Happy Saturday Smashi Business Readers!

Dubai-based media startup MONIIFY is facing backlash after laying off 80% of its workforce, with nearly 100 employees abruptly let go without prior warning or performance-related discussions. Backed by billionaire Naguib Sawiris, the layoffs have raised concerns over the company’s stability and future direction. In other news, Elon Musk is set to headline the 2025 World Governments Summit, where global leaders will discuss the challenges of the future. Additionally, France and the UAE have struck a significant deal to develop a $30-$50 billion AI data centre, marking a major step in tech investments.

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France and UAE Strike Deal for $30-$50 Billion AI Data Centre

📰 What is it about?

• France and the UAE have agreed to a framework agreement to develop a 1-gigawatt data centre focused on artificial intelligence.

• The deal represents investments ranging between $30 billion and $50 billion.

• French President Emmanuel Macron and Emirati President Sheikh Mohamed bin Zayed al-Nahyan signed the agreement ahead of the AI summit in Paris.

• The data centre will support the development of the AI value chain, including cutting-edge chips, data centres, and talent development.

💡 Why it matters?

• The agreement marks a strategic collaboration between France and the UAE to boost AI investments and infrastructure.

• It highlights the desire of both nations to position themselves as key players in the AI field, competing with the U.S. and China.

• France and the UAE aim to create sovereign AI and cloud infrastructures in both countries.

• The partnership also emphasizes the establishment of virtual data embassies, which could have significant geopolitical and technological implications.

🔜 What’s next?

• The first investments related to the agreement will be announced at the Choose France summit later this year.

• France has already identified 35 potential sites for AI data centres.

• The February 10-11 AI summit in Paris will bring together around 100 countries to discuss the potential and challenges of AI.

Leap 2025 in Riyadh Set to Revolutionize Tech Landscape with Global Speakers in Riyadh

LEAP 2025, Saudi Arabia's premier technology event, is set to take place from February 9 to 12, 2025, at the Riyadh Exhibition & Convention Centre in Malham. This fourth edition, themed 'Into New Worlds,' introduces a ticketed format to enhance business networking and investment opportunities.

The event will feature over 1,000 expert speakers, 680+ start-ups, and 1,800+ global tech brands, offering attendees a comprehensive view of the latest technological advancements.

New additions include the 'LEAP Nights' concept, extending activities into the night across Riyadh, and the Tech Arena, where live product demos and interactive engagements will showcase cutting-edge technologies.

Notable speakers include Ken Kutaragi, former Chairman and CEO of Sony Interactive Entertainment; Javier Tebas, President of La Liga; and Connie Chan, General Partner of Andreessen Horowitz.

LEAP 2025 aims to solidify Saudi Arabia's position as a global technology hub, fostering innovation and collaboration across various sectors.

Our Smashi Business team will be on the ground to give you all the news and updates from the event.

Markets

Elon Musk to Headline World Governments Summit 2025 as Global Leaders Tackle Future Challenges

📰 What is it about?

• The World Governments Summit 2025 (WGS 2025) will take place in Dubai from February 11 to 13, bringing together 30+ heads of state, 140 government delegations, and 6,000+ attendees.

• Elon Musk will be one of the key speakers, engaging in a highly anticipated dialogue on technology, governance, and the future.

• The summit, themed "Shaping Future Governments," will focus on how governments can navigate rapid global transformations.

• High-profile discussions will cover topics such as technological advancements, economic alliances, and governance in the digital age.

💡 Why it matters?

• The event serves as a crucial platform for world leaders, policymakers, and industry pioneers to collaborate on strategies for global stability and innovation.

• Discussions will address pressing challenges like AI governance, digital economies, climate change, and international cooperation.

• Tech and governance leaders, including Sundar Pichai (Google CEO) and Klaus Schwab (World Economic Forum Chairman), will provide insights into the role of AI and digital transformation in governance.

• Influential figures such as Kristalina Georgieva (IMF Managing Director), Sir Tony Blair (Former UK PM), and Larry Ellison (Oracle Co-Founder) will engage in thought-provoking conversations.

🔜 What’s next?

• The final day will feature specialized forums on climate change, global health, and government policymaking, setting the stage for global policy shifts.

• Key world leaders, including the Presidents of Indonesia, Poland, and Sri Lanka, will contribute to high-level discussions shaping future governance strategies.

• WGS 2025 will serve as a launchpad for international collaborations, policy reforms, and technological innovations that will redefine governance for years to come.

• The outcomes of the summit will shape how governments adapt to emerging global challenges, ensuring resilience, efficiency, and sustainable progress in the face of rapid change.

Source Reveals Inside Details of MONIIFY Layoffs

📰 What is it about?

• Dubai-based media startup MONIIFY, backed by Egyptian billionaire Naguib Sawiris, has laid off nearly 100 employees, amounting to 80% of its workforce.

• The layoffs occurred suddenly last Wednesday without prior warning or performance-related discussions, according to an anonymous source close to the matter.

• Affected employees came from various countries, including India, the US, the UK, Ireland, and Africa, some of whom had recently relocated to Dubai and signed tenancy contracts based on the company's long-term prospects.

• The layoffs were described as abrupt, and employees only received standard severance benefits, including notice period, visa cancellation, flight tickets, and final dues.

💡 Why it matters?

• The layoffs raise concerns about MONIIFY’s stability and leadership, particularly as the company had previously promised long-term career opportunities to its staff.

• Despite the company’s $50 million budget for 2025, the sudden job cuts have cast doubt on its future direction and business model.

• The handling of the layoffs, described as “impersonal” by the source, has led to questions about the company’s approach to its workforce and its long-term vision.

• The layoffs affected seasoned professionals recruited from major organizations like Bloomberg, CNBC, CNN, Reuters, Al Jazeera, TikTok, and Instagram.

🔜 What’s next?

• The source indicates that MONIIFY’s leadership and its stability are now in question, especially with the sudden, large-scale job cuts.

• Smashi Business reached out to MONIIFY CEO Michael Peters for comment, but he has not responded yet.

• The company's future moves and the direction of its $50 million budget for 2025 will likely be scrutinized as the layoffs and their handling continue to spark concern.

🔍In other news…

1. Keyper, a leading Rent Now, Pay Later (RNPL) startup, has partnered with First Abu Dhabi Bank (FAB), Dubai First, and Mastercard to enhance the rental payment experience.

2. Musk’s X doubled in value, Saudi prince Alwaleed bin Talal tells Tucker Carlson.

3. Dubai property developers are ‘struggling to meet the demands’ of ultra-wealthy.

4. 200m chicks a year: that’s the ambitious target of Saudi Arabia’s Balady Poultry Company.

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