kingdom’s outstanding deposits into new investments in Egypt’s real estate and other sectors, a government source told EnterpriseAM.

The details: The source didn’t disclose the nature of the proposed projects but noted that several agreements are currently under review, which are expected to significantly boost Egypt’s FDI. Half of the proceeds will be directed to the public treasury to help meet the growing financial needs of the upcoming fiscal year, with the financing gap set to amount to EGP 3.6 tn.

Our deposits at the CBE currently stand at around USD 10.3 bn — USD 5 bn in short-term deposits renewed annually, and USD 5.3 bn in medium-term deposits maturing in October 2026, according to the CBE data.

#4- US-based energy and defense corporation General Atomics is negotiating to sell the Kingdom up to 200 MQ-9 drones, along with several other variants, the company’s spokesman Mark Brinkley told Breaking Defense. No timeline or investment ticket was provided, and nothing official from the Saudi government has been published.

Not the first time hearing this: Sources told Reuters Last month that General Atomics was in talks with Saudi Arabia for a USD 20 bn agreement, including the sale of MQ-9B SeaGuardian drones and other aircraft — a month before US President Donald Trump’s visit.

All part of the big US-Saudi partnership: Trump’s Riyadh visit sealed a USD 140 bn defense pact, touted the largest in history, providing the Kingdom with a wide range of weapons and services from over a dozen US defense firms. It covers modernization of air, space, maritime, border, and land forces, plus communication systems.

#5- The US Treasury Department lifted sanctions on Syria on Friday, allowing US-based entities, as well as allies and partners, to invest and do business there, according to a press release.

The new regulation opens the door for investment across all sectors, including oil and banking, albeit it still blocks agreements that involve officials from the former Assad government, human rights abusers, war criminals, and terrorist organizations, as well as transactions that benefit Russia, Iran, and North Korea.

We knew this was coming: US President Donald Trump announced his intention to end the sanctions on Syria during his visit to the Kingdom earlier this month, saying that the move aims to “give them a chance at greatness.” The decision comes amid growing regional efforts, including those by Crown Prince Mohammed bin Salman, to support and engage with Syria’s new government under President Ahmed Al Sharaa.

#6- Investment firm Actis is in talks to invest in data centers in Saudi Arabia and the UAE, Head of the Middle East and Africa at Actis Sherif Elkholy told Ashraq Business (watch, runtime: 7:19).

The firm is also eyeing investments across various sectors in the GCC, including renewables, with its existing portfolio in the region valued at around USD 500 mn. Elkhouly added that Actis is pursuing an expansionary strategy across Africa and the Middle East, with plans to scale up its presence in key markets there.

DATA POINTS-

#1- Saudi Arabia’s internet penetration rate reached 99% in 2024, maintaining near-universal access across all regions and age groups, according to the Saudi Internet Report 2024 (pdf) from the Communications, Space, and Technology Commission.

The breakdown: The Kingdom saw heavy daily internet use, with 48.6% of users spending over seven hours online per day. WhatsApp led social media usage with a 92.2% adoption rate, followed by YouTube with 79.9%, Snapchat with 79%, and TikTok with 74.6%.

MEANWHILE- The average monthly mobile internet data consumption reached 48 GB per user, three times the global average. The median download speed on mobile 5G networks reached 318.6 MB/s, while fixed internet speeds climbed to 120.4 MB/s. Meanwhile, the number of registered Saudi domain names grew by 25%, expanding at a rate eight times faster than the global average.

#2- Trains in the Kingdom transported over 35 mn passengers and 3.8 mn tons of minerals and goods in 1Q 2025, the Transport General Authority said in a post on X. Intracity trains carried 32.3 mn passengers, led by Riyadh Metro with 25 mn, while intercity trains served 3.4 mn passengers, a 25% y-o-y increase, with the Haramain high-speed train onboarding 2.8 mm.

Freight volumes rose 9% y-o-y, with the Northern train network handling 3.4 mn tons of cargo and the Eastern train network transporting over 377k tons of cargo.

#3- Some 890.9k pilgrims have arrived in the Kingdom as of Friday, with 846.4k coming by air, 41.6k by land, and 2.8k by sea, according to a press release (pdf) citing the latest figures from the General Directorate of Passports.

OIL WATCH-

Opec+ is mulling a third oil production increase in July, to be decided at its 1 June meeting, Bloomberg reported, citing unnamed delegates. The cartel could approve a further 411k barrels a day (bbl / d) increase for July, but no final agreement has been reached yet, the delegates said.

