👋 Good morning, Smashi Business Readers!

In today’s top stories, Nadhmi al-Nasr, the long-time CEO of NEOM, has stepped down as the mega-project continues its strategic pivot and scaling back of certain initiatives. In retail news, Landmark Group is making a bold move with a $1 billion investment to open 400 new stores across the Gulf, India, and Southeast Asia. On the security front, His Highness Sheikh Mohammed bin Rashid Al Maktoum has launched a series of strategic AED 2 billion projects for Dubai Police, aiming to bolster safety, community wellbeing, and specialized training.

Read on for more insights and details!

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Long-Time CEO of NEOM, Nadhmi al-Nasr, Departs Amid Scaling Back of Mega-Projects

📰 What is it about?

• Nadhmi al-Nasr, the long-serving CEO of NEOM, Saudi Arabia’s $500 billion mega-project, has stepped down, with NEOM providing no specific reason for his departure. Despite the leadership change, NEOM remains on course for its long-term goals.

• NEOM, a sprawling urban and industrial development intended to house nearly 9 million people, is at the heart of Crown Prince Mohammed bin Salman’s Vision 2030 plan to diversify Saudi Arabia’s economy beyond oil.

• While NEOM continues to be a transformative project for the kingdom, The Line, a futuristic city extending 170 kilometers, along with other initiatives, is set to become a global benchmark for innovation and sustainability.

• The opening of the first physical location of NEOM, Sindalah, in the Red Sea, marks an exciting milestone for the project, reaffirming its long-term success despite challenges along the way.

💡 Why it matters?

• NEOM represents Saudi Arabia’s ambitious drive to build an ecosystem that spans various industries, focusing on technology, sustainability, and innovation.

• The departure of al-Nasr signals a natural evolution in leadership as NEOM continues to move toward its delivery goals. In fact, al-Mudaifer, a seasoned leader with deep experience in the kingdom’s real estate and infrastructure sectors, has now stepped in as acting CEO, bringing continuity and expertise to the next phase of the project.

• Importantly, NEOM’s Sindalah opening is a clear signal that despite some obstacles, the project is progressing toward its ambitious vision. Sindalah is set to be a luxury destination on the Red Sea, showcasing NEOM’s potential as a future hub for business and tourism.

• This first major physical development within NEOM’s broader plans demonstrates the tangible progress being made and reaffirms the project’s importance to Saudi Arabia’s diversification goals

🔜 What’s next?

• With Sindalah now a physical reality, the progress of NEOM will continue to inspire confidence in the project’s long-term success. The Public Investment Fund (PIF), which backs NEOM, is well-positioned to support its ongoing development, with a clear focus on high-impact projects that align with the kingdom’s Vision 2030.

• As NEOM’s initiatives move forward, including the construction of The Line, NEOM Bay, and other urban and infrastructure developments, the leadership transition is expected to bring renewed focus and agility to the project’s execution, with a clear roadmap for achieving sustainability, innovation, and economic diversification.

📈 Markets

Landmark Group to Invest $1 Billion in Retail Expansion Across Gulf, India, and Southeast Asia

📰 What is it about?

• Landmark Group, one of the largest retail and hospitality conglomerates in the Middle East, is committing to a $1 billion investment over the next three years.

• This investment will fund the opening of 400 new retail stores across the Gulf, India, and Southeast Asia, aiming to expand its footprint by 20% by 2028. The company will also invest in its e-commerce capabilities, supply chain, and technology, aligning its physical and digital offerings to enhance customer experiences.

💡 Why it matters?

• Landmark’s decision to expand despite the growing trend toward e-commerce reflects its belief that physical retailremains an integral part of the consumer shopping experience.

• Renuka Jagtiani, Chairwoman of Landmark Group, emphasized that modern store designs and seamless integration with online shopping are key to staying relevant.

• The company’s e-commerce business is already growing at over 20% annually, and the investment in physical stores complements this growth. Landmark is betting on strong retail demand in the Gulf, with growth projections for Saudi Arabia and the UAE retail markets forecasted at over 5% annually from 2023 to 2028, driven by expanding populations and solid infrastructure.

