Saudi’s 3Q trade balance sees rising non-oil exports

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Fresh executive regs for product specs and quality

Good morning, wonderful people. It’s a mixed bag of nuts and bolts as far as the domestic news cycle is concerned, but there’s plenty to sink your teeth into.

THE BIG STORY AT HOME is the latest trade balance data, which shows Saudi’s non-oil exports rising and oil imports falling in 3Q 2024.

^^ The full details on this story and others are in this morning’s news well, below.

HAPPENING THIS WEEK-

#1-The three-dayWorld Investment Conference will kick off today in Riyadh. The conference serves as a platform for investment promotion agencies, corporations, multilateral institutions and other stakeholders to discuss global investment trends and prospects.

#2- The final allocation of shares for the IPO of United International Holding Company, which operates Tas’heel, is set to take place today.

#3- The three-day Black Hat MEA 2024 cybersecurity conference and exhibition will kick off tomorrow at the Riyadh Exhibition & Conference Center in Malham. The event will gather cybersecurity professionals and technology developers. Speakers include information security leaders from Bayer, SoftBank Investment Advisors, the US Intelligence Community, the CIA, and Knostic.

#4- Three Riyadh Metro lines will open on Wednesday as part of a pilot phase. The initial batch of lines are set to be followed by another three in mid-December, Aleqtisadiah reports, citing sources it says are in the know.

WEATHER- Riyadh is getting a rainy day today, with temperatures reaching a high of 27°C and dipping to a cool 15°C. In Makkah, expect warmer weather, with a high of 32°C and a low of 21°C. Meanwhile, the mercury in Dammam will be at a pleasant 27-17°C range.

PSAs-

Property owners in areas of Riyadh, Madinah, Dammam, Al Khobar and Al Qatif have until 27 February to register their properties online through the Real Estate Registry website, according to separate posts on X (here, here, and here).

WATCH THIS SPACE-

#1- A new national committee for energy and petrochemicals: The Federation of Saudi Chambers launched the committee for energy and petrochemicals in a bid to support private sector involvement in these sectors, Arab News reports. Jaber bin Ayed Al Fahad will serve as chairman, with Saad bin Ajlan Al-Ajlan as vice chairman.

The committee will prioritize renewable energy projects, aiming for 50% renewable energy capacity, and local content initiatives targeting 75% local participation in the energy sector. The petrochemicals sector is expected to see USD 600 bn in investments by 2030.

#2- Fresh rules for tighter product specs and quality are out from the Saudi Standards, Metrology, and Quality Organization (Saso), following Cabinet approval in July, according to the state’s official gazette Umm Al Qura. The regulations came into effect yesterday.

A brief rundown: Businesses that meet Saso’s standards must obtain the Saudi Quality Mark, certifying their products' quality. Saso will manage the standardization process, including creating, reviewing, and updating specifications through a technical team, except for products regulated by the Food and Drug Authority. Non-compliance or misuse of the quality mark may result in penalties, including license suspension or product seizures.

#3- Morgan Stanley lined up regulatory approval from the Investment Ministry to set up its regional headquarters in Riyadh, Bloomberg reports. The Wall Street bank is the latest to join a bandwagon of firms — including Goldman Sachs, Citigroup, and Japan’s Mizuho, among others — that are setting up regional headquarters in the Kingdom.

DATA POINTS-

#1- Saudi Arabia's money supply grew 10.5% y-o-y in 3Q 2024 on the back of a 16.7% rise in time and savings deposits, with government deposits increasing 1.1% and companies and individuals deposits growing 32.5%, according to the Economic and Investment Monitor (pdf). Meanwhile, reserve assets rose 4%, supported by a 4.1% increase in foreign exchange, foreign deposits, and foreign portfolio investments.

Touching up on 2030’s investment targets: The National Investment Strategy (NIS) aims to boost Saudi Arabia’s GDP by 6.8 tn and increase cumulative investment volumes by SAR 12 tn by 2030, which would position the Kingdom among the world’s largest 15 economies in the world. Other targets the NIS aims to achieve by 2030 include reducing the unemployment rate to 7%, raising non-oil exports contribution to the GDP to 50%, and increasing the private sector’s share of GDP to 65%. The NIS also targets to boost FDI inflows to account for 5.7% of GDP, or SAR 388 bn.