Still a lot to go through: Opec+ is still holding back nearly 5 mn bbl / d from the market, with many of these cuts set to stay through 2026. Hikes are likely through October, with a plan to unwind 2.2 mn bbl / d of voluntary cuts by November unless quota violators like Iraq and Kazakhstan improve compliance, after the group agreed on an an accelerated timeline in April.

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THE BIG STORY ABROAD-

US President Trump is back into the habit of tariff threats, this time targeting EU goods with a 50% tariff set to start in June. The threats also extended to US tech giant Apple, with Trump saying he is considering a 25% levy on iPhones manufactured outside the US, which could also apply to “Samsung and anybody that makes” smartphones.

ALSO- Japan’s Nippon Steel got the green light from Trump for its long-stalled merger of US Steel on Friday. The USD 14.9 bn transaction was blocked by former president Biden back in January on the grounds of national security concerns.

CLOSER TO HOME- The extensive Israeli offensive continues: Gaza’s Health Ministry said Saturday that 79 bodies were brought to hospitals in the past 24 hours, excluding the toll from the north part of the enclave, where healthcare infrastructure has been rendered completely inaccessible.

The toll includes nine of the ten children of Alaa Najjar, a pediatrician at the Nasser Medical Complex whose home has been struck Friday. Seven arrived at the hospital where Najjar works, while two remained under the rubble at least until Saturday morning, with her husband — also a doctor — in critical condition.

NHC taps Retal to develop new homes in Al Khobar under SAR 1.4 bn agreements + Osus launches SAR 2 bn Osus Eye

Retal to bring new homes to Al Khobar: Our friends at Retal Urban Development signed sub-development agreements valued at SAR 1.4 bn with the National Housing Company (NHC), it said in a disclosure to Tadawul.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The details: The agreement extends for 42 months, and will see Retal build 995 residential units in Al Khobar’s Al Aziziya district.

IN CONTEXT- The government is rolling out incentives to support home buying — including buyer-friendly mortgages — as it looks to add some 1.2 mn housing units and achieve a 70% home ownership target by 2030, tasking the state-run NHC with providing affordable housing options. The NHC has some 200k homes in the pipeline, and is striving to add another 100k by the end of 2025, Knight Frank’s Chief Economist for MENA Christopher Payne estimated back in March.

ICYMI- The NHC signed an agreement with the US-based real estate developer K. Hovnanian Homes last week to develop residential and commercial projects in its urban areas. It also partnered with Dar Wa Emaar Real Estate Investment and Development earlier this month to develop a 616-unit residential project valued at SAR 750 mn over a 410k sqm plot.

IN OTHER REAL ESTATE NEWS-

Osus Development launched its flagship mixed-use project Osus Eye, it said in a post on LinkedIn. The development features upscale housing, hospitality services, offices, and retail space over a 180k sqm plot, valued at SAR 2 bn and located in north Riyadh, Asharq Business reported, citing a company statement.

The details: The project features 627 residential units — including apartments and townhouses — spread over 82k sqm, alongside some 47k sqm of office and retail spaces. It will also include a Hilton Garden Inn hotel, a Curio Collection by Hilton-branded residential tower, and international-grade office spaces.

REMEMBER- Osus and Hilton signed a partnership agreement in March to bring two hospitality projects to Osus Eye, including Hilton Garden Inn — featuring 250 rooms, meeting spaces, a gym, a pool, and dining options — and Curio Collection Residences — featuring 176 serviced apartments, with valet and concierge solutions, in addition to a gym, a pool, and a cinema.

NielsenIQ weighs in on private label popularity and tech preferences in Saudi

Saudi consumers’ perception of private label products is leaning positive, with 71% of respondents viewing them as good alternatives to name brands and admitting they would purchase more if a larger variety were available, according to NielsenIQ’s 2025 Global Outlook on Private Label and Branded Products report (pdf). Some 69% of Saudi respondents believe private label products provide more bang for the buck.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

ALSO- 66% of Saudi consumers say they are more likely to treat upgrade to a premium-brand product. Meanwhile, 67% say they’re expanding their brand purchases across multiple categories, with 58% of respondents stating that brand of the product or store is not as important as the necessity of the product.

On the tech front, Saudi Arabia and the UAE were flagged as key markets for premium smartphones, TVs, and laptops, according to NielsenIQ’s 2025 Consumer Tech Industry Trends report (pdf). The Kingdom, in particular, is anticipated to continue its growth trajectory in gaming PCs and accessories, driven by the rising social adoption and popularity of e-sports.

