Happy Wednesday Everyone!

The final day of Web Summit Qatar 2025 is here, concluding an event that brought together global leaders and innovators. With 25,747 attendees from 124 countries, this sold-out summit is now MENA’s top startup event. Over the past days, speakers included Will Smith, Malcom Gladwell, Noor Sweid, Eduardo Saverin, Amjad Masad, Jay Shetty, and also Palestinian photojournalist Motaz Azaiza. Today’s highlights feature Mo Farah on professional running, Khailee Ng on funding, and Nouriel Roubini on AI’s impact. With 1,520 startups, 723 investors, and nearly half of startups women-founded, Web Summit Qatar 2025 set news standards for everyone.

We also got a chance to sit with Qatar’s first delivery and utilities platform, Snoonu’s founder Hamad Al Hajri.

For Day 4 updates you can follow Smashi Business.

Top stories for today are:

Egypt’s $1B museum has an opening date, ADX is doing 27.5% better since start of 2025, and Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) has partnered with Euroleague Basketball.

Scroll down for details.

But before that: You can join our Whatsapp channel too to receive updates from the business world.

Egypt’s Billion-Dollar Grand Egyptian Museum Set to Open in July After Years of Delays

📰 What is it about?

• Egypt’s Grand Egyptian Museum (GEM), a $1 billion project nearly two decades in the making, will officially open on July 3, as announced by Prime Minister Mostafa Madbouly.

• Located near the Giza Pyramids, the 120-acre museum is the world’s largest archaeological museum, showcasing 100,000 artifacts, including treasures from King Tutankhamun’s tomb.

• Designed by Heneghan Peng Architects, the museum was initially set to open in 2020, but delays—including the COVID-19 pandemic—pushed back its inauguration.

💡 Why it matters?

• A major boost to Egypt’s tourism industry, which saw record 15.78 million arrivals in 2024 despite geopolitical tensions.

• Offers a modern, high-tech presentation of Egypt’s ancient history, replacing the colonial-era museum in Cairo.

• Helps generate foreign currency, which is crucial for Egypt’s economy, especially after a 40% currency devaluationand Suez Canal revenue losses due to Red Sea attacks.

• Aligns with Egypt’s ambition to reach 30 million annual visitors, supporting economic recovery after securing a $35 billion UAE investment deal and international financial aid.

🔜 What’s next?

• The GEM’s full opening will cement Egypt as a global heritage tourism leader, potentially attracting 5 million visitors annually.

• Authorities expect a revival in Suez Canal revenues by late March, easing financial pressures.

• Further tourism growth strategies are expected, capitalizing on Egypt’s affordable travel options due to the currency devaluation.

Web Summit Qatar 2025 Concludes today!

Web Summit Qatar 2025 is taking place from February 23 to 26 at the Doha Exhibition and Convention Center (DECC). Building on the success of its inaugural edition, this premier technology conference aims to unite over 15,000 attendees from 180 countries, including 1,000 startups and 400 investors.

The event is feature an impressive lineup of speakers, such as Alexis Ohanian, Founder & General Partner of Seven Seven Six and Co-Founder of Reddit; Eduardo Saverin, Co-founder and Co-CEO of B Capital; Alexandr Wang, Founder and CEO of Scale AI; and Laura Chambers, CEO of Mozilla.

Web Summit Qatar 2025 serves as a vital platform for networking, collaboration, and idea exchange, fostering innovation and entrepreneurship in the Middle East and beyond. The conference will cover a wide range of topics, including artificial intelligence, fintech, cybersecurity, and digital transformation, providing attendees with insights into the latest industry trends.

We, Smashi Business, will be attending the event to bring you all the updates. You can follow us here…

ADX Sees Strong Growth in 2025 with Surging Trading Volumes

📰 What is it about?

• The Abu Dhabi Securities Exchange (ADX) has recorded a 27.5% increase in daily trading volumes since the start of 2025.

• Investor participation has also surged, with a 30% rise in the number of investors.

• ADX remains the region’s leader in ETFs and derivatives, with the latter growing 150% in 2024.

• Two new listings have taken place, including the Chimera iBoxx US Treasury Bill ETF on February 20, with more IPOs expected in H1 2025.