REMEMBER- Investment Minister Khalid Al Falih expressed cautious optimism about Saudi Arabia’s progress on FDI benchmarks, adding that while the Kingdom is ahead of its 2024 targets, there is still a long way to go to reach its goal of USD 100 bn in annual FDI by 2030.

#2- The domestic general ins. market is expected to grow 9.4% in 2024 to reach SAR 68.8 bn in gross written premiums, Global Data said in a report. The UK data analytics company also projects that the industry will see a compound annual growth rate of 8.9% in the Kingdom, where gross written premiums will hit SAR 105.3 bn in 2029. Health ins. is expected to remain the largest segment of general ins., contributing 61.4% of premiums in 2024, followed by motor ins. (22.7%), and property ins. (10%).

#3- Gov’t pays sixth installment of wheat arrears to farmers: State grains buyer General Authority for Food Security paid SAR 261.3 mn to 413 farmers, settling arrears for buying 139.2k tons of wheat this year, according to a post on X. This is the sixth installment of wheat arrears disbursed by the government for the 2024 harvesting season, which has seen the government pay SAR 1.9 bn to 3.8k farmers so far.

#4- The Real Estate Development Fund deposited SAR 1.2 bn in the accounts of Sakani Program beneficiaries in November, according to state news agency SPA. The program is part of a government-run housing initiative that facilitates homeownership for citizens via several financing options, including rent-to-own and mortgage loans.

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THE BIG STORY ABROAD-

It’s another deeply mixed morning in the international business press, giving us a range of stories and headlines to wade through. Among the stories leading the front pages this morning:

Huawei to launch phone with own software in sign of China-US splintering (Financial Times)
Israel says rabbi found dead in UAE was abducted and killed (Wall Street Journal | New York Times)
Hezbollah fires about 250 projectiles into Israel after deadly strike in Beirut (New York Times | Reuters)
Israel and Lebanon on cusp of ceasefire deal, officials say (Axios)
How tech bros bought “America’s most pro-crypto Congress ever” (CNBC)

CIRCLE YOUR CALENDAR-

Red Bull’s Les Mills is bringing the Middle East’s largest fitness festival to Riyadh on Thursday, 30 November, at The Arena. The 12-hour event features global trainers, full-day workouts, exclusive Adidas products, and a women-only “Her Zone.” You can book your tickets online.

The two-day Saudi Green Initiative Forum will kick off on Tuesday, 3 December, according to a statement. The forum will coincide with COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh between 2 and 13 December.

The two-day Zakat, Tax and Customs Conference 2024 begins on 4 December at the King Abdullah Financial District.

The Red Sea International Film Festival will run from 5-14 December in Jeddah.

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 Fortune Global Forum is coming to Riyadh in December 2025, according to a press release. The forum serves as a platform for the leaders of the world's largest companies, policymakers, and other influential figures to discuss global economic and business trends, challenges, and opportunities.

Non-oil exports rose 7.6% y-o-y in 3Q, while oil exports fell

The Kingdom’s non-oil exports rose 7.6% y-o-y in 3Q 2024, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports including re-exports were up 16.8% y-o-y, with re-exports increasing in value by 48.4% over the same period. Meanwhile, imports were up 11.4% y-o-y last quarter, and the surplus of the merchandise trade balance declined 43.4% over the same period.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

A big jump from 2Q: Non-oil exports grew at a much faster pace in 3Q 2024 compared to the previous quarter, with the figure accelerating nearly 6 full percentage points from 1.4% in 2Q 2024.

Non-oil exports grew faster than imports: The ratio of total non-oil exports to imports rose to 36.6% y-o-y in 3Q, up from 34.9%.

Chemical products accounted for 25.5% of total non-oil exports, recording a 5.3% y-o-y increase in 3Q. This was followed by plastics, rubber, and their products, which made up 24.9% of total non-oil exports, with an 8.9% y-o-y rise.

Machinery, electrical equipment, and parts constituted 26.5% of total imports in 3Q, showing a 30.8% y-o-y increase. Transportation equipment and parts followed, representing 15.0% of total imports, with a 9.0% y-o-y increase.

