👋 Good morning, Smashi Business Readers!

In today’s business roundup, Saudi Arabia’s football fever is off the charts with over 5 million Alexa inquiries related to the sport, signaling the Kingdom’s booming interest in football. Meanwhile, Mubadala is set to acquire CI Financial for $8.7 billion, marking a significant move in the financial sector. Meanwhile, President-elect Trump’s new Attorney General pick, Pam Bondi, is under scrutiny for her past ties as a lobbyist for Qatar, sparking debates about transparency and influence in Washington.

Let’s dive into the details.

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⚽ Saudi Arabia’s Football Frenzy Breaks Records: Over 5 Million Inquiries to Alexa in 2024

📰 What is it about?

• Saudi Arabia’s passion for football reached new heights in 2024, with over 5 million football-related inquiries directed to Amazon Alexa.

• This trend reflects the Kingdom’s growing love for the sport, fueled by local rivalries, international stars, and an increasingly tech-savvy fanbase.

💡 Why it matters?

• Fans of Al Hilal interacted with Alexa 4x more than Al Nasr fans, highlighting the team’s unmatched popularity.

• Cristiano Ronaldo emerged as the most inquired-about player, with 150,000+ questions about him alone. Other notable names include Neymar and Salem Al-Dawsari.

• Saudi fans also follow Barcelona, Real Madrid, and Manchester City, showcasing interest in international football.

• The Al Riyadh Derby garnered 5x more attention than Spain’s iconic El Clásico, proving the significance of local football rivalries.

🔜 What’s next?

• Amazon aims to enhance Alexa's football features, delivering even more personalized updates for fans.

• As Saudi football grows, expect even greater engagement, technological innovation, and local rivalries to drive fan enthusiasm to new heights.

• Saudi Arabia is firmly establishing itself as a global football hub, blending technology with tradition.

📈 Markets

💼 Mubadala to Acquire CI Financial in $8.7 Billion Deal

📰 What is it about?

• Abu Dhabi’s Mubadala Capital is acquiring Canada’s CI Financial in an all-cash transaction worth $8.7 billion, including debt.

• The deal offers C$32 per share, a 33% premium on CI Financial’s last closing price.

• This agreement will transition the Canadian wealth management firm into a private entity.

💡 Why it matters?

• CI Financial has aggressively expanded in the U.S., with its U.S. assets growing by 50% since 2022. Mubadala’s investment offers stability for its ambitious growth, particularly under its U.S. wealth management platform, Corient.

• CEO Kurt MacAlpine will remain in his role, and senior management will roll over their equity, signaling leadership confidence in Mubadala’s vision.

• This acquisition will provide Mubadala with a significant foothold in North America’s wealth management industry, boosting global influence.

🔜 What’s next?

• Mubadala’s long-term outlook is expected to solidify CI’s U.S. expansion and strengthen its competitive edge globally.

• The deal has already triggered a 30% surge in CI Financial’s share price, reflecting investor confidence.

• Analysts suggest Mubadala’s involvement may catalyze further global partnerships and strategic initiatives in wealth management.

• This move underscores Mubadala’s ambition to diversify and expand its portfolio globally.

💭Quote of the day
“Where do you put the fear when you choose to innovate? The fear is there, but you have to find a place to put it.” — Seth Godin, Writer and Business Visionary

⚖️ Trump's New Attorney General Pick is a Former Qatar Lobbyist

📰 What is it about?

• US President-elect Donald Trump has selected Pam Bondi as his new attorney general nominee. Bondi, previously Florida’s first female attorney general, has faced scrutiny for her past lobbying work for Qatar, earning $115,000 monthly for addressing human trafficking issues.

• This announcement follows Matt Gaetz’s withdrawal, amid controversies over alleged misconduct, including sexual assault and drug use. Bondi's lobbying ties with Qatar, a nation often scrutinized for human rights issues, have raised eyebrows.

💡 Why it matters?

• Bondi's work with Ballard Partners to lobby on behalf of Qatar might lead to questions about impartiality and conflicts of interest.

• Bondi has a track record of defending Trump during his impeachment trial, suggesting loyalty to his political agenda.

🔜 What’s next?

• Bondi could face rigorous Senate questioning over her lobbying past and any potential biases.

• Analysts and critics will continue to evaluate how her previous roles align with the responsibilities of the US Justice Department.

• If confirmed, expect debates on how Bondi's appointment could shape DOJ’s stance on issues like foreign lobbying.

• This choice underscores the tensions between political loyalty and public accountability.

🔍In other news…

1. Nice One, a leading Saudi beauty and care e-commerce platform, has unveiled plans to launch an initial public offering (IPO) on the Saudi Exchange (Tadawul).

2. US-Based I Squared Capital, Managing $37 Billion AUM, Expands in Gulf with Plans to Hire 20 in Abu Dhabi.

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