Hello, Smashi Business readers! 🌟

In today’s edition, we’re diving into the waves of change shaping the Middle East's economic landscape. The UAE and Jordan have just inked a groundbreaking trade pact aimed at doubling their bilateral trade to a staggering $8 billion! Meanwhile, Abu Dhabi is making headlines with a massive $110 billion megaproject in Egypt, while Saudi startups have taken the lead in MENA funding, raising over $165 million in September alone!

Get ready to explore how these developments are not just numbers on a balance sheet, but vital stories of innovation, collaboration, and growth in our region.

Let's dive in! 👇

🤝 UAE and Jordan Sign Historic Trade Pact: Aiming to Boost Bilateral Trade to $8 Billion! 🌍

📰 What is it about?

• The UAE and Jordan signed a groundbreaking economic partnership agreement, the first of its kind between the UAE and an Arab country.

• The pact aims to minimize restrictions and non-tariff measures on goods and services, promoting cooperation in priority sectors.

• This agreement was finalized during President Sheikh Mohamed bin Zayed Al Nahyan’s official visit to Jordan.

💡 Why it matters?

• The agreement targets doubling trade between the two countries to $8 billion over the next five years, up from $4.2 billion in 2023.

• Key areas for collaboration include tourism, hospitality, real estate, renewables, and food security, which are crucial for economic growth and diversification.

• The UAE's significant investment in Jordan (over $4 billion) highlights the deepening economic ties and mutual interests in various sectors.

🔜 What’s next?

• The trade agreement is expected to be ratified later this year, paving the way for enhanced bilateral cooperation.

• Ongoing projects, such as the planned $2.3 billion railway in Jordan, will continue to strengthen the infrastructure and trade dynamics between the two nations.

• Discussions during the visit also emphasized collaboration in sustainable development and the need for a ceasefire in the region amid ongoing conflicts.

📈 Markets

🏗️ ADQ Taps Modon for $110B Ras El Hekma Megaproject in Egypt 🌍

📰 What is it about?

• ADQ appoints Modon Holding as the master developer for the Ras El Hekma megaproject in Egypt, covering 170 million square meters.

• The development includes an initial 50 million square meter phase, with the remaining area to be developed with local and international partners.

• Ras El Hekma will be a smart, sustainable urban community, strategically located 350 km northwest of Cairo.

💡 Why it matters?

• The project is a significant economic initiative, projected to attract $110 billion in investments by 2045 and contribute $25 billion annually to Egypt’s GDP.

• It will create around 750,000 jobs, promoting economic growth and development in Egypt.

• The partnership demonstrates the strengthening UAE-Egypt economic ties and emphasizes the UAE's role in large-scale, international urban developments.

🔜 What’s next?

• Modon will develop essential infrastructure, including a marina, airport, high-speed rail, and free zone, to enhance tourism and business activities.

• Focus areas include developing residential, commercial, and hospitality facilities, supporting the influx of up to two million residents.

• The project aims to be a model for sustainable urban development, leveraging Modon's expertise and partnerships for long-term growth.

Quote of the day
“It’s not about ideas. It’s about making ideas happen.” — Scott Belsky, Entrepreneur, Author and Early-Stage Investor

🚀 Saudi Startups Lead MENA Funding in September, Surpassing $165M 💰

📰 What is it about?

• Saudi startups raised a total of USD 165.3 million in September, dominating the MENA region.

• This marks a 12-fold increase from the USD 13.9 million raised in August.

• Jeddah and Riyadh were key contributors, with significant investments driving the growth.

💡 Why it matters?

• Saudi’s funding surge highlights its growing influence and appeal as a startup hub in MENA.

• Fintech, logistics, and software development were the most attractive sectors, showing diversified growth.

• The UAE and Saudi Arabia together represented 68% of MENA’s venture investments, indicating strong regional investment activity.

🔜 What’s next?

• Late-stage VC funding dominated, suggesting a maturing ecosystem in the region.

• Seed funding saw a slight decline, while Series A funding significantly increased.

• Continued focus on scaling successful ventures could further boost investment inflows and sector growth.

In other news…

1. Saudi Almarai’s subsidiary Teeba Investment for Developed Food Processing Company, has signed an agreement to acquire 100% of Jordan’s Hammoudeh Food Industries for 263 million Saudi riyals ($70 million).

2. Abu Dhabi National Hotels' (ADNH) catering unit has announced the price range for its Initial Public Offering (IPO), setting it between AED 0.91 and AED 0.96 per share.

3. Saudi Arabia’s PIF is considering to increase stake in Japan’s Nintendo: reports Kyodo.

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