Saudi debt in the global mainstream

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WHAT WE’RE TRACKING TODAY

Aramco eyes USD 10 bn property leaseback

Good morning, wonderful people. We’re starting off the day with a coming-of-age moment for the Kingdom’s financial markets as Saudi local debt officially heads for the global mainstream. We’re breaking down the dual index inclusion that analysts say will make SAR-denominated paper a mandatory benchmark for global funds, arriving just as regional conflict forces oil output down to levels not seen since the 90s.

ALSO- The Housing Ministry is turning up the heat on idle property owners with new enforcement regulations for vacant home taxes aimed at boosting market supply. Let’s dive in.

Happening today

Inflation data for April is set to be released today. In March, early signs of regional conflict had limited impact on CPI, with inflation edging up slightly to 1.8% y-o-y from 1.7% in February. On a monthly basis, prices inched up 0.3%, driven by a 0.5% increase in food and beverage prices

Watch this space

REAL ESTATE — Aramco is weighing plans to raise at least USD 10 bn through a sale and leaseback transaction tied to its real estate portfolio, Bloomberg reports, citing unnamed sources. The transaction would rank among the largest undertaken by the company since its founding, potentially involving its Dhahran campus in the Eastern Province.

It’s too soon to tell, but funds are expected to have an appetite for it. Though discussions remain at an early stage, the plan would allow the company to access capital while continuing to use the assets. Aramco is currently working with an adviser on the transaction, with real estate and infrastructure funds expected to show interest, the sources said.

The company is exploring additional asset sales, including a potential stake sale in its oil export and storage terminals business. It’s also studying potential transactions involving its gas-fired power plants and water infrastructure assets, with the discussions remaining on the table and no final decisions being made so far.

Why it matters: The oil and gas giant struck a similar agreement years ago when it partnered with a consortium to optimize its assets through a lease-and-leaseback arrangement. The move focuses on shifting fixed infrastructure into liquidity to support Aramco’s heavy capital expenditure program and secure its regular dividend payouts.

1Q was good for the world’s biggest oil company: Aramco’s bottom line posted strong growth in the first quarter, with net income up 25% y-o-y to USD 32.5 bn. Higher oil prices and refining margins helped Aramco offset the impact of supply disruptions and attacks on energy infrastructure across the region.

REAL ESTATE — The Real Estate General Authority has completed the registration process for all the real estate zones within Riyadh’s urban areas, marking the completion of the city’s digital real estate map on the Real Estate Registry platform, Okaz reports, citing authority head Abdullah Al Hammad. The system allows owners to register their properties digitally, issue title records, and complete transactions through a unified platform.

It’s been in the works for a while: Since the registry system launched in May 2023, some 1.3 mn properties across 52 areas have been declared, over half of which (710k) have been registered.

Why this matters: The move streamlines due diligence and reduces legislative uncertainty in property transactions by creating a unified, transparent database of ownership and transaction records. The added clarity increases Riyadh’s appeal to international REITs and private equity investors.

TRANSPORT — GCC railway project takes another step forward: Kuwait’s Municipal Council Technical Committee approved the right-of-way and land allocation for the rail link connecting Kuwait to Saudi Arabia, the Kuwaiti press reports. The project is part of the GCC railway network, a 2.1k-km system designed to link all six GCC countries. Kuwait’s approval covers the 111-km route linking Shadadiyah near Kuwait City to the Saudi border at Nuwaiseeb, making Kuwait the network’s northern terminus.

For our part, Saudi Arabia Railways launched a tender earlier this week for design consultancy services on the 672-km Saudi section of the GCC railway, with bids due on 30 June. The Saudi route is expected to run from Al-Khafji near the Kuwaiti border to Al Batha on the UAE border.

In a market defined by geopolitical risk, inflation, currency volatility, and declining interest rates, knowing how to manage your money has never been more important, and yet few people are really good at it.

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The big story abroad

The highly-anticipated Trump-Xi meeting is happening as we’re pressing send this morning. The meeting is expected to see President Donald Trump ask his Chinese counterpart to “open up” the world’s second biggest economy to US investment. The US side is also expected to press Beijing to pressure Iran to “walk away from what it is doing in the Gulf,” Reuters said, citing comments by US Secretary of State Marco Rubio.