MEANWHILE- Merchandise exports fell 7.7% y-o-y in 3Q, on the back of a 14.9% decrease in oil exports. Oil exports accounted for 71.4% of total exports in 3Q, down from 77.3% in 3Q 2023.

China remains our number one trade partner: Saudi exports to China accounted for 15.2% of total exports in 3Q, followed by Japan at 9.3%, and South Korea at 9.2%. Chinese products and services also accounted for the largest share of Saudi’s imports during the quarter (24.8%), followed by the USA (8.1%) and India (5.1%).

Nice One Beauty issues prospectus for Tadawul IPO

Nice One Beauty Digital Marketing Company is taking a 31.5% stake to the Tadawul main market, it said in a prospectus (pdf). The 34.65 mn ordinary shares on offer consist of 5.5 mn newly issued shares and 29.15 mn existing shares. The firm lined up CMA approval for the offering in September.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Use of proceeds: Selling shareholders will assume all of the offering’s expenses which are estimated at SAR 53.4 mn, while net proceeds attributable to selling shareholders will be distributed on a pro rata basis. The company plans to supplement net proceeds attributable with additional financing from loans and cashflows, with 35-45% of total funds allocated to shoring up working capital, branding and sales, 15-25% to develop logistics and technical capacities, and 35-45% to finance potential mergers and acquisitions.

Timeline: Institutional investors will be able to subscribe to 100% of the offering, booking a maximum of 5.75 mn shares and a minimum of 100k shares apiece. Meanwhile, retail investors will be allocated up to 10% of the offering subject to demand and can book between 250k shares and 10 shares apiece. Subscriptions for institutional investors will run between 1 December and 8 December, while subscriptions for retail investors will run for a two-day period beginning on 24 December. Final allocations of shares are slated for no later than 31 December and the first day of trading is set to be announced once all regulatory requirements have been met.

Post-IPO structure + lockup: The firm’s five major shareholders will see their combined stake diluted from 93.77% down to 65.64% post-listing. They will not be able to sell down their positions for a six-month period beginning with the first day of trading.

Earnings snapshot: The company’s net income for 2021 came in at SAR 13.5 mn, down 23.8% y-o-y, according to audited financials published in the prospectus. Meanwhile, revenues were up 35.3% during the same period at SAR 449.2 mn.

About the company: Nice One Cosmetics is a local online retailer specializing in beauty and personal care items, including makeup, skincare, fragrances, and home scents. The company was launched in 2016. The brand gained significant traction as one of the largest beauty e-commerce platforms in Saudi as it offers a wide range of local and global brands.

ADVISORS- SNB Capital will be quarterbacking the transaction as lead manager, while also serving as financial advisor, bookrunner and underwriter alongside our friends at EFG Hermes. Baker McKenzie will offer legal advice to the issuer, while PwC will serve as financial due diligence advisor. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah Financial, BSF Capital, SAB Invest, Yaqeen Capital, Alkhabeer Capital, and Sahm Capital.

A handful of debt news from Marafiq + Fakeeh Care + Ajeej Steel

Marafiq signs agreements with local lenders to extend loan terms: The Power and Water Utility Company for Jubail and Yanbu (Marafiq) inked agreements with Banque Saudi Fransi, Saudi Awwal Bank, and Saudi National Bank rescheduling SAR 5.9 bn in Shariah-compliant loans, according to a disclosure to Tadawul.

The new timeline: The revised agreements see grace periods for the loans extended by three years, pushing the start of repayments to June 2028 from June 2025. Meanwhile, the new terms retain the original financing period which ends in December 2034.

IN OTHER DEBT NEWS-

Dr. Soliman Abdul Kader Fakeeh Hospital Company (Fakeeh Care) has renewed a SAR 750 mn Shariah-compliant credit facility with Arab National Bank, it said in a disclosure to Tadawul. The facilities — which are mainly composed of long term loans backed by promissory notes — will support the group’s expansion plans and will be accessible to all its subsidiaries.

National Building subsidiary Ajeej Steel has renewed a SAR 127 mn Shariah-compliant credit facility with Al Rajhi Bank for an additional 4-48 months, according to a disclosure to Tadawul from its parent company. The loan will go towards supporting Ajeej Steel’s working capital.

