Happy Sunday Smashi Business Readers!

In today’s top stories: Hungary halts plans for a skyscraper-studded ‘Mini-Dubai’ in Budapest, dealing a political setback to PM Viktor Orban. In the UAE, Wynn Al Marjan Island in Ras Al Khaimah secures a $2.4 billion loan, marking the largest hospitality financing deal in the country’s history. Meanwhile, Saudi Arabia’s e-commerce sector is booming, with Mada card transactions reaching $53 billion in 2024, reflecting the Kingdom’s rapid shift toward a digital economy.

Scroll down for details.

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

🏗️ Wynn Al Marjan in RAK Secures $2.4B Loan as Construction Races Ahead

📰 What is it about?

• Wynn Al Marjan, a $3.9 billion integrated resort in Ras Al Khaimah, is making rapid construction progress, with one floor added each week.

• The resort tower has risen 140 feet in the last 100 days, with completion expected in 2027.

• Wynn Resorts owns a 40% stake in the project, in partnership with Marjan and RAK Hospitality Holding.

• The resort will feature 1,542 rooms and suites, a luxury shopping promenade, 22 restaurants and bars, a nightclub, a beach club, and a massive entertainment complex.

• It will also include a gaming facility, making Al Marjan Island the world’s fourth-largest gaming market upon launch.

💡 Why it matters?

• Wynn Al Marjan secured a record-breaking $2.4 billion loan, the largest hospitality financing transaction in UAE history.

• The loan was arranged by global banks, including Abu Dhabi Commercial Bank, Deutsche Bank, First Abu Dhabi Bank, Emirates NBD, and Sumitomo Mitsui Banking Corporation.

• The project signals a major shift in the UAE’s entertainment and tourism landscape, bringing high-end gaming and hospitality to the region.

• The UAE’s General Commercial Gaming Regulatory Authority (GCGRA) has granted a gaming license, setting the stage for a new economic driver.

• The rapid pace of construction highlights the UAE’s growing appeal as a global tourism and investment hub.

🔜 What’s next?

• The resort’s concrete structure is now 64% complete, with fit-out work progressing in over 1,100 rooms.

• Exterior façade glazing is 20% finished, and steel structures in the low-rise area are 70% complete.

• A 145,000 sqft events center and a resident theater show are in development, adding to the project’s allure.

• Wynn Al Marjan is on track to be topped off by the end of 2024, with full completion by 2027.

• Once operational, the resort could transform Ras Al Khaimah into a premier global tourism destination.

Leap 2025 in Riyadh Kicks Off Today with Global Speakers

LEAP 2025, Saudi Arabia's premier technology event, is set to kick off today till February 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

📈 Saudi E-Commerce Sales Using Mada Cards Surge to $53B in 2024

📰 What is it about?

• E-commerce transactions using Saudi Arabia’s national debit card system, Mada, hit $52.64 billion in 2024, marking a 25.8% YoY growth.

• In December alone, transactions totaled $5.17 billion, up 42.06% YoY.

• The number of e-commerce transactions jumped 28.86% YoY, reaching 1.13 billion.

• Mada cards, which account for over 90% of cards issued in Saudi Arabia, support both debit and prepaid transactions and are widely accepted across online and physical stores.

💡 Why it matters?

• The surge in digital payments aligns with Saudi Arabia’s Vision 2030, which aims for 80% of retail transactions to be digital by 2030.

• Saudi Arabia’s e-commerce market was valued at $5.15 billion in 2023, accounting for 6% of the total retail sector.

• Millennials and Gen Z are driving this growth, prioritizing digital payments, fast delivery, and convenience.

• Government reforms are improving consumer protection, refund policies, and delivery standards, making online shopping more seamless.

• Global e-commerce players, including Shein and Temu, are capturing market share with affordable, trendy products.

🔜 What’s next?

• Saudi Arabia’s e-commerce market is projected to grow rapidly, with appliances and electronics leading at 8% CAGR, followed by fashion (8%) and beauty (16%) from 2024 to 2028.

• The food and beverage sector will experience the highest growth at 25% CAGR, fueled by quick commerce and dark stores.

• Digital transactions will continue to expand, driven by widespread 5G adoption, urbanization, and a rising female workforce participation rate.

• With increasing competition, retailers are expected to enhance delivery speeds, introduce better subscription models, and leverage influencer marketing to stay ahead.

🏗️ Budapest Torpedoes ‘Mini-Dubai’ Project, Deals Setback to Orban

📰 What is it about?

• Hungary’s government has accepted Budapest’s pre-emptive right to buy a 210-acre railyard that Prime Minister Viktor Orban initially planned to sell to Abu Dhabi-based Eagle Hills LLC.

• The project, led by Mohamed Alabbar, aimed to create a skyscraper-studded luxury neighborhood, with buildings reaching 1,600 feet, making them the tallest in the EU.

• The government had sold the land for $126 million, with infrastructure investments worth €800 million tied to the deal.

💡 Why it matters?

• The decision is a political blow to Orban, as opposition-led Budapest opposed the luxury project, citing Hungary’s need for affordable housing amid a cost-of-living crisis.

• The move shifts the financial responsibility for the purchase to Budapest’s already strained budget.

• This setback for Orban comes ahead of national elections, potentially strengthening the opposition’s stance.

🔜 What’s next?

• Budapest now controls the land and can decide on future development, provided it meets financial obligations.

• Eagle Hills’ plans are now scrapped, raising questions about Hungary’s future foreign investments in real estate.

• The political fallout could reshape urban planning policies in Hungary, shifting focus from luxury developments to affordable housing projects.

🔍In other news…

1. Yaser Bishr, advisor to Egyptian Billionaire Naguib Sawiris for the launch of MONIIFY, is upset about layoffs at the digital media startup, which Smashi Business exclusively reported had let go nearly a 100 people since launching in November 26, 2024.

The Latest from the Smashi Business Studio

👋 Hello, That’s Me - Your Content Buddy

What is Odeum?

Odeum is Augustus Media’s innovative in-house content studio, where creativity meets data-driven insights to produce compelling new media formats. Specializing in connecting brands with communities and culture, Odeum offers a range of services tailored to your needs.

Why Do Brands Need a Content Strategy?

An authentic story is key to connect with audiences on a personal level. That’s why a well-crafted social content strategy helps brands resonate with the internet generation and earn their trust. Odeum excels in modern content creation, offering expertise in social media management and access to fully equipped studios.

How Can You Get Started?

If you’re a brand with a vision, contact us here, and our team will get in touch to help you bring your ideas to life.

Here’s to a productive week ahead! 💪

Were you forwarded this email? Subscribe here