Saudi planning USD 100 bn AI project?

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WHAT WE’RE TRACKING TODAY

THIS MORNING: No Liv-PGA merger just yet

Good morning, friends. After a very busy week, we’re closing out this Thursday morning with a tight issue that has a nice mix of stories but is somewhat dominated by debt and financing news. But first…

USD 100 bn AI hub coming? Saudi is reportedly looking to set up a new USD 100 bn AI project to turn the Kingdom into a “technological hub to rival the neighboring United Arab Emirates,” Bloomberg reports, citing people with knowledge of the matter. The project — named Project Transcendence — is expected to pour funding into artificial intelligence-related infrastructure, including data centers, as well as relevant startups to develop the local landscape. The project “will also focus on recruiting new talent to the kingdom, developing the local ecosystem and encouraging tech companies to put resources in the country.

WEATHER- Riyadh is looking at a high of 30°C and a low of 18°C today. Over in Dammam, the mercury will peak at 32°C and hit a low of 21°C. Meanwhile, Makkah is looking at some light rainfall with a high of 36°C and a low of 24°C.

PSAs-

Residents of 24 neighborhoods in Makkah will be able to register their properties on the Real Estate Registry platform starting Sunday, 8 December, the General Authority for Real Estate said in a news release. Registration closes on 31 March, 2025.

WATCH THIS SPACE-

#1- Riyadh Air is gearing up for a major fleet expansion, with plans to place a new wide-body jet order by 1H 2025, CEO Tony Douglas tells Reuters, without disclosing details on the size of the order. The PIF-owned startup airline is eyeing the Boeing 777X and Airbus A350-1000 to meet its long-haul needs, after having purchased 39 Boeing 787s and 60 Airbus A321neos which are scheduled to arrive between 2H 2026 and 2030.

With the ultimate goal of operating more than 200 aircraft, Riyadh Air is aiming to start formal talks for the new order in the coming months, with some long-range versions likely in the mix to support new routes and optimize load factors, according to Douglas.

#2- M&A WATCH- The National Company for Glass Industries (Zoujaj) is keeping its M&A discussions with Saudi Glass on the table, extending its non-binding MoU for another six months until Thursday, 8 May 2025, it said in a filing to Tadawul. The MoU was originally set to expire this Saturday, 9 November. The two had inked an MoU late last year to “study the opportunity to conclude an acquisition or merger,” Zoujaj said in an earlier filing to the exchange without providing further details.

#3- Some 77% of Sweden’s 66 firms in Saudi are planning to ramp up investments here over the next year, Swedish Foreign Ministry official Camilla Mellander told Arab News. “Around 40% of Swedish companies currently working in Saudi Arabia have established or are looking to establish their regional office in the country,” Mellander added.

#4- Hasseef Investment is now able to manage investments in securities, after getting Capital Market Authority approval, according to a statement.

DATA POINTS-

#1- UK investors accounted for 79% of qualified foreign investor (QFI) trades on the Saudi exchange in 3Q 2024, Tadawul Group Chair Sarah Al Suhaimi said at the Saudi-UK Capital Markets Forum in London, IFR reports. Al-Suhaimi noted the rapid rise in QFIs, now surpassing 4k from just 50 in 2017, with institutional trades making up 40%.

#2- Cargo handling at Saudi ports was up 8.3% y-o-y to 27 mn tons in October, according to figures released by the Saudi Ports Authority (Mawani). The number of export containers grew 14% y-o-y to 254.8k TEUs, while imported containers rose 10% to 248.2k TEUs last month.

SPORTS-

#1- Reports that a LIV-PGA merger has been finalized are “premature,” with no agreement yet secured as key points of contention remain. The rumors, sparked by a report by The Sun which claimed that “golf’s civil war is ove,r” were debunked by Front Office Sports, citing several industry sources. Key issues, including how to secure the approval of US antitrust regulators and what to do with players which defected from the PGA to LIV still await resolution. Reuters also had the story.

