Saudi Arabia Reaches New Financial Heights While Leading in Environmental Conservation and AI Innovation
Saudi Arabia tops Arab countries in AI growth, leads in coral reef conservation, and boosts US Treasury holdings to $142.7 billion.
Saudi Arabia has increased its holdings of US Treasury bills and bonds to $142.7 billion in July 2024, marking the highest level since March 2020. This rise comes after a US interest rate cut announcement, offering attractive returns amidst the highest interest rates in over two decades. Notably, this 31 percent year-on-year increase ranks Saudi Arabia 17th among the largest investors in US debt instruments.
Alongside financial growth, Saudi Arabia's regulatory discipline also makes headlines as Sari Almayouf, former managing director of Thimar, was sentenced to 90 days imprisonment and fined SR3.25 million for fund misuse and violating Companies Law. This conviction was due to the collaborative efforts of the Capital Market Authority and other relevant authorities, ensuring fair practices in the market.
Moving to environmental leadership, Saudi Arabia is set to helm the International Coral Reef Initiative (ICRI) from 2025 for three years. This follows its election at the 38th ICRI meeting in Jeddah, signifying confidence in Saudi Arabia's technical capabilities and its commitment to coral reef conservation on the international stage.
Cultural richness is also in focus as the Historic Jeddah Program revealed approximately 25,000 ancient artifacts dating back to the first and second centuries AH. Displayed at Beit Nassif, these artifacts enhance cultural awareness and align with Saudi Arabia's Vision 2030 goals.
On the technological front, Saudi Arabia surged to 14th in the Global Artificial Intelligence Index, the highest in the Arab world. This leap of 17 places highlights the Kingdom's rapid growth and commitment to AI, supported by advancements across various sectors and the Saudi Data and Artificial Intelligence Authority (SDAIA).
Reinforcing its standing, the 2024 Global AI Index further positions Saudi Arabia as a leader, securing the 14th spot globally due to strides made in AI adoption. Under the leadership of Crown Prince Mohammed bin Salman, this ranking reflects impressive growth in Government Strategy and Commercial Ecosystem, evaluated across 83 countries on 122 indicators by Tortoise Media.
Alongside financial growth, Saudi Arabia's regulatory discipline also makes headlines as Sari Almayouf, former managing director of Thimar, was sentenced to 90 days imprisonment and fined SR3.25 million for fund misuse and violating Companies Law. This conviction was due to the collaborative efforts of the Capital Market Authority and other relevant authorities, ensuring fair practices in the market.
Moving to environmental leadership, Saudi Arabia is set to helm the International Coral Reef Initiative (ICRI) from 2025 for three years. This follows its election at the 38th ICRI meeting in Jeddah, signifying confidence in Saudi Arabia's technical capabilities and its commitment to coral reef conservation on the international stage.
Cultural richness is also in focus as the Historic Jeddah Program revealed approximately 25,000 ancient artifacts dating back to the first and second centuries AH. Displayed at Beit Nassif, these artifacts enhance cultural awareness and align with Saudi Arabia's Vision 2030 goals.
On the technological front, Saudi Arabia surged to 14th in the Global Artificial Intelligence Index, the highest in the Arab world. This leap of 17 places highlights the Kingdom's rapid growth and commitment to AI, supported by advancements across various sectors and the Saudi Data and Artificial Intelligence Authority (SDAIA).
Reinforcing its standing, the 2024 Global AI Index further positions Saudi Arabia as a leader, securing the 14th spot globally due to strides made in AI adoption. Under the leadership of Crown Prince Mohammed bin Salman, this ranking reflects impressive growth in Government Strategy and Commercial Ecosystem, evaluated across 83 countries on 122 indicators by Tortoise Media.
