Zatca’s amendments to VAT regs are now live

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WHAT WE’RE TRACKING TODAY

THIS MORNING: India’s PM Narendra Modi to land in Saudi Arabia tomorrow

Good morning. We have another light issue for you today as business remains slow in the Kingdom. In today’s issue, we break down the newly-instated VAT amendments from Zatca, and measure Almarai and Jarir Marketing’s first quarter earnings against analyst expectations.

ALSO- The Kingdom dominated primary bonds and sukuk issuances in the GCC last quarter. We have the details in today’s Planet Finance.

BUT FIRST- Would you like to have lunch with us on Monday, 5 May? If so, hit reply to this email to let us know you’re like to be considered and tell us a little bit about yourself and what you do as a professional.

Wait, lunch? Yes, lunch. We’re inviting a small group of readers to join us to talk over where the economy and business climate stand now and where they’re heading through 2030. Expect good food, good company, and frank talk about what we are convinced is the most exciting business opportunity in the world.

Seating is strictly limited and the gathering is invitation-only. The gathering will take place under Chatham House rules. We’ll be in touch over the course of the next week with the folks we’re inviting to drop them the details.

HAPPENING TODAY-

The IMF and World Bank’s spring meetup kicks off today amid the global economy grappling with mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group brings together policymakers, central bankers, economists, private sector leaders, and others to discuss what the year ahead holds.

The mood of the meetup is already starting to become clear, with World Bank President Ajay Banga telling reporters last week that “uncertainty and volatility are undoubtedly contributing to a more cautious economic and business environment," according to AFP.

Tensions between the Trump administration and the World Bank are expected to come into focus over the week, with the White House yet to commit to the USD 4 bn pledged to the international financial institution by his predecessor in the last months of his presidency. Brushing off suggestions of bad blood, Banga described ongoing negotiations with its largest financial backer as “constructive” and told reports that “they’re asking the right questions, and we’re trying to give them the right answers.”

We’re yet to hear who will be representing Saudi at the meetup. Last year saw Finance Minister Mohammed Al Jadaan, Sama Governor Ayman Al Sayari, and Saudi Fund for Development CEO Sultan Al Marshad, among others, attend the meetings.

You can check out the full schedule on the event’s official website.

ALSO- MENA’s first Instagram Creators Summit wraps up today, bringing together leading global content creators — who have amassed over 231 mn followers — for interactive sessions, keynote speeches, and discussions on the future of content creation. The event — organized by Meta in partnership with the Royal Commission for AlUla — features discussions about topics like social media, AI, Instagram tools, and the creator economy and provides the chance for networking with Meta product managers.

AND- The Saudi Film Festival in Dhahran runs until 23 April. The festival will showcase 68 films, including feature films, shorts, and documentaries from Saudi Arabia, the Gulf, and beyond. We have the details here.

🌩️ WEATHER- Expect thunderstorms in Riyadh, windy and cloudy conditions in Madinah, and cloudy skies in Makkah.

Riyadh: 36°C daytime / 23°C overnight
Makkah: 40°C daytime / 28°C overnight
Madinah: 38°C daytime / 25°C overnight

HAPPENING TOMORROW-

Indian Prime Minister Narendra Modi will arrive in Saudi Arabia tomorrow on a two-day visit, according to a statement by India’s External Affairs Ministry. This marks Modi’s third visit to the Kingdom — after previous trips in 2016 and 2019 — and follows Crown Prince Mohammed bin Salman’s visit to New Delhi in September 2023. The leaders are expected to discuss means for deepening bilateral relations and cooperation across key sectors like trade, investment, energy, defense, technology, and culture.

HAPPENING THIS WEEK-

The three-day Real Estate Development and Construction Exhibition kicks off this Wednesday at the Grand Millennium Jazan Hotel. The event brings together real estate leaders, investors, and decision-makers to advance urban development in the region.

