👋 Good morning, Smashi Business Readers!

NEOM's ambitious projects remain on schedule, with Italian construction firm Webuild confirming smooth progress and timely payments, even after the sudden departure of the mega project's CEO. In sports, Smashi Sports renews its sponsorship of the UAE National Basketball Team, signaling ongoing regional support for athletic development. Meanwhile, a viral LinkedIn post by the former Botim CEO humorously critiques "Top 30" lists, sparking discussions on the authenticity of industry rankings. Finally, Amjad Masad, founder of Replit, shares optimism for "rising modern Muslim states," highlighting Saudi Arabia’s rise as a global innovation hub after attending the Future Investment Initiative in Riyadh

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🏗️ Webuild Reports Smooth Progress on NEOM Projects Amid CEO Departure

📰 What is it about?

• Webuild, an Italian construction company, confirmed that its NEOM-related projects are proceeding as planned, despite the recent resignation of NEOM’s CEO.

• No delays or payment issues have been reported, according to Webuild’s statement to Reuters.

• NEOM, a cornerstone of Saudi Arabia’s Vision 2030, is designed as a futuristic mega-city hosting nearly 9 million residents.

💡 Why it matters?

• NEOM represents Saudi Arabia’s ambitions to diversify its economy away from oil.

• Webuild’s assurance highlights resilience in global partnerships within NEOM’s infrastructure ventures.

• The CEO’s abrupt departure has fueled speculation about the project’s direction and scope.

• Multinational contractors like Webuild play crucial roles in executing NEOM’s complex development plans.

🔜 What’s next?

• Webuild will continue its work on the Connector high-speed railway and Trojena’s dam system, critical components of NEOM.

• Regular updates from companies and Saudi authorities may help address concerns over leadership transitions.

• Observers will closely watch for signs of any recalibration in NEOM’s ambitious goals.

• Continued international collaboration will be key to ensuring NEOM’s timely delivery and success.

📈 Markets

Smashi Sports Renews Sponsorship of the UAE National Basketball Team for Second Consecutive Year

Smashi Sports, a sub-brand of Smashi TV under Augustus Media, has renewed its sponsorship of the UAE National Basketball Team for a second year. The collaboration highlights Smashi's dedication to promoting regional sports as the team prepares for the FIBA Asia Cup 2025 Qualifiers in Saudi Arabia.

As the official digital partner of the UAE Basketball Federation, Smashi Sports broadcasts local league games using advanced AI-powered cameras across 15 sports clubs. With 59.8 million social impressions and over 1.46 million followers, Smashi is transforming MENA sports broadcasting, fostering community engagement, and celebrating regional athletes.

🎭 Satire Meets Reality: Former Botim CEO Takes Aim at "Top 30" Lists!

📰 What is it about?

• The former CEO of Botim humorously critiqued “Top 30” lists in a viral LinkedIn post.

• The satire suggested a business plan: create a list, charge for inclusion, and profit—sparking industry-wide reflection.

• Without naming names, the post targeted the growing trend of paid rankings in various industries.

• LinkedIn responses ranged from lighthearted laughs to serious discussions about transparency in curated accolades.

💡 Why it matters?

• Lists like Forbes’ “30 Under 30” are seen as prestigious, but similar models often lack transparency.

• Pay-to-play accusations cast doubt on the credibility of emerging rankings.

• Genuine achievements risk being overshadowed by monetized accolades.

• The satire opens a debate on balancing visibility and authenticity in professional recognition.

🔜 What’s next?

• Audiences may demand clearer selection criteria from list creators.

• A call for merit-based, unpaid recognition could reshape industry norms.

• As the post ironically suggested, someone might turn this critique into a business!

• Professionals and platforms are likely to continue discussing the value—and pitfalls—of such rankings.

💭Quote of the day
“Learn the rules like a pro, so you can break them like an artist.” - Pablo Picasso

🌍 Modern Muslim States on the Rise: Amjad Masad's Vision Post-FII Summit

📰 What is it about?

• Amjad Masad, founder of Replit, shared his reflections after attending Saudi Arabia’s Future Investment Initiative (FII) Summit in Riyadh.

• Masad emphasized the rise of "modern Muslim states," highlighting how Saudi Arabia balances rapid innovation with cultural authenticity.

• The FII 2024 attracted global attention, with over 7,000 participants, 600 speakers, and $70 billion in announced deals.

💡 Why it matters?

• Events like FII underscore the Kingdom's growing influence in tech, investment, and diplomacy.

• Masad’s comments align with a broader narrative of Middle Eastern nations challenging traditional Western growth paradigms.

• The integration of technological progress with cultural values sets a unique model for other nations.

🔜 What’s next?

• Middle Eastern countries, led by Saudi Arabia, could deepen partnerships to collectively drive global innovation.

• Saudi Arabia’s initiatives remain pivotal in shaping the future of global economic and technological landscapes.

• The region’s rising stature as a hub for diverse global events could redefine how modern Muslim states are perceived internationally.

🔍In other news…

1. Lulu Retail, the retail arm of Lulu Group, posted a stellar 126% year-on-year growth in net income from continuing operations, reaching $35.1 million in 3Q 2024, according to its latest financial statements.

2. Jana Medical’s landmark IPO on the Saudi Stock Exchange’s Nomu Parallel Market has seen a remarkable 150.4% oversubscription.

3. Abdullah Alswaha, Saudi Minister of Communications and Information Technology, and Snapchat CEO Evan Spiegel celebrate the opening of Snapchat’s regional HQ in Saudi Arabia by taking a snap together.

4. "The Final Pitch" a popular business reality TV series, is expanding to the Middle East with its first edition in Dubai.

The Latest from the Smashi Business Studio

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