- Live-data refresh (2026-09-19): discovery-first sweep of the 2026-09-08 -> 09-19 window (six parallel regional sweeps, all source rating central), with state, belligerent, single-chain and recirculated claims excluded or direction-only. Dominant arc: the US-Iran war widened to a second maritime chokepoint as Houthis seized Mocha, Perim and Mayun, declared a Red Sea blockade on Saudi ports, and Iraqi drones shut Saudi Arabia's East-West Petroline, while Iran struck more tankers in Hormuz, the IAEA referred Iran to the UN Security Council, and Brent traded above $100. Second arc: the global tightening cycle landed, with the Fed hiking 25bp to 3.75-4.00%, the ECB to 2.50% on Sept 10, and the BOJ to 1.25% on Sept 18, all on war-driven energy inflation. Third arc: institutional strain, as Georgia moved to ban all five parliamentary opposition parties, Sudan's chemical-weapons dossier was published by NYT/WaPo, Brazil's STF froze the Moraes probe, and Cuba's grid collapsed nationwide Sept 18. Notes mark what moved.

- Live-data refresh (2026-09-03): discovery-first sweep of the 2026-08-25 -> 09-03 window (six parallel regional sweeps, all source rating central), triangulated across multilateral bodies and diverse independent press, with state, belligerent, single-chain and recirculated claims excluded or direction-only. Dominant arc: the US-Iran war RESUMED and WIDENED after the Aug 25 exit-diplomacy moment. Iran and Oman finalized a Hormuz corridor framework (Aug 26, inbound via Iranian waters, outbound via Omani, revenue-sharing, a 30-60 day mine-clearing programme), then the US struck missile launchers on Larak Island (Aug 31) and Iran retaliated across FIVE countries at once, hitting US-linked bases in Jordan (Camp Titin, Prince Hassan), Bahrain (Sheikh Isa), Kuwait (Ali al-Salem) and Iraq (Erbil). A US strike hit a wedding at Kuhestak, Iran alleged a war crime at the UN, and Iran struck the Saudi supertanker Sidr in Hormuz, killing two Filipino sailors. Trump claimed 'almost total control' of the strait, floated renaming it, and told Iranians to rise up against their leadership. The rial hit a fresh record past 2.1 million per dollar and Reuters reported the blockade achieving what sanctions never did, with exports stalled outright. Second arc: a global long-bond rout deepened into September. Japan's 10Y JGB crossed 3% for the first time in 30 years with the 30Y at a record 4.18% and the yen at 160; France sold 10Y OATs at 4.23%, the highest since 2008, with debt at 117.5% of GDP; UK gilt yields hit a 19-year high in the new Burnham government's first Commons week; the US crossed $40 trillion in debt and doubled its long-end buyback ceiling. Third arc: catastrophe and consolidation elsewhere. A glacier-collapse flood on the Nepal-Tibet border killed 1,252 by Sept 3, passing the 2015 earthquake toll, with thousands missing. DRC's Ebola outbreak reached 3,007 deaths and 6,186 cases across six provinces at a 48.6% fatality rate, still expanding. Nicaragua's congress barred opposition parties from elections and extended the presidential term, drawing a near-unanimous OAS rebuke; Zimbabwe swore in senators and appointed 14 judges under a contested constitutional amendment; Zambia's Hichilema took a second term amid a disputed count and opposition arrests. Syria's SDF dissolved into the national military. Indonesia closed its central-bank vacuum. TRAPS CAUGHT and excluded: Peru's February 'Chifagate' removal, France's October-2025 Lecornu resignation, a 2020 Belarus protest piece, a 2025 DRC Uvira piece, a 2019 Zimbabwe crackdown piece, pre-window Cuba, and a FOURTH clean Thailand-Cambodia verification. CORRECTION: Serbia's Aug 20 snap-election announcement, missed by the 08-25 pass, is booked late. Notes mark what moved.

