Saudi, Turkey, Pakistan enter mutual defense pact

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WHAT WE’RE TRACKING TODAY

THIS MORNING: LIV Golf is close to landing a new lead investor to replace PIF funding

Good morning, friends. Saudi Arabia just changed its own security calculus. The Kingdom, Turkey, and Pakistan signed the Makkah Joint Defense Agreement on Friday, binding all three to treat an attack on any one as an attack on all — with a mutual-defense clause Reuters describes as technically comparable to NATO's Article 5. Crown Prince Mohammed bin Salman signed alongside counterparts Erdogan and Sharif in the holy city. Read that lineup again: NATO’s second-largest army and the only nuclear-armed state in the Muslim world are now formally bound to the Kingdom's defense. After a summer of absorbing strikes from Yemen and Iraq, Riyadh just answered with the biggest structural move available to it.

Two smaller items to clock underneath that. The Cabinet has extended the deadline for correcting and documenting unregistered real estate transactions — a compliance date, not a headline, but worth knowing if you're holding property that needs paperwork. And 2Q earnings are, unsurprisingly, telling the story of the war in numbers: Savola is the only name we're covering today that grew net income this quarter. Acwa, Kingdom Holding, Aldawaa, and the rest all took a hit, some worse than others.

LIV Golf closing in on new investor

LIV Golf is close to landing an unnamed lead investor after signing a term sheet, seeking to replace the Public Investment Fund’s financing, which is set to end this month, Financial Times reports, citing an announcement by LIV’s CEO Scott O’Neil. The investor is the credit arm of London’s private equity group BC Partners, Bloomberg reports, citing sources familiar with the matter.

This investor would anchor a new funding round alongside potential minority investors, O’Neil said, with the definitive agreement covering the tour through 2030 potentially being finalized as soon as next month. Meanwhile, the league aims to shift its new structure to focus on having players become the collective majority stake owners, O’Neil added.

The negotiations are complicated by guaranteed player contracts that extend beyond the end of PIF’s funding. Several leading players, including Jon Rahm, are owed potentially hundreds of mns of USD under existing agreements. The sovereign fund is considering settling these obligations at a discount, allowing players to sign new contracts with LIV. Meanwhile, the new investors are seeking assurances that players will not pursue additional claims against the PIF over existing contracts.

The restructuring could also involve a pre-packaged bankruptcy, which would allow LIV to address legacy liabilities through a court process before bringing in new capital. LIV already brought in board members and advisers with bankruptcy expertise following PIF’s decision to pull the funding plug.

PIF already disbursed the funding it committed for 2026, with LIV being responsible for covering any remaining costs of staging tournaments, a source familiar with the fund’s position told the FT. The league is reportedly not certain that PIF will continue to fund it through the rest of the season, and seeks USD 250-350 mn from new investors to support a planned LIV 2.0 strategy.

REMEMBER- The funding uncertainty has already jeopardized the golf league’s schedule, with it being on the verge of cancelling its season-ending Team Championship, despite reports that its Indianapolis event this month is expected to go forward.

ALSO- One less suitor? The PGA Tour, meanwhile, ruled out renewed merger talks with LIV, with the sports entity being solely focused on its own strategy, chief executive Brian Rolapp told Bloomberg. The golf tour responded to LIV’s struggles by revamping its competition structure, increasing player compensation and investing in emerging talent. It also secured sizable funding from Strategic Sports, which committed USD 1.5 bn in 2024, with the investment potentially rising to USD 3 bn.

UK regs wave through Warner Bros. takeover

UK regulators gave the all-clear to Paramount’s PIF-backed USD 110 bn buyout of Warner Bros. Discovery, according to a statement (pdf) from the UK’s Competition and Markets Authority.

Paramount has offered to turn assurances into “binding commitments” after the UK Culture Secretary flagged concerns that the merger would affect media competition in the UK, according to a UK government correspondence.

The commitments, per the agreement (pdf), include distinct editorial identities across channels and services, no merging of UK streaming platforms (despite Paramount’s separate plan to fold HBO Max into Paramount+), continued editorial independence for Channel 5 as a public service broadcaster, and a firewall between cost-cutting and content commissioning.