Zooming out: The Middle East and Africa’s (MEA) consumer tech and durables market is forecast to reach USD 68 bn in sales in 2025, marking a 2% growth rate, with AI-equipped phones are expected to generate 32% of total sales revenue across the region within this market. The “digitally receptive” demographic is powering online gaming’s expansion, placing MEA with China and emerging Asia as key growth regions, the report said.

MEA trends: Strong economic sentiment is expected to sustain tech demand in MEA this year, though at a more moderate pace from 2024. Higher growth is expected in niche segments like foldable smartphones — especially in Saudi Arabia and Egypt — and in lower-priced devices as Chinese brands expand their offerings across all price points.

General Authority of Civil Aviation gets a regulatory makeover

New governance regulations are now in place for the General Authority of Civil Aviation (Gaca), the financially and administratively independent body overseeing the Kingdom’s aviation sector, according to a regulation published in the official gazette last Friday.

The details: The regulation outlines Gaca’s authorities and duties, while granting Gaca’s board temporary authority to determine financial charges for its operations (with Ministry of Finance and Non-Oil Revenue Development Center approval) until a new overarching framework is implemented.

The current Gaca board, headed by the Minister of Transport and Logistics, will continue to serve until its term ends or a new board is formed. Similarly, the current President of the Authority will retain his employment benefits and duties until a new President is appointed or four years pass from the issuance of these regulations.

CMA rakes in SAR 1.81 bn in revenue as trading spikes, penalties pile up

The Capital Market Authority (CMA) posted a 50% y-o-y increase in revenue to SAR 1.81 bn in 2024, supported by a rise in trading activity and a sharp uptick in market fines, according to its annual report (pdf).

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The breakdown: Revenue from stock trading commissions grew 40% y-o-y to SAR 1.1 bn during the year, accounting for 62% of total revenue, while fines and penalties rose 282% to SAR 261 mn. Revenue from exchange-related transactions climbed 40.7% y-o-y to SAR 249.9 mn, while trading services rose 9% y-o-y to SAR 174.5 mn.

The markets regulator booked a surplus from core operations of SAR 843.2 mn in 2024, the highest in three years. However, expenses rose 11% y-o-y to SAR 970.3 mn, with staff salaries and benefits making up two-thirds of total expenditure at SAR 651.1 mn.

Nayifat taps Khalid Al Jenaidel as acting CEO

Nayifat Finance Company appointed CFO Khalid Al Jenaidel (LinkedIn) as acting CEO, according to a disclosure to Tadawul. Al Jenaidel has over 24 years of experience in the banking and financial sector, having held senior roles in financial risk and management, as well as treasury head at Arab National Bank, Banque Saudi Fransi, and Saudi Awwal Bank.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

2P renews SAR 265 mn shariah-compliant loan

DEBT WATCH-

#1- Perfect Presentation for Commercial Services (2P) renewed a SAR 265 mn shariah-compliant bank facility with Al Rajhi Bank to support newly awarded projects, including the issuance of letters of guarantee, letters of credit, and invoice financing, it said in a disclosure to Tadawul. The facility — valid until 30 May 2026 — is backed by promissory notes covering the full credit limit.

ICYMI- 2P increased and renewed a shariah-compliant loan with Bank AlJazira for a total of SAR 150 mn, backed by a promissory note and valid until January 2026, to support newly awarded projects through the issuance of letters of guarantee, credit and invoice financing.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

#2- Knowledge Economic City (KEC) secured a SAR 150 mn shariah-compliant corporate financing facility from Al Rajhi Bank, it said in a disclosure to Tadawul. The four-year facility, backed by land mortgages and promissory notes, will finance working capital and support growth initiatives.

ICYMI- KEC lined up a four and a half-year SAR 150 mn facility from the Saudi Investment Bank in March — also guaranteed by land mortgages and promissory notes — to finance working capital needs.

MARITIME-

Fincantieri + SRSA mull partnership on Red Sea cruise vessel and port development: Shipbuilding giant Fincantieri has signed an MoU with the Saudi Red Sea Authority (SRSA) on Thursday to explore maritime development, cruise vessel construction, and tourism and port infrastructure projects in the Red Sea region via its subsidiary Fincantieri Arabia for Naval Services, according to a press release.

