USD 50 bn to boost trade and investment with China

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Finance Ministry mulls lifeline for Saudi Binladin Group as kingdom gears up for World Cup, Expo construction rush

Good morning, friends, and welcome to the first full business week of August. Can you believe we have just two weeks (or so) before the kids head back to school? We hope you enjoy the last two weeks of summer.

UP FIRST- Is something about to happen with Saudi Binladin Group? The Finance Ministry is mulling a “number of measures” to “support” the high-profile contractor with a view to “stabilizing its financial position,” state news agency SPA writes. The ministry is exploring a range of measures including loans, help rescheduling payments owed to creditors, and the state taking a larger stake in the group.

The message: The ministry sees a lifeline to Saudi Binladin as key to some components of Vision 2030, SPA noted, name-checking projects in Makkah and Madinah. The news comes as the Kingdom gears up for a big construction push to build stadiums, infrastructure, and other projects for the 2034 Fifa World Cup and Riyadh Expo 2030.

BACKGROUND- The Public Investment Fund has reportedly appointed Morgan Stanley to advise on the acquisition of the 36% Saudi Binladin stake owned by the Finance Ministry.

HAPPENING TODAY-

#1- Crown Prince and Prime Minister Mohammed bin Salman meet Palestinian President Mahmoud Abbas in Riyadh today, the Times of Israel reports, citing two unnamed senior Palestinian officials. The meeting comes just days after Israel’s assassination of Hamas leader Ismail Haniyeh in Iran triggered threats of retaliation by Tehran and its ally Hezbollah.

#2- Qualified investors will be able to place their orders for the Nomu IPO of recruitment and HR agency Tharwah HR starting today through Sunday, 11 August. We have more on the transaction in this morning’s news well, below.

WEATHER- Riyadh will see a daytime high of 44°C today. It’s almost as hot in Makkah, where the mercury will peak at 42°C, while Jeddah will see a high of 36°C and a low of 30°C.

HAPPENING TOMORROW-

Bookbuilding for ASG Plastic Factory’s IPO on Nomu wraps up tomorrow. The plastics manufacturer is taking a 10.6% stake to Tadawul’s parallel market and has said it will price the offering at SAR 40-44 per share. The final allocation of shares will take place on Sunday, 11 August.

PSAs-

#1- Car rental agencies are not allowed to hold onto customers’ official documents and shouldn’t retain copies of them, either, the Transport General Authority said in a post on X.

#2- Italian national carrier ITA Airways launched a Rome-Jeddah route with three weekly round trips, it said in a statement (pdf). ITA operated its first flight from Rome-Jeddah last Thursday. This is the airline’s second Saudi destination, after launching direct flights between Riyadh and Rome in June.

#3- Flynas is looking for pilots with experience flying Airbus A320, it said in a post on X. The budget carrier made a USD 30 bn order last month from Airbus, doubling the low-cost airline’s total Airbus orders to 280. Applications can be submitted here.

#4- Some 24 projects are up for grabs on the Furas platform: 18 projects in Asir municipality, and 6 in Qassim municipality, state news agency SPA reported (here and here). The projects are in the sectors of commerce, sports and entertainment, and manufacturing.

DATA POINTS-

The Esports World Cup (EWC) Festival in Boulevard City has reeled in 1 mn visitors only four weeks into the eight-week event, according to a post on LinkedIn. The EWC has so far handed out awards valued at USD 16.5 mn.

OIL WATCH-

OPEC said on Friday it would leave oil production unchanged as it continues to “monitor the impact of its [current output cuts] on global markets,” Bloomberg notes.

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THE BIG STORY ABROAD-

No single story leads the front pages of the global business press this morning as we disgest a busy weekend of news on both the business and politics fronts.

The rundown:

The Financial Times is giving plenty of ink to Warren Buffett’s big sell-down of Apple shares.
The Wall Street Journal is leading with Trump’s (lack of) strategy for countering rival Kamala Harris.
The New York Times is running with a take about Republican VP candidate JD Vance’s thoughts on power.
Reuters notes that Trump has pulled out of an agreed ABC debate and is pitching instead a showdown with Harris on Fox News.