BACKGROUND- The merger is facing delays in other jurisdictions. The overall deadline for the merger has been pushed to June 2027 after a federal judge in Oakland approved a delay tied to a lawsuit filed by California and several other states seeking to block the agreement. However, the EU gave it the green light on the condition that Paramount end its distribution tie-up with Universal in Europe within 13 months of closing.

Data point

3.46 bn barrels — that's how much crude oil Saudi Arabia produced in 2025, up 5.6% y-o-y, according to Gastat’s 2025 Oil and Gas Statistics (pdf). Crude oil exports rose 6% to 2.35 bn barrels, while domestic crude consumption fell 6.7% to 155.4 mn barrels. Refined petroleum product output reached 991.5 mn barrels, led by gas diesel oil at 432.2 mn barrels, up 6% y-o-y, followed by gasoline at 242 mn barrels, up 1.6%.

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The big story abroad

Updates from the regional war made the rounds over the weekend. Iran and Oman are “very close” to agreeing on a new shipping route through the Strait of Hormuz, but reopening it hinges on several conditions, Iranian Foreign Minister Abbas Araqchi reportedly said. An agreement requires Washington ending its naval blockade and sanctions, withdrawing regional troops, paying war reparations, and unfreezing Iranian assets, according to Mohammad Bagher Zolghadr, secretary of Iran’s Supreme National Security Council.

More strikes in the strait: The UAE claimed that Tehran attacked a carrier affiliated with its state oil company Adnoc while transiting the Strait of Hormuz. No injuries were reported.

Berkshire Hathaway starts spending: Ending Warren Buffett’s three-year selling streak, Berkshire Hathaway’s new CEO Greg Abel invested a net USD 19.8 bn in the stock market during 2Q. Abel is putting the Omaha-based company’s hefty reserves to work, highlighted by a USD 10 bn stake in Alphabet and USD 4.5 bn in stock buybacks.

Switch Inc files for IPO: Las Vegas-based data center developer and operator Switch Inc confidentially filed for a US IPO, penciling in a listing as early as November, capitalizing on demand for AI computing power. The news comes roughly one month after the firm sought to raise USD 2 bn in a private funding round led by VC fund Andreessen Horowitz.

Speaking of IPOs in the AI world: Chinese AI startup Moonshot has restructured its business and onboarded major state-backed investors to secure Beijing’s go-ahead for a Hong Kong IPO, which sources suggest is likely to take place next year. A potential listing may require unwinding the firm’s offshore structure, which had been established to raise funding in USD.

Saudi Arabia, Turkey, and Pakistan are now mutual defense partners

Saudi Arabia has joined NATO’s second-largest army and the Muslim world’s only nuclear-armed state in a mutual defense pact. The Kingdom, Turkey, and Pakistan signed the Makkah Joint Defense Agreement in the holy city on Friday, binding the three to treat an armed attack on any one of them as an attack on all, per a joint statement carried by Reuters. Crown Prince and Prime Minister Mohammed bin Salman signed alongside Turkish President Recep Tayyip Erdogan and Pakistani PM Shehbaz Sharif. The stated aim: strengthen collective deterrence and deepen defense cooperation across the board.

The language is engineered to sound like NATO, and its architects are not hiding it. Turkish Foreign Minister Hakan Fidan called the accord technically the same as NATO’s Article 5, and said talks to finalize it had run two years and eight months, predating the current war.

The pact lands six days after Riyadh convened representatives of 43 countries to launch a Saudi-led Red Sea maritime coalition. It trilateralizes the bilateral strategic mutual defense agreement the Kingdom signed with Pakistan in Riyadh last September.

Why it matters

The Kingdom is expressing doubt about the American umbrella, in public. After months of Iranian missile fire and Houthi strikes on Gulf exporters, regional confidence in Washington as sole guarantor has visibly thinned. The Atlantic Council reads the pact as Riyadh confronting the limits of US deterrence and buying leverage against an emboldened Tehran.

The threat is not abstract: The Saudi-led coalition in Yemen said 11 civilians were injured by Houthi shelling in Najran on Thursday, and the group claimed a fresh strike on a Saudi base in eastern Yemen the day the pact was signed.

