US State Department approves USD 1 bn+ arms sale to Saudi

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Prince Faisal bin Farhan will be at next week’s BRICs summit

Good morning, wonderful people. It’s the start of a new week that promises to keep us on our toes, if the news flow this morning is any indication. But before we get underway…

FACT CHECK- Dazn Group isn’t on the PIF’s radar: The PIF said it has no current plans to invest in sports streaming platform Dazn, dismissing earlier media reports suggesting that there were ongoing talks to acquire a stake in the UK-based group. (Reuters | Bloomberg)

WEATHER- Riyadh is looking at a high of 38°C, and a low of 21°C today. Over in Madinah, the temperature will peak at 39°C, before dropping to 25°C. Meanwhile, Jeddah will see a high of 36°C, and a low of 28°C.

WATCH THIS SPACE-

#1- Crown Prince Mohammed bin Salman will reportedly skip the BRICS summit in Russia next week. Instead, Foreign Minister Faisal bin Farhan Al Saudi will represent Saudi Arabia at the summit, which runs from 22-24 October, Reuters reports, citing a Kremlin statement. The Crown Prince’s absence will make Saudi Arabia the only country not represented by its leader, according to Russian President Vladimir Putin’s foreign policy aide, Yuri Ushakov. Although Russia extended an invitation to the Crown Prince, no reason was given for his absence.

REMEMBER- Officials in Riyadh said earlier this year that the Kingdom is still considering an invitation to join BRICS. The remarks in February came after South Africa’s foreign minister said the Kingdom had formally joined the alliance.

#2- The Kingdom narrowly missed out on a seat on the 47-member UN Human Rights Council after receiving seven fewer votes than the Marshall Islands to represent the Asia-Pacific Group. The outcome of the secret ballot elections received ink in the foreign press (The Guardian | AP | Reuters | ABC News)

DATA POINTS-

#1- PIF allocates green bond proceeds to projects: Of the USD 8.5 bn it raised through its two green bond issuances, the Public Investment Fund (PIF) has allocated USD 5.2 bn to projects as of this past June, according to its Allocation and Impact Report 2024 (pdf). This is part of a capital expenditure portfolio, worth over USD 19.4 bn, of eligible green projects identified by the fund. CNBC also had the story.

The portfolio includes 91 projects, 18 of which are operational or partially operational, while the remaining 73 are under construction or in design.

#2- Al Qassim’s untapped mineral resources are estimated to be valued at SAR 122.3 bn, with key minerals including gold (SAR 87.7 bn), bauxite (SAR 24.6 bn), zinc (SAR 4.7 bn), copper (SAR 4 bn), and silver (SAR 1.4 bn), state news agency SPA reports, citing Industry and Mineral Resources Spokesperson Jarrah Al Jarrah. The region hosts 32 mining complexes and 580 factories.

REMEMBER- The government reported earlier this year that the Kingdom’s untapped mineral reserves are valued at USD 2.5 tn.

SPORTS-

The Green Falcons lost 0-2 to Japan in their World Cup Asian Qualifiers match in Jeddah on Thursday, Reuters reported. The loss puts Saudi Arabia in third place in Group C with four points, coming out on top in just one of three matches so far. Australia is one spot ahead on goal differential. Saudi’s next game is against Bahrain on Tuesday, 15 October at 9pm.

***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.

EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Cenomi.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.

DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics and climate industries?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***

THE BIG STORY ABROAD-

Israel expands its attacks on Lebanon: Israel ordered the evacuation of new locations in Lebanon yesterday as it ramped up its attacks. Yesterday’s attacks across three different areas across the country — including one that was previously untouched — killed no less than 15 and injured 37 others.

Attacks on Gaza continue: Israeli forces ramped up their airstrikes in northern Gaza on Saturday, killing at least 29 Palestinians in the Jabaliya area. Residents in northern Gaza have not received any food aid since 1 October according to the UN World Food Program, which estimates that around 400k Gazans remain in the area. The UN independent food rights investigator has accused Israel of carrying a “starvation campaign,” a claim that Israel denies. (Reuters | Associated Press)

AND IN BUSINESS NEWS- Boeing announced plans to cut 17k jobs — nearly 10% of its workforce — and delay its delivery of the 777X jet as the embattled company enters its fifth week of a machinists’ strike that has brought production of two of its models to a standstill. The company is currently waiting for the US’ National Labor Relations Board to rule on the unfair labor practice charge Boeing filed against the machinists’ union last week.