IN OUR PART OF THE WORLD- Iran has detained more than two dozen people, including top intelligence and military officials, in the wake of the assassination of Hamas leader Ismail Haniyeh in Tehran. Tehran has pledged to retaliate against Israel, which has neither confirmed nor denied its involvement. (New York Times | Reuters)

AND- Another round of ceasefire talks in Cairo ends empty-handed after Israeli Prime Minister Benjamin Netanyahu made fresh demands, Axios reports. An Israeli delegation led by Mossad chief David Barnea was in Cairo yesterday for a day of ceasefire negotiations after “strong US pressure on both Egypt and Israel” following the recent killing of Hamas’ top political leader Ismail Haniyeh in Tehran. Some believe the Israeli prime minister only “sent the delegation only to create an appearance of negotiations to relieve some of the pressure from President Biden.”

What demands? Netanyahu’s latest include an international mechanism that puts an end to weapon transfers through Gaza and other new demands that make the agreement “impossible,” Israeli officials said.

WATCH THIS SPACE- Kamala Harris is expected to announce her choice of running-mate on Tuesday. The NYT and Politico have great rundowns on where the search stands.

OLYMPICS-

It was an historic day for Caribbean nations at Paris 2024 as Julien Alfred won the first medal for St Lucia in its history by winning the women’s 100m race. Jamaican veteran Shelly-Ann Fraser-Pryce didn’t make the final after skipping the semis for reasons that remain unclear. St Lucia was not the only Caribbean island to make history yesterday, as Dominica won its first-ever medal when Thea Lafond secured gold in the women’s triple jump.

Egypt has advanced to the semifinals of the men’s football tournament after a thrilling 5-4 penalty shootout win against Paraguay. Egypt will face host France in Lyon tomorrow night.

Twelfth time’s the charm? After having reached the men’s soccer quarterfinals a total of 11 times, this is the first time ever that the Pharaohs have made it to the semis.

Algerian boxer Imane Khleif advanced to the semifinals in the 66 kg category, securing a medal for her country. Khleif broke into tears after her victory, following an international smear campaign on social media in recent days that accused her of being a “man.”

More history making: American swimmer Katie Ledecky — the most ever decorated US female athlete — made history by winning the women’s 800m freestyle, securing her ninth olympic gold medal, matching the record of Soviet gymnastics legend Larisa Latynina.

Ledecky’s compatriot Simone Biles showed no sign of relaxing, as she increased her gold medal tally to three in Paris and seven overall by winning the gold in the women’s vault gymnastics competition yesterday. Biles still has a chance to add to her total in today’s events.

The highlight for host France yesterday was its victory over Japan in the mixed team judo competition, decided by a golden score bout won by legendary Judoka Teddy Riner.

CIRCLE YOUR CALENDAR-

Aramco is set to release its 1H 2024 results on Tuesday, 6 August, according to its website. You can tune into the audio webcast of its earnings call here. The oil giant’s net income dipped a bit more than 14% in 1Q 2024 to SAR 102.3 bn.

Small and medium enterprises regulator Monsha’at will hold a franchise tour of five cities on 12-13 August (Monday and Tuesday). The tour, which starts in Khobar and includes stops in Abha, Qassim, Hail and Jeddah, will showcase success stories in the sector. The tour then picks up with seven stops scheduled for an installment next year.

Cybersecurity training event SANS Riyadh Cyber Leaders August 2024 will run from Sunday, 18 August to Thursday, 22 August at the Hyatt Regency Riyadh Olaya.

The eight-week Esports World Cup runs until Sunday, 25 August Riyadh’s Boulevard City. The world’s top esports clubs are competing for a pool of USD 60 mn — the largest purse in esports.

The two-day Middle East LPG Expo – Saudi Arabia 2024 will open on Tuesday, 10 September, bringing together upwards of 4k liquified petroleum gas (LPG) experts to discuss the future of the fuel gas in clean energy. Saudi accounts for 50% of demand for LPF in the Middle East and Africa.

The TotalEnergies CAF Super Cup Final 2024 between Egyptian rivals Al Ahly and Zamalek will be held in Riyadh on Friday, 27 September. The venue and kick-off time of the match will be announced at a later date.

