Smashi Business Newsletter 27th of June - Odeum Feature

Marhaba folks! 🌞 In today's edition, we discuss Saudi Tadawul Group acquiring 32.6% stake in Dubai Mercantile Exchange; Eric Trump unveiling $500M Oman Luxury Resort; and Saudi’s Sweply raising $2M in seed funding. Yalla, let’s go 🏃🏻‍♀️

🪙Saudi Tadawul Group Acquires 32.6% Stake in Dubai Mercantile Exchange for $28.5 Million

What is it about:

• Saudi Tadawul Group acquires a 32.6% stake in the Dubai Mercantile Exchange (DME) for $28.5 million.

• The acquisition, initially agreed upon in January, includes future options for Tadawul to increase its shareholding.

• Tadawul joins other major shareholders in DME Holdings, such as CME Group, Oman Investment Authority, and Dubai Holding.

Why does it matter:

• Strengthens Tadawul's presence in the regional and global financial markets through a significant stake in DME.

• Positions DME, to be rebranded as Gulf Mercantile Exchange, under the regulatory oversight of the Dubai Financial Services Authority.

• Ensures continuity of operations for DME's crucial DME Oman contract, maintaining its status as a global benchmark for crude oil pricing.

• Affirms commitment to neutrality by stipulating that Saudi Arabian crude will not be traded or indexed via the DME Oman contract.

What is next:

• Implementation of the rebranding to Gulf Mercantile Exchange while operations continue in Dubai.

• Integration of CME Group's technology and clearing services to enhance DME's operational efficiency.

• Monitoring of Tadawul's potential further investment and its impact on DME's strategic direction and market influence.

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📈 Markets

🏖️Eric Trump Announces New $500 Million Luxury Resort in Oman

What is it about:

• Eric Trump announces the development of a new $500 million luxury resort in Oman under the Trump brand.

• The resort, named Trump International Resort, Golf Club & Residences at Aida, is part of the Aida mixed-use real estate development.

Why does it matter:

• Highlights the Trump Organization's expansion into Oman's luxury hospitality market.

• Positions the resort as a major addition to Oman's tourism infrastructure, targeting affluent travelers and golf enthusiasts.

• Emphasizes the Trump brand's reputation for luxury and high standards in global real estate developments.

What is next:

• Completion of the $500 million Trump International Resort project at Aida.

• Launch and marketing efforts to attract luxury travelers and golf aficionados.

• Monitoring the impact of the resort on Oman's tourism sector and local economy.

Quote of the day

"The future belongs to those who believe in the beauty of their dreams." -Eleanor Roosevelt

🖥️Saudi-based Media Tech Startup Sweply Raised $2M in Seed Funding

What is it about:

• Saudi-based ad solutions startup, Sweply, raises $2 million in seed funding.

• Funding round includes investments from Sanabil 500 Global and Salla.

• Sweply, established in 2021, focuses on using AI and machine learning for ad localization and improving advertiser results.

• The startup previously partnered with Salla in March of the preceding year.

Why does it matter:

• Highlights growing investor interest in tech startups in Saudi Arabia's burgeoning market.

• Funds will support Sweply's expansion of its team and advancement of product development.

• Reinforces the importance of AI-driven solutions in optimizing advertising effectiveness.

What is next:

• Expansion of Sweply's team to strengthen operational capabilities.

• Accelerated development of new products and enhancement of existing technologies.

• Monitoring of Sweply's growth trajectory and potential further partnerships in the ad tech sector.

🎥 The latest from the Smashi Business Studio

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