Boeing is feeling the pain: The machinists’ strike comes after a particularly difficult year for the company, which has come under considerable scrutiny after a high-profile accident on one of its planes in January prompted questions about the airplane manufacturer’s safety protocols and encouraged regulators to limit its production. S&P Global Ratings warned last week that Boeing’s bonds could soon be downgraded to junk status, estimating that the strike is costing the airplane manufacturer around USD 1 bn per month. (Financial Times | Reuters | CNBC)

AND- The 2024 Nobel Peace Prize went to Japan’s Nihon Hidankyo, a group of atomic bomb survivors who have dedicated their lives to push for “a world free of nuclear weapons” and demonstrate “through witness testimony that nuclear weapons must never be used again.” (DW | Reuters | BBC | New York Times)

CIRCLE YOUR CALENDAR-

The three-day 6 Kings Slam event at Riyadh’s Venue kicks off this Wednesday, 16 October, featuring all-star players competing for the largest purse in tennis history. The matches will see face offs between tennis champs Novak Djokovic, Rafael Nadal, Jannik Sinner, Carlos Alcaraz, Daniil Medvedev, and Holger Rune (watch, runtime: 5:15). The final and third-place match will be held on Saturday, 19 October. Book your tickets here.

The Professional Fighters League’s (PFL) Battle of the Giants is coming to Riyadh on Saturday, 19 October. Headlining the card, MMA superstar Francis Ngannou will face PFL heavyweight champion Renan Ferreira for the title of inaugural PFL Super Champion. Meanwhile, women’s featherweight champion Cris Cyborg will square off against Larissa Pachecho for the World Title Fight in the co-main event. Expect fireworks with additional matchups featuring Johnny Eblen vs. Fabian Edwards and A.J. McKee vs. Paul Hughes.

The three-day Seamless Saudi Arabia will take place at the Riyadh Front Center on Tuesday, 22 October. Business leaders and entrepreneurs from around the world will gather to discuss the latest trends shaping the digital commerce and fintech sectors. Notable speakers include representatives from the World Economic Forum, our friends at Cenomi, as well as Al Rajhi Bank, Riyad Bank, and Saudi Awwal Bank, among others.

The two-day Multilateral Industrial Policy Forum will kick off in Riyadh on Wednesday, 23 October. The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the UNIDO General Conference in 2025.

The four-day Biban24 Forum organized by Monsha’at will run from Tuesday, 5 November to Saturday 9 November in Riyadh. It will feature over 250 speakers and 1.4k exhibitors, focusing on supporting the growth and competitiveness of SMEs, as well as promoting entrepreneurship in the Kingdom. Biban24 will also host the Entrepreneurship World Cup finals, offer 420 workshops, and focus on key sectors like e-commerce and financing.

Cityscape Global will land in Riyadh’s International Convention and Exhibition Center on 11-14 November. With over 400 exhibitors, 500 speakers, and 7 conferences, the real estate event is stretching its scope this year with additional sectors like sustainable smart buildings, stadiums, attractions, and smart cities. Backed by the Municipalities and Housing Ministry, the event will also bring the Saudi sports infrastructure boom to the forefront, including newly-announced stadiums.

The Saudi Intermobility Expo 2024 will take place on 11-13 November at the Jeddah International Exhibition and Convention Center. As the largest transportation event in the MENA region, it will host over 7k decision-makers from 30 countries, highlighting the latest developments in smart sustainable mobility, infrastructure, and urban planning.

The Saudi General Aviation Airshow Sand & Fun 2024 will run from Tuesday, 19 November to Saturday 23 at Al Thumamah Airport, Riyadh. Organized by the Saudi Aviation Club, the event will feature 100+ exhibitors and 15 airshow teams, with over 100k visitors expected. Sand & Fun is a key platform for exploring aviation tech, fostering partnerships, and driving industry growth.

