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QUOTED
“Setting the record for largest esports prize pool is a remarkable achievement, but what I’m most proud of is the positive message this sends to the wider esports and gaming community. More than $60 million is a testament to our investment in the future of global esports, a commitment to esports fans who deserve exceptional events and an extension of our mission to create meaningful competitive opportunities with life-changing prize pools for esports athletes everywhere.”
-Ralf Reichert, CEO, Esports World Cup Foundation. The Esports World Cup Foundation (EWCF) announced the prize pool of the inaugural Esports World Cup (EWC) will be “a life-changing sum that shatters the previous record of $45 million set by Gamers8: The Land of Heroes in 2023.”
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TOP STORY
Ongoing economic and business-related reforms helped the United Arab Emirates and Saudi Arabia post the biggest jumps in Kearney’s 2024 Foreign Direct Investment Confidence Index. The countries climbed ten spots from 2023, to eighth for the UAE and 14th for Saudi Arabia. [more]
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MORE TOP STORYLINES
in imf.org: The baseline forecast is for the world economy to continue growing at 3.2 percent during 2024 and 2025, at the same pace as in 2023. A slight acceleration for advanced economies—where growth is expected to rise from 1.6 percent in 2023 to 1.7 percent in 2024 and 1.8 percent in 2025—will be offset by a modest slowdown in emerging market and developing economies from 4.3 percent in 2023 to 4.2 percent in both 2024 and 2025. The forecast for global growth five years from now—at 3.1 percent—is at its lowest in decades. Global inflation is forecast to decline steadily, from 6.8 percent in 2023 to 5.9 percent in 2024 and 4.5 percent in 2025, with advanced economies returning to their inflation targets sooner than emerging market and developing economies. Core inflation is generally projected to decline more gradually.
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Via Asif Shahzad in reuters.com:
Saudi Arabias foreign minister said on Tuesday that Riyadh will be moving ahead significantly to invest in projects in Pakistan, days after Islamabad announced that the Kingdom had pledged to expedite $5 billion in investment.
Prince Faisal bin Farhan bin Abdullah arrived in Islamabad on Monday to lead a delegation on a two-day visit as part of efforts to boost economic cooperation.
His Pakistani counterpart Ishaq Dar told a joint news conference that Pakistan gave extensive briefings to the delegation on potential investment projects.
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Via Jennifer Bell in alarabiya.net:
As climate change warms the oceans, Saudi Arabia and the other Gulf countries are set to experience bigger and more frequent rainstorms, experts say, while a surging number of cloud-seeding programs will enhance rainfall and boost freshwater reserves in the region.
In recent years, Saudi cities from Jeddah to Dammam have been hit by torrential downpours and thunderstorms and over the past few days, across the Gulf region, countries have experienced severe weather conditions, resulting in fatal floods and significant disturbances.
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MORE ON THE KINGDOM AND BEYOND
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US Secretary of State Antony Blinken will visit Israel and Jordan on a trip through Wednesday, the State Department announced, after...[via alarabiya.net]
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Saudi Foreign Minister Prince Faisal bin Farhan and US Secretary of State Antony Blinken discussed on Monday the importance of reaching an “immediate ceasefire” in the...[By Ghinwa Obeid via alarabiya.net]
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Only a real commitment to a two-state solution to the Palestinian-Israeli conflict can prevent the war in Gaza from reoccurring, Saudi Foreign Minister Prince Faisal...[By Zaynab Khoji via arabnews.com]
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Saudi Arabia and the Bill & Melinda Gates Foundation today pledged to work together to help protect 370 million children annually from polio and lift...[via reliefweb.int]
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With geopolitical upheavals and complex economic challenges destabilizing a fractured world, the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development...[via weforum.org]
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Saudi Arabia on Sunday said the international community has failed Gaza and reiterated its call for a Palestinian state at a global economic summit attended...[via barrons.com]
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Jadaan also called on leaders to “do everything we can” to de-escalate, echoing comments more broadly made by Saudi government officials around...[By Joumanna Bercetche and Mirette Magdy via bloomberg.com]
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“Saudi Vision 2030’s objectives are on track at 87%”, the Saudi minister assured, indicating that there is still a bundle of challenges that requires modifying some projects, accelerating...[via eyeofriyadh.com]
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Saudi Tadawul Group’s shareholders approved the payment of a cash dividend at 23% of capital, or SAR 2.30 a share, for 2023, during the...[via argaam.com]
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The Saudi Seasons, a series of festivals held at different locations in the Kingdom throughout the year, attracts visitors from all over...[By Emilie Davies via linkedin.com]
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Speaking in Riyadh, Palestinian president Mahmud Abbas said the United States "is the only country capable" of preventing Israel's long-feared invasion of Rafah city in...[By Robbie Corey-Boulet and Haitham El-Tabei via al-monitor.com]
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“I’m here on national television telling the Biden administration, if you can land this deal I think you’ll have a lot of Republican...[By Kelly Garrity via politico.com]
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Saudi Arabia has introduced a new regulation mandating the national dress for government employees as a sign of pride in the country’s identity.
According...[By Khitam Al Amir via gulfnews.com]
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Ministers gathering in Riyadh to discuss the Israeli war on the Gaza Strip stressed the urgent need for imposing sanctions on Israel, the Saudi Press Agency reported...[via arabnews.com]
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NEOM, a unit of the kingdom’s sovereign wealth fund, secured a new revolving credit facility (RCF) worth...[By Shamsuddin Mohd via reuters.com]
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Saudi Arabia’s Finance Minister Mohammed Al Jadaan on Sunday said the kingdom would adapt to current economic and geopolitical challenges and...[By John Benny and Salim A. Essaid via thenationalnews.com]
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Saudi Minister of Communications and Information Technology, Abdullah Al Swaha, emphasized the transformative shift humanity is undergoing towards artificial intelligence (AI), during a session at...[via saudigazette.com]
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Saudi Arabia is committed to sourcing lithium from overseas as it looks to produce EV batteries and...[By Pesha Magid via reuters.com]
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Israel has clearly decided to retaliate against Iran for missile and drone attacks, Britain's foreign minister David...[By Dan Williams and Nidal Al-Mughrabi via reuters.com]
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The extent of the U.S. military operation is unbeknownst to the American public, but the Pentagon coordinated a multination, regionwide defense extending from northern Iraq...[By Ken Klippenstein, Daniel Boguslaw via theintercept.com]
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The U.S. Navy is nearly $1 billion in the hole after defending Israel from Iranian missiles last weekend and fighting off Houthi attacks on...[By Lauren Williams ]
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Iran's failed attack on Israel may have sealed Lebanon's fate. Israel undoubtedly has come out the winner in the latest exchange,...[By Hussein Ibish via thenationalnews.com]
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As the US has doubled down on its support for Israel since the Gaza conflict began in Oct. 2023, countries like China and Russia...[By Hassan Ahmadian and Hesham Alghannam via amwaj.media]
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Russian President Vladimir Putin on Tuesday urged all sides in the Middle East to refrain from action...[By Guy Faulconbridge and Parisa Hafezi via reuters.com]
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Microsoft will invest $1.5 billion in Abu Dhabi’s G42, an artificial intelligence group that has faced questions over...[By Tom Foster via cnn.com]
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Cows, here and across much of Africa, have been the most important animal for eons — the foundation of economies, diets,...[By Chico Harlan, Rael Ombuor and Malin Fezehai via washingtonpost.com]
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Authorities and communities across the United Arab Emirates were clearing debris on Wednesday after a torrential downpour...[By Clauda Tanios and Alexander Cornwell via reuters.com]
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