Marhaba folks! 🌞 In today's edition we talk about how Saudi Arabia is making waves globally: launching self-driving flying taxis specifically for Hajj operations, potentially establishing a multi-billion dollar boxing league, and shaking up the global economy by ending its petrodollar agreement with the US. Yalla, let’s go 🏃🏻‍♀️

🚕 Saudi Arabia Launches Self-Driving Flying Taxis for Hajj

What is it about:

• Saudi Arabia has launched the world's first self-driving flying taxi service specifically for Hajj operations.

• The innovative transportation system aims to enhance the pilgrimage experience for attendees and align with the country's Vision 2030 goals.

• Inaugurated by the Minister of Transport and Logistics, Engineer Saleh Al Jasser, the electric flying taxis will initially facilitate transport between the holy sites of Arafat, Mina, and Muzdalifah during this year's Hajj pilgrimage.

Why does it matter:

• The introduction of self-driving flying taxis for Hajj operations represents a significant advancement in transportation technology and pilgrimage logistics.

• It demonstrates Saudi Arabia's commitment to innovation and modernization, as outlined in its Vision 2030 goals.

• The service aims to improve the efficiency and convenience of transportation for pilgrims, enhancing their overall pilgrimage experience.

• Additionally, the use of electric flying taxis aligns with sustainability efforts, contributing to environmental goals.

What is next:

• Monitoring the implementation and effectiveness of the self-driving flying taxi service during the Hajj pilgrimage.

• Assessing feedback from pilgrims and stakeholders to identify areas for improvement and expansion of the service.

• Exploring potential applications of this technology beyond Hajj operations, such as in emergency services and supply delivery to remote areas.

• Continuing to advance transportation technology and innovation to support Saudi Arabia's Vision 2030 objectives and enhance overall societal development.

📈 Markets

🌎 Saudi Arabia Shakes Up Global Economy by Ending Petrodollar Agreement with US

What is it about:

• Saudi Arabia has decided not to renew its longstanding agreement with the United States, ending the petrodollar system that has been in place for over 50 years.

• The petrodollar system ensured that oil was priced and traded exclusively in US dollars, solidifying the dollar's position as the world's reserve currency.

• The decision signifies a major shift in the global financial landscape and raises questions about the future dominance of the US dollar in international trade.

Why does it matter:

• The end of the petrodollar agreement could lead to a weaker US dollar, impacting borrowing costs and import prices for the United States.

• Other oil-producing nations might follow Saudi Arabia's lead, opting for alternative currencies in oil transactions, which could further weaken the dollar's dominance.

• This development is part of a broader trend of de-dollarization, with countries like China and Russia seeking to reduce reliance on the US dollar.

• The move reflects Saudi Arabia's desire to diversify economic partnerships and reduce dependence on the US dollar, potentially reshaping international trade patterns.

What is next:

• Monitoring the impact of Saudi Arabia's decision on the global economy and currency markets.

• Assessing whether other oil-producing nations will follow suit and abandon the petrodollar system.

• Analyzing the long-term effects on US borrowing costs, import prices, and global trade dynamics.

• Observing whether this marks the beginning of a significant decline in the US dollar's dominance or a temporary adjustment in the international financial system.

Quote of the day

"Whoever controls the media, controls the mind." - Jim Morrison

🥊 PIF May Establish a Boxing League Worth $4-5 Billion

What is it about:

• PIF (Public Investment Fund) is in talks to establish a boxing league valued at $4-5 billion.

• Negotiations involve various boxing stakeholders and potentially a joint venture.

• Spearheaded by Turki Alsheikh, the chief of General Entertainment Authority (GEA).

• Involvement of prominent promoters such as Matchroom Boxing and Golden Boy Promotions.PIF aims to secure a minority stake in the venture.

Why does it matter:

• Signifies significant investment interest in the boxing industry.

• Indicates potential growth and development opportunities within the sport.

• Could lead to the creation of a major, high-value sports league.

• Demonstrates the willingness of PIF and other stakeholders to diversify investments into entertainment sectors.

What is next:

• Finalization of negotiations between PIF and boxing stakeholders.

• Formal announcement of the league and its structure.

• Implementation of plans to establish and promote the league.

• Monitoring the league's performance and its impact on the boxing industry.

🎥 The latest from the Smashi Business Studio