S&P Global sees GDP growing by 2.8% in 2025

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Aramco chief wants a new global energy strategy

Good morning, ladies and gents. It’s a calm morning in the Kingdom as we’re (almost) saying goodbye to the second workweek of Ramadan. In this morning’s newswell, we have S&P Global’s latest forecasts for growth in 2025, an overview of our real estate market in 2024, and a guide to cultural events and night markets we think you’ll enjoy in the holy month.

We also sat down with Sherif Desouky, CEO of GI Aqua Tech, to discuss the latest funding round of its Saudi-based subsidiary GI Water as a Service, which saw it reach unicorn status. Let’s dive in.

When do we eat? Maghrib is at 6:01pm today in Riyadh. You’ll have until fajr prayers at 4:46am tomorrow to wrap up suhoor.

PSA-

We’re getting four days off for Eid: The four-day Eid Al Fitr holiday for private and nonprofit sectors in the Kingdom will start on the evening of Saturday, 29 March and run through to Wednesday, 2 April, the Saudi Gazette reports, citing an announcement from the HR and Social Development Ministry.

WATCH THIS SPACE-

Aramco chief wants a new global energy strategy: The world should replace the current ineffective energy strategy with a more balanced and sustainable one to meet the increasing demand, Aramco’s CEO and President Amin Nasser was quoted as saying at the CERAWeek in Houston, Texas by state news agency SPA.

The rationale: The current strategy of prioritizing renewable and alternative energies while restricting regulations on traditional energy — requiring USD 6-8 tn investments annually — could lead to a bleak future, Nasser said. Traditional energy sources still supply over 80% of the energy in the US, 90% in China, and over 70% in the EU, which means that new energy sources complement traditional ones rather than replace them, Nasser added.

The solution? Regulatory restrictions should be eased to provide greater incentives for financial institutions to accelerate growth across all energy sources in a balanced manner, taking into account the needs of developed and developing countries alike and focusing on the results on the ground, Asharq Business quoted Nasser as saying.

OIL WATCH-

Saudi, Russia vie for Asia’s oil market: Saudi Arabia is looking to boost its crude exports to Asia — particularly China and India — as it races against Russia to uptake a large share of the region’s market, Reuters reports. China is slated to import 1.64 mn bbl / d of Saudi crude oil this month, surging up from 1.21 mn bbl / d in February.

Waiting for April: The Kingdom’s oil exports to Asia are also expected to see even more increases starting next month, as Opec+ agreed to gradually increase output. Saudi Aramco also lowered its crude oil prices for Asian buyers in April for the first time in three months, cutting Arab Light by USD 0.40 cents to USD 3.50 / bbl above the Oman and Dubai average.

Bridging Russia’s supply gap: Russia was China’s top supplier last year, surpassing Saudi Arabia with its discounted crude due to Western sanctions. Russia’s seaborne shipments to China have stalled in the first two months of 2025, however, with imports dropping to 969k bbl / d last month, down from 1.01 mn bbl / d in January amid new US sanctions. India also recorded a dip in imports from Russia, which fell to 1.43 mn bbl / d in February, down from 1.63 mn bbl / d the month prior.

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THE BIG STORY ABROAD-

It’s another morning with Trump tariffs dominating the front pages: US President Donald Trump backed down from plans to hike US tariffs on Canadian steel and aluminum to 50%, just hours after he first announced the plans. The reversal followed Canada’s decision to halt a planned 25% surcharge on electricity exports to the US — one of Trump’s key justifications for the tariff escalation. (FT | Reuters | CNBC | AP)

ALSO FROM THE TRUMP ADMINISTRATION- The US decided to resume military aid to Ukraine after Kyiv agreed to accept a US-backed 30-day ceasefire — the proposal is yet to be presented to the Russian side. (Reuters | AP)

S&P Global sees Saudi Arabia’s GDP growing by 2.8% in 2025, boosted by private consumer spending

The Kingdom’s GDP growing by 2.8% in 2025, on the back of higher private consumer spending, according to an analysis from S&P Global cited by Zawya. Fixed investment — supported by the private sector — is forecast to grow by 3.8%.