- Live-data refresh (2026-08-14): discovery-first sweep of the 2026-07-30 -> 08-14 window (six parallel regional sweeps, all source rating central), triangulated across multilateral bodies and diverse independent press, with state, belligerent, single-chain and disinfo-network claims excluded or direction-only. Dominant arc: the Iran war paused without ending - no confirmed US strike on Iranian soil after Aug 1 (13 nights through Aug 12) while Oman-mediated Hormuz talks agreed safe-corridor coordinates with the fee rate still contested - but the strait stayed effectively closed (1 transit Aug 9 vs ~73/day), CENTCOM enforced the blockade kinetically, the Houthis hit Mocha in the worst Yemen escalation since the 2022 truce, and Saudi Red Sea exports collapsed ~90% with a compensating Sumed surge. Ukraine's deep strikes reached ~17% of Russian refining and halted Novorossiysk's grain terminals; Russia's H1 deficit hit ~6T rubles with the CBR cutting into rising inflation. The US opened a two-front trade escalation: first-ever Section 338 tariffs (50% on ~$20B of Canadian goods incl USMCA-origin, effective Aug 19) plus Section 301 tariffs on 60+ partners covering 99.4% of imports. The 30Y Treasury auctioned at ~5.24%, highest since 2001; central banks bought a record 288.9t of gold in Q2. DRC Ebola deaths jumped 1,487 -> 2,128 across six provinces. DC's National Guard deployment was extended through 2029. Colombia inaugurated de la Espriella in an orderly transfer; Indonesia nominated a BI insider and the rupiah recovered; North Korea resumed missile tests. TRAPS CAUGHT and excluded: the 2025 Katsina mosque attack, the pre-capture Maduro militia story, and the ended Jan-May Iran blackout, all recirculating as current; the news-pravda.com disinfo network is excluded entirely. Thailand-Cambodia verified clean: no kinetic event, ceasefire holds, diplomatic freeze continues. Notes mark what moved.

- Live-data refresh (2026-07-30): discovery-first sweep of the 2026-07-21 -> 07-30 window (six parallel regional sweeps, all source rating central), triangulated across multilateral bodies and diverse independent press, with state, belligerent and single-source claims excluded or direction-only. Dominant arc: the 10-day ceasefire proposal was never accepted - a de facto US strike pause (July 25-29, Oman presenting a Gulf-backed Hormuz fee mechanism, Brent $94 -> $86) collapsed and CENTCOM resumed heavy strikes on Iran overnight July 29-30 (Brent back to $90.74). The war widened: a drone set fires in Egypt's Damietta port (first strike on Egyptian soil), the US and Saudi Arabia jointly struck militias inside Iraq, the Houthis set Aramco's Jizan refinery ablaze while enforcing their blockade of Saudi ports, and Iran publicly hanged two protesters. Elsewhere: a hawkish Fed hold with three dissents FOR a hike sent the Dow down 1,153 and the 30-year Treasury to its highest since 2007; the EU adopted its 21st Russia package freezing the oil price cap at $44.10 for a year; a Russian Kh-101 crashed 100 km inside Poland with Warsaw declining to invoke Article 4; DRC Ebola deaths jumped from 930 to 1,487 in six days; Tunisia's and Libya's blackout crises turned into anti-government mobilization; Bank Indonesia's governor resigned in a central-bank-independence shock; Ghana exited high debt distress after 13 years; Peru completed a contested but on-schedule transfer of power. CORRECTIONS: the Thailand-Cambodia 'fresh clashes' carry-forward was again misdated 2025 coverage (ceasefire holds; the real story is diplomatic hardening), and Mali's 07-20 'Anefis reversal' framing is corrected (the army retook Anefis July 10; the road remains insecure). Notes mark what moved.

- Live-data refresh (2026-07-21): discovery-first sweep since the 2026-07-20 pass (tight 1-day window; most scores held), triangulated across multilateral bodies + diverse independent press, run largely on the self-hosted lab search after the metered cap was exhausted, with the two highest-impact items hand-verified. Dominant arc: the US-Iran war deepened a second day - a 10th consecutive night of US strikes, the two Jordan-base US fatalities identified (toll ~17), Iran hitting Kuwait's power/desalination plant a 4th straight day (water rationing in 50C heat) and striking a Kuwaiti-flagged tanker in Hormuz, and the Houthi blockade on Saudi Arabia moving from declaration to ENFORCEMENT (Saudi tankers bound for China/India U-turned, refiners rerouting via Suez) - BUT the positive-skew exit appeared, as Qatar, Egypt and Pakistan conveyed a 10-day ceasefire proposal to Tehran, so Iran's conflict score holds off the floor. Brent topped $90. Elsewhere: a US federal judge ordered the DC National Guard deployment ENDED, reversing the 2029 pre-commitment (US rule_of_law eased, appeal pending), while Trump imposed 50% tariffs on most Canadian goods (US + Canada trade worsened); Ukraine saw a 5th day of rare wartime protests over Defense Minister Fedorov's dismissal (political_stability down); Moldova's parliament approved the Tofan government (vacancy resolved); the UK's new PM sacked his chancellor and gilt yields hit a 2-month high (fiscal down); DR Congo's Ebola outbreak passed 930 deaths with health workers striking (healthcare to the floor). CORRECTION: the Thailand-Cambodia 'fresh clashes' item flagged last pass was misdated 2025 coverage - the real in-window state is a diplomatic stalemate, not combat, and is not scored. Notes mark what moved.

