Happy Saturday everyone!

The Gulf’s business landscape is buzzing with major developments this week. Wizz Air is cutting 250 jobs and relocating 200 employees as it winds down its Abu Dhabi operations amid ongoing engine issues. In Dubai, Dubizzle is gearing up for a potential $2 billion IPO, tapping into the city’s red-hot property market. Meanwhile, in Saudi Arabia, the Diriyah Company has awarded a $244 million contract to build the Grand Mosque — a key part of its Vision 2030 giga-project.

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Markets

Wizz Air To Relocate 200 Staff, Cut 250 Jobs In Abu Dhabi Exit Amid Engine Woes

🔹 What Is It About

Wizz Air Holdings Plc plans to relocate nearly half of the 450 employees impacted by its Abu Dhabi exit to bases in Hungary, Poland and Romania. Around 150 to 200 staff — including pilots, cabin crew and office workers — will be retained, while others are being supported to secure roles with local UAE carriers after visa restrictions limited transfers.

🔹 Why It Matters

The budget airline suspended Abu Dhabi operations to reduce costs amid engine maintenance issues, regulatory hurdles and geopolitical challenges. The move highlights how carriers are reshaping strategies to adapt to operational and financial pressures, especially in volatile regions.

🔹 What’s Next

Wizz Air is doubling down on its core markets in central and eastern Europe, opening a new base in Bratislava, Slovakia. The company expects the grounding of Airbus jets due to Pratt & Whitney engine problems to end by 2027, stabilizing its operations.

Expand North Star Kicks Off on Sunday October 12 in Dubai

Dubai is gearing up to host Expand North Star 2025, the world’s largest startup and investor event, kicking off on Sunday, October 12 at Dubai Harbour. Organized by the Dubai World Trade Centre, the four-day gathering will bring together 1,800 startups from 100+ countries, alongside global investors, tech leaders, and innovators shaping the future of business. From AI and fintech to sustainability and mobility, Expand North Star will spotlight cutting-edge solutions and new funding opportunities — reinforcing Dubai’s position as a global innovation and entrepreneurship hub. Stay tuned for key insights, deals, and announcements from the event floor.

Saudi Arabia Awards $244 Million Contract For Grand Mosque In Diriyah Development

🔹 What Is It About

Saudi Arabia’s Diriyah Company has awarded a SAR917 million ($244 million) contract to a joint venture between AlMajal AlArabi Group and Man Enterprise AlSaudia to build the Grand Mosque as part of Diriyah’s second development phase. Designed by X Architects, the mosque will span 12,320 square meters and accommodate 11,400 worshippers, serving as a spiritual and cultural centerpiece of the project.

🔹 Why It Matters

The Grand Mosque is a key feature of the $20 billion Diriyah giga-project, backed by the Public Investment Fund. Diriyah aims to become a major cultural and tourism hub, housing 100,000 residents, creating 178,000 jobs, and attracting 50 million visitors annually. Integrating smart city infrastructure, the mosque reflects Saudi Arabia’s Vision 2030 strategy to blend heritage with modern development.

🔹 What’s Next

Once completed, the mosque will host cultural events, markets, and religious activities, enhancing community engagement. It is one of 31 mosques planned across Diriyah, totaling 74,300 square meters of religious space. The development is expected to boost tourism, economic growth, and Saudi Arabia’s positioning as a global heritage and cultural destination.

Dubizzle Targets $2 Billion Valuation In Planned Dubai IPO Amid Property Boom: Bloomberg

🔹 What Is It About

Dubai-based Dubizzle Ltd., operator of popular classifieds platforms across the Middle East and Asia, is set to begin gauging investor interest next week for an IPO that could value the company at around $2 billion, Bloomberg revealed. The firm plans to kick off roadshows as early as Monday, working with Emirates NBD, Goldman Sachs, HSBC, and Morgan Stanley, with Rothschild as financial advisor. Dubizzle employs 2,400 people across 10 countries.

🔹 Why It Matters

The listing would mark one of the most high-profile tech and property-related IPOs in Dubai, tapping into the emirate’s booming real estate sector. Property prices have surged 70% since the pandemic, attracting a wave of investors and firms eager to ride the market’s momentum. Dubizzle, backed by Prosus NV and Affinity Partners, has been preparing for this move since 2023.

🔹 What’s Next

Dubizzle’s IPO adds to a growing pipeline of listings, following recent offerings from Alec Holdings and Dubai’s real estate investment vehicles. With several property-linked firms also eyeing the market, the IPO wave could further deepen Dubai’s capital markets and position the city as a regional hub for tech and real estate investment.

👨‍💻From Smashi Business’ Desk

• Uptown Dubai has officially sold out, DMCC Chairman announced.

• Saudi Arabia’s SSC Channels Go Off Air After Losing Football Rights to Thmanyah.

• Dubai-based Huda Beauty founder Huda Kattan condemned Israeli forces after reports of Greta Thunberg’s mistreatment in detention, calling them “sick people” in a strongly worded Instagram post.

• Vercel CEO Guillermo Rauch is facing backlash after posting a photo on X showing him meeting Israeli PM Benjamin Netanyahu, wanted for war crimes by the UN-backed ICC.

🔍In other news…

• PIF hires advisers for tech subsidiary IPO

• Oman announces $1.8bn housing project for citizens

• Dubai freezone companies get permit to bid for state tenders

• Aramco raises Petro Rabigh stake to 60% in $702m deal with Sumitomo

• Ray Dalio backs NYU Abu Dhabi's global index ranking top financial centres

• DP World breaks ground on futuristic global HQ at Expo City Dubai

🏦 Crypto Corner

• Crypto data reveals UAE has mined bitcoins worth $700m

• Michael Saylor — Executive Chairman of MicroStrategy and one of Bitcoin’s most vocal corporate advocates — will make his first-ever appearance in the UAE at Bitcoin MENA in Abu Dhabi.

• Hut 8, part of a American BTC which is partially owned by Donald Trump Jr. and Eric Trump, Gets Approval to Operate in Dubai Financial Hub.

• Abu Dhabi Judicial Department now accept AE Coin.

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