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- Smashi Business Newsletter - 11 June 2024
Smashi Business Newsletter - 11 June 2024
Augustus Media FZ LLC
June 11, 2024
Marhaba! 🌞 In this edition, we cover Dubai's appointment of 22 chief AI officers to spearhead its AI initiatives, the addition of 4,600 hotel rooms in 2024 to boost tourism, and Aramco's share rise after a successful secondary offering, highlighting foreign investor confidence. Yalla, lets go 🗞️
💻 Dubai Appoints 22 Chief AI Officers to Lead Tech Initiatives
eblog.pl
What is this about:
Dubai Crown Prince appoints 22 chief AI officers across government entities.
These officers will spearhead specialised AI and advanced technology initiatives.
Why it matters:
Marks phase one of Dubai Universal Blueprint for Artificial Intelligence.
Signals Dubai's commitment to AI integration across sectors.
Sets groundwork for comprehensive AI program, including attracting data centres and AI company licenses.
What’s next:
Emirate to introduce programs for attracting AI incubators.
Continued focus on AI-driven advancements across Dubai's landscape.
📈 Markets
△ EGX 30 | 25,896.56 | 0.00% |
△ DFMSI | 4010.2 | +0.923% |
△ KSA Sukuk | 884.23 | 0.00% |
▽ Tadawul | 11,776.11 | -0.66% |
🏨 Dubai to expand its hotel inventory with an additional 4,600 rooms in 2024
Kayak
What is this about?
Dubai is set to add 4.6k hotel room keys in 2024, totalling over 154k rooms.
A significant portion of the new capacity comprises four-star hotel rooms.
Why it matters:
Highlights Dubai's continuous growth in the tourism sector.
Reinforces Dubai's position as a global tourist destination.
Reflects confidence in the future demand for hospitality services in the city.
What's next:
Continued expansion and diversification in Dubai's hospitality offerings.
Potential impact on tourism revenue and infrastructure development.
Quote of the day
“When something is important enough, you do it even if the odds are not in your favour.” - Elon Musk
⛽️ Aramco Shares Rise After Follow-on Offering
Enterprise Egypt
What is this about?
Aramco's secondary share sale sees shares close up 1.1%, priced at SAR 27.25 per share.
The majority of institutional tranches are allocated to foreign investors.
Why it matters:
Indicates foreign investor confidence in Aramco's prospects.
Reflects ongoing efforts to diversify ownership and unlock non-oil income sources.
Offers insights into Saudi Arabia's economic strategies and fiscal planning.
What's next:
Potential impact on Aramco's shareholder structure and corporate governance.
Proceeds are likely to be directed towards public investment and megaprojects.
Continued monitoring of Aramco's performance in global markets.