Saudi CEOs are looking to hire + are optimistic about the year to come –PwC survey

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Singapore’s Olam group is still looking at a Saudi IPO for is agriculture unit

Good morning, friends. It’s another big morning for capital markets as we prepare to slide into the weekend, so we’re going to jump right in.

UP FIRST- Grab a jacket this morning before you go out the door. Riyadh is looking at a daytime high of just 18°C. The cool weather will continue into the weekend, according to our favorite weather app. It’s probably the last gasp of winter — enjoy every minute of it.

Among the stories on which we’re keeping an eye on this fine winter morning:

IPO WATCH- Singapore’s Olam Group still looking at Saudi IPO: Singapore-based agricultural trader Olam Group said it “remains committed” to a dual listing of its subsidiary Olam Agri in the Kingdom and in Singapore after plans for the offering were delayed, it said in an earnings release (pdf) yesterday. It said the IPO was delayed from an initially set frame of 1H 2024 as “the regulatory framework is still being finalized to enable the listing of foreign companies.” Olam is 51% owned by Singapore wealth fund Temasek Holding.

TOURISM WATCH- Hilton Worldwide Holdings aims to have a portfolio of 100 properties in the Kingdom, it said in a statement picked yesterday as Hilton President and CEO Chris Nassetta visited the Kingdom. Nassetta said the hotel group plans to open more than 60 new properties in the coming years. Two-thirds of Hilton’s pipeline of projects here is currently in the works, according to the statement.

By the numbers: Hilton currently operates 18 hotels here, with properties in Jeddah, Makkah and Riyadh. Its Saudi pipeline includes new brands like LXR Hotels and Resorts, Canopy by Hilton, and Embassy Suites by Hilton.

REMEMBER- Saudi is just getting started:The Tourism Ministry recently more than doubled its target for 2030, hoping now to be host to 150 mn tourist trips after it hit its target last year ahead of schedule. The new 2030 target sees 80 mn by domestic travelers and 70 mn by international travelers.We welcomed 106.2 mn tourists last year, drawing in 27.4 mn foreign tourists and 79.3 mn domestic travelers.

WATCH THIS SPACE-

#1- The Kingdom’s financial district wants to be a SEZ: Riyadh’s mixed-use financial district King Abdullah Financial District (Kafd) has submitted a proposal to turn the area into a special economic zone (SEZ), CEO Gautam Sashittal told Al Eqtisadia yesterday. The move will make it more attractive for foreign companies to base themselves here, he suggested.

By the numbers:Some 24 companies have set up regional headquarters at Kafd, which is owned by the Public Investment Fund.

#2- Sabic eyes big gains from Hadeed sale: Petrochemicals giant Saudi Basic Industries Corp (Sabic) expects the sale of its steel subsidiary Hadeed to the PIF to draw in USD 1.7 bn-USD 1.9 bn upon its completion, it told Al Arabiya yesterday. It said it hopes to close the transaction during the first half of the year. The remarks came after the company reported a net loss of SAR 2.8 bn in 2023 — probably the first time the company has ever been in the red on a full-year basis.

BACKGROUND- Sabic agreed last year to sell its steel subsidiary Hadeed to the Public Investment Fund last year at an enterprise value of SAR 12.5 bn. It said the divestment would allow it to “optimize its portfolio and focus on its core business.” The transaction, which is subject to customary conditions and regulatory approvals, is set to close before the end of this quarter.

INVESTING IN PEOPLE-

#1- The Kingdom’s first master’s school for public policy: Energy Minister Prince Abdelaziz bin Salman launched Saudi’s first graduate-level public policy school studies, state news agency SPA reported yesterday. The KAPSARC School of Public Policy (KSPP) will offer a two-year master's degree and executive education programs. It aims to “develop the knowledge and skills that the new generation needs to shape public policy both locally and globally,” the minister said.

#2- We’re getting a strategy to develop talent in industry and mining: Industry and Mineral Resources Minister Bandar Al Khorayef launched a strategy aimed at developing talent (officials are calling it “human capacity”) in the industry and mining sectors, SPA said. The strategy, launched during the Human Capability Initiative forum, will focus on attracting talent to the sectors and boosting productivity, Al Khorayef said.

Al Khorayef also launched an industry-focused academy aimed at providing training programs for skilled and fresh graduates in the sector. Some 18 training programs will be offered through training providers, he said. The National Academy for Training will also provide incentives and facilitate partnerships within the sector, he said, without providing further details.

