Upcoming Saudi Holidays, Events, Webinars, and Conferences

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Upcoming Saudi Holidays, Events, Webinars, and Conferences

Public Sector and Significant Updates 

  • New Special Economic Zones: Saudi Arabia has introduced four new Special Economic Zones (SEZs) offering incentives for companies to operate in locations in Riyadh, Jazan, Ras Al-Khair, and Makkah.
     

Corporate / Labor and Major Reports

  • Vision 2030 Progress Report: According to an internal report, Saudi Arabia is ahead of many of its Vision 2030 targets.
  • Unemployment Rate Decline: According to the General Authority for Statistics (GASTAT) Saudi Arabia’s unemployment rate for both citizens and expats was 4.8% in Q4/2022, down from last quarter by 1.0 percentage points (pp) and from a year ago by 2.1 pp.
     

Legal

  • Reference:
    • Al Tamimi Legal Magazine: For Al Tamimi Law’s latest magazine issue (focus is on virtual reality in retail), see here.
  • Saudi Updates:
    • Personal Data Protection Law: Saudi Arabia has released its new amended Personal Data Protection Law (PDPL).
    • Draft IP Legislation: The Saudi Authority for Intellectual Property (SAIP) has released a draft of its new IP legislation.
    • Merger Notification Threshold Raised: The General Authority for Competition (GAC) has increased the notification threshold for merger control filings to SAR200 million.
    • ZATCA Amendments: The Zakat, Tax and Customs Authority (ZATCA) has announced the approval of proposed amendments to the Transfer Pricing Bylaws. ZATCA also proposed amendments to the controls, requirements, technical specifications and the procedural rules for implementing the provisions of the E-invoicing regulation, for public consultation.
  • Gulf Updates:
    • Oman Maritime Law: Oman has released a new Maritime Law.
    • UAE Unemployment Insurance Update: Freezone and semi-government entity employees can now subscribe to the UAE’s unemployment insurance scheme.
       

Visas, Travel, and Airline Industry

  • Reference:
  • Visa Updates:
    • New Temporary Work Visa: Saudi Arabia has announced the release of a temporary work visa service, which enables enterprises to issue a temporary work visa for 3 months from entry date and can be extended for a similar period.
    • Visa-Free Travel to Singapore: The Singaporean Embassy in Riyadh announced that Saudi citizens who have valid passports will no longer need to apply for a visa to enter Singapore from June 1, 2023.
  • Industry Updates:
    • Airline Investment Outreach: The General Authority of Civil Aviation of Saudi Arabia (GACA) has issued an open invitation to investors from around the world interested in establishing a new low-cost airline at Dammam’s King Fahd International Airport (DMM).
    • King Salman Airport Overview: For an overview of the Kingdom’s plans for King Salman Airport, see here.
       