💡 Why it matters?

• Signals strong market confidence and growing regional investment interest.

• Reinforces ADX’s role as a financial hub, attracting both institutional and retail investors.

• Enhances Abu Dhabi’s economic diversification strategy, supporting capital market expansion.

• Strengthens market infrastructure with the launch of Abu Dhabi Clear (AD Clear) and Abu Dhabi Depository (AD CSD) under the “New ADX Group.”

🔜 What’s next?

• More IPOs and ETF listings expected in the coming months.

• Continued focus on market modernization and trading efficiency.

• Potential for further investor growth as ADX cements its position as a leading regional exchange.

Key Listings on ADX in 2024:

1. Alef Education: This UAE-based education technology company raised approximately AED 1.89 billion ($514 million) in mid-June. Alef provides AI-powered learning resources to schools across the UAE, Jordan, Indonesia, Morocco, and the USA, serving about 1.1 million students.

2. NMDC Energy: Specializing in engineering, procurement, and construction services for offshore and onshore clients, NMDC Energy raised $877 million in September. Established in 1973, the company serves major clients like ADNOC and Saudi Aramco.

3. ADNH Catering: A subsidiary of Abu Dhabi National Hotels, ADNH Catering offered a 40% stake through an IPO in October, raising AED 864 million ($235 million). The offering was oversubscribed by 15 times, indicating strong market interest.

4. Lulu Retail: One of the Middle East's largest hypermarket chains, Lulu Retail raised between $1.7 billion and $1.8 billion in November by offering a 25% stake. The IPO was oversubscribed more than 25 times, reflecting significant investor demand.

5. Agility Global: A unit of Kuwait's logistics major Agility, this company began trading on ADX on May 2. Shares saw a substantial increase, closing with a market value of approximately AED 16.46 billion ($4.48 billion).

Markets

Abu Dhabi Partners with Euroleague Basketball to Elevate Global Sports Tourism

📰 What is it about?

• The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) has partnered with Euroleague Basketball, making ‘Experience Abu Dhabi’ the official tourism and travel destination of the Turkish Airlines EuroLeague and BKT EuroCup for the rest of the 2024-25 season.

• This collaboration will showcase Abu Dhabi across in-arena signage, live broadcasts, and Euroleague Basketball’s digital platforms, increasing its global visibility.

• It builds on Abu Dhabi’s growing basketball presence, following NBA pre-season games and the USA Basketball Showcase in the emirate.

💡 Why it matters?

• Strengthens Abu Dhabi’s position as a premier global sports and tourism hub.

• Brings basketball fans worldwide closer to Abu Dhabi’s rich culture, hospitality, and entertainment offerings.

• Reinforces the emirate’s reputation as a host for major sporting events, joining an elite roster that includes Formula 1, UFC, and FIFA Club World Cup.

• Supports Abu Dhabi’s Tourism Strategy 2030, which aims to attract 39.3 million visitors, create 178,000 new jobs, and contribute AED90 billion to the economy by 2030.

🔜 What’s next?

• Abu Dhabi will host the Turkish Airlines EuroLeague Final Four from May 23 to 25, marking the first time in history this event takes place in the Middle East.

• The partnership will continue to expand Abu Dhabi’s presence in global basketball, opening doors for future high-profile events.

• Euroleague Basketball aims to leverage this collaboration to reach new audiences and strengthen its legacy in international markets.

🔍In other news…

• Abu Dhabi's Etihad Airways to announce $1-billion IPO this week: Reuters.

• Dubai fines companies millions for telemarketing violations.

• Saudi Drivers Earn Over SAR2 Billion from Ride-Hailing Apps.

• Trade between the Saudi Arabia and Qatar reached approximately SAR 4.6 billion by the end of 2024.

• You will soon see only red roof taxis on the two Dubai airports.

• Sanad jet engine deal with Pratt & Whitney to create 1,000 jobs in Abu Dhabi.

• UAE companies launch insurance for crypto firms after Bybit's $1.5-billion hack.

• Dubai’s realty off to strong start with AED35B first month sales, 5% increase from December 2024.

The Latest from the Smashi Business Studio

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