BY THE NUMBERS- 75% of energy jobs are set to be Saudized by 2030, bin Salman said, according to a ministry post on X. Some 150k jobs will be offered to citizens as part of the plan, he said in statements picked up by Mubasher.

THE BIG STORY ABROAD-

It might be a Leap Year, but we feel stuck in a Hot Tub Time Machine: Donald Trump owns the front pages of the global business press this morning with two stories:

Trump needs to deposit USD 454 mn with a court — or risk seeing his assets seized. A New York judge has refused to grant an injunction that would have prevented the New York attorney-general from enforcing a USD 454 judgment against the former president. He could be forced to sell off assets to drum up the cash.
The US Supreme Court will hear arguments in April as it looks to decide whether Trump can face criminal prosecution on charges he tried to overturn the 2020 election results.

Completing the trifecta of US politics: Republican Senate party leader Mitch McConnell will step downfrom his leadership role in November. The 81-year-old is the longest-serving Senate party leader in history.

CIRCLE YOUR CALENDAR-

Riyadh will host the International Conference on Sand and Dust Storms in the Arabian Peninsula from Monday, 4 March to Wednesday, 6 March.

Tickets are on sale for the 2024 Saudi Arabian Grand Prix, scheduled for Jeddah from 7-9 March.

Riyadh will host a World Economic Forum special meeting on 28-29 April.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Saudi CEOs are expecting better returns in the short run, citing an optimistic economic outlook

The majority of Saudi CEOs surveyed by global auditing firm PwC see their revenues and headcount growing in the next 12 months on the back of better market conditions despite nearly half the respondents taking note of their exposure to inflationary pressure and geopolitical threats, according to the latest PwC annual CEO survey (pdf).

A bullish outlook for the local, regional economies: Some 89% of the respondents agreed that the local economy will grow in the next 12 months. This figure was 73% in the Middle East version of the survey, and 81% in the GCC, and 44% in the global iteration. The survey doesn’t provide information about how many execs responded to the surveys nor about the industries in which they operate.

THE CAVEAT- Inflation + regional instability: 46% of the respondents in Saudi think their businesses will be impacted by future price hikes and geopolitical tensions, while 38% of them are factoring in the impact of climate change on their business plans. Respondents to the global survey are significantly less concerned about these threats.

GenAI is expected to help drive revenue growth: Half of Saudi respondents expect their revenues to grow in the next 12 months, while 83% are confident about the revenue growth prospects in the medium term. Some 66% of them expect their embracing of generative AI will increase their top line by 5% or more over the same period.

Saudi CEOs expect to hire more than do their global and regional counterparts: 74% of respondents in the Kingdom are likely to increase their headcount by 5% or more in the next 12 months. 65% of the respondents in the Middle East survey, and 39% in the Global survey are likely to follow suit.

Innovation is key to business survival: Almost half of Saudi respondents have defined a need for transforming the way their businesses operate in order to future proof their business models, that’s up from the 39% figure of the previous survey. 57% of the respondents have created strategic partnerships in the last five years to improve the prospects of their businesses, 46% have diversified their product and service offerings, and 43% have incorporated new technology in their operations.

A focus on tech + customization: 60% of the respondents to the Saudi survey agree that technological innovations will influence the ways they do business, with generative AI expected and 69% think customization to customer preferences is key to their future success.

Modern Mills prices its IPO top of the range with the company set to take orders from individual investors next week

Modern Mills has priced its IPO shares at SAR 48, generating an order book of SAR 150 bn from institutional investors and valuing the company at SAR 3.9 bn, it said in a statement (pdf). The milling company is taking 24.5 mn shares to market — good for a 30% stake — in a SAR 1.2 bn secondary sale.

The order book was 127x covered, implying strong investor appetite for the shares of the food manufacturer. Bloomberg reported earlier this month that the offering was fully covered only a few hours into the book-building process. The transaction is expected to set selling shareholders back SAR 41 mn in transaction costs.

What’s next for the transaction: Individual investors will have a two-day window starting on Tuesday, 5 March to place their orders for a maximum of 10% of the offered shares — 2.5 mn shares — according to the prospectus (pdf).

What’s next for the company: Modern Mills aims to grow its market share by adding new products to its portfolio, venturing into new product categories, and expanding geographically, said CEO Osama Ashi.

Lock-up period: The three substantial shareholders will be restricted from making any transactions on their shares for a period of 6 months from the first day of trading on Tadawul’s main market.