Business / Economy 

  • General Economic:
  • General Business:
    • U.S.-Saudi Business Deals in March: For a summary of investment deals, partnerships, and other commercial news between U.S. and Saudi companies in March 2023 by the U.S.-Saudi Business Council, see here.
  • Public Investment Fund (PIF):
    • Assets: The governor of the PIF stated that the total volume of the PIF’s assets under management is over SAR2 trillion.
    • PE and VC Firm Investments: The PIF has disclosed investments in dozens of private equity and venture capital firms via its Sanabil Investments arm, including Blackstone and General Atlantic.
    • Aramco Share Transfer: Crown Prince Mohammed bin Salman announced the transfer of 4% of Aramco’s total issued shares from the State’s ownership to Sanabil Investments, a wholly-owned PIF company.
    • FlyNas Potential Stake: The PIF is exploring a stake in FlyNas to help bolster tourism.
  • Finance, Insurance, VC, and Investment:
    • U.S. Treasury Holdings Growth: Saudi Arabia’s holdings of US Treasuries reached $111.7 billion in February, up $690 million from $111 billion in January.
    • SME Status: The number of SMEs has more than doubled since the launch of the Vision 2030 program to 1.14 million in 2022, according to the 2022 annual report of  the National Transformation Program (NTP). Meanwhile, credit facilities given to micro, small, and medium enterprises in Saudi Arabia hit $61.4 billion in 2022, up 13% on the previous 12 months.
    • Visa Investment: Visa Inc. has made its first open banking investment in the Middle East, joining Tiger Global Management in backing fintech firm Tarabut Gateway’s push into Saudi Arabia.
  • Real Estate, Construction, Infrastructure, and Megaprojects:
    • Construction Sector Health: Saudi Arabia’s construction sector posted a number of robust metrics in Q1 2023.
    • Parsons NEOM Agreement: Parsons has secured a framework agreement for consultancy services on The Line includes project and construction management services for the design, procurement, construction, testing, and commissioning of the project.
  • Industry, Utilities, Transportation, Logistics, and Non-Oil Energy:
    • Yokogawa Desal Deal: Yokogawa Saudi Arabia has received an order to supply control systems and other solutions for the One Million Project, which will introduce seawater reverse osmosis (RO) technology at the Al Jubail desal plant
  • Tourism, Hospitality, Culture, Sports, and Entertainment:
    • New Adventure Tourism Brand: Red Sea Global (RSG), the developer behind The Red Sea and Amaala, has launched Akun, a new adventure sports brand that will serve guests at RSG destinations.
    • New Travel Magazine: SRMG, the largest integrated media group in the MENA region, has launched the Saudi travel-focused LIST Magazine.
  • Retail, Luxury, and E-Commerce: 
    • E-Payments Growth: The Saudi Central Bank (SAMA) has announced that the share of electronic payments in the retail sector reached 62% of total payments, including cash, in 2022, exceeding the 60% target set by the Financial Sector Development Program (FSDP).
    • Riyadh Luxury Mall: The General Entertainment Authority (GEA) has announced that the Kingdom’s new luxury shopping and entertainment hub, VIA Riyadh, will open on May 11.
  • Religion: 
  • Science and Education: 
    • No significant recent developments.
  • Healthcare:
    • No significant recent developments.
  • Technology and Telecom:
    • SAP Training Program: The Ministry of Communications and Information Technology in collaboration with Germany-based technology giant SAP Global launched a specialized training program aimed at building national digital talent.
  • Defense: 
    • No significant recent developments.
  • Food and Agriculture:
    • No significant recent developments.
  • Natural Resources, Mining, and Environment:
    • No significant recent developments.
  • Oil, Hydrocarbons, and Aramco: Oil prices most recently stood on May 3, 2023 at $80.84 pbb for Saudi oil (Arab Light) and $68.68 pbb for West Texas Intermediate (WTI).
    • Russian Oil Purchases: Gulf countries are using discounted Russian petroleum products internally, including for consumption and refining purposes, and exporting their own barrels at market rates, boosting their profits.
       

Geopolitical

  • Sudan:
    • Jeddah Evacuations: Amidst recent turmoil many foreign residents and workers in Sudan are being evacuated to Jeddah, including Iranian citizens for which Iran expressed gratitude.
    • Cultural Attache Attack: An armed group stormed the Saudi cultural attache building in Khartoum.
  • Iranian Royal Invitation: Iran has invited Saudi Arabia’s King Salman bin Abdulaziz to visit the country, an Iranian Foreign Ministry spokesman said Monday, a sign of improving ties.
  • Syria Rapprochement: For an analysis of the Saudi-Syria rapprochement, see here.
  • Royal Meeting with Jordan: Crown Prince Mohammed bin Salman met with the King of Jordan in Jeddah.
  • United States:
    • New U.S. Ambassador: Michael A. Ratney has been confirmed as the new U.S. Ambassador to Saudi Arabia.
    • Arizona Farm Permits Revoked: The state of Arizona has rescinded drilling permits for two water wells for a Saudi Arabia-owned alfalfa farm in the state due to inconsistencies in the company’s well applications.
  • Yemen:
    • Houthi Negotiations: Saudi negotiators met with Houthi representatives in San’a to work out details of a long-term truce.
       

