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ADNOC vs Reuters, Khaldoon’s Hollywood Ties & Israel Eyes Venezuela
AI, tech, startup and business stories from the Arab world. For the driven, the dreamers and the doers
Sunday, November 15, 2026
Happy Sunday everyone!
ADNOC has accused Reuters of publishing inaccurate information about its second crude oil pipeline, despite warning the news agency before publication. Meanwhile, Hollywood superagent and TKO CEO Ari Emanuel has revealed how his relationship with Mubadala CEO Khaldoon Al Mubarak helped secure a $100 million investment and bring UFC Fight Island to Abu Dhabi. Elsewhere, Israeli energy firm NewMed Energy is reportedly negotiating a 60% stake in a Venezuelan oil company, as changing political relations reshape investment opportunities in the country's energy sector.
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ADNOC Accuses Reuters of Publishing Inaccurate Pipeline Report Despite Warning
🔹 What Is It About
Abu Dhabi National Oil Company (ADNOC) has accused Reuters of publishing inaccurate information about the expected completion of its second crude oil pipeline on November 13, 2026. ADNOC said the report relied on a single external source unfamiliar with its operations, despite the company warning Reuters that the information was incorrect. According to ADNOC, Reuters notified the company at 8:00 a.m. and published the report just 22 minutes later, taking more than two hours to update the story with its response.
🔹 Why It Matters
The dispute raises concerns about journalistic accuracy and source verification during heightened regional tensions, particularly when reporting on critical energy infrastructure. ADNOC called on media organisations to prioritise accuracy over speed. The disagreement follows a separate incident in July, when Reuters retracted a report concerning alleged explosions in Downtown Dubai after authorities disputed its accuracy.
🔹 What's Next
Attention will turn to whether Reuters provides further clarification and whether ADNOC releases additional details about the pipeline's expected completion. The dispute also places renewed scrutiny on international media coverage of UAE energy infrastructure, where inaccurate reporting can create uncertainty for investors and global energy markets.
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UFC Fight Island Was the Brainchild of Khaldoon Al Mubarak, Ari Emanuel Reveals in New Memoir
When Hollywood superagent Ari Emanuel first met Khaldoon Al Mubarak in Abu Dhabi in January 2009, he had a $100 million request in mind. Emanuel, who founded Endeavor in 1995 and represented some of Hollywood's biggest names, including Oprah Winfrey, Martin Scorsese, Charlize Theron, Mark Wahlberg and Dwayne Johnson, was seeking investment for Raine, a sports, media and entertainment investment firm. In his new memoir Roll the Calls, Emanuel recalls how his first meeting with Al Mubarak, CEO of Mubadala, one of the UAE's largest sovereign wealth funds, lasted more than two hours. Shortly after returning to the United States, he called Al Mubarak to request the investment.
Al Mubarak initially told Emanuel he would consider the proposal. The breakthrough came during a later trip to Barcelona, where the two attended a Manchester City football match. Walking back to their hotel at 3 a.m., Al Mubarak finally told Emanuel, "Listen, you've got your $100 million." The investment helped launch Raine's private equity fund, cementing a relationship that would eventually extend from Hollywood financing into global sports.
More than a decade later, in 2020, Emanuel found himself calling Al Mubarak again, this time with an even more extraordinary request. As COVID-19 brought live sporting events to a standstill, UFC President Dana White was desperate to resume fights. Emanuel recalls White demanding, "Get me an island." Emanuel then turned to Al Mubarak, asking for somewhere UFC fighters could compete safely while international sporting events remained suspended.
Al Mubarak proposed Yas Island in Abu Dhabi, offering its hotels, facilities and infrastructure as the foundation for a controlled sporting environment. Emanuel recalls Al Mubarak building an octagon on the beach, helping bring UFC Fight Island to life. The first events took place in July 2020, allowing UFC to resume international competition and broadcast fights to audiences worldwide despite the pandemic.
