Smashi Business Newsletter 1st of July

Marhaba folks! 🌞 In today's edition, we discuss Dubai's $6.8 billion initiative to attract $177bn in investments by 2033, Saudi Aramco's $25bn contracts for gas expansion, and the slight rise in Saudi unemployment rate in Q1 2024. Yalla, let’s go 🏃🏻‍♀️

💲Dubai's $6.8 Billion Initiative Aims to Attract $177 Billion in Investments by 2033

What is it about:

• Dubai announces a $6.8 billion investment initiative as part of its Foreign Direct Investment Development Programme.

• The programme is aligned with Dubai’s D33 economic agenda, aiming to attract $177 billion (AED650bn) in investments by 2033.

• The initiative includes the launch of the Dubai Economic Model, utilizing 3,000 performance indicators to track economic progress and enhance decision-making.

Why does it matter:

• Positions Dubai to become one of the world’s top three city economies.

• Emphasizes Dubai’s commitment to fostering a conducive environment for global investments.

• Enhances Dubai's competitive advantages, including logistics infrastructure, strategic location, and skilled workforce.

• Supports economic diversification and growth, aiming to double the size of Dubai’s economy by 2033 under the D33 agenda.

What is next:

• Implementation of the FDI Development Programme over the next 10 years.

• Continuation of economic monitoring and analysis through the Dubai Economic Model.

• Promotion of Dubai as a leading global business hub.

• Further initiatives to attract international companies and support existing enterprises.

• Evaluation of progress against D33 targets and adjustments as needed.

📈 Markets

🏭️Saudi Aramco Awards $25 Billion Contracts for Gas Expansion

What is it about:

• Saudi Aramco has awarded contracts worth more than $25 billion for the next phases of expansion at the Jafurah gas field and its main gas network.

• The Jafurah field, holding an estimated 200 trillion cubic feet of gas, is undergoing a $100 billion development to increase Saudi Aramco’s gas production.

Why does it matter:

• This expansion project aims to boost Saudi Aramco’s gas production by more than 60% by 2030, reinforcing its position in the global energy market.

• The contracts encompass the construction of gas facilities, pipelines, and infrastructure essential for expanded gas processing and distribution.

• It highlights Aramco's commitment to gas as a crucial energy source and a vital feedstock for downstream industries, significantly enhancing Saudi Arabia's energy infrastructure.

What is next:

• Monitor the progress of the Jafurah gas field development and its impact on Saudi Aramco’s overall production capabilities.

• Track the implementation of the contracted projects to ensure timely completion and operational efficiency.

• Assess the economic and strategic implications of increased gas production on Saudi Arabia's energy sector and global market positioning.

Quote of the day

"Strive not to be a success, but rather to be of value." - Albert Einstein

👋 Hello, That’s me - your Content Buddy

What is Odeum?

Odeum is Augustus Media’s innovative in-house content studio, where creativity meets data-driven insights to produce compelling new media formats. Specializing in connecting brands with communities and culture, Odeum offers a range of services tailored to your needs.

Why Do Brands Need a Content Strategy?

An authentic story is key to connect with audiences on a personal level. That’s why a well-crafted social content strategy helps brands resonate with the internet generation and earn their trust.. Odeum excels in modern content creation, offering expertise in social media management and access to fully equipped studios.

How Can You Get Started?

If you’re a brand with a vision, contact us here, and our team will get in touch to help you bring your ideas to life.

📈Saudi Unemployment Rate Rises Slightly in Q1 2024

What is it about:

• Saudi Arabia's total unemployment rate increased slightly by 0.1 percentage points in the first quarter of 2024 compared to the previous quarter.

• However, there was an improvement of 0.8 percentage points year-on-year.

Why does it matter:

• Local unemployment in Saudi Arabia dropped to 7.6%, a decrease of 0.2 percentage points from the previous quarter and showing improvement compared to the same period last year.

• Female unemployment saw a significant decrease of 2.1 percentage points, falling to 14.2%.

• Male unemployment also decreased, reaching 4.2%.

What is next:

• Monitor quarterly fluctuations in the total unemployment rate to assess ongoing economic trends.

• Continue efforts to sustain and improve local employment rates across various sectors.

• Implement targeted strategies to further reduce female unemployment and enhance workforce participation.

🎥 The latest from the Smashi Business Studio

Were you forwarded this email? Subscribe here