PSAs-

The deadline to apply for phase 2 of the Exploration Enablement Program (EEP) has been extended to Thursday, 1 May, instead of the previously announced deadline of 1 April, the Industry and Mineral Resources Ministry said in a post on X. The evaluation period will run from 1 to 31 May, while approvals, signings, and announcements are scheduled to begin on Sunday, 1 June. You can find more information here.

WATCH THIS SPACE-

Roshn reportedly ignores settlement with ex-CEO: PIF-backed Roshn is reportedly yet to respond to settlement offer of less than USD 50 mn, made by CEO David Grover over two months ago for his wrongful dismissal lawsuit against the real estate giant, the Financial Times reported, citing emails it said it has seen. The claim — initially for USD 100 mn and now reported to reach USD 120 mn — has been rejected by two lower courts and will be heard by Saudi Arabia’s Supreme Labour Court at a yet to be disclosed date, after facing multiple delays.

Background: Following his dismissal in April 2024, British-born Grover claimed USD 100 mn in pay and other awards covering the remainder of his contract. The dismissal came after allegations that he failed to disclose a conflict of interest when renting his French properties to company staff, despite the company covering the costs. In court, Roshn claims Grover tried to conceal his interest — a claim which Grover denies.

FROM THE RUMOR MILL-

PwC is reportedly pushing out several senior executives from its Middle East arm to ease tensions with the Public Investment Fund, following a one-year ban after the firm tried to hire ex-Neom Chief Internal Audit Officer Jason Davies, The Sunday Times reports citing “firm insiders.” The firm’s head of assurance Mohamed ElBorno and head of partner affairs Emma Campbell are among those who will be reportedly let go.

Consultancy firms, including Deloitte and EY, reportedly started expanding their presence in the Kingdom last March to fill the vacuum left by the PIF barring PwC from advisory contracts. Some firms have already been invited to bid on consultancy contracts for gigaprojects, including Neom.

DATA POINTS-

#1- Saudi Arabia recorded the biggest leap in the 2025International Intellectual PropertyIndex, seeing its numeric score rise by 17.55% y-o-y to 28.46. The Kingdom’s overall rating rose from 36.6% in 2019 to 53.7% in 2025, marking a cumulative increase of 40% over six years.

The drivers: The rise was driven by policy reform, including a 15-year protection period for industrial designs, the creation of an IP prosecution office, and stronger enforcement of copyright and trademark rights online.

#2- Our smartphone imports grew 25.6% y-o-y to SAR 26.1 bn in 2024, Aleqtisadiah reported, citing data from the General Authority for Statistics (Gastat). The number of units imported increased 29.1% y-o-y to 22.9 mn, bringing the total number of imported devices over the past three years to c. 55.4 mn units worth SAR 64.4 bn.

SPORTS-

#1- Oscar Piastri snagged his third victory this season at the Grand Prix, taking the lead in the Drivers' Championship. The race started with a bang as world champion Max Verstappen, starting from pole position, battled the Australian driver for the lead. Verstappen initially pulled ahead but received a five-second penalty for cutting the apex into the first corner, ultimately handing Piastri and the McLaren team the victory after his pit stop.

#2- We’re ready for a 64-team World Cup bid: The Kingdom would be ready to host an expanded 64-team World Cup in 2034 after FIFA approves the proposal, Reuters reports, citing statements by Sports Minister Abdulaziz Al Faisal during the F1 Grand Prix in Jeddah. The minister highlighted the Kingdom’s infrastructure and experience in managing large crowds during Hajj and Umrah as a positive precedent in hosting massive events.

The Kingdom is looking to unlock private sector investments to increase liquidity ahead of the 2034 FIFA World Cup, showcasing available investment and equipping investors with all “available information” in a bid to stoke appetite, Director of Sports Investment Development at the Investment Ministry Bassem Ibrahim said earlier this month.

