Vector’s CEO lets us in on localization plans

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WHAT WE’RE TRACKING TODAY

Arab Light premium spikes

Good morning, folks. A number of major headlines fill today’s issue, thanks to and despite the ongoing conflict. Leading today’s stories is our interview with US defense technology player Vector’s CEO Andy Yakulis, who filled us in on how Saudi Arabia can tweak its defensive capabilities and what we can learn from the conflict in Ukraine.

PLUS- A Saudi-US venture is wagering on Saudi’s hospitality sector, even as the war shows no sign of stopping, with a plan to set up 50 hotels by 2029 across the Kingdom.

PSAs

The Madinah Bus Project rolled out an updated 15-route network to make getting around the holy city smoother, state news agency SPA reports. Five routes — including those to the airport, Prophet’s Mosque, and Haramain Railway — run 24/7, while 10 more operate 18 hours daily across other areas in the city.

Watch this space

OIL — Are we heading into an unprecedented premium for Arab Light? Aramco is finalizing May-loading crude prices, with traders pointing to a roughly USD 40 per barrel premium for Arab Light — up from USD 2.50 in April, unnamed traders told Bloomberg. The list will land within days.

The negotiation has shifted from routine pricing to a search for workable benchmarks — and refiners are testing alternatives. Informal talks with Asian buyers are running hotter than usual as margins tighten under higher costs and constrained supply. Some spot cargoes are already being priced against Brent-linked instruments, while other options — including Shanghai Futures Exchange pricing and the UAE’s Upper Zakum — are being floated as reference points.

Why this matters: This is leaning more toward a benchmark breakdown. When buyers start indexing outside Dubai or Oman, the region’s pricing structure comes under pressure.

Missing crude is another problem: Flows of Arab Extra Light, Arab Medium, and Arab Heavy have effectively stalled with Hormuz disrupted, leaving the East-West Yanbu pipeline — which carries Arab Light only — as the only outlet. The pipeline is reportedly already running at its full capacity of 7 mn bbl / d.

That concentrates supply into a single grade just as its price spikes, forcing refiners into a simple equation: pay up or step back. Early signals suggest they’re leaning toward the latter, traders from refiners that import volumes from the Kingdom told Bloomberg.

DISRUPTION WATCH — Projectiles landed close to a Greek-owned container ship near Ras Tanura, Reuters reports, citing maritime risk management outfit Vanguard. The Liberian-flagged Express Rome reported two such incidents occurring one hour apart, and that its crew was unharmed. Although no group claimed responsibility for the incident, Iran’s Islamic Revolutionary Guard previously claimed to have attacked the Express Rome while crossing the Strait of Hormuz earlier this month.

Data point

16.8% — that’s the y-o-y increase in the Kingdom’s services exports in 4Q 2025, reaching SAR 66.1 bn, according to the General Authority for Statistics’ latest report (pdf). Meanwhile, services imports edged down 2.6% y-o-y to SAR 119.6 bn.

The drivers: Growth was driven by travel services, which accounted for 59.8% of the total. Exports of transportation services followed at 15.9%, with air travel making up 40.6% of that figure. On the import side, transportation services held the largest share at 28%, followed by travel services at 21.1%.

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The big story abroad

It’s another morning with the regional war dominating global headlines: US President Donald Trump told aides he is “willing to end the US military campaign against Iran even if the Strait of Hormuz remains largely closed,” the Wall Street Journal reports. Trying to open up Hormuz would extend the war beyond his timeline, according to officials cited by the Wall Street Journal. This came shortly after he reiterated his threat to destroy Iran’s energy infrastructure if it does not open the strait.

Markets were quick to react to the news, with Asian markets trading higher after opening in the red, oil dipping slightly, and Wall Street likely opening up with futures in the green.

And while it’s shaping up to be a good day for equities, the damage has been done. What could’ve been a red-letter year for US equities has been overtaken by recession fears and soaring energy prices, as Wall Street wraps up its worst quarter in four years. Closer to home, emerging-market stocks also suffered — losing their 2026 gains with the US-Iran war poised to raise inflation and stall growth.

Dive deeper: Wall Street Journal and Bloomberg have more.

A new food giant could soon enter the scene: UK-based consumer packaged goods giant Unilever is inching closer to merging its food business with US spice manufacturer McCormick, unnamed sources told the Wall Street Journal. The resulting entity would be valued at around USD 60 bn. Expect an official announcement as soon as later today.