Goldman Sachs forecasts steady Brent prices despite supply deficit + geopolitical risks

Goldman Sachs sees Brent crude prices staying at USD 70-85 per barrel this year, despite a supply deficit and geopolitical turmoil, Reuters reports, citing the bank’s note. Goldman maintained its 2025 Brent forecast at an average of USD 76 / bbl, potentially rising to the mid-USD 80s in 1H 2025 if Iranian oil supply drops amid stricter sanctions. For 2026, Goldman trimmed its forecast to USD 71 / bbl, anticipating a surplus of 0.9 mn barrels per day (bbl / d).

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Sustained demand momentum: “While there is ample spare capacity in oil production, we expect refining to remain quite tight and gasoline and diesel margins to recover further,” the investment bank said, adding that long-term demand for oil remains strong due to rising energy demand, GDP growth, and ongoing challenges in decarbonization efforts across aviation and petrochemical sectors.

IN OTHER OIL NEWS-

Is Opec+ set for a third consecutive online meeting? Opec+ may opt for an online meeting for its upcoming gathering on 1 December in Vienna as most delegates have not received in-person invitations yet, Bloomberg reports citing sources it says are in the know. Citigroup and JPMorgan Chase are doubtful that Opec+ will follow through with output increases this year, estimating that it could lead to prices dropping below USD 60 / bbl, a scenario that would strain Saudi Arabia's finances.

Why it matters: For the Kingdom to avoid running a budget deficit, officials need to see an average selling price of USD 96.20 / bbl and produce about 9.3 mn bbl / d, according to the IMF, the business information service reports in a separate story. This is 21% up from the lender’s October forecast.

Purity IT taps Ahmed Al Dubaykhi as new CEO

Purity IT appointed Ahmed Al Dubaykhi (LinkedIn) as CEO, the firm said in a disclosure to Tadawul. The appointment is effective as of Thursday, 19 December. Al Dubaykhi most recently served as the general manager of business development, media and marketing at the National Center for Government Resources Systems. Al Dubaykhi has also been engaged as a partner and VC at Purity for more than two years.

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Nofoth Food Products has named Rakan Al Faizi (LinkedIn) as chairman for a new term ending on June 30, 2028, according to a disclosure to Tadawul. Al Faizi — previously a non-executive board member at the firm — is also the founder and CEO of One1 Group, a marketing and communication solutions firm.

Nofoth also tapped Managing Director and CEO Ibrahim bin Abdullah Al Ameeqan as vice chairman, while also choosing representatives to the Capital Market Authority, the Saudi Exchange (Tadawul), and the Securities Depository Center Company (Edaa) among other appointments.

Saudi women breaking the glass ceiling

Bloomberg highlights the stories of Saudi women trailblazers who are now in leadership positions, fueled by a decade of empowerment reforms.

Meet the women:

Maryam Albassam (Linkedin), principal at Graphene Ventures, has broken barriers in male-dominated fields, focusing on startups and fintech while pursuing an MBA. She champions education, female role models, and inclusion as critical drivers of progress;
Hala Kudwah (Linkedin), senior partner at PwC, advocates for programs that align women’s skills with market demands and sees generational shifts paving the way for lasting inclusivity;
Norh Abdullah Al Marzook (Linkedin), a Dammam-born accounts executive at Engie’s Dhuruma O&M, defied conservative norms to build her career and calls for greater confidence in Saudi women’s capabilities;
Kholoud AlDosari (Linkedin), CEO of Northern Trust Saudi Arabia, emphasizes the importance of mentorship and calculated risk-taking for nurturing future female leaders. She envisions Saudi talent making a global impact.

MEANWHILE- The US path to energy dominance goes through Saudi Arabia: The US ambition to achieve “energy dominance” and bring fuel prices down under the incoming Donald Trump administration agenda would hinge on partnering with Saudi Arabia or other Opec+ members to pump more oil into the market, Founder of Rapidan Energy Bob Mcnally told Bloomberg in an interview (watch, runtime: 1:56).

What he said: “The only option that any president has to quickly…increase oil supply to reduce prices is to call Opec+ leadership and successfully convince them to open the taps. I don't think that is going to happen,” he said, noting that the US currently doesn’t have spare oil capacity to achieve energy dominance on its own.