Risks could hamper the growth: Global economic growth could see a slowdown in the event of a weakening US economy or escalated trade tensions — which would, in turn, lead to a drop in oil demand, causing prices to fall significantly. Meanwhile, an appreciation of the USD as a result of US tariffs would directly impact the Saudi economy and its competitiveness, according to S&P Global.

S&P Global is less optimistic than others: FinMin expects real GDP to grow 4.6% in 2025, it said in October. The IMF and the World Bank slashed the Kingdom’s 2025 growth projections to 3.2% and 3.4% respectively, citing extended Opec+ production cuts. Meanwhile, Capital Economics penciled in an even more optimistic prediction of 3.5%, citing anticipated oil output cuts, “but activity in the non-oil sector is likely to soften on the back of a turn to fiscal consolidation.”

The rating agency’s prediction is still far higher than how Saudi Arabia performed lastyear, with real GDP having grown by 1.3% y-o-y in 2024, according to latest estimates by Gastat.

GI Water as a Service’s series A funding propels it to unicorn status

GI Water as a Service is MENA’s first water unicorn: GI Water as a Service, a Saudi Arabia-based subsidiary of Germany’s GI Aqua Tech, hit a USD 1.03 bn valuation after its series A funding round in January, becoming “the first water sector unicorn in the MENA region,” according to a statement. We sat down with GI Aqua Tech CEO Sherif Desouky to discuss the details of the funding round and what’s next for the unicorn.

Funding details: The round included an “eight-figure” cash investment from Al Zamil Industry, Trade and Transport, and Alqunaibet Investment Fund for a 5.8% equity stake. The new funds will go to driving GI Water as a Service’s market expansion, accelerate R&D, and advance wastewater reuse initiatives across sectors like petroleum and poultry.

More rounds on the horizon: The company initially planned to delay additional fundraising until year-end, but now anticipates multiple rounds due to rising demand in Saudi Arabia and beyond. “We have a large pipeline of projects,” including prospects to work on major projects with Souda, Diriyah, SIRC, and Agri-Serve, said Desouky.

The pitch: GI Water provides decentralized wastewater treatment through a pay-per-cubic-meter model, allowing clients to access services without upfront capital investment. Within a year, it delivered a major industrial wastewater project at Makkah’s Magaz Al Adahi slaughterhouse.

Their flagship platform G-Nano is a wastewater treatment system that is branded as compact, scalable, and energy-efficient. The system continuously treats wastewater in 3 minutes — compared to 10-24 hours for traditional plants — and can be installed in small spaces, such as the parking lot of the Samhan Marriott in Diriyah, said Desouky. The company signed an MoU with Bahrain’s Tahliya Water Treatment earlier this year to integrate the system into Tahliya’s plants.

Looking to make an international splash: While maintaining a primary focus on Saudi Arabia, GI Water is also pursuing international expansion. The company is in talks with investors from Singapore and Japan to enter East Asia, and is targeting regions with urgent water treatment needs, including India, Latin America, and Africa. “We are establishing a factory to produce G-Nano locally, which will serve as a hub for the Gulf and African markets,” said Desouky.

What’s next? The company is currently developing solutions to improve treatment quality and cut costs. Future plans include tackling oil-related and high-salinity wastewater using the G-Nano system, with hopes of eventually signing agreements with leading energy companies, Desouky said.

Real estate transactions reach SAR 267.8 bn in 2024

Saudi’s real estate market at a glance: Real estate transactions across all sectors rose by 37% to 236.7k agreements, totaling SAR 267.8 bn in 2024, according to the latest Residential Market Review report (pdf) by real estate consultancy Knight Frank.

The breakdown: Residential sales grew 38% y-o-y to 202.7k agreements worth SAR 164.8 bn, while mortgage issuance increased by 17.7% to SAR 93.6 bn, mainly for villa purchases.

By region: Jeddah saw a 53% increase in residential transactions, with total values rising by 43%, driven in part by the Saudi Central Bank’s down payment reduction for Saudi nationals from 30% to 5%. In the Dammam Metropolitan Area, transactions grew by 49% to 11.3k, with values increasing by 44% to SAR 13.5 bn. Makkah’s residential transactions rose by 12%, with values up 10%, while Madinah recorded a 45% increase in transaction volumes and a 29% rise in values.