Also receiving ink this morning: Israel’s parliament passed a law that makes execution the default sentence for Palestinians convicted of lethal terrorism. Human rights advocates have condemned the move, arguing that it contradicts the state’s longstanding freeze on capital punishment.

The WaaS era is upon us

The Iran war highlighted the need for cheap drone offensive and defensive systems — and companies were already vying to present solutions. Utah-based defense technology company Vector signed an MoU with Riyadh-based SR2 Defense Systems earlier this month to explore locally manufacturing its “attritable” unmanned aerial systems — including its Hammer F1 foldable quadcopter.

Why it matters: Iranian Shahed drones cost 20-50k per unit, creating a massive cost asymmetry when they are intercepted by highly expensive, conventional air defense systems. Vector aims to localize the production of cheap, consumable drones inside the Kingdom to close that financial gap.

The MoU, signed at the 2026 World Defense Show in Riyadh, will see Vector and SR2 form a special purpose vehicle (SPV), with the initial phase involving introducing Vector's systems and tactical training to the Saudi military. Armed with a recent USD 20 mn debt facility from JPMorgan Chase to scale its US manufacturing, Vector wants to eventually transition to standing up local manufacturing for components within the Kingdom.

We sat with CEO Andy Yakulis yesterday to put Vector’s plans in the context of the ongoing regional conflict and Saudi’s defense localization targets. Edited excerpts from our conversation:

EnterpriseAM (E): You describe Vector’s model as “modern warfare as a service.” What does that mean?

Andy Yakulis (AY): Vector was founded after seeing how small, unmanned systems were being used in the war in Ukraine. The unit economics of unmanned systems used at a massive scale captivated us. We focus on “attritable” systems — a US Department of War term for consumable technology that is cost-effective enough that losing a drone — whether intentionally expended or lost to electronic jamming — is an acceptable casualty.

If you look at defense contracting in the US market, it’s a very long procurement cycle — seven to ten years is the average to get a piece of hardware from R&D to full delivery. However, if the drone is attriting and the technology is advancing fast, there is a unique window to provide an updated variant.

We built an “as a service” model: Instead of just buying the drone, our customers buy access to Vector's innovation cycle, tactical training, and manufacturing capacity. This allows us to rapidly contract and deliver our products underneath service contracts, moving around that standard, lengthy procurement process.

E: How does deploying these systems in the Saudi and GCC theater differ from what we’re seeing in Ukraine?

AY: You cannot copy and paste how the Ukrainians are building unmanned systems and employ them on the battlefield against Russia into the US or Saudi markets. I am amazed at Ukraine's innovation cycle and how fast they manufacture, but they are in a conflict where their survival is at stake. They do not have the same regulatory restrictions on supply chains or integrating munitions that the US market does.

US restrictions on using critical components originating from China are very serious. It is difficult to decouple from China, and we have a very strict interpretation of those rules. We assume that in Saudi Arabia, there will be a similar need to be very clean on the supply chain and uphold rigorous safety standards, especially when integrating munitions. A drone is worthless without a munition integrated on it if you are using it as a one-way attack system. That requires a much more robust safety certification process than what you see outside the US.

E: How does your hardware design support this expansion into Saudi and the need for localized manufacturing?

AY: You could call us the Android of drones. Our drones have a very open architecture and are very modular. A lot of other drone companies are more closed architecture — like an iPhone. That modularity makes it easy to manufacture at the point of need.

It also gives us flexibility: Not every country has the same long lead times on procurement that the US Department of War does, so the service model isn't needed everywhere. Because our drone is so modular, it's easy for us to provide a highly capable system even on a normal, straight procurement-based contract.

We are willing to set up manufacturing in a series of different countries, including the Kingdom. We even lean into their supply chain where it makes sense — for example, instead of buying carbon fiber from here, we are willing to look at sourcing carbon fiber in Saudi to help support the local economy.

E: You recently formed a partnership with SR2 Defense Systems. What is the structure of that joint venture?

AY: We announced a partnership with SR2 at the World Defense Show in Riyadh a few weeks ago that will see us creating a JV with SR2 in the form of a special purpose vehicle (SPV). Once that’s completed, we are looking to acquire backing from Masna Ventures, which will finance the initial start of the localization and manufacturing in Saudi Arabia.

E: Will the initial drones be manufactured in Saudi Arabia, or will they come from your US facility?

