Happy Wednesday everyone!

Global demand for data-centre power is set to rise by more than 500% by 2040, even as air travel is expected to double and cities absorb 1.5 billion more people, Minister of Industry and Advanced Technology of the UAE, head of the Abu Dhabi National Oil Company, and chairman of Masdar, Dr Sultan Ahmed Al Jaber said at Abu Dhabi Sustainable Week. He noted that over 70% of future energy supply will still come from hydrocarbons, alongside renewables and nuclear power. As artificial intelligence reshapes industries, Dr Sultan Al Jaber argued that economic growth is shifting from industrial capacity to computing power, making energy availability a decisive constraint.

For our main stories: Qatar has joined US-led Pax Silica, Abu Dhabi crown prince will chair UAE capital’s fourth SWF, and former Botim CEO has raised $230 million for a digital-first, AI-native Islamic bank.

Also, we have added a calendar section in our newsletter to help you (and us) plan our upcoming months efficiently. We will keep updating in every two months.

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

Qatar Joins Pax Silica Declaration To Deepen Tech-Driven Economic Security Partnership

What’s it About?

Qatar has formally joined the Pax Silica Declaration, an economic security alliance focused on advanced technologies, supply chain resilience, and strategic cooperation in the AI era, following a signing between senior Qatari and US officials in Doha.

Why it Matters?

The move strengthens Qatar–US economic ties and positions Qatar as a key partner in global efforts linking economic resilience with national security, particularly in semiconductors, artificial intelligence, critical minerals, and digital infrastructure.

What’s Next?

Qatar will engage in deeper collaboration on critical minerals, AI, data centres, and strategic investments, including participation in upcoming ministerial discussions in Washington, as Pax Silica expands its membership and role in shaping the 21st-century global economy.

MWC Doha 2025: A Historic Milestone for the Middle East

The inaugural MWC Doha 2025 made history as the first-ever Mobile World Congress in the Middle East, and it exceeded all expectations. This landmark event brought together almost 9,500 total attendees from 110 countries and territories, with 39% representing sectors adjacent to the mobile ecosystem.

The event featured nearly 300 speakers across keynotes, summits, and programmes, while 250+ exhibitors and sponsors showcased cutting-edge innovations. The 4YFN platform hosted over 100 global and regional start-ups, fostering entrepreneurship and innovation in the region.

High-level participation was remarkable, with 60 delegations attending ministerial programmes representing 49 countries, including 17 ministers and 14 heads of regulatory authorities. Additionally, 11 intergovernmental organisations participated, and over 30 partnerships and announcements were signed.

MWC Doha 2025 has firmly established itself as a pivotal platform for mobile innovation in the Middle East.

Abu Dhabi Crown Prince To Chair L’imad Holding As New Sovereign Platform Takes Shape

What’s it About?

Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan will chair newly launched L’imad Holding Co, with Jassem Al Zaabi appointed managing director and CEO, and a high-profile board drawn from the emirate’s top economic leadership.

Why it Matters?

L’imad emerges as a strategic sovereign investment platform backing major global deals, including Paramount Global’s bid for Warner Bros Discovery, underscoring Abu Dhabi’s expanding influence in global media, technology, and capital markets.

What’s Next?

The platform will build a diversified portfolio spanning infrastructure, real estate, financial services, and advanced technologies, complementing Abu Dhabi’s existing sovereign funds as Gulf investors continue deploying record capital into global growth sectors.

Former Botim CEO Raises $230 Million To Launch AI-Native Islamic Digital Bank Mal

What’s it About?

Abdallah Abu-Sheikh, former CEO of Botim, has raised $230 million in a seed round for Mal, an AI-native Islamic digital bank headquartered in Abu Dhabi. Led by BlueFive Capital, the round is the largest seed raise in MENA history, backing a mobile-first platform set to launch in 2026.

Why it Matters?

Islamic finance is a $7 trillion global industry serving nearly 2 billion people, yet it lacks a global digital banking leader. Mal aims to fill that gap by combining AI-native infrastructure with ethical, Shariah-aligned finance, highlighting growing investor confidence in values-driven fintech emerging from the Middle East.

What’s Next?

Mal will use the funding to accelerate product development, secure regulatory licences across multiple markets, and execute a phased rollout in the Middle East and Asia. The company remains in pre-launch and plans to expand globally with localized offerings once approvals are in place.

🦄 World of Startups

• NVSSoft’s Tarasol Joins Elite Group with Saudi Accreditation Success

• Halo AI Boosts Brand-Creator Collaborations, 118% Spike in Sales After Major Update

• Oman’s eMushrif Secures $7.5M to Expand Smart Transport into Saudi and UAE

• NEOM’s Level Up Backs Five Saudi Startups in Gaming Expansion Push

• Wadi Jeddah and Pure Advance Join Forces to Boost Saudi Innovation Ecosystem

• HSBC and Presight Forge AI Partnership to Revolutionise Banking in UAE

👨‍💻From Smashi Business’ Desk

• Egypt’s $35B Gas Deal with Israel Faces Uncertainty as New Clauses Favor Israeli Supply

• Uber’s Khosrowshahi: Major Companies Will Invest Aggressively in Iran After Regime Change

• Tunisian Filmmaker Zoubeir Jlassi Wins $1M AI Film Award at 1 Billion Followers Summit

• Rio Ferdinand Urges Fearless Reinvention at 1 Billion Followers Summit in Dubai

🔍In other news…

• Trump’s Iran tariff threat raises eyebrows in Turkey and Gulf

• Temu’s UAE growth points to rise in value retail

• UAE and Philippines trade given push with Cepa signing

• Airbus expanded Gulf business in 2025 despite global challenges

• Lebanon charges ex-central bank governor Salameh over alleged $44.8m embezzlement

• JetZero Lands $175 Million Financing to Take On Airbus and Boeing

🗓️ Plan Your Events (Jan-Feb 2026)

UAE

• 11-15 January: Abu Dhabi Sustainability Week, Adnec Center, Abu Dhabi.

• 12-15 January: Dubai International Project Management Forum, Madinat Jumeirah, Dubai.

• 13-15 January: World Future Energy Summit, Adnec Center, Abu Dhabi.

• 21-24 January: Acres Real Estate Exhibition, Expo Center, Sharjah.

• 31 January-February 1: Sharjah Entrepreneurship Festival (Media Partners)

• 3-5 February: The World Governments Summit, Dubai.

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

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

Saudi Arabia

• 28-30 January: Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

• 2-4 February: Saudi Media Forum, Riyadh.

• 2-4 February: Women Leaders Summit and Awards KSA, Riyadh.

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

Qatar

• 1-4 February: Web Summit Qatar, Doha. (Media Partners)

• 2-5 February: 21st International Conference & Exhibition on Liquefied Natural Gas (LNG2026)

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