The potential developments will be managed by Fincantieri’s subsidiary, Fincantieri Arabia for Naval Services, which recently inaugurated new Riyadh offices to support upcoming civilian and defense projects.

OIL WATCH-

Aramco Trading to supply naphtha to Malaysia’s Lotte Chemical Titan: Lotte Chemical Titan inked a three-year contract with Aramco Trading Singapore — a Saudi Aramco subsidiary — to purchase some 300k to 400k tons of naphtha annually at market prices over the period July 2025 — June 2028, it said in a statement to the Malaysia Stock Exchange last Friday.

TECH-

Binance Academy + Gulf colleges + Riyadh Chamber push blockchain education: The blockchain and cryptocurrency education platform Binance Academy partnered with Gulf Colleges and the Riyadh Chamber to roll out a nationwide blockchain education program in Saudi Arabia, aiming to boost digital literacy and technical capabilities across the Kingdom, according to a post on X.

The details: Binance Academy will co-develop course curriculum, training materials, and certification programs tailored to local needs, as part of a broader push to build a Saudi blockchain-ready workforce, Coin Edition quoted Binance CMO Rachel Conlan as saying during a workshop held in Riyadh.

TELECOMS-

RSG + Airsat to promote observation satellite solutions: Chinese high-resolution multi-mode Earth Observation (EO) satellite network operator AIRSAT Technology Group (Airsat) signed a strategic partnership with Riyadh-based multidisciplinary tech company Rock Solid Group (RSG) to expand its satellite services across the public and private sectors, it said in a press release (pdf).

The nitty-gritty: The agreement will see RSG act as a local integrator for Airsat’s satellite services, targeting clients in the public and private sectors, and pushing plans focused on localized services, joint data analytics, value-added services, and long-term collaboration plans. The partnership is also considering opportunities for developing the regional ecosystem through education, training, and investments.

BTC surpasses USD 110k for first time amid stablecoin bill progress

BTC reached a new all-time high in trading at the end of last week, surpassing its previous January peak to reach USD 111.9k, before pairing back gains over the weekend to stand at USD 108.7k per token as of midnight last night. The digital currency is up 14.1% this month alone and 15.4% YTD, after having spent much of the year in the red YTD on the back of trade war escalation fears pushing some to let go of the asset.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Whetting the appetite of investors is the expectation that the US Senate will soon advance a stablecoin bill that would create the country’s first regulatory framework for digital assets, according to the Financial Times. The new rules could expand the stablecoin market more than 8x to USD 2 tn by 2028, according to investment bank Standard Chartered.

Pushing up the price of the digital currency has also been Moody’s decision todowngrade the US’ sovereign credit rating, which has pushed some investors to search for alternative investments outside the USD. While BTC is up 14.1% over the month, the USD Index is down -0.4%

Corporate purchases and acceptance has also been pointed to a reason behind the price rise, with crypto exchange Coinbase entering the S&P 500 and JPMorgan’s about-turn to let its clients buy the crypto currency.

Some think BTC still has a long way to rise in 2025, with Nexo co-founder Antoni Trenchev telling Reuters that “a target of USD 150k in 2025 is still very much on the cards” and Standard Chartered pencilling in an even higher USD 200k by the end of the year.

TASI	11,189	-1.0% (YTD: -7.0%)
MSCI Tadawul 30	1,429	-0.9% (YTD: -5.3%)
NomuC	27,261	-0.6% (YTD: -13.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,976	+0.4% (YTD: +7.5%)
ADX	9,665	0.0% (YTD: +2.6%)
DFM	5,464	+0.2% (YTD: +11.4%)
S&P 500	5,803	-0.7% (YTD: -1.3%)
FTSE 100	8,718	-0.2% (YTD: +6.7%)
Euro Stoxx 50	5,326	-1.8% (YTD: +8.8%)
Brent crude	USD 64.78	+0.5%
Natural gas (Nymex)	USD 3.33	+2.5%
Gold	USD 3,395	+2.1%
BTC	USD 108,702	+0.4% (YTD: +16.2%)
Sukuk/bond market index	913.1	+0.1% (YTD: +1.2%)
S&P MENA Bond & Sukuk	142.8	+0.2% (YTD: +2.1%)
VIX (Fear gauge)	22.29	+9.9% (YTD: +28.5%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.0% on Thursday on turnover of SAR 4.4 bn. The index is down 7.0% YTD.

In the green: Saudi Re (+3.7%), Alrajhi Takaful (+3.7%) and UACC (+3.4%).

