Happy Saturday everyone!

Elon Musk’s Starlink has launched in Oman, promising high-speed satellite internet across the country, even in remote areas. Meanwhile, Abu Dhabi’s economy grew by 3.8% in 2024, with the non-oil sector driving record GDP levels. Over in Lebanon, the government has appointed Karim Souaid as central bank governor, a key figure in navigating the country's financial crisis and IMF negotiations.

Let’s dive in!

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Elon Musk’s Starlink Launches Satellite Internet Service in Oman

📰 What is it about?

• Elon Musk's Starlink has received approval from Oman's Telecommunications Regulatory Authority (TRA) to begin retail and commercial operations in the country.

• The satellite internet service will cover all regions of Oman, including remote and difficult-to-reach areas.

• Starlink offers speeds of up to 100 Mbps, delivering high-speed broadband through a low-orbit satellite network.

• The service has been granted a class 1 licence, allowing it to provide fixed public telecommunications services in Oman.

💡 Why it matters?

• The entry of Starlink into Oman is expected to increase competition among existing telecom providers.

• It is anticipated to improve service quality and internet speeds across the country.

• The service will have a positive impact on key economic sectors like oil and gas, mining, tourism, and agriculture, where reliable connectivity is crucial.

• This development will also provide better internet access for Oman's more remote regions, promoting digital inclusion.

🔜 What’s next?

• The expansion of Starlink's operations will likely prompt similar moves from other international telecom players, raising standards across Oman’s internet services.

• The launch could pave the way for more satellite internet services in the Middle East, enhancing global connectivity.

• In October 2024, Qatar Airways became the first airline to provide Starlink's internet service on its flights, marking a new chapter in aviation connectivity.

ODEUM – A Cutting-Edge Content Studio for All Your Production Needs

📰 What is it about?

• Odeum, the content studio built for modern media consumption, partnering with brands to deliver tailored content services while also creating original productions under the Augustus Media network.

💡 Why Choose ODEUM?

At ODEUM, we provide end-to-end media solutions to elevate your brand across multiple platforms.

• Video Production: From AI-powered videos to immersive live streaming and CGI storytelling.

• Animation Services: Dynamic 2D & 3D animation, motion graphics, and visually striking CGI. 

• Audio Production: Podcasting, sound design, and professional voiceovers that elevate content with immersive audio experiences.

• Original Content Development: Conceptualizing and producing shows, short films, and series that engage and inspire.

• Studio Rental: Fully equipped production spaces designed for seamless content creation, offering state-of-the-art filming, podcasting, and photography setups to bring creative visions to life.

🔜 What’s next?

• Have a project in mind? Let's make it happen!

• Book a studio or discuss your next big idea with us today.

Follow ODEUM on LinkedIn, Instagram, Facebook, and X.

Markets

Abu Dhabi's GDP Grows by 3.8% in 2024, Driven by Non-Oil Sector Expansion

📰 What is it about?

• Abu Dhabi's real GDP grew by 3.8% in 2024, reaching an all-time high of AED 1.2 trillion.

• The non-oil sector remained the primary driver of growth, expanding by 6.2%, and contributing a record 54.7% to the total GDP.

• Key sectors such as manufacturing, construction, finance, retail trade, and health achieved their highest-ever values.

• The UAE emirate's consistent economic performance reflects the success of its diversification strategies.

💡 Why it matters?

• The growth of the non-oil economy demonstrates Abu Dhabi's successful economic diversification efforts, reducing reliance on oil revenues.

• The expansion in multiple sectors signals a robust and sustainable economy, enhancing Abu Dhabi’s global competitiveness.

• The 6.2% growth in the non-oil sector is the highest-ever contribution, strengthening the emirate's position as a business hub.

• Increased foreign investments, which saw a 300% rise over the past decade, support the emirate's continued growth and expansion.

🔜 What’s next?

• The "Economic Diversification 2.0" strategy will further accelerate Abu Dhabi’s transition towards a smart, diversified, and sustainable economy.

• Continued growth in sectors such as manufacturing, finance, construction, and transportation will help sustain momentum.

• With a record-high contribution from the non-oil economy, Abu Dhabi will continue to build on its industrial and infrastructure investments to position itself as a global leader in economic innovation and business opportunities.

Lebanon Appoints Karim Souaid as Central Bank Governor Amid Economic Crisis

What is happening?

• Lebanon’s cabinet has appointed asset manager Karim Souaid as the new central bank governor, a key position for implementing economic reforms.

• Souaid replaces acting governor Wassim Manssouri, who held the role after Riad Salameh’s term expired in July 2023.

• The appointment faced reservations from reformist Prime Minister Nawaf Salam, who urged Souaid to commit to the government's financial reform agenda.

Why it matters:

• The central bank governor plays a critical role in Lebanon’s economic recovery, negotiating with the IMF and leading banking sector reforms.

• Lebanon has been in a financial crisis since 2019, with its currency collapsing and most of the population facing economic hardship.

• The IMF has been waiting for Lebanon to implement key reforms before unlocking a $3 billion bailout package.

• Souaid’s appointment is seen as a test of the new government’s commitment to meaningful financial reforms.

What’s next?

• Souaid must navigate complex financial negotiations, including debt restructuring and banking sector reforms.

• The government has proposed a draft law to amend banking secrecy legislation, a key IMF demand.

• The IMF has signaled willingness to negotiate a new loan agreement, depending on Lebanon's ability to implement reforms.

• Investors and international financial institutions will closely monitor Souaid’s policies to gauge Lebanon’s economic direction.

🔍In other news…

• Wynn Al Marjan will be a ‘must see’ destination, drive 'long-term free cash flow,’ says CEO

• Gold hits record high over trade war fears.

• Saudi Arabia’s job market strengthens as unemployment falls to 7% in Q4 2024.

• Saudi Food and Drug Authority (SFDA) reported a record 82% growth in the number of licensed factories and warehouses in 2024.

• Abu Dhabi-listed Agthia Group has acquired a 100% stake in UAE mineral water desalination company Riviere.

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