Saudi GDP to grow 3.4% this year, World Bank says

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WHAT WE’RE TRACKING TODAY

THIS MORNING: It’s Davos day

Good morning, wonderful people. We have a packed issue today with a flurry of local and international news, amid Trump’s inauguration and Gaza prisoner exchange.

The big stories at home: The World Bank revised down its forecasts for Saudi growth prospects in 2025, a healthy IPO pipeline for the Kingdom, and Gastat is out with its latest real estate index (spoiler: Riyadh is off the charts). Let’s dive in.

HAPPENING TODAY-

The five-day World Economic Forum (WEF) Annual Meeting will kick off tomorrow in Davos, Switzerland. The event will address global challenges, including geopolitical tensions, economic growth, technological advancements, and energy transitions.

Saudi Arabia at the WEF: A Saudi delegation led by Foreign Minister Prince Faisal bin Farhan will be present at the WEF meeting, with ministers of tourism, investment, finance, economy and planning, industry and mineral resources, and communications and information technology (CIT), according to state news agency SPA. A session titled Saudi Arabia's Economic Shifts will take place on Thursday, where the Saudi ministers of economy, finance, and CIT will take the podium.

The Kingdom will also debut its first standalone Saudi House pavilion, hosting over 15 sessions, including 10 WEF-accredited discussions on trade, logistics, investment, sustainable tourism, and the global economy, SPA reports.

WEATHER- Riyadh is in for a crisp day with a high of 20°C and a low of 8°C today, while Jeddah will see highs of 29°C and lows of 22°C. Makkah’s mercury will see a 31°C high and a 21°C low.

PSAs-

#1- Government employees who voluntarily retire ahead of the retirement age will be eligible for Saudi Arabia’s new Golden Handshake program, which will offer severance packages to long-serving employees “with lower qualifications,” according to Okaz. Severance packages are expected to range from 12 to 60 months of salary, based on tenure and qualifications, with priority given to employees with lower qualifications, according to Asharq Alawsat. Retirement-age employees are not eligible for the program.

By the numbers: The initiative, with a three-year budget of SAR 12.7 bn, aims to reduce salary-related expenses for “long-serving” government employees whose skill sets are incompatible with the country’s digital transformation. The public sector in Saudi Arabia, excluding the military, employs 1.2 mn people, with 40% of the 2024 budget (SAR 544 bn) allocated to salaries and compensation.

#2- Citizens and residents have until 18 April to benefit from a 50% waiver of traffic fine payments, the Saudi Gazette reports, citing a General Department of Traffic statement. The reduction applies to fines incurred before 18 April and allows for payments in full or per violation through the SADAD and Efaa platforms. Certain violations, including drifting and extreme speeding, disqualify offenders from receiving the discount.

#3- Property owners in 28 Makkah districts have until 25 April to register their properties online through the Real Estate Registry website, according to state news agency SPA. The districts include Al Safwa, Dar Al Salam, Al Naseem, Tarwiyah, Al Rashidiya, Kawthar, and Tebah, among others.

#4- The Municipalities and Housing Ministry issued updated guidelines for entertainment facilities requirements, covering their location, size, design, and operational standards, including adherence to the Saudi Building Code, according to the updated guidelines (pdf) published by the ministry. Key guidelines include regular maintenance of storefronts, the installation of surveillance systems, the implementation of insulated roofs, ensuring proper waste management, and the provision of digital payment options.

DATA POINTS-

#1- Saudi Arabia’s holdings in US Treasuries dropped 2.6% m-o-m by the end of November to USD 135.6 bn, according to the US Treasury Department data.

#2- Saudi Arabia leads the Arab car market, accounting for 45% of sales, as total car sales across 12 Arab countries are expected to exceed 1.8 mn in 2024, a 4.5% increase from 2023, state news agency SPA reports, citing Dhaman data. Vehicle sales in the region are expected to grow by 5% in 2024, surpassing 2.3 mn vehicles (2.4% of global sales) and reaching 3 mn by 2028. Sales are concentrated in five countries — Saudi Arabia, the UAE, Algeria, Morocco, and Kuwait — which account for 75% of the total.