AY: The initial delivery of drones will potentially come from the US. That JPMorgan vehicle was a debt vehicle here to help scale up manufacturing and help with pre-inventory purchases to build systems at our facility in Salt Lake City, Utah.

We are working toward an initial contract to do the first phase, which is introducing our systems and our training to the Saudi military in the very near future. Once they have awareness of the products, we see a pathway for larger sales, and then standing up manufacturing hopefully in the very near future.

We were in Saudi Arabia well before this conflict erupted. We see Saudi as an important market and ally of the US, and we wanted to enter that market months before this conflict even kicked off. The conflict made it a little difficult to get back over to Riyadh, which slowed us down a bit, but it has also shown that our thesis of attritable systems in mass is the future of warfare.

A 50-hotel hospitality network is on the way

Introducing Ayara: A 50-hotel network across the Kingdom. Saudi conglomerate Abdel Hadi Abdullah Al Qahtani & Sons (AHQ) is setting up a 50-hotel network known as Ayara under a USD 1 bn agreement inked with US-based Patel Family Office, according to a press release. Under the agreement — inked at Miami’s FII Priority Summit — the hotels will be up and running by 2029.

Ayara aims to add 5k-7k rooms across “key economic corridors” and “emerging development zones” like Riyadh, Jeddah, Dammam, NEOM, and the Red Sea region, specifically serving corporate travelers and regional headquarters. The Patel Family Office is partnering with ATQ Hospitality Group (an AHQ affiliate) to launch and operate Ayara.

The pitch: Ayara is a vertically integrated platform that aims to bridge a gap in the Kingdom, where the surge in luxury hospitality has left a shortage in the corporate and business travel sector. By combining land acquisition, modular construction, and in-house manufacturing with hospitality management, Ayara plans to provide cost-effective and faster delivery.

Saudi Arabia’s hospitality market seems to be on the upswing, with recent entrant Brassbell Hospitality Group telling EnterpriseAM that the local tourism industry is on track for “sustainable double-digit annual growth,” late last year. Demand is expected to outrun supply especially in Jeddah and Riyadh, the firm said.

Private credit to the masses

Private credit is going retail: Financing investment funds — vehicles that extend direct and indirect credit to businesses — will be able to list on Tadawul’s main and parallel markets under new rules currently up for public consultation, the Capital Market Authority (CMA) said in a statement. The move would open to retail investors an asset class once reserved for institutional deep pockets via private placements, providing a permanent capital route for credit-hungry mid-market firms.

Think of the new rules as a valve for a tightening liquidity squeeze: The move comes as banks have grown more selective. “There’s a clear pipeline of companies that are growing but still under-served by traditional financing,” senior investment banker Mustafa Fahim tells EnterpriseAM. Taking these funds public would help bridge that gap “by bringing more market-based credit into the system,” he added.

The missing middle will capture the flow: “The real [potential] is in mid-sized companies, industrials, healthcare, education, and some tech-enabled businesses,” Fahim told us, noting that large infrastructure and gigaprojects still have banks and government-backed funding to tap. The new move targets “companies that are scaling well but don’t always have efficient access to flexible credit. That missing middle is where these funds can play a meaningful role,” he said.

Guardrails around risk are conservative but understandable, Fahim told us. On the main market, borrowing is capped at 15% of net asset value, while funds listed on Nomu are allowed to run with higher leverage of up to 50% of fund size, the CMA statement read. Exposure limits are also tightened, with indirect financing funds restricted from allocating 25% or more to a single borrower or group.

Uh, Enterprise… Why does Nomu get more room on leverage? The difference in leverage comes down to the investor base, Fahim explained. Participation in the parallel market is limited to qualified and institutional investors who meet professional, income, or net worth thresholds. These participants are better equipped to assess risk, allowing regulators to tolerate higher leverage.

Meanwhile, on the main market, the tighter restrictions are a safeguard for its broader investor base. While similar vehicles in more mature markets like the US typically run higher leverage to juice returns, the Saudi cap is a tactical choice to keep risk in check. “This is a new product for the market, so the focus is clearly on stability and building investor confidence first,” he said.

How fund managers will likely hunt for alpha: With leverage restricted, fund managers will have to work harder for their returns. “Managers can still generate returns by targeting higher-yield segments and leaning on structuring,” Fahim said. In practice, this means moving up the risk curve into instruments like high-yield sukuk, mezzanine debt, and subordinated structures to drive returns on a risk-adjusted basis.