Housing supply is growing in Riyadh and Jeddah: Riyadh’s housing supply rose by 49.4k units to 1.4 mn in 2024, with plans for 330k more by 2030 to support a 70% homeownership target. Jeddah’s stock grew by 17.8k units to 909.4k during the same period, expected to reach 965.2k by 2027, driven by USD 134 bn in real estate and infrastructure investments boosting the economy, job creation, and housing demand, according to the report.

… and elsewhere: The Dammam Metropolitan Area added 2.8k units in 2024, with 22k more in the pipeline. Madinah added 7k units in 2024, with 20.6k more expected by 2027. Knight Frank also expects Makkah’s stock will rise 5.6% to 453k units by 2027.

LOOKING AHEAD- Housing supply in major metropolitan areas is expected to grow from 3.5 mn units currently to 3.9 mn by 2028, the report said, citing the Premium Residency Visa program as a potential factor in reshaping real estate demand.

REMEMBER- Foreigners have an incentive to purchase real estate with the Premium Residency Visa program allowing foreigners to obtain the “Saudi Green Card” when acquiring properties valued at SAR 4 mn or more. Expats are shifting from leasing to homeownership, becoming investors and business owners, while also bringing their families, driving population growth and consumer demand.

Will supply increases resolve pricing woes? Many mid-market buyers are struggling to afford homes due to the rapid price increases seen in recent years. Appetite for homeownership in Saudi Arabia among nationals fell 11 percentage points to 29% this year compared to 2023, with the highest-earning segment showing the strongest appetite for buying a home this year.

ALSO- Spending by private real estate buyers is forecasted to reach USD 1.22 bn in the residential market in 2025, with Neom emerging as the most sought-after location, Reuters reported, citing a separate Knight Frank report.

BUT- Neom’s popularity has decreased to 17% this year, from 84% in 2023, Faisal Durrani, Knight Frank’s MENA head of research was quoted as saying. “There are likely to be a range of reasons for this, including the emergence of other giga-projects over the last two years, perceptions around households’ ability to afford to own a home in any of Neom’s subprojects, a lack of ready-to-move-into homes, a lack of homes actually on the market to purchase, or a combination of the above,” Durrani added.

Your guide to Ramadan cultural events and night markets

Ramadan in the Kingdom is a time when spirituality, culture, and community come together, creating vibrant evenings filled with tradition and festivity. As the sun sets and the call to Maghrib prayer resonates, cities across the Kingdom come alive with events and markets that offer unique experiences. Here are some must-visit events and Ramadan night markets to explore this season:

Jeddah’s Al Balad Ramadan nights: Al Balad is already a magical place, but during Ramadan, it transforms into something even more special. The streets glow with lanterns and pop-up stalls serve everything from sambousek to jareesh. The best part? Traditional music performances and storytelling sessions that bring the area’s history to life.

PRO TIP: If you’re a fan of unique crafts, keep an eye out for local artisans selling homemade perfumes and calligraphy pieces.

Ramadan nights at Boulevard world: Riyadh Season 2025 is hosting a dedicated Ramadan District packed with cultural exhibitions, live cooking stations, and night bazaars. Boulevard Riyadh City will also embrace the spirit of the season with Ramadan-themed nights, vibrant markets, and family-friendly activities. Expect to see traditional coffee ceremonies, poetry recitals, and even calligraphy workshops.

A MUST-TRY: Don’t leave without tasting freshly made luqaimat drizzled with date syrup — it’s a Ramadan classic for a reason.

KAFD Ramadan nights: King Fahd Financial District (KAFD) is setting up a Ramadan tent in Alwadi. The experience includes a traditional iftar canon and a Musaharati informing people about the time. Visitors can enjoy iftar and suhoor from one of Riyadh’s most lavish restaurants, relax at the hookah Lounge with coffee and sweets, and shop at the Ramadan souq featuring local brands.

Historic Jeddah Ramadan Season: Jeddah’s Historic District is hosting Ramadan Season 2025, blending cultural heritage with modern festivities. The event will feature traditional souqs, art exhibitions, and interactive experiences that highlight the city’s deep-rooted history. Visitors can enjoy live performances, including poetry recitations and folk dances, while sampling a variety of traditional and contemporary Saudi delicacies.

DON’T MISS: The chance to explore historic alleyways illuminated with Ramadan lanterns, offering a picture-perfect backdrop for an unforgettable evening.

