Happy Friday Smashi Business Readers!

Today, we dive into the rise and fall of MONIIFY, the media startup that launched with a splash but is now facing major layoffs. Meanwhile, the UAE’s non-oil trade surged to AED 3 trillion in 2024, far outpacing global trade growth, reinforcing its position as a global hub. In Saudi Arabia, IPOs delivered standout gains, outperforming listings in the UAE and Egypt as investors favored mid-sized offerings with strong fundamentals.

Scroll down for details.

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

UAE’s Non-Oil Trade Hits AED 3 Trillion in 2024, Outpacing Global Growth

📰 What is it about?

• The UAE’s non-oil foreign trade surged by 14.6% year-on-year to AED 3 trillion in 2024, significantly outpacing global trade growth of just 2%.

• Prime Minister Sheikh Mohammed bin Rashid Al Maktoum credited economic partnership agreements (EPAs) for this growth, with exports under these agreements rising 42% y-o-y to AED 135 billion.

• The UAE is now 75% closer to its goal of reaching AED 4 trillion in annual foreign trade by 2031.

• Non-oil goods exports were a key driver, growing 27.6% y-o-y to AED 561.2 billion, accounting for 18.8% of total foreign trade.

• Major exports included gold, jewelry, aluminum, copper wires, perfumes, and iron-based products.

💡 Why it matters?

• The UAE’s trade boom reinforces its position as a global trade hub, diversifying beyond oil revenue.

• The 7.3% y-o-y growth in the re-export sector highlights the country’s role as a key transit hub in global supply chains.

• Expanding trade agreements with New Zealand, Kenya, Jordan, Serbia, India, Malaysia, and Australia open new markets and remove trade barriers.

• Strong import growth (+14.2% y-o-y to AED 1.7 trillion) indicates rising domestic demand and a robust economy.

• The rapid expansion aligns with government trade forecasts, demonstrating the effectiveness of strategic policies.

🔜 What’s next?

• The UAE aims to reach AED 4 trillion in trade by 2031, with further expansion in Asia, Africa, and Latin Americathrough new economic partnerships.

• Ongoing negotiations with Malaysia, the Eurasian Economic Union, and Australia could further boost trade volumes.

• As global trade remains sluggish, the UAE’s continued outperformance could solidify its reputation as a leading international trade hub.

• Future economic agreements may focus on technology, sustainability, and digital trade, enhancing the UAE’s competitive edge.

Leap 2025 in Riyadh Set to Revolutionize Tech Landscape with Global Speakers in Riyadh

LEAP 2025, Saudi Arabia's premier technology event, is set to take place from February 9 to 12, 2025, at the Riyadh Exhibition & Convention Centre in Malham. This fourth edition, themed 'Into New Worlds,' introduces a ticketed format to enhance business networking and investment opportunities.

The event will feature over 1,000 expert speakers, 680+ start-ups, and 1,800+ global tech brands, offering attendees a comprehensive view of the latest technological advancements.

New additions include the 'LEAP Nights' concept, extending activities into the night across Riyadh, and the Tech Arena, where live product demos and interactive engagements will showcase cutting-edge technologies.

Notable speakers include Ken Kutaragi, former Chairman and CEO of Sony Interactive Entertainment; Javier Tebas, President of La Liga; and Connie Chan, General Partner of Andreessen Horowitz.

LEAP 2025 aims to solidify Saudi Arabia's position as a global technology hub, fostering innovation and collaboration across various sectors.

Our Smashi Business team will be on the ground to give you all the news and updates from the event.

Markets

Saudi Arabia’s IPOs Lead the MENA Region by Outshining UAE and Egypt in 2024

📰 What is it about?

• Saudi Arabia’s initial public offerings (IPOs) outperformed those in the UAE and Egypt in 2024, with stronger post-listing stock appreciation.

• Investors favored mid-sized IPOs with solid fundamentals over high-profile listings that may have been overvalued.

• The average post-listing gain for Saudi IPOs was 37%, compared to 17% in the UAE, according to Century Financial’s Vijay Valecha.

• The Kingdom’s large investor base and deep market liquidity allowed it to absorb IPO supply more efficiently than its regional peers.

💡 Why it matters?

• Saudi Arabia’s stock market (Tadawul) continues to attract investors, reinforcing its role as the region’s IPO powerhouse.

• Fintech, infrastructure, and media IPOs saw broad gains, while Nomu’s top performers were in construction, tech, and ESG consulting.

• The top IPO performers on Tadawul in 2024 included:

  • Rasan (Fintech): +140.3% since listing, reaching SAR 88.9 from SAR 37.

  • Miahona (Water Treatment): +136.5%, hitting SAR 27.2 from SAR 11.5.

  • MBC Group (Media): +134.4%, rising to SAR 58.6 from SAR 25.

• The strong IPO performance highlights Saudi Arabia’s push for economic diversification and capital market growth.

🔜 What’s next?

• Saudi Arabia is expected to maintain its IPO momentum, with more listings in fintech, energy, and infrastructure.

• Investors will likely continue favoring companies with strong fundamentals over overhyped offerings.

• The Kingdom’s IPO success may push the UAE and Egypt to rethink their listing strategies to attract more capital.

• As global market conditions shift, Tadawul’s ability to sustain this IPO rally will be closely watched in 2025.

Exclusive: MONIIFY’s Multi-Million-Dollar Gamble Falls Flat?

📰 What is it about?

• MONIIFY, a media startup backed by Egyptian billionaire Naguib Sawiris, launched in Dubai on November 26, 2024, with a massive budget exceeding millions of dollars.

• The company promised a bold vision, aiming to generate revenue through paywalled content, events, and sub-brands.

• Executives claimed the startup had five years of financial backing, aggressively hiring top-tier journalists and content creators at above-market salaries.

• Its launch event at the Museum of the Future was extravagant, featuring high-profile speakers, press conferences, and even branded tablets gifted to journalists.

• Despite the grand debut, MONIIFY has now laid off over 100 employees, signaling trouble just months after its launch.

💡 Why it matters?

• The layoffs expose the harsh reality of media startups, proving that even deep financial backing doesn’t guarantee success.

• MONIIFY’s struggles mirror broader challenges in digital media, where sustainability is difficult without strong revenue streams.

• The startup’s downfall raises questions about business models relying heavily on premium content and high-cost operations.

• Other media companies in the region, including Abu Dhabi-based The National, have also seen layoffs, reflecting industry-wide restructuring.

• In contrast, Augustus Media, the parent company of Smashi Business, reported a 24% revenue increase and a 19.5% rise in net profit in 2024, highlighting the importance of lean operations and strategic growth.

🔜 What’s next?

• MONIIFY’s leadership, including CEO Michael Peters, has yet to respond to inquiries about the layoffs and future plans.

• With a reportedly significant financial cushion from Sawiris, the company could attempt a strategic pivot to stabilize operations.

• The media landscape in the MENA region remains highly competitive, favoring companies that can balance ambition with sustainable financial planning.

• MONIIFY’s fate may serve as a cautionary tale for other media ventures looking to expand aggressively without securing long-term profitability.

🔍In other news…

1. Saudi crown prince launches ‘King Salman Automotive Cluster’ at KAEC.

2. Semafor reports on “The Gulf’s exotic pet obsession”.

3. Saudi Arabia explores partnership opportunities with India’s Tata Group.

4. UAE and India in talks to expand annual trade beyond $100 billion, reports AGBI.

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! 💪

Were you forwarded this email? Subscribe here