A pile of 2025 earnings

Sasco

Saudi Automotive Services (Sasco) reported a 45% y-o-y increase in net income to SAR 64.3 mn in 2025, it said in a Tadawul disclosure. Growth was driven by higher sales, investment and financial gains, and lower operating and zakat expenses. Revenue rose 15.9% y-o-y to SAR 11.8 bn, supported by an expanded station network, stronger sales from Sasco Palm and the transport segment, and higher diesel prices.

Ades Holding

Ades Holding’s net income edged up 2% y-o-y to SAR 832.9 mn in 2025, it said in an earnings release (pdf). The performance was supported by a gain on equity instruments, but was largely offset by higher depreciation, interest expenses, and acquisition-related transaction costs. Revenue climbed 7.9% y-o-y to SAR 6.7 bn, fueled by increased offshore activity, the strategic deployment of rigs across both existing and new markets, and the acquisition of the Shelf portfolio.

Dividends: The company’s board proposed a dividend payout of SAR 265 mn for 2H 2025, which would bring the year’s total dividend to SAR 496.2 mn.

Bawan Company

Bawan Company posted a 105.9% y-o-y jump in net income to SAR 218.3 mn in 2025, on the back of the consolidation of its newly acquired oil and gas segment, margin expansion, and stronger performance in its electrical and plastics businesses, it said in a disclosure to Tadawul. Meanwhile, revenue rose 34.8% y-o-y to SAR 4.1 bn in 2025.

Saudi Ground Services

Saudi Ground Services Company saw its bottom line increase 23.8% y-o-y to SAR 404.7 mn in 2025, driven by gains from equity investments and lower zakat charges, it said in a disclosure to Tadawul. Revenue edged up 1.7% y-o-y to SAR 2.7 bn, supported by higher domestic and international flight activity.

Al Mawarid Manpower Company

Al Mawarid Manpower Company’s net income rose 45.1% y-o-y to SAR 138.5 mn in 2025, supported by improved margins, particularly in the individual segment, it said in a Tadawul filing. Meanwhile, revenue grew 28.8% y-o-y to SAR 2.6 bn in 2025, driven by workforce expansion (up 20%), strong corporate segment growth (up 32%) on higher demand and new contracts, and a 16% increase in the individual segment supported by better utilization.

Dividends:The company will distribute SAR 28 mn in dividends at SAR 1.4 apiece for 2H 2025, it said in a separate disclosure. The distribution date is set for Thursday, 23 April.

Alkhorayef Water and Power Technologies

Alkhorayef Water and Power Technologies Company reported an 11.2% y-o-y increase in net income to SAR 255.7 mn in 2025, spurred by the completion of initial project phases, it said in a filing to Tadawul. Revenue grew 26.7% y-o-y to SAR 2.5 bn, led by higher contributions from the wastewater (up 39.3%), water (up 24.5%), and integrated water solutions (up 5.4%) sectors, supported by new projects.

Jahez International

Jahez International Company for Information System Technology posted a 61.2% y-o-y drop in net income to SAR 73 mn in 2025, weighed by higher operating expenses for the marketing and consolidation of Qatari delivery platform Snoonu, it said in a Tadawul disclosure. Meanwhile, revenue rose 4.7% y-o-y to SAR 2.3 bn, thanks to growth in non-Saudi delivery platforms and a 16.3% increase in commission income, which offset a 13.1% decline in delivery fees.

Ladun Investment

Ladun Investment Company ended 2025 in the red, recording a loss of SAR 55.4 mn in comparison to a net income of SAR 66.1 mn a year prior, according to a disclosure to Tadawul. Its revenues fell 23% y-o-y to around SAR 1.2 bn for the period, which management attributed to a 60% slump in real estate segment earnings, with the year focused on the completion of existing projects instead of new developments.

Neotek gets Saudi’s second open banking license

Neotek joins the Kingdom’s open banking push: Riyadh-based fintech firm Neotek became the Kingdom’s second final open banking license holder, which was provided by the Saudi Central Bank after completing the regulatory sandbox program. Lean Technologies recently became the first company to obtain the license.

Why it matters: Open banking is a regulatory framework that requires banks to share customer data with third-party fintechs, but only if the customer agrees, using secure APIs. This move signals that banks no longer have full control over financial data. Fintechs can now offer things like combined account dashboards, quick credit scores for small businesses, and automated accounting tools that were previously harder to roll out.