Everyone involved wants an agreement ASAP: There is however “heavy internal pressure” to square away an agreement before the year-end target date to avoid complications related to scheduling next year’s tournaments, Front Office Sports said.

#2- Saudi Pro League teams have locked out the top three spots in the AFC Champions League Elite league phase at halfway point. Al Nassr’s 5-1 thrashing of title-holders Al Ain has moved it into third place in the standings, only trailing Al Ahli and Al Hilal, reports Reuters.

OIL WATCH-

State-owned oil giant Aramco lowered its oil prices for Asian customers in December, adjusting its pricing approach after Opec+ opted to postpone production hikes by one month, Bloomberg reports. The company will now price its Arab Light crude at a USD 1.70 per barrel premium over the regional benchmark, reduced from USD 2.20 in November. This reduction aligns with trader and refiner forecasts, which predicted a USD 0.45 drop in the premium.

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THE BIG STORY ABROAD-

With Trump elected for another term, it’s a very politics-heavy morning in the international press. After the US presidential election results were called earlier than initially expected yesterday, Kamala Harris conceded the race to Donald Trump The current vice president’s concession is getting ink in the New York Times, Politico, CNBC, and the Wall Street Journal, among many others. The race to form the 47th US president’s cabinet is now on, with Trump vetting candidates to form his administration. The Financial Times and Politico have more.

What does a second Trump administration look like? Critically, the Republican Party looks set to secure the Congress in addition to landing the White House and the Senate, the Wall Street Journal notes. Meanwhile, the Financial Times looks at what Trump’s foreign policy will look like, as Reuters notes that the next few years is looking uncertain for some countries like Ukraine — which is unlikely to receive much support from Washington once Joe Biden’s current term in office comes to a close. The Wall Street Journal, Bloomberg, and the New York Times also get into what the second Trump presidency will likely mean for the economy and the US Federal Reserve.

CIRCLE YOUR CALENDAR-

The Saudi Rail Conference and Exhibition will take place on 20-21 November at the Riyadh International Convention and Exhibition Center. The event will showcase developments in the railway sector and provide insights from over 150 local and international speakers.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

The 2025 Dakar Rally in Saudi is set to bring 14 days of racing to the Bisha and Shubaytah deserts, with its 12 stages taking place between 3-17 January. Scrutineering will start on the first day of the new year and close the following day, with the prologue to all the racing tacked on to the end of that on 3 January. All racing will conclude on Friday, 17 January.

The two-day Zakat, Tax and Customs Conference 2024 will kick off on 4 December at the King Abdullah Financial District. The event will bring together over 50 speakers and 10k attendees to chew over some of the solutions for the applications of zakat, tax and customs.

Monsha’at secures SAR bns in SME financing at Biban 24

The General Authority for Small and Medium Enterprises (Monsha’at) signed a combined SAR 18.3 bn-worth of financing agreements with Saudi banks to drive capital access for local SMEs on the first day of the Biban24 Forum, the authority said in a statement. The event — which kicked off on Tuesday — will run until this Saturday at the Riyadh Front Exhibition & Conference Center.

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The breakdown: The agreements include a SAR 3 bn portfolio with Riyad Bank, along with SAR 2.9 bn in commitments from Al Rajhi Bank, SAR 2.85 bn from Al Bilad Bank, SAR 800 mn from Alinma Bank, and SAR 700 mn from Saudi Fransi. The Saudi National Bank announced a financing portfolio worth SAR 3 bn, the First Saudi Bank unveiled a portfolio valued at SAR 1 bn, and the Arab National Bank announced a financing portfolio of SAR 1.1 bn, along with the launch of an e-commerce financing product worth SAR 500 mn.

ALSO FROM BIBAN- The SME Bank announced a SAR 1 bn allocation to finance SMEs in 4Q, alongside a dedicated financing program for SMEs in the education sector. Kafalah targets earmarking SAR 200 bn in funding guarantees for local SMEs, Kafalah CEO Homam Hashem told Mubasher on the sidelines of the forum.