Each partner brings something Riyadh cannot buy off the shelf. Turkey fields NATO's second-largest military and has become a defense supplier to the Kingdom, which agreed to buy Turkish drones in 2023 in what Ankara billed as its largest-ever arms export. Pakistan has trained Saudi forces for decades and is the only nuclear-armed Muslim state — a fact that has driven much of the global framing. Deputy Minister for Public Diplomacy Rayed Krimly said the agreement is not a military axis, not a sectarian bloc, and not tied to nuclear ambitions or an arms race, and that it neither replaces nor cancels the Kingdom's existing Gulf, Arab, and international commitments.

Everyone with a signature on it insists it is not aimed at Iran. Fidan told Anadolu the alliance targets no country so long as no member is attacked. Ankara separately stressed it does not contradict its NATO obligations.

Tehran was unconvinced: Iranian MP Ebrahim Rezaei dismissed it on X as a “paper agreement” that will not deliver the security Riyadh failed to get from decades of leaning on the US, per CNN. The subtext both sides understand: another major attack on the Kingdom could now, in principle, pull in a NATO army and a nuclear power.

What Riyadh has actually signed, for now, is a framework. As with the maritime coalition, no member has committed forces; Fidan said the three will decide the degree and form of support case by case, through consultations, and that operational details wait on the first meeting of a NATO-style ministers’ committee.

What's next

Watch three concrete markers. First, the standing up of the ministers’ committee and the Saudi-based secretariat, which will convert principle into machinery. Second, expansion — Fidan says Egypt is a candidate once unspecified technical matters are resolved, which would turn a trio into a bloc. Third, whether the pact changes Iran's behavior at all, and whether it hardens or eases the terms of the Hormuz shipping arrangement Tehran is negotiating with Oman.

Cabinet extends correction deadline for undocumented real estate deals

The deadline for correcting and documenting unregistered real estate transactions has been extended, according to the official gazette. The decision was approved by the Cabinet last Tuesday.

What’s covered? The decision doesn’t cover recent contracts, as it applies only to undocumented real estate transactions carried out before October 2020, including sales, gifts, ownership transfers, and transfers of undivided shares, provided the property already has an official title deed, Mohammed Al Hesamee, a licensed real estate broker, tells EnterpriseAM.

The impact: Al Hesamee argues the decision will accelerate the shift toward electronic title deeds, helping resolve disputes and ensure ownership stability. “It could also bring previously off-record transactions into the formal market, improving the accuracy of property prices and transaction data,” he adds.

ALSO- The official gazette published the unified rules for owners of jointly owned properties across the GCC, following the cabinet approval in July. It defines those properties as comprising individually owned units and shared areas, while requiring each owners’ association to have bylaws governing the use and management of common areas. The bylaws must be approved by the relevant authority in each GCC country before taking effect.

Part of a wider push: The same meeting saw the approval of an amendment allowing private developers to build houses on government land in exchange for ownership of part of the land. “This decision doesn’t introduce a new partnership model with the private sector, as they were already permitted under previous regulations. Rather, it develops a mechanism underpinning that partnership and redesigning its economic incentives,” strategic advisor Anmar Al Sulimani tells EnterpriseAM.

Three-pronged impact: Al Sulimani expects this approach to address three challenges — developing a project financing model instead of relying on direct government spending, enhancing the economic viability of real estate developers, and accelerating the development of land allocated for housing. “Land ownership doesn’t deliver the targeted development value unless it is converted into operational projects. The faster the development cycle, the greater the impact on housing supply, land-use efficiency and the utilization of government assets,” he says. Real estate consultant Fatima Al Ghamdi cautions us that this amendment is expected to increase housing supply, improving the efficiency of real estate asset utilization.

Savola’s net income rises 10.3% on strong food processing performance. PLUS: Declines across the board

The turmoil in 2Q seems to hit overshadowed most companies’ results. Only Savola logged an increase to its net income in 2Q. Everyone else we’re covering today — including Acwa, Kingdom Holding, and Aldawaa — saw their bottom line hit by the conflict.

Food processing props up Savola

Savola Group’s 2Q net income increased 10.3% y-o-y to SAR 116.5 mn, the company said in a Tadawul disclosure. Revenue rose 8.6% to SAR 6.3 bn, led by the food processing segment, with stronger performance from frozen foods and food services.