#3- Jeddah gears up for the AFC Champions League Elite Finals this Friday, featuring seven knockout matches until 3 May. Top-seeded and top AFC champion Al Hilal SFC will meet South Korea’s Gwangju FC, Saudi league title-holder Al Ahli is set to take on Thai Buriram United, and Cristiano Ronaldo’s Al Nassr must measure against Japan’s Yokohama Marinos. The victors will progress to the semi-finals set for 29-30 April, with the final match scheduled for 3 May at King Abdullah Sports City Stadium.

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THE BIG STORY ABROAD-

It’s the quietest day in the global business press in weeks, with no new tariff announcements or executive orders from US President Donald Trump as the world seemed to take pause in time for Easter.

In political news, Ukraine and Russia have both accused each other of violating the 30-hour Easter ceasefire declared by Russian President Vladimir Putin. Despite Ukraine’s president Volodomyr Zelensky’s proposal to extend the ceasefire for 30 days, Putin said there will be no extension and accused Ukraine of breaking the ceasefire more than a thousand times, damaging infrastructure and resulting in civilian deaths. Meanwhile, Ukrainian forces reported 3k violations of the ceasefire.

Trump is still hopeful for a permanent ceasefire, and said the two sides could reach an agreement this week. (Reuters | FT | AP | BBC)

Also getting attention: The Israeli military admitted to “professional failures” in the killing of 15 unarmed emergency workers in Gaza last month, saying it will fire an officer for breaching orders, while changing key elements of the account from earlier versions. (Reuters | Guardian | FT)

PLUS- Iran and the US are set for another round of nuclear talks after the two sides seemed to make progress during their round of talks in Oman over the weekend, with the two sides agreeing to draw up a framework for an agreement. (Reuters | AP)

Zatca’s amendments to VAT regs are now live

The Kingdom’s refreshed VAT regs are now in effect, introducing amendments to tax group registration, deregistration processes, the scope of taxable supply, tax obligations, and refund mechanisms, according to a publication (pdf) in the official gazette.

Tax group representatives registered with the Zakat, Tax, and Customs Authority (Zatca) before the release of the amendments have up to 180 days to ensure their tax group complies with the updates. The tax rules for electronic marketplaces supplying digital services won’t come into effect until 1 January 2026.

New registration criteria: Two or more companies can register as a VAT group if they are based in the Kingdom and eligible to register for VAT. Companies operating in special zones with customs exemptions or those already in another tax group are not eligible.

Deregistration requirements: If a company ceases its economic activity — due to losing its legal status or transferring its operations — it must cancel its tax registration. In the case of business transfer, the new owner must notify the tax authority within 30 days, unless the previous owner cancels the registration.

ALSO- Charitable entities and non-profits are now included in designated persons allowed to apply for tax refunds, with Zatca required to explain rejections. The minimum refundable amount has also been raised to SAR 5k, from SAR 1k previously.

AND- Tourists can get refunds on personal belongings when leaving the Kingdom, Authorized providers can also submit refund requests on behalf of tourists. However, GCC residents, transport crew, and others specified by Zatca are excluded. The amendments also excluded from the scheme a number of goods, including vehicles, tobacco, food, beverages, and oil.

Want to learn more? Check out this detailed explainer from Deloitte.

National Water Company launches SAR 1.1 bn water and wastewater projects in Qassim

The NWC launches projects worth SAR 1.1 bn: The National Water Company (NWC) initiated 16 water and wastewater projects worth over SAR 1.1 bn across Qassim province, it said in a statement. The projects aim to expand the coverage of water and sanitation services while addressing a rising demand.

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

The scope covers 12 sanitation projects valued at over SAR 870 mn, including over 645 km of sewage pipelines and lifting stations with a combined capacity of over 6k cubic meters per day. It also includes four water projects to lay down more than 579 km of water pipelines worth over SAR 247 mn.

ICYMI- The NWC pledged to invest EUR 200 bn by 2030 in a comprehensive water cycle infrastructure across the Kingdom. In that line, it kicked off 14 water and sanitation projects across Hail last week with a SAR 1.2 bn investment, and broke ground on 30 new water and sewage projects valued at around SAR 2 bn across Riyadh earlier this month.