JAX Ramadan market: The JAX Ramadan market promises an exciting mix of culture, art, and flavor, bringing together local artisans, food vendors, and live performances that capture the spirit of the season.

Layali Diriyah: Step into the heart of Saudi heritage at Layali Diriyah, where the birthplace of the Kingdom transforms into a mesmerizing Ramadan retreat. The historic mudbrick structures of At Turaif glow under lantern-lit skies, setting the stage for an unforgettable cultural experience. Wander through bustling souqs filled with the scent of oud and the charm of handcrafted textiles and take in the rhythmic beauty of live musical performances and storytelling sessions.

INSIDER TIP: Don’t miss the Najdi folklore performances, an immersive glimpse into the rich traditions of the region.

Cenomi Centers’s bottomline down 18.4% in 2024, Walaa down 57%

CENOMI CENTERS-

CenomiCenters reported an 18.4% y-o-y decline in net income to SAR 1.2 bn in FY 2024, impacted by several one-time expenses and impairment losses, according to the company’s earnings release (pdf). The company’s revenue grew 4% to SAR 2.3 bn in the same period, “driven by growth across all revenue streams,” CEO Alison Rehill-Erguven said.

Cenomi Centers will distribute SAR 178.1 mn in dividends for 3Q 2024 at SAR 0.375 per share, it said in a disclosure to Tadawul. The eligibility date is 12 March 2025, with distribution set for 6 April.

WALAA-

WalaaCooperativeIns. saw its net income fall 56.6% y-o-y to SAR 64.3 mn in FY 2024, after its earnings from ins. services turned to the red, returns on investments dropped, and ins. finance expenses rose, it said in a disclosure to Tadawul. The company logged a 15.8% y-o-y increase in revenue to SAR 3.3 bn during the year, buoyed by growth in its car, property, and engineering ins. segments.

MOHAMMED HADI AL RASHEED-

MohammedHadi Al Rasheed’s net income grew 80.6% y-o-y to SAR 80.6 mn in FY 2024, according to a disclosure to Tadawul. Revenue was up 42.6% y-o-y at SAR 307 mn in the same period as sales and customers increased on the back of geographical expansion.

Progress on The Line gets ink

The WallStreetJournal zones in on delays and challenges for Neom’s The Line, citing an internal audit as suggesting that the project has been hampered by “unrealistic” planning and projections, supported in part by McKinsey & Co, which has consulted on the project. The Journal also looks at the hefty costs associated with the project.

IN CONTEXT- The Line has been dogged by media allegations of a downsizing for much of the past year, but Neom officials have consistently maintained that buildout was proceeding on schedule and “has never been scaled back.” Meanwhile, The Line’s Hidden Marina is set to become the first segment of the smart city to be operational, with contractors currently being sought for raft foundations tendered in six lots.

Yaqeen Capital will arrange SLIC’s planned Tadawul IPO

IPO WATCH-

Yaqeen Capital will arrange Saudi Leather Industries’ (SLIC) planned Tadawul IPO process after signing a service provision agreement with the footwear producer, Yaqeen said in a bourse filing. The process will go through multiple stages until regulatory approvals and listing are complete, the filing added. No further information was disclosed.

About SLIC: The Dammam-based company manufactures work, military, and casual footwear, and is a major supplier to Aramco, Saudi Electricity Company, and Sabic, according to its website.

MANUFACTURING-

Asheil Versatile Lighting Technologies secured a land plot at Shaqraa Industrial City to build a lighting manufacturing and technology hub, Zawya reports. The project will be developed by Asheil’s parent companies Versatile International and Haneco Lighting. The planned 6.8k sqm facility will provide high-performance lighting solutions for the Kingdom’s giga-projects, large-scale urban developments, and commercial infrastructure, in addition to creating new jobs.

DEBT WATCH-

Amlak International Finance Company renewed a SAR 1.1 bn shariah-compliant loan with the Saudi Investment Bank (SIB) for an additional year to facilitate business and boost financing ability, Amlak said in a disclosure to Tadawul. Amlak will offer an assignment of receivables to the bank and a promissory note as forms of guarantee. SIB is a substantial shareholder in Amlak.