Behind the numbers: Food processing’s net income rose to SAR 94 mn from SAR 36 mn a year earlier, supported by higher volumes and the absence of one-off losses in 2Q 2025. Frozen foods income increased SAR 11 mn from SAR 4 mn, while food services surged to SAR 3 mn from SAR 1 mn.

Retail remains under pressure: Retail revenue increased 2.4%, supported by new store openings and e-commerce growth, but the segment swung to a SAR 6 mn loss. The company attributed the deterioration partly to a SAR 13 mn one-off intangible write-off and continued competitive pressures.

Net income for 1H 2026 rose 36% y-o-y to SAR 401.1 mn, while revenue increased 3.9% to SAR 13.6 bn. Food processing income nearly doubled to SAR 313 mn, while frozen food income increased to SAR 36 mn and food services narrowed its loss to SAR 1 mn.

Geopolitics slams into Acwa’s bottom line

Acwa’s earnings got hit by the regional conflict in 2Q, but its portfolio is still growing. The company reported a 36% y-o-y decline in its net income to SAR 308.4 mn during the quarter, according to a Tadawul disclosure. Revenue increased by 15.1% y-o-y to SAR 2 bn.

Behind the numbers: The quarter included non-routine adjustments to its financials, such as a SAR 37 mn impairment at the firm’s subsidiary in Morocco Noor 3, which was partly offset by a SAR 36 mn gain from the termination of a hedging instrument, according to its earnings report (pdf). Excluding these factors, it would have an adjusted net income of SAR 310 mn in 2Q.

The renewed conflict showed up in the books: The underlying decline was driven by a SAR 763 mn drop in operating income, as geopolitical volatility slowed project milestones and reduced development and construction revenue, while 2025 also benefited from larger project recognition and Noor 3 settlement claims. Lower finance costs and impairment losses helped soften the impact.

Expanded portfolio: Acwa added 5.2 GW of power and 0.6 mn cbm / d of desalination capacity to its development pipeline during 2Q. It consolidated its portfolio in this quarter by acquiring a 32% stake in Shuaibah Water and Electricity Company and starting the development of the 230 MW Ndiago combined-cycle gas turbine power plant in Mauritania. The portfolio stood at SAR 474.8 bn in assets under management across 111 projects at end-June, spanning 98.2 GW of power capacity, 9.7 mn cbm / d of water desalination capacity, 5.6 GWh of BESS and 223k tons/year of green hydrogen capacity.

The half-year performance: Net income decreased by 28.1% y-o-y to SAR 653.2 mn during the first half, while revenue rose by 8.6% y-o-y to SAR 4 bn.

What’s next? The power giant currently has 32 projects under construction that are set to add roughly 47 GW of power and 2 mn cbm / d of desalination capacity.

The dividend situation: The company’s board proposed the distribution of SAR 352.6 mn in dividends for 2025, equivalent to SAR 0.46 per share. This decision is subject to shareholder approval at the General Assembly meeting on 25 August.

Kingdom Holding’s bottom line down

Kingdom Holding’s 2Q net income declined 17.7% y-o-y to SAR 333.2 mn, according to a Tadawul filing. Revenue, meanwhile, increased 1.3% to SAR 631.5 mn in the same period.

Investment gains down: The net income decline was mainly linked to lower gains from the sale of equity-accounted investments and investment properties, alongside lower dividend income. Higher general, administrative, and marketing expenses, hotel operating costs, taxes and Zakat also weighed on the bottom line.

For 1H, net income fell 28% y-o-y to SAR 602.1 mn, while revenue declined 11.7% to SAR 1.2 bn.

Aldawaa clobbered

Aldawaa Medical Services reported a 65% y-o-y decline in net income to SAR 30.3 mn in 2Q 2026, while revenue fell 2.9% to SAR 1.64 bn, according to a Tadawul filing. The company attributed the revenue decline to softer retail demand during the quarter.

1H tells the same story, as net income fell 72.6% y-o-y to SAR 52.5 mn, while revenue declined 5% to SAR 3.18 bn. A more competitive operating environment and continued investments in its expansion strategy and infrastructure were the reasons, according to the disclosure.