#3- Some 522k commercial registers were added by the Commerce Ministry in 2024, up 60% y-o-y, bringing the total number of registers in the Kingdom to 1.6 mn, according to a post on X.

#4- The National Water Company completed 118 water and environmental projects in 2024, costing over SAR 5 bn and benefiting 1.8 mn people, state news agency SPA reports. These projects included installing 3.2 mn meters of water and sewage networks, boosting wastewater treatment capacity to 478k cubic meters per day, and building 51 water tanks with a total capacity of more than 250k cubic meters. In addition, the company said it kicked off 376 new projects worth over SAR 28 bn aiming to increase coverage of water and sewage services across the Kingdom.

#5- Saudi Arabia is the world’s top producer of desalinated water, with an annual capacity of 4.2 mn cubic meters, supported by a 14.2k km pipeline network and a daily transmission capacity of 19.4 mn cubic meters, according to the Environment Water and Agriculture Ministry. The Kingdom also operates the largest mobile desalination station (50k cubic meters per day) with the lowest energy consumption at 2.3k kWh per cubic meter.

SPORTS-

FROM THE RUMOR MILL- Liverpool’s Mo Salah could reportedly receive an undisclosed lucrative offer from Al Hilal as the latter seeks a high-profile star to replace Neymar, whose contract expires at the end of the season, according to Sky Sports.

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THE BIG STORY ABROAD-

It's a busy day around the world as international media outlets focus equally on day 1 of the Gaza ceasefire and Donald Trump’s inauguration this evening — two events that observers believe are not coincidental. The first day of the Gaza ceasefire saw the exchange of three Israelis held by Hamas for 90 Palestinians in Israeli prisons. This came amid joyous celebrations by Gazans and a remarkable reappearance of Qassam Brigades militants on the ground. (Reuters | Bloomberg | Financial Times | New York Times)

Trump’s immediate impact was also felt on TikTok, which returned to life in the United States hours after it was shut down. The Chinese app had stopped operating in the US early yesterday in compliance with a US Supreme Court ruling, before Trump announced that he would issue an executive order on Monday giving TikTok a “period of time” to reach an agreement with the new administration that would address US concerns about national security. The app restored the service in the US a few hours later and thanked the incoming president by name, adding that it will work with Trump “on a long-term solution that keeps TikTok in the United States.” TikTok CEO Shou Chew will reportedly attend Trump’s inauguration, which is scheduled to begin at 7:30pm KSA time tonight. (Bloomberg | BBC | CBS)

CIRCLE YOUR CALENDAR-

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

#2- The two-day Global Labor Market Conference kicks off Wednesday, 29 January at the King Abdulaziz International Conference Center in Riyadh. The event brings together business leaders, policymakers, regulators, and researchers to chew over the prospects and challenges facing global labor markets with a focus on youth employment and innovative initiatives to boost youth participation in the global economy. Register here.

#3- 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. 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.

#4- 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.

#5- 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.

World Bank revises down Saudi growth projections to 3.4% in 2025

The World Bank cut its forecast for economic growth in the Kingdom to 3.4% this year, according to the bank’s latest Global Economic Prospects report (pdf). The projection is a downward revision of 2.5 percentage points from the World Bank’s previous report in June. However, the bank penciled in growth of 5.4% in 2026, up from its previous forecast of 3.2%.

The bank’s prediction is slightly more optimistic than that of the International Monetary Fund (IMF), which slashed its growth predictions to 3.2% on the back of extended Opec+ production cuts in its most recent World Economic Outlook Update. Meanwhile, credit rating agency Moody’s expects MENA’s economic growth to reach 2.9% in 2025, up from 2.1% in 2024 with hydrocarbon exporters — Saudi Arabia, the UAE, Iraq, Kuwait, and Oman — growing by 3.5%.

REMEMBER- Opec+ decided in December to push back the start date of production increases by three months to April 2025, with the overall production increases slated to be gradually implemented until the end of 2026.

Driving growth in 2026: The World Bank’s more optimistic predictions for 2026 are down to its expectations of “robust activity in the non-oil sector — especially in services — as well as higher oil production and exports,” the report reads.

