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Saudi Arabia’s PIF is backing a $5 billion international basketball league, aiming to challenge the NBA with teams across Asia and Europe. Meanwhile, Sotheby’s historic debut auction in Saudi Arabia raked in $17 million, with Botero and Banksy leading the sales. In media, UAE-based MONIIFY laid off nearly 100 employees, just months after its high-profile launch and former advisor Yaser Bishr has called the cuts “devastating.”

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🏀 PIF Backs Ambitious $5 Billion Basketball League to Rival NBA

📰 What is it about?

• A new $5 billion basketball league is being planned to rival the NBA, spanning Asia and Europe.

• The league will feature six men’s and six women’s teams competing in eight host cities, with Macau and Singaporeunder consideration.

• Saudi Arabia’s Public Investment Fund (PIF) is a strategic partner, alongside Macau casino giant Galaxy Entertainment and Swiss bank UBS as an adviser.

• Investors include Byron Deeter, Quiet Capital, Maverick Carter (LeBron James’s business partner), and Skype co-founder Geoff Prentice.

💡 Why it matters?

• A potential NBA rival: The league aims to attract top global talent, offering an alternative to the U.S. league.

• Saudi Arabia’s growing sports empire: PIF is already transforming golf, soccer, and boxing, and now it's making a major move into basketball.

• Asia as a rising basketball hub: The sport is hugely popular outside the U.S., with millions of untapped fans in Europe and Asia.

• Big business & tourism potential: Partners like Galaxy Entertainment see Macau as a future basketball destination, boosting the region’s tourism industry.

🔜 What’s next?

• Finalizing host cities: The league is still in discussions with European cities and Singapore as a potential global HQ.

• Player recruitment: Organizers hope to lure top players with big contracts and global exposure.

• NBA’s response: The league’s dominance could be challenged if the new competition gains traction.

• Further Saudi expansion in sports: PIF is likely to continue investing in new sports ventures, potentially shaking up global basketball the way it did with golf and soccer.

Markets

💰 $17M Saudi Auction: Botero and Banksy Lead Sotheby’s Historic Debut 🎨

📰 What is it about?

• Sotheby’s hosted its first-ever auction in Saudi Arabia, held in Diriyah on Saturday night.

• Total sales reached $17 million, slightly below the upper pre-sale estimate of $22 million.

• Saudi businessman Amr Zedan won a Botero painting ("Society Woman") for $1M, adding to his new art collection.

• Banksy’s "Subject to Availability" fetched $1.2M, one of the night’s top sales.

💡 Why it matters?

• Saudi Arabia is emerging as a key player in the regional art market.

• Sotheby’s sees this as the first step in expanding into the kingdom, following Abu Dhabi’s recent investment in the auction house.

• 33% of buyers were Saudi, and 30% were under 40, signaling a growing interest in art among young Saudis.

Other Notable Sales

• Magritte’s "L’État de veille" (1958) also sold for $1.2M.

• Saudi artist Mohammed Al Saleem’s painting sold for $660,000 — three times its estimate.

• Cristiano Ronaldo-signed sports memorabilia sold for $151,000, though interest in sports items was lower than expected.

🔜 What’s next?

• Sotheby’s will use insights from this auction to shape future sales in Saudi Arabia.

• Saudi Arabia’s growing art market could rival Dubai’s, where Sotheby’s and Christie’s are already established.

• More high-profile collectors, both regional and global, may start looking at Saudi auctions as key events.

🚨 MONIIFY Layoffs: Former Advisor Yaser Bishr ‘Devastated’ Over Job Cuts

📰 What is it about?

• MONIIFY, the digital media startup backed by Egyptian billionaire Naguib Sawiris, has laid off nearly 100 employees, reducing its team to just 50 people.

• Yaser Bishr, former advisor to MONIIFY and ex-head of Al Jazeera’s AJ+, expressed concern for those affected in a LinkedIn post.

• The job cuts were first reported by Smashi Business on Feb 6, citing anonymous and internal sources.

💡 Why it matters?

• High-profile setback: MONIIFY launched just months ago at Dubai’s Museum of the Future (Nov 26, 2024) with an ambitious $50M+ budget for 2025.

• Major leadership silence: CEO Michael Peters and Sawiris have not addressed the layoffs publicly.

• Industry-wide struggles: Comes amid broader media job cuts, including at The National (Abu Dhabi).

🔜 What’s next?

• MONIIFY’s future is unclear despite its initial aggressive hiring and paywall-based revenue model.

• Employees who relocated to Dubai now face uncertainty, prompting calls for industry-wide support.

• Will Sawiris step in to stabilize MONIIFY? His long-term financial commitment is now in question.

🔍In other news…

1. UAE: Microsoft, G42 launch new foundation to ensure responsible, ethical AI practices.

2. Derayah Financial’s IPO Sees Instant Demand, fully subscribed within minutes.

3. Former director of the International Olympic Committee and a senior adviser to Dubai Expo 2020 says Riyadh Expo 2030 will boost Saudi Arabia’s global presence.

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