Sabic, Almarai, SEC unscathed from fuel price increases

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Rumors of Kyle Walker coming to Saudi are stirring up again

Good morning, friends. It’s a relatively calm Monday morning here at home, although we have plenty for you to sink your teeth into as S&P Global released a report looking at the impact of the latest diesel price hikes on key companies.

PLUS- Check out this morning’s Enterprise Explains on Sama and the Capital Market Authority’s separate initiatives for fintech players to test their tools in a live environment.

NEWS TRIGGERS-

Gastat set to roll out fresh inflation data later this week: The General Authority for Statistics (Gastat) is scheduled to release December’s Consumer Price Index and Wholesale Price Index reports, among other statistics on Wednesday, 15 January, according to the state statistics agency’s calendar. The monthly data promises a detailed dive into the latest price trends shaping the domestic economy.

HAPPENING TODAY-

#1- Aramco’s iktva Forum & Exhibition kicks off today at the Dhahran Expo in Dammam. The event focuses on highlighting the Kingdom's long-term economic growth and diversification strategies, as well as offering prospects for young Saudis, entrepreneurs, and businesses. It will also showcase the strategic partnerships between Aramco, government entities, the private sector, and National Training Centers.

#2- The four-day Hajj Conference and Exhibition (Hajj Confex) kicks off today at the Jeddah Superdome. The conference serves as a collaboration platform for stakeholders in the Hajj industry, aiming to enhance the pilgrimage experience through innovation and service improvements. Attendees can engage with over 280 exhibitors, 22 conference sessions, and 45 workshop sessions.

WEATHER- Riyadh will experience a chilly day with a high of 18°C and a low of 9°C. In Makkah, temperatures will peak at 30°C before dipping to 18°C. Meanwhile, Jeddah will have overcast skies, with a high of 33°C and a low of 22°C.

PSAs-

The General Authority for Roads has upped speed limits on the Saudi-Oman Empty Quarter road, it said in a post on X.

Speed on the Batha-Salwa Road intersection to Shaiba Center (356 km) has been raised to 110 km per hour up from 90 km per hour;
Speed from Shaiba Center to the Empty Quarter exit (10 km) has been raised to 100 km per hour up from 90 km per hour;
The rest of the road section, spanning 196 km, will maintain an unaltered speed limit of 90 km per hour.

WATCH THIS SPACE-

Saudi is gearing up for a chemical manufacturing localization push: The Industry Ministry is aiming to shift 8 mn tons of chemical exports to local manufacturing, particularly in plastics, Aleqtisadiah quotes Deputy Industry Minister Khalil bin Salamah as saying.

DATA POINTS-

#1- Some 571 multinational companies — mostly in the industrial sector — have set up their regional headquarters in the Kingdom, Asharq Business quotes Investment Minister Khalid Al Falih as saying. The industrial sector accounts for 30% of Saudi’s FDI, and racked up SAR 142 bn in total investments during the first nine months of 2024, Al Falih said.

Outbound FDI by Saudi-based multinationals is also at “record lows,” as companies choose to reinvest their earnings in the Kingdom, Al Falih also said.

IN CONTEXT- The Kingdom is raising the bar on its RHQ program after surpassing an initial goal to have 500 global firms set up their regional headquarters in Saudi by 2030, Al Falih said in October. The updated target for the initiative is yet to be disclosed.

ALSO- The Kingdom wants more foreign SMEs here: The Kingdom is de-risking investments for international SMEs to enter the local market, Al Falih told Arab News. “De-risking is a key component. Come to Saudi Arabia. We will de-risk the investment for you,” said Al Falih.

#2- The newly launched Standard Incentives Program could support upwards of 200 projects with up to SAR 50 bn in investments, Industry and Mineral Resources Minister Bandar Alkhorayef told Argaam. He added that the program will focus on military industries, pharma, food, housing and construction, and energy, in addition to other vital sectors that were highlighted when the program was launched earlier this week.

#3- CMA-licensed investment funds recorded their highest net purchases in six years with SAR 2.1 bn in 2024, Aleqtesadiah reports. The high demand was primarily driven by Aramco’s secondary offering in 1H 2024. Meanwhile, investment funds saw a 76% increase in transaction volume during the period to SAR 218.9 bn, accounting for 11.8% of total market turnover, up from 9.3% in 2023.