The relationship has continued as Emanuel expands beyond UFC and WWE. In 2025, he launched MARI, a sports and entertainment venture backed by approximately $2 billion in equity commitments, including investment from Abu Dhabi's IMI Media Group. Its portfolio includes Frieze, the international art fair business, and the Mubadala Abu Dhabi Open tennis tournament. Nearly two decades after their first meeting, Emanuel's memoir offers a rare glimpse into the relationship between one of Hollywood's most influential dealmakers and one of Abu Dhabi's most powerful investment executives.
Israeli Energy Firm NewMed Eyes 60% Stake in Venezuelan Oil Company
🔹 What Is It About
Israeli energy company NewMed Energy is in talks to acquire a 60% stake in an unnamed Venezuelan oil company, Reuters reported on November 12, citing regulatory filings. The potential acquisition would mark NewMed Energy's first expansion into South America, although neither the target company nor the transaction value has been disclosed. Shares rose more than 3.6% following the report.
🔹 Why It Matters
The negotiations come amid a significant geopolitical shift following the US capture of Venezuelan President Nicolás Maduro earlier this year and the appointment of Delcy Rodríguez as interim president. In August, Venezuela and Israel resumed consular services after 17 years, following the severing of diplomatic relations under former President Hugo Chávez in 2009. For NewMed Energy, the deal could provide access to Venezuela's vast oil reserves, diversifying its operations beyond the Eastern Mediterranean.
🔹 What's Next
Investors will be watching for confirmation of the acquisition target, transaction value and regulatory approvals, particularly given Venezuela's complex political and sanctions environment. The negotiations also come as US President Donald Trump signals ambitions to expand American involvement in Venezuela's oil industry. Any agreement could offer an early indication of whether Venezuela's changing political landscape will translate into renewed foreign energy investment.
👨💻From Smashi Business’ Desk
Qatar Investment Authority (QIA) CEO Mohammed Saif Al-Sowaidi has publicly addressed the sovereign wealth fund’s participation in the $110 billion Skydance-Paramount-Warner Bros. Discovery deal for the first time.
Egyptian-American creator Kareem, the man behind viral interview series @subwaytakes, has been named one of just 25 winners of the 2026 Instagram Rings Awards.
A $12 chicken sandwich has sparked a debate over wealth and inequality in Lebanon.
An Islamic brokerage founder says Anthropic wouldn’t make the cut on his app.
An Emirati AI company has outperformed Microsoft, ElevenLabs, Google and OpenAI in Arabic speech recognition accuracy.
🔍In other news…
Karen Wazen Collection Just Expanded to Egypt With Two New Stores
Saudi's PIF, Silver Lake have held recent talks to buy gaming software provider Unity, sources say
U.S. Offers $20 Million Reward for Iran Nuclear Secrets
GCC rejects US claim Hormuz could become ‘worthless’
Aramco's Q3 profit rises by a third despite attacks
Saudi Arabia Pushes Ahead With IPO Rule Changes Despite Banker Warnings
Dubai's Emaar plans offer to buy out construction arm in $3.4 billion deal
US President Donald Trump says Washington will stop giving Israel $4 billion annually after this year
UN shipping chief criticises huge payouts for crews risking Hormuz
🦄 World of Startups
NoorNation: Egypt-based cleantech startup NoorNation raised $1.05 million in seed funding from Linah Farms, Catalyst Fund and KBW Ventures to expand its solar-powered irrigation and desalination solutions.
Silkhaus: UAE-based short-term rental startup Silkhaus is winding down its holiday-home business in the country, with owner agreements set to end on November 11, 2026.
MNT-Halan: Egyptian fintech MNT-Halan received a $71.2 million capital injection from its parent company, MNT Investments BV, increasing the parent’s stake to 80.47% shortly after the fintech’s $139.5 million IPO.
Alpha Dhabi: UAE-based Alpha Dhabi Holding committed $1 billion to Alpha Wave III, a global investment fund managed by Alpha Wave Global that focuses on high-growth companies, with AI at its core.
Mubadala Capital: UAE-based Mubadala Capital secured a minority equity investment from US asset manager Apollo Global Management, which manages $1.05 trillion in assets, with the investment value undisclosed.