Almoosa's income falls on derivative losses

Almoosa Health posted a 43.4% y-o-y decline in net income to SAR 38.5 mn in 2Q 2026, despite revenue reaching SAR 405.6 mn, up 16.2% y-o-y, the company said in a Tadawul disclosure. The income decline was driven by an unrealized swing in the fair value of derivative financial instruments.

Core performance remained resilient: Excluding derivatives gains and losses, adjusted net income fell a more moderate 8.1% y-o-y to SAR 47.6 mn. The company said it was mainly weighed down by higher operating costs as its newly opened medical center ramps up.

MEANWHILE- Net income for 1H fell 54.1% y-o-y to SAR 62.1 mn, while revenue rose 12.2% to SAR 753.9 mn. The company attributed the decline primarily to a SAR 54.6 mn adverse swing in derivative valuations, with adjusted 1H net income down 18% to SAR 84.4 mn.

Cenomi Centers’ 2Q income drops

Arabian Centers Company (Cenomi Centers) posted an 18.4% decline in net income to SAR 385.7 mn in 2Q 2026, while revenue fell 2.3% to SAR 569.4 mn, the company said in a Tadawul filing.

Higher financial costs weigh heavy: The decline in quarterly net income was due to higher financial costs, which rose to SAR 221.2 mn from SAR 147.8 mn a year earlier, and lower fair value gains on investment properties. The company said the impact was partly offset by an 89.5% reduction in impairment losses.

For 1H, net income fell 14.7% y-o-y to SAR 588.2 mn, while revenue declined 1.8% to SAR 1.15 bn.

Taic gets a piece of Morocco’s Akdital

The Arab Investment Company (Taic) acquired a 15% stake in healthcare provider Akdital Holding. The investment is intended to fund Akdital’s expansion plans and accelerate its regional growth, particularly in Saudi Arabia. The value of the transaction was not disclosed.

Part of a bigger plan: The company aims to reallocate around USD 1 bn of its legacy asset portfolio as part of a strategic overhaul. It aims to liquidate its portfolio — including government bonds and letters of credit — and redirect its investments towards private markets, public equities, and venture capital, previously setting USD 800 mn as an investment target for 2025.

REMEMBER- The Moroccan company previously earmarked USD 350 mn to develop 11 hospitals across Saudi Arabia, the UAE, and Tunisia by 2030. The Casablanca-listed healthcare group expects the international push to generate some MAD 5 bn in annual revenue.

Hong Kong and Turkey are both making a play for the wealthy expats London and the Gulf are losing

Two financial centers that spent the last decade playing catch-up are now making a coordinated pitch — and for the same reason. Turkey rolled out a package of tax incentives for wealthy expats and investors, and Hong Kong proposed a bill that would effectively eliminate tax on performance-related income for some fund managers. Neither move happened in a vacuum: established hubs — London, Dubai, Abu Dhabi, and Singapore — have all gotten less certain over the past year, and both Turkey and Hong Kong smell an opening.

Turkey’s package — minimal inheritance tax, up to 20 years of taxfree overseas income, and an amnesty for undeclared offshore assets.

The tax terms are only half the pitch: Turkey is also selling geography and lifestyle as hard as its tax code — a bridge between Europe and Asia, shorter flights home than from the Gulf, milder summers, and a cost of living well below Dubai or London. The pitch is aimed first at wealthy members of the Turkish diaspora in the UK and Germany.

Yes, but: The Istanbul Financial Center opened in 2023 with ambitions to rival the Gulf, and still lags on global indices. Two decades of Erdogan-era currency devaluation and inflation have taught Turkey’s own wealthy to move assets out, not in — and the state’s use of corporate seizures, which has turned the state asset-management fund TMSF into a de facto conglomerate controlling more than 1k companies, is the kind of thing that gives institutional money pause.

Hong Kong’s package is narrower but more targeted at capital allocators specifically. The proposed bill would exempt performance-related income — the carried interest that private equity and hedge fund managers earn on top of management fees — from tax. That’s a direct shot at Singapore, which is now in talks to cut its own taxes to keep funds from decamping to Hong Kong. The move lands alongside an IPO revival, with Hong Kong’s headline listing this year, Zhongji Innolight’s USD 6.8 bn raise, being the market’s biggest first-time share sale in seven years.