Biden administration approves arms shipments to Saudi

The US State Department approved the potential sale of USD 1.05 bn-worth of arms sales to Saudi Arabia, according to three separate notifications to Congress (here, here, and here — pdfs). The proposed shipments include the sale of Hellfire and Sidewinder missiles, as well as tank, artillery, and machine gun ammunition to the Kingdom. Bloomberg also had the story.

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

The rationale: “This proposed sale will support US foreign policy and national security objectives by helping to improve the security of a friendly country that continues to be an important force for political stability and economic growth in the Middle East,” the notifications say. The weapons being sold would also help Saudi be better equipped to “meet current and future threats,” the State Department said.

What’s next: Unless Congress steps in to block the sales, the contractors — RTX and Lockheed Martin — and the Kingdom will kick off negotiations. Final delivery counts may fall short of the maximum approved weapon sales, Bloomberg noted.

Background: The Biden administration lifted a three-year ban on the sale of offensive weapons to the Kingdom in August, saying that Riyadh upheld its end of an agreement with Washington on drawing back its conflict with the Houthis in Yemen.

Saudi industrial production extends gains in August 2024 to continue rising

The local industrial production index (IPI) rose 1.0% y-o-y in August, on the back of growth in mining, manufacturing, and utilities, according to a report (pdf) from the General Authority for Statistics (Gastat). The IPI analyzes survey data to track changes in industrial production volumes across the Kingdom.

The manufacturing sub-index grew 1.1% y-o-y on the back of growth in furniture (+18.8%), chemicals and chemical products (+2.9%), paper and paper products (+14.5%), food (+12.9%), and other categories. Manufacturing makes up for 35% of the overall IPI, making it the second-heaviest component after oil and minerals. August’s performance marks the seventh consecutive month that local manufacturing activity rose y-o-y.

Mining and quarrying activity increased 0.8% y-o-y, marking a turnaround from last month’s 0.8% y-o-y fall. The boost came on the back of an increase in oil production to 8.99 mn barrels per day, up from 8.92 mn bbl / d in August of last year. The mining and quarrying sectors make up 61.4% of the overall IPI.

REMEMBER- Riyad Capital said last month that Saudi crude oil production is expected to begin ramping up this quarter towards a targeted 10 mn bbl / d by 4Q 2025.

The IPI for non-oil sectors grew 7.0% y-o-y in August, driven by broad-based growth across most non-oil activities. Meanwhile, the index for oil declined 1.4%.

IN CONTEXT- Non-oil activity was at a four month high in September, with the Kingdom’s headline PMI figure hitting 56.3, up from 54.8 in August. The uptick signals renewed confidence in the private sector following a period of slower growth in early 3Q.

Utilities was a mixed bag: The sub-index for electricity, gas, steam, and air conditioning supply activity grew 4.1% y-o-y, while water supply, sewage, and waste management and remediation activities dropped 0.9%.

Saudi businessmen agree to invest USD 2 bn in Pakistan

Businesses from Saudi and Pakistan signed 27 MoUs that will see investments in Pakistan worth a combined USD 2 bn in the country’s agriculture, energy, manufacturing, technology, healthcare, and oil sectors. The agreements were finalized during Investment Minister Khalid bin Abdulaziz Al Falih’s three-day visit to Islamabad with a delegation of over 130 business executives and industry leaders, according to Arab News. The signings also got ink in the Associated Press.

