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Political upgrade: It may seem not the most opportune moment to remove the downwards negative trend arrow from Saudi Arabia’s ‘B’ political risk rating – coming amid more speculation that King Salman Bin Abdelaziz’s health is fading and with the International Monetary Fund giving the kingdom its “steepest growth downgrade among major economies”, as Bloomberg put it on 25 July, and longer-term investment plans in question.

The high-profile campaign to make Saudi Arabia a global power in football, golf and other sports has, in many ways, eclipsed the state's domestic spending – which conventional policy wonks might say should be of greater importance to the 22m population – but the activities of Crown Prince Mohammed Bin Salman (MBS)'s prized Public Investment Fund (PIF) over the past few months tells an equally important story.

Saudi officials have been lobbying for international support for Riyadh's bid to host Expo 2030, in the wake of the formal bid launch in June by Crown Prince Mohammed Bin Salman, during his visit to Paris.

A Royal Saudi Air Force (RSAF) F-15 SA fighter jet crashed, and its crew was killed, on 26 July, while taking part in a training mission around the city of Khamis Mushait. It is the second serious incident involving an RSAF F-15 jet, after an F-15 S crashed last November, during a routine training mission in the King Abdelaziz Air Base training area in Eastern province.

Saudi Arabia is trying to leverage its burgeoning relationship with China to further its aims in Yemen. And Chinese officials have expressed some interest in getting involved. However, the UAE views the idea of greater Chinese involvement as an attempt to undermine its position.

There has been fresh speculation about the health of King Salman Bin Abdelaziz, after dissident Saudi blogger Mujtahidd claimed the monarch had not attended a cabinet meeting since 23 May and that images purporting to show him at two meetings since then had been fabricated.

Saudi Arabia signed a deal to buy the Akinci combat drone from Turkey’s Baykar Technology, during a visit to the kingdom by President Recep Tayyip Erdoğan. Bayraktar called it the largest defence and aviation export contract in Turkish history.

There has been widespread anger in the Gulf and the wider region after copies of the Koran were publicly burned in Sweden and Denmark. Scandinavian authorities have so far said they cannot prevent such episodes as they would be counter to freedom of speech (although they could constitute a hate crime).

The Gulf Co-operation Council (GCC) is to resume negotiations with Japan on a free trade agreement (FTA) after a break of 14 years, following talks between GCC secretary-general Mohammed Al-Budaiwi and Japanese Prime Minister Kishida Fumio in Jeddah.

Saudi Arabia announced a $500m package of assistance to support Tunisia’s beleaguered economy, comprising a $400m soft loan and a grant of $100m. Tunisia is also likely to benefit from a $100m pledge from the UAE to help countries struggling to cope with irregular migration flows.

A US Senate committee has shed light on the key personalities involved in the controversial agreement between Saudi Arabia's Public Investment Fund and the PGA Tour to create a new global golf entity; many of the names will be familiar to Saudi-watchers.

Iran has been flexing its muscles in oil and gas disputes with its Arab neighbours, in what could be an attempt to ensure the recent trend towards rapprochement with regional and international powers happens on its terms. But factional disputes within the Iranian elite may also be playing a role, as rivals in Tehran try to ensure their vested interests aren’t damaged.

The UAE’s hosting of the COP28 climate summit in November comes just as Gulf companies and investors are playing an ever-bigger role in electricity supply industries across Africa. Among the most prominent players, Saudi Arabia’s Acwa Power has been an early mover and Abu Dhabi-backed Infinity Power is now developing gigawatts of new capacity.

Saudi-UAE rivalry may soon take on a new sporting dimension, with speculation the two leading men’s professional cycling teams could be backed by the Gulf countries from next season.

Saudi Arabia is dedicating more attention to southern Yemen, even as it continues efforts to secure a peace agreement with the Houthis in the north. A key aim for Riyadh is ensuring Yemen remains unified. However, this strategy means Saudi allies continue to clash with the UAE-backed Southern Transitional Council (STC), which is pushing for independence.