This year’s edition of security-focused expo Intersec Saudi Arabia will run from Tuesday, 1 October to Thursday, 3 October at the Riyadh International Convention and Exhibition Center.

International food and beverage expo InFlavour is returning to Riyadh on Tuesday, 1 October. The three-day event — which will be organized in collaboration with the Environment, Water and Agriculture Minister, Tahaluf, Pepsico, Al Rabie, Arasco and Nadec — will take place in Riyadh’s Front Exhibition and Conference Center.

PIF inks MoUs worth up to USD 50 bn with Chinese banks to ramp up capital flows between Riyadh, Beijing

The Public Investment Fund (PIF) inked six MoUs valued at up to USD 50 bn with major Chinese banks, it said in a statement last week. The move comes in a bid to spur “two-way capital flows through both debt and equity, and come as part of PIF’s strategy to foster institutional partnerships globally,” the press release reads. PIF governor Yasir Al Rumayyan was in China last month where Beijing singled-out priority areas including infrastructure and energy as well as the digital and green economies for investments by the wealth fund.

The statement doesn’t make clear who’s providing financing to whom — or for what. Given the profiles of the Chinese lenders, we expect the agreements will largely (but not exclusively) see Chinese lenders providing finance for Chinese companies doing business in Saudi as well as for Saudi companies investing in or sourcing from China.

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

Which Chinese lenders are involved?

Agricultural Bank of China (ABC)
Bank of China (BoC)
China Construction Bank (CCB)
China Export & Credit Insurance Corporation (SINOSURE)
Export-Import Bank of China (CEXIM)
Industrial and Commercial Bank of China (ICBC)

Priority sectors? Look for trade finance, infrastructure, manufacturing, as well as petchems and manufacturing to be among the priority sectors.

IN CONTEXT- The government is taking steps to significantly deepen Kingdom’s relationship with China even as we wait for news of a series of agreements with the United States on security, nuclear power, and advanced technologies. We have background here.

Al Falih meets top Egyptian officials in New Alamein to discuss ramping up Saudi investments

The government could turn its deposits at the Central Bank of Egypt (CBE) into foreign direct investment (FDI), Investment Minister Khalid Al Falih told Prime Minister Moustafa Madbouly in New Alamein on Thursday, according to two separate statements (here, and here). Al Falih also said the Kingdom expects that the Public Investment Fund will commit more capital to Egypt. Al Falih also met with Egypt’s ministers of planning, transport, and industry.

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What they said: The PIF’s companies have investments in Egypt amounting to around USD 3 bn, said Muteb Al Shathri, the PIF’s representative in Egypt. He highlighted the existing cooperation between the fund and the Sovereign Fund of Egypt through the government’s IPO program.

What’s next? The two sides are working to finalize an agreement on the protection and promotion of bilateral investments. “We have made significant progress on agreeing to most of the agreement’s terms, with only a few points currently under discussion between the parties,” said Madbouly.

IN CONTEXT- Saudi’s long term deposits at the CBE are valued at USD 5.3 bn — out of the bank’s total USD 14.9 bn long-term deposits — according to the CBE’s latest external position report for 1H FY 2023-2024 (pdf). Meanwhile, Saudi direct investments in Egypt totalled USD 2.4 bn in FY 2022-2023, up from USD 491 mn in FY 2021-2022, and that figure is USD 235 mn in 2Q FY 2023-2024, according to the CBE’s monthly bulletin for May (pdf). Saudi Arabia has provided Egypt with USD 12.9 bn in finance, accounting for 7.7% of Egypt’s entire sovereign debt profile.

Olam Group mulls a full exit from its agri unit in transaction with PIF-owned Salic

Singapore-based agricultural trader Olam Group is reportedly in talks to sell its 64.6% stake in Olam Agri to PIF-owned Saudi Agricultural and Livestock Investment Company (Salic), the Wall Street Journal reports, citing people it says are familiar with the matter.

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The potential transaction would make Salic the sole owner of Olam Agri. It acquired a 35.4% stake in a USD 1.24 bn transaction in 2022.

This could put ice on the Olam Group’s plan to dual-list its agri subsidiary on Tadawul, the sources added.

