MUST-READS

• Saudi Arabia Tops Edelman’s Trust Index for National Leadership

  Saudi Arabia has topped the global trust rankings in Edelman’s 2024 Annual Trust Barometer. The report from the global consulting and PR firm shows that 86% of Saudi citizens trust their government to make key decisions for the country’s goals. The 24th edition of the report also finds that 78% of respondents trust the Saudi business sector, and over 80% have strong confidence in the nation's leaders and scientists to manage innovation.

• Who were granted Saudi citizenship?

  A Royal Decree was issued to grant Saudi citizenship to a number of scientists, physicians, researchers, innovators, entrepreneurs, and distinguished talents with unique expertise and specializations.

• A new esports tournament in Saudi Arabia promises to be a game-changer – but it’s also caused division in the industry

  The Esports World Cup (EWC) – which began on July 3 – has brought together professional gamers, publishers and fans from across the world for an eight-week competitive gaming bonanza. Its record-breaking prize pool of more than $60 million has raised eyebrows and Ralf Reichert, CEO of the Esports World Cup Foundation which is organizing the event, told CNN Sport that the spectacle will help unite the industry.

• Saudi King, Crown Prince congratulate new Iran president on election win

  Saudi Arabia’s King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman congratulated the new president of Iran, Masoud Pezeshkian, on his election victory. “On the occasion of your victory in the presidential elections in the Islamic Republic of Iran, we are pleased to send you our sincere congratulations and best wishes for success, looking forward to continuing to develop relations between our two brotherly countries and peoples, and continuing coordination and consultation in order to enhance regional and international peace and security.”

• New Google collaboration advances AI research in Saudi Arabia

  Google announced $100,000 in seed research grants to AI researchers at King Abdullah University of Science and Technology ( KAUST) faculty in Computer, Electrical, and Mathematical Sciences and Engineering (CEMSE) to advance research in multilingual, multimodal machine learning, specifically in the use of generative and large language models (LLMs). The researchers will advance research in topics including health, cross-cultural language understanding, sustainability, privacy and education.

• Saudi border guards seize over a ton of qat

  The General Administration of the Mujahideen and Border Guard patrols successfully thwarted multiple smuggling attempts in Jazan and the Asir Region, seizing a total of 1,222 kg of qat. Patrols in Jazan thwarted the smuggling of 507 kg of qat, and the confiscated items were transferred to the appropriate authorities after initial regulatory procedures. Security regiments in the Asir Region also intercepted 240 kg of qat in the Al-Farsha Governorate. In the Al-Raboah sector of the Asir Region, Border Guards arrested 11 Ethiopians attempting to smuggle 275 kg of qat.

• Saudi banks post $1.95 billion in aggregate profits for May 2024, reaching 14-month high

  The Saudi Central Bank (SAMA) reported that these profits are before zakat and taxes. Cumulatively, banks recorded a total profit of SAR34.78 billion ($9.27 billion) in the first five months of 2024, compared to SAR31.12 billion in the same period last year.

• “Saudi consumers are developing a more sophisticated palate”

  Clients (brands) are demanding more effective marketing strategies in the face of a booming domestic market. The  ever-increasing number of homegrown brands is pushing the boundaries, forcing established players to up their game. This translates to a growing need for data-driven campaigns and innovative experiences that deliver measurable results. The government’s own digital transformation efforts have set a high bar, raising client expectations across industries.

• Saudi Arabia’s Liquidity Hits All-Time High of $760 billion

  Saudi Arabia's liquidity levels continued to grow strongly, reaching SAR2,825,715 million at the end of May 2024, marking an annual growth of approximately 8.6%. This represented an increase of more than SAR222,928 billion compared to the same period in 2023, which stood at SAR2,602,786 million. These levels reflect the broad money supply (M3) as reported in the Saudi Central Bank (SAMA)'s monthly statistical bulletin for May 2024.

• Saudi wealth bolsters WTA’s ambitions for women’s tennis

  In May, the Women’s Tennis Association sealed a multiyear partnership with Saudi Arabia’s Public Investment Fund. As a result, PIF became the naming partner for the WTA’s player rankings, while the WTA Finals — the tour’s biggest showcase — will move to Riyadh for the next three years. Prize money for the annual event will increase from $9mn to $15.25mn.  And that deal came just over a year after the WTA joined forces with CVC Capital Partners. The European private equity firm paid $150mn for a 20 per cent stake in WTA Ventures, a new entity that controls the commercial income generated by the women’s tour.

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