MUST-READS

• Exclusive: Tencent Cloud’s bold vision for Saudi Arabia unveiled at LEAP 2024

  At LEAP apart from making a slew of announcements, Tencent Cloud was focussed on their next steps and growth in the region. The Chinese giant works with industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, property, retail, travel, and transportation. Dowson Tong, Senior Executive Vice President and Chief Executive Officer of Tencent Cloud and Smart Industries Group (CSIG), and Dan Hu, Vice President of Tencent Cloud International, Middle East and North Africa (MENA) spoke about the growth of the region and the company’s plans in the region at the event.

• Saudi Arabia releases AI images of new circuit in Qiddiya

  Saudi Arabia has released computer-generated images of its planned new racing circuit in Qiddiya, which will feature a 20-storey-high elevated first corner and a swimming pool overlooking a section of track. Since joining the F1 calendar in 2021, Saudi Arabia has hosted its grand prix on a street circuit in Jeddah, with the fourth running of the race set to take place this weekend.

• DeepFest 2024: Bilingual Saudi-made humanoid robot, NASA’s innovations and more

  Co-located with LEAP, the world’s most-attended tech event, and powered by the Saudi Data and Artificial Intelligence Authority (SDAIA), the second edition of DeepFest is set to feature 150-plus leading AI experts and 120 global AI companies between now and March 7. On an opening day that saw presentations from the likes of HTC, Accenture, and Microsoft, Dr Yaser Al-Onaizan, CEO of SDAIA, opened the event by introducing the day’s theme as “The Dawn of AI” in front of a line-up of international thought-leaders, practitioners, policymakers, and academics from different fields to provide a 360 view of AI and its future.

• Is Saudi Arabia’s Gas Megaproject Jafurah Too Good to be True?

  According to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman last week, an extra 15 trillion cubic feet (tcf) of gas deposits has been proven at Saudi Aramco’s Jafurah gas field. Saudi Aramco has a long history of suddenly finding new reserves, particularly at times when Saudi Arabia’s geopolitical position in the world looks to be in decline.

• FIA confirms whistleblower complaints against president regarding Saudi Arabia and Las Vegas races

  The FIA said Tuesday that its compliance officer has received two complaints “detailing potential allegations involving certain members of its governing body” in seeming reference to whistleblower claims against the president of Formula 1’s governing body. The BBC reported this week that FIA President Mohammed Ben Sulayem allegedly intervened to overturn a penalty given to Fernando Alonso at last year’s Saudi Arabian Grand Prix. A second BBC report says the same whistleblower also claims Ben Sulayem told officials not to certify the Las Vegas circuit for its high-profile race last November.

• EV group Lucid admits it cannot rely on ‘bottomless wealth’ of Saudi owner

  The boss of Lucid Motors said the US electric car start-up must not rely on the “bottomless wealth” of its Saudi Arabian backer as it looks to raise funds over the coming year. Peter Rawlinson said the company, which is 60 per cent owned by Saudi Arabia’s Public Investment Fund, was “looking at every aspect of cost” as it battles to reduce spending and raise output of its luxury electric cars at its factory in Arizona. 

• F1 News: Red Bull Managing Director Makes Way To Saudi Arabia After Christian Horner Scrutiny

  Oliver Mintzlaff, Red Bull GmbH managing director, will be present in Saudi Arabia for the Grand Prix this weekend as internal tensions mount within Red Bull Racing. This development follows growing concerns over Christian Horner's role as the team's principal.

• How a Saudi Prince Is Putting the Kingdom at the Center of Combat Sports

  How did this Saudi prince rise so quickly, considering that he has only been in the business since 2017? He had beaten UFC boss Dana White and boxing superstars such as Saul Canelo Alvarez to the top spot. Admittedly, he has a lot of Saudi money behind him, but that is only part of the story. If the Reddit boxing forums, with their 2 million followers, and the YouTube comments on the boxing channels are an indicator, then he seems to have earned himself a place in the hearts of boxing fans.

• Opec+ defers tricky decision on production increases

  The series of cuts, which began in November 2022 in the face of vehement US opposition, has crimped production of crude by some 5.3mn barrels a day, or about 5 per cent of global supply. These curbs on supply have helped prop up the price of crude for the past 18 months but left Saudi Arabia, which has cut its production by 2mn barrels a day, shouldering most of the cost.

• LIV Golf League ends bid for World Golf Ranking accreditation

  The LIV Golf League has withdrawn its application for recognition from the Official World Golf Ranking, LIV Golf CEO and commissioner Greg Norman told players in a letter on Tuesday. The LIV Golf League, now in its third season, had been fighting for OWGR accreditation since July 2022. World-ranking points are used to determine exemptions and other invitations into the four major championships by Augusta National Golf Club, PGA of America, United States Golf Association and The R&A.

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