Roshn in talks with international banks for SAR 2.6 bn in financing

PIF-backed real estate player Roshn is looking to tap international banks to raise SAR 2.6 bn (USD 666 mn) in 1Q 2025, with the developer currently in talks with four global banks that include JP Morgan and Standard Chartered, Roshn’s Executive Director for Treasury and Ins. Fahad Al Ghamdi told Zawya.

So far, details are scant: Information on the identity of the other international banks currently in talks with Roshn, the structure of the credit facilities which Roshn is eyeing, and the use of proceeds has so far not been disclosed.

In the meantime: The firm also expects to raise SAR 18 bn from Saudi banks by year’s end, with that tally including a SAR 9 bn (USD 2.4 bn) syndicated credit facility secured to fund “growth and expansion plans” last month.

What’s next? The developer intends to seek a credit rating after concluding its talks with international banks in 1Q 2025, with financial instruments such as sukuk likely to follow over the next two to three years, Al Ghamdi added. An IPO might also be on the cards, although the company does not have a definitive time frame or details on the size and value of a potential offering, Al Ghamdi said.

The real estate developer is also branching out: Originally established to develop housing projects to support a 2030 goal of 70% home ownership among Saudis, Roshn has also expanded into commercial and retail developments, as well as industrial and logistics parks, Zawya said. The firm will also develop two out of the 15 stadiums supporting the Kingdom’s bid for the 2034 World Cup.

Earnings keep coming…

SAUDI ELECTRICITY COMPANY (SEC)-

SEC reported SAR 6.9 bn in net income in 3Q 2024, up 18% y-o-y on the back of higher revenues and a positive base effect due to one-off costs that negatively affected last year’s bottom line, the firm said in a disclosure to Tadawul. Meanwhile, revenues rose 19% at SAR 28.3 bn, with gains driven by higher regulated weighted average cost of capital, an expanded asset base, growing subscribers, and new project revenue from the construction of substations and transmission lines for SEC customers.

On a 9M basis: The company’s bottom line grew 17.4% y-o-y to SAR 12.1 bn during the first nine months of the year, boosted by a SAR 6.6 bn gain attributed to a mudaraba instrument, while revenues increased 17% to SAR 66.6 bn.

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MA’ADEN-

Saudi Arabian Mining (Ma’aden) turned to the black in 3Q 2024 with a net income of SAR 971.5 mn, compared to a SAR 83.4 mn loss during the same period last year, the firm said in a disclosure to Tadawul. Meanwhile, revenues grew 29.2% at SAR 8 bn.

The breakdown: The company’s bottom line bounced back up during the third quarter on the back of greater sales prices and volumes, lower depreciation costs, and a one-off SAR 94 mn gain from an ins. claim. Sales were boosted by higher commodity prices, as well as greater volumes of all products except for alumina, primary aluminum, and gold, the disclosure read.

On a 9M basis: Ma’aden saw its net income more than quadruple y-o-y to SAR 2.98 bn during the first nine months of the year, driven by higher sales volumes and prices, falling raw material and depreciation costs, and a positive base effect attributed to one-off industrial utility charges that had impacted the previous reporting period. Top line was up 6.3% at SAR 22.58 bn through 9M.

SAUDI RESEARCH AND MEDIA GROUP (SRMG)-

Saudi Research and Media Group’s net income fell 40.4% y-o-y to SAR 148.5 mn in 3Q 2024, it said in a disclosure to Tadawul. Revenues dropped 19.3% y-o-y during the period at SAR 850 mn due to declines across all operating segments, including public relations, advertising, and publishing, visual, and digital content.

On a 9M basis: The company’s bottom line declined 42.6% y-o-y at SAR 316.7 mn during the first nine months of the year, while revenues were also down 13.7% at SAR 2.5 bn.

ARABIAN MILLS-

Arabian Mills’ net income fell 19.8% y-o-y to SAR 54.9 mn in 3Q 2024, on the back of greater competition, higher raw materials, expansions, and other costs, as well as a negative base effect attributed to higher treasury income logged during the previous period, the firm said in a disclosure to Tadawul. Meanwhile, revenues rose 7.1% y-o-y to SAR 244.3 mn, driven by higher sales across all segments.

