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- Amazon Denies Regional Operations Shift to Istanbul; Paramount Skydance Clears $110B Warner Bros Takeover; NBE to Acquire Banque Misr UAE Branches
Amazon Denies Regional Operations Shift to Istanbul; Paramount Skydance Clears $110B Warner Bros Takeover; NBE to Acquire Banque Misr UAE Branches
AI, tech, startup and business stories from the Arab world. For the driven, the dreamers and the doers
Thursday, September 24, 2026
Happy Thursday everyone!
Corporate relocation rumors, global media consolidation, and banking sector restructurings mark major business updates across the region. Amazon dismissed reports alleging it plans to move its regional management operations from Dubai to Istanbul, reiterating its continued investments in both markets. In media finance, Gulf-backed Paramount Skydance resolved final legal hurdles to complete its $110 billion acquisition of Warner Bros Discovery. Meanwhile, National Bank of Egypt (NBE) received preliminary approval from the Central Bank of the UAE to acquire Banque Misr’s UAE branches, ensuring business continuity amid foreign regulatory challenges.
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Amazon Dismisses Reports of Shifting Middle East Hub From Dubai to Istanbul
🔹 What Is It About
Amazon publicly refuted claims from Turkish media outlets alleging the retail and cloud giant is relocating its regional Middle East headquarters from Dubai to Istanbul. An official spokesperson confirmed that both the UAE and Turkey remain priority growth markets, addressing rumors that followed operational disruptions at Amazon Web Services (AWS) facilities in the Gulf.
Denying Operational Relocations: Amazon clarified that reports suggesting management shifts away from Dubai are inaccurate.
Maintaining Regional Focus: The retailer confirmed ongoing commercial investments across both the UAE and Turkish markets.
Addressing Cloud Outages: Clarifications follow extended repair efforts at AWS cloud facilities in the Gulf region.
🔹 Why It Matters
Maintaining corporate headquarters in Dubai reassures local markets that tech multinational investments remain stable across the Arabian Peninsula. Expanding cloud footprint through local data centers in Istanbul enables Amazon to serve regional enterprise clients while preserving its primary regional corporate hubs. Clear corporate statements prevent market speculation regarding shifting regional enterprise talent and capital outlays.
Preserving Corporate Hubs: Formal statements confirm primary operational management remains established in the UAE.
Expanding Infrastructure Footprint: AWS continues building localized data center nodes across various regional hubs.
🔹 What’s Next
Amazon Web Services engineering teams will continue restoring full operational capacity across regional cloud infrastructure nodes. Enterprise account managers will proceed with corporate expansion plans across both Gulf and Turkish markets.
Restoring Infrastructure Nodes: Technical teams will finalize repairs to full-capacity cloud facilities.
Executing Local Investments: Commercial divisions will proceed with planned logistics and enterprise service projects.
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National Bank of Egypt Secures Preliminary Approval to Acquire Banque Misr UAE Branches
🔹 What Is It About
National Bank of Egypt (NBE) is set to acquire the UAE branch network of Banque Misr after receiving preliminary approval from the Central Bank of the UAE. Both state-owned Egyptian lenders confirmed the agreement aims to reorganize their banking presence across foreign markets. The transfer follows US Treasury regulatory actions targeting Banque Misr’s UAE branches over compliance concerns regarding transaction networks.
Securing Regulatory Approval: NBE obtained preliminary approval from UAE central bank authorities to proceed with the acquisition.
Reorganizing Overseas Footprint: Both state-owned lenders agreed to restructure their branch networks across the UAE market.
Ensuring Account Continuity: The acquisition protects existing client accounts and maintains operational continuity pending final approvals.
🔹 Why It Matters
Transferring Banque Misr's UAE branch network to National Bank of Egypt allows state banking institutions to preserve operational continuity and safeguard retail and corporate customer accounts. Consolidating Egyptian state banking operations under NBE helps resolve foreign regulatory compliance challenges while protecting cross-border trade finance channels between Egypt and the UAE. Maintaining an active branch presence ensures uninterrupted financial settlement services for regional commercial clients.
🔹 What’s Next
Legal and compliance teams from both lenders will complete final asset transfer documentation and submit formal applications for final regulatory approval. Technical teams will coordinate system migrations to transfer customer accounts and branch operations to NBE's network.