#4- The number of umrah pilgrims in 9M 2024 surpassed the 2023 full-year count, with 28.3 pilgrims during the first nine months of 2024, Argaam reports, citing data from the General Authority for Statistics. Foreigners accounted for 41% (1.5 mn pilgrims) of total pilgrims during the period, while locals accounted for 59% (16.7 mn).

#5- Fish production in the Asir Region reached over 4k tons in 2024, bringing SAR 155 mn in returns for fishermen, according to state news agency SPA. The government targets to boost annual production in the region to 6k tons over the next three years.

SPORTS-

FROM THE RUMOR MILL- Manchester City’s Kyle Walker is looking at Saudi Arabia among other potential destinations as he looks to exit his current club, Manchester City Pep Guardiola confirmed, according to Reuters.

The Kingdom had its eyes on Walker before: Walker was among three shortlisted defenders for Al Hilal to replace its right back Saud Abdulhamid back in August.

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THE BIG STORY ABROAD-

The Los Angeles wildfires are still getting top billing in the foreign press this morning, as a brief respite over the weekend is expected to give way to more destructive fires later today and tomorrow, spurred on by a fresh round of dry Santa Ana winds. Firefighters made some headway in containing the fires over the weekend, though 16 people have been reported dead and at least 16 people in the area are missing, with over 150k people in evacuation. (Bloomberg | Reuters | WSJ | France24 | FT)

As most foreign outlets look into how much of the impact of the wildfires can be attributed to climate change, new data shows that the 1.5°C global temperature benchmark was breached last year, making it the hottest year on record, and raising fears that the target is unattainable in the long term. (France24 | Reuters | Semafor)

CIRCLE YOUR CALENDAR-

#1- The three-day Real Estate Future Forum kicks off on 27 January at the Four Seasons, Riyadh.

#2- LEAP 2025 will take place between 9-12 February at the Riyadh Exhibition & Convention Center in Malham. The tech event will bring together over 1.8k global tech brands, 1k experts and some 680 startups. LEAP 2025 will feature over 300 hours of content across 17 tracks, covering AI, fintech, edtech, smart cities, and more. Co-located with LEAP is DeepFest, a major AI-focused event bringing thought leaders and innovators under one roof.

#3- The eight-day Big 5 Construct Saudi will take place from 15-18 February and 24-27 February at the Riyadh Front Exhibition & Conference Center. The Kingdom’s largest construction event will feature over 2k exhibitors from more than 60 countries, showcasing innovations across the sector. The event is expected to attract over 75k participants.

#4- The UFC returns to the Kingdom on 1 February, kicking off its 2025 collaboration with Riyadh Season, according to Forbes. The main event will see former middleweight champion Israel Adesanya face Nassourdine Imavov. Adesanya, on a two-fight losing streak, needs a win to remain in title contention, while Imavov enters with a four-fight winning streak.The co-main event will see Shara Magomedov square off with Michael “Venom” Page. The card also includes several ranked fighters, with matchups spanning multiple divisions. Full card here.

#5- The Formula One 2025 Saudi Arabian Grand Prix will kick off on 20 April, featuring 50 laps at the 6.174-km Jeddah Corniche Circuit. Tickets are available here.

Fuel price hikes won’t affect Sabic, Almarai, SEC ratings + earnings, S&P says

Sabic, Almarai, and SEC are relatively insulated from Aramco’s fuel hike: Saudi Basic Industries Corporation (SABIC), Almarai, and Saudi Electricity Company’s (SEC) credit ratings and earnings are not expected to be significantly impacted by Saudi Aramco’s decision to hike feedstock and fuel price, according to an S&P Global report. The uptick in feedstock and fuel prices are expected to roll back some of the government’s subsidy obligations, with the freed up resources “potentially redeployed” to fund diversification initiatives.

The increases in fuel and feedstock prices will lead to marginal increases in production costs for Sabic, Almarai, and SEC earnings beginning in 1Q 2025, the report said. However, the rated firms are positioned to absorb these hikes without significant strain by increasing efficiency in operations and relying on some cost pass-through.

BACKGROUND- Saudi Aramco raised domestic diesel prices by 44% to SAR 1.66 per liter for 2025, following a similar 53% hike to SAR 1.15 per liter last year. This price adjustment is part of Aramco's annual review under its pricing mechanism. The company notified Tadawul-listed industrial firms of the price changes, which took effect on 1 January.