On a 9M basis: The company’s bottom line grew 11.5% y-o-y to SAR 156.4 mn during the first nine months of the year. Revenues were up 12.9% at SAR 709.1 mn.

ICYMI- Arabian Mills sold a 30% stake on Tadawul in a secondary offering last month. The institutional tranche sold out within hours of opening and was 132x oversubscribed, while the retail component was 9.2x oversubscribed. The sale generated some USD 1 bn in proceeds that were distributed among selling shareholders after the deduction of SAR 33 mn in offering expenses.

Almarai takes home Best Corporate Sukuk award

Almarai received the Best Corporate Sukuk award for its USD 750 mn international sukuk issued in July 2023 at the Asset Triple A Islamic Finance Awards, in Kuala Lumpur, according to a press release. The awards honor top Islamic finance institutions and transactions globally, with recipients selected through a quantitative and qualitative evaluation.

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Saudi Cable brings back CEO post, promoting current MD Khalid bin Asaad Khashogji

Saudi Cable reinstated its CEO position in a renewed overhaul of its executive management structure, tapping Khalid bin Asaad Khashogji (LinkedIn) — the company’s current managing director — as its new CEO, it said in a filing to Tadawul. Khashogji brings over 22 years of experience in managing companies across the Kingdom, Canada and the US. He is currently a member of Saudi Cable’s executive committee, a member of the board of Midal Cables in Bahrain and VC of the board of Thimar Holding Company, among other postings.

ICYMI- Saudi Cable had scrapped its CEO position in August as part of a cost-cutting push to avoid bankruptcy, relieving former CEO Fawaz bin Mubarak Al Muqbe of his duties and reassigning CEO responsibilities to Khashogji.

PIF’s Roshn tenders 45k seat football stadium in Riyadh

CONSTRUCTION-

PIF real estate arm Roshn is seeking local and international contractors for its 45k-seatfootball stadium in Riyadh, Iain McBride, Roshn’s head of commercial, told AGBI. The company aims to partner with experienced contractors early on in the process to reduce project risks, McBride said. The stadium’s preliminary design, submitted as part of the Kingdom’s 2034 World Cup bid, is still in the concept phase, while the formal construction tender is expected to launch next year, he added.

REMEMBER- The Kingdom is looking to host a handful of international sports events in the next decade, with plans to boost its sports infrastructure. Officials released the Kingdom’s bid book for the 2034 Fifa World Cup in August, highlighting 15 stadiums across five cities, from Riyadh to Al Khobar, Jeddah, Abha, and Neom. Saudi Arabia became the sole bidder for the 2034 World Cup after Australia backed out. The Kingdom is also exploring the possibility of bidding to host the Olympic games.

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INVESTMENT WATCH-

The Hong Kong Science and Technology Parks Corporation added Saudi Arabia’s Future Investment Initiative Institute (FIII) as a Global Strategic Partner to its Global Connect program, according to a press release. The program targets to facilitate the expansion of 20 Middle Eastern companies into Hong Kong, and vice versa.

A spree of agreements was signed between Saudi firms and HKSTP-member firms at the FIII forum:

Saudi Ports Services & Storages partnered with Westwell to implement smart technology in logistics, container yards, and supply chains across MENA.
Homegrown Kian Alraqmih partnered with Altai to deploy its Wi-Fi solutions at Saudi container terminals and industrial zones.
Homegrown Sintechs partnered with FJ Dynamics to advance robotics technology and marketing across the Gulf.
Saudi-based Geo Tech partnered with Manifold Tech to use the latter’s spatial intelligence solutions to upgrade its ability to collect, manage, and analyze real-time geospatial data.
Saud-based Nasla Tourism tapped XKool to use its construction management solutions at its new sport-themed park.
Homegrown Aeronautica Aviation partnered with Volar Air Mobility to share knowledge on advancing electrical aircraft operations in the Middle East.
Ninenovo partnered with Saudi-based Techmart to use the latter’s distribution network to bring its products to the UAE, Oman, Bahrain, Qatar, and Kuwait.