INFRASTRUCTURE-

#1- The National Water Company (NWC) completed a SAR 460 mn sewage infrastructure project in Riyadh’s Al Najris, according to a statement. The 297-km sewage line has a pumping station with a 55k cbm capacity and will provide services to over 198k residents. Residents can apply for service connections via NWC’s online portal or application.

#2- Qassim’s water network is getting a new upgrade by 2027: NWC plans to award a project in April to boost Qassim’s water network efficiency, Zawya reports, citing an unnamed source. The project, set for completion by late 2027, includes conducting hydraulic studies, installing support networks, and replacing old pipelines to reduce water losses. The tender for the project closed on 5 March.

FOOD-

Al Jouf Agricultural Development and Korea’s EGreen Global (EGG) will establish a specialized laboratory at Al Jouf’s headquarters to produce potato seeds, with operations set to begin by 2Q 2026, Al Jouf said in a disclosure to Tadawul. Al Jouf will also invest SAR 15 mn in EGG through bonds convertible into equity, the disclosure read.

Big banks rush into stablecoins

Major banks and fintech firms are entering the stablecoin space, aiming to carve out a share of the growing cross-border payments market, long dominated by crypto firms like Tether and Circle, the Financial Times reports. Institutions including Bank of America, Standard Chartered, PayPal, Revolut, and Stripe are moving into the sector as regulatory frameworks take shape and transaction volumes rise.

The market is heating up fast: Stablecoin transactions hit USD 710 bn last month, up from USD 521 bn a year prior. The number of unique stablecoin wallets also grew 50% to 35 mn, according to Visa data. Companies are also finding practical use cases — SpaceX, for example, uses stablecoins to move Starlink revenues from Argentina and Nigeria, while AI firm ScaleAI pays international contractors in digital tokens.

More developments are underway: Stripe dropped USD 1.1 bn to acquire stablecoin startup Bridge, and PayPal is planning to expand its PYUSD rollout this year. Meanwhile, the EU has implemented compliance regulations for stablecoins, while the UK is gearing up for its own regulations, and US politicians are discussing stablecoin-related bills. Bank of America CEO Brian Moynihan acknowledged the shifting landscape, saying, “If they make that legal, we will go into that business.”

Regulations are taking shape here at home too: The Financial Services Regulatory Authority issued a regulatory framework for the issuance of stablecoins in the ADGM last year, after which the Central Bank of the UAE granted final approval for the launch of AE Coin, making it the country’s first AED-pegged stablecoin.

EMs could become leaders in this space: The real momentum for stablecoins is in emerging markets, where currency risk and weak banking infrastructure make them a preferred option for commodities, agriculture, and shipping. In Western markets, however, their role is “not as obvious,” Index Ventures’s Martin Mignot said.

Stablecoins still carry risks: Analysts warn that stablecoins function as digital IOUs rather than true cash, meaning users are exposed to the financial health of the issuing company. “Essentially what the brand of the stablecoin tells you is that this is who the issuer is,” fintech consultant Simon Taylor said. “Therefore, because the issuer is that organisation, your credit risk is X or Y. That’s not something you do with the USD.”

MARKETS THIS MORNING-

Asian markets broke away from the losing streak on Wall Street, with most markets up in trading as of dispatch. South Korea’s Kospi and Japan’s Topix were both up, while the Nikkei was flat in early trade. On Wall Street, futures are pointing to a stronger open after another volatile day in trading as the Trump administration’s whispering trade policy continued to breed uncertainty among investors.

TASI	11,718	-0.2% (YTD: -2.7%)
MSCI Tadawul 30	1,483	-0.3% (YTD: -26.0%)
NomuC	30,763	-0.9% (YTD: -2.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	30,935	-0.7% (YTD: +4.0%)
ADX	9,376	-0.2% (YTD: -0.5%)
DFM	5,122	-0.3% (YTD: -0.7%)
S&P 500	5,572	-0.8% (YTD: -5.3%)
FTSE 100	8,496	-1.2% (YTD: +4.0%)
Euro Stoxx 50	5,310	-1.4% (YTD: +8.5%)
Brent crude	USD 69.56	+0.4%
Natural gas (Nymex)	USD 4.35	-2.4%
Gold	USD 2,923	+0.1%
BTC	USD 83,167	-4.6% (YTD: -11.1%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 7.7 bn. The index is down 2.7% YTD.