Alkhorayef to install sewer networks for SAR 221 mn

Alkhorayef Water and Power Technologies will build sewer networks in Hafar Al Batin and Al Qaisomah under a SAR 221 mn contract inked with the National Water Company, it said in a disclosure to Tadawul.

Still writing checks

The conflict in the Gulf hasn’t yet killed investment momentum for private equity and venture capital in the Middle East and North Africa. However, if the conflict drags on much longer, it could reshape how and where the region’s PE and VC-backed companies find their way to market — and slow the pace at which earlier-stage companies are raising capital.

The trend on exits was already clear before the drones and F-35s started flying: Portfolio companies backed by private capital — the private equity and venture capital firms that invest in businesses with a view to eventually selling or listing them — were turning more and more frequently to local exchanges for exits rather than making what had been the traditional one-way flight to London or New York.

The numbers speak for themselves: Public-market exit values for PE and VC-backed companies globally hit USD 38.2 bn in 2025, up 21% y-o-y, according to a new report (pdf) by the Global Private Capital Association (GPCA). In the Middle East (excluding North Africa), those exits jumped 179% to USD 626 mn.

Here’s where things stand one month into the conflict:

#1- Investors are still writing checks. There’s no evidence (yet) of significant investor pullback from capital calls — the periodic capital transfers that PE and VC investors commit to sending when a fund they’ve backed needs the money. That suggests portfolio companies that have already raised capital aren’t in immediate danger of being starved of the funding they were promised. It also says something about sentiment — limited partners backing PE and VC firms aren’t tapping the brakes.

#2- Dealmaking by PE and VC firms is slowing. The conflict has brought a “pause or a slower pace in new investments,” GPCA Research Director Jeff Schlapinski tells EnterpriseAM. The war could change where investors write tickets, though: “Everyone will be closely looking at logistics, shipping developments, and energy markets as we progress through the year, but there is no evidence to suggest a pullback so far,” he added.

International investors will likely be the most cautious, regional startup information service Magnitt said in a recent report. Transaction timelines will also lengthen, as will exits, Shorooq founding partner Shane Shin tells us.

#3- Valuations will be under pressure. “The market is becoming more price-sensitive but also increasingly structured,” Shin said, while highlighting that this trend started even before the war. “Investors are asking for clearer milestones, better terms, and in some cases staging capital

more carefully,” he explained. Still, he argues that the “strongest businesses” are not necessarily seeing major valuation compression; rather, in uncertain markets, “capital tends to concentrate around category leaders with strong traction, solid governance, and clear revenue visibility, while others may struggle to sustain prior expectations.”

The most vulnerable companies are those that are capital-intensive, highly dependent on external financing, or have long payback cycles and heavier infrastructure dependencies, he added. Later-stage startups will also be exposed, given the already existing dearth in follow-on investments and late-stage capital, he noted.

#4- The strongest companies are still plotting local listings. Saudi quick-delivery unicorn Ninja is testing IPO waters despite the war, gauging investor appetite for a Tadawul main market listing in late 2026 or early 2027. Ninja is looking at Tadawul, not the NYSE, to open the exit gate for investors: The Saudi exchange has held up better than most regional bourses since the conflict started, with strong oil prices propping up energy heavyweights.

SOUND SMART- Morocco, not Tadawul or DFM, is the breakout story: The Casablanca Stock Exchange (CSE) has emerged as the biggest exit success for private capital in the MENA-Africa space. CSE is now the second-largest exchange in Africa with an aggregate market capitalization exceeding USD 106 bn, and in 2025, it hosted some of the region’s most successful PE-backed IPOs. Fintech outfit CashPlus was 65x oversubscribed, while Morocco’s largest private healthcare provider Akdital reached a EUR 2 bn valuation after listing.

“The CSE is entering a very promising phase supported by a strong and increasingly sophisticated ecosystem — including an active regulator, a growing institutional investor base, research coverage, and the increasing participation of private equity firms,” Albert Alsina, founder of Mediterrania Capital Partners, said in the GPCA report.

Why go local?

The economics are shifting. Western exchanges like the NYSE require massive enterprise value to justify a listing, Schlapinski tells us. The compliance burden alone can be punishing — a lesson the region learned the hard way with Swvl, the Egypt-born mobility startup that listed on Nasdaq via a SPAC at a USD 1.5 bn valuation in 2022 and promptly lost 99% of its value. Four years on, Swvl is still fighting delisting warnings. The Cairo-to-Dubai-to-New York path didn’t deliver.

