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Saudi Arabia's Vision 2030 pullback is creating global casualties. BIG architects protested in London this week as half their workforce faces redundancy after a Red Sea project cancellation. Meanwhile, Syria is moving forward, signing its first offshore oil exploration deal with Chevron and Qatar as the post-Assad government seeks economic revival. And in Dubai, Emirates president Sir Tim Clark revealed to AGBI the hospitality empire that never was, his dream of branded hotels and cruise ships worldwide, vetoed in favor of focusing on aviation.

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Saudi Project Cutbacks Trigger Global Job Losses As Vision 2030 Scales Back

What Is It About?

Bjarke Ingels Group employees protested in London this week against planned redundancies affecting half the office workforce, Semafor reported. The layoffs follow cancellation of BIG's largest project — a Red Sea resort in Saudi Arabia — in November. The firm previously worked on Neom and Qiddiya projects.

Why It Matters?

Saudi Arabia's Vision 2030 created a global boom for architects and consultants pursuing trillion-dollar projects. As the kingdom reins in ambitions, international firms that expanded to capitalize on Saudi work now face workforce cuts. The ripple effect demonstrates Vision 2030's global economic impact beyond the region.

What’s Next?

More international firms with Saudi project exposure may announce similar cutbacks as the kingdom prioritizes fewer, more strategic developments. Architecture and consulting sectors face restructuring after years of Saudi-driven expansion. The protests signal growing worker pushback against job losses from scaled-back megaprojects.

Step Dubai 2026 Appoints Augustus Media as Official Media Partner

Step Dubai 2026 has named Augustus Media as its official media partner, with Lovin Dubai, Smashi Business and Odeum Studio leading coverage of the Middle East’s flagship tech and startup festival.

The two-day event will take place on 11–12 February 2026 at Dubai Internet City, bringing together thousands of founders, investors, operators and decision-makers from across the GCC and global markets.

Now in its 14th year, Step Dubai runs under the theme “Intelligence Everywhere: The AI Economy.” Founder Ray Dargham, who launched Step in 2012, said artificial intelligence is “no longer a vertical or a niche, but the economic infrastructure of the future.” Held in partnership with Dubai Internet City, the event aligns with the UAE’s National Strategy for Artificial Intelligence 2031, reinforcing the country’s ambition to become a global hub for AI innovation, talent and adoption.

Tim Clark: I Dreamed Of Emirates Hotels And Cruise Ships Across The Globe

What Is It About?

Emirates president Sir Tim Clark revealed he envisioned a global hospitality empire including branded hotels in every major city and cruise ships. The 23-year veteran told AGBI at Wednesday's World Governments Summit the concept would have created a premium travel network matching Ritz-Carlton standards, funneling passengers from planes to properties.

Why It Matters?

Clark's unrealized vision highlights Emirates' untapped diversification potential beyond aviation. While he shaped one of the world's largest long-haul carriers, the chairman prioritized core airline operations over expansion. Emirates Group currently owns only Al Maha desert resort and recently partnered with Marriott on Australia's Emirates Wolgan Valley Ritz-Carlton property.

What’s Next?

Clark, acknowledging he's "a bit past it now," believes future Emirates leadership should revisit the hospitality strategy. The airline already operates a symbiotic relationship model through its hub. Expanding into hotels and cruises could create vertical integration across the premium travel experience Clark long envisioned for the Dubai-based carrier.

ADNOC Distribution CFO Ali Siddiqui on Record Results, EV Expansion and the Retail Transformation

ADNOC Distribution has closed what Chief Financial Officer Ali Siddiqi described as a “spectacular year,” posting record EBITDA of $1.17 billion and net profit growth of more than 15% year-on-year. Speaking on the Smashi Business Show, Siddiqi attributed the breakout performance to a long-term, growth-focused strategy rather than short-term gains.

At the heart of that approach, he said, is driving more customers onto forecourts and into stores, backed by the right assets, locations and operational excellence. Fuel volumes rose 4.5%, but non-fuel retail profits expanded more than three times faster — a signal of ADNOC Distribution’s gradual shift toward becoming what Siddiqi called a “mobility and convenience retailer of choice.”