What’s Olam Agri? Olam Agri focuses on producing, and processing agricultural products. It also has a freight management unit, and provides commodity financial services. The company has 60 manufacturing and processing facilities, with operations in more than 30 countries, serving 8.4k corporate customers, according to its website. Olam’s top line stood at USD 23 bn in 2023, according to the WSJ.

Regional footprint: The agri producer claims to be the largest shipper of containerised agri-commodities in Algeria, with a strong presence in Tunisia, Morocco, Egypt, and the GCC. Its marketing, sales and distribution offices for the region are located in Algeria, Egypt, Morocco, and the UAE.

Residential real estate prices ticked up again last quarter, as commercial prices remained unchanged

Real estate prices rose 1.7% y-o-y in 2Q 2024, driven by rising costs of residential real estate and agricultural land plots, according to the latest General Authority for Statistics (Gastat) real estate index (pdf).

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The culprit? The uptick owes to a 2.8% hike in residential real estate prices and a 1.5% in agricultural real estate prices. This is despite a 0.4% decline in the prices of commercial units.

REMEMBER- Rent has been cited as a major culprit driving consumer inflation in the Kingdom, with consumer prices recording a 1.5% y-o-y rise in June.

Some residential units are getting cheaper: While apartment prices increased 2.9%, the cost of houses declined 1.4%, villas 1.4%, and residential buildings 0.1%.

Quarter-on-quarter: Real estate prices inched up 1.1% in 2Q compared to the previous quarter. Apartment prices rose 2.1% q-o-q, villas were largely flat, while the prices of houses and residential buildings were unchanged. Meanwhile, prices for agricultural real estate were up 1.6%, while commercial prices remained unchanged.

REMEMBER- Rents are on an upward trend: Actual housing rents — which weighs the heaviest of all components in the Saudi consumer basket — experienced the most significant y-o-y rise, growing 10.1% in June compared to the same month in 2023.

Tharwah HR kicks off Nomu IPO, pricing shares at SAR 62 apiece

Homegrown Tharwah HR has priced its Nomu IPO at SAR 62 per share, according to a statement to Tadawul. The regional recruitment and HR agency is taking a 15% stake to Tadawul’s parallel market Nomu. The offering price would give the company a post-listing market cap of SAR 292 mn, and would see it rake in up to SAR 43.8 mn in proceeds, according to Enterprise calculations.

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

Timeline: Qualified investors can place their orders with the receiving banks starting today until Sunday, 11 August. This will be followed by the final allocation of shares on Thursday, 15 August. Investors can subscribe to a minimum of 10 shares and a maximum of 235k, according to the offering’s prospectus (pdf).

Use of proceeds: The company will use the funds to finance its expansion projects and finance its working capital, after covering the listing expenses valued at SAR 2.2 mn.

Lockup period: The two substantial shareholders will not be able to execute any transactions on their shares for a period of 12 months starting from the first day of trading.

ADVISORS– Value Capital is acting as the sole financial advisor and lead manager on the transaction, while Bakertilly is acting auditor. SNB Capital, Al Rajhi Capital, BSF Capital, Alinma Investment, Riyad Capital, Al Jazira Capital, Alistithmar Capital, Albilad Capital, ANB Capital, SAB Invest, Derayah Financials, Yaqeen Capital, and Alkhabeer Capital were listed as receiving agents.

2023 KPIs in a snapshot: The company’s revenues doubled y-o-y to SAR 79.4 mn in 2023. Some 65.4% of the company’s top line is attributed to the company’s training and education unit. Meanwhile, the prospectus recorded no revenues generated from the company’s Dubai and Cairo branches.

New CEO appointments at Buruj Cooperative Ins. and Makakh Construction and Development

Buruj Cooperative Ins. has appointed Bader Alghunaim (Linkedin) as new CEO, it said in a disclosure to Tadawul. Alghunaim has also served as the company’s CFO. He has previously held positions at Cooperative Ins. Tawuniya.

Mohammed Alnafea (LinkedIn) will serve as the new CEO Makkah Construction and Development, the company said in a disclosure to Tadawul. Alnafea has most recently served as the CFO of the Saudi Aramco Base Oil Company (Luberef).

Cycling league want to be friends — at a distance

It’s crickets for the Kingdom in the international press as the world has its attention split between the intensified regional tensions in the Middle East and the Paris olympics.

