Maldives Rethinks Israel Ban Amid FTI Group Fallout: Travel Industry Update ✈️

Marhaba folks! 🌞 In today's edition, we delve into the travel industry with some news that might affect your summer plans! ✈️First up, we explore the aftermath of a travel giant's bankruptcy and how it's impacting employees in Egypt. Then, we head to the Maldives where a proposed travel ban is being reconsidered. 🇲🇻 Finally, we shift gears to the automotive industry with Saudi Aramco making a strategic move. Yalla, let's get started 🏃‍♀️ 

Saudi Aramco Joins Forces with Renault and Geely 🇸🇦 🚗 

• What is it about: Saudi Aramco, the Saudi Arabian national oil company, is acquiring a 10% stake in the Renault Group-GEELY joint venture, HORSE Powertrain. This venture focuses on developing internal combustion and hybrid powertrain technologies.

• Why does it matter: This move by Saudi Aramco reflects the current dynamics of the automotive industry. While electric vehicle sales are growing, internal combustion engines remain dominant. This partnership signifies Saudi Aramco's strategic interest in maintaining its position in the traditional automotive sector even as the industry transitions to new technologies.

• What is next: The joint venture is expected to benefit from Saudi Aramco's expertise and resources, potentially leading to advancements in internal combustion and hybrid engine technologies. This could influence the trajectory of the automotive industry in the coming years.

📈 Markets

Maldives Reconsiders Proposed Israeli Travel Ban 🏖️ 🛂 

• What is it about: The Maldives is re-evaluating its proposal to ban travelers holding Israeli passports. Concerns have been raised about the impact on Palestinians with Israeli passports and the potential for unintended consequences for the tourism industry.

• Why does it matter: Travel restrictions can have a significant impact on international relations and the economy. This situation highlights the need for careful consideration of all potential implications before implementing such policies. A balanced approach is crucial to ensure national security while minimizing negative effects on tourism and international relations.

• What is next: The Maldives is likely to revise the proposed travel ban bill to address the concerns raised. Further discussions and potential amendments are expected before a final decision is made.

Quote of the day

"The biggest risk is not taking any risk. In a world that's changing really quickly, the only strategy that is guaranteed to fail is not taking risks." - Mark Zuckerberg

Redsea24 Employees Left in Limbo After FTI Group Bankruptcy 💰️ 

• What is it about: The recent bankruptcy of travel giant FTI Group has had a devastating impact on employees at its Egyptian subsidiary, Redsea24. While other branches received compensation, Redsea24 employees haven't been paid in full and are left uncertain about their future employment.

• Why does it matter: This situation highlights the domino effect of corporate bankruptcies. Even subsidiaries geographically distant from the main company can be severely impacted, leaving employees financially vulnerable and with unanswered questions about their job security. It underscores the need for clear communication and support for affected workers during such challenging times.

• What is next: The situation remains unclear. Redsea24 employees are seeking answers and compensation, and the Egyptian government might be involved in finding a resolution.

🎥 The latest from the Smashi Business Studio

Were you forwarded this email? Subscribe here