Happy Tuesday Everyone!

Gulfood in Dubai and IDEX in Abu Dhabi are in full-swing, but we are present at a home-grown conference, STEP Dubai, which kicks off today in Dubai Internet City. We will be bringing you all the updates live from the event itself over the course of two days. Expect interviews and a lot of start stories!

For our top stories, we have chosen:

Dubai’s luxury property market with grow 9.9%, more than any of the 30 cities tracked by Savills. PIF invests in DAZN to further grow Saudi sports industry and streaming. And, Grok 3 by Elon Musk’s xAI is here, and Jordanian-American entrepreneur Amjad Masad has comments.

Scroll down for details.

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

Dubai's Luxury Property Market Will Grow 9.9% in 2025 After a 6.8% Increase in 2024: Savills

📰 What is it about?

• Dubai’s prime residential property values are expected to rise 9.9% in 2025, the highest growth among 30 global cities tracked by Savills.

• In 2024, luxury home prices increased by 6.8%, while rental prices surged 23.5%, highlighting strong demand.

• The emirate is outpacing London, New York, and Hong Kong in high-end real estate growth.

💡 Why it matters?

• A rising high-net-worth population and family office investments are fueling demand for prime properties.

• Despite new supply, Dubai’s evolving ultra-luxury segment continues to redefine the city’s real estate landscape.

• Strong rental yields and continued capital appreciation make Dubai a top global investment hotspot.

• The global prime residential market is slowing, with only a 1.6% average price increase, yet Dubai remains resilient.

🔜 What’s next?

• Prime residential rents are forecast to rise over 10%, keeping Dubai’s rental market strong.

• Government policies, infrastructure projects, and new luxury developments will drive further growth.

• Demand for branded residences, waterfront properties, and sustainable luxury homes is set to expand.

• Investors and global buyers continue to view Dubai as a safe, high-yield real estate market, despite global economic uncertainties.

Markets

STEP Conference Dubai 2025: The Ultimate Tech Festival Starts Today till February 20 at Dubai Internet City

The two-day Step Conference Dubai 2025 is starting today at Dubai Internet City. Recognized as the largest tech festival in the Middle East and North Africa (MENA) region, the event anticipates over 8,000 attendees, more than 400 showcasing startups, and upwards of 100 participating companies.

The conference features five main tracks: Founders and Funders, AI Agents, LLMs & Cloud, Fintech for SMBs, AdTech 2.0, and PropTech. Attendees can engage in talks, workshops, and networking sessions tailored to these themes. Notable speakers include H.E. Alia Bint Abdulla Al Mazrouei, the UAE's Minister of State for Entrepreneurship.

Participating in Step Conference offers unparalleled opportunities to connect with industry leaders, investors, and innovators. The event provides a platform to explore the latest technological advancements, gain insights from experts, and foster partnerships that drive business growth.

Whether you're an entrepreneur seeking investment, a professional aiming to expand your network, or a tech enthusiast eager to stay abreast of industry trends, Step Conference Dubai 2025 is an event not to be missed.

Use our code SMASHI to get special price on your tickets.

We, Smashi Business, are the media partners for the event and we will be on the ground to bring you all the updates from the event. You can follow us here…

SURJ Sports Investment Buys Minority Stake in DAZN, Announce Joint Venture DAZN MENA

📰 What is it about?

• SURJ Sports Investment, a Saudi Public Investment Fund (PIF) company, has secured a minority stake in DAZN, the global sports entertainment leader.

• The partnership aims to expand global access to Saudi sports and showcase local events through DAZN’s streaming platform.

• DAZN MENA, a new joint venture between SURJ and DAZN, will focus on broadcasting Saudi Arabia’s growing sports sector to a global audience.

• Bloomberg reports that SURJ will invest nearly $1 billion in DAZN as part of this transformative deal.

💡 Why it matters?

• SURJ’s mandate is to foster sports growth in Saudi Arabia and the wider Middle East, including investments in broadcasting, digital platforms, grassroots programs, and fan engagement.

• The collaboration gives DAZN a unique position to provide live and on-demand sports content globally, capitalizing on Saudi Arabia’s rising sports prominence.

• The partnership aligns with Saudi Vision 2030, positioning Saudi Arabia as a leading sports market in the MENA region, driving economic and social returns through sports.

• DAZN’s platform is set to redefine the sports entertainment experience, offering immersive and frictionless fan engagement.

🔜 What’s next?

• DAZN MENA will accelerate sports content access and provide exciting new opportunities for Saudi sports.

• The collaboration will enhance fan interaction, making it easier for global audiences to access Saudi-based sports content.

• With a $1 billion investment, the partnership is expected to transform sports broadcasting and amplify Saudi Arabia’s sports sector, creating a powerful global presence for local sports events.

• The deal aims to position both SURJ and DAZN as leading players in the global sports entertainment market.

Amjad Masad Reacts to Grok 3: Innovation, Praise, and the Wait for Access

📰 What is it about?

• Elon Musk’s xAI unveiled Grok 3, a new AI model that boasts 10x more computing power than its predecessor and outperforms competitors like Google Gemini and OpenAI GPT-4.

• Amjad Masad, a prominent tech and AI figure, expressed both praise and skepticism in response to the launch, highlighting Grok 3’s potential while addressing the accessibility challenges users face.

• Despite the groundbreaking claims, users like Masad are left waiting for access to the model, as it’s currently available only to Premium Plus subscribers and through an exclusive "Super Grok" tier.

💡 Why it matters?

• Grok 3’s launch marks a significant milestone for xAI, positioning the company as a strong contender in the AI raceagainst giants like OpenAI.

• Masad’s initial endorsement acknowledges the technological achievement, but his follow-up tweet underlines the gap between innovation and user access, a recurring challenge in AI product rollouts.

• The limited availability reflects a broader frustration among AI enthusiasts, highlighting that groundbreaking technology is only impactful if it’s accessible to the wider user base.

🔜 What’s next?

• As xAI rolls out Grok 3 more broadly, the company will face pressure to meet the demand for wider access to the model.

• The balance between exclusive access and user availability will be crucial in determining how quickly Grok 3 can make a real-world impact.

• With premium subscription tiers in place, the model’s success will depend on how xAI handles the balance between exclusivity and scalability in the months ahead.

🔍In other news…

• UAE signs 13 deals worth AED4bn on day one of biggest Middle East defence expo.

• UAE, Ukraine are exploring investment opportunities following CEPA signing.

• PIF invests in delivery app DoorDash and drops Walmart.

• Abu Dhabi will host ‘Made in Russia’ Festival from February 21-25.

• GCC Secretary-General: 68.1 Million International Tourists Visited GCC Countries in 2023.

• IMF Middle East director shares how its new Arab-World Bank coalition for war hit countries will work.

• DIFC workforce swells to 46,000 as centre attracts 1,800 new companies in 2024.

• Cheap sugar from India and Brazil forces cuts on Gulf refiners.

• Australia likely to approve Qatar Airways-Virgin deal.

• India’s Tata Group in talks to acquire stake in Damas.

The Latest from the Smashi Business Studio

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