That transformation is being powered by expanding income streams across convenience stores, car washes, property and food and beverage. A fast-growing loyalty programme — now with 2.6 million members after rising 16% — provides valuable data to tailor offers, boost in-store visits and cross-sell services such as coffee and car care. Coffee alone, Siddiqi2 noted, has become one of the UAE’s leading retail offerings in its category.

Capital discipline underpins the expansion. The company posted a return on capital employed of 32.7%, while new investments are generally required to clear a minimum internal rate of return of 15%. ADNOC Distribution plans to reinvest $250–300 million annually, with roughly 70% earmarked for growth projects that generate incremental cash flows within a year.

Internationally, the group continues to scan for earnings- and dividend-accretive opportunities. Egypt and Saudi Arabia remain central pillars, alongside interest in African markets. Siddiqi highlighted capital-light models — such as dealer-owned, company-operated stations in Saudi Arabia — as a way to scale while protecting returns. Lubricants, sold in more than 52 countries under the Voyager brand, also remain a high-margin growth engine thanks to a low-capital blending and distribution model.

Electric vehicles are another key pillar. ADNOC Distribution has rolled out 402 EV chargers across the UAE after an 83% year-on-year expansion and is targeting up to 750 by 2028. From a financial standpoint, Siddiqi said EV margins already rival — and in some cases exceed — those of traditional fuels, with profitability set to rise as utilisation increases.

Artificial intelligence is increasingly shaping operations as well. AI tools are being used to optimise store assortments, personalise loyalty offers across hundreds of millions of transactions, manage inventory and staffing levels, and even support employee development — all aimed at lifting margins and lowering costs.

Despite volatile energy markets and geopolitical uncertainty, Siddiqi stressed that balance-sheet strength remains a core defensive asset, with net debt at just 0.7 times EBITDA. This financial resilience supports both ADNOC Distribution’s growth ambitions and its generous shareholder return policy, including proposed $700 million dividends for 2025 and a move to quarterly payouts.

Looking ahead to 2030, Siddiqi outlined a clear ambition: expand non-fuel retail, scale EV charging, grow internationally and cement ADNOC Distribution’s position as a destination of choice for both energy — hydrocarbons and electrons alike — and everyday convenience.

🦄 World of Startups

• Mersal Media Capital secures $1.3 million in first funding round

• Dubai-based Antoine Kanaan’s Haqq AI, a legal-tech platform, raised $3M.

• Notion Expands into Middle East with Launch of Arabic Support

• Wio Bank Partners with Pine Labs to Revolutionise UAE Payment Processing

• Vennre Secures $9.6M to Democratise Wealth-Building in Saudi Arabia

• Jeel and Ripple Join Forces to Revolutionise Saudi Payments with Blockchain

👨‍💻From Smashi Business’ Desk

• KHC, OIA, QIA and MGX-backed SpaceX and xAI merge.

• Beauty mogul Mona Kattan is using her platform for good, calling on millions of followers to help support Iran.

• Emmy-winning Palestinian journalist Bisan Owda says TikTok has permanently banned her account.

• Dubai-born Noon smartly turns the viral penguin into a delivery hero⁠

🔍In other news…

• Ahmed bin Sulayem: ‘If Dubai is singled out, I’ll call hypocrisy’

• Saudia weighs Boeing and Airbus options for new order

• LuLu chairman MA Yusuffali reappointed to Abu Dhabi Chamber board

• DIFC adds record number of companies in 2025 amid 'staggering' growth

• Dubai regulator fines asset manager $504,000 over market abuse controls

🗓️ Plan Your Events (Jan-Feb 2026)

UAE

• 9-12 February: World Health Expo (WHX), Dubai.

• 11-12 February: STEP Dubai Conference, Dubai Internet City. (Media Partners)

Saudi Arabia

• 8-12 February: World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.

Egypt

• 5-7 February: RiseUp Summit, Cairo. (Media Partners)

• 11-12 February: Ai Everything Egypt (Organized by GITEX Global), Cairo. (Media Partners)

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