Happy Sunday Everyone!

Dubai Mall is set to open a new section at the start of Ramadan, adding 65 exclusive brands and F&B outlets as part of its AED 1.5 billion expansion. Meanwhile, Abu Dhabi’s Mubadala made a bold crypto move, investing $437 million in BlackRock’s spot Bitcoin ETF. Over in Syria, the central bank has received a large currency shipment from Russia, addressing liquidity concerns following Assad’s ouster.

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Dubai Mall to Unveil New Section in Ramadan Amid Major Expansion

📰 What is it about?

• Dubai Mall will open a new section at the start of Ramadan (March 1, 2025), featuring 65 exclusive brands and F&B outlets.

• The announcement was made by Mohamed Alabbar, Emaar Properties' founder, on X.

• This is part of Emaar’s AED 1.5 billion expansion plan, which was unveiled in June 2024.

• The expansion will eventually add 240 new luxury stores and dining options.

💡 Why it matters?

• Dubai Mall is the most visited place on Earth, with 111 million visitors in 2024, up from 105 million in 2023.

• The mall continues to drive Dubai’s retail and tourism sectors, cementing its position as a global shopping and lifestyle hub.

• The AED 1.5 billion expansion aligns with Dubai’s broader push to attract more luxury shoppers and tourists.

• Dubai Mall’s size and visitor numbers make it a key economic driver for Emaar Properties and Dubai’s retail sector.

🔜 What’s next?

• The new section will launch before the expected Ramadan shopping surge, providing a boost in footfall and sales.

• Emaar’s broader expansion plan is underway, with contractors already mobilized on-site.

• As the world’s second-largest shopping mall, Dubai Mall’s continuous expansion keeps it competitive with global retail giants.

• With record-breaking visitor growth, Dubai Mall is likely to maintain its status as the world’s top shopping destination.

Markets

STEP Conference Dubai 2025: THE Ultimate Tech Festival is Back from February 19-20 at Dubai Internet City

The Step Conference Dubai 2025 is scheduled for February 19-20 at Dubai Internet City. Recognized as the largest tech festival in the Middle East and North Africa (MENA) region, the event anticipates over 8,000 attendees, more than 400 showcasing startups, and upwards of 100 participating companies.

The conference features four main tracks: Founders and Funders, AI Agents, LLMs & Cloud, Fintech for SMBs, AdTech 2.0, and PropTech. Attendees can engage in talks, workshops, and networking sessions tailored to these themes. Notable speakers include H.E. Alia Bint Abdulla Al Mazrouei, the UAE's Minister of State for Entrepreneurship.

Participating in Step Conference offers unparalleled opportunities to connect with industry leaders, investors, and innovators. The event provides a platform to explore the latest technological advancements, gain insights from experts, and foster partnerships that drive business growth.

Whether you're an entrepreneur seeking investment, a professional aiming to expand your network, or a tech enthusiast eager to stay abreast of industry trends, Step Conference Dubai 2025 is an event not to be missed.

Use our code SMASHI to get special price on your tickets.

We, Smashi Business, are the media partners for the event and we will be on the ground to bring you all the updates from the event. You can follow us here…

Syria Receives Currency Shipment from Russia Amid Liquidity Crisis

📰 What is it about?

• Syria’s central bank confirmed a shipment of newly arrived Syrian banknotes at Damascus airport from Russia.

• The money was printed in Russia under the rule of ousted President Bashar al-Assad but was never shipped before his downfall in December 2024.

• A source told Reuters the shipment amounted to hundreds of billions of Syrian pounds, equivalent to tens of millions of U.S. dollars.

• The new Syrian leadership had initially halted further currency printing to curb inflation.

💡 Why it matters?

• Syria faces a liquidity crunch following Assad’s removal, with the new leadership trying to stabilize the economy.

• The Syrian pound has strengthened on the black market since Assad’s fall, aided by an influx of returning Syrians and relaxed currency controls.

• The central bank’s foreign exchange reserves have dwindled to just $200 million, a sharp drop from $18.5 billion in 2010.

• Russia, a key ally of Assad, is looking to maintain influence, including its naval and air bases in Syria.

• Putin has opened talks with Syria’s interim leadership, signaling a potential shift in bilateral agreements made under Assad.

🔜 What’s next?

• Syria must balance improving liquidity without triggering inflation, a key concern for its new central bank governor.

• Russia’s political and military interests in Syria will likely depend on negotiations with the new government.

• Syria’s economic recovery hinges on foreign investment, currency stabilization, and aid relief as households struggle with liquidity shortages.

• The future of Russia-Syria financial agreements, including currency printing contracts, remains uncertain under the new leadership.

Abu Dhabi’s Mubadala Invests $437M in BlackRock’s Bitcoin ETF

📰 What is it about?

• Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, bought $436.9 million worth of BlackRock’s spot Bitcoin ETF (IBIT) in Q4 2024.

• The purchase aligns with BlackRock’s expansion into Abu Dhabi, after securing a commercial license in November 2024.

• BlackRock operates the world’s largest spot Bitcoin ETF, managing nearly $56 billion in assets.

💡 Why it matters?

• This is one of Abu Dhabi’s largest crypto-related investments, signaling growing institutional adoption of Bitcoin.

• Abu Dhabi has been gradually expanding its presence in digital assets, including bitcoin mining investments in 2023.

• The UAE’s strategic push into crypto positions it as a key player in the global digital asset ecosystem.

• BlackRock’s ETF has been a major driver of institutional Bitcoin adoption, and Mubadala’s backing further legitimizes the asset class.

🔜 What’s next?

• The move could encourage other sovereign wealth funds to explore Bitcoin and crypto investments.

• Abu Dhabi may deepen its involvement in blockchain and digital finance, leveraging its progressive regulatory framework.

• With crypto adoption rising, Mubadala’s next steps in digital assets and blockchain ventures will be closely watched.

🔍In other news…

1. ROSHN Group Signs SAR1.5 Billion Agreements, Reinforcing Commitment to Local Content at PIF Private Sector Forum.

2. Musk's xAI in talks to raise $10 billion at $75 billion valuation, Bloomberg News reports.

3. UAE starts mapping air corridors for air taxis and cargo drones.

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