Diriyah breaks ground on seven hotels with total capacity of 877 keys

HOSPITALITY-

PIF-backed Diriyah Company broke ground on seven hotels that will boast a total capacity of 877 keys, according to state news agency SPA. The hotels — Raffles Diriyah, Armani Diriyah, Orient Express Diriyah, Baccarat Diriyah, Corinthia Diriyah, Fauchon L’Hotel Diriyah, and Rosewood Diriyah — are part the 63.2 bn Diriyah gigaproject, which will include 40 hotels with a total capacity of 6.5k rooms.

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TRADE-

Saudi mills authorized to tap global flour markets: The General Food Security Authority (GFSA) approved a policy allowing licensed flour milling companies in the Kingdom to export surplus production to global markets, according to a statement. Exporters must first ensure local market needs are met and reimburse the government for wheat subsidies on exported quantities. Approved companies include First Mills, Arabian Mills, Modern Mills, and Fourth Milling.

IN CONTEXT- The move would open up international market opportunities that were previously limited by the 2018 Wheat Flour Production Law which prohibited flour mills from exporting wheat, flour, or derived products without approval from the authority.

MINING-

United Mining Industries secured two exploration licenses from the Industry and Mineral Resources Ministry to search for gypsum and anhydrite ore in Medina, according to a disclosure to Tadawul. The two-year licenses will see the company explore two blocks of 1.1k sq m and 993 sq m areas.

RAILWAYS-

Alstom to provide maintenance services for the east-west freight corridor: French train maker Alstom signed a SAR 300 mn contract with the Saudi Railway Company to provide technical support, maintenance, and spare parts supply services to the east-west freight corridor, according to a press release. The five-year agreement will also see Alstom monitoring the corridor’s locomotives in real-time using its HealthHub digital platform to maintain a predictive maintenance approach.

OIL & GAS-

Dubai-based Shelf Drilling and Norway-based Borr Drilling have both received notices to suspend some of their operations on their offshore rigs in the Kingdom. Shelf Drilling’s High Island 2 rig will be suspended by Saudi Aramco in the coming weeks, with the company able to market the rig to other clients during the time, it said in a statement (pdf). Meanwhile, Borr Drilling’s Arabia 2 rig faces a temporary suspension, potentially lasting up to 12 months, with the exact start date of the suspension yet to be determined.

MEDIA-

Snap Inc. (the company behind Snapchat) is expanding its operations in the Kingdom with the opening of a new office and the first Majlis Snap for Content Creators hub in Riyadh's JAX district, Saudi Gazette reports. The platform has 25 mn active users in the Kingdom. The new hub will offer support and resources to local creators, aiming to support the country’s growing digital and creative economy.

CLIMATE-

Saudi Arabia joined the International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE) as part of the Kingdom’s push to become a leading producer and exporter of green hydrogen and reach net-zero emissions by 2060, the Energy Ministry said in a statement. The IPHE is an inter-governmental partnership that has over 20 member countries seeking to accelerate the implementation of hydrogen fuel and fuel cell technologies.

A stronger USD could spell trouble for emerging market bonds

Investors are warning that a strong USD under the approaching Trump administration could lead to weaker returns in emerging market bonds — a line of thought that has prompted investors to pull some USD 5 bn from funds investing in USD- and local currency-denominated EM bonds during the first half of November, the Financial Times reports, citing data from JPMorgan.

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Investors are continuing to redirect their attention toward the greenback, Wall Street stocks, and the so-called “Trump trades,” as analysts predict incoming tax cuts and tariffs to fuel inflation — bumping the USD and Treasury yields higher. Ten-year treasury yields have risen from 4.29 to 4.39 per cent since Trump’s election win, while the USD is up against its peers

US tariffs could cause additional pressures on emerging markets’ local currencies due to lower demand for their exports, which could lessen returns on local currency bonds, investors and analysts warn, according to the salmon-colored paper. “All of this is going to be negative for emerging markets,” GAM EM debt manager Paul McNamara told the publication.

