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- Al Khayyat Returns to Syria; Kalshi IPO; Al Futtaim Corruption Probe
Al Khayyat Returns to Syria; Kalshi IPO; Al Futtaim Corruption Probe
Sunday, June 28, 2026
Happy Sunday everyone!
As we move deeper into the summer, it turns out billionaires are not just planning vacations, they are planning returns to their homelands.
A Qatari Syrian business empire revealed it had spent years preparing for Syria's reconstruction before Assad fell. A Lebanese founded prediction startup quietly handed Donald Trump Jr. free equity that could be worth millions if it eventually goes public. Meanwhile, one of the UAE's largest conglomerates is reshaping a Saudi retail giant following a sweeping corruption probe.
Markets
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Al Futtaim Reshapes Saudi Retail Giant Following Corruption Probe
🔹 What Is It About
Dubai based Al Futtaim has replaced the leadership of AFG International, one of Saudi Arabia's largest retail franchise operators, after regulators referred 17 current and former executives to prosecutors over suspected corruption. The UAE conglomerate appointed Sameer Jain as CEO after completing its SAR 2.52 billion ($670 million) acquisition of a 49.95% stake last year. Al Futtaim told Semafor the alleged offences predated its investment and said it is fully supporting the Saudi investigation.
🔹 Why It Matters
The case places one of the region's biggest retailers under intense scrutiny. AFG International, formerly Cenomi Retail, operates global brands including Zara, Massimo Dutti, Bershka, Pull and Bear, Stradivarius, Oysho and Zara Home. For Al Futtaim, which manages more than 200 international brands including Toyota, Lexus and IKEA, the leadership overhaul is an opportunity to strengthen governance and restore investor confidence.
🔹 What’s Next
Attention now turns to the Saudi investigation and whether additional regulatory action follows. Investors will also watch how quickly Al Futtaim's new leadership can stabilise the business, improve governance and execute a turnaround while protecting relationships with some of the world's biggest consumer brands.
Qatari Syrian Billionaire Unveils Long Planned Return to Syria
🔹 What Is It About
Power International Holding spent years preparing for its return to Syria before the fall of Bashar al Assad, Chairman Ramez Al Khayyat told Semafor. The company, run by Ramez and his brother Moutaz Al Khayyat, is now executing that strategy by building a new terminal at Damascus Airport and providing $250 million to help Syrian Airlines acquire up to 10 Airbus A320 aircraft.
🔹 Why It Matters
The investments signal one of the largest private sector commitments to Syria's reconstruction. Beyond aviation, the company is targeting energy, telecommunications, banking and agriculture, including a proposed $3.3 billion cotton revival project expected to create 200,000 jobs, positioning itself at the centre of the country's economic recovery.
🔹 What’s Next
Attention now turns to execution. Power International Holding is pursuing a telecom licence alongside Ooredoo, while expanding energy projects to help close Syria's 5,000 megawatt electricity deficit. Investors will closely watch whether the company's reconstruction strategy accelerates broader regional investment into Syria.
Kalshi's Explosive Growth Could Turn Trump Jr's Free Equity Into a Multi Million Dollar Windfall
🔹 What Is It About
Donald Trump Jr. received roughly $300,000 in equity from Kalshi after joining the Lebanese founded prediction platform as a strategic adviser in early 2025, according to the Financial Times. He reportedly invested none of his own money. Since then, Kalshi has surged from a valuation below $2 billion to discussions around a $40 billion fundraising, after raising $1 billion at a $22 billion valuation last month.
🔹 Why It Matters
Founded by Tarek Mansour and Luana Lopes Lara, Kalshi has become America's first federally regulated prediction market, securing partnerships with Robinhood, Coinbase, CNN, CNBC and Fox. Its rapid growth highlights the increasing influence of prediction markets within mainstream finance.
🔹 What’s Next
CEO Tarek Mansour told CNBC the company is "basically thinking about" an IPO, although not this year. Investors will also watch Kalshi's expanding political ties, while the Trump family's growing business relationships across the Middle East continue to attract attention.
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
Emirati founded Saddle has officially landed in Qatar.
Uber CEO Dara Khosrowshahi was spotted wearing an Iran national team jersey during Iran's World Cup match against New Zealand.
Pavel Durov just accused Meta and Mukesh Ambani controlled Reliance of secretly blocking Telegram globally.
The New York Knicks have won their first NBA championship since 1973, but the title run also delivered a major win for Abu Dhabi.
🔍In other news…
Valentino's Qatari Shareholders Pledge Fresh Financial Support After Luxury Brand Losses
PIF's Newcastle United Held Investment Talks With Arctos: Bloomberg
Blackwater Founder Erik Prince Says Trump Was "Badly Advised" on Iran
PIF Seeks EU Approval for $5.5 Billion Electronic Arts Acquisition
GCC Secretary General Denies Holding $300 Billion Iran Talks With Marco Rubio
🦄 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
