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'Davos in the Desert' Concludes & IOC and Saudi Part Ways on Esports Event
Friday, October 31, 2025
Happy Friday everyone!
Day 3 of the Future Investment Initiative in Riyadh focused on rebuilding economies and reshaping investment strategies. Syria took center stage as President Ahmad Al Shara invited global investors to help rebuild the country, drawing early interest from hotel giants like Hilton and Rotana. Saudi Arabia’s Public Investment Fund outlined a more focused growth strategy, expanding into new asset classes while revising priorities for Neom and other giga-projects. Meanwhile, regulators signaled plans to ease foreign ownership limits—marking another step in opening Saudi markets to the world.
Also, IOC and Saudi Arabia have ended their Esports Games partnership.
But before that: For quick daily updates, follow us on Instagram, and you can watch our Smashi Business Show live every weekday from 10AM onwards (UAE time). Also, you can join our Whatsapp channel to receive updates from the business world.
Markets
EGX 30 | 38,229.53 | Closed |
DFMGI | 6,105.02 | 0.259% |
ADX | 10,211.50 | 0.485% |
Tadawul | 11,752.08 | Closed |
FII9 Day 3: Syria Reopens To Investors As Saudi Arabia Refines Its Economic Playbook
Syria Opens Doors To Global Investors
The third day of the Future Investment Initiative spotlighted Syria’s economic re-entry as President Ahmad Al Shara invited international companies to join the country’s rebuilding push. Global hotel brands including Hilton, Accor and Rotana told The National they are in early talks to develop projects as Syria restores stability, reopens air routes, and attracts foreign capital. Executives see opportunity in hospitality, tourism, and infrastructure — though risks around security, regulation, and financing remain.
PIF Broadens Asset Strategy
Saudi Arabia’s Public Investment Fund revealed it paid over SAR750 million ($200 million) in fees to asset managers last year and invested around SAR3 billion in boutique funds. The move reflects its strategy to diversify across asset classes and regions while strengthening the local financial ecosystem. Deputy governor Yazeed Alhumied said initiatives such as the “Manager’s Gate” platform are attracting global managers to the kingdom, part of efforts to build Riyadh into a major financial center.
New Direction For Neom And Giga-Projects
PIF governor Yasir Al Rumayyan Neom said the fund is finalizing a revised investment strategy for the Neom giga-project, refocusing priorities across six core sectors including tourism, clean energy, and logistics. He emphasized more selective capital deployment and a greater role for private investors, signaling a shift from state-driven growth to a more sustainable, partnership-led model. The strategy aims to balance ambition with fiscal discipline amid lower oil prices.
Saudi Markets To Open Wider To Foreign Investors
The Capital Market Authority announced plans to relax foreign ownership limits on Saudi stocks. The first step will remove restrictions preventing all foreign investors from trading directly, followed by a review of the 49% cap. The reform aligns with the kingdom’s efforts to deepen capital markets, attract global investors, and boost liquidity — strengthening Riyadh’s position as a growing regional financial hub.
Binance Blockchain Week 2025 to Return to Dubai with Star-Studded Web3 Lineup
Binance, is set to host its flagship event, Binance Blockchain Week, at the Coca-Cola Arena in Dubai on December 3rd and 4th.
The 2025 edition will unite leading voices from the global Web3 and blockchain ecosystem, celebrating milestones and exploring the next phase of the industry’s evolution. The conference promises an impressive lineup of keynote speakers, covering exchanges, smart contracts, education, investment, and regulation, reflecting Binance’s growing global influence.
Confirmed speakers include Michael Saylor, Executive Chairman of Strategy, making his first UAE crypto appearance; Brad Garlinghouse, CEO of Ripple; Lily Liu, President of the Solana Foundation; Raoul Pal, Co-Founder and CEO of Real Vision; and CZ, Founder of Giggle Academy, BNB Chain, and Co-Founder of Binance and many more. In addition to the esteemed lineup, Binance Blockchain Week will also feature key leaders from Binance, including Yi He, Co-Founder; Richard Teng, Chief Executive Officer; Rachel Conlan, Chief Marketing Officer; and Catherine Chen, Head of Binance VIP & Institutional.”
Binance Blockchain Week represents the pinnacle of the brand’s 1,500 global events, bringing together opinion leaders, builders, regulators, and community members to shape the future of Web3. Returning to Dubai for a second year, the city continues to establish itself as a global hub for blockchain innovation, supported by a progressive regulatory landscape and thriving tech ecosystem.
IOC And Saudi Arabia End Esports Games Partnership
What It’s About?
The International Olympic Committee (IOC) and Saudi Arabia have ended their partnership to co-host the Olympic Esports Games. The decision, described as mutual, dissolves a 12-year deal announced in 2024 that aimed to bring the first-ever Olympic Esports Games to the kingdom. Both parties will now pursue separate strategies in the fast-growing esports arena.
Why It Matters?
The move marks a rare setback for Saudi Arabia’s ambitions to become a global esports powerhouse. Backed by the Public Investment Fund, the kingdom has poured billions into gaming ventures, including acquisitions of ESL, FaceIt, and RTS. The IOC’s withdrawal underscores differing visions for esports’ place within the Olympic movement and the broader sports landscape.
What’s Next?
The IOC says it remains committed to developing a “new approach” for the Olympic Esports Games, though details remain scarce. Saudi Arabia, meanwhile, is expected to continue expanding its esports footprint through major tournaments and investments, building on successes like the Esports World Cup and its broader push to diversify its economy beyond oil.
🦄 World of Startups
Egyptian-Saudi AI solutions startup Velents closed a $1.5M funding round and launched the first fully integrated Arabic-speaking AI employee, Agent.sa.
Pakistani co-working startup COLABS to expand into Kingdom with flagship site in Riyadh.
UnifyApps Raises $50 million to scale enterprise AI Platform and expand Gulf presence.
1001 AI, a deep-tech startup dual-headquartered in London and Dubai and founded by Bilal Abu-Ghazaleh, has raised $9 million in a seed funding round with participation from Amjad Masad (Replit), Amira Sajwani (DAMAC), Khalid Bin Bader Al Saud (Saudi RA’ED Ventures), and Hisham Al-Falih (Lean Technologies).
The Canadian regulatory authorities granted Whish Money, Lebanon-based remittances and mobile wallet platform, financial services licenses to operate in Canada.
👨💻From Smashi Business’ Desk
Saudi delivery app Shgardi has shut down after five years in operation — a sign of how fierce the Kingdom’s delivery wars have become.
UAE Tycoon Al Habtoor Slams Israeli Minister Over Remark That Saudis Should ‘Keep Riding Camels in the Desert’
Pavel Durov’s tweet on the Louvre heist takes an unexpected turn, blending humor with sharp criticism of French security.
UAE’s Hadban Twins Among First 25 Creators Honoured With Instagram Rings in New York.
🔍In other news…
Gulf central banks match US Fed rate cut
Binghatti revenue and profit grow with property demand
Emirati bank launches tech fund to monetise gamers
“China-Saudi relations entering new phase driven by tech, innovation”
MENA likely to produce 30 more unicorns by 2030
IHC exits Modon stake to free capital for priority sectors
Saudi authority launches AI model to predict drug shortages
Emaar bets on India but remains cautious on China
UAE real estate market to remain stable as experts predict ‘good time’ ahead