It’s official: The US Senate has confirmed Kevin Warsh as the next head of the Federal Reserve, taking over from outgoing chief Jerome Powell, whose term officially ends this Friday. Warsh, a longtime advocate for rate cuts, will take over during a period of high inflation and internal dissent in the Fed. We dive deeper into upcoming Fed moves and what they could mean for the region in this morning’s Planet Finance, below.

Two blockbuster IPOs are the latest sign that the AI hype is alive and well, highlighting the strong and ongoing appetite investors have for AI-focused companies. AI chipmaker Cerebras Systems raked in USD 5.5 bn in its IPO, bringing its value to roughly USD 40 bn, while the IPO of Blackstone’s newly-formed Digital Infrastructure Trust raised USD 1.75 bn, which will go towards buying data centers to support AI computing.

The future of private credit is once again making headlines after former Securities and Exchange Commission chair Jay Clayton said that there is no evidence that the US private credit sector suffers “excess leverage.” The comments follow heavy losses in the sector, fueled by fears that AI disruption could cripple the debt-heavy software firms it supports.

Saudi debt in the global mainstream

Saudi local debt goes global: SAR-denominated government sukuk are heading into two of the world’s most widely-tracked emerging market bond indices — JPMorgan’s Government Bond Index for Emerging Markets (GBI-EM) and Bloomberg’s EM Local Currency Government Index — in a move that analysts say marks the moment Saudi local debt graduates from a regional asset class to a global one.

ICYMI- Saudi sukuk will enter the JPMorgan index on a phased basis starting 29 January 2027 with an expected weight of 2.52% of the index, and will join the Bloomberg index following the end-April 2027 rebalancing, with a potential phase-in, the index providers said last month. The Bloomberg index version that includes Saudi Arabia is expected to be published in 3Q 2026.

The size of the prize: Saudi Exchange CEO Mohammed Al-Rumaih said the dual inclusion is expected to generate over USD 10 bn in foreign inflows. JPMorgan identified eight sukuk issuances that qualify for inclusion, with a total value of USD 69 bn. Saudi sukuk carrying a remaining maturity of up to 15 years are eligible for the GBI-EM, which is tracked by USD 233 bn of investments globally.

The target is not far-fetched: “The USD 10 bn target is very realistic, especially when you look at the 2.5% weighting in the index,” investment banker Mustafa Fahim tells EnterpriseAM. The inflows will be almost “automatic” because passive funds have to buy to match the index, Fahim says. “We’ll likely see this happen in stages starting in early 2027, but the smart money often starts moving even before the official start date,” he adds.

Nizwa Bank’s Treasury and Global Markets head Muhammad Ihsan agrees. The headline number is achievable and “can be attracted within the first couple of years subject to normal market conditions,” he tells EnterpriseAM.

Why it matters

The inclusion is less about the USD figure and more about a structural shift in how global money relates to Saudi paper. “It basically means Saudi debt is no longer optional for global investors. It’s now part of the standard benchmark,” Fahim says. It brings in a much more diverse group of buyers, which helps lower the cost of borrowing for everyone.”

Passive money is all but certain, although active money is where the real prize lies. Index funds will buy because they have to, but the bigger, long-term story is convincing active managers to overweight Saudi paper. The first factor is that the returns have to be better than what they get in the US, “which looks likely as global interest rates start to drop,” Fahim says. The second is facilitating bond trading. “The recent upgrades in how we settle trades and the expansion of the Primary Dealers Program are key to making international desks feel comfortable,” he adds.

Plumbing has been upgraded: “The local currency market has addressed many issues that were an impediment towards attracting foreign investors,” Ihsan tells us. The inclusion follows a multi-year overhaul of the local market’s trading and settlement infrastructure, including the expansion of the Primary Dealers Program to include international banks, enhanced settlement mechanisms, the introduction of an over-the-counter settlement framework in mid-2025, as well as stronger connectivity with international central securities depositories.