Geopolitical tensions still pose a risk: Any escalation in ongoing tensions in neighboring countries could represent a considerable challenge to growth in the Kingdom this year, with the bank saying that “prolonged attacks on shipping in the Red Sea could dampen activity” in the Kingdom as well as other neighboring countries, and that escalations to these conflicts could lead to “significant deteriorations in consumer and business sentiment, increased uncertainty, and tighter financial conditions,” collectively slowing investment activity.

Saudi has 31 IPO listings in the pipeline for this year

The Kingdom is set for another strong year of IPOs, with 31 listings in the pipeline, 26 of which are announced, while another four are mandated and one is rumored, according to a report by Kamco Invest (pdf). The GCC as a whole is projected to see approximately 40 IPOs this year, with 30 announced, four mandated, and six rumored.

Key listings to watch out for in 2025:

The PIF’s Saudi Global Ports has tapped banks including Goldman Sachs and HSBC to arrange an upcoming IPO;
Medical procurement firm Nupco — a unit of the PIF — has reportedly tapped Rothschild & Co as financial advisor for its potential Tadawul IPO;
PIF-backed Tabreed District Cooling has also reportedly hired Citigroup and SNB Capital to manage a potential IPO on Tadawul;
Budget airline Flynas is reportedly looking to go public this year;
BNPL platform Tabby plans to IPO during the 2025-2026 window;
Local tech services firm Ejada Systems has secured approval from the Capital Markets Authority (CMA) last month to take a 45% stake to market.

Saudi Arabia topped the GCC in terms of listing volumes in 2024: The Kingdom was home to the bulk of IPO activity in the GCC last year, leading in terms of the number of listings. Some 42 out of a total of 53 IPOs across the region originated from the Kingdom, raking in USD 4.1 bn in IPO proceeds (3.6% of global IPO proceeds). Nomu — Tadawul’s parallel market — saw 28 listings last year, while the main market attracted 14 listings. Globally, the Kingdom ranked seventh in IPO proceeds, trailing the UAE which secured the fifth spot. The positive performance of recent IPOs in the Kingdom compares to recent disappointing debuts in other markets, including Talabat Holding and Lulu Retail in Dubai, as well as OQ Base Industries in Oman, Bloomberg said recently.

Strong investor appetite for Saudi stocks: Tadawul’s largest IPO of the year, Fakeeh Care’s USD 2.9 bn offering, garnered USD 91 bn in orders from institutional investors, booking the biggest volume of orders in 2024. The institutional tranche of the IPO was 119x oversubscribed. This was followed by Almoosa Health’s USD 1.7 bn IPO with a 103x oversubscription in 4Q and beauty retailer Nice One’s USD 1.2 bn IPO which was nearly 140x covered.

How the biggest IPOs of 2024 have been faring: Shares of Fakeeh Care are currently up 18.6% from their debut price of SAR 57.50 per share. Almoosa Health, which debuted at SAR 127.0 per share, is now trading at SAR 138.20, marking an 8.8% rise. Meanwhile, Nice One’s stock currently sits at SAR 58.50, reflecting a gain of 67.1% from its debut price.

The Tadawul IPO Index — which measures the performance of IPOs on Tadawul within the last five years — closed up 1.6% yesterday and is up 4.7% YTD. This indicates that companies that have recently gone public have been experiencing positive market movements, fueled by strong investor confidence and favorable market conditions, possibly encouraging more companies to consider going public. The index is a sub-index of TASI and is calculated based on the freefloat market cap of the constituents.

ZOOMING OUT- The GCC saw an uptick in IPO activity last year, recording 53 listings, up from 46 in 2023, with total proceeds rising 19.8% y-o-y to USD 12.9 bn, supported by strong appetite from the region’s large base of local investors. Despite challenges including high interest rates, declining oil prices, and geopolitical tensions, the region secured its second-highest IPO proceeds over the last five years, ranking fourth worldwide in total IPO proceeds.

By the sector: The commercial & professional services segment led the GCC IPO space in terms of volumes with 10 IPOs in 2024, featuring Saudi Manpower and Tamkeen HR, according to the report. Other prominent sectors included Consumer Services and Materials with 7 IPOs each, followed by healthcare (6) and F&B (5).

