Hello, Smashi Business readers! 🌟

October and Q4 came fast and they are leaving even faster. The first quarter of the fourth quarter is just a week away, and that means Q3 reports are flooding in. Interestingly, all is well as majority of the reports shared by companies avoided the halloween horrors and recorded profits.

First Abu Dhabi Bank (FAB) delivered robust results in the first nine months of 2024 as increased client activity across the Group's franchise lifted revenue 16% higher year on year to AED23.9 billion and propelled profit before tax to AED15.3 billion, up 15%.

In other places, National Bank of Umm Al Qaiwain achieved $109 million profit in 9M-2024, Bank of Sharjah posted $80.51 million in 9M-2024, Emirates NBD delivered a record AED 19.0 billion profit in 9M-2024, SASCO reported 2.5% higher net profit in 9M-2024, Riyad Bank's Q3 net profit rose 27%, United Arab Bank's pre-tax net profit increased 12% in 9M-2024, Boubyan Bank's net profits reached KD 73.5 million by September 2024, Advanced Petrochemical revealed $7.73 million profit in 9M-2024, Sipchem earned $108.26 million profit in 9M-2024, and Nadec reported 83% YoY higher net profit on $648 million revenue in 9M-2024. Phew!

Yes, yes, we know too many companies made too much money, but that is what Middle Eastern economy is doing for businesses right now - ensuring a nearly sure-shot ROI, especially in two of the biggest economies, namely Saudi Arabia and the UAE.

Moving to our main stories, we chose:

1. 📈 Saudi Tadawul Group Reports Strong Q3 Earnings: Net Income Surges 37.2% 🚀

2. Dubai Unveils Dh390 Million Plan to Transform Rural Areas into World-Class Tourism and Living Destinations

3. 🎬 Saudi Cinema Booms: Record Ticket Sales & Rise in Local Productions 🎟️🍿

Let's dive in! 👇

📈 Saudi Tadawul Group Reports Strong Q3 Earnings 🚀

📰 What is it about?

• Saudi Tadawul Group Holding’s net income increased by 37.2% year-on-year in Q3 2024, reaching SAR 140.4 million.

• The rise in income is driven by a 20.6% increase in operating revenues, which totaled SAR 359.1 million, despite higher operating expenditures.

• Growth was fueled by higher trading activities, post-trade services, and revenue from non-trading services.

💡 Why it matters?

• The group saw a 69.5% net income increase for the first nine months of 2024, with total revenues rising 39.1% to SAR 1.1 billion.

• This reflects growing investor confidence and increased market activity, solidifying Tadawul’s position as a key financial hub in the region.

• With 36 new securities listed in 9M 2024, including funds, debt instruments, and company transfers, Tadawul is expanding its role in the financial markets.

🔜 What’s next?

• Tadawul's main and parallel markets continue to grow, with a total market cap of SAR 10.2 billion and an average daily traded value of SAR 8 billion.

• With 336 companies now listed across Tadawul and Nomu, the market is expected to attract more listings and maintain its growth trajectory in the coming quarters.

📈 Markets

🇦🇪 Dubai’s AED390 Million Plan to Transform Rural Areas Into Cultural Tourism Hotspots 🏞️

📰 What is it about?

• Dubai has launched a Dh390 million strategy to revitalize its rural areas, focusing on living, working, and tourism.

• Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, approved 37 development projects slated for completion by 2028.

• The Saih Al Salam Scenic Route, a 100km road for vehicles and bicycles, is at the heart of the initiative, aiming to promote desert tourism.

• The broader plan aligns with Dubai’s 2040 Urban Master Plan to enhance rural areas across the emirate.

💡 Why it matters?

• The initiative will significantly boost desert tourism and aims to increase annual visitors to the Saih Al Salam Scenic Route from 500,000 to over 3 million by 2040.

• It offers new investment opportunities for local communities, fostering economic growth while preserving cultural and natural heritage.

• Key features of the project include luxury desert camping, open-air cinemas, cycling tracks, cultural experiences, and adventure sports, positioning Dubai as a top global destination for unique desert experiences.

🔜 What’s next?

• The first phase of development will improve local services with new parks, nurseries, healthcare facilities, and more.

• Five tourist stations and 156 kilometers of cycle tracks will be developed, along with desert activities like hot air balloon rides, kayaking, and dune bashing.

• The project is set to be completed by 2028, laying the foundation for Dubai’s long-term growth as a global tourism and business hub, as outlined in the 2040 Urban Master Plan.

Quote of the day
“Ideas pull the trigger, but instinct loads the gun.” - Don Marquis

🎬 Saudi Cinema Booms: Record Ticket Sales & Rise in Local Productions 🎟️🍿

📰 What is it about?

• Saudi Arabia's cinema industry is experiencing rapid growth, with ticket sales reaching SAR 657 million in the first nine months of 2024.

• Last week, 52 films grossed SAR 10.7 million, with 222,000 tickets sold across the kingdom.

• Local production is also on the rise, with Muvi Studios planning to produce 11 Saudi films in two years and selling over 150,000 tickets for co-produced films.

💡 Why it matters?

• Since the reopening of cinemas in 2018, Saudi Arabia has become the largest cinema market in the Arab world, with 66 cinemas, 618 screens, and 63,300 seats across 22 cities.

• The government’s investment in the film industry, including the Big Time Fund, aims to promote Saudi, Gulf, and Arab films, supporting the nation’s Vision 2030 goals.

• Saudi films like Mandoob and Sattar are breaking box office records, reflecting the growing impact of local cinema amid Hollywood's dominance.

🔜 What’s next?

• With events like the Red Sea International Film Festival and ongoing government support, the Saudi cinema sector is poised for continued growth.

• The industry is expected to see further expansion in theaters, local film production, and international collaborations, making Saudi Arabia a significant player in global cinema.

In other news…

1. Russia-UAE trade has tripled in the last three years: President Putin told UAE President on Sunday in their informal meeting. On Monday, His Highness and the Russian President reviewed progress in UAE-Russian relations in recent years, particularly in the areas of economy, trade, investment, space, and energy, within the context of the strategic partnership between the two nations.

2. Dubai Airports plans to roll out 83 terminals for hearing-impaired passengers to communicate with specialists and is considering tech-driven solutions for other disabilities.

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