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Anthropic Jolts Cyber Stocks; ArcelorMittal Expands in Sharjah; US Advances Saudi Nuclear Pact
Sunday, February 22, 2026
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Happy Sunday everyone!
UAE and Qatar-backed Anthropic unveiled Claude Code Security, sending cybersecurity stocks sharply lower, with CrowdStrike, Okta and Cloudflare falling between 8% and 9% amid AI disruption concerns. In the UAE, ArcelorMittal is opening a third plant in Sharjah’s Hamriyah Free Zone, expanding capacity as GCC project awards reached $55 billion in Q3 2025. Meanwhile, the Trump administration is advancing a proposed civil nuclear agreement with Saudi Arabia, potentially submitting a 123 Agreement to Congress in the coming days.
Markets
EGX 30 | 52,222.34 | Closed |
DFMGI | 6,576.59 | Closed |
ADX | 10,594.70 | Closed |
Tadawul | 11,155.45 | Closed |
Cybersecurity Stocks Fell After Qatar and UAE-Backed Anthropic Unveiled Claude Code Security
What Is It About?
UAE and Qatar-backed Anthropic unveiled Claude Code Security, an AI tool designed to scan entire codebases for vulnerabilities and suggest targeted software patches. The announcement triggered a sharp market reaction, with shares of CrowdStrike, Cloudflare, Okta and Zscaler falling between 5% and 9%. The Global X Cybersecurity ETF dropped 4.9%, closing at its lowest level since November 2023.
Why It Matters?
Investors are increasingly concerned that AI-native platforms could automate core cybersecurity functions, potentially compressing margins and weakening pricing power for traditional vendors. Anthropic recently raised $30 billion in Series G funding at a $380 billion valuation, with Abu Dhabi-based MGX and Qatar Investment Authority participating.
What’s Next?
The fundraising signals a shift in Anthropic’s stance toward Gulf capital, with the company now open to investment from Qatar and the UAE despite earlier reservations.
ArcelorMittal Expands in Sharjah as Gulf Mega Projects Drive Industrial Demand
What Is It About?
ArcelorMittal is opening its third plant in Sharjah’s Hamriyah Free Zone, expanding its UAE footprint. The 1.4 million square foot facility, set to begin operations in 2026, will increase steel pipe production and specialised coating capacity. With the addition, the company’s total land investment in the zone will reach 5 million square feet. The group began operations there five years ago and already runs two pipe mills and two coating lines.
Why It Matters?
The expansion comes as GCC project awards reached $55 billion in Q3 2025, despite a 27 percent year on year decline following two record spending years. Governments across the region continue investing heavily in energy, oil and gas, and Saudi Arabia’s trillion dollar giga projects, sustaining long term demand for industrial materials.
What’s Next?
ArcelorMittal Projects’ CEO Johannes De Schrijver said the move strengthens the group’s regional footprint. Steel magnate Lakshmi Mittal, who now lives in Dubai and recently bought a $100 million Emirates Hills villa, appears to be aligning capital with the UAE’s infrastructure trajectory.
Trump Administration Pursuing Civil Nuclear Deal With Saudi Arabia
What Is It About?
The United States is advancing a proposed civil nuclear agreement with Saudi Arabia and could submit a 123 Agreement to Congress in the coming days. The deal would place US industry at the center of the Kingdom’s nuclear energy development as Riyadh expands its long-term power capacity.
Why It Matters?
The move underscores deepening US–Saudi strategic ties across energy and defense. Washington recently approved a $3 billion sustainment package for Saudi Arabia’s Boeing F-15 fleet. The Kingdom operates the largest F-15 fleet outside the United States, reflecting the scale of its defense partnership.
What’s Next?
Congress will review the nuclear agreement within a 90-day window. If approved, it could unlock significant US commercial participation in Saudi Arabia’s nuclear sector, further strengthening economic and security alignment between the two countries.
🦄 World of Startups
Stake Raises $31M Series B Led by Emirates NBD, Total Funding Hits $58M
US-based Luma AI is planting its flag in Riyadh — opening a regional headquater
Singapore's Ascentium continues its aggressive expansion, acquiring UAE legaltech pioneer Clara in a strategic Middle East play
Abu Dhabi is quietly becoming one of the most influential financiers of the global AI race, with its latest participation in Anthropic’s massive $30B funding round
Safqah Capital has just closed one of Saudi Arabia’s largest-ever seed rounds, raising $15.2 million in a deal that was four times oversubscribed
👨💻From Smashi Business’ Desk
HH Sheikh Khaled bin Mohamed bin Zayed met Indian Prime Minister Narendra Modi on the sidelines of the AI Impact Summit in New Delhi.
Humain, the artificial intelligence arm of the Public Investment Fund, invested $3 billion in xAI during its Series E round
Saudi Prince Alwaleed bin Talal’s combined stake across Elon Musk’s companies has reached an estimated $9.2 billion.
🔍In other news…
QIA and Franklin Templeton launch Franklin Templeton Qatar Equity Fund
Recent job postings indicate the UAE’s largest property portal, Property Finder, is investing in agentic AI — moving beyond traditional chatbots and recommendation engines.
Abu Dhabi real estate transactions hit record $38.67bln in 2025
Aramco Q4 2025 profit forecast at $25bln, rising YoY but easing QoQ
🗓️ Plan Your Events (March-April 2026)
UAE
31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.
7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.
13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.
14-16 April: (Tuesday-Thursday): the International Property Show, Dubai World Trade Center.
Saudi Arabia
13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.
20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh
Egypt
30 March – 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).