RATINGS BY COMPANY-

Sabic: Due to its strong links to the Saudi government, the commodity player’s credit rating is capped at Saudi’s sovereign rating (A/A1 — positive outlook). Sabic sources more than half of its domestic feedstock requirement from Saudi Aramco — which owns 70% of the company — at preferential rates. Accordingly, the fuel hike is not expected to significantly affect the company’s earnings, with Sabic expecting a 1% rise in cost of sales. Ebitda margins are expected to increase to 15-18% in 2024-2025, up from 14.9% margin in 2023. Despite an uptick in debt, leverage is expected to remain “comfortably below” that rating agency’s 2.0x threshold.

Sabic is also expected to receive additional support from the Saudi government in the event of shocks, due to its classification as a government-related entity and standing as a significant employer of Saudi nationals.

Saudi Electric’s (SEC) rating is also balanced with Saudi’s sovereign rating due to the “almost certain likelihood” that the government will back SEC in the event of shocks, S&P notes. A state-backed “unrestricted and uncapped balancing account” is expected to offset additional costs due to the diesel hike, similar to SAR bn 6-7 of additional costs in 2024 due to increases in gas prices, according to S&P projections.

Almarai: The dairy producer’s rating is expected to stay level at BBB- with a positive outlook. Despite incurring an additional SAR 200 mn in costs throughout the year due to the higher fuel prices and indirect impacts to other segments of its supply chain, the firm is expected to mitigate these effects via efficiency gains, cost optimization and other means, the report explained. Robust consumer spending, population growth, higher capacity and new products are expected to counteract increased costs.

ALSO IMPACTED BY THE PRICE INCREASES-

City Cement will incur a 7% increase in production costs following the fuel pricing update, the company said in a filing to Tadawul. City Cement also joined the industrial sector competitiveness program last year, with the move expected to mitigate some of the effects of the fuel price increase, the disclosure also said.

Fresh capital rules for recruitment companies

HR companies and recruitment firms hiring foreign workers and / or nationals have a two-year grace period to comply with new capital requirements, as outlined in recent amendments (pdf) by the Human Resources and Social Development Ministry. These updated regulations are open for public consultation on Istitlaa until Sunday, 9 February.

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The targeted companies will be classified into four distinct categories, each authorized to perform a specific set of activities within the recruitment and HR sector. Companies will be categorized based on their intended activities, with each category having a corresponding minimum capital requirement, ranging from SAR 5 mn to SAR 100 mn, and a bank guarantee requirement ranging from SAR 2 mn to SAR 10 mn.

Companies will be granted licenses with validity periods of either five or 10 years, depending on their category. All categories will have a five-year license validity, except for the category with a minimum capital requirement of SAR 100 mn, which will have a 10-year license validity.

Your guide to Saudi Arabia’s fintech testing hubs

Fintech players can test their products under eased regulatory requirements with two separate sandbox initiatives: Licensed and unlicensed fintech firms can trial digital financial solutions in a live environment by applying to either the Saudi Central Bank’s (Sama) Regulatory Sandbox Framework or the Capital Market Authority’s (CMA) Fintech Lab. While Sama’s framework supports a broad range of financial innovations, CMA’s Fintech Lab specifically targets securities-focused products. Both initiatives were launched in 2018.

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SAMA REGULATORY SANDBOX-

Sama’s sandbox offers a fast-track to market by enabling rapid product testing and lowering compliance costs. The process unfolds in four key stages: application, operational readiness, testing, and graduation. Over a 6-12 month testing period, successful participants can apply for a license (if needed) and scale their operations. Applications are open on Sama’s website.

Eligibility: Licensed entities, such as banks, ins. and financing companies, and money exchangers, can apply directly. Non-licensed fintechs can apply independently or partner with a licensed entity. International fintechs can also apply or partner with a local firm if they have tested their solutions abroad. The Open Banking Lab currently hosts 19 companies that can test their open banking services with real customers before their official launch.

Sandbox alumni include open banking platforms XSquare, NeoTek, Lean Technologies, Mod5r, as well as peer-to-peer lending platform MoneyMoon.