BUT- Will regional noise scare investors off? “While headlines can be noisy, Saudi Arabia is viewed as a safe [wager] within the emerging markets,” Fahim tells us, adding that the index inclusion also provides a buffer against global risk-off episodes as the change is structural.

Ihsan strikes a more measured note: “In case of a global risk-off tone, inflows will get negatively affected, which is normal for any EM,” he says. Still, domestic investors have an interest in the SAR-denominated market, “and therefore regional or global risk-off events will not cause a big impact,” Ihsan adds.

Fahim argues the Kingdom enters the index from a stronger starting point than most emerging markets. “When countries like China or Indonesia joined these indexes, their borrowing costs went down as more global money flowed in. Saudi Arabia is actually in a better position because our credit rating is much higher than many other countries in the index,” Fahim says. The stable USD peg also takes away currency risks that often scare investors away from other emerging markets, he adds.

Ihsan sees a path to becoming a heavyweight in the EM local currency universe, but it could take a few years. “The Saudi market could easily become comparable to EM giants like Mexico or Malaysia, with foreign investors reaching well above one-third of the local market size,” he says.

The remaining gap: corporate issuance

“The biggest challenge is that most of the market is still government bonds,” Fahim says. Attracting long-term international players will need more debt issuances from private companies. “We need a wider variety of options beyond just government projects so that investors can spread their risk across different sectors of the economy,” he adds.

The index inclusion itself as part of the fix, Ihsan argues, as it “drives foreign demand while local currency markets attract interest,” helping market breadth and encouraging more issuers to tap the local currency market.

Saudi’s April crude production at its lowest level since 1990

The Iran war disruptions took a big bite out of Saudi crude oil production in April, bringing it down to the lowest levels seen since the 1990 Gulf War.

How bad is the hit? The Kingdom reported an output of a little over 6.3 mn bbl / d last month, according to Opec’s monthly report. That’s down by 651k bbl / d compared to March, and the lowest monthly output in 36 years, as per Bloomberg ’s tally. Production has now collapsed by roughly 4.6 mn bbl / d from February’s 10.88 mn bbl / d.

The gap between production and supply is doing the talking. April’s supply-to-market came in at 6.88 mn bbl / d, meaning Riyadh drew down roughly 560k bbl / d from inventories to keep barrels flowing to customers even as wellheads were shut in.

REMEMBER- Red Sea terminals can only handle lighter crude streams, leaving the medium and heavy barrels stranded behind the Strait of Hormuz.

The broader picture is just as severe. Total Opec crude production fell to 33.19 mn bbl / d in April, down 1.74 mn bbl / d m-o-m. Kuwait took the biggest proportional hit, shedding 561k bbl / d, while Iraq lost 291k bbl / d, and Iran 211k bbl / d. Only Libya, Nigeria, and Algeria (all outside the GCC) managed gains.

Opec and the IEA still can’t see eye to eye

Opec and the International Energy Association cannot agree on what this means for demand, exacerbating a trend of clashing narratives about oil markets. Both released their May reports yesterday with starkly different takes on whether the shock is breaking the consumer side of the market.

On one side, Opec trimmed its 2026 demand growth forecast to 1.2 mn bbl / d, down from 1.4 mn bbl / d in March. The oil cartel’s framing is that the global economy is “resilient” at 3.1% growth, with Asian momentum, US fiscal support from the “One Big Beautiful Bill Act,” and AI-driven investment offsetting the energy shock. The group even sees 2027 demand growth accelerating to 1.5 mn bbl / d, a 0.2 mn bbl / d upward revision.

The IEA is team demand destruction, seeing the world losing 420k bbl / d of demand in 2026 — a 1.3 mn bbl / d swing from its pre-conflict trajectory. The second quarter alone is expected to see a 2.45 mn bbl / d contraction, with petrochemicals and aviation taking the heaviest blows. That’s more than a 1.6 mn bbl / d headline gap on this year’s demand growth between the two organizations.

The ghost house bill is coming due

The Kingdom’s vacant property tax regime is entering its implementation phase, after the Municipalities and Housing Ministry adopted the executive regulations outlining how the new fees will be applied, calculated, and enforced.