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

What we know of the agreements:

Agriculture: An investment of USD 70 mm in Pakistan’s agricultural sector, and the export of spices and vegetables from Pakistan to Saudi Arabia;
Energy: Yanbu-based Engineering Dimension Holding partnered with Pakistan-based Welt Konnect to develop a 500 MW hybrid power project near Karachi. Also, Asyad Holding Group will acquire Shell’s operations in Pakistan;
Manufacturing: Cooperating on setting up semiconductor chip manufacturing in Saudi Arabia, and development of transformer manufacturing facilities in both countries;
Healthcare: All Care Medical Group signed two agreements with Pakistani firms to produce surgical instruments and pharmaceuticals, with plans to launch a factory in the Kingdom;
Ed-tech: Classera initiated eTaleem, an e-learning initiative with Pakistan Telecommunication Co., aiming to benefit 60 mn students;
Oil: Development of a white oil pipeline, and ongoing discussions for a USD 1.7 bn brownfield refinery upgrade with Pakistan State Oil, and exploration of a separate USD 7-10 bn greenfield refinery project with Pakistan Refinery Limited in Pakistan, according to Global Flow Control.

Less than expected: The total value of the MoUs is USD 2.8 bn short of the USD 5 bn investment package that Pakistan’s premier discussed with Prime Minister and Crown Prince Mohammed bin Salman when they met in Riyadh in April to support the cash-strapped country.

Mufeed plans to debut a 10% stake on Tadawul’s parallel market Nomu

Production and event planning company Mufeed is selling a 10% stake (600k shares) on Tadawul’s parallel market Nomu, according to a prospectus (pdf).

Use of proceeds: Some SAR 2.7 mn of the proceeds will be allocated to cover costs related to the offering, while the remaining amount is earmarked to hike the company’s capital to SAR 6.6 mn, up from the current 6 mn. This is in addition to financing some of Mufeed’s expansion plans. None of the proceeds will be distributed to shareholders.

Lock up period: Substantial shareholders will be prohibited from executing any orders on their shares for 12 months after trading begins.

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

Qualified investors can subscribe to 100% of the offering starting Sunday, 3 November, until Monday, 11 November. Each investor can subscribe to a minimum of 10 shares, and a max of 323k each. The final allocation of shares is slated for Thursday, 14 November, while refunds (if any) will take place on Monday, 18 November 2024.

Mufeed’s latest earnings: The company’s bottom line rose 74% y-o-y to SAR 58.3 mn in 2023, and revenues increased 67% y-o-y SAR 179 mn.

Founded in 2009, Mufeed operates five specialized subsidiaries — Evex, I-Focus, Innov8, White Light, and SCurve — offering comprehensive event management and organization services. Their expertise spans documentation, photography, TV production, broadcasting, and marketing campaigns. Additionally, they manage ticketing, exhibitions, and conferences.

ADVISORS- Value Capital is the lead manager, financial advisor, bookrunner, and underwriter on the transaction, while El Ayouty & Partners (Moore) is acting as auditor. Receiving agents include SNB Capital, Al Rajhi Capital, BSF Capital, Alinma Investment, Riyadh Capital, Al Jazira Capital, and Alistithmar Capital, among others.

Al Fakhera to debut a 20% stake on Nomu

Saudi thobe-maker and clothes retailer Al Fakhera Men’s Tailoring is selling a 20% stake on Tadawul’s parallel market Nomu, it said in a recently published prospectus (pdf). The company is issuing 6 mn new shares — good for a 20% stake — and putting them up for grabs after lining up Capital Market Authority approval for the move back in June.

Al Fakhera earmarked the proceeds to buy new assets and finance its working capital as part of its growth plans, according to the prospectus. Net proceeds from the sale will go towards shoring up the company’s capital after covering costs related to the offering, with no part allocated to shareholders.

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

The IPO — which will run from Sunday, 3 November to Monday, 11 November — will be limited to qualified investors. They will be able to book up to 1.8 mn shares each, with the lower limit set at 100 shares. The final allocation is slated for Thursday, 14 November and excess funds will be refunded by Monday, 18 November.

Post-IPO structure + lockup: The company’s substantial shareholders, Suleiman Hammad Al Yahya and the Sulaiman Al Hamad Al Yahya Islamic Charitable Endowment, will see their combined ownership diluted from a 95.0% stake to 79.2% post-IPO. They will not be able to sell down their positions for a 12-month period from the first day of trading. Minor shareholders will see their positions reduced on a pro rata basis.