Payment initiation services included: In September 2024, Sama updated its Open Banking Framework to integrate payment initiation services (PIS), aiming to standardize secure PIS deployment and clarify the responsibilities of PIS providers. Sama also added Seen Tarbi and Neotek to its Open Banking Lab platform and approved MoneyMoon for peer-to-peer lending activities.

CMA FINTECH LAB-

CMA’s Fintech Lab grants Financial Technology Experimental Permits (FinTech ExPermit) only to innovators focused on securities activities — unlike the sandbox’s broader coverage. Recipients can test their services for up to two years, with the option to exit or scale if they meet testing goals in line with the Capital Market Law. You can apply here.

Eligibility criteria for the FinTech ExPermit include having a service ready for live testing, with acceptance hinging on factors such as the applicant's business model, technical capabilities, financial stability, legal compliance, and the potential impact of their product on the capital market. Applications are accepted year-round in batches.

FAST FIGURES- CMA granted 53 permits to fintech companies as of 1H 2024. These companies have raised over SAR 3.8 bn through equity crowdfunding and debt offering platforms to support economic entities at various stages. Additionally, SAR 2.6 bn worth of units were distributed through investment and real estate fund platforms, while robo-advisory platforms under the Lab’s regulation managed assets worth SAR 2.2 bn.

The lab’s graduates include equity crowdfunding platforms such as Tahaluf Capital and Mudaraba Capital, as well as robo-advisory players such as Malaa and Abyan.

Foreign policy and football alliances make the rounds

Shifting regional winds and foreign policy: Le Monde is out with an opinion piece looking at how recent regional geopolitical events challenged the Kingdom’s philosophy of anchoring regional stability on economic progress. The piece zeroes in on Crown Prince Mohammed bin Salman adopting a more pragmatic and adaptable foreign policy to handle rising tensions and shifts in power in response to recent regional political upheavals.

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Yesterday’s Spanish Supercopa final in Jeddah also made the rounds in the foreign press, with the New York Times out with a piece outlining the warming relationship between Saudi and Spain, which is spurred by their footballing alliance. Barcelona’s 5-2 victory against Real Madrid marked the fifth time the Supercopa was played on Saudi soil, under a six-year EUR 240 mn agreement inked in 2020.

Speaking of which: The championship might be extending its stay in Saudi, with Spanish football association RFEF reportedly in talks to extend the agreement to 2034 from 2029, Spanish sports outlet DIARIO AS reports.

Scientific & Medical Equipment House lands SAR 100 mn contract

HEALTHCARE-

Scientific & Medical Equipment House Co. secured a SAR 99.7 mn contract from Najran Region’s General Directorate of Health Affairs to carry out repairs and maintenance for medical devices and equipment across several hospitals in the Najran region, according to a disclosure on Tadawul. The contract is set to be implemented over a 5-year period, with financial impact expected to commence in the 2Q of 2025.

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FINANCIAL SERVICES-

Homegrown payment gateway HyperPay is now licensed as an Electronic Money Institution by the Saudi Central Bank, it said in a post on X.

About HyperPay: Founded in 2014 by Muhannad Ebwini (LinkedIn), the MENA-focused platform facilitates payment processing for online businesses, with operations in Saudi Arabia, the UAE, Bahrain, Jordan, and Egypt.

INFRASTRUCTURE-

Enowa + HRS set up hydrogen refuelling station in Neom: Neom’s energy and water company Enowa and France-based Hydrogen Refueling Solutions (HRS) installed a hydrogen refueling station in Neom, according to a press release (pdf). The station — housed at Petromin’s Heavy Machinery & Truck Service Center — will serve hydrogen-powered vehicles, including buses, trucks, and passenger cars.

CLIMATE-

Saudi Arabia now chairs the International Coral Reef Initiative, taking the helm from the US for the 2025-2027 term following an unanimous vote in September’s general meeting, state news agency SPA reports. Represented by the General Organization for the Conservation of Coral Reefs and Turtles in the Red Sea (Shams), the Kingdom will lead efforts to expand membership coverage to include 90% of the world’s coral reefs, up from the current 75% represented by 45 countries in the 102-member initiative. The Kingdom will also focus on enhancing monitoring via AI and integrate coral reef management into global frameworks.

