Happy Thursday Smashi Business Readers!☀️

Syria’s new central bank governor plans reforms to strengthen the bank’s independence following the Assad regime’s fall. Meanwhile, Arzan Investment Management has acquired Fairmont The Palm for AED 1.2 billion, further expanding its hospitality footprint in the GCC. On the tourism front, Ras Al Khaimah saw a 12% revenue boost in 2024, with record-breaking arrivals and strategic investments fueling growth.

Read on for more details.

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Ras Al Khaimah Reports 12% Growth in Tourism Revenue in 2024

📰 What is it about?

• Ras Al Khaimah (RAK) reported a 12% increase in tourism revenues in 2024, fueled by record-breaking arrivals of 1.28 million overnight visitors. Key drivers included:

  • The opening of new hotels and resorts.

  • Increased international connectivity, including new direct flights to the emirate from multiple countries like Poland, Uzbekistan, and India.

  • The expansion of international events, with more than 80 hosted, and a 15% rise in MICE (Meetings, Incentives, Conferences, and Exhibitions) visitors.

  • Active marketing campaigns and international engagements across over 70 cities.

💡 Why it matters?

• Tourism Growth:
  The increase in tourism revenues underscores Ras Al Khaimah's growing appeal as a global destination, with strong investments in infrastructure and events positioning it as a major competitor in the UAE's tourism landscape.

• Strategic Diversification:
  The emirate’s successful targeting of emerging markets like China, and its focus on MICE tourism, highlight a diversified tourism strategy that can buffer the economy against global fluctuations and attract higher-spending visitors.

• Economic Impact:
  Tourism is key to Ras Al Khaimah's long-term economic strategy, with the goal of reaching 3.5 million annual visitors by 2030, which will have significant implications for the local economy, infrastructure, and employment.

🔜 What’s next?

• Continued Infrastructure Development:
  Ras Al Khaimah will likely see further investments in tourism infrastructure to meet its 2030 target, with an emphasis on both luxury and eco-tourism offerings.

• Growth in Emerging Markets:
  The successful engagement with Chinese tourists is expected to continue with more tailored campaigns and partnerships with local influencers, platforms, and brands like Huawei.

• International Event Expansion:
  The rise in MICE visitors points to a more robust calendar of international events, which will drive not only tourism but also global business exposure for Ras Al Khaimah.

Markets

Fairmont The Palm Sold for AED 1.2 Billion as AIM Expands GCC Hospitality Portfolio

📰 What is it about?

• Arzan Investment Management (AIM), a subsidiary of Kuwait-based Arzan Financial Group, has signed a binding agreement to acquire Fairmont The Palm in Dubai for $325 million (AED 1.2 billion) from IFA Hotels and Resorts. This acquisition marks a significant step in AIM’s expansion of its hospitality portfolio in the GCC region.

  • The deal will anchor AIM's launch of its GCC Hospitality Fund, a value-add platform targeting investments in full-service hotels.

  • The acquisition follows AIM's purchase of VOCO Bonnington JLT in late 2024.

💡 Why it matters?

• Strengthening Hospitality Investment:

  • Fairmont The Palm is a prime Dubai property, adding prestige to AIM’s growing portfolio and solidifying its strategy to focus on full-service hotels in key urban markets.

  • The GCC Hospitality Fund aims to leverage AIM’s expertise to generate steady yields and capital appreciation, appealing to institutional investors.

• Real Estate Growth in the GCC:

  • Dubai’s booming hospitality and real estate sectors continue to attract major investments, reflecting the region’s resilience and appeal as a global tourism and business hub.

  • The deal highlights AIM’s confidence in the future growth potential of Dubai’s luxury hotel market.

• Diversified Offerings:

  • AIM’s recent launch of the Domus Real Estate Fund demonstrates a broader focus on affordable housing for service sector employees, addressing critical regional housing needs.

  • This dual focus on luxury hospitality and affordable housing underlines AIM’s comprehensive approach to real estate investment in the GCC.

🔜 What’s next?

• GCC Hospitality Fund Launch: AIM is expected to unveil more details about the fund’s investment strategy and target markets soon.

• Portfolio Expansion: AIM plans further acquisitions to bolster its hospitality platform and capitalize on opportunities in gateway cities.

• Closing the Deal: The acquisition of Fairmont The Palm is expected to finalize in the coming months, subject to standard regulatory conditions.

• Regional Impact: With Dubai’s hospitality market set to grow, this deal could attract similar investments, boosting the region’s real estate and tourism sectors.

💭Quote of the day:

“Do one thing every day that scares you.” - Eleanor Roosevelt

Syria's New Central Bank Chief Aims for Independence in Post-Assad Era

📰 What is it about?

• Maysaa Sabreen, Syria's new central bank governor, told Reuters in an exclusive interview that she is pushing for greater independence for the Central Bank of Syria after years of direct government control under the Assad regime. Key developments:

  • Sabreen plans to introduce draft amendments to enhance the central bank's autonomy in monetary policymaking.

  • The bank is exploring measures to expand Islamic banking, aiming to attract more Syrians who traditionally avoided conventional banking.

  • These changes reflect efforts to rebuild Syria's financial sector following the Assad regime’s collapse in December 2024.

💡 Why it matters?

• Shift in Governance:
  This move signals a departure from decades of centralized control, where monetary policies were dictated by the Assad government, contributing to economic instability.

• Stabilizing the Economy:
  Central bank independence is critical for restoring macroeconomic stability, managing inflation, and rebuilding trust in financial institutions.

• Islamic Banking Expansion:

  • With the rise of Syria’s new Islamic rulers, the focus on sharia-compliant banking could bolster financial inclusion and attract untapped segments of the population.

  • This aligns with trends in other predominantly Muslim nations that have successfully integrated Islamic banking into their economies.

• Challenges Ahead:

  • Political Uncertainty: The amendments require approval from Syria’s new governing authority, whose decision-making processes remain unclear.

  • Economic Recovery: Years of conflict and limited access to domestic and international financing have left Syria’s economy fragile, requiring bold reforms to attract investment.

🔜 What’s next?

• Draft Legislation: The proposed amendments to enhance the central bank’s independence will need to navigate the political landscape under the new governing authority.

• Islamic Banking Initiatives: Expect announcements on new Islamic banking products and potential partnerships with local and regional financial institutions.

• International Engagement: Sabreen’s leadership may signal a broader effort to align Syria’s financial sector with international standards, potentially inviting regional and global investment.

🔍In other news…

1. UAE Makes Space History with MBZ-Sat Launch.

2. Here’s LinkedIn’s list of UAE’s Top 5 Fastest-Growing Jobs in 2025.

3. Saudi Prince Al-Waleed bin Talal has announced that his Kingdom Holding Company will reopen the Four Seasons Hotel in Beirut in early 2026.

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Here’s to a productive week ahead! 💪

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