By the numbers: The milling company’s net income dipped 2.9% y-o-y to SAR 105 mn in 6M 2023, while revenues declined 2% y-o-y to SAR 452 mn over the same period. MMC has grown its volume share in the wheat flour category to 24% in 2022, up from 20% in 2021. The company currently operates four mills across the Kingdom with a daily processing capacity of 3.5k tons of wheat and 1.4k of animal feed.

ADVISORS- HSBC Saudi Arabia is quarterbacking the transaction as financial advisor, joint bookrunner, underwriter and lead manager, while Emirates NBD Capital KSA is joint bookrunner and underwriter. Al Rajhi Bank and SNB are receiving agents. Moelis & Company Saudi are advisors to selling shareholders.

PIF raises USD 2 bn from Islamic bonds offering as sale sees heavy demand

The Public Investment Fund (PIF) has raised USD 2 bn from the sale of a senior, unsecured seven-year sukuk, Bloomberg reported yesterday, citing a source close to the offering. The debt sale is the second for the sovereign wealth fund this year.

What we know: The source said the PIF sold the sukuk at 85 basis points over US Treasuries, tighter than an initial price guidance of 115 bps. It boasted an order book of over USD 16 bn, including joint leader managers’ interest.

PIF has now raised USD 7 since the start of the year in two debt sales, having earlier taken to market a USD 5 bn offering that was more than 5x oversubscribed, with global institutional investors placing orders worth USD 27 bn.

More to come? The PIF could be looking at another sale later in the year, Bloomberg reports, quoting a Morgan Stanley note. “We do not think that the PIF will stop,” Morgan Stanley strategist Pascal Bode wrote. He sees another offering by the PIF in the second half of the year on the back of a drop in treasury assets and higher expenses. This could bring total issuances this year to c. USD 10-11 bn, he said.

REMEMBER- The PIF closed a USD 3.5 bn global sukuk issuance in October, two green bond offerings totaling USD 8.5 bn between 2022 and 2023, and lined up a USD 17 bn corporate facility in 2022. The fund plans to ramp up annual deployment capacity to USD 70 bn a year starting 2026, fund governor Yasir Al Rumayyan said at the FII Priority conference in Miami last week. This is a big step-up from its current annual spending clip of USD 40-50 bn.

ADVISORS- The USD 2 bn sale was quarterbacked by our friends at HSBC alongside Goldman Sachs and Standard Chartered as joint global coordinators for the offering.

Alinma Bank listed additional tier one certificates on the LSE yesterday, the offering wraps up on market close today

Local and international investors have until 4:30 pm London time (6:30 pm Saudi time) to buy into Alinma Bank’s USD-denominated additional tier one certificateson the London Stock Exchange, it said in a disclosure to Tadawul. The lender aims to use the proceeds to shore up its core or “tier 1” capital. The subscription period kicked off yesterday. Alinma will let market conditions inform the size and yield of the offering, the statement reads.

The details: This is a perpetual callable offering where investors can either redeem their investments after 5 years or extend the duration beyond that. The statement doesn’t provide information about the maximum duration of the certificates. Investors will be able to buy into certificates at a minimum value of USD 200k and in increments of USD 1k in excess.

Need more background? Hit this link to our previous coverage for an explanation of what AT-1 certificates are and why they’re important to a bank.

ADVISORS- Alinma hired Abu Dhabi Islamic Bank, Alinma Investment Company, Emirates NBD Bank, J.P. Morgan Securities, MUFG Securities, and Standard Chartered Bank as joint lead managers on the transaction.

SNB Capital raises USD 230 mn for new oil and gas fund, will invest in E&P assets

Investment bank SNB Capital has raised USD 230 mn for a new oil and gas fund as it looks to grow its global investment portfolio, it said in a statement on Linkedin yesterday. SNB Capital Oil and Gas Fund I will invest in Repsol E&P — a joint venture between Spanish oil company Repsol and EIG.

Ironing out the details: The fund, launched by Dubai subsidiary SNB Capital DIFC, would offer investors exposure to exploration and production assets with a production capacity of 600k barrels a day, Bloomberg reported yesterday. Investments would be provided under a shariah-compliant structure. This would help boost the local investment bank’s role in OECD countries, mainly North America which is home to half of the JV’s reserves and resources, it added.

Not the first fund for SNB Capital this year: The investment bank launched a SAR 1 bn realestate fund earlier this month with Alshegrey Investment Group as they seek to capitalize on rising demand for offices and commercial real estate.