- Live-data refresh (2026-07-20): discovery-first news sweep since the 2026-07-14 pass across the whole canon, triangulated across multilateral bodies + diverse independent press (state-self-reported data excluded, used only for direction; confidence set from corroboration). Dominant arc: the US-Iran war DEEPENED rather than broke pattern - the US naval blockade of Iranian ports held all window, OFAC's wind-down GL X1 EXPIRED July 17 (full Iran oil sanctions restored), the US combat death toll rose to 17 (430+ wounded) after Iran hit Jordan's Muwaffaq Salti air base July 17, and the US ran a ninth consecutive night of strikes (incl. the Darkhovin nuclear-plant site, IAEA reviewing). Iran's retaliation crossed a threshold: it struck Kuwait's power + desalination plant twice (first civilian-infrastructure targeting) and Iraqi Kurdistan oil fields (-140-150k bpd), and on July 20 the Houthis opened a new front with a maritime blockade on Saudi Arabia (ending the 2022 truce). Brent ran to ~$88-90; Hormuz war-risk hull premiums held at 3-10% of value. Secondary: the EU FROZE the $44.10 Russia oil cap for one week to July 23 (the prior pass's lapse risk did NOT materialize - held, not scored as relief) with the 21st sanctions package still stalled (a narrow Kyiv-strike mini-package adopted July 17 instead); Russia's MOEX hit a 17-week losing streak (worst since 1997), the deficit overshot plan by ~1T rubles and the ruble slid ~8%/mo to ~78.6; Ukraine's Kerch Strait / Don-Azov shipping halt PERSISTED with no reopening as Russia hit Kyiv with a 41-missile barrage July 19; the Poland-Ukraine White Eagle rift DE-ESCALATED (Zelensky opened SBU archives July 17, Tusk welcomed it); Andy Burnham became UK PM July 20 (7th in a decade but a clean handover, dropped digital ID); Israel's Knesset dissolved on schedule July 17 (Oct 27 elections) after a judicial-oversight/media legislative blitz; China's Q2 GDP printed 4.3% (weakest since 2022); India's rupee broke past its defense band to ~96.4; deadly monsoon flooding hit Pakistan, India, Bangladesh and Nepal; Nicaragua's Ortega declared no more elections; Cuba logged its 5th total grid collapse of 2026; Venezuela's quake toll passed 5,200; DRC's Ebola became the fastest-growing month-on-month; Mali's JNIM/FLA reversed the Anefis gain; Morocco released journalist Ali Lmrabet; a M7.4 quake struck the Mexico-Guatemala border. Notes mark what moved.

