Marhaba folks! 🌟

Hope you're having a great day! In today's edition, we're covering:

• 🏙️💼 Dubai Approves AED10 Billion Expansion for Expo City’s Dubai Exhibition Centre 🌍🚀

• 💻 Chip Giants Eye UAE for $100B Megafactories: A Semiconductor Revolution? 🌍

• 🎰 MGM Resorts Applies for Abu Dhabi Gaming License 🎲🌍

Let's dive in! 👇

🏙️💼 Dubai Approves AED10 Billion Expansion for Expo City’s Dubai Exhibition Centre 🌍🚀

📰 What is it about?

• His Highness Sheikh Mohammed bin Rashid Al Maktoum has approved an AED10 billion expansion for the Dubai Exhibition Centre (DEC) at Expo City Dubai.

• This expansion will make the DEC the largest purpose-built indoor exhibition and events venue in the region.

• The plan is part of the Dubai 2040 Urban Master Plan, aimed at enhancing Dubai's role as a global hub for events and exhibitions.

💡 Why it matters?

• The DEC expansion is aligned with Dubai’s vision of becoming a global leader in the events industry, increasing the number of large-scale events from 300 to over 600 annually by 2033.

• This project will contribute significantly to economic growth, attract global talent and businesses, and boost tourismin the emirate.

• The plan positions Expo City Dubai as a key economic hub, especially in emerging fields such as technology, healthcare, and mobility.

🔜 What’s next?

• The expansion will be executed in three phases, with Phase 1 expected to be completed by 2026, and the entire project finished by 2031.

• The venue will feature 180,000 square meters of exhibition space, 26 halls, and facilities like a 300+ key hotel and commercial offices.

• This growth will help Dubai solidify its place as one of the top three global destinations for business and tourism, driving progress in the MICE (Meetings, Incentives, Conferences, and Exhibitions) sector.

📈 Markets

🎰 MGM Resorts Applies for Abu Dhabi Gaming License 🎲🌍

📰 What is it about?

• MGM Resorts CEO Bill Hornbuckle confirmed that the company has officially applied for a gaming license in Abu Dhabi during the Skift Global Forum 2024.

• This move is part of MGM's broader strategy to expand its operations into the UAE, following previous statements that Abu Dhabi is their top choice for a potential gaming venture.

• The license application awaits approval from the federal government in Abu Dhabi.

💡 Why it matters?

• The entry of MGM Resorts into the UAE could mark a significant shift in the region’s hospitality and gaminglandscape.

• Abu Dhabi's potential approval would introduce gaming tourism in the UAE, enhancing its global standing as a luxury and entertainment destination.

• MGM’s interest aligns with their $2.5 billion three-hotel project off the coast of Jumeirah, Dubai, positioning the UAE as a key hub for international players in the gaming industry.

🔜 What’s next?

• MGM expects to receive more clarity on the federal mandate and the outcome of the application by the end of this year.

• If approved, MGM could potentially begin planning integrated resort developments, which would further bolster the UAE's appeal in the global gaming and leisure market.

Quote of the day
“The secret of change is to focus all of your energy not on fighting the old but on building the new” – Socrates

💻 Chip Giants Eye UAE for $100B Megafactories: A Semiconductor Revolution? 🌍

📰 What is it about?

• TSMC and Samsung, two of the world’s largest chip manufacturers, are in early talks to build megafactories in the UAE.

• These potential projects, valued at over $100 billion, could dramatically boost global AI chip production and establish the UAE as a hub for advanced semiconductor manufacturing.

• Mubadala, Abu Dhabi’s sovereign fund, would play a key role in funding these projects, aligning with the UAE’s goal to develop a domestic tech industry.

💡 Why it matters?

• With the AI boom, the demand for semiconductors is surging. These factories would help reduce global chip priceswhile solidifying the UAE’s position in advanced technology.

• The move represents a broader economic diversification strategy for the UAE, shifting from oil to high-tech industries.

• These discussions could potentially solve global chip supply chain issues, providing a major boost to industries relying on AI and semiconductor technology.

🔜 What’s next?

• Further negotiations between TSMC, Samsung, the U.S. government, and the UAE are expected to clarify trade regulations and chip export controls.

• If successful, the UAE could start construction after resolving U.S. concerns, potentially starting a new era for chip production in the region.

• Watch for how this impacts the global semiconductor market, especially with U.S. and China relations at play.

In other news…

1. Saudi Arabia beats UAE to top spot in Arab world in the Global AI index 2024.

2. UAE’s Pure Harvest is looking for $100 million to fund expansion.

3. M&A activity in the Middle East and Africa region saw a 10.4% dip in the first 8 months of 2024.

4. Sharjah now has 10 environment-friendly, electric buses going to Dubai, Ajman and Al Hamriyah.

The Latest from the Smashi Business Studio

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