Global IPO activity saw a continued downturn for the third consecutive year, marked by a decrease in both the number of transactions and the funds raised. According to data from LSEG, the total number of IPOs last year was 1.2k, down from 1.3k in the previous year. In terms of proceeds, IPOs generated USD 112.8 bn in 2024, reflecting a 1% drop from the previous year and marking the slowest IPO activity since 2009.

Real estate prices rose 2.3% in 2024 -Gastat

The Kingdom’s real estate price index rose 2.3% y-o-y in 2024, driven by increases in costs of residential, commercial and agricultural real estate, according to the latest General Authority for Statistics (Gastat) real estate index (pdf).

The breakdown: The rise was primarily driven by a 6.1% y-o-y increase in the commercial sector, due to the increase in the prices of commercial lands by 6.2% and buildings by 6.0%. Agricultural real estate prices rose 1.4% y-o-y, while residential real estate increased 1%

In 4Q 2024, the index rose 3.6% y-o-y, on the back of a 5.0% increase in commercial real estate prices, as land prices saw a 5.2% y-o-y increase, while buildings recorded a 5.1% increase. Meanwhile, residential prices grew 3.1%, and agricultural real estate prices rose 2.8%.

Riyadh takes the crown: The capital’s real estate prices grew 10.2% y-o-y in 4Q 2024, followed by Najran (4.6%), and Tabuk (+1.1%).

REMEMBER- Housing costs, particularly rents, were the primary driver of Saudi’s annual inflation rate throughout 2024, which reached its peak in November at 2.0%.

Quarterly highlights: The index logged a 1.6% increase in 4Q 2024 compared to 3Q. The residential sector inched up 1.0% q-o-q, on the back of a 0.9% increase in land prices, a 0.5% increase in apartments, and a 2.4% increase in villa prices. Commercial real estate prices were also up 2.7% q-o-q on the back of a 3.2% y-o-y rise in land prices, softened by a 2.3% decline in buildings prices. Meanwhile, agricultural real estate prices decreased by 9.8% in 4Q.

IN OTHER REAL ESTATE NEWS-

Our real estate sector is projected to see a strong demand in the office market in 2025 amid increased leasing activity and high rental growth expectations, according to Savills Real Estate forecasts.

Key contributors include: High-end residential developments in Riyadh, Grade-A office spaces in Jeddah, retail spaces in Dammam, mid-tier residential units in emerging Riyadh districts, hospitality projects in Makkah and Medina, and industrial projects in Dammam Industrial City. In addition, mixed-use projects in Neom, luxury hospitality projects on the Red Sea Coast, and tech-focused commercial real estate in Riyadh are expected to contribute to the trend.

Rize closes SAR 132 mn series A round

Proptech player Rize closed a SAR 132 mn (USD 35 mn) series A round led by Raed Ventures, with participation from SEEDRA Ventures, Aqar Platform, JOA Capital, NAMA Ventures, and HALA Ventures, the company said in a press release (pdf) sent to EnterpriseAM Saudi. The round also included debt financing facilitated via a partnership with venture debt platform Partners For Growth. The exact value of the facility was not disclosed.

Use of proceeds: Rize earmarked the funds for developing its tech and expanding its service beyond Riyadh into the Eastern and Western regions. The company’s Rent Now, Pay Later (RNPL) product will also launch on the Aqar Platform, offering users flexible payment options.

What they said: “We have worked hard to develop our internal technologies to enable the automation process and make the rental experience smoother. This investment round is a significant step to enhance our technologies and accelerate the company's growth,” Rize co-founder and CTO Mohamed Alfraihi said.

About Rize: Co-founded in 2021 by CEO Ibrahim Balilah (Linkedin) and CTO Mohamed Alfraihi (Linkedin), Rize’s RNPL services — which secured Shariah certification in September — enable tenants to pay annual rents in monthly installments. Since its founding, total rental value on the platform has exceeded SAR 500 mn, according to the statement.