DEBT WATCH-

MESC secures SAR 80 mn financing from SNB: Middle East Specialized Cables Company (Mesc) lined up a SAR 80 mn Sharia-compliant loan with the Saudi National Bank (SNB), according to a disclosure to Tadawul. The cable manufacturer will use the 12-month facility to secure its working capital needs and bank guarantees.

PE firms feasted on Europe’s depressed company valuations in 2024

Private equity giants are capitalizing on Europe’s economic challenges, scooping up major companies at lower valuations, according to data from Dealogic cited by the Financial Times. Large European buyouts worth more than USD 1 bn surged 78% y-o-y to USD 133 bn in 2024 — far outpacing the 29% growth rate across the rest of the world, where total large buyouts hit USD 242 bn. In contrast, smaller European transactions grew just 1% y-o-y, lagging behind the rest of the world’s 16% growth in this segment.

Why the boom? The combination of the greenback's strength and Europe’s depressed equity valuations has made the region a prime target for private capital. Despite Europe being “both fragmented and very diverse,” private equity firms can source “market-leading, but relatively under-the-radar, companies larger than USD 1 bn at a [markdown] to their peers in the US,” according to Alexis Maskell, IR Partner and Global Head at BC Partners.

Some of the heftiest buys of the year: Key transactions included a USD 6.9 bn takeover of UK trading platform Hargreaves Lansdown by an Abu Dhabi Investment Authority-led consortium, along with Thoma Bravo’s USD 5.5 bn acquisition of UK cybersecurity firm Darktrace and Brookfield’s USD 3.8 bn stake in French renewable energy player Neoen.

Where the action is: The UK and Nordic economies, along with Germany have emerged as hotspots for private equity activity, particularly as other parts of the region grapple with weak growth forecasts, political turmoil and geopolitical threats, Neil Barlow, a partner at Clifford Chance told the salmon-colored paper.

Take-privates are on the up: European take-private transactions jumped 44% y-o-y to USD 52 bn last year, driven by stock market exits and private equity-led transactions. Many businesses are opting to delist in Europe and shift to the US or transition into private ownership.

MARKETS THIS MORNING-

Dampened expectations of the US Federal Reserve pushing ahead with further rate cuts are weighing on Asian markets this morning, with all major indexes trading lower this morning. Japan’s Nikkei is down more than 1% in early trading, while the Hang Seng Index is down 1.6%, Shanghai is down 0.3%, and Kospi is down 0.9%.

It’s similarly expected to be a sea of red once markets open in the US, with futures indicating that the Dow Jones, S&P 500, and Nasdaq will all come under some selling pressure.

TASI	12,127	+0.24% (YTD: +0.8%)
MSCI Tadawul 30	1,512	+0.12% (YTD: +0.2%)
NomuC	31,040	+0.04% (YTD: -1.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	29,277	-0.6% (YTD: -1.6%)
ADX	9,495	+0.35% (YTD: +0.8%)
DFM	5,228	-0.02% (YTD: +1.4%)
S&P 500	5,827	-1.54% (YTD: -0.9%)
FTSE 100	8,248.5	-0.9% (YTD: +0.9%)
Euro Stoxx 50	4,977	-0.8% (YTD: +1.7%)
Brent crude	USD 79.76	+3.7%
Natural gas (Nymex)	USD 3.99	+7.8%
Gold	USD 2,715	+0.9%
BTC	USD 93,911.30	-0.8% (YTD: +0.5%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.24% yesterday on turnover of SAR 4.3 bn. The index is up 0.8% YTD.

In the green: Fitahi Group (+6.2%), SIIG (+5.6%) and Cenomi Retail (+4.9%).

In the red: APC (-3.6%), Maharah (-2.8%) and Takween (-2.4%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.04% yesterday on turnover of SAR 53 mn. The index is down 1.4% YTD.

In the green: Food Gate (+9.4%), Fadeco (+8.7%) and Fesh Fash (+8.0%).

In the red: Purity (-3.8%), Jana (-3.6%) and Tharwah (-3.5%).

Saudi hosts meeting on Syria, calls for lifting sanctions

Foreign Minister Faisal bin Farhan called for lifting sanctions on Syria during the Arab Ministerial Meetings on Syria hosted in Riyadh yesterday, according to the Saudi Gazette. Continued sanctions would hinder the country’s development, bin Farhan argued, saying Syria should no longer be viewed as a threat.