Gulf-Backed Paramount Skydance Clears Final Legal Hurdles for $110B Warner Bros Takeover
🔹 What Is It About
Paramount Skydance settled final antitrust lawsuits with US state attorneys general and the Writers Guild of America, clearing the path to complete its $110 billion acquisition of Warner Bros Discovery. Nearly $24 billion in equity financing was committed by sovereign wealth funds, including $10 billion from Saudi Arabia’s Public Investment Fund (PIF) alongside stakes from Qatar Investment Authority and Abu Dhabi’s L’imad Holding. The Federal Communications Commission granted waivers allowing foreign investors to hold non-voting equity stakes of up to 20%.
Finalizing $110B Acquisition: Paramount Skydance cleared all legal hurdles to complete the Warner Bros Discovery takeover.
Securing Sovereign Funding: Saudi PIF, QIA, and L’imad Holding committed nearly $24 billion in non-voting equity.
Structuring Federal Waivers: The FCC permitted foreign entities to hold non-voting stakes up to 20%.
🔹 Why It Matters
Securing non-voting equity participation from Gulf sovereign wealth funds provides the long-term capital required to finance one of the largest media consolidation deals in history. Conceding to film production quotas and establishing an independent news oversight board for CBS and CNN resolved regulatory concerns surrounding market power and editorial independence. The merger creates a massive global media entity combining major film studios, streaming services, and cable networks.
Setting Production Commitments: Paramount agreed to increase domestic film production spending by at least $300 million annually.
🔹 What’s Next
Executive boards will combine corporate operations, streaming platforms, and international distribution channels. The newly formed news editorial independence board will assume oversight duties for CBS and CNN operations.
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Content, Connections, Deals: DICM 2026 Opens Registration
The Dubai International Content Market (DICM) returns to the iconic Madinat Jumeirah on 10–11 November 2026, bringing together the region's largest gathering of content and entertainment professionals. Named the Best Annual Media Industry Event in MENA, DICM is the go-to marketplace for buying, selling, co-producing and distributing content across TV, film, streaming and digital platforms.
Expect 100+ exhibiting companies, over 1,000 media executives from 55+ countries, and access to the Content Business Hub — DICM's matchmaking platform that lets buyers and sellers pre-schedule meetings up to six weeks before doors open. Whether you're scouting new IP, seeking co-production partners, or expanding into the fast-growing Middle East and Africa markets, DICM delivers the connections and deal-flow to make it happen.
Registration is now open. Secure your spot at one of MENA's pivotal media industry events.
👨💻From Smashi Business’ Desk
UAE Billionaire Al Habtoor Mourns Passing of HH Sheikh Ahmed bin Rashid Al Maktoum
Yara Alnamlah’s Moonglaze Hits Sephora Billboards Ahead of Saudi National Day
Dubai based The Giving Movement CEO Rania Masri El Khatib has spoken out after Macklemore was removed from Ed Sheeran’s US tour following his support for Palestine.
‘Stop Sexualizing the Gym’: Squatwolf Founder Slams Sydney Sweeney’s Controversial Ad
🔍In other news…
Engineers India Eyes Gulf Growth as Saudi, UAE Build Hormuz Bypass Infrastructure
ADNOC Distribution Plans $1 Billion Egypt Expansion With 400 New Stations
Mubadala Eyes Ansaldo Energia Stake as AI Drives Power Demand
US Clears Gulf Funds to Raise Stakes in Paramount Warner Deal
Cristiano Ronaldo Joins $500M Bid for Stake in Al Nassr
🦄 World of Startups
Tabby, Saudi-based BNPL, raised $233M in a Series F equity round at a $6.5B valuation.
OCTA, USA-based accounting platform, raised $3.5M in a seed funding round led by Middle East Venture Partners (MEVP) and joined by Wa'ed Ventures, Plug and Play, and A-typical Ventures, Sukna Ventures and Sadu Capital.
Rize, Saudi-based residential rental platform, secured a $50M (SAR 187.5M) asset-backed Murabaha facility from Jadwa Investment.
Bekia, Egypt-based recycling technology startup, raised $765K in a seed funding round led by Madica, joined by Catalyst Fund and Jambaar Capital.
Lendo, Saudi-based Shariah-compliant debt crowdfunding marketplace, secured a commitment of up to $200M (SAR 750M) from Quantic Financial Solutions GmbH, Austria-based asset management fund.
Saudi Arabian building materials platform BRKZ has secured $31 million in new funding.
Saudi digital payments company Barq has raised $329.5 million in a Series A round, valuing the fintech at $1.85 billion.
