👋 Good morning, Smashi Business Readers!

Welcome to today’s business briefing, where we bring you the latest highlights shaping regional and global markets. Saudi Arabia’s Public Investment Fund continues its sports investment spree, solidifying its influence in global athletics. Meanwhile, His Highness Sheikh Mohammed bin Rashid sets an ambitious tone for 2024, declaring it a year of economic milestones for the UAE. On the Dubai Financial Market, Talabat’s stock shows steady momentum, underscoring investor confidence in the region's burgeoning tech sector.

Read on for more insights into these developments.

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Saudi Arabia's PIF Nears $1.5 Billion Stake in PGA Tour's Commercial Arm

📰 What is it about?

• Saudi Arabia’s Public Investment Fund (PIF) is close to acquiring a 6% stake in PGA Tour Enterprises, the commercial branch of the PGA Tour.

• The investment is valued at $1.5 billion, putting the enterprise's worth at $12 billion.

• The deal awaits approval from the U.S. Justice Department, which is reviewing the PGA-LIV merger for anti-trust concerns.

💡 Why it matters?

• Highlights Saudi Arabia’s expanding influence in global sports through investments like LIV Golf and partnerships in soccer and motorsports.

• Reflects the PGA Tour’s evolving relationship with LIV Golf, after previously opposing the Saudi-backed league.

• Underscores the role of sports in Saudi Arabia’s Vision 2030 strategy to diversify its economy beyond oil.

🔜 What’s next?

• The deal hinges on U.S. regulatory approval of the PGA-LIV merger amid concerns over monopolistic practices.

• Talks continue between the PIF and the DP World Tour for further collaborations and investments.

• The outcome of these negotiations will shape the future of global golf schedules and competition.

 Current Investments by PIF in Sports

Saudi Arabia’s Public Investment Fund (PIF) has made extensive investments across various sports as part of its strategy to diversify the nation's economy under Vision 2030. Here is a list of notable sports-related investments and initiatives:

• Football:

  • Ownership of Newcastle United Football Club in the English Premier League since 2021.

  • Investments in the Saudi Pro League, including the signing of global stars like Cristiano Ronaldo, Neymar Jr., and Karim Benzema, to raise its international profile.

  • Establishment of SRJ Sports Investments, focusing on developing Saudi football and enhancing its global reach​.

• Golf:

  • Creation and funding of LIV Golf, a rival league to the PGA Tour, with significant financial backing for player contracts and tournaments.

  • Ongoing discussions about a potential stake in PGA Tour Enterprises and collaboration between LIV Golf and the PGA Tour​.

• Motorsports:

  • Hosting Formula 1’s Saudi Arabian Grand Prix in Jeddah, supported by PIF investments.

  • Sponsorship of Extreme E, an off-road electric vehicle racing series​.

• Esports and Gaming:

  • Ownership of Savvy Games Group, which invests in esports events and gaming companies, including a $1 billion stake in Embracer Group and partnerships with global gaming entities​.

Markets

HH Sheikh Mohammed Declares 2024 a Year of “Unprecedented Economic Growth” for UAE

📰 What is it about?

• Sheikh Mohammed bin Rashid highlighted 2024 as a year of historic economic progress during the year-end Cabinet meeting in Abu Dhabi.

• The UAE achieved first place in 223 global development indicators and ranked in the top five for 444 others.

• Initiatives include:

  • Formation of the Emirates Entrepreneurship Council.

  • A Dh300 million fund to support youth entrepreneurship.

  • A Dh7 million award for federal employees reducing bureaucracy.

  • A national policy to preserve the UAE’s modern architectural heritage.

💡 Why it matters?

• Reflects the UAE’s commitment to sustaining its position as a global hub for talent, innovation, and wealth.

• Promotes entrepreneurship among youth to drive economic diversification and innovation.

• Demonstrates an emphasis on preserving cultural identity while fostering economic and educational growth.

• Celebrates government efficiency, creativity, and dedication to improving public services.

🔜 What’s next?

• Implementation of the Emirates Entrepreneurship Council’s plans to empower youth entrepreneurs.

• Expansion of the heritage preservation program to include 1,000 modern architectural sites in the coming years.

• Enhanced collaboration between government, private education, and social sectors through the newly formed Education, Human Development and Community Council.

• Continued efforts to consolidate UAE's global competitiveness through innovative policies and initiatives.

Talabat Stock Gains Momentum on Day 3 at DFM Amid Strong Trading Activity

📰 What is it about?

• Talabat shares closed at AED 1.51 on day three of trading on the Dubai Financial Market (DFM), a 1.34% rise from the previous day.

• The stock saw high activity, with over 35 million shares traded and a total value exceeding AED 53 million.

• Talabat’s IPO raised AED 7.5 billion, making it the largest Gulf IPO and the biggest global tech IPO of 2024.

💡 Why it matters?

• Highlights strong investor interest in Middle Eastern tech companies and confidence in Talabat’s regional operations.

• Reflects growing global attention on the UAE’s financial markets as a hub for high-profile IPOs.

• Reinforces the importance of the tech sector in diversifying the regional economy.

🔜 What’s next?

• Investors will watch Talabat’s stock for stability and long-term growth as the company expands its services across eight regional markets.

• The DFM may continue to attract major IPOs, driven by regional economic diversification efforts.

• Talabat’s performance could set a benchmark for other tech firms considering going public in the Middle East.

🔍In other news…

1. Noon's 7 years of revolutionizing e-commerce in the Middle East — and they believe that "we’re just getting started”.

2. Astra Tech’s Quantix lands $500M financing from Citi, marking the UAE’s largest fintech deal ever.

3. Abu Dhabi-based venture capital firm, Iliad Partners, is closing a $50 million fund, and is backed by a PIF subsidiary.

4. The Beam Ventures fund, domiciled in Abu Dhabi, is debuting a $150 Million gaming fund in Abu Dhabi.

5. Majid Al Futtaim’s Carrefour has launched 24/7 grocery delivery through its app.

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