EU could move on sanctions easing soon: EU foreign ministers will discuss potentially lifting sanctions on Syria later this month, European Commission Vice President Kaja Kallas said, according to Reuters. The decision will be contingent on Syria’s interim government taking steps towards forming an inclusive government and safeguarding minority rights.

Also attending the meetings: The meetings brought together the foreign ministers of Egypt, Qatar, Bahrain, Iraq, Jordan, Lebanon, and Turkey, as well as representatives from the EU, UK, and US.

CALENDAR

JANUARY 2025

1-17 January (Wednesday-Friday): 2025 Dakar, Bisha and Shubaytah.

13-16 January (Monday-Thursday): The Hajj Conference and Exhibition, Superdome, Jeddah.

13-16 January (Monday-Thursday): Hajj Conference and Exhibition, Superdome, Jeddah.

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

15-16 January (Wednesday-Thursday): The International Learning and Technology Conference, Effat University, Jeddah.

18 January (Saturday): Deadline for companies to amend status under the New Companies Law.

21 January (Tuesday): Data Center Nation, Mandarin Oriental Al Fasisaliah, Riyadh.

21-23 January (Tuesday-Thursday): The International Exhibition for Material Handling, Equipment, Warehouse Supplies, Forklifts & Heavy Equipment, Riyadh International Exhibition Center.

21-23 January (Tuesday-Thursday): Saudi International Exhibition for E-Marketing and E-Commerce, Riyadh International Convention and Exhibition Center.

24-25 January (Friday-Saturday): UIM E1 World Championship Jeddah, Jeddah.

25 January (Saturday): The opening of the 2025 Islamic Arts Biennale, Western Hajj Terminal of King Abdulaziz International Airport, Jeddah

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-29 January (Monday-Wednesday): Saudi Franchise Expo, Riyadh International Convention and Exhibition Center.

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

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

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

31 January (Friday): Deadline for businesses to update their registered customs items.

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma

1Q: Roshn expected to raise SAR 2.6 bn from international bank

FEBRUARY 2025

1 February (Saturday): UFC Fight Night: Adesanya vs Imavov, The Venue, Riyadh.

2 February (Sunday): Flyadeal launches direct flights to Karachi, Pakistan, departing from Riyadh and Jeddah twice a week.

3-5 February (Monday-Wednesday): Saudi International Marine Exhibition (SIMEC), Riyadh.

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

4-5 February (Tuesday-Wednesday): Capital Markets & ESG Finance, Hilton Riyadh Hotel & Residences.

6 February (Thursday): Property registration deadline for owners in several districts of seven Qassim cities.

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

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

9-12 February (Sunday-Wednesday): LEAP Tech Conference, Malham, Riyadh.

9-12 February (Sunday-Wednesday): DeepFest by Leap, Riyadh.

10-12 February (Monday-Wednesday): Saudi Travel Market, Riyadh International Exhibition Center.

10-13 February (Monday-Thursday): Leap 2025, the Kingdom’s premier tech investment conference.

14-15 February (Friday-Saturday): Formula E, Diriyah.

15-18 February (Saturday-Tuesday): Week one of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

16-17 February (Sunday-Monday): AlUla Conference for Emerging Market Economies, AlUla.

18 February (Tuesday): The Capital Markets Forum, KAFD Conference Centre, Riyadh.

19-20 February (Wednesday-Thursday): The Capital Markets Forum, The Four Seasons, Riyadh.

19 February (Wednesday): Derayah REIT dividend distribution.

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

21-22 February (Friday-Saturday): The Saudi Cup, Riyadh.

22 February (Saturday): Founding Day.

22 February (Saturday): Dazn Boxing event: Beterbiev vs Bivol II, Riyadh.

23-27 February (Sunday-Thursday): Riyadh International Disputes Week, Hilton Riyadh Hotel Granada.

24-25 February (Monday-Tuesday): The Riyadh International Humanitarian Forum, Riyadh.

24-27 February (Monday-Thursday): Week two of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

MARCH 2025

1-30 March: Ramadan.

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

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

APRIL 2025

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

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

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.

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

MAY 2025

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.

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

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

JUNE 2025

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.

JULY 2025

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 2025

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

SEPTEMBER 2025

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 2025

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

NOVEMBER 2025

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 2025

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.

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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