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- Saudi Takes Binladin Group; Podeo's 700% Growth; Syria's New Currency
Saudi Takes Binladin Group; Podeo's 700% Growth; Syria's New Currency
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Wednesday, December 31, 2025
Happy Wednesday everyone and also the last day of an eventful 2025!
Saudi Arabia now controls 86 percent of Binladin Group after converting debt to equity, marking a dramatic government takeover of the construction giant that's carried an estimated $15 billion burden since 2015. Meanwhile, Podeo founder Stefano Fallaha says he grew revenue 700 percent while spending half the year traveling between cities, arguing distance forced his team to operate independently and expanded his network across markets. And Syria unveiled new banknotes that remove two zeros and replace Assad family portraits with agricultural symbols, attempting to restore confidence in a pound that's collapsed from 50 per dollar to 11,000 since 2011.
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Saudi Government Takes Majority Control Of Binladin Group Through Debt Restructuring
What’s it About?
Saudi Arabia's finance ministry has increased its stake in Binladin Group to 86 percent from 36 percent following shareholder approval of a debt conversion deal at an extraordinary general meeting Sunday, Asharq News reported. The state-backed Al Istedamah Holding now controls the construction conglomerate, which has been privately owned by the Bin Ladin family since the 1930s.
Why it Matters?
The government intervention aims to stabilize a company carrying an estimated $15 billion in debt while protecting thousands of jobs and preventing potential banking sector disruptions. Binladin Group has constructed major infrastructure projects and holy sites in Mecca and Medina, making its financial health critical to Saudi Arabia's development ambitions. The company's troubles began after a 2015 crane collapse during Hajj killed 118 people.
What’s Next?
The restructuring is expected to strengthen Binladin International's finances and support expansion plans. The finance ministry launched a support program in mid-2024, providing loans to help repay bank debt. US investment bank Houlihan Lokey continues advising on the restructuring process as the government works to restore the company's operational capacity and market position.
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Revenue Grew 700% Says Podeo Founder Who Spent Half The Year Traveling
What’s it About?
Podeo founder Stefano Fallaha grew his company's revenue 700 percent while spending half the year traveling between cities rather than building from a single headquarters. Fallaha attributes the growth to forcing his team to operate independently across time zones, which eliminated micromanagement and exposed organizational gaps. He advocates for "perspective calibration" through constant movement, saying "distance equals clarity" and that staying in one place shrinks leadership perspective.
Why it Matters?
Fallaha's approach challenges conventional startup wisdom about founders needing constant physical presence. "You can't micromanage across time zones. People either step up or expose the gaps," he said. The strategy forced systematic thinking over personal involvement. "If everything needs you, you built dependency. Build principles that work without you," Fallaha explained. He describes hitting bottlenecks with two responses: "Delegate it or document it." The mobility also expanded business opportunities, as "one city caps your surface area for opportunity" while "moving between markets plugs you into different power nodes."
What’s Next?
Fallaha positions travel as a "growth lever" rather than disruption, arguing that "some environments accelerate momentum while others sharpen judgment." His framework emphasizes building systems that function without founder oversight: "Instead of hovering, help. Instead of limiting, empower. Instead of zooming in, systemize." The approach represents a shift from local execution to global operations, with Fallaha noting that constant movement "doesn't just broaden your mind—it rewires how you lead."
Syria Unveils New Banknotes, Drops Zeros And Portraits In Bid To Restore Trust In Pound
What’s it About?
Syria has introduced redesigned banknotes that remove two zeros from denominations and replace portraits of Assad family members with agricultural symbols like wheat, olives, and roses. President Ahmad al-Sharaa and First Lady Latifa al-Droubi launched the new currency Monday at Damascus's Conference Palace. The notes will circulate from January 1, 2026, alongside old currency for 90 days, converting every 100 old pounds into one new pound.
Why it Matters?
The reform addresses severe inflation that devastated the Syrian pound, which collapsed from 50 per dollar before 2011 to around 11,000 today. The change simplifies daily transactions and symbolically marks Syria's transition after Bashar al-Assad's December 2024 ouster ended six decades of Baath Party rule. Central Bank Governor Abdul Qader Husariya called it a "pivotal milestone" within a broader strategy emphasizing monetary stability, banking sector strengthening, and international financial integration.
What’s Next?
The transitional administration under President Sharaa aims to rebuild economic confidence through increased production, reduced unemployment, and banking sector reinforcement rather than artificial currency manipulation. Officials urged citizens to avoid panic exchanges, warning speculation could harm rates. The government is focusing on institutional rebuilding and re-establishing regional and international partnerships. Currency exchanges will be commission-free, with new security features designed to prevent counterfeiting.
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