Marhaba folks! 🌟

📩 Daily News Roundup

Hope you're having a great day! In today's edition, we're diving into real estate projects making waves, from high-profile billionaires investing in Riyadh to a sweet scandal sparking outrage in France. Plus, there's big news for Egyptian transport heading to Saudi Arabia, despite some rocky roads back home. Let's dive in! 👇

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🏙️ Adam Neumann Expands Real Estate Ventures to Riyadh

📰 What is it about?

• Adam Neumann Expands Real Estate Ventures to Riyadh

  • Israeli-American billionaire Adam Neumann, former WeWork CEO, is developing 920 residential units across three buildings in Riyadh in partnership with local investors. This marks his first major move into Saudi Arabia’s real estate market since his departure from WeWork.

💡 Why it matters?

• Neumann’s return to real estate signals a bold move into Saudi Arabia’s growing market, a strategic development following his controversial exit from WeWork.

🔜 What’s next?

• Neumann’s venture in Riyadh will continue developing through Q1 2025, with the potential to reshape the city's luxury housing market.

📈 Markets

🍫 EU Ban on Algerian Spread El Mordjene Sparks Outrage in France

📰 What is it about?

• EU Ban on Algerian Spread El Mordjene Sparks Outrage in France

  • The EU has banned the sale of the popular Algerian chocolate spread, El Mordjene, due to Algeria's lack of authorization to export dairy products. Fans in France are frustrated, as the spread had gained a loyal following and was hailed as a Nutella alternative.

💡 Why it matters?

• Fans of El Mordjene are hoping for a resolution that could allow the spread back into the European market, though this will depend on Algeria’s trade agreements with the EU.

🔜 What’s next?

• The EU’s ban on El Mordjene has frustrated many fans in France, shedding light on the complex trade restrictions between Algeria and Europe. This highlights how viral products can quickly be impacted by regulations.

Quote of the day
“The most dangerous poison is the feeling of achievement. The antidote is to every evening think what can be done better tomorrow.” – Ingvar Kamprad, IKEA founder

🚍 Egypt’s GoBus Expands to Saudi Arabia Despite Complaints

📰 What is it about?

• Egypt’s GoBus Expands to Saudi Arabia Despite Complaints

  • GoBus, an Egyptian transportation company, has sent its first fleet of buses to Saudi Arabia, aimed at transporting pilgrims, students, and employees. However, the company faces long-standing complaints about service issues back in Egypt.

💡 Why it matters?

• GoBus’ expansion into Saudi Arabia is a significant move for the company, yet its rocky reputation in Egypt may challenge its growth and success abroad.

🔜 What’s next?

• GoBus’ performance in Saudi Arabia will be closely watched, particularly regarding service quality and addressing long-standing customer complaints.

In other news…

1. Arab Stock Exchanges Add $22B in August, Market Cap Reaches $4.268T

2. You can now book taxis in Abu Dhabi through the Yango app.

3. UAE mandates at least one woman on board of directors for private firms by 2025.

4. New M&A platform launched in the UAE, Bidzi, to compete with Exits MENA and Smergers.

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