MUST-READS

• New law empowers Saudi Arabia’s oversight authority to settle corruption cases

  The new Oversight and Anti-Corruption Authority's law granted the authority to make financial settlements with natural or legal persons who have initiated requests for settlement and have committed corruption crimes. The law, recently approved by the Council of Ministers, grants the Authority new powers to combat corruption, ensuring public funds are protected and that accountability is enforced. It includes provisions for criminal investigation, prosecution, and the establishment of councils to oversee the Authority's operations and its members.

• The United States Invites the Sudanese Armed Forces and the Rapid Support Forces to Ceasefire Talks Co-hosted by the Kingdom of Saudi Arabia and Switzerland

  Over the past 15 months, the horrific conflict in Sudan has pushed millions to the brink of starvation and displaced nearly 10 million people.  It continues to cause immeasurable suffering for the Sudanese people.  The United States remains committed to working with partners to end this devastating war.  Building from the earlier Jeddah processes co-facilitated with the Kingdom of Saudi Arabia, the United States has invited the Sudanese Armed Forces (SAF) and the Rapid Support Forces (RSF) to participate in ceasefire talks mediated by the United States to begin on August 14, 2024, in Switzerland.  We thank the government of Switzerland for offering to host the talks and welcome the Kingdom of Saudi Arabia as a co-host.  The talks will include the African Union, Egypt, the United Arab Emirates, and the United Nations as observers.

• US approves $2.8 billion in logistics, sustainment for Saudi Arabia

  The US State Department today okayed a potential $2.8 billion system logistics and sustainment contract for the Kingdom of Saudi Arabia, including support for Joint Mission Planning Software, cryptographic devices and work on a host of US-made aircraft.

• Russia faces ‘big problems’ as sanctions bite, economy confronts recession risk amid ‘unprecedented’ brain drain, capital flight
  Russia’s economy is showing signs of overheating, with high inflation and abnormally low unemployment, while growth projections place it ahead of some advanced economies. However, experts warn that these indicators may be masking an impending recession. Despite being one of the world’s most sanctioned countries, recent projections suggest that Russia’s economy is still growing. According to the International Monetary Fund’s latest World Economic Outlook, Russia is poised to outpace many economies with a projected real GDP growth rate of 3.2 percent this year.

• Saudi Arabia plants 13 million mangroves to combat desertification

  The project distribution includes 5.5 million seedlings in Jazan, 2.4 million in Makkah, Two million in Madinah, 1.5 million in Tabuk, one million in Asir, and 500,000 in the Eastern Region. These efforts are part of a broader goal set by the center to plant 100 million mangrove trees along the Red Sea and the Arabian Gulf coasts in the upcoming years.

• Grid Telecom to build Greece to Saudi cable system

  Grid Telecom and Dawiyat Integrated will collaborate to build a new high-capacity system that will connect Greece with the Kingdom of Saudi Arabia. The two companies have signed a Memorandum of Understanding (MoU) to connect Saudi Arabia to the Island of Crete, extending westwards to major destinations in Europe and eastwards to the entire Arabian Peninsula.

• Kemitt expands into Saudi Arabia bolstered by new funding round

  Kemitt, Egypt's leading e-commerce marketplace for furniture and home accessories, proudly announces its expansion into the Saudi Arabian market. This strategic move is bolstered by a recent undisclosed funding round, underscoring the growing investor confidence in Kemitt’s innovative business model and robust growth trajectory.

• Saudi Arabia’s growth this year marred by lower for longer oil output
  Saudi Arabia's economic growth will likely be one of the slowest among the Gulf Cooperation Council (GCC) countries this year, according to a Reuters poll of economists who lowered growth forecasts from three months ago due to extended oil output cuts. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, were expected to start raising production this year but in June said the reductions would continue well into 2025.

• Saudi government agencies boost emerging tech adoption by 10% in 2024

  Saudi Arabia’s government and businesses are advancing technology adoption and investing in programs to digitally upskill the population. A new report by the Digital Government Authority revealed that the performance index of Saudi government agencies in Emerging Technologies Adoption has improved significantly by 10% compared to last year, rising from 60.3% in 2023 to 70.7% in 2024.

• New Saudi AI model to advance radiology diagnosis

  King Abdullah University of Science and Technology (KAUST) and Saudi Data and Artificial Intelligence Authority (SDAIA) have released MiniGPT-Med, a new vision-interfaced large language model, designed to provide faster and more efficient radiology diagnosis. The new model was built using Meta’s Llama 2 for the language component and the university’s MiniGPT-v2 as a vision-language alignment backbone.

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