Hello Smashi Business Readers!☀️

Big moves in business and energy today — Anna Wintour lands in Dubai, but Vogue Arabia’s social media channels disappear amid a legal dispute between Condé Nast and Nervora. Meanwhile, Damac makes its US real estate debut, launching sales for a $15M+ luxury condo on the former Champlain Towers site in Florida. In energy, UAE and Saudi ministers meet following Trump’s call for lower oil prices, but OPEC+ is unlikely to budge before April. More on these stories below.

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UAE and Saudi Energy Ministers Hold Talks After Trump’s Call for Lower Oil Prices

📰 What is it about?

• Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, met with his Iraqi, Libyan, and UAE counterpartsin Riyadh on Jan 28.

• The discussions follow U.S. President Donald Trump's demand for Saudi Arabia and OPEC to lower oil prices.

• These meetings took place ahead of OPEC+’s Joint Ministerial Monitoring Committee (JMMC) meeting on Feb. 3.

💡 Why it matters?

1. No Immediate Output Change Expected

• OPEC+ sources indicate no plans to adjust oil production before April.

• Despite Trump’s pressure, the group is likely to stick to its existing strategy.

2. Oil Market Volatility

• Brent crude hit nearly $83 per barrel on Jan. 15 but has since dropped below $78.

• Prices remain sensitive to geopolitical factors, including U.S. sanctions on Russia.

3. Saudi’s Strategic Energy Diplomacy

• The Saudi minister’s meetings with key OPEC+ members signal ongoing coordination on energy policy.

• Strengthening alliances within OPEC+ ensures market stability amid external pressures.

🔜 What’s next?

• OPEC+’s Feb. 3 meeting could provide insights into future output plans.

• Saudi Arabia’s stance will be crucial in balancing political and market pressures.

• Global oil markets will react based on whether OPEC+ signals production adjustments or maintains its current course.

Sharjah Entrepreneurship Festival 2025 Set for February 1st and 2nd at SRTI Park

The Sharjah Entrepreneurship Festival (SEF) 2025 is scheduled for February 1-2 at SRTI Park, Sharjah. Organized by the Sharjah Entrepreneurship Center (Sheraa), the event aims to unite visionaries, investors, and innovators for two days of collaboration and inspiration.

SEF 2025 will feature over 150 startup pods in its Startup Town Zone, powered by du, providing a dynamic environment for emerging enterprises. Attendees can anticipate keynote speeches, workshops, and various activities designed to foster entrepreneurship.

The festival also emphasizes sustainability and wellness, offering zones dedicated to holistic well-being and responsible business practices.

With an expected attendance of around 12,000 participants, SEF 2025 continues to be a significant platform for entrepreneurial growth and networking in the UAE.

Smashi Business will be at the event to keep you updated on everything through our on-site coverage. Follow us here…

Markets

Dubai-based Damac Launches Sales for Ultra-Luxury Florida Condo, their First-Ever Real Estate Project in US

📰 What is it about?

• Dubai-based Damac Properties has launched sales for The Delmore, a 12-story ultra-luxury condo in Surfside, Florida, on the site of the collapsed Champlain Towers South.

  • Price Range: Starts at $15 million per residence.

  • Lot Acquisition: Damac bought the site for $120 million in 2022 through a court-ordered auction.

  • Design: Created by Zaha Hadid Architects, featuring a 75-foot-long glass pool and a flow-through canyonbetween two towers.

  • Amenities: Includes a 20,000-square-foot meditation garden, a rooftop pool deck, and a state-of-the-art spa and gym.

💡 Why it matters?

1. High-Stakes Location

• The Champlain Towers South collapse in June 2021 killed 98 people, making this project highly sensitive.

• Damac’s involvement signifies a bold step in redeveloping a site with historical significance and tragedy.

2. Florida’s Condo Market is Changing

• The Condo Safety Act of 2022 introduced stricter maintenance and financial reserve rules, making older buildings costly to maintain.

• Demand is shifting toward new, high-end developments like The Delmore.

3. Damac’s U.S. Expansion

• This project solidifies Damac’s footprint in the U.S. luxury real estate market.

• The firm is betting on Miami’s booming ultra-luxury segment, which continues to attract wealthy international buyers.

🔜 What’s next?

• Market Response: High demand for newer, safer condos could drive rapid sales, but the site’s tragic past may influence buyer sentiment.

• Regulatory Hurdles: Florida’s evolving condo laws might impact construction timelines and sales strategy.

• Damac’s Future Plans: If successful, this could pave the way for more U.S. luxury projects by the Dubai-based developer.

Scoop: As Anna Wintour Visits Dubai, Vogue Arabia’s Social Media Disappears Amid Legal Battle

What is happening?

• As Vogue Editor-in-Chief Anna Wintour arrived in Dubai for a Condé Nast event on January 30, all Vogue Arabia’s social media accounts mysteriously disappeared.

  • The move coincides with Condé Nast’s takeover of Vogue Arabia, marking a shift from its previous licensing agreement with Emirati media firm Nervora.

  • Nervora sued Condé Nast in the U.S. last summer, alleging premature and improper contract termination.

  • Despite the legal battle, Condé Nast has pressed ahead, appointing Manuel Arnaut as Head of Editorial Content.

Why it matters:

1. A Power Struggle Over Vogue Arabia

• The disappearance of social media accounts suggests a dispute over brand ownership and digital assets.

• With millions of followers, losing Vogue Arabia’s social media presence is a major disruption to its digital influence.

2. High-Stakes Legal Fight

• Nervora's lawsuit raises questions about Condé Nast’s handling of regional editions.

• The dispute could impact Condé Nast’s partnerships in the MENA region, a key luxury and fashion market.

3. The Timing is Telling

• The social media blackout happened as Wintour landed in Dubai, signaling potential behind-the-scenes tensions.

• If this is a deliberate takedown, it could hint at a bitter battle for control of Vogue Arabia’s digital assets.

What’s next?

• Will Vogue Arabia’s accounts return? It’s unclear whether this is a temporary issue or a permanent removal.

• Legal consequences: Nervora may use this as leverage in its lawsuit against Condé Nast.

• Industry impact: Other global publishers may rethink licensing deals in the MENA region amid this turmoil.

🔍In other news…

1. The MENA startup ecosystem is on the rise with 610 deals in 2024 — a 3.5% increase from 2023.

2. HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, hosted a casual business lunch on Jumeirah Road with top executives, including Amazon CEO Andy Jassy.

3. Emirati billionaire Khalaf Al Habtoor makes the ‘painful decision’ to cancel all investments in Lebanon.

The Latest from the Smashi Business Studio

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Here’s to a productive week ahead! 💪

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