LOGISTICS-

Oman launches tender for freezone on Saudi border: Oman’s Public Authority for Special Economic Zones and Freezones launched a tender — funded by the Saudi Development Fund — for the main roads, flood protection channels, and surface water drainage system at the Economic Zone at Al Dhahirah (Ezad) near the Saudi border, state-run Oman News Agency reports. Interested companies will have until 18 November to pick up the tender documents and until 2 January, 2025 to submit their bids.

TRADE-

Saudi Arabia + US look to boost cargo transit: Saudi Arabia and the US signed an agreement to add an additional clause of operation to the existing 2013 US-Saudi Arabia Air Transport Agreement to expand the transportation of air cargo between the two countries, according to a statement. The additional provisions in the amendment will improve the global movement of goods by giving air carriers more flexibility to better meet the needs of their cargo and express delivery customers, the statement said. Specifically, the amendment will allow US airlines to transport cargo between Saudi Arabia and third countries without having to stop in the US. Similarly, Saudi Arabian carriers will gain the same rights to operate in the US.

AVIATION-

#1- British Airways resumes direct flights between Jeddah and London, connecting Heathrow and King Abdulaziz International Airport with six flights per week, according to a post on X. This marks the end of a three-year hiatus that began during covid-19. The British flagship carrier suspended flights to Jeddah and other long-haul destinations including Abu Dhabi in 2021 in a bid to slash losses caused by the grounding of flights due to the pandemic.

#2- Budget airline Flyadeal introduced a fare price freeze system, which allows prospective passengers to tentatively book flights at a price that remains unchanged until a final reservation is made, it said in a LinkedIn post. The service comes at a nominal fee of SAR 25 for flights scheduled 30 days after the booking date, and SAR 40 for flights scheduled within 5-30 days from the booking date.

ENTERTAINMENT-

Qiddiya launches a marketing arm: PIF-owned entertainment firm Qiddiya Investment Company launched Play Qiddiya City, a marketing and management arm to promote its destinations via partnerships with global businesses, and investors, state news agency SPA reports.

STARTUP WATCH-

Saudi Venture Capital invested USD 20 mn in Beco Capital’s Booster Fund IV, a VC fund that targets early-stage startups operating in the GCC region, state news agency SPA reports. The sector-agnostic fund focuses on Seed to series A startups.

2034 Fifa World Cup ALSO ON OUR RADAR Beco Capital Fakeeh Group Flyadeal free zone Future Investment Initiative Institute (FIII) Herfy Food Services King Abdulaziz International Airport Qiddiya Investment Company Roshn Saudi Tadawul Group Saudi Venture Capital (SVC) Savola Group Scientific and Medical Equipment House trade

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PLANET FINANCE

Equities, currencies, and bonds react to Trump’s reelection

Markets react to Trump’s reelection: Donald Trump has been elected to his second nonconsecutive term at the White House leaving investors, traders, and policymakers speculating what that could mean for financial markets. The reaction to Trump’s win was immediate with equities, currencies, and bonds all seeing wild swings.

Want a recap of what went down yesterday? Yesterday’s issue of EnterprisePM Egypt dove into Trump’s victory and what we can expect from another four years of Trump in the White House. Check out the issue here.

Investor sentiment surged following Trump’s decisive win. “For now, investor sentiment is pro-growth, pro-deregulation, and pro-markets,” Bahnsen Group’s David Bahnsen told Bloomberg. “Finally, US stocks may see tailwinds from not only the election results but a retreat in volatility hedging, corporations moving out of their buyback blackout periods as the earnings season winds down, and strong fourth-quarter seasonality factors (particularly in election years),” said Ameriprise’s Anthony Saglimbene.