- Live-data refresh (2026-07-14): discovery-first news sweep since the 2026-07-11 pass across the whole canon, triangulated across multilateral bodies + diverse independent press (state-self-reported data excluded, used only for direction; confidence set from corroboration). Dominant arc: the US-Iran ceasefire cycle BROKE PATTERN into the war's largest escalation - a third consecutive night of US strikes across Iran, Iranian retaliation on six Gulf/Levant states (Al Udeid struck; two UAE-flagged tankers hit in Omani waters, one sailor killed) and on US facilities in Bahrain/Kuwait, and a reinstated US naval blockade of Iranian ports (effective July 14) plus a proposed 20% Hormuz transit toll the UN IMO calls legally baseless; Brent jumped ~9% to ~$86 and Hormuz traffic virtually halted (war-risk ~5% of hull). Iran conflict near -8 -> -9 (not floored; talks nominally alive, positive skew retained) and sanctions -9 -> -10 (blockade = maximal isolation); Gulf conflict/trade re-priced across the GCC + Jordan; the US moves as a belligerent (conflict near -4 -> -5) with alliance reliability -7 -> -8 after renewed Greenland-annexation rhetoric + a threatened troop pull-out from Europe. Secondary: EU accession Cluster 6 FORMALLY OPENED for Ukraine + Moldova July 14 alongside the 37-leader Paris coalition summit (SAMP/T + 16 Rafale), but the EU's 21st Russia sanctions package FAILED July 13 (Greek LNG + Austrian Raiffeisen objections) with the $44.10 oil cap set to lapse (not scored as lapsed); Russia halted Kerch Strait + Don-Azov Canal shipping under Ukraine's Azov drone campaign while ~350 drones hit the Moscow region and the 5-month deficit passed 6T rubles; a Poland-Ukraine rift (White Eagle affair) opened; Colombia's transition rupture escalated to the inauguration venue itself; Venezuela's Article-233 180-day cap passed unmet (quake toll past 4,490); US June CPI 3.5% y/y (BLS partially-entangled, market-corroborated) as the DC National Guard deployment was extended through 2029; Pakistan's Balochistan wave killed 42+; Vanke's board passed to Shenzhen state control; North Korea fired ~10 ballistic missiles; South Africa's deportations doubled to 53,449; DRC's Ebola outbreak became the 3rd-largest on record; Bukele was proclaimed a 2027 candidate under indefinite-reelection rules; Jamaica's homicides fell 22%. Notes mark what moved.

- Live-data refresh (2026-07-11): discovery-first news sweep since the 2026-07-07 pass across the whole canon, triangulated across multilateral bodies + diverse independent press (state-self-reported data excluded, used only for direction; confidence set from corroboration). Dominant arc: another turn of the US-Iran ceasefire CYCLE (announced and collapsing on ~weekly cadence, not a one-off) - Hormuz tanker strikes (July 7) -> OFAC REVOKED Iran General License X the same day (wind-down GL X1 to July 17), erasing the verified oil relief the last pass scored -> US strikes on ~80-90 Iranian sites incl the Bushehr perimeter (July 8-9, IAEA no radiation rise) -> Trump declared the ceasefire 'over' -> Iranian retaliation on Jordan/Kuwait/Bahrain/Qatar (July 9, GCC-condemned) -> talks resume. Iran near-term conflict deepens (near -7 -> -8, intermittent not floored) and the oil relief reverses (sanctions -8 -> -9); Gulf trade-chokepoint risk re-prices (Hormuz war-risk insurance ~5% of hull); Iran positive skew RETAINED because the talks keep resuming. Secondary: Russia's refining/fuel crisis deepened (diesel export ban July 8, now a fuel importer; MOEX 3-year low) vs Ukraine's Azov shadow-fleet strikes; NATO Ankara's 70bn-euro Ukraine pledge + EU Cluster-6 Coreper clearance (formal opening slated July 14) + Hungary's 10bn-euro RRP unlock; a European instability cluster (France Le Pen eligible for 2027, Germany AfD ahead of CDU, UK Farage by-election); Colombia's transition rupture (Petro rejects De la Espriella on debunked fraud claims); Syria's US state-sponsor-of-terrorism de-listing; an Ethiopia-Eritrea war-risk mobilization; a UN genocide finding on Sudan's RSF; Venezuela's quake toll past 4,000 with the constitutional election-call unmet; Argentina's country risk at an 8-year low; South Korea's 'fake news' law; a stalled India-US trade deal; China's Vanke near-default + maritime coercion; and an IMF WEO cut to 3.0% global growth. Notes mark what moved.

- Live-data refresh (2026-07-07): news pull since the 2026-06-18 pass, triangulated across multilateral bodies + diverse independent press (state-self-reported data excluded). Dominant arc: the US-Iran ceasefire proved repeatedly reversible (remote MoU June 17 + 60-day Burgenstock roadmap June 21, then a Kiku-tanker strike -> US strikes on 5 Iranian sites -> Iranian retaliation on US bases in Kuwait/Bahrain June 27-28 -> fresh Saudi/Qatari tanker strikes July 7 -> Trump 'finish the job'), even as verified relief landed (OFAC General License X, a 60-day Iranian-oil-export waiver ~$8-9B) and Hormuz volumes recovered to ~90% of pre-war baseline. Iran's $24B/$12B frozen-asset claim stays Mehr/parliamentary-sourced and US-denied -> excluded. Secondary: Russia's refinery/fuel crisis + deficit blowout (160% of the annual target, exile-press sourced); Ukraine's EU-accession progress + NATO 140bn-euro pledge vs the deadliest Kyiv strikes of the year; Venezuela's twin quake + constitutional-legality shock; certified-but-contested elections in Peru (Fujimori) and Colombia (de la Espriella); Bolivia's blockade crisis easing under a state of emergency; US inflation topping 4% and SCOTUS striking the birthright-citizenship order while domestic-terrorism sentences and ICE-detention deaths mount; China's rare-earth coercion + HK Article 23 expansion; India's near-final US trade deal vs a press-freedom slide; an Ethiopia-Eritrea war-risk watch. Notes mark what moved.