What counts as “vacant”? A property will be classified as vacant if it remains unused for six consecutive or non-consecutive months during the reference year. The regulations include exemptions for circumstances beyond the owner’s control and provide mechanisms for objections.

How will the fees be calculated? Annual fees will be capped at 5% of the property’s value and assessed based on fair rental value, taking into account prevailing market rents for comparable properties. Owners will have up to six months from invoice issuance to pay.

All that’s left is where they will be applied: The ministry plans to target specific geographic zones based on where vacancy rates are high, housing costs are spiking, and supply and demand dynamics. While we don’t have the exact map yet, those locations and their specific fee structures are expected to be announced soon.

This is all under the “white land tax” umbrella: Last year, the government amended the white land tax law, broadening its scope to include idle ready-for-use properties — a category that previously flew under the radar — and raising the rate on idle lands up to 10%.

Why it matters: The fees increase the holding cost of idle properties, incentivize owners to lease or sell vacant units, and add supply to the market. The fees, along with a flurry of real estate reforms, were introduced to curb real estate prices and boost supply in the market to address rising costs and support higher home ownership levels.

The market is already cooling: Following the rollout of the white land tax on vacant land and Riyadh’s five-year rent freeze, the Real Estate Price Index recorded its first annual decline in five years, falling 0.7% y-o-y in 4Q 2025 and cooling a further 1.6% y-o-y in 1Q 2026, with the residential sector accounting for the bulk of the downturn.

East Pipes posts SAR 573.3 mn in net income for FY 2025/26

East Pipes Integrated’s net income rose 50% y-o-y to SAR 573.3 mn for FY 2025/26 ending 31 March, according to a Tadawul disclosure. Revenue climbed by 25.4% y-o-y to SAR 2.3 bn during the same period.

Behind the growth: The company attributed its performance to higher sales and multiple contracts signed across the water and O&G segments, along with a higher selling price per ton, according to a press release (pdf). Higher interest from time deposits and lower financing costs also helped boost results.

Dividends: The company approved the distribution of SAR 126 mn for 2H at SAR 4 apiece, according to a separate disclosure. The distribution date is set for 8 June.

Ford eyes strategic market growth with leadership change

US automaker Ford appointed Amith Shetty (LinkedIn) as managing director for Saudi Arabia, the Levant, and North Africa, according to a press release. A 15-year industry veteran, Shetty will oversee the establishment of Ford’s regional headquarters in Riyadh as the company looks to attain three consecutive years of double-digit growth.

ALSO- The company tapped Hamzeh Al Shala’n (LinkedIn) as regional aftersales director for Saudi Arabia and North Africa. He will be responsible for managing the company’s after-sales network growth and overseeing its service and parts ecosystem.

UAE + Saudi team up on food security

GCC food security tie-ups accelerate

GCC food security and supply-chain consolidation efforts are continuing to pick up pace. Fresh produce importer NRTC Holding Group signed an MoU with Saudi agribusiness Dava Agricultural to collaborate on fresh produce sourcing, agricultural trade, and supply-chain operations across the GCC, according to a press release.

Why it matters: The tie-up links one of the GCC’s largest fresh produce distribution networks with one of Saudi Arabia’s biggest hydroponic greenhouse operators. NRTC handles around 1 mn tonnes of fresh produce annually, while Dava currently produces roughly 170 tonnes of vegetables daily from hydroponic greenhouses in Saudi Arabia, with plans to expand capacity further over the coming years.

IN CONTEXT- The move comes as GCC governments and companies step up cross-border food security and supply-chain cooperation amid ongoing regional disruption. Earlier this week, DP World and ADQ-backed Al Dahra announced plans to explore investments in GCC port infrastructure as pressure grows to secure regional food flows while the Strait of Hormuz remains disrupted.

Trukker locks in USD 300 mn cross-border funding with ADCB

Saudi-headquartered digital freight network platform Trukker secured a USD 300 mn cross-border securitization facility, with Abu Dhabi Commercial Bank (ADCB) acting as sole arranger and lender, according to a press release. Trukker will use the financing for working capital to support the company’s operations and expansion plans, including scaling its digital freight network and optimizing its carrier ecosystem across regional markets.

