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Here's your daily business briefing:

🇦🇪 Abu Dhabi’s TA’ZIZ has awarded a $1.7 billion contract to Samsung E&A to build the UAE’s first methanol plant, set to produce 1.8 million tons annually by 2028.

🇸🇦 Saudi Arabia’s military spending hit $75.8 billion in 2024, making up 3.1% of global defense spending, as the Kingdom pushes for 50% localization by 2030.

🎤 Exclusive: We sat down with Toufic Kreidieh, Founder & CEO of BFL Group, to discuss retail expansion, innovation, and future strategies.

Scroll down for details.

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Abu Dhabi’s TA’ZIZ Awards $1.7 Billion Contract for UAE’s First Methanol Plant

📰 What is it about?

• Abu Dhabi’s TA’ZIZ has awarded a $1.7 billion contract to Samsung E&A to build the UAE’s first methanol plant.

• The facility, expected to be completed by 2028, will produce 1.8 million tons of methanol annually.

• TA’ZIZ is a joint venture between ADNOC and ADQ, established in 2020 to drive new chemical industry developments in the UAE.

💡 Why it matters?

• The plant will strengthen the UAE’s position in sustainable chemicals production.

• It supports ADNOC’s global ambitions to lead in the chemicals sector, aligning with its broader strategy in natural gas, renewables, and chemicals.

• ADNOC recently made a €14.7 billion ($15.05 billion) bid to acquire German chemicals giant Covestro, showcasing its aggressive expansion.

🔜 What’s next?

• ADNOC and Austria’s OMV are exploring a merger of Borouge and Borealis, aiming to create a $20 billion polyolefin giant.

• The two firms are also considering acquiring Nova Chemicals from Mubadala, another Abu Dhabi wealth fund.

• The UAE is rapidly advancing its chemical and energy diversification, reinforcing its role as a global industrial powerhouse.

Markets

Saudi Arabia’s Military Spending Reached $75.8 billion in 2024: Governor of General Authority for Military Industries

📰 What is it about?

• Saudi Arabia’s military spending has grown at an annual rate of 4.5% since 1960, reaching $75.8 billion in 2024, accounting for 3.1% of global defense spending.

• The Kingdom has allocated $78 billion for defense in 2025, making up 21% of government spending and 7.19% of GDP.

• Governor Ahmed bin Abdul Aziz Al-Ohali of the General Authority for Military Industries (GAMI) shared these insights at the Global Strategies in Defense and Aerospace Industry Conference in Turkiye.

💡 Why it matters?

• Saudi Vision 2030 aims to reduce oil dependence and diversify the economy by fostering local defense industry growth.

• GAMI is working to localize over 50% of military spending by 2030, up from 4% in 2018 to 19.35% in 2024.

• 296 entities are now licensed in the military sector, supporting economic diversification and industrial expansion.

🔜 What’s next?

• Saudi Arabia is offering incentives for foreign and domestic investors, including 74 supply chain opportunities with 30 key priorities covering 80% of future expenditures.

• Small and medium enterprises (SMEs) in military industries are being supported to enhance local production and innovation.

• The Kingdom continues to build strategic defense partnerships, particularly with Turkiye, strengthening its global defense sector position.

Exclusive: Interview with Toufic Kreidieh, Founder and CEO of Brands for Less Group

Founded in 1996 by Toufic Kreidieh and Yasser Beydoun in Lebanon, the BFL (Brands for Less) Group introduced its off-price retail concept, 'Brands For Less'. In 2000, the company expanded into the UAE, establishing its first store in the region. Over the years, BFL Group has diversified its portfolio to include various retail concepts such as Luxury For Less, Toys For Less, and Homes For Less.

In August 2024, BFL Group entered into a strategic agreement to sell a 35% stake to The TJX Companies, Inc., the world's largest off-price retailer of apparel and home fashions. This transaction valued BFL Group at an enterprise value of $1.2 billion.

Smashi Business spoke exclusively with Toufic Kreidieh on the sidelines of the Sharjah Entrepreneurship Festival 2025.

Q: The Middle East is becoming a hub for entrepreneurship. Do you have a message for young entrepreneurs in the region?
A: I truly believe that this region offers the best business atmosphere for any startup. This is where dreams are coming true. The facilities provided by the government make life easier for entrepreneurs, allowing them to focus solely on their businesses. My advice to young people is simple: be passionate about what you do and put your heart into your business. Perseverance is key—keep trying until you make it happen.

Q: You’ve built a highly successful business. How does someone take a small startup and scale it into a major corporation?
A: If you truly believe in what you're doing, and after validating your product to ensure there is demand for it, success comes with consistency and perseverance. You can create something big out of nothing if you stay committed and focused.

Q: BFL Group operates Brands for Less and Luxury for Less. What’s next for your company?
A: We always look for market needs before launching new concepts. However, our main focus now and in the future will remain on Brands for Less.

Q: Many startups require investors. What does it take to convince someone like you to invest in them?
A: It's not just about the business idea. The most important factor is the character of the founders. You need to share the same values with them, believe in their capabilities, and recognize their passion for making their business succeed.

Q: How did you attract a major U.S. company like TJX to acquire a stake in your business?
A: Our strong presence in the region and our expansion across the GCC made us an attractive partner for TJX. Their decision to invest in us validated that we are on the right path and doing the right thing in the industry.

🔍In other news…

1. Startup Syria has published the Rising From The Rubble report, which provides an overview of the startup ecosystem in Syria.

2. Al Habtoor Group eyes IPO for Habtoor Hospitality.

3. Dubai adds new $100 million mansions to lure world’s ultra rich.

4. What Emaar's new rule means for Dubai holiday home operators.

5. CNN is expanding its Middle East operations with a new hub in Media City Qatar.

6. Dar Global breaks ground on $531M Trump Tower Jeddah.

The Latest from the Smashi Business Studio

👋 Hello, That’s Me - Your Content Buddy

What is Odeum?

Odeum is Augustus Media’s innovative in-house content studio, where creativity meets data-driven insights to produce compelling new media formats. Specializing in connecting brands with communities and culture, Odeum offers a range of services tailored to your needs.

Why Do Brands Need a Content Strategy?

An authentic story is key to connect with audiences on a personal level. That’s why a well-crafted social content strategy helps brands resonate with the internet generation and earn their trust. Odeum excels in modern content creation, offering expertise in social media management and access to fully equipped studios.

How Can You Get Started?

If you’re a brand with a vision, contact us here, and our team will get in touch to help you bring your ideas to life.

Here’s to a productive week ahead! 💪

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