Almarai, Jarir Marketing’s net income falls short of expectations in 1Q

ALMARAI-

Almarai’s net income rose 6% y-o-y to SAR 731.2 mn in 1Q 2025, according to an earnings release (pdf). Despite higher energy costs, growth was attributed to gains in the dairy & juice, bakery, and poultry segments, along with higher capitalized interest due to capital investments. However, the dairy giant’s income growth fell short of analysts’ expectations at SAR 746.3 mn.

Meanwhile, revenues rose 6% y-o-y to SAR 5.8 bn over the same period, driven by strong volume growth and improved performance during Ramadan, particularly in the fresh dairy, juice, and poultry categories — though the EGP devaluation slightly tempered it.

On a quarterly basis, Almarai’s net income surged 70% q-o-q up from SAR 430.7 mn in 4Q 2024, while revenues saw a 12% q-o-q increase from SAR 5.2 bn in 4Q 2024.

ICYMI- S&P Global included Almarai among companies whose earnings and ratings are not expected to be significantly impacted by Saudi Aramco’s recent decision to hike feedstock and fuel prices. Despite incurring an additional SAR 200 mn in costs throughout last year due to higher fuel prices and indirect impacts to its supply chain, the dairy producer’s rating is expected to stay level at BBB- in 2025, mitigating negative effects via efficiency gains and cost optimization.

JARIR MARKETING-

Tadawul-listedJarir Marketing reported a net income of SAR 217.3 mn in 1Q 2025, down 0.9% y-o-y, it said in a disclosure to Tadawul. The dip was linked to increased selling and marketing expenses which outweighed the firm’s higher sales and other income. The result fell short of analyst expectations which saw Jarir’s net income reaching SAR 236.5 mn.

Meanwhile, revenues rose 2.7% y-o-y to SAR 2.7 bn, driven by higher sales in the smartphones and after-sales services segments.

On a quarterly basis, net income fell 21.1% q-o-q down from SAR 275.3 mn in 4Q 2024, while revenues decreased 5% q-o-q down from SAR 2.9 bn in 4Q 2024 due to weaker overall sales — particularly in smartphones — compounded by higher selling and marketing expenses.

Riyadh Air’s business class makes a bold entrance

Riyadh Air’s snazzy Arabian tent canopy inspired business class cabins are making the rounds in the international press, with Bloomberg comparing the cabin’s upscale design with the sky’s luxury leaders Emirates and Qatar Airways. The airline’s Boeing 787s will feature a three-class layout — business, premium economy, and economy — with around 10% of the 290 seats allocated to business class.

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

Bloomberg highlighted Riyadh Air’s privacy edge and what sets it apart from Gulf peers. While matching competitors in spaciousness, the airline cabins stand out with sliding doors (privacy panels) to offer a more secluded travel experience, in addition to lie-flat seats, mood lighting, large entertainment screens, and high-speed Wi-Fi.

Sober flying: In line with Saudi regulations, the airline will not serve alcohol onboard — setting it apart from carriers like Emirates. Details on amenity kits and dining options have yet to be revealed.

The carrier’s prioritization of a premium business class over first class also got Bloomberg’s attention, alluding to a similar approach from carriers like Qatar Airways, which have positioned business class as a compelling alternative to first class. Riyadh Air plans to introduce a first-class cabin on a yet-to-be-aquired larger aircraft.

REMEMBER- The PIF-backed carrier recently received its Air Operator Certificate (AOC) from the General Authority of Civil Aviation (Gaca) earlier this month. However, the airline had to push back its launch to 3Q 2025 planned for earlier this year, after facing delays in Boeing aircraft deliveries.

Tharwah to acquire 100% of Amjad Watan

M&A WATCH-

Nomu-listed HR advisory Tharwah signed a binding agreement to acquire 100% of Amjad Watan for Exhibitions and Conferences for SAR 40 mn, in a push to tap into the domestic fast-growing exhibitions and events sector, according to a statement.