Stock markets hit record highs: US stocks soared to fresh highs — the S&P 500 climbed 2.5%, setting its 48th high of the year, the Dow Jones surged 3.6%, and the Nasdaq was up 2.7%. The Russell 2000 index of smaller companies outperformed all of its counterparts, rising 5.6% as investors banked on Trump’s stance in favor of domestically concentrated businesses.

The USD soars: The USD surged, posting its best one-day performance since 2022, with the Bloomberg USD Spot Index rising 1.3%. The greenback’s ascent sent major currencies reeling; the EUR fell 1.8%, marking its steepest one-day drop in over four years, while the JPY fell 1.9%. The GBP slipped 1.2%, marking broad pressure on non-USD currencies.

Not all is convinced the USD rally is here to stay: Trump’s policies on trade and tariffs are seen as “USD-positive,” Tradu’s analyst Nikos Tzabouras told Reuters. However, he argued that Trump “had essentially challenged the long standing strong USD mantra, because he prefers a weaker currency to help with exports and American economic activity,” which could temper this rally.

Bond markets brace for volatility: Treasury yields spiked, as investors reassessed the Federal Reserve’s path forward under Trump’s leadership. The 10-year Treasury yield hit its peak in five months, rising 21 basis points to 4.48%, driven by expectations of tax cuts and tariffs potentially triggering inflation.

Crypto rides the Trump wave: BTC soared nearly 9%, hitting a record high of over USD 76k as investors linked Trump’s victory to potential crypto-friendly policies. ETH followed suit, rising 10%. Trump’s support for digital assets during his campaign has fueled optimism in the sector, bolstering market confidence.

Mixed macro outlook as optimism meets caution: While markets are enjoying a wave of optimism, analysts caution that “the backdrop is complex.” Concerns about budget deficits, inflation, and fewer-than-expected Fed rate cuts are acting as counterbalances to the current bullish trend. Thierry Wizman at Macquarie advised traders to be mindful about pushing “the yield story much further,” as anticipated fiscal restraint could alter bond market dynamics.

The international press is abuzz with Trump’s victory and what it means for financial markets: Reuters | Bloomberg | FT | BBC | CNBC | NYT.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, as investors digest Trump’s reelection. The Nikkei is down 0.2%, while the Kospi is up 0.2%. The Shanghai is up 0.4% and Hang Seng is looking at gains of 0.8%.

TASI	12,093	+0.7% (YTD: +1.1%)
MSCI Tadawul 30	1,520	+0.8% (YTD: -2.0%)
NomuC	28,854	+0.1% (YTD: +17.6%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.5% repo	5.0% reverse repo
EGX30	31,045	+0.8% (YTD: +24.7%)
ADX	9,425	+0.4% (YTD: -1.6%)
DFM	4,616	+0.5% (YTD: +13.7%)
S&P 500	5,929	+2.5% (YTD: +24.3%)
FTSE 100	8,167	-0.1% (YTD: +5.6%)
Euro Stoxx 50	4,801	-1.4% (YTD: +6.2%)
Brent crude	USD 74.92	-0.8%
Natural gas (Nymex)	USD 2.73	-0.7%
Gold	USD 2,669	-0.3%
BTC	USD 75,730	+8.8% (YTD: +79.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.7% yesterday on turnover of SAR 7.6 bn. The index is up 1.1% YTD.

In the green: Al Baha (+10.0%), Teco (+6.3%) and Saudi Electricity (+6.3%).

In the red: Al Munajem (-7.8%), Wataniya (-4.3%) and SRMG (-3.7%).

THE CLOSING BELL: NOMU-

The NomuC rose +0.1% yesterday on turnover of SAR 106.8 mn. The index is up +17.6% YTD.

In the green: Shalfa (+30.0%), Mulkia (+7.8%) and Naba Al Saha (+6.8%).

