Happy Friday everyone!

The Gulf is making bold economic moves across sectors. In the UAE, Google’s services added AED21.8 billion to the economy in 2024, supporting 30,000 jobs and driving major gains in productivity and digital skills. Meanwhile, Qatar is in advanced talks to invest $3.5 billion in a major tourism development along Egypt’s Mediterranean coast—its biggest potential bet on the North African economy yet. And in Sharjah, a sustainability-focused company backed by the ruling family is entering real estate with a $1.4 billion housing project, signaling growing investor confidence beyond Dubai.

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Google Added AED21.8 Billion to UAE Economy in 2024, Helped Create 30,000 Jobs

💼 What Is It About

• Google’s total economic contribution to the UAE in 2024 reached AED21.8 billion, according to its latest Economic Impact Report.

• The Android and Google Play ecosystem supported 30,000 jobs in the country.

• Google Search and Ads accounted for AED20.2 billion in economic activity for local businesses.

📊 Why It Matters

• The UAE is positioning itself as a digital-first economy, with AI and technology at the core of its diversification strategy.

• Public First estimates that generative AI could add nearly AED300 billion to the economy and boost productivity by 15%, equivalent to 310 hours per employee per year.

• Google’s tools are not just business enablers; 89% of UAE residents use Maps or Waze regularly, and 90% value contactless payment features like GPay or GWallet.

• The Android App Economy alone generated AED455 million in revenue for UAE-based developers last year.

🚀 What’s Next

• Google continues to invest in digital skill-building; over 430,000 individuals in the UAE have received training through the “Maharat Min Google” initiative since 2018.

• With increasing reliance on AI and digital tools, Google is expected to play an even larger role in shaping the UAE’s smart economy.

• The report shows consumers receive an estimated AED683 per month in benefits from Google services — highlighting the growing integration of its products into daily life in the Emirates.

Markets

Qatar in Advanced Talks to Invest $3.5 Billion in Egypt’s Mediterranean Tourism Project

🇶🇦 What Is It About

• Qatar is nearing a $3.5 billion investment deal to develop a tourism project along Egypt’s Mediterranean coast, according to Bloomberg sources.

• While details such as the exact site remain confidential, the agreement could be signed by the end of 2025.

• The deal would include an upfront $1 billion payment to Egypt, with the remaining funds distributed over the following year.

💸 Why It Matters

• The move follows a $35 billion UAE deal in early 2024 to develop Ras El-Hekma, which helped Egypt navigate a deep economic crisis worsened by regional instability.

• Qatar’s potential investment would bring fresh liquidity — unlike the UAE deal which involved converting existing deposits — offering Egypt much-needed foreign currency inflows.

• Egypt's economy is facing new pressure from the Israel-Iran conflict, including currency weakness, bond volatility, and energy disruptions due to Israeli gas supply cuts.

🔮 What’s Next

• Egypt and Qatar previously committed to working toward a $7.5 billion investment package; this deal could be the first major step.

• The investment would expand Qatar’s influence in Egypt's recovery plan, which also includes a $57 billion bailout from the IMF and EU.

• While the UAE and potentially Kuwait are leading with major investments, Saudi Arabia — once expected to inject $5 billion — appears to be holding back, with no deals likely this year.

Sharjah Company Known for Sustainability Initiatives Enters Real Estate With $1.4 Billion Project

🏗️ What Is It About

• Beeah Group, a company backed by Sharjah’s ruling family and known for its sustainability initiatives, is entering real estate with a 5 billion dirham ($1.4 billion) project.

• The development will feature around 1,500 homes, as well as retail, office spaces, and sports facilities.

• Most of the housing units will be villas and townhouses, targeting end users rather than speculators.

• The project marks Beeah’s first foray into residential real estate and is designed with sustainability in mind, including recycled materials and net-zero-ready infrastructure.

📈 Why It Matters

• Sharjah is emerging as a residential hotspot due to its affordability compared to neighboring Dubai, where property prices have surged nearly 70% in four years.

• Real estate transactions in Sharjah rose 30% in Q1 2025, largely driven by genuine demand from residents rather than investors.

• Dubai’s escalating prices — 40% to 50% higher than Sharjah — are prompting more residents and investors to consider the northern emirate.

• Government initiatives like a three-year rent freeze and ownership access for foreigners have further boosted Sharjah’s real estate appeal.

🔮 What’s Next

• Beeah will finance the project through a combination of equity and off-plan sales.

• Buyers are expected mainly from the Gulf and the Indian subcontinent.

• Pricing details are yet to be announced, but Beeah promises competitive rates, even by Sharjah standards.

• The project strengthens Sharjah’s growing reputation as a sustainable and affordable alternative in the UAE housing market.

🔍From Smashi Business’ Desk

• After 55+ years of growth, UAE business leader Khalaf Al Habtoor announced plans to take the Group’s hospitality division public.

• "Take the money." — That’s the no-nonsense advice from Hasan Haider, Managing Partner at Bahrain’s +VC.

• Kris Fade just revealed his healthy snack brand Fade Fit has grown 33% year-to-date.

• Dreamers: From selling lashes with her sisters to building a million-dollar fragrance empire — Mona Kattan is reshaping what modern luxury smells like.

🔍In other news…

• Syria made first direct international bank transfer via SWIFT since war, central bank governor tells Reuters

• Taaleem, the UAE school operator, has agreed to acquire a 95 percent stake in Dubai-headquartered Kids First Group

• Shell is being 'very careful' with shipping in the Middle East, CEO says

• UAE banks back Pakistan’s $1bn fundraising

• Saudi CMA approves 3 parallel market listings in a single day

• Qatar Airways Teams Up With IMG To Launch In-Flight Live Sports Streaming Via Starlink

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