Standard & Poor’s affirms Saudi Arabia’s ‘A/A-1’ credit rating

• S&P explained that its affirmation of the Kingdom's strong credit rating results from the Kingdom's reforms and investments
• It expected that the Kingdom's gross domestic product (GDP) will continue to grow during the years 2024-2027

AI adoption in GCC surges as governments and the private sector embrace technology

• 68% of Saudi workers use generative AI weekly, compared to 55% globally, while an overwhelming 93% consider it an essential tool at work
• The New York Times reported that representatives from Saudi Arabia's PIF have discussed potential partnerships with leading Silicon Valley venture capital

Domestic worker visa applications in UAE up 66% in June 2024, says a report

• A domestic worker visa allows individuals to continue working in private households as cleaners, chauffeurs, cooks, nannies, or personal care providers while travelling
• The growth is driven by the UAE’s robust economy, with increasing disposable income among families and a growing expatriate population

UAE launches national strategy to combat money laundering, terror financing

• The strategy sets out 11 strategic goals aimed at fortifying the UAE’s regulatory framework and enhancing its effectiveness in combating financial crimes
• The announcement follows the country’s removal from the Financial Action Task Force’s (FATF) "grey list" in February 2024

Crypto crime drops 19.6% as digital ecosystem matures

• Research by Chainalysis found that flow of crypto funds to legitimate services has reached their highest levels since 2021
• Aggregate illicit activity over the same period fell by an impressive 19.6 percent

Dubai real estate sales hit record $13.6bn in July, growth eases

• Apartment sales, which accounted for nearly 45% of all transactions, surged by 62% year-on-year, with approximately 70% of these being off-plan sales
• The villa segment also saw a shift towards the off-plan market in the past two months, resulting in a 9.9% year-on-year growth overall

Disparities in climate action risk worsening global economic inequality, warns new report

• The WEF’s research reveals that disparities in access to green financing pose the greatest risk to economic equity across various sectors
• The findings underline the need for a fair distribution of the costs and benefits of climate action among workers, consumers, and businesses

Saudi Arabia reforms investment law, simplifies process and investor protection to achieve $100 bn FDI target

• The updated investment law, approved by the Council of Ministers on Sunday, seeks to level the playing field for both domestic and international investors
• It guarantees the rule of law, fair treatment, and the freedom to transfer funds without delay, among other protections

46,223 structures destroyed, 18,478 severely damaged in Gaza: UNOSAT

• The governorates of North Gaza and Rafah have experienced the highest rise in damage compared to the May 3, 2024 analysis
• The map shown in the report illustrates a satellite imagery-based comprehensive assessment of damage and destruction to structures

Saudi Arabia leads GCC travel growth to India with a 40% rise in flight searches: report