Snapshot of 1H 2024 earnings: Al Fakher logged SAR 8.5 mn in net income during the first half of the year — down 33.2% y-o-y on the back of higher selling and marketing expenses, according to its unaudited financial results in the prospectus. Meanwhile, the company reported a 6.6% y-o-y increase in sales to SAR 54.5 mn in 1H.

About Al Fakhera: Founded in 1976, Al Fakhera operates over 100 branches across the Kingdom, according to its LinkedIn profile.The retailer specializes in the design and crafting of the traditional Saudi thobe, offering tailoring services catered to men of all ages. It also owns and runs the largest detailing factory in the region.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor, lead manager and underwriter, with Monsfoon providing legal counsel to the issuer and RSM stepping in as auditor. Receiving agents include Yaqeen Capital, Al Rajhi Capital, AlBilad Capital, Riyadh Capital and Al Ahli Capital, Istithmar Capital and Alinma Investment, among others.

National Housing Company opens off-plan sales for two new developments in Jeddah

The National Housing Company (NHC) launched off-plan sales for its newest residential projects in Jeddah, state news agency SPA reported. Both developments — Al Sadan and Al Thuraya — will include schools, retail stores, and sports and recreational facilities.

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

The rundown: Located south of Jeddah, Al Sadan is a SAR 800 mn development featuring 1k residential units, with an average price of SAR 750k per unit, Fahad Aljasser, Al-Sadan’s general project manager, told Aleqtisadiah. The development is slated for completion in 2027. Meanwhile, Al Thuraya is located north of Obhur, and features 700 Hejazi-themed units.

Building on a strong 1H: Residential markets saw growth in 1H 2024 amid heightened demand for homeownership, with Jeddah adding 11.3k units to its stock, JLL said in a report last month. The real estate services firm expects Jeddah to add 16k more units by year-end.

Quara Finance taps new chairman

Quara Finance tapped Abdullah bin Abdulrahman Al Shilash as chairman, while Abdulkarim bin Abulaziz Al Doaji was appointed vice chairman, according to a disclosure to Tadawul. Al Shilash has previously held technical, and managerial roles at Dar Al Arkan ate Development and Al Khair Capital, according to his bio on the Quara Finance website.

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

Three fresh infrastructure projects in Dammam worth over SAR 318 mn, courtesy of Modon

INFRASTRUCTURE-

#1- The Industrial Cities and Technology Zones (Modon) rolled out three new projects, worth over SAR 318 mn, in Dammam’s 3rd Industrial City, Aleqtisadiah reports, citing sources from the authority. The projects include infrastructure development (SAR 259 mn), a water supply network (SAR 39 mn), and a 4.5 km road connecting the industrial city with King Salman Energy City (SAR 19.6 mn).

ICYMI- Modon signed six agreements worth a combined SAR 137 mn last week to build similar production facilities in Dammam’s 2nd Industrial City.

#2- The Saudi Central Bank (Sama) awarded IT services provider Perfect Presentation(2P) a SAR 75.8 mn contract to develop its Partner Care Center’s communication channels, 2P said in a filing to Tadawul. The final contract is scheduled to be signed on 10 November.

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

LEGISLATION WATCH-

The Industry and Mineral Resources Ministry rolled out clarifications on recent tweaks to the precious metals and gemstones law, which were approved by the Cabinet earlier this month, according to a statement published in Umm Al Qura. Businesses now have six months to comply with the new regs, with an option for a three-month extension. The amendments will come into effect within a year of their publication. License and service fees will be set in upcoming regulations.

In a nutshell:

The Industry Ministry is now in charge of overseeing precious metals and gemstone production, while the Commerce Ministry is only responsible for regulating their trade;
Producers must get a license from the Industry Ministry to operate;
Factories may be required to use registered hallmarks for their products.

AVIATION-

Local budget airline Flyadeal is adding two new routes between the Kingdom and Egypt from 11 November, according to a press release. The new routes connect Jeddah with the Upper Egyptian city of Sohag, and Madinah with Cairo. The addition will increase the total weekly flights operated by the airline to Egypt to 44 from 39.