The President of Union Cycliste Internationale, David Lappartient, expressed his openness to Saudi investments in cycling, provided it doesn’t lead to the creation of a rival league. “You are welcome to cycling, we need to work together, and you also need to respect what the red lines are for the UCI, and what are the key principles: that we will never support a clone league,” Lappartient said, according to Bloomberg. Although the Kingdom has been exploring funding a new cycling league, progress has stalled, and Lappartient does not expect a breakaway league to materialize.

MEANWHILE- CNN reports that Saudi and US pressure has apparently led Russia to cancel a weapons sale to the Houthis last month, the cable news network cited sources it says are familiar with the matter.

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Four Seasons Resort looks to launch resort on Sindalah Island. Plus: Debt, capital markets, trade, tech news

HOSPITALITY-

Four Seasons Resort plans to launch a 225-key beachfront resort on Sindalah Island, according to a press release. The resort will also feature 52 villas. Information about size of investment and timeline wasn’t disclosed.

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TECH-

Mobi Egypt to set up data center in the Kingdom: Telecom infrastructure company Mobi Egypt plans to set up a data center here in partnership with Saudi ICT solutions firm Al Rajhi Telecom, Al Mal reports, citing Mobi Egypt Chairman and CEO Emad El Fakharany.

CAPITAL MARKETS-

Awaed Alosool Capital acquired regulatory approvals to provide brokerage services in the capital market, according to a bulletin on Tadawul. Awaed received approval from the Capital Markets Authority earlier this year adding investment management and custody services to its business portfolio.

TRADE-

The GCC officially kicked off talks for a trade agreement with Indonesia on Wednesday during GCC Sec-Gen Jasem Albudaiwi’s visit to Jakarta, where he met the country’s Trade Minister Zulkifli Hasan, a statement from the council showed. The first round of talks is slated to start this year, with plans to wrap up discussions within two years.

The Nasdaq is in correction territory. Warren Buffett is shifting to cash. Investors fret about AI. Things are getting interesting on Planet Finance.

Markets in the US and Western Europe saw a sharp selldown on Friday, sending the Nasdaq into correction territory following a weaker-than-expected US jobs report. That just added momentum to a selloff of Big Tech shares as traders worry about the commercial viability of artificial intelligence.

The Nasdaq is now down more than 10% since 11 July after losing 2.4% on Friday and the Dow lost 600 points heading into the weekend, good for a one-week drop of 2.1%.

Investors pummeled Intel, sending its shares down 26% after it announced it would lay off 15k people as part of a plan to cut bns of USD in spending.

The weak jobs report has some wondering whether the Fed will need to cut rates by more than a quarter point when it meets in September. While rate cuts should be good for equities (lower rates sends money into the stock market looking for better returns), the concern is that the Fed may have waited too long to act, setting up worries about the health of the US economy.

WATCH THIS SPACE #1- Berkshire nearly halves its stake in Apple: Warren Buffett’s Berkshire Hathaway cut its massive stake in Apple by nearly 50% to USD 84.2 bn in 2Q 2024, the firm’s latest earnings filing (pdf) showed. The stake sale, which raised the conglomerate’s cash holdings to a record USD 277 bn, is part of a wider sell off that saw Berkshire offload some USD 75.5 bn worth of stock on a net basis during the quarter as the S&P 500 rallied.

Could this add momentum to a risk-off, signaling that cash is king? “You could conclude this is another sell signal,” Edward Jones analyst Jim Shanahan said. “This was a far higher level of selling activity than we were expecting.”

WATCH THIS SPACE #2- Is all of this a signal that we’re in for a turbulent fall? Mayhaps, to quote the resident 17-year-old. Bloomberg has a rundown of views well worth your reading.

The bottom line? “This is what a growth scare looks like,” Wasif Latif, president and chief investment officer at Sarmaya Partners, told Reuters. “The market is now realizing that the economy is indeed slowing.”

Want more? See reports in the Financial Times | Reuters | CNBC

MEANWHILE- The Bank of England on Thursday cut interest rates for the first time in four years, delivering a quarter-point cut to 5% after maintaining a 16-year high of 5.25% since last August.