We heard of the transaction in December when Tharwah signed an MoU to buy 49% of Amjad Watan, which was later bumped up to a full takeover in February. Tharwah tapped Mekyal Financial Technologies as a financial advisor on the transaction.

Tharwah will pay SAR 7 mn in cash and issue 632k new shares valued at SAR 33 mn to Amjad Watan’s owner. Some of the shares will be awarded once the transaction wraps up, while the remainder will be part of an earn-out clause. Current shareholders will see their stake in Altharwah fall to 88.15%, while Amjad Watan’s seller will take the remaining 11.85%.

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

TRANSPORT-

Riyadh Metro opened two new stations on its orange line (Line 3), according to a post on X from Riyadh public transport. The 40.7 km line — which runs from the Madinah Road axis to Prince Saad bin Abdulrahman I Road — now includes the Railway Station and the Jarir District Station, the Saudi Gazette added.

REMEMBER- The orange line saw four new stations opening up last January including Dharat Al Badiah, Al Jarradiyah, Al Hilla, and First Industrial City.

REAL ESTATE-

#1- Roshn partners with Ajdan Real Estate in Makkah’s Al Manar project: PIF-backed developer Roshn signed an agreement with Ajdan Real Estate Development Company to develop 113 residential units in the 32.9k sqm Al Manar residential community, it said in a post on LinkedIn. No investment ticket or timeline details were disclosed.

BACKGROUND- Roshn broke ground on the Al Manar community last December. The project — its first mixed-use development in Makkah — is set to feature 33k homes and over 150 amenities upon completion.

REMEMBER- Roshn signed a separate agreement with National Housing Company to give Sakani beneficiaries an avenue to own residential units in the Al Manar community during the Cityscape Global conference in November.

#2- Al Shatea Real Estate Fund acquired a 15.6k sqm commercial plot in Jeddah’s Al Shate’a district for SAR 188 mn, to develop a mixed-use project with commercial, residential, office, and hospitality components, according to a disclosure to Tadawul. The announcement was disclosed by First Avenue for Real Estate Development – which holds a 15% stake in the fund — after it had received a notification from the fund’s manager SICO Capital.

ICYMI- First Avenue sold the La Perle East project in Al-Shatea district last February to La Perle Real Estate Fund for SAR 160 mn, including First Avenue recovering a SAR 90 mn down payment and an increased stake in the fund to 44% following the transfer.

OIL AND GAS-

Saudi Aramco agreed to extend by three years a standing Long-Term Agreement (LTA) with McDermott, according to a statement. Under the extended agreement, the Texas-based engineering company will continue to support both brownfield and greenfield projects managed by Saudi offshore assets, and complete the construction of the Safira Fabrication Yard while investing in local workforce development.

ALSO- Aramco renewed its LTA with Saipem through 2027, enabling the Milan-based contractor to bid for new contract release purchase orders (CRPO) to develop and maintain offshore fields in the Kingdom, according to a separate statement. The Italian multinational oilfield services company stated that future contracts will be carried out by a consortium led by Saipem-subsidiary Snamprogetti Saudi Arabia and Saipem Taqa Al-Rushaid Fabricators (STAR), maximizing the use of the company’s fabrication yard in Dammam.

REMEMBER-Under its LTA with Aramco, Saipem was awarded a c. USD 2 bn contract to develop the Marjan oil field, and another two contracts worth a combined USD 1 bn for EPC works at Marjan oil and gas field, Zuluf oil field, and Safaniya oil fields in September.

DISPUTE WATCH-

MRNA to sue ex-executive: Morabaha Marina Financing (MRNA) ’s shareholders authorized its BoD last Tuesday to file a liability lawsuit against its former Executive Managing Director Waleed Al Ghumlas, the company said in a disclosure to Tadawul.

