Smashi Business Newsletter - 26 June 2024

Marhaba folks! 🌙 In today's edition, we discuss a mix of construction booms, AI breakthroughs, and social media snafus! We'll explore Saudi Arabia's rise in construction, Qatar's push for AI adoption, and a bizarre lawsuit against Facebook.. Yalla, let’s go 🏃‍♀️ 

Saudi Arabia's Construction Boom: A Global Leader in the Making 💥 

What is it about? Saudi Arabia's construction sector is experiencing explosive growth, projected to reach a staggering $181.5 billion by 2028. This surge positions them to become the world's leading construction market by 2030. The ambitious Vision 2030 plan fuels this expansion, aiming to attract $3 trillion in investments by 2030 across various sectors. Residential development is a major focus, with plans for 660,000 new homes by 2030. Additionally, giga-projects valued at $692 billion are transforming western Saudi Arabia's urban landscape with luxurious residences, hotels, and commercial areas.

Why does it matter? This boom signifies a significant shift in the global construction landscape. Saudi Arabia's rise as a leader presents vast opportunities for construction companies and investors worldwide. The focus on residential development caters to the country's growing population, which is expected to reach 10 million in key regions like Riyadh by 2030. Vision 2030's success could have a ripple effect, promoting economic diversification and regional development.

What's next? With numerous projects underway, the construction sector is poised to be a significant driver of Saudi Arabia's economic growth. We can expect to see continued investment in infrastructure, residential projects, and giga-developments as the country strives to achieve its Vision 2030 goals.

📈 Markets

Qatar Powers Up Tech Innovation Across the Middle East 😉 

What is it about? Qatar is taking a leap forward in artificial intelligence (AI) by signing a groundbreaking deal with chipmaker Nvidia. This landmark agreement makes Ooredoo, a Qatari telecommunications provider, the first large-scale partner for Nvidia in the region. The deal grants Ooredoo's customers in Qatar, Algeria, Tunisia, Oman, and the Maldives access to Nvidia's cutting-edge AI hardware and software.

Why does it matter? This partnership signifies a significant boost for AI adoption across these five Middle Eastern nations. Businesses will gain direct access to advanced AI tools and resources, enabling them to develop and deploy AI applications and services. The collaboration also plans to create an AI-ready platform, fostering local cloud infrastructure and enhanced data security. This initiative has the potential to revolutionize various sectors within these countries, driving innovation and economic growth.

What's next? The development of this AI platform will be crucial to watch. Its success could pave the way for broader AI integration across the Middle East, transforming industries like healthcare, finance, and manufacturing. The impact of this deal on regional technological advancements will likely be significant in the coming years.

Quote of the Day
^{“Imagination is everything. It is the preview of life’s coming attractions.”}

^{– Albert Einstein}

Facebook Faces Lawsuit After Mistakenly Marking Blogger "Deceased" 💀 

What is it about? In a bizarre turn of events, Egyptian fashion and travel blogger Sandra Fares is suing social media giant Facebook (Meta) after the platform mistakenly marked her account as deceased.

Why does it matter? This incident raises concerns about Facebook's verification process and the potential consequences of errors. Fares' family was understandably distraught upon receiving the notification, highlighting the emotional impact of such mistakes. Additionally, the case underscores the importance of user privacy and the need for robust safeguards against fraudulent information.

What's next? The lawsuit's outcome will be closely watched to see how Facebook responds and if any changes are made to their verification procedures. This case could also set a precedent for future lawsuits against social media platforms for similar errors.

🎥 The latest from the Smashi Business Studio