US inflation cools, sets stage for modest rate cut in November

US inflation sent mixed messages in September, as annual CPI fell to 2.4% from 2.5% in August, while the headline index crept up by 0.2%, according to the US Bureau of Labor Statistics. But core inflation, which excludes food and energy prices, rose to 3.3%, up from 3.2%, marking its first increase in 18 months. Analysts did not expect this and had predicted core inflation would hold steady, Bloomberg reports.

The reading indicates that inflation is “dying, but not dead,” CNN quotes Olu Sonola, Fitch Ratings head of US economic research, as saying.

While inflation is inching closer to the Fed’s 2% target, the latest reading indicates a more moderate path. “Anyone who thought the Fed would lower rates by another 0.50 basis points in November is dead wrong,” said Jamie Cox of Harris Financial Group. Instead, the Fed will likely cut rates at a slower, more “measured pace” Jamie Cox, managing partner at Harris Financial Group told Reuters.

The most probable outcome? A 25 bps rate cut in November, with December still up in the air, Sonola added.

TASI	11,994	+0.6% (YTD: +0.2%)
MSCI Tadawul 30	1,504	+0.5% (YTD: -3.0%)
NomuC	24,523	+0.3% (YTD: 0.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.5% repo	5.0% reverse repo
EGX30	30,762	-1.3% (YTD: +23.6%)
ADX	9,261	+0.1% (YTD: -3.3%)
DFM	4,441	+0.1% (YTD: +9.4%)
S&P 500	5,815	+0.6% (YTD: +21.9%)
FTSE 100	8,254	+0.2% (YTD: +6.7%)
Euro Stoxx 50	5,004	+0.7% (YTD: +10.7%)
Brent crude	USD 79.04	-0.5%
Natural gas (Nymex)	USD 2.63	-1.6%
Gold	USD 2,676	+1.4%
BTC	USD 63,074	+0.1% (YTD: +49.1%)

THE CLOSING BELL: TADAWUL

The TASI rose 0.6% on Thursday on turnover of SAR 5.9 bn. The index is up 0.2% YTD.

In the green: Arab Sea (+9.9%), Al Aseel (+9.1%) and Al Baha (+7.7%).

In the red: Herfy Foods (-4.1%), Sedco Capital REIT (-3.6%) and YC (-2.2%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.3% on Thursday on turnover of SAR 45.2 mn. The index remained flat YTD.

In the green: Keir (+8.1%), Tharwah (+6.0%) and Aqaseem (+5.7%).

In the red: Knowledge Tower (-7.9%), Qomel (-6.2%) and Mayar (-6.0%).

CALENDAR

OCTOBER

12-14 October (Saturday-Monday): Global Logistics Forum, Riyadh.

15-16 October (Tuesday-Wednesday): Solar & Storage Live KSA, Riyadh.

16-17 October (Wednesday-Thursday): Global Airport & Aviation Forum, Jeddah.

16-19 October (Wednesday-Saturday): Accounting Technologies Conference, Hilton, Riyadh.

19 October (Saturday): Battle of the Giants, Mayadeen Hall, Riyadh.

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh.

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

21-23 October (Monday-Wednesday): Global Health Exhibition 2024, Riyadh.

22-24 October (Tuesday-Thursday): Seamless Saudi Arabia 2024, Riyadh Front Center, Riyadh.

23-24 October (Wednesday-Thursday): UNIDO’s Multilateral Industrial Policy Forum (MIPF), Riyadh.

26 October (Saturday): Donor Conference to Support Refugees in Sahel and Lake Chad Regions, TBD.

27-28 (Sunday-Monday): The Global PropTech Summit, Movenpick Hotels & Resorts, Riyadh.

29-31 October (Tuesday-Thursday): Future Investment Initiative Conference, Riyadh.

30 October-3 November (Wednesday-Sunday): Hia Hub 4.0, Riyadh.

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

NOVEMBER

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

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

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

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

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.

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

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.

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

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

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

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

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

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

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

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

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

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.

6-8 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.

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.

SEPTEMBER 2025

23 September (Tuesday): Saudi National Day.

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

2027

The World Water Forum takes place in Riyadh.

Sections

About

Privacy & Support

Get EnterpriseAM daily