Happy Friday Everyone!

US President Donald Trump addressed an FII PRIORITY Summit in Miami, praising Saudi Arabia and numerous leaders from the country, including his HRH Crown Prince Mohammad Bin Salman for their vision.

In the UAE, STEP Dubai concluded and we were able to talk to Bioniq founder Vadim Fedotov, about his reaction of getting investment from football superstar Cristiano Ronaldo, and also Shark Tank Dubai judge and founder of Vivium Elie Khouri, who talked about three things budding entrepreneurs should have/do.

Our main focus today is on: Saudi’s new currency symbol, InvestSaudi opening second US office in Miami after already having presence in Washington, and IDEX and NAVDEX in Dubai pulling in and splashing out billions.

Scroll down for details.

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

Saudi Arabia Introduces New Currency Symbol to Strengthen Global Financial Presence

📰 What is it about?

• Saudi Arabia has unveiled a new symbol for the riyal, designed in Arabic calligraphy.

• The symbol will be gradually implemented in financial and commercial transactions.

• The move aligns with the kingdom’s goal of establishing itself as a leading global financial hub.

💡 Why it matters?

• The Saudi riyal has been pegged to the US dollar since 1986 at a fixed rate of 3.75 riyals per $1, ensuring stability in trade and investment.

• This initiative supports Vision 2030, which aims to diversify the economy beyond oil.

• It enhances Saudi Arabia’s financial identity, making transactions more recognizable in global markets.

🔜 What’s next?

• The new symbol will be phased into official documents, financial systems, and digital transactions.

• Saudi Arabia will continue attracting international businesses and investors, strengthening its financial sector.

• The Riyadh financial hub is set to grow, with major firms like Goldman Sachs and BlackRock expanding operations in the kingdom.

Markets

Web Summit Qatar 2025: The Future of Tech and Innovation Converges in Doha

Web Summit Qatar 2025 is set to take place from February 23 to 26 at the Doha Exhibition and Convention Center (DECC). Building on the success of its inaugural edition, this premier technology conference aims to unite over 15,000 attendees from 180 countries, including 1,000 startups and 400 investors.

The event will feature an impressive lineup of speakers, such as Alexis Ohanian, Founder & General Partner of Seven Seven Six and Co-Founder of Reddit; Eduardo Saverin, Co-founder and Co-CEO of B Capital; Alexandr Wang, Founder and CEO of Scale AI; and Laura Chambers, CEO of Mozilla.

Web Summit Qatar 2025 serves as a vital platform for networking, collaboration, and idea exchange, fostering innovation and entrepreneurship in the Middle East and beyond. The conference will cover a wide range of topics, including artificial intelligence, fintech, cybersecurity, and digital transformation, providing attendees with insights into the latest industry trends.

With its strategic location and commitment to technological advancement, Qatar continues to position itself as a global hub for the tech industry, making Web Summit Qatar 2025 a must-attend event for professionals and enthusiasts alike.

We, Smashi Business, will be attending the event to bring you all the updates. You can follow us here…

Saudi Arabia Selects Miami for Its Second US Investment Office

📰 What is it about?

• Saudi Arabia is opening a new investment office in Miami, marking its second outpost in the US after Washington, D.C.

• The office will serve as a hub for US investments and a gateway to South America, according to Saudi Minister of Investment Khalid Bin Abdulaziz Al-Falih.

• The announcement was made at the Future Investment Initiative Institute’s summit in Miami Beach.

💡 Why it matters?

• Miami has grown as a major financial hub, attracting top firms like Citadel, Goldman Sachs, and D1 Capital Partners.

• Saudi Arabia wants to strengthen its presence in key business and financial centers, tapping into investment opportunities in Latin America.

• Crown Prince Mohammed Bin Salman has pledged $600 billion in trade and investment in the US over the next four years.

🔜 What’s next?

• The Miami office will focus on building partnerships with investment firms, tech companies, and family offices.

• Saudi Arabia will navigate its own economic priorities, balancing foreign investment with its "Saudi First" strategy for domestic growth.

• The kingdom’s fiscal situation—including a budget deficit—may impact the scale of its US investment ambitions.

UAE’s IDEX & NAVDEX 2025 Deals Hit AED23.72 Billion in Four Days

📰 What is it about?

• Tawazun Council announced 12 new defence deals worth AED3.77 billion on Day 4 of IDEX and NAVDEX 2025.

• The total contract value for the four-day event reached AED23.72 billion, covering 40 local and international deals.

• The events are held under the patronage of UAE President Sheikh Mohammed bin Zayed Al Nahyan and organized by ADNEC Group with the Ministry of Defense.

💡 Why it matters?

• Strengthens UAE’s defense capabilities with major acquisitions from local and global firms.

• Boosts local industry with key contracts awarded to UAE-based companies like International Golden Group and National Factory for Safety and Security Products.

• Reinforces UAE’s global partnerships, signing deals with Leonardo (Italy), Nexter (France), SAAB (Sweden), and Lockheed Martin (USA).

• Reflects the UAE’s strategic investment in cutting-edge military technology and global defense partnerships.

🔜 What’s next?

• Tawazun Council continues to focus on quality defense acquisitions and strategic partnerships.

• The UAE’s defense sector remains future-oriented and globally competitive, integrating advanced military technologies.

• Further defense collaborations and potential new deals expected as the UAE expands its defense capabilities.

🔍In other news…

• Dubai Taxi Company plans to launch driverless service in 2026, CEO tell The National.

• Alpha Data plans to raise up to $163 mln in Abu Dhabi's first IPO of 2025.

• Saudi Car Rental Firms Weigh IPOs Amid Kingdom’s Tourism Push.

• 500 Dirham Note awarded 'Best New Banknote Issue' for 2025 in Europe, Middle East & Africa Region.

• Saudi Aramco re-enters Philippines after 17 years.

The Latest from the Smashi Business Studio

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