- Live-data refresh (2026-06-18): news pull since the 2026-06-15 pass, triangulated across multilateral bodies + diverse independent press (state-self-reported data excluded; the US-Iran deal's $24B frozen-asset release / upfront tranche remains Iranian-state-media-sourced (Mehr) and US-rejected, treated as unverified regime framing - only the framework MoU + its June 19 Buergenstock signing are independently confirmed). Dominant mover: the US-Iran framework hardened toward its June 19 signing in Switzerland (MoU signed electronically by both sides June 17) but stays a non-final 60-day framework with terms disputed (US 'pay-for-performance'), the Strait of Hormuz still physically near-shut (~7 ships transited vs 550+ stranded; ~4-6 month export recovery), and Israeli ops in Lebanon continuing - so scores firm modestly along the resolution path without fully reversing. Secondary: a hawkish first FOMC under Chair Warsh, Ukraine's Fundamentals accession cluster opening (Luxembourg IGC June 15) + the G7 Evian summit, an HRW report on the US Minnesota deployment, Hungary's PM-term-limit amendment, Japan's BOJ hike to 1.0%, a terror attack on Niamey's airport, and Equatorial Guinea's full-cabinet resignation. Notes mark what moved.

- Live-data refresh (2026-06-15): news pull since the 2026-06-08 pass, triangulated across multilateral bodies + diverse independent press (state-self-reported data excluded; the US-Iran deal's detailed 14-point terms are Iranian-state-media-sourced and US-disputed, treated as unverified regime framing - only the framework agreement + scheduled June 19 signing are independently confirmed). Dominant mover: the US-Iran war swung from peak escalation (US strikes inside Iran, total Hormuz closure) to a framework peace deal announced June 14 with Brent falling ~$15-20 to ~$83; the strait remains physically shut pending implementation, so scores improve on the resolution path without fully reversing. Notes mark what moved.

- Live-data refresh (2026-06-08): news pull since the 2026-06-03 pass, triangulated across multilateral bodies + diverse independent press (state-self-reported data excluded; Iran's strait-closure claims via state media treated as regime intent, not verified action). Dominant movers: the June 4-5 AI-equity selloff (Broadcom's weak AI guidance, Nasdaq's worst day since April 2025) and renewed active US-Iran strikes around the Strait of Hormuz. Notes mark what moved.

- Live-data refresh (2026-06-03): news pull since the 2026-05-28 pass, triangulated across multilateral bodies + diverse independent press (state-self-reported data excluded; Iran's Hormuz-closure claims sourced to Tasnim are treated as regime intent, not verified action). A few late-May items not captured in the prior pass are flagged in-note. Notes mark what moved.

- Generated 2026-05-28 under v2.0: governance/rights/politics rebuilt from independent sources (IMF Art IV 2025, World Bank, Freedom House, RSF, HRW, Amnesty, CPJ, non-Saudi press); Saudi state/state-aligned media (SPA, Al Arabiya, Arab News) EXCLUDED there, with economic figures admitted only via IMF validation.

- Governance: an absolute monarchy; scores reflect observable actions (record executions, the NEOM scaleback, PIF spending cuts, peg mechanics), not Vision-2030 messaging.

- Standout drags: no political rights and severe repression, no independent media, a hard oil-transition and water/heat tail; offsets are sound banks, very low crime, and a young population.

- Recalibrated 2026-05-29 for the 2026 Iran war (Operation Epic Fury, US+Israel vs Iran from 28 Feb) and the Strait of Hormuz closure: blockade of ~1/5 of world oil+LNG, attacks/threats on Gulf desalination (water security), and the global energy shock. The two-week 8 Apr ceasefire collapsed by late May - the US renewed strikes on Iran ~25-26 May (Trump convened Camp David) and the war resumed, with Hormuz still blockaded. (Reuters; BBC; NYT; CNN; ISW; Al Jazeera; CSIS; Wikipedia)

- civil_military_relations carries a v2.3 provisional baseline scored from coup history and military-in-politics status. It has not been through a full source-disciplined pass and its confidence is set low to reflect that.