Not your typical bank loan: The non-recourse facility is backed by Trukker’s trade receivables across multiple markets and is structured across the UAE, Saudi Arabia, and Turkey, making it one of the region’s first multi-jurisdictional, asset-backed securitizations. The structure effectively converts future customer payments into tradable financing backed by institutional capital, rather than a conventional loan.

Why it matters: The financing reflects growing bank appetite for exposure to large, revenue-generating digital platforms operating across multiple MENA markets, as well a broader shift toward structured credit tied to operating performance — with companies like Trukker increasingly turning to structured, receivables-backed securitization instead of relying solely on equity funding. Over time, this could provide an alternative funding route for scaled startups with predictable cashflows and cross-border operations.

ADVISORS- White & Case LLP and Paul Hastings provided counsel, while HSBC acted as facility security trustee and account bank across the different jurisdictions.

Aumet closes Series A to scale AI procurement OS

Healthtech firm Aumet raised USD 12 mn in a Series A funding round led by Emkan Capital to expand its AI-related tools, scale its pharma platform, and enter additional GCC markets, according to a press release. The round saw participation from Qatar Development Bank, Sabah VC, and AAIC, alongside existing backers Shorooq Partners and Right Side Capital Management

Ades secures USD 48.2 mn rig contract in Nigeria

Ades secured its second rig contract in Nigeria this month. Ades Holding was awarded an SAR 180.7 mn (USD 48.2 mn) one-year contract by Belbop Nigeria for its Main Pass IV standard jack-up rig, according to a press release (pdf). Operations are expected to begin in 3Q 2026, with a one-year extension option included.

The company is ramping up its footprint in the African country. Ades partnered with Seplat Energy earlier this month to provide offshore drilling services in Nigeria under a SAR 347.6 mn contract, following a separate agreement to deploy rigs for West African Exploration Company under a SAR 2.7 bn agreement.

Standard Chartered is open for investment business in the Kingdom

Standard Chartered Capital Saudi Arabia is stepping into the securities business, having secured the Capital Market Authority’s green light to begin managing investments and operating funds, according to a statement.

No cuts, no cushion

The US consumer price index (CPI) (pdf) across the all items index climbed 3.8%, up from 3.3% in March, with the core CPI for the “all items less food and energy” index rising 2.8% over the last 12 months, up from 2.6% in March.

The energy index accounts for only 40% of the monthly all-items increase — meaning the other 60% is now shelter, services, food, and tariff-sensitive categories. Energy surged 17.9% over the 12-month period. Shelter costs and tariff-sensitive apparel rose 0.6%, while airline fares accelerated 2.8% on the month, putting the 12-month gain at 20.7%. Food at home prices increased 0.7%, the biggest monthly gain since August 2022.

This rate increase has weighed on US consumer sentiment in recent weeks, as Americans grapple with an energy price shock that’s rippling through the economy. Real wages dipped 0.5% on the month, marking the first time in three years that US wages have not outpaced inflation. “For consumers, that means the cost of living remains uncomfortable,” economist Sung Won Sohn told CNN Business.

The Fed's rate-cut window just closed: The latest inflation reading sits at a longstanding crossroads for the Fed, following a four-dissent meeting held in late-April, the highest level of internal dissent since 1992. While incoming Chair Kevin Warsh has historically advocated for lower rates, and Governor Stephen Miran remains the lone voice favoring aggressive cuts, major investment banks have now begun pushing first-cut forecasts into 2027, with markets pricing a 30% chance of a hike by year-end.

Chief Investment Officer at Northlight Asset Management Chris Zaccarelli warned that with the labor market holding up, it’s very unlikely the Fed will be able to lower interest rates any time soon, and “we may start pricing in rate hikes for next year,” CNBC reports.

The geographic scope of the April inflation report hit Egypt particularly hard, with credit spreads widening as regional risk aversion triggered capital outflows and heightened concern over short-term funding needs. As we have previously tracked, Egypt’s 5Y credit default swap widened by 110 bps from pre-war levels to hit its March peak of 344.7 bps.