SNB Capital was the number two financial adviser on IPOs in Saudi last year after our friends at HSBC Saudi Arabia, according to Bloomberg. SNB Capital advised broadcaster giant MBC on its blockbuster IPO which raised SAR 831 mn (USD 222 mn) in January.

New rules on ride hailing and other fare-based transport services went into effect yesterday in Saudi Arabia

The Transport General Authority (TGA) started yesterday enforcing the new rules for fare-services including ride hailing, it said in a statement.The regulations were introduced in late December 2023 (pdf). The move aims to improve service quality and attract investment into the industry by streamlining operational procedures and outlining the fines and penalties for non compliance. The new rules target private and family fare-service providers, ride-hailing companies, and public transportation operators.

The rules, in short:

Ride-hailing service providers can offer inter-city rides only after they subscribe to the the Interior Ministry’s Shomoos system (pdf), which entails the transfer of the client’s information to the ministry’s national information center;
Ride-hailing service providers must allow drivers to see the destination of a trip before accepting the ride request. Non compliance will result in a SAR 4k fine;
Ride-hailing service providers must ban drivers from using the service for 30 days in case they cancel more than 5 rides within a 30 days period after accepting the ride requests. Non compliance will result in a SAR 1k fine imposed on the company;
Ride-hailing service providers must define and make public their service terms and conditions including how they address the complaints of the drivers and their payment conditions. Non compliance will result in a SAR 3k fine;
Ride-hailing service providers will no longer have to oblige drivers to hang an ID barcode / tag in the vehicle;
Licensees can request to change location where they are permitted to provide the service from one city to another;
Licensees can transfer their service permit to another licensee;
Service providers have to define and make public their lost and found policy;
Licensees and service providers have to be connected to the online systems of the authority. Non compliance will result in a SAR 5k fine.

REMEMBER- We’re less than two months away until the Transport General Authority (TGA) starts rolling out an automated monitoring system to track truck and bus violations on the road. The system will watch for road violations as well as expired operating cards and other breaches of regulations. Cargo transport, international bus services, as well as truck and bus rentals fall under the scope of the system, which comes into effect on 21 April.

Earnings season: Luberef + Shaker Group, Retal report 2023 results

Aramco’s base oil subsidiary Luberef’s net income fell 23.7% y-o-y to SAR 1.5 bn in 2023, according to its earnings release (pdf). Revenues were down 10.6% y-o-y to SAR 9.5 bnover the same period.

Luberef attributed the decline to lower base oil prices and by-product crack marginsdespite a “higher base oil sales volumes,” according to the release. “Despite base oil market turbulence, Luberef delivered record high production and sales in 2023, showcasing remarkable resilience, agile operations and robust financial position,” its President and CEO Samer Al Hokail said.

A look at Q4: Luberef’s bottom line fell 65% y-o-y in the fourth quarter of the year to SAR 269 mn, while its topline was up 38.9% y-o-y during the same period to SAR 2.5 bn.

Luberef’s board of directors proposed a dividend payout of SAR 841.3 mn for the second half of 2023 at SAR 5 apiece, it said in a disclosure to Tadawul. The distribution date is set to be announced at a later time. The board has also approved early repayment of loans worth SAR 937.5 mn, it said in a disclosure to Tadawul.

RETAL URBAN DEVELOPMENT-

Retal Urban Development's net income declined 17.7% y-o-y to SAR 202.4 mn in 2023 on the back of lower sales of land and units and rising expenses, it said in a disclosure to Tadawul. Revenues were up 23.5% y-o-y last year to a record high of SAR 1.4 bn on the back of record sales of SAR 1.3 bn from development contracts.

Retal’s BoD has proposed a dividend payout of SAR 80 mn for 2H 2023 at SAR 0.16 per share, it said in a separate disclosure to Tadawul. The dividends will be distributed on 16 May.

SHAKER GROUP-

Home appliances importer and distributor Al Hassan Ghazi Ibrahim Shaker Co’s (Shaker Group) net income rose 99.3% y-o-y toSAR 65.4 mn in 2023 on the back of a focus on core business segments, it said in its earnings release (pdf). This is Shaker Group’s highest net income since FY 2015. Revenues were also up 19.2% y-o-y to SAR 1.2 bnover the same period, its highest since 2016, due to the growth of its HVAC solutions and home appliances segments.