And listing closer to home attracts a type of investor that already understands what it means to be an emerging-markets player. “The advantage of local listings like Casablanca is that investors there are more likely to understand the business story,” Schlapinski explains. Local investors know the market, the regulatory environment, and the competitive landscape in a way that generalist funds in New York simply don’t. EM specialists, simply put, don’t spook as easily.

Companies in Saudi and the UAE look likely to remain the prime targets for private capital this year. “When we look at the GCC and MENA specifically, the vast majority of targets for private capital are in Saudi Arabia and the UAE. We do see some investments in Oman, but it’s a relatively smaller scale of activity,” Schlapinski said.

What to watch

Markets around the world are focusing more and more on ‘local’ capital. “We see an increased focus on local capital investing at home and an increased focus on local resilience and independent means of production everywhere in the world,” Schlapinski says.

Markets with strong domestic investor bases, like India, are better positioned to maintain transaction momentum even as international capital turns cautious. “A lot of the strong public market activity in India is driven by local investors, not so much international capital, so it should remain relatively strong. In the near term, a cautious approach will prevail until energy markets stabilize again,” he notes.

The implication for MENA: The exchanges and markets that have built deep local investor pools — like Tadawul and Casablanca — are the ones most likely to see PE and VC-backed listings resume first when the war fog clears. The UAE could follow suit, but it will require significant liquidity injections (openly or not) by sovereign funds, we think.

BACKGROUND- The Global Private Capital Association, founded in 2004, is a nonprofit membership organization representing private investors managing portfolios of over USD 2 tn worldwide, with a focus on emerging markets.

TASI	11,167	+0.8% (YTD: +6.5%)
MSCI Tadawul 30	1,503	+0.9% (YTD: 8.3%)
NomuC	22,883	+0.6% (YTD: -1.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	45,190	-2.6% (YTD: +8.0%)
ADX	9,526	-0.7% (YTD: -4.7%)
DFM	5,443	-1.2% (YTD: -10.0%)
S&P 500	6,344	-0.4% (YTD: -7.3%)
FTSE 100	10,128	+1.6% (YTD: +2.0%)
Euro Stoxx 50	5,542	+0.7% (YTD: -4.3%)
Brent crude	USD 109.63	+2.1%
Natural gas (Nymex)	USD 2.89	+0.2%
Gold	USD 4,550	-0.2%
BTC	USD 66,789	+0.8% (YTD: -23.8%)
Sukuk/bond market index	921.69	+0.1% (YTD: +0.3%)
S&P MENA Bond & Sukuk	148.74	-0.4% (YTD: -2.1%)
VIX (Volatility Index)	30.61	-1.4% (YTD: +102.9%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.8% yesterday on turnover of SAR 6.1 bn. The index is up 6.5% YTD.

In the green: Saleh Alrashed (+10.0%), Saptco (+9.9%), and Raoom (+7.7%).

In the red: Bawan (-8.0%), Maharah (-4.1%), and Alkhaleej Trng (-3.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.6% yesterday on turnover of SAR 24.6 mn. The index is down 1.8% YTD.

In the green: Balady (+15.9%), Mufeed (+8.1%), and Hawyia (+7.7%).

In the red: Alashghal Almoysra (-14.5%), Almodawat (-11.7%), and Naas Petrol (-9.9%).

CALENDAR

MARCH

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

20-22 April (Monday-Wednesday): Future Aviation Forum, Riyadh.

MAY

3-9 May (Sunday-Sunday): The Global Sustainability Expo, The Arena Riyadh Venue.

19-21 May (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

24-28 May (Sunday-Thursday): Eid Al Adha holiday.

JUNE

15-17 June (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

21-24 June (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

22-24 June (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

JULY

6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

AUGUST

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

SEPTEMBER

9-10 September (Wednesday-Thursday): Procurement and Supply Chain Futures Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

9-10 September (Wednesday-Thursday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

OCTOBER

12-15 October (Monday-Thursday): World Energy Congress, Riyadh.

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

NOVEMBER

24-28 November (Tuesday-Saturday): Aero Middle East and Sand & Fun, Thumamah Airport, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
September: Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center;
November: The UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;
SkyMove Air Cargo MENA, Riyadh;
The Intervision international music competition will take place in Saudi Arabia.

Signposted to happen sometime in 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;
Capital Markets Forum takes place in March in Riyadh.

Signposted to happen sometime in 2Q 2027:

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

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