🌟 Happy Monday!

Good morning and happy Monday to all our UAE readers! 🌞 Today’s newsletter brings you exciting updates about Saudi Arabia’s growing financial clout, a controversial expulsion from the Giving Pledge, and Microsoft’s efforts to shape Saudi Arabia’s AI future.

Here’s what’s making headlines:

• Saudi IPOs are creating billionaires and reshaping capital markets.

• Abraaj Group's founder faces fresh reputational challenges.

• Microsoft Arabia exceeds AI training targets, fueling Saudi innovation.

Let’s dive into the details!

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

Saudi IPO Boom Creates Seven New Billionaires 💥 

📰 What is it about?

• Saudi Arabia’s IPO surge in 2024 has not only raised $2.46 billion in the first nine months but has also propelled seven individuals to billionaire status. Key players include founders and executives from Fakih Medical Company, Al-Mousa Health, and the e-commerce giant Nice One.

💡 Why it matters?

• This trend showcases the growing maturity of Saudi capital markets, bolstered by strong investor confidence and government support. It highlights the Kingdom’s resilience amid global economic challenges.

🔜 What’s next?

• Saudi Arabia’s IPO market is expected to continue attracting domestic and international investors, cementing its position as a regional financial leader.

Markets

🚫 Abraaj Founder Expelled from the Giving Pledge

📰 What is it about?

• Arif Naqvi, founder of the now-liquidated Abraaj Group, has been removed from the exclusive Giving Pledge network following allegations of fraud and money laundering. This marks a significant fall from grace for the former private equity powerhouse.

💡 Why it matters?

• Naqvi’s expulsion underscores the reputational challenges facing Dubai’s business community in the wake of Abraaj’s collapse, which once symbolized regional financial success.

🔜 What’s next?

• The ongoing case against Naqvi continues to draw attention, raising questions about governance and transparency in private equity across the region.

💭Quote of the day
"There is a morning inside you waiting to burst open into light." — Rumi 🌻 

🤖 Microsoft Arabia Powers Saudi AI Future 🇸🇦 

📰 What is it about?

• As part of the Future Skills Initiative, Microsoft Arabia has trained over 14,000 Saudis in AI technologies, exceeding its initial targets. The program equips citizens with tools to thrive in the AI-powered economy.

💡 Why it matters?

• This initiative aligns with Saudi Arabia’s Vision 2030 goals, driving innovation, efficiency, and growth through digital transformation. It strengthens the Kingdom’s workforce and enhances its competitiveness in the AI era.

🔜 What’s next?

• Microsoft plans to expand its AI partnerships with organizations across Saudi Arabia, fostering a tech-savvy workforce and boosting the Kingdom’s economic transformation.

🔍In other news…

1. Riyad Bank Board Recommends Share Buyback for Employees

2. Is Gmail Coming to an End?Elon Musk Teases Xmail Sparking Concerns for Gmail Users Worldwide

3. Turki Al-Sheikh praises AI Referee Technology as the Future of Boxing Judging

4. Arada Expands Fitness Empire with Acquisition of Three Leading UAE Gym Brands

The Latest from the Smashi Business Studio

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