On a 4Q basis: Shaker Group reversed losses in the fourth quarter of the year to report a bottom line of SAR 3.8 mn, compared to a net loss of SAR 2.4 mn in 4Q 2022, while its revenues were up 23.9% y-o-y during the quarter to SAR 259.6 mn.

PIF announced “multi-year strategic partnership” with ATP Tour to advance global tennis

PIF’s new venture into the world of tennis: The Public Investment Fund (PIF) signed a “multi-year strategic partnership” with ATP Tour, the governing body of men’s professional tennis said in a statement yesterday. No details on the value of the PIF’s investments as part of the partnership were disclosed.

What we know: The partnership will see the PIF becoming the official naming partner of ATP rankings and partner in ATP Tour events, including Indian Wells, Miami, Madrid, Beijing, and Italy’s Nitto ATP Finals. It also includes the Next Gen ATP Finals, which Jeddah will host until 2027.

One for the future: The PIF and ATP will “collaborate to elevate the long-term future of tennis,”according to the statement. The partnership sees the PIF backing the ATP’s OneVision Strategic Plan, which aims to “drive unity, enhance fan experiences and leverage scalable growth [potential] across the sport,” the statement added.

And a focus on the sport here: The PIF is looking to utilize ATP’s expertise to provide tennis training for young Saudis using advanced facilities and coaching, according to the statement, which also took note of a 46% jump in the number of registered tennis players in Saudi between 2019 and 2023.

Saudi has been acing everything tennis lately: Six of the world’s top-ranked men’s tennis players will be in town in October to compete in the first-ever “Six Kings Slam.” Rafael Nadal, Novak Djokovic, Carlos Alcaraz, Jannik Sinner, Daniil Medvedev and Holger Rune will all be here for the tournament in Riyadh. Nadal was named ambassador for the Saudi Tennis Federation recently. Officials are also trying to land the hosting rights for the 2024 Women’s Tennis Association finals.

Defense Minister appointed new Sami chairman

The Saudi Arabian Military Industries (Sami) named Defense Minister Prince Khaled bin Salman as its new chairman following a board reshuffle, state news agency SPA reported yesterday. The minister replaces Ahmad Al Khateeb. Sami is the PIF’s national defense and security champion.

Also sitting on the board: The new board of directors will include Industry and MineralResources Minister Bandar Al Khorayef, General Authority for Civil Aviation Chairman Abdulaziz Al Duailej, and Assistant Defense Minister Talal Al Otaibi.

Gulf International Bank appoints new boss in Saudi: Bahrain’s Gulf International Bank (GIB) has named Khaled Abbas (Linkedin) as CEO of its locally incorporated bank GIB Saudi Arabia, it said in a statement picked up by Zawya yesterday. Abbas initially joined GIB in 2018 as UAE country head and has been the group wholesale banking head since 2019. The fresh round of appointments, which includes the appointment of Sara Abdulhadi (Linkedin) as CEO of GIB Bahrain, is effective from 3 March.

Zamil Steel lands contract to build Bahri Bonded Zone at Jeddah port. PLUS: Tourism, real estate, and M&A

PORTS-

Zamil Steel + Bahri ink agreement to construct Bahri Bonded Zone: Zamil Steel subsidiary Zamil Steel Pre-Engineered Buildings Company has been awarded a contract by Bahri Logistics Company to build Bahri Bonded Zone at Jeddah Islamic Port, according to a statement. The project, slated for completion in September 2024, covers the design, fabrication, supply, and erection of a pre-engineered steel building spanning an area of 37 k square meters. The building is set to include office space, a warehouse, a mechanical roof, a mezzanine floor, and utility annexes, the statement said.

ADVERTISING-

Outdoor advertising player Al Arabia was awarded a SAR 534 mn contract from Dubai’s Roads and Transport Authority (RTA) to install, operate and maintain 294 outdoor advertising sites in the emirate, it said in a disclosure to Tadawul yesterday. The contract runs for over 10 years.

TOURISM-

The Tourism Development Fund (TDF) signed a MoU with the PIF company Dan to help support investment in agritourism here, state news agency SPA reported yesterday.

REAL ESTATE-

Jadwa REIT fund sells residential compound in Al Khobar:Jadwa REIT Saudi has completed the sale of Al Fanar Residential compound, it said in a disclosure to Tadawul yesterday, without disclosing the identity of the buyer. The fund said it has completed the contract’s terms and received proceeds from the sale which is estimated at SAR 90 mn. Jadwa REIT is a unit of Jadwa Investment Co.

