👋 Good morning, Smashi Business Readers!

In today's edition, we cover significant developments reshaping the business landscape. OpenAI has launched a new search feature within ChatGPT, directly challenging Google and causing a slight dip in Alphabet's shares. In Dubai, Salik has announced the opening of two new toll gates, leading to a remarkable 25% increase in its share price over the last three months. Meanwhile, in a strategic move to enhance media and tech innovation, Dubai's Crown Prince met with TikTok's CEO to explore collaboration opportunities that could further solidify the city’s status as a global media hub.

Read on for more insights and details on these exciting updates!

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OpenAI Launches Search Feature, Challenges Google; Alphabet Shares Drop 1%

📰 What is it about?

• OpenAI has launched SearchGPT, a real-time web search feature within ChatGPT that provides users with up-to-the-minute information, including sports scores, stock prices, and news.

• This development makes OpenAI a more direct competitor to Google and Microsoft’s Bing by enabling ChatGPT users to search naturally within a conversational interface. Following this announcement, Alphabet’s shares fell by about 1%.

💡 Why it matters?

• Since the launch of ChatGPT, OpenAI has steadily gained traction, and Alphabet investors are now increasingly concerned about Google’s market share in search.

• SearchGPT allows for “natural” and interactive search experiences, a unique offering compared to traditional search engines. This positions OpenAI as a serious challenger in the search landscape.

• Although Microsoft has invested close to $14 billion in OpenAI, this new feature places OpenAI in direct competition with Microsoft’s Bing and its AI-enhanced search capabilities.

🔜 What’s next?

• Currently available to ChatGPT Plus and Team users, SearchGPT will be accessible to Enterprise, Edu, and free-tier users within the next few months.

• OpenAI plans to continue refining the search feature, focusing on improving shopping, travel, and deeper research capabilities. This will include links to articles and news content from partners like Reuters, the Associated Press, and The Atlantic.

• With ChatGPT search now capable of sourcing real-time data, Google’s position as the dominant search engine could face significant challenges if more users adopt conversational search models.

• OpenAI’s new search capabilities mark a shift in how users can interact with AI-powered information retrieval, potentially reshaping the competitive dynamics of the global search industry.

📈 Markets

Salik Announces Launch of New Toll Gates, Boosts Share Price by 25% in Three Months

📰 What is it about?

• Salik PJSC, Dubai’s exclusive toll gate operator, will activate two new toll gates—Business Bay and Al Safa South—on November 24.

• The announcement has contributed to a 25% rise in Salik's share price over the last three months, from AED 3.83 on August 1 to AED 4.83 on November 1.

💡 Why it matters?

• The new toll gates are strategically located to address congestion on major routes:

  • Business Bay Crossing (on Al Khail Road) serves as a critical route for commuters from areas such as Sharjah, Al Nahda, and Al Qusais.

  • Al Safa South (on Sheikh Zayed Road) will alleviate traffic for right-turn lanes between Sheikh Zayed Road and Meydan Street by 15%.

• The new gates are expected to reduce congestion by 12-15% on Al Khail Road and by 10-16% on Al Rabat Street, significantly improving traffic flow on these busy thoroughfares.

• Nearly 100% solar-powered, the new gates mark a step forward in Salik’s sustainable energy goals.

🔜 What’s next?

• Vehicles passing through both the northern and southern Al Safa gates within an hour will be charged a single toll, adding convenience for commuters.

• Salik’s expansion from 8 to 10 toll gates strengthens its role in Dubai’s transportation infrastructure, enhancing traffic management across the city. The company's robust growth since going public in September 2022 further underscores its impact on the Emirate’s road network and urban mobility.

• As Salik continues to expand its toll network, the company’s sustained commitment to efficiency and sustainability aligns with Dubai’s broader goals for urban development and transportation innovation.

💭Quote of the day
“Today's Arab crisis is not one of money, men, morale, land or resources ... The real crisis is rather one of leadership, management and perennial egotism.” - His Highness Sheikh Mohammed bin Rashid Al Maktoum

Dubai Crown Prince Meets TikTok CEO to Drive Media and Tech Innovation

📰 What is it about?

• Dubai Crown Prince HH Sheikh Hamdan bin Mohammed recently met with TikTok CEO Shou Zi Chew to discuss potential collaboration and innovation opportunities within the media and technology sectors.

• This meeting aligns with Dubai’s goal to establish itself as a global media hub by building partnerships with top social media and tech platforms.

💡 Why it matters?

• Dubai aims to position itself as a leading hub for digital media and innovation, and partnerships with global platforms like TikTok align with this vision.

• TikTok’s decision to open its regional headquarters in Saudi Arabia by early 2025 highlights the Middle East’s growing role in the digital economy. Dubai’s proactive stance in connecting with media giants could reinforce its regional influence.

• By fostering these relationships, Dubai is strengthening its connections with key media players, which may help attract more global tech talent, increase foreign investment, and drive economic growth in the sector.

🔜 What’s next?

• Dubai may collaborate with TikTok to launch region-specific content and campaigns that promote cultural, social, and economic messages globally.

• As Dubai pursues its goal of becoming an innovation-driven media hub, partnerships like this could pave the way for new content creation and distribution channels for emerging media talent.

• With both Dubai and Riyadh attracting tech companies, the Middle East is set to become a competitive player in the global media landscape. The growing number of global platforms investing in the region underscores the Middle East’s increasing importance in the global digital economy.

🔍In other news…

1. Apple’s Vision Pro to Arrive Soon in UAE!

2. The Q3 Gulf Employment Index 2024 revealed that the UAE experienced an 8% increase in new jobs, with Saudi Arabia following closely at a 7% increase.

3. Google's new AI Opportunity Initiative brings $15M to MENA, aiming to empower 500,000 people with essential AI skills!

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