Al Ghumlas stepped down from his executive role in December 2023, but stayed as a board member. The company dismissed him in August 2024, citing a violation of internal rules, according to Arqaam.

Saudi accounts for the lion’s share of GCC debt in 1Q

The Kingdom was the biggest issuer of bonds and sukuk in the GCC last quarter, raising USD 31.1 bn across 46 issuances, according to Kuwait Financial Center’s (Markaz) fixed income report (pdf) for 1Q 2025. While Saudi debt sales were down 19.7% y-o-y, the Kingdom still accounted for the lion’s share of the market at 60.2% of the region’s total USD 51.51 bn from 125 transactions during the first quarter of the year.

MEANWHILE- The UAE logged the highest y-o-y growth in the GCC’s total primary debt issuances last quarter (+61.6%), printing USD 10.17 bn across 29 transactions. Kuwait followed in terms of y-o-y growth (40.7%) with nine issuances totaling USD 1.41 bn, while Qatar came in a distant third in terms of value, raising USD 7.14 bn with the second highest count at 38 transactions in 1Q 2025. Bahrain posted the steepest y-o-y decline at 44.5% to USD 1.53 bn across two transactions in 1Q.

Corporate debt’s still king: Sovereign issuers raised USD 19.39 bn last quarter, down 41.8% y-o-y to account for 37.6% of the market, allowing corporate issuers to stay on top. Companies raised USD 32.12 bn in debt last quarter, up 45.3% y-o-y, representing 62.4% of the GCC’s total primary debt sales in 1Q. Meanwhile, government-related corporate entities raked in USD 6.8 bn, making up roughly 21% of all corporate issuances over the same time.

Who’s running the table? The financial sector took the lead in 1Q 2025, raising USD 22 bn across 100 debt issuances, up 23.6% y-o-y, and accounting for 42.8% of the market. Governments followed with USD 19.4 bn from 12 transactions, down 41.8% y-o-y, making up 37.6% of total issuances. The real estate sector came in third with USD 4.3 bn from five issuances (8.3%), while all other sectors combined barely cleared double digits at 11.3%.

Bonds gain favor over sukuk: Conventional debt issuances jumped 15.8% y-o-y in 1Q, pulling in USD 33.76 bn and claiming 65.5% of the market — up from 52.6% a year earlier. Sukuk, meanwhile, saw a pullback, down 32.5% to USD 17.75 bn

By tenor: Short-term issuances (under five years) accounted for 53.1% of total volume at USD 27.4 bn from 99 deals. Mid-term issuances (5–10 years) followed, accounting for 35.8% with USD 18.4 bn across 20 transactions. Long-term paper (10–30 years) was limited to USD 809 mn from a single issuance, while one ultra-long bond (30+ years) came in at USD 1 bn. Perpetuals also gained ground, rising to USD 3.9 bn across 4 issuances.

Large-cap issuances of USD 1 bn or more dominate the GCC primary market in 1Q 2025, accounting for 61.9% of total issuance volume. Mid-sized issuances, between USD 500 mn and 1 bn followed, accounting for USD 14.4 bn from 22 issuances. The most active slice by count was in the sub-USD 100 mn category, where 65 smaller deals raised a combined USD 1.9 bn.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Hong Kong’s Hang Seng up 1.6%, Shanghai Composite up 0.4%, while Japan’s Nikkei is down 1.2%. Meanwhile, Wall Street futures are inching down, signalling another week of potential losses for the S&P 500, Nasdaq and Dow Jones.