This all comes as Dubai and Abu Dhabi’s safe-haven status gets tested by the US-Iran conflict and as London feels the squeeze of losing its non-dom regime. Yet neither challenger can match the scale of what it’s competing with: Turkey lacks the institutional density for a real relocation, while Hong Kong’s rebound leans heavily on mainland Chinese capital and a shrinking pool of non-Mandarin-speaking roles. The pitch is limited, but timing is the leverage they’re betting on.

TASI	10,812	-0.7% (YTD: +3.1%)
MSCI Tadawul 30	1,451	-0.5% (YTD: +4.6%)
NomuC	22,028	-0.5% (YTD: -5.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	54,677	+0.0% (YTD: +30.7%)
ADX	10,095	-0.3% (YTD: +1.0%)
DFM	5,945	+0.5% (YTD: -1.7%)
S&P 500	7,758	+0.6% (YTD: +13.3%)
FTSE 100	10,901	+0.3% (YTD: +9.8%)
Euro Stoxx 50	6,524	+0.3% (YTD: +12.6%)
Brent crude	USD 83.55	+1.3%
Natural gas (Nymex)	USD 2.66	+0.8%
Gold	USD 4,400	+2.3%
BTC	USD 65,036	+0.2% (YTD: -25.8%)
Sukuk/bond market index	908.56	-0.1% (YTD: -1.2%)
S&P MENA Bond & Sukuk	150.98	+0.0% (YTD: -0.6%)
VIX (Fear gauge)	14.90	-1.7% (YTD: -0.3%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.7% Thursday on turnover of SAR 5.7 bn. The index is down 3.1% YTD.

In the green: Dar Albalad for Business Solutions (+4.9%), Almasane Alkobra Mining (+4.4%), and Wataniya Ins. (+4.4%).

In the red: Umm Al-Qura Cement (-6.3%), Retal Urban Development (-6.2%), and Saudi Ground Services (-5.7%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.5% Thursday on turnover of SAR 16.0 mn. The index is down 5.5% YTD.

In the green: Advance International Company for Communication and Information Technology (+12.8%), Keir International (+11.2%), and Arabian Food and Dairy Factories (+8.7%).

In the red: Time Entertainment (-12.7%), Hedab Alkhaleej Trading (-9.7%), and Albattal Factory for Chemical Industries (-7.7%).

CORPORATE ACTIONS

Red Sea International applied to raise its capital through a SAR 280 mn rights issue, said in a Tadawul disclosure. The offering will comprise 28 mn ordinary shares at a nominal value of SAR 10 each, taking the company’s capital to SAR 762.7 mn from SAR 482.7 mn.

CALENDAR

AUGUST

30 August-1 September (Sunday-Tuesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

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

SEPTEMBER

8-10 September (Tuesday-Thursday): The WTM Spotlight Riyadh, Riyadh Front Exhibition & Conference Center (RFECC), Riyadh.

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

25-26 October (Sunday-Monday): The Global Proptech Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

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

26-29 October (Monday-Thursday): The Future Investment Initiative, King Abdulaziz International Conference Center, Riyadh.

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.

30 October-1 November (Friday-Sunday): The New Global Sport Conference, Sofitel Hotel & Convention Centre, Riyadh.

NOVEMBER

11-12 November (Wednesday-Thursday): Aluminum Arabia, The Arena, Riyadh.

16-19 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre (Malham), Riyadh.

29 November-1 December (Sunday-Tuesday): The UN Trade and Development Global Supply Chain Forum, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;

2027

FEBRUARY

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

MARCH

21-25 March (Sunday-Thursday):The World Water Forum, Riyadh.

22–24 March (Monday-Wednesday): Capital Markets Forum, Four Seasons Hotel, Riyadh

APRIL

26-29 April (Monday-Thursday): World Energy Congress, Riyadh.

JUNE

1-3 June (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

Signposted to happen sometime in 2027:

The Ocean Race finishes in Amaala on the Red Sea;
Riyadh-Kudmi transmission line to be completed;
Aero Middle East and Sand & Fun takes place in Thumamah Airport, Riyadh.

Signposted to happen sometime in 2Q 2027:

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

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