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Al-Swaha: Saudi Arabia a Dynamic, Influential Leader in Regional, Global Digital Economy

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Al-Swaha: Saudi Arabia a Dynamic, Influential Leader in Regional, Global Digital Economy

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha reiterated that the Kingdom remains resolute in its role as a dynamic and influential leader in both the regional and global digital economy.
He underscored the Kingdom's pivotal role within the G20, where it actively contributes to shaping digital policies and spearheads numerous initiatives aimed at addressing the global digital divide.
Under India's leadership of the G20 this year with the theme "One Earth, One Family, One Future," the digital economy working group has identified three core priorities: public digital infrastructure, cybersecurity in the digital economy, and skills development.
In remarks to the Saudi Press Agency (SPA) on the occasion of the G20 Summit held in India, the minister said: "Today, the Kingdom takes pride in its advanced technological sector, which has solidified its regional and global position as a leading tech hub. With national digital capabilities boasting global qualifications and enabling digital infrastructure, these collective advancements have resulted in progress reflected in international indices and reports."

In this context, Eng. Al-Swaha revealed that the Kingdom secured impressive rankings in global digital competitiveness in 2023, standing as the second-ranked nation among G20 countries according to the European Centre for Digital Competitiveness.

He added that the Kingdom also achieved the fourth position worldwide and the second among G20 nations in the Digital Readiness Index by the International Telecommunication Union (ITU).

Furthermore, it clinched third place globally in the GovTech Maturity Index Update (GTMI) released by the World Bank Group for the year 2022, he said.
These efforts, the minister said, culminated in the Kingdom’s ascent to the top spot for venture capital investments in the region, with a remarkable $446 million in the first half of the current year.
He also highlighted the Kingdom's exemplary model in empowering women, exemplified by the increase in their participation from 7% to 33% across various sectors.
Eng. Al-Swaha stated that these efforts even reached the realm of space, with the first Arab and Muslim female astronaut, Rayana Barnawi, joining her colleague Ali Al-Qarni in conducting 14 pioneering scientific and educational experiments in the microgravity environment of the International Space Station (ISS).

Additionally, he said the Kingdom has inaugurated the world's largest virtual hospital, offering advanced medical services to over a million people each month within the Kingdom and across the region.

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Kuwait Court Concludes Major ‘Malaysian Fund’ Money Laundering Case

Kuwait’s Court of Cassation, in its final ruling, sentenced the defendants to prison terms ranging from 7 to 10 years, ordered them to return $1 billion, and fined them $500 million (Asharq Al-Awsat)
Kuwait’s Court of Cassation, in its final ruling, sentenced the defendants to prison terms ranging from 7 to 10 years, ordered them to return $1 billion, and fined them $500 million (Asharq Al-Awsat)
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Kuwait Court Concludes Major ‘Malaysian Fund’ Money Laundering Case

Kuwait’s Court of Cassation, in its final ruling, sentenced the defendants to prison terms ranging from 7 to 10 years, ordered them to return $1 billion, and fined them $500 million (Asharq Al-Awsat)
Kuwait’s Court of Cassation, in its final ruling, sentenced the defendants to prison terms ranging from 7 to 10 years, ordered them to return $1 billion, and fined them $500 million (Asharq Al-Awsat)

Kuwait’s Court of Cassation on Thursday concluded the country's largest money laundering case, known as the “Malaysian Fund” scandal.

The court, led by Judge Saleh Al-Muraishid, sentenced Sheikh Sabah Jaber Al-Mubarak, son of the former Prime Minister, and his associates Hamad Al-Wazzan, Bashar Kiwan, and two expatriates to 10 years in prison.

A lawyer involved in the case received a seven-year sentence.

The court also ordered the defendants to return $1 billion and collectively fined them 145 million Kuwaiti dinars (about $500 million).

The “Malaysian Fund” case involves fake transactions and forged contracts between companies in Kuwait and China. Investigators from Malaysia and the US estimate that around $4.5 billion was embezzled from the fund since 2009, implicating the former Malaysian prime minister.

Kuwait’s Public Prosecution reopened the case after a two-year pause due to lack of information.

On March 28, 2023, the Criminal Court sentenced a member of the ruling family, his associates, and two expatriates to 10 years in prison, with a lawyer receiving seven years.

They were ordered to return $1 billion and fined 145 million Kuwaiti dinars.

The original case in Malaysia dates back to 2016 when US prosecutors filed a lawsuit to recover over $1 billion allegedly tied to a conspiracy to launder money from the Malaysian sovereign wealth fund 1MDB, overseen by former Malaysian premier Najib Razak.

The funds were used to finance a Hollywood film, buy real estate, and acquire famous artworks.

In May 2020, the scandal surfaced in Kuwait after US defense officials provided information to the late Kuwaiti Defense Minister, Sheikh Nasser Sabah Al-Ahmad, revealing the involvement of several former officials in suspicious financial transactions for Chinese and Malaysian companies.

Investigations in Kuwait showed nearly $1 billion had been transferred into the account of an influential Kuwaiti figure before being rerouted abroad.

The inquiry linked a Malaysian financial expert accused in the case to the son of a former Kuwaiti Prime Minister, and they collaborated to channel the funds through intermediary companies.

On July 10, 2020, Kuwait’s Public Prosecution ordered the arrest of Sheikh Sabah Jaber Al-Mubarak and his associate in connection with the “Malaysian Fund” case.