In the GCC, the USD peg means monetary policy is inherited from the Fed. While Aramco and Adnoc benefit from war-driven oil windfalls, the non-oil sector inherits a restrictive, high-rate environment from the Fed, constraining the non-oil credit cycle just as Vision 2030 and UAE industrial diversification deploy heavy capex.

The K-shape runs inside the GCC too — and the Public Investment Fund cutting international allocations from 30% to 20% is the tell that the windfall is being routed home, not deployed outward as it was in 2024-25.

While Aramco’s CEO Amin Nasser recently warned that supply disruptions could persist until a 2027 normalization — estimating a loss of 100 mn barrels for each additional week the strait remains closed — the CPI reading suggests a more permanent shift. As we reported yesterday, producers view 2027 as a tactical recovery, but the inflation passthrough has already locked in higher costs. For regional importers, what began as a temporary war shock is now the structural reality for 2027 budgets.

MARKETS THIS MORNING-

Asian markets are up in early trading this morning, led by South Korea’s Kospi and Japan’s Nikkei. Asian stocks are mirroring gains seen across US tech equities over the past few days, which pushed major US indices to end yesterday in the green.

TASI	11,020	-0.2% (YTD: +5.1%)
MSCI Tadawul 30	1,476	-0.1% (YTD: +6.4%)
NomuC	22,764	-0.1% (YTD: -2.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	53,416	-1.2% (YTD: +27.7%)
ADX	9,705	+0.1% (YTD: -2.9%)
DFM	5,759	-0.4% (YTD: -4.8%)
S&P 500	7,444	+0.6% (YTD: +8.8%)
FTSE 100	10,325	+0.6% (YTD: +4.0%)
Euro Stoxx 50	5,861	+0.9% (YTD: +1.1%)
Brent crude	USD 105.63	-2.0%
Natural gas (Nymex)	USD 2.86	-0.1%
Gold	USD 4,697	-0.2%
BTC	USD 79,299	-1.7% (YTD: -9.5%)
Sukuk/bond market index	911.86	-2.8% (YTD: -0.8%)
S&P MENA Bond & Sukuk	151.19	-0.3% (YTD: -0.5%)
VIX (Volatility Index)	17.87	-0.7% (YTD: +19.5%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 5.6 bn. The index is up 5.1% YTD.

In the green: Sustained Infrastructure Holding (+8.7%), Alinma Retail REIT Fund (+4.7%), and Petro Rabigh (+4.6%).

In the red: Wafrah for Industry and Development (-6.8%), Saleh Abdulaziz Al Rashed (-4.7%), and Saudia Dairy and Foodstuff (-3.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% yesterday on turnover of SAR 15.3 mn. The index is down 2.3% YTD.

In the green: Riyadh Steel (+9.5%), Ratio Speciality Company (+7.4%), and Al-Razi Medical (+6.5%).

In the red: Taqat Mineral (-10.9%), Alqemam for Computer Systems (-9.9%), and Lana Medical (-9.7%).

CALENDAR

MAY

24-28 May (Sunday-Thursday): Eid Al Adha holiday.

JUNE

15-17 June (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

21-24 June (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

22-24 June (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

JULY

6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

AUGUST

30 August-1 September (Sunday-Tuesday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

31 August-3 September (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

SEPTEMBER

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

28 September-1 October (Monday-Thursday): The International Conference on Theory and Practice of Electronic Governance (ICEGOV), Prince Sultan University, Riyadh.

OCTOBER

12-15 October (Monday-Thursday): World Energy Congress, Riyadh.

26-28 October (Monday-Wednesday): ACHEMA Middle East, Riyadh International Convention & Exhibition Center.

28-29 October (Wednesday-Thursday): Procurement and Supply Chain Futures Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

28-29 October (Wednesday-Thursday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

NOVEMBER

25-29 November (Wednesday-Sunday): Aero Middle East and Sand & Fun, Thumamah Airport, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
September: Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center;
November: The UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;
SkyMove Air Cargo MENA, Riyadh;
The Intervision international music competition will take place in Saudi Arabia.

Signposted to happen sometime in 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;
Capital Markets Forum takes place in March in Riyadh.

Signposted to happen sometime in 2Q 2027:

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

2027

FEBRUARY

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

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