TASI	11,627	+0.6% (YTD: -3.4%)
MSCI Tadawul 30	1,475	+0.4% (YTD: -2.3%)
NomuC	28,978	+0.9% (YTD: -7.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,063	+0.1% (YTD: 4.5%)
ADX	9,278	+0.2% (YTD: -1.5%)
DFM	5,097	+0.7% (YTD: -1.2%)
S&P 500	5,282.70	+0.1% (YTD: -10.2%)
FTSE 100	8,276	0.0% (YTD: +1.3%)
Euro Stoxx 50	4,935	-0.6% (YTD: +0.8%)
Brent crude	USD 67.14	-1.2%
Natural gas (Nymex)	USD 3.2	-2.1%
Gold	USD 3,349.54	+0.7%
BTC	USD 85,025.7	-0.1% (YTD: -10%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.6% yesterday on turnover of SAR 3.6 bn. The index is down 3.4% YTD.

In the green: Alistithmar Reit (+10.0%), Saudi Cable (+9.9%) and SPPC (+9.9%).

In the red: Riyadh Cement (-3.2%), Leejam Sports (-2.0%) and Almoosa (-1.2%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.9% yesterday on turnover of SAR 23.5 mn. The index is down 7.9% YTD.

In the green: Qomel (+7.9%), WSM (+7.6%) and United Mining (+7.5%).

In the red: Alqemem (-8.4%), Alwaha Reit (-7.0%) and Aqaseem (-6.0%).

CORPORATE ACTIONS-

Riyadh Cement’s shareholders approved a SAR 150 mn dividend distribution for 2H 2024, at SAR 1.25 a share, it said in a disclosure to Tadawul. Distribution date is set for Tuesday, 29 April.

The BoD of Nomu-listed Marble Design recommended to split the nominal value of the share to SAR 1 from SAR 10, by hiking the number of shares to 60 mn from 6 mn — while keeping capital unchanged — it said in a disclosure to Tadawul.

Shaker Group’s board a SAR 27.8 mn dividend distribution for FY 2024, at SAR 0.5 a piece, it said in a disclosure to Tadawul. The distribution date is yet to be announced.

CALENDAR

APRIL

17-23 April (Thursday-Wednesday): Saudi Film Festival, Dhahran.

21-26 April (Monday-Saturday): World Bank Spring Meetings, Washington.

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

25 April-3 May (Friday-Saturday): AFC Champions League Elite Finals, Jeddah.

27-28 April (Sunday-Monday): First Saudi Statistics Forum, Movenpick Hotel and Residences, Riyadh

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

29 April (Tuesday): Rules for special purpose entities (SPEs) feedback deadline.

MAY

May: World Intellectual Property Organization (WIPO) Global Awards 2025 announces finalists.

3 May (Saturday): Canelo Alvarez vs William Scull, Anb Arena, Riyadh.

5 May (Monday): Opec+ meeting.

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

9 May (Friday): PFL Mena Season 2 Kick-off.

11-13 May (Sunday-Tuesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

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

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

29 May (Thursday): 2024-2025 academic year ends.

JUNE

4-9 June (Wednesday-Monday): Hajj.

6-10 June (Friday-Tuesday): Eid Al Adha.

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

24-25 June (Tuesday-Wednesday): Tech-ecO-System Summit (ToSS), Riyadh.

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

JULY

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

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

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

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

AUGUST

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

SEPTEMBER

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

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

23 September (Tuesday): Saudi National Day.

OCTOBER

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

17 October (Friday): Saudization for private healthcare roles enters its second phase.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

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

NOVEMBER

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

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

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

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

30 November (Sunday): Zatca 21st E-invocing integration wave deadline.

DECEMBER

1-4 December (Wednesday-Saturday): International Conference on Nuclear and Radiological Emergencies, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 December (Wednesday): Zatca 22st E-invocing integration wave deadline.

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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Zatca’s amendments to VAT regs are now live

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Zatca’s amendments to VAT regs are now live

Related

National Water Company launches SAR 1.1 bn water and wastewater projects in Qassim

Related

Related

Almarai, Jarir Marketing’s net income falls short of expectations in 1Q

Related

Riyadh Air’s business class makes a bold entrance

Related

Tharwah to acquire 100% of Amjad Watan

Related

Saudi accounts for the lion’s share of GCC debt in 1Q

Related

CALENDAR

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An independent publication supported by

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