Gulf

  • Schengen-Style Visa: GCC countries are in talks to introduce a “Schengen-style visa” that would allow tourists to visit all partner countries under one visa.
  • UAE-Qatar Rapprochement: The UAE and Qatar are moving toward restoring diplomatic ties and reopening embassies in each other’s countries. For an analysis of the rapprochement, see here.
  • Saudi-Kuwait Railway Study: The Saudi Railways Company and the Saudi General Transportation Authority have appointed the French company Systra to conduct a feasibility study for a high-speed railway link between Saudi Arabia and Kuwait.
  • UAE:
    • Travel Information (reference): For current information from the U.S. Embassy in the UAE, see here and for travel information see here.
    • Foreign Policy Changes: For an analysis of the major changes and strategies in the UAE’s foreign policy, see here.
    • Small Business Relief: The UAE Ministry of Finance has issued a ministerial decision allowing businesses with revenues of AED3 million or less to claim “Small Business Relief.”
    • Abu Dhabi Real Estate Growth: The Abu Dhabi real estate sector saw the value of transactions grow 147% year-on-year.
    • Naval Defense Sector Analysis: For an analysis of the UAE’s naval defense sector, see here.
    • Agriculture Boost: The UAE has approved 71 economic activities that can be carried out on agricultural lands and will promote sustainable farming development and diversify the sources of income of farm owners.
    • Chinese Military Base: China is reportedly moving ahead with constructing a military base in the UAE.
  • Qatar: 
    • Travel Information (reference): For current information from the U.S. Embassy in Qatar, see here and for travel information see here
    • Unemployment Rate: Qatar reportedly boasts one of the world’s lowest rates of unemployment.
    • 2027 World Basketball Cup: Qatar will host the 2027 men’s World Basketball Cup.
  • Kuwait: 
    • Travel Information (reference): For current information from the U.S. Embassy in Kuwait, see here and for travel information see here
    • Oil Projects: Kuwait reportedly plans to invest nearly $19 billion on 10 large oil projects in the next seven years.
    • Parliament Dissolved: Kuwait’s parliament has been dissolved by royal decree, having only been reinstated in March.
  • Bahrain:
    • Travel Information (reference): For current information from the U.S. Embassy in Bahrain, see here and for travel information see here.
    • Golden Licenses: Bahrain announced the launch of a Golden License offering incentives and streamlined services to foreign and local companies bringing large-scale investment projects into the country.
    • HGCC Payment Platform Approval: Bahrain received Shura Council approval to join the GCC’s unified payments/settlement system.
  • Oman:
    • Travel Information (reference): For current information from the U.S. Embassy in Oman, see here and for travel information see here
    • Foreign Marriage Liberalization: Omanis no longer need state permission to marry foreign nationals, per royal decree.
       

Regional

  • IMF Economic Outlook: The IMF predicts that economic growth in the Middle East, North Africa and Central Asia regions will slow in 2023, including oil exporters. The organization meanwhile stated that the economies of oil-exporting countries in the region are expected to remain resilient.
  • Travel Growth: The Middle East is expected to outpace all other travel markets in its rate of recovery for travel demand in the April-June quarter.


Miscellaneous and Interesting

  • Faisal Durrani Interview: For an interview with Faisal Durrani, partner and head of Middle East research for the global real estate company Knight Frank, see here.
  • Expat Banking Jobs and Drawbacks: Bloomberg posted an article on the growing hiring of expats in the Saudi banking sector, and the difficulties these expats face in the Kingdom.
  • Messi Saudi Trip Firing: Lionel Messi will not have his Paris St Germain (PSG) contract renewed, following an “unauthorized trip” to Saudi Arabia.

Resources:

Internations (U.S. Expat Networking): Riyadh, Jeddah, Eastern Province