Marhaba folks! 🌟

Today we are discussing,

•  🏗️ Construction of World’s Tallest Skyscraper Jeddah Tower Resumes 🌍

• 📈 Saudi Arabia's AUM to Reach $300 Billion by 2026 💼

• 💼 🤖Dalio and G42 Shelve Abu Dhabi Investment Venture Plans

Let's dive in! 👇

🏗️ Construction of World’s Tallest Skyscraper Jeddah Tower Resumes 🌍

📰 What is it about?

• The construction of Jeddah Tower, set to become the world’s tallest building at 1,000 meters (3,280 feet), has resumed after a seven-year hiatus.

• The project is led by the Jeddah Economic Company (JEC) and is now scheduled for completion in 2028.

• Construction had originally begun in 2013 but was halted in 2017 due to an anti-corruption purge in Saudi Arabia that led to the detention of key project figures.

💡 Why it matters?

• The Jeddah Tower represents Saudi Arabia's ambition to diversify its economy and showcase its architectural capabilities.

• The project is expected to boost local economic activity, attracting tourism and investment to Jeddah.

• The resumption of construction following a significant political crackdown underscores the changing dynamics in Saudi governance and business relations.

🔜 What’s next?

• Work is actively underway, with 63 out of 157 stories completed.

• The project will include residential, retail, and office spaces, as well as luxury amenities like a hotel and the world’s highest observation deck.

• The tower will feature a sophisticated elevator system, showcasing advanced engineering designed to address the challenges of building at extreme heights.

📈 Markets

📈 Saudi Arabia's AUM to Reach $300 Billion by 2026: What You Need to Know 💼

📰 What is it about?

• Saudi Arabia's asset management industry is expected to grow to $300 billion by 2026, as per Fitch Ratings.

• The growth will be driven by regulatory reforms, expanding equity and debt markets, and rising interest from high-net-worth individuals.

• As of mid-2024, the country’s AUM had already surpassed $250 billion, reflecting a 13.5% year-on-year growth.

💡 Why it matters?

• Saudi Arabia has the largest asset management industry in the GCC and is the second-largest market for public Islamic funds globally, with 95% of mutual funds being Shariah-compliant.

• The growth is part of the Kingdom's Vision 2030 Financial Sector Development Program, aiming to diversify its economy beyond oil.

• The rise of private funds (now three times larger than public funds) signals growing interest in equities and real estate investments.

🔜 What’s next?

• The increasing number of IPOs and the improvement in the Tadawul All Share Index are expected to attract even more capital to Saudi equity funds.

• As Saudi Arabia’s AUM grows, it will become a more prominent global player in Islamic finance and asset management, fostering further economic development.

Quote of the day
“Tough times never last, but tough people do.” - Robert H. Schuller, Motivational speaker, and author.

💼🤖Dalio and G42 Shelve Abu Dhabi Investment Venture Plans

📰 What is it about?

• Billionaire Ray Dalio's family office and G42, an AI firm led by Sheikh Tahnoon bin Zayed Al Nahyan, have halted plans for a joint asset management venture in Abu Dhabi.

• The cancellation was influenced by concerns related to Dalio's non-compete agreement with Bridgewater Associates, the hedge fund he founded.

💡 Why it matters?

• The potential collaboration between Dalio, a major hedge fund figure, and one of the Middle East’s most prominent AI firms could have created significant waves in both finance and AI industries.

• Questions about intellectual property use, related to Dalio’s past with Bridgewater, complicated the deal.

🔜 What’s next?

• The possibility remains that the venture could be revived later, as Dalio and Sheikh Tahnoon have a long-standing business relationship.

• Both parties have collaborated on various projects before, such as an environmental initiative in Indonesia, signaling future potential partnerships despite this setback.

In other news…

1. Dubai will not face overtourism anytime soon!

2. Middle East is becoming more desirable global destination for tourists.

3. Abu Dhabi-based MGX was a part of the $6.6B funding for Open AI.

4. F1 and LVMH sign 10-year deal. Why do the Middle East giants care?

5. Sheikh Hamdan plans AED1 Trillion-by-2033 strategy for Real Estate in Dubai.

The Latest from the Smashi Business Studio

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