Tier: opaque - every composite below is confidence-capped at 0.60 (TIER_CAP.opaque).

The state controls the information environment, so scores rest on external proxies and carry a capped, lower confidence. The read may be flattered by what cannot be seen.

Sound banks, low inflation, and a large sovereign-fund buffer, against oil dependence and a peg that surrenders monetary autonomy. (skew: positive)

┌────────────────────────────────┬────────┬──────┬───────┬──────┬──────┐

│ Sub-factor │ Weight │ Conf │ Near │ Mid │ Long │

├────────────────────────────────┼────────┼──────┼───────┼──────┼──────┤

│ Fiscal State │ 0.22 │ 85% │ -5.0 │ -4.0 │ -3.0 │

│ Monetary Independence │ 0.22 │ 90% │ -3.0 │ -3.0 │ -3.0 │

│ Reserve Currency Intl Monetary │ 0.16 │ 80% │ +1.0 │ +1.0 │ +1.0 │

│ Inflation │ 0.13 │ 85% │ +5.0 │ +5.0 │ +5.0 │

│ Banking Stability │ 0.10 │ 85% │ +6.0 │ +6.0 │ +6.0 │

│ Trade Actions Capacity │ 0.17 │ 90% │ -10.0 │ -6.0 │ -2.0 │

└────────────────────────────────┴────────┴──────┴───────┴──────┴──────┘

Fiscal State - War spending plus the Hormuz-driven export/revenue disruption widen the deficit despite high prices. (IMF Art IV)

Monetary Independence - A hard USD peg means no autonomous policy and imports the US rate cycle - a stability-for-autonomy trade-off. (IMF)

Reserve Currency Intl Monetary - The peg delivers FX stability for holders, backed by ample reserves. (IMF)

Inflation - Brent jumped ~9% on the July 13 blockade announcement to ~$81 and reached ~$86 by July 14 (TradingEconomics, Fortune, CNBC - independent), restoring the war premium the OSP cut had blunted - a revenue positive that offsets the shipping squeeze. Improved 4 -> 5; confidence held.

Banking Stability - Well-capitalised (a capital ratio ~19.6%) with low NPLs. (IMF)

Trade Actions Capacity - Worsened near -9 -> -10, the floor: Petroline shutdown removes the bypass that had been carrying roughly 5M bpd since Hormuz effectively closed, and Goldman Sachs warned repairs could take eight weeks (Reuters, Sept 12). Brent above $100 helps fiscal revenue but the export-geometry failure is the binding constraint. Long -1 -> -2 because the Houthi Bab al-Mandab gains look structural rather than episodic.

Category composite by horizon (categoryComposite, confidence-capped by transparency tier):

┌─────────┬─────────────────┬────────────┐

│ Horizon │ Composite score │ Confidence │

├─────────┼─────────────────┼────────────┤

│ near │ -2.05 │ 60% │

│ mid │ -1.15 │ 60% │

│ long │ -0.25 │ 60% │

└─────────┴─────────────────┴────────────┘

High state capacity and megaproject execution, against no judicial independence and the absence of independent media. (skew: negative)

┌──────────────────────────┬────────┬──────┬──────┬──────┬──────┐

│ Sub-factor │ Weight │ Conf │ Near │ Mid │ Long │

├──────────────────────────┼────────┼──────┼──────┼──────┼──────┤

│ Rule Of Law │ 0.31 │ 85% │ -4.0 │ -4.0 │ -4.0 │

│ Statistical Integrity │ 0.22 │ 70% │ -1.0 │ -1.0 │ -1.0 │

│ Civil Service Capacity │ 0.22 │ 75% │ +5.0 │ +5.0 │ +5.0 │

│ Press Freedom │ 0.13 │ 90% │ -8.0 │ -8.0 │ -8.0 │

│ Civil-Military Relations │ 0.12 │ 50% │ -4.0 │ -4.0 │ -4.0 │

└──────────────────────────┴────────┴──────┴──────┴──────┴──────┘

Rule Of Law - No judicial independence in an absolute monarchy with Sharia courts; functional commercial-law reforms offset weak rights protection - net negative. (Freedom House; WJP)

Statistical Integrity - Economic statistics are IMF-validated; political and social data are opaque. (IMF)

Civil Service Capacity - High state capacity and megaproject execution despite scalebacks. (IMF; World Bank)

Press Freedom - No independent media, a very low RSF standing, and the Khashoggi legacy; a journalist was executed in 2025. (RSF; CPJ)

Civil-Military Relations - The armed forces are an instrument of a ruling family. Command appointments follow the succession line. No independent oversight body exists.

