Happy Friday everyone!

There were some major developments in global business, starting with PwC’s temporary ban from advisory work in Saudi Arabia, opening doors for competitors like Deloitte and EY to capitalize on the kingdom’s lucrative projects. Meanwhile, the Saudi Pro League (SPL) made headlines with a dramatic drop in transfer spending, shifting focus toward youth talent while maintaining its lead in the Arab region’s football market. In another significant move, Abu Dhabi’s MGX made a record $2 billion investment in Binance, marking the first institutional stake in the crypto giant and solidifying its growing role in the digital finance space.

Let’s dive in!

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

PwC’s Saudi Ban Sees Rivals Gear Up for Big Wins, Reports Bloomberg

📰 What is it about?

• Saudi Arabia’s Public Investment Fund (PIF) has barred PwC from advisory work for a year, opening the door for competitors.

• Deloitte and Ernst & Young (EY) are preparing for an influx of new contracts, especially for mega-projects like Neom and AlUla.

• PwC can still pursue auditing contracts, but its consulting operations are on hold.

💡 Why it matters?

• Saudi Arabia accounts for over half of the Gulf’s $6 billion consulting industry, making it a key battleground for global firms.

• PIF-led projects generate hundreds of millions in fees, and PwC’s absence creates a major opportunity for rivals.

• EY has even flown in additional consultants to meet demand, signaling the scale of the potential windfall.

🔜 What’s next?

• Other global consulting giants may step in to compete for contracts, but concerns remain about regional talent availability.

• PwC is working to resolve the issue, with top executives, including its global chairman, visiting Riyadh.

• The long-term impact on PwC’s business in the region remains uncertain, but its competitors are already moving fast to fill the gap.

ODEUM – A Cutting-Edge Content Studio for All Your Production and Social Media Management Needs

📰 What is it about?

• Odeum, the content studio built for modern media consumption, partnering with brands to deliver tailored content services while also creating original productions under the Augustus Media network.

💡 Why Choose ODEUM?

At ODEUM, we provide end-to-end media solutions to elevate your brand across multiple platforms.

• Video Production: From AI-powered videos to immersive live streaming and CGI storytelling.

• Animation Services: Dynamic 2D & 3D animation, motion graphics, and visually striking CGI. 

• Audio Production: Podcasting, sound design, and professional voiceovers that elevate content with immersive audio experiences.

• 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?

• Have a project in mind? Let's make it happen!

• Book a studio or discuss your next big idea with us today.

Follow ODEUM on LinkedIn, Instagram, Facebook, and X.

Markets

Saudi Pro League Still Leads in Spending Despite 52% Drop

📰 What is it about?

• The Saudi Pro League (SPL) remains the biggest spender on international signings in the Arab world, despite a 52.1% drop in spending in 2024.

• Saudi clubs spent $465 million on international transfers this year, down from $970 million in 2023.

• The shift aligns with Saudi officials’ strategy to focus on youth development and homegrown talent.

💡 Why it matters?

• The SPL’s spending power still far exceeds regional rivals, reinforcing its dominance in Arab football.

• Arab clubs collectively cut spending by 45.3%, yet revenues increased by 40.5% year-on-year, signaling a shift towards sustainability.

• Saudi Arabia’s sports sector is becoming a key economic driver, contributing $6.9 billion to GDP in 2023, up from $2.4 billion in 2016.

🔜 What’s next?

• The SPL will continue investing in young international talents rather than aging superstars.

• The Saudi sports market is expected to hit $22.4 billion by 2030, fueling further investments in football.

• Regional leagues may adopt similar strategies, focusing on sustainable growth rather than record-breaking spending.

Abu Dhabi’s MGX Makes Record $2 Billion Investment in Binance

What is happening?

• MGX, an Abu Dhabi-based investment fund, has made a $2 billion investment in Binance, securing a minority stakein the world’s largest cryptocurrency exchange.

• This is the first institutional investment in Binance and the largest investment ever made in a crypto company, paid via an unnamed stablecoin.

• The deal marks MGX’s first entry into crypto and blockchain, aligning with its broader strategy to support AI and advanced technology.

Why it matters:

• The investment reinforces Binance’s market dominance, solidifying its role in global finance despite regulatory challenges in the U.S.

• MGX is backing Binance while also funding AI infrastructure, including support for U.S. President Donald Trump’s AI plan.

• The UAE is emerging as a crypto hub, with Binance employing 1,000 people in the country and benefiting from its progressive regulatory environment.

What’s next?

• Binance aims to strengthen its regulatory compliance and security to attract more institutional investors.

• MGX’s involvement signals growing institutional interest in blockchain and digital finance, which could drive further investments in the sector.

• The deal may encourage other sovereign wealth funds and investment firms to explore similar stakes in crypto firms.

🔍In other news…

• Ripple secures DFSA Licence to offer regulated crypto payments from DIFC.

• Lebanon has finalized 22 cooperation agreements with Saudi Arabia, covering sectors from agriculture to intellectual property.

• AED800 million in cinema revenue in UAE in 2024.

• Qatar to supply gas to Syria with US nod: Arab News reports.

• Multiply Group reviews positive 2024 performance.

The Latest from the Smashi Business Studio

Were you forwarded this email? Subscribe here