In the red: SHL (-4.9%), Aletihad (-3.9%) and Saudi Aramco (-3.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% on Thursday on turnover of SAR 29.8 mn. The index is down 13.4% YTD.

In the green: Enma Alrawabi (+7.8%), Lamasat (+7.6%) and NGDC (+6.8%).

In the red: Albattal Factory (-16.8%), Amwaj International (-8.5%) and Alfakhera (-7.0%).

CORPORATE ACTIONS-

Chubb Arabia Cooperative Ins.’s BoD recommended hiking the firm’s capital by 33.3% to SAR 400 mn via a bonus share issuance, it said in a disclosure to Tadawul. The additional SAR 100 mn will be raised by tapping SAR 52 mn from retained earnings and SAR 48 mn from statutory reserves, set to be used to shore up the capital base and support business activities. In the process, shareholders will receive one bonus share for every three shares held.

Mulkia Investment Company received approval from the Capital Market Authority to increase its capital to SAR 78 mn through the transfer of SAR 13 mn in retained earnings, the authority said in a statement. Shareholders will receive one bonus share for every five shares owned, raising the total number of shares to 7.8 mn from 6.5 mn. The move must secure approval from shareholders and comply with all regulatory requirements within 6 months.

Middle East Specialized Cables Company’s BoD recommended a dividend distribution of SAR 20 mn for 1H 2025 at SAR 0.50 per share, according to a disclosure to Tadawul. The distribution date is yet to be announced.

Bupa Arabia for Cooperative Ins.’s BoD recommended a SAR 600 mn dividend payout for FY 2024 at SAR 4 per share, it said in a disclosure to Tadawul. The distribution date is yet to be announced.

Almoosa Health’s BoD greenlit a SAR 11.1 mn dividend distribution for 1Q 2025 at SAR 0.25 a piece, with distribution starting on Tuesday, 3 June, it said in a disclosure to Tadawul.

Saudi, Jordanian, and Egyptian FMs meet with French counterpart in Paris to discuss Gaza

Foreign Minister Faisal bin Farhan led a delegation from the Ministerial Committee assigned by the Extraordinary Joint Arab-Islamic Summit to Paris, to discuss ongoing preparations for the two-state solution conference — to be co-chaired by Saudi Arabia and France — set to take place at the UN headquarters in New York this June, state news agency SPA reported last Friday.

Who was there? The meeting with the French FM Jean-Noël Barrot was also attended by the Jordanian FM Ayman Safadi and the Egyptian FM Badr Abdel Ati.

REMEMBER- Crown Prince Mohammed bin Salman and French President Emmanuel Macron announced in December they will co-chair the conference focused on establishing a Palestinian state.

CALENDAR

19-25 May (Monday-Sunday): Asas Makeen’s Nomu IPO subscription period.

19-26 May (Monday-Monday): Dome International’s Nomu IPO subscription period.

22-27 May (Thursday-Tuesday): Anmat’s Nomu IPO subscription period.

26-29 May (Monday-Thursday): Hawyia Auctions Nomu IPO offering period.

27-28 May (Tuesday-Wednesday): Aseer Investment Forum, King Khalid University in Al Faraa, Abha.

27 May-1 Jun (Tuesday-Sunday): Al Khaldi’s Nomu IPO subscription period

29 May (Thursday): 2024-2025 academic year ends.

30 May (Friday) King’s Cup final (Al-Ittihad vs Al-Qadisiyah), Al-Inma Stadium, King Abdullah Sports City, Jeddah.

JUNE

4-9 June (Wednesday-Monday): Hajj.

5-10 June (Thursday-Tuesday): Markets close for Eid Al Adha.

6-10 June (Friday-Tuesday): Eid Al Adha.

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

24-25 June (Tuesday-Wednesday): Tech-ecO-System Summit (ToSS), Riyadh.

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

JULY

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

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

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

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

AUGUST

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

SEPTEMBER

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

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

23 September (Tuesday): Saudi National Day.

OCTOBER

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

15 October (Wednesday): Russian-Arab Summit.

17 October (Friday): Saudization for private healthcare roles enters its second phase.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

28-30 October (Tuesday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

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

NOVEMBER

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

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

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

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

30 November (Sunday): Zatca 21st E-invocing integration wave deadline.

DECEMBER

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

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

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

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

31 December (Wednesday): Zatca 22st E-invoicing integration wave deadline.

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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