Category composite by horizon (categoryComposite, confidence-capped by transparency tier):

┌─────────┬─────────────────┬────────────┐

│ Horizon │ Composite score │ Confidence │

├─────────┼─────────────────┼────────────┤

│ near │ -1.84 │ 59% │

│ mid │ -1.84 │ 59% │

│ long │ -1.84 │ 59% │

└─────────┴─────────────────┴────────────┘

A young population, against the absence of political rights, severe repression, and a rights-deprived migrant workforce. (skew: negative)

┌────────────────────────┬────────┬──────┬──────┬──────┬──────┐

│ Sub-factor │ Weight │ Conf │ Near │ Mid │ Long │

├────────────────────────┼────────┼──────┼──────┼──────┼──────┤

│ Political Stability │ 0.30 │ 80% │ +3.0 │ 0.0 │ -3.0 │

│ Civil Liberties │ 0.20 │ 90% │ -8.0 │ -8.0 │ -8.0 │

│ Treatment Non Citizens │ 0.25 │ 80% │ -1.0 │ -1.0 │ -1.0 │

│ Social Cohesion │ 0.15 │ 65% │ +1.0 │ +1.0 │ +1.0 │

│ Demographics │ 0.10 │ 75% │ +3.0 │ +3.0 │ +3.0 │

└────────────────────────┴────────┴──────┴──────┴──────┴──────┘

Political Stability - High managed/suppressed stability under the crown prince near-term, against long-term succession and oil-transition risk. (Freedom House)

Civil Liberties - No political rights, with guardianship reforms outweighed by ongoing repression and among the world's highest execution counts. (HRW; Amnesty; Freedom House)

Treatment Non Citizens - Easy iqama/premium-residency entry and no income tax, but no path to citizenship, kafala-legacy controls, and a large rights-deprived expatriate workforce. (HRW; Amnesty)

Social Cohesion - Orderly with low crime, but built on a structurally rights-deprived migrant-majority workforce. (HRW)

Demographics - A young Saudi population (a dividend), tempered by labour-nationalisation friction. (World Bank; IMF)

Category composite by horizon (categoryComposite, confidence-capped by transparency tier):

┌─────────┬─────────────────┬────────────┐

│ Horizon │ Composite score │ Confidence │

├─────────┼─────────────────┼────────────┤

│ near │ -0.50 │ 60% │

│ mid │ -1.40 │ 60% │

│ long │ -2.30 │ 60% │

└─────────┴─────────────────┴────────────┘

A transactional US partner with OPEC+ leverage, an open capital account, and a holding Iran detente. (skew: negative)

┌────────────────────────────┬────────┬──────┬───────┬──────┬──────┐

│ Sub-factor │ Weight │ Conf │ Near │ Mid │ Long │

├────────────────────────────┼────────┼──────┼───────┼──────┼──────┤

│ Alliance Reliability │ 0.40 │ 68% │ +1.0 │ +1.0 │ +1.0 │

│ Conflict Involvement │ 0.35 │ 88% │ -10.0 │ -7.0 │ -4.0 │

│ Sanctions Capital Controls │ 0.25 │ 80% │ +5.0 │ +5.0 │ +5.0 │

└────────────────────────────┴────────┴──────┴───────┴──────┴──────┘

Alliance Reliability - Worsened 2 -> 1: Trump declined direct US military support against the Houthi offensive after MBS called twice on Sept 11, reversing the posture from July when Riyadh sought only political backing. CENTCOM chief Brad Cooper did meet MBS in Jeddah Sept 15, which is recorded but does not restore the denied strike support. Confidence 0.72 -> 0.68.