Almarai posts 16.2% increase to net income in 4Q 2024

Food giant Almarai’s net income increased 16.2% y-o-y to SAR 430.7 mn in 4Q 2024, while revenues rose 4.8% y-o-y to SAR 5.2 bn. The increase was driven by cost management and a rise in GCC sales across most products, particularly in food and fresh dairy, the company says.

A good year: Almarai wrapped up 2024 with a 12.9% y-o-y increase in net income to a record SAR 2.3 bn, and a 7.2% increase in revenues to SAR 21 bn, on the back of “the expansion of the products portfolio, sustained investment in consumer communication and continual focus on operational efficiency.”

ICYMI- S&P Global included Almarai among companies whose earnings and ratings are not expected to be significantly impacted by Saudi Aramco’s recent decision to hike feedstock and fuel price. Despite incurring an additional SAR 200 mn in costs throughout last year due to higher fuel prices and indirect impacts to its supply chain, the dairy producer’s rating is expected to stay level at BBB- in 2025, mitigating negative effects via efficiency gains and cost optimization.

Riyadh’s housing options are getting too expensive

Riyadh’s ever-climbing property prices get international ink: Home prices in the capital are 81% higher than they were during the pandemic, with apartment prices up 56%, the Financial Times reports, citing researchers at consultancy Knight Frank. An influx of youth migrating to the city is what’s driving the increase in property prices, as young professionals relocate to Riyadh to benefit from new job prospects and social reforms.

The surge in home prices threatens to upend government plans to achieve 70% Saudi home ownership by 2030, the FT said. The kingdom launched state-backed programs to address home affordability via subsidized loans and the construction of new housing units — including a push by the National Housing Company to construct thousands of suburban units.

Sasco subsidiary edges closer to acquiring 70% stake in Tadbeer Recruitment

M&A WATCH-

Sasco unit signs definitive agreement for stake in Saudi labor agency Tadbeer: Tadawul-listed Saudi Automotive Services (Sasco) subsidiary Investment and Equipment inked a definitive agreement to acquire 70% of local labor agency Tadbeer Recruitment, after completing due diligence, according to a filing to the exchange. Sasco has also lined up initial approval to upgrade Tadbeer’s stock to class A from class B. The Sasco subsidiary had initially signed an MoU for the acquisition in August 2024, which was extended for an additional three months in November to complete procedural requirements.

SOUND SMART- Class A and class B shares are two different types of stocks that carry different voting rights, availability and value. Class A stocks typically offer greater voting power granting holders a stronger say in company decisions. These shares are usually given to executives, management, founders or key stakeholders to retain control over the company. In some cases, one class A stock can be converted to multiple class B stocks, making them more valuable.

Sasco will tap into its own credit facilities to finance the SAR 85 mn transaction, which plays into the company’s broader plans to diversify its investment portfolio and enhance service integration across its subsidiaries, according to an earlier disclosure to Tadawul.

ADVISORS- Sasco appointed Sultan Al Shubaili to conduct a fair-value study for Tadbeer.

INFRASTRUCTURE-

Acwa Power consortium awarded desalination project in Azerbaijan: A consortium of homegrown renewables giant Acwa Power and Turkish firm IC İÇTAŞ İNŞAAT was awarded a contract by Azerbaijan’s government to build a seawater reverse osmosis desalination plant in Sumagait.

More about the project: The plant will have an estimated daily capacity of around 300k cubic meters and will help meet the growing water demand in Baku and the Absheron Peninsula. The Saudi-Turkish consortium will run the plant for 27.5 years before handing over its management to the Azerbaijan State Water Resources Agency.

HEALTHCARE-

Spimaco secures medical products supply contract: The Saudi Pharmaceutical and Medical Supplies Company (Spimaco) landed a five-year, SAR 820.3 mn contract — paid 164.1 mn annually — to supply medical products to Ibrahim Al Hudhaifi International Company. The agreement covers the supply of fever medicine Fevadol and an undisclosed allergy medicine, among other products.

ENERGY-

City Cement is switching to natural gas: City Cement Company tapped Aramco for natural gas supply to convert its liquid fuel-run production facilities to run on natural gas. This comes under the government’s Liquid Fuel Displacement Program, which aims to replace 1 mn barrels of liquid fuels per day across the agriculture, manufacturing, and utilities sectors by 2030.

