Happy Thursday everyone!

Google had made a record-breaking $32 billion acquisition of cybersecurity startup Wiz, founded by former Israeli military officers, signaling a major leap in its AI and cloud security efforts. Meanwhile, UAE’s Sheikh Tahnoon Bin Zayed meets with Donald Trump to discuss strengthening strategic ties between the UAE and the US, particularly in technology and energy sectors. Lastly, the Gulf consulting sector is set to outperform the global market with a projected 12% growth to $8 billion in 2025, driven by Saudi Arabia’s massive infrastructure projects and increasing demand for external support.

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Google Makes Record-Breaking $32B Acquisition of Cybersecurity Startup Wiz, Founded by Former Israeli Military Officers

📰 What is it about?

• Google’s parent company, Alphabet, has acquired Israeli cybersecurity startup Wiz for a world-record $32 billion in an all-cash deal.

• Wiz, founded in 2020 by former Israeli military officers Assaf Rappaport, Yinon Costica, Ami Luttwak, and Roy Reznik, specializes in cloud security solutions.

• The founders, alumni of Israel’s elite Unit 8200, are known for their cybersecurity expertise, and their previous venture, Adallom, was sold to Microsoft for $320 million in 2015.

• With a valuation of $12 billion, Wiz had previously turned down a $23 billion offer from Google in July 2024.

💡 Why it matters?

• This acquisition marks the largest ever deal in the cybersecurity industry, and Google’s biggest acquisition to date, surpassing its Motorola Mobility purchase in 2012.

• The move comes as Google’s cloud business seeks to bolster security features and compete with rivals like Amazon Web Services and Microsoft Azure.

• Wiz’s high-profile investors include Salesforce Ventures, Blackstone, Insight Partners, Sequoia Capital, and individuals like LVMH’s Bernard Arnault and former Starbucks CEO Howard Schultz.

• The deal signals strong market confidence despite Alphabet’s share price drop following the announcement.

🔜 What’s next?

• Wiz will be integrated into Google Cloud, but its products will remain available to competitors like AWS, Microsoft Azure, and Oracle Cloud, keeping the company’s market position strong.

• Alphabet’s move is also a test of regulatory approval, with the company already facing scrutiny in ongoing antitrust cases.

• This acquisition could inspire more tech companies to pursue big-ticket deals as market conditions stabilize and investment flows return.

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📰 What is it about?

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💡 Why Choose ODEUM?

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• Original Content Development: Conceptualizing and producing shows, short films, and series that engage and inspire.

• Studio Rental: Fully equipped production spaces designed for seamless content creation, offering state-of-the-art filming, podcasting, and photography setups to bring creative visions to life.

🔜 What’s next?

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Markets

Sheikh Tahnoon Bin Zayed Meets Donald Trump to Discuss Strengthening UAE-US Strategic Partnership

📰 What is it about?

• His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and National Security Adviser, met with former US President Donald Trump at a dinner banquet at the White House to discuss increasing Emirati investment in the US, focusing on technology, energy, and artificial intelligence (AI).

• The meeting also highlighted the UAE’s push to gain easier access to advanced chips, such as those from Nvidia, for its AI ambitions, which have been constrained by US export restrictions.

• Sheikh Tahnoon, who leads a $1.5 trillion business empire, also emphasized the UAE’s plans to build a tech infrastructure in the US, including a $100 billion AI infrastructure project funded by Abu Dhabi-based MGX.

💡 Why it matters?

• The meeting underscores the UAE’s growing role as a key player in global AI development and its efforts to strengthen ties with the US in critical sectors like technology and energy.

• The UAE’s interest in securing advanced technology and infrastructure investments is crucial for its long-term goal of becoming a regional AI powerhouse.

• The discussions also come amid ongoing US regulatory debates around the export of advanced chips and technology, with the UAE seeking to ease restrictions to support its tech ambitions.

🔜 What’s next?

• Sheikh Tahnoon’s visit could pave the way for further US-Emirati partnerships in AI and technology, potentially impacting the regulatory landscape around chip exports.

• The UAE’s focus on energy production and AI infrastructure could lead to deeper collaborations between the two countries, particularly in advancing tech-driven economies.

• As both countries continue to explore new avenues for cooperation, particularly in cutting-edge tech, the UAE is expected to increase its investments in the US to build a stronger economic and technological bond.

Gulf Consulting Sector to Outperform Global Market with 12% Growth to $8 Billion in 2025

What is happening?

• The Gulf consulting sector is expected to grow by 12% in 2025, outpacing the global market and the United States, which is projected to see slower growth.

• The GCC consulting market is predicted to reach over $8 billion, with Saudi Arabia driving much of the demand due to large-scale infrastructure projects ahead of major events like the 2029 Asian Winter Games, Expo 2030, and the 2034 FIFA World Cup.

• Despite some challenges, including a dispute between PwC and Saudi Arabia’s sovereign wealth fund, the country’s consulting market is set to grow by 13%, nearing $5 billion.

Why it matters:

• The GCC consulting market is one of the fastest-growing regions globally, driven by ambitious projects and the expanding need for professional services.

• The growth rate in the Gulf will be twice as fast as the United States, the largest consulting market, which stands at $99 billion.

• While the market shows strong potential, there is a trend toward more cost-conscious clients, especially in the public sector, as companies become more financially savvy in managing consulting spend.

What’s next?

• The Gulf consulting sector is expected to continue growing at a higher rate than the global average, with sustained demand for external support, especially in key sectors like infrastructure and technology.

• Companies in the region are expected to tighten their budgets and be more selective about their consulting engagements, pushing firms to offer more value-driven solutions.

• The sector will continue to mature, balancing rapid growth with increasing cost awareness among clients.

🔍In other news…

• Kuwaitis earn nearly five times as much as expats, data from Central Statistics Administration reveals.

• Construction-related companies in Turkey are expected to play a key role in the reconstruction of Syria, with stocks of Istanbul-listed firms continuing to rally.

• UAE employees work 7 unpaid overtime hours per week on average, survey says.

• Gold prices hit new record high on Wednesday in Dubai.

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