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- 1001 Raises $30M Series A; Mubadala Capital Bids $1.1B for European Resorts; Saudi Arabia Pays SAR 292.8M to Affected Investors
1001 Raises $30M Series A; Mubadala Capital Bids $1.1B for European Resorts; Saudi Arabia Pays SAR 292.8M to Affected Investors
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Wednesday, June 31, 2026
Happy Wednesday everyone!
Gulf sovereign entities and regional founders are actively restructuring capital across artificial intelligence, European leisure, and financial regulation. Amman-born entrepreneur Bilal Abu-Ghazaleh's AI startup, 1001, secured a $30 million Series A round led by Lux Capital and Sanabil Investments to develop critical infrastructure software for the region. Concurrently, Khaldoon Khalifa Al Mubarak's Mubadala Capital launched a $1.1 billion acquisition bid for Pierre and Vacances Center Parcs as Abu Dhabi expands its global tourism footprint. Meanwhile, Saudi Arabia completed SAR 292.8 million in compensation payouts to more than 20,000 investors following court-ordered enforcement against local stock market trading violations.
Markets
EGX30 | 50,487.96 | 1.33% |
DFMGI | 5,993.35 | Closed |
ADX | 9,804.16 | 0.359% |
Tadawul | 10,799.92 | 0.072% |
Frontier Software Venture 1001 Attracts Major Institutional Backing
What Is It About
Artificial intelligence venture 1001 raised a $30 million Series A funding round led by Lux Capital and the Public Investment Fund’s Sanabil Investments. Founded by former Scale AI executive Bilal Abu-Ghazaleh, the firm builds localized software systems tailored specifically for Gulf logistics hubs, transport nodes, and utility networks. The capital injection arrived eight months after a $9 million initial funding phase and includes backing from prominent Arab technology founders.
Why It Matters
The expansion indicates a deliberate push by Gulf nations to establish localized, sovereign software architectures rather than relying entirely on foreign code bases. Securing defensive data models for utilities and aviation networks protects public infrastructure from international supply vulnerabilities. For global venture capital, it highlights the growing clout of Western-trained Arab engineers returning home to build customized regional enterprises.
What’s Next
Engineering teams will deploy initial pilot software programs across selected regional shipping hubs and transport networks. The company plans to use this capital expansion to double its technical headcount in Amman and Riyadh.
Apple’s Starlink Update Sparks Huge Earning Opportunity
Apple just secretly added Starlink satellite support to iPhones through iOS 18.3.
One of the biggest potential winners? Mode Mobile.
Mode’s EarnPhone already reaches 490M+ users that have earned over $1B, and that’s before global satellite coverage. With SpaceX eliminating "dead zones," Mode's earning technology can now reach billions more in unbanked and rural populations worldwide.
Their global expansion is perfectly timed, and investors like you still have a chance to invest in their pre-IPO offering at $0.52/share.
With their recent 32,481% revenue growth and newly reserved Nasdaq ticker, Mode is one step closer to a potential IPO.
Please read the offering circular and related risks at invest.modemobile.com. This is a paid advertisement for Mode Mobile’s Regulation A+ Offering.
Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.
The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
Mubadala Capital Moves to Acquire European Holiday Parks
What Is It About
Abu Dhabi’s Mubadala Capital submitted a $1.1 billion acquisition offer to purchase Pierre and Vacances Center Parcs. The company operates major holiday villages and leisure destinations across Europe, including prime assets situated near Disneyland Paris. The buyout attempt follows a steady capital expansion for the sovereign fund, which recently reported total assets under management of $385 billion.
Why It Matters
The investment aligns with Abu Dhabi's broader economic blueprint to scale up its presence in international tourism management. Owning established European leisure brands gives the emirate immediate operational expertise as it prepares to open the Middle East's first Disneyland destination via developer Miral. It shifts the fund's strategy from passive asset ownership toward active management of global consumer hospitality networks.
What’s Next
European antitrust boards will review the acquisition proposal over the coming weeks to clear potential market concentration concerns. If approved, the fund will begin integrating its global hospitality management teams to oversee the resort portfolio.
Saudi Arabia Reimburses Market Traders Following Securities Enforcement
What Is It About
The Capital Market Authority has returned SAR 292.8 million to more than 20,000 retail investors affected by domestic trading violations. The direct bank deposits fulfill a December 2023 court conviction against individuals found guilty of illegal market manipulation. The illicit actions specifically targeted equity shares of Al Kathiri Holding Company and Anaam International Holding Company.
Why It Matters
Fulfilling these large-scale compensation payouts is critical for sustaining retail investor trust in the Saudi stock exchange. As Riyadh seeks to draw more international and local institutional funds to the Tadawul, maintaining transparent regulatory oversight remains a top priority. Demonstrating that state funds can successfully claw back illegal trading profits reassures smaller market participants that public portfolios are legally protected.
What’s Next
Regulators will expand automated monitoring systems to detect unusual volume spikes across mid-cap equity listings. Legal divisions are working to settle remaining secondary claims tied to older market enforcement cases.
Smashi Business Exclusive: Al Haboob Racing Founders On Turning Camel Racing Into A Global Franchise Model
Ahmed Al Haboob and Safwan Modir, founders of Al Haboob Racing, spoke on Smashi Business about building the world’s first professional camel racing team in Saudi Arabia. They explained how they are transforming a traditional, individual sport into a structured, franchise-style model inspired by Formula 1, with teams, sponsorships and long-term commercial value.
The founders discussed leaving corporate careers during the pandemic to pursue entrepreneurship in a “virgin” sports market, despite high operational risks tied to livestock performance. They also highlighted media ventures like their Netflix series Camel Quest, partnerships including Paul Pogba, and their vision to modernize the sport using data and technology.
👨💻From Smashi Business’ Desk
Dreamers: Meet Qatar’s Nasser Al-Khelaïfi, President and CEO of French Giants Paris Saint-Germain.
Oil prices erased most of their early gains after the US and Iran agreed to pause attacks and resume talks over the Strait of Hormuz.
Tabby has apologised after mistakenly telling UAE customers they had won an Emirates flight voucher before later admitting the email "was sent in error."
Ben & Jerry Israel has launched what it calls its “most Israeli flavor ever.”
🔍In other news…
UAE in talks to join trans-Pacific trade bloc
US nuclear firm aims to get UAE plans back on track
Mecca developer to sell 400 apartments after rules eased
Sovereign wealth funds are accelerating a shift toward private markets and infrastructure, with investors in the Middle East leading the rotation, according to research from Invesco.
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🦄 World of Startups
Rentify Raises USD 2 Million Seed Round to Launch Earn AI
CNTXT AI Closes $60M Series A to Deploy Sovereign AI Globally
Blnk Raises $37 Million to Expand Consumer Finance Services in Egypt
Saudi-based Pickappo Closes SAR 2 Million Pre-Seed Funding Round
Three Dubai entrepreneurs have raised AED 10 million for DRBY, a startup seeking to modernise education payments across the UAE through a unified digital platform.
Dubai-based Algebra AI nets $7 million funding to serve mid-market
Moroccan Proptech Startup Agenz Raises $5M to Build Property Data Infrastructure and Transaction Tools Tailored for Local Market
Calo, Bahrain-based meal subscription platform, expanded operations and full suite of services to Oman