In the green: Riyadh Cables (+10.0%), Batic (+6.3%) and AlBaha (+5.9%).

In the red: AlArabia (-5.1%), Al Mawarid (-4.5%) and Bawan (-3.8%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.9% yesterday on turnover of SAR 39.2 mn. The index is down 2.3% YTD.

In the green: TMC (+6.5%), Rawasi (+5.9%) and Keir (+5.6%).

In the red: AlJouf Water (-9.5%), AlRasheed (-9.0%) and Fad (-8.4%).

CORPORATE ACTIONS-

Naba Alsaha’s shareholders approved an upstream merger with Al Anwar Medical Company, a fully-owned subsidiary, authorizing its board to begin financial and regulatory processes for the transaction, it said in a disclosure to Tadawul. The merger will not affect Naba’s capital.

Al Modawat tapped Al Rajhi Capital as a market maker for its shares, it said in a disclosure to Tadawul. This is still subject to regulatory approvals, with the appointment set to run for 12 months from when the agreement is finalized.

Twareat Medical Care Company’s board recommended distributing SAR 10 mn in dividends for FY 2024 at SAR 0.25 per share, according to a disclosure to Tadawul. Payments will be made in five equal installments, with dates set to be announced later.

Saudi Arabia, Ukraine to revive joint business council

Saudi Arabia and Ukraine agreed to re-establish the Saudi-Ukrainian Joint Business Council this year, the two countries said in a joint statement following Ukrainian President Volodymyr Zelensky’s visit to Riyadh, Argaam reports. The two sides also discussed boosting trade and increasing business partnerships and investment in key sectors such as energy, food industries, and infrastructure.

CALENDAR

MARCH

1-30 March: Ramadan.

13 March (Thursday): Final allocation of shares for Umm Al Qura for Development and Construction’s Tadawul IPO.

16 March (Sunday): Surplus refunds for Umm Al Qura for Development and Construction’s Tadawul IPO.

17 March: Settlement date for Saudi National Bank’s USD-denominated Formosa bonds.

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

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

31 March (Monday): Deadline for applying to theReal Estate General Authority’s Regulatory Sandbox Program.

31 March (Monday): Deadline for applying to the World Intellectual Property Organization (WIPO) Global Awards 2025

APRIL

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

3-20 April (Thursday-Sunday): AFC Asian U17 Cup.

13-14 April (Sunday-Monday): Human Capability Initiative (HCI) Conference, King Abdulaziz International Conference Center, Riyadh.

13-16 April (Sunday-Wednesday): EdgeX HCI, The Ritz Carlton, Riyadh.

14-16 April (Monday-Wednesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

17-23 April (Thursday-Wednesday): 11th edition of the Saudi Film Festival, Dhahran.

18-20 April (Friday-Sunday): Saudi Arabian Grand Prix, Jeddah Corniche Circuit, Jeddah.

21-24 April (Monday-Thursday): Saudi Food Exhibition and Conference, Riyadh.

22-23 April (Tuesday-Wednesday): AAM Middle East, Riyadh.

23-25 April (Wednesday-Friday): Construction and Real Estate Development Exhibition, Jazan.

25 April- 4 May (Friday-Sunday): AFC Champions League Elite Finals

28 April- 30 April (Monday-Wednesday): Automechanika Riyadh, Riyadh International Convention and Exhibition Center, Riyadh.

MAY

May: The World Intellectual Property Organization (WIPO) Global Awards 2025 announces its results.

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

12-15 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh International Convention & Exhibition Center.

13-14 May (Tuesday-Wednesday): Global EV & Mobility Technology Forum, The Arena, Riyadh.

19-20 May (Monday-Tuesday): Tech-ecO-System Summit (ToSS), Riyadh.

23 May (Friday): Guns N’ Roses Show, Riyadh.

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

JUNE

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

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

30 June (Monday): Deadline for Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca).

JULY

July: The World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

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

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

AUGUST

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

SEPTEMBER

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

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

23 September (Tuesday): Saudi National Day.

OCTOBER

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

NOVEMBER

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

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

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

DECEMBER

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

4-13 December (Thursday-Saturday): Red Sea International Film Festval, Jeddah.

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.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

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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