Mega M&As are set for a strong comeback this year, sparking shareholder concerns

Mega-M&As to make a strong comeback in 2025: Big ticket mergers and acquisitions are expected to pick up in 2025 on the back of lower interest rates, bullish equity markets, and relaxed antitrust regulations, Reuters reports.

By the numbers: M&A transactions worth USD 10 bn or more accounted for a fifth of total activity over the past five years, exceeding USD 656 bn in 2024. This is a modest increase compared to 2023, but still a considerable decline from over USD 1 tn recorded in 2019.

Monetary policy enables funding big M&As: The US Fed lowered interest rates by a full percentage point since September 2024. Central banks in the EU and around the world are also following suit, making debt-funding of M&A transactions easier due to lower borrowing costs.

Antitrust regulations seem to be relaxing, too: Andrew Ferguson, Trump’s pick for the Federal Trade Commission, called for ending the “war on mergers.” Meanwhile, the EU’s competition chief Teresa Ribera told the Financial Times last September that the bloc’s rules will “evolve” to help European companies scale up and face global competition.

BUT- Poor performance is a concern for shareholders: Analysis of 60 big ticket M&As since 2020 found that three-quarters of buyers underperformed their sector benchmarks in terms of annualized shareholder returns by 7 percentage points on average. Notable failures include the 2021 merger of Discovery and Warner Media, which saw annualized return drop 30% since the last day before the merger.

Buyers in financial services and healthcare fared particularly badly, underperforming their sector benchmarks by 9 and 10 percentage points on average. Pfizer’s USD 43 bn Seagen acquisition and Royal Bank of Canada’s USD 10 bn purchase of HSBC Canada were among the flops, according to Reuters’ analysis.

MARKETS THIS MORNING-

Asian markets are up this morning ahead of Trump’s inauguration, as investors anticipate the new administration’s policies. Hang Seng (Hong Kong) rose 1.8%, while Japan’s Nikkei rose 1.2%, and Shanghai Composite rose 0.5%. Meanwhile, Wall Street futures are inching lower following a strong week for the S&P 500.

TASI	12,332	+0.6% (YTD: +2.5%)
MSCI Tadawul 30	1,547	+0.7% (YTD: +2.5%)
NomuC	31,600	+0.3% (YTD: +0.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	29,729	+0.4% (YTD: 0.0%)
ADX	9,499	-0.1% (YTD: +0.9%)
DFM	5,212	-0.5% (YTD: +1.0%)
S&P 500	5,997	+1.0% (YTD: +2.0%)
FTSE 100	8,505	+1.4% (YTD: +4.1%)
Euro Stoxx 50	5,148	+0.8% (YTD: +5.2%)
Brent crude	USD 80.79	-0.6%
Natural gas (Nymex)	USD 3.95	-7.3%
Gold	USD 2748.70	-0.2%
BTC	USD 104,241.70	+0.3% (YTD: +10.5%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.6% yesterday on turnover of SAR 5.4 bn. The index is up 2.5% YTD.

In the green: Saudi Cable (+9.9%), MESC (+6.4%) and Zamil Indust (+5.7%).

In the red: Saudi Re (-2.3%), Almoosa (-1.9%) and Wataniya (-1.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.3% yesterday on turnover of SAR 52.9 mn. The index is up 0.4% YTD.

In the green: Rawasi (+7.0%), Tharwah (+6.8%) and Alqemam (+6.7%).

In the red: Leaf (-6.4%), Pan Gulf (-6.3%) and Meyar (-4.0%)

CORPORATE ACTIONS-

The Saudi National Bank’s board of directors recommended a share buyback of up to 16 mn shares to be allocated as treasury shares for the company's Key Employees Equity Program. The purchase — which is subject to shareholder approval and regulatory requirements — will be financed via the bank's own resources.

CALENDAR

JANUARY

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

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

1-30 March: Ramadan (TBC).

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

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

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

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

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

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

AUGUST

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

SEPTEMBER

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

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

23 September (Tuesday): Saudi National Day.

OCTOBER

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

NOVEMBER

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

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

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

DECEMBER

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

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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