M&A WATCH-

Almunajem Foods extended a non-binding MoU to acquire 17% of Balady Poultry Trading Co, it said in a disclosure to Tadawul yesterday. The MoU was extended to 30 April to help complete the due diligence process, it said.

Are Western equities tip-toeing toward a correction? Plus: BTC hits USD 60k.

It’s a particularly quiet morning on Planet Finance as we push through the final hump of earnings season, with no single story really driving the conversation around trading desks.

Lingering in the back of the mind: Are we due for correction? With the most recent rally in US and European equities seeming to be taking a breather, some pundits are wondering whether we’re not looking at a wave of profit-taking. Piper Sandler's Craig Johnson takes it a step further, Business Insider reports, suggesting we could see a 10% correction as early as next month.

Why? Because the rally is too narrowly-driven by tech stocks while issuers in other industries have seen their shares lag. “Now is a time where this market is certainly vulnerable to see at least a 10% correction,” BI quotes Johnson as having told CNBC.

Asian markets have followed Wall Street down this morning: The Kospi and Nikkei are solidly in the red, while shares in Hong Kong and Shanghai are trading sideways. We’re looking at a weak opening in Europe, and over on Wall Street, stock futures fell as traders “weighed the latest earnings results and looked ahead to the Federal Reserve’s favored inflation gauge,” which is due out this morning, CNBC writes.

Among the small handful of stories worth knowing about:

BTC broke above the USD 60k mark yesterday for the first time since November 2021 and has already climbed by over 40% since the start of this year, fuelling hopes that the cryptocurrency is gaining appeal among investors in traditional assets, Bloomberg noted.

Also on Planet Crypto: Coinbase said last night that it had restored services for all usersafter a glitch caused some users to see their account balance was exactly … zero.

MEANWHILE- A group of publishers (including Business Insider parent Axel Springer) have served Google with a EUR 2.1 bn lawsuit “alleging that they had suffered losses due to the company's practices in digital advertising,” Reuters reports.

TASI	12,611.42	+0.1% (YTD: +5.4%)
MSCI Tadawul 30	1,622.75	-0.3% (YTD: +4.7%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	28,876.46	-1.1% (YTD: +16%)
ADX	9,283.30	-0.1% (YTD: -3.1%)
DFM	4,290.38	+0.4% (YTD: +5.7%)
S&P 500	5,069.76	-0.2% (YTD: +6.3%)
FTSE 100	7,624.98	-0.8% (YTD: -1.4%)
Euro Stoxx 50	4,883.77	-0.04% (YTD: +8%)
Brent crude	USD 83.40	-0.3%
Natural gas (Nymex)	USD 1.89	+4.3%
Gold	USD 2,042.70	-0.1%
BTC	USD 61,730.48	+8.4% (YTD: +163.4%)

THE CLOSING BELL-

The TASI rose 0.1% yesterday on turnover of SAR 8.4 bn. The index is up 5.4% YTD.

In the green: Avalon Pharma (+29.8%), SFICO (+9.9%) and HB (+8.3%).

In the red: Amiantit (-3.2%), Bupa Arabia (-2.3%) and Al Babtain (-1.9%).

CORPORATE ACTIONS-

Saudia Dairy and Foodstuff’s BoD has decided to distribute a SAR SAR 192 mn dividend of SAR 6 per share for the six months ending 30 September 2023, it said in a disclosure to Tadawul.

CALENDAR

MARCH

4-6 March (Monday-Wednesday): International Conference on Sand and Dust Storms in the Arabian Peninsula, Riyadh.

4-7 March (Monday-Thursday): LEAP 2024, Riyadh.

10 or 11 March: First day of Ramadan (tbc based on sighting of the crescent moon).

11 March (Monday): Flag Day (national holiday)

APRIL

10 April (Wednesday): Eid al-Fitr (tbc based on the start date of Ramadan)

14-21 April (Sunday-Monday): IMF and World Bank spring meetings, Washington, DC

28-29 April (Sunday-Monday): World Economic Forum’s Special Meeting, Riyadh.

29 April-1 May: Future Hospitality Summit at Al Faisaliah Hotel, Riyadh.

MAY

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh.

21-23 May (Tuesday-Thursday): The Saudi Food Show, Riyadh.

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

5 June (Wednesday): World Environment Day.

Signposted to happen sometime in June:

Eid Al-Adha (national holiday)

AUGUST

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh

SEPTEMBER

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

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

DECEMBER

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

Signposted to happen sometime in 2024:

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