Conflict Involvement - Worsened near -8 -> -10, the floor, and long -3 -> -4: Houthis captured Mocha on Sept 11, then Perim and Mayun islands controlling Bab al-Mandeb (NPR, Long War Journal, Al Jazeera, Sept 11-13), deployed on the Hanish Islands and declared a maritime blockade of Saudi Red Sea ports including Yanbu (HNGN, two Yemeni government officials, Sept 14-15). Drones launched from Maysan, Iraq struck Saudi East-West Petroline pumping stations on Sept 11; Saudi Arabia shut the pipeline Sept 12 with no restart date and Yanbu tanks drawing down (Reuters, Sept 12). Trump declined MBS's request for US strikes on the Houthis twice on Sept 11 (HNGN, officials familiar). Saudi aircraft did pound Yemen in response (Reuters, Sept 17). This moves Saudi Arabia from Hormuz-exposed and Red Sea-blockaded to losing BOTH export routes simultaneously.

Sanctions Capital Controls - An open capital account with free profit and capital movement. (IMF)

Category composite by horizon (categoryComposite, confidence-capped by transparency tier):

┌─────────┬─────────────────┬────────────┐

│ Horizon │ Composite score │ Confidence │

├─────────┼─────────────────┼────────────┤

│ near │ -1.85 │ 60% │

│ mid │ -0.80 │ 60% │

│ long │ +0.25 │ 60% │

└─────────┴─────────────────┴────────────┘

Modern healthcare and infrastructure and very low crime, against extreme heat and water scarcity long-term. (skew: negative)

┌────────────────────┬────────┬──────┬──────┬───────┬──────┐

│ Sub-factor │ Weight │ Conf │ Near │ Mid │ Long │

├────────────────────┼────────┼──────┼──────┼───────┼──────┤

│ Climate │ 0.20 │ 80% │ -4.0 │ -5.50 │ -7.0 │

│ Healthcare │ 0.30 │ 75% │ +4.0 │ +4.0 │ +4.0 │

│ Infrastructure │ 0.20 │ 75% │ +1.0 │ +2.50 │ +4.0 │

│ Crime Safety │ 0.15 │ 75% │ +7.0 │ +7.0 │ +7.0 │

│ Disaster Insurance │ 0.15 │ 70% │ +3.0 │ +3.0 │ +3.0 │

└────────────────────┴────────┴──────┴──────┴───────┴──────┘

Climate - Extreme heat (Hajj wet-bulb risk), desert water scarcity, desal dependence, with a wealth/readiness partial offset. (IPCC AR6; WB CCDR)

Healthcare - Good modern urban care and improving. (WHO; World Bank)

Infrastructure - World-class build-out, but desalination supplies most drinking water and Iran has both threatened Gulf water plants and hit them before (Houthis, 2022) - an acute near-term water-security vulnerability. (CSIS; Atlantic Council)

Crime Safety - Very low violent crime - a clear strength. (international advisories)

Disaster Insurance - Low natural-catastrophe exposure beyond heat and flash floods. (reinsurer risk data)

Category composite by horizon (categoryComposite, confidence-capped by transparency tier):

┌─────────┬─────────────────┬────────────┐

│ Horizon │ Composite score │ Confidence │

├─────────┼─────────────────┼────────────┤

│ near │ +2.10 │ 60% │

│ mid │ +2.10 │ 60% │

│ long │ +2.10 │ 60% │

└─────────┴─────────────────┴────────────┘

Confidence-weighted composite of every category above (decisionComposite), at each decision's native horizon (HORIZON_BY_DECISION), with the threshold reading (readingFor).

┌──────────┬─────────┬───────┬────────────┬─────────┐

│ Decision │ Horizon │ Score │ Confidence │ Reading │

├──────────┼─────────┼───────┼────────────┼─────────┤

│ Living │ long │ -1.04 │ 60% │ mixed │

│ Assets │ mid │ -0.97 │ 60% │ mixed │

│ Currency │ near │ -1.90 │ 60% │ mixed │

└──────────┴─────────┴───────┴────────────┴─────────┘

Same weighting projected across all three horizons (near 1-3y, mid 3-7y, long 5-10y):

┌──────────┬───────┬───────┬───────┐

│ Decision │ Near │ Mid │ Long │

├──────────┼───────┼───────┼───────┤

│ Living │ -0.87 │ -0.96 │ -1.04 │

│ Assets │ -1.40 │ -0.97 │ -0.54 │

│ Currency │ -1.90 │ -1.25 │ -0.59 │

└──────────┴───────┴───────┴───────┘