TASI	12,046	-0.5% (YTD: +0.7%)
MSCI Tadawul 30	1,513	-0.5% (YTD: -2.5%)
NomuC	26,609	-0.2% (YTD: +8.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	29,379	+1.2% (YTD: +18.0%)
ADX	9,292	-0.8% (YTD: -3.0%)
DFM	4,237	-1.0% (YTD: +4.4%)
S&P 500	5,347	-1.8% (YTD: +12.1%)
FTSE 100	8,175	-1.3% (YTD: +5.7%)
Euro Stoxx 50	4,639	-2.7% (YTD: +2.6%)
Brent crude	USD 76.81	-3.4%
Natural gas (Nymex)	USD 1.97	-0.5%
Gold	USD 2,470	-0.4%
BTC	USD 60,600	-2.1% (YTD: +43.3%)

THE CLOSING BELL: TADAWUL-

The TASI declined 0.5% on Thursday on turnover of SAR 6 bn. The index is up 0.7% YTD.

In the green: Cenomi Retail (+6%), Petro Rabigh (+5%) and Care (+3.6%).

In the red: Gulf Union Alahlia (-10%), Kingdom (-8%) and Saico (-7%).

THE CLOSING BELL: NOMU-

The NomuC declined 0.2% on Thursday on turnover of SAR 43 mn. The index is up 8.5% YTD.

In the green: Obeikan Glass (+18%), Leaf (+7.6%) and Saudi Top (+67%).

In the red: Horizon Food (-9.9%), Miral (-8%) and Osool And Bakheet (-6.8%)

CALENDAR

JULY

4 July-25 August: (Thursday-Sunday): Esports World Cup, Boulevard Riyadh City, Riyadh.

AUGUST

12-13 August (Monday-Tuesday): Monshaat Franchise Tour, Al-Khobar.

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh.

18 August (Sunday): New academic year begins.

18-22 August (Sunday-Thursday): SANS Riyadh Cyber Leaders August 2024, Hyatt Regency Riyadh Olaya.

27-29 August (Tuesday-Thursday): Saudi Fashiontex Expo, Riyadh.

SEPTEMBER

2-4 September (Monday-Wednesday): Saudi Warehousing & Logistics Expo, Riyadh.

2-4 September (Monday-Wednesday): Saudi Wood Expo, Riyadh.

3-5 September (Tuesday-Thursday): 24 Fintech, Front Exhibition & Conference Center, Riyadh.

9-11 September (Monday-Wednesday): International Manufacturing Congress, Riyadh.

10 September (Tuesday): Saudi Arabia Investors Forum, Riyadh.

10-11 September (Tuesday-Wednesday): SkyMove MENA, Riyadh.

10-11 September (Tuesday-Wednesday): Middle East LPG Expo – Saudi Arabia 2024, Intercontinental Hotel, Riyadh.

10-12 September (Tuesday-Thursday): Saudi Sports Show, Riyadh.

10-12 September (Tuesday-Thursday): Global AI Summit, Riyadh.

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

16-19 September (Monday-Thursday): Foodex Saudi, Riyadh.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh.

17-19 September (Tuesday-Thursday): Hotel & Hospitality Expo, Front Exhibition & Conference Center, Riyadh.

18-19 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam.

18-19 September (Wednesday-Thursday): IDC Saudi Arabia CIO Summit 2024, Riyadh.

24-26 September (Tuesday-Thursday) Saudi Infrastructure Expo, Riyadh International Convention and Exhibition Center, Riyadh.

23 September (Monday): National Day (national holiday).

27 September (Friday): CAF Super Cup Final 2024, Riyadh.

29 September-1 October (Sunday-Tuesday): Jeddah Construct Expo, Jeddah.

OCTOBER

1-3 October (Tuesday-Thursday): Intersec Saudi Arabia 2024, Riyadh.

5-7 October (Saturday-Monday): Middle East Education & Training Exhibition 2024, Jeddah.

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

16-17 October (Monday-Tuesday): Global Airport & Aviation Forum, Jeddah.

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.

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

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

NOVEMBER

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

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

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

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

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

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

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

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.

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

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

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

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

FEBRUARY 2025

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

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

JUNE 2025

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

2026

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

2027

The World Water Forum takes place in Riyadh.

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