In the red: Ghida Al Sultan (-7.6%), Taqat (-6.3%) and Purity (-5.4%)

CORPORATE ACTIONS-

Arabian Plastic Industrial Company’s BoD has recommended a 50% capital increase by way of granting bonus shares to shareholders, bringing its capitalization to SAR 75 mn, it said in a disclosure to Tadawul. The capital hike will be financed by capitalizing SAR 25 mn from the company’s retained earnings. Shareholders will receive one bonus share for every two shares they own and fractional shares will be sold in a rump offering, with proceeds distributed to shareholders on a pro rata basis, the disclosure read.

Shareholders of Abdulmohsen Al Hokair Group for Tourism and Development gave the green light for a rebranding to Baan Holding Group, it said in a disclosure to Tadawul.

CALENDAR

NOVEMBER

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

3-23 November (Sunday-Sunday): NEOM Beach Games, Neom.

3 November-19 December (Sunday-Thursday): Measles and Rubella vaccination campaign, Najran.

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

5-9 November (Tuesday-Saturday): Biban24 Forum, The Front Exhibition and Conference Center, Riyadh.

11 November (Monday): Last day for qualified investors to subscribe to Mufeed's 10% stake on Nomu.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Center.

11-22 November (Monday-Friday): The Diplomatic Conference to Conclude and Adopt a Design Law Treaty, Riyadh.

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

11-12 November (Monday-Tuesday): Expenditure Efficiency Forum, The Hilton, Riyadh.

11-13 November (Monday-Wednesday): Saudi Intermobility Expo 2024, Jeddah.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

11-17 November (Monday-Sunday): Launch of China’s USD 2bn bond issuance in Saudi.

12-18 November (Tuesday-Monday): Offering period for Multi Business Group’s (MBG) Nomu IPO.

16 November (Saturday): Latino Night at Riyadh Season, Riyadh.

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Dammam.

19-20 November (Tuesday-Wednesday): The Women's Economic Forum 2024, Dammam.

20-21 November (Wednesday-Thursday): The Saudi Rail Conference and Exhibition, Riyadh International Convention and Exhibition Center, Riyadh.

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam.

21 November (Thursday): Final allocation for Multi Business Group’s (MBG) Nomu IPO.

23 November (Saturday): Red Sea 600, Jeddah Yacht Club and Marina.

25 November (Monday): Refunds for Multi Business Group’s (MBG) Nomu IPO.

25-27 November (Monday-Wednesday): World Investment Conference, Riyadh.

25 November-1 December (Monday-Sunday): Offering period for Digital Research Company’s (DRC) Nomu IPO.

26 November (Tuesday): Saudi Aramco 3Q 2024 dividend distribution.

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

28 November-14 December (Thursday-Saturday): Noor Riyadh, Riyadh.

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

DECEMBER

1 December (Sunday): Opec+ to meet.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

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

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

4 December (Wednesday): Final allocation for Digital Research Company’s (DRC) Nomu IPO.

4-5 December (Wednesday-Thursday): Zakat, Tax and Customs Conference, Riyadh.

5-8 December (Thursday-Sunday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

8 December (Sunday): Refunds for Digital Research Company’s (DRC) Nomu IPO.

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034

12-14 December (Thursday-Saturday): Soundstorm by MDLBEAST music festival.

15-19 December (Sunday-Thursday): Internet Governance Forum, King Abdulaziz International Conference Center, Riyadh.

18-19 December (Wednesday-Thursday): Impact Makers Forum (ImpaQ), Mayadeen Hall, Riyadh.

23-26 December (Monday-Thursday): Aqarat Expo, Riyadh.

31 December (Tuesday): Last day for taxpayers to benefit from Zatca’s fines and penalties waiving initiative.

2025

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

Saudi and Turkey plan to raise their bilateral trade volume to USD 10 bn

JANUARY 2025

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

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

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

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

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

FEBRUARY 2025

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

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.

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

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

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

22 February (Saturday): Founding Day.

MARCH 2025

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

MAY 2025

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

JUNE 2025

6-9 June ( Friday-Monday): Eid al-Adha.

26 June (Thursday): 2024-2025 academic year ends.

JULY 2025

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

SEPTEMBER 2025

23 September (Tuesday): Saudi National Day.

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.

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