But a stronger USD under Trump is far from guaranteed, as the Trump administration's plans for “fiscal policy, monetary policy, trade policy and exchange rate outcomes are incompatible with each other,” argues Quincy Institute senior research fellow Karthik Sankaran. Over time, the economic policies of the incoming government could weaken the dollar, but this may be too late for EMs to dodge forecasts of exchange rate pressures, Sankaran adds.

MARKETS THIS MORNING-

Asian markets are kicking off the day in early trading in the green, led by Korea’s Kospi at 1.5%, Japan’s Nikkei at 1.4%, along with Hong Kong’s Hang Seng and the mainland’s Shanghai index both at 0.3%.

TASI	11,865	+0.2% (YTD: -0.9%)
MSCI Tadawul 30	1,492	+0.3% (YTD: -3.8%)
NomuC	30,885	+1.1% (YTD: +25.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.25% repo	4.75% reverse repo
EGX30	30,397	-0.8% (YTD: +22.1%)
ADX	9232	-0.9% (YTD: -3.6%)
DFM	4724	-0.1% (YTD: +16.4%)
S&P 500	5969	+0.4% (YTD: +25.2%)
FTSE 100	8262	+1.4% (YTD: +6.8%)
Euro Stoxx 50	4789	+0.7% (YTD: +5.9%)
Brent crude	USD 75.17	+1.3%
Natural gas (Nymex)	USD 3.13	-6.3%
Gold	USD 2737.20	+1.4%
BTC	USD 97.317.10	-0.7% (YTD: +129.4%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.2% yesterday on turnover of SAR 4.2 bn. The index is down 0.9% YTD.

In the green: Alarabia (+10.0%), Saudi Re (+5.0%) and SAPTCO (+4.0%).

In the red: Albaha (-6.1%), Aldrees (-4.3%) and Batic (-3.2%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.1% yesterday on turnover of SAR 106.5 mn. The index is up 25.9% YTD.

In the green: Alhasoob (+9.4%), Knowledgenet (+9.2%) and Leen Alkhair (+9.1%).

In the red: Osool And Bakheet (-10.9%), NGDC (-5.5%) and Paper Home (-5.1%)

CALENDAR

NOVEMBER

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): Black Hat MEA 2024, Riyadh Exhibition & Conference Center, Malham

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.

30 November (Thursday): Red Bull’s Les Mills, The Arena, Riyadh.

DECEMBER

1 December (Sunday): Opec+ Joint Ministerial Monitoring Committee meeting.

1 December (Sunday): Dallah Healthcare 3Q 2024 dividend distribution.

2-4 December (Monday-Wednesday): Emmanuel Macron expected to visit Riyadh.

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 December (Tuesday): Riyad Bank PMI for November.

3-4 December (Tuesday-Wednesday): Saudi Green Initiative (SGI), 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 December (Wednesday): Banan Real Estate shares halt trading on Nomu.

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.

5-14 (Thursday-Sunday): Red Sea International Film Festival, Jeddah.

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

10-12 December (Tuesday-Thursday): CPHI Middle East, Riyadh Front Exhibition & Convention Center, Riyadh

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.

15-17 December (Sunday-Tuesday): The International MICE Summit (IMS24), Riyadh.

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

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

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.

State budget approval and release.

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): 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.

FEBRUARY 2025

1 February (Saturday): UFC event, The Venue, Riyadh.

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.

8 February (Saturday): Sotheby’s first auction in the Kingdom, Diriyah.

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

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

16-17 February (Sunday-Monday): AlUla Conference for Emerging Market Economies, AlUla.

19 February (Wednesday): Derayah REIT dividend distribution.

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

22 February (Saturday): Founding Day.

MARCH 2025

1-30 March: Ramadan.

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 2025

7-9 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

17 April (Thursday): Implementation of new Saudization rates in four private-sector healthcare professions in select cities.

MAY 2025

6-7 May (Tuesday-Wednesday): Federal Open Market Committee meeting.

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

JUNE 2025

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

16-17 June (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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.

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

SEPTEMBER 2025

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

23 September (Tuesday): Saudi National Day.

OCTOBER 2025

17 October (Friday): Nationwide implementation of Saudization rate in four private-sector healthcare professions.

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

NOVEMBER 2025

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

DECEMBER 2025

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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