🔜 What’s next?

• As part of its expansion strategy, Landmark plans to introduce its grocery brand Viva in Saudi Arabia in 2025 and expand its Babyshop brand into four cities across India within the next six months.

• Landmark Group’s long-term vision includes further strengthening its logistics business through Logistiq, its third-party logistics arm, which has already scaled to handle 20,000 daily shipments across the GCC.

• Additionally, with plans to build end-to-end supply chain solutions, including freight, warehousing, and cross-border delivery, Landmark is positioning itself for robust growth in both retail and logistics sectors.

💭Quote of the day
“And the day came when the risk to remain tight in a bud was more painful than the risk it took to blossom.” – Anaïs Nin

Mohammed bin Rashid Launches AED 2 Billion Dubai Police Projects to Enhance Security and Community Wellbeing

📰 What is it about?

• His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has unveiled a series of AED 2 billion worth of projects aimed at strengthening Dubai’s security infrastructure and improving the wellbeing of Dubai Police officers.

• The projects include training facilities, specialized police housing, and advanced security initiatives designed to elevate both the professional standards of the police force and the overall community safety.

💡 Why it matters?

• This strategic move underscores Dubai’s ongoing commitment to maintaining its status as one of the world’s safest cities while ensuring the welfare of its law enforcement personnel.

• The projects are aligned with Dubai’s vision to become a global model of security excellence and are part of the broader aim to leverage cutting-edge technology, innovation, and enhanced training for police officers.

• The projects also focus on improving family stability through specialized housing and facilities that support the wellbeing of police families.

Key Projects

• Dubai Police Academy (Al Ruwayyah 1 Area) – A 155-hectare training complex that will accommodate 2,500 cadets, including residential areas, classrooms, sports facilities, and a dedicated health and wellness center. The AED 1 billion project is expected to be completed by 2027.

• New Training Centre in Hatta – This facility will include sports fields, shooting ranges, and residential accommodations for 180 students. The center will be operational by next year, contributing to better police training capabilities.

• Area 56: Crime Prevention & Data Analysis Center – A AED 300 million facility focused on utilizing AI technology and predictive policing to improve security, traffic safety, and crime prevention.

• Dubai Police Housing in Umm Al Daman – The second phase of this project will feature 246 residential apartmentswith facilities such as sports complexes, retail outlets, and green spaces, with operations slated to begin by 2026.

• General Department of Protective Security & Emergency Building (Al Ruwayyah Area) – With a budget of AED 300 million, this facility will feature a training field, lecture hall, and additional amenities to support emergency and security operations, scheduled to be operational by 2026.

• Bur Dubai Police Station Expansion – This AED 90.9 million expansion will include a Smart Police Station and enhanced facilities for investigations, criminal registration, and anti-narcotics enforcement.

• Forensic Medicine Building – The new building will feature state-of-the-art forensic facilities and operate 24/7 to support criminal investigations.

• Floating Smart Police Station (SPS) – A world-first facility located offshore at The World Islands, this 24/7 station will serve yacht enthusiasts and water sports lovers, operating with no human intervention

🔜 What’s next?

• These projects are a part of a larger initiative to enhance Dubai Police’s capacity to tackle modern challenges using advanced technologies. They also focus on creating an integrated and well-supported police workforce.

• As these initiatives roll out, Dubai aims to set new benchmarks in public safety, technology adoption, and community care, contributing to both the security and quality of life for residents, visitors, and officers alike.

🔍In other news…

1. CEO of X Linda Yaccarino was in Saudi Arabia recently, hosted by Saudi billionaire Prince Alwaleed bin Talal.

2. Dubai-based fintech company, Pemo, has announced a successful $7 million Pre-Series A funding round led by Augmentum Fintech and Shorooq.

3. Dubai's luxury property market just hit new heights! A villa in Umm Al Sheif rented for AED 8.5M over two years.

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