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- Donald Trump Demands US Allies Reimburse Iran War Costs; UAE Foreign Trade Nears AED 3 Trillion; Barclays Opens Riyadh Office
Donald Trump Demands US Allies Reimburse Iran War Costs; UAE Foreign Trade Nears AED 3 Trillion; Barclays Opens Riyadh Office
AI, tech, startup and business stories from the Arab world. For the driven, the dreamers and the doers
Tuesday, November 10, 2026
Happy Tuesday everyone!
US defense policy signals, Gulf commercial trade resilience, and international investment banking expansions mark regional business headlines today. US President Donald Trump stated that protected allies, specifically pointing to Israel, must reimburse Washington for all military expenditures following Republican losses in the midterm elections. Meanwhile, Sheikh Mohammed bin Rashid Al Maktoum announced that UAE foreign trade approached AED 3 trillion ($817 billion) in the first nine months of 2026, up 10% year-on-year despite maritime disruptions. In Saudi Arabia, British lender Barclays opened its new office in Riyadh’s King Abdullah Financial District, naming Majed Al Hassoun as head of its local investment banking operations.
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Donald Trump Insists Israel and Protected Allies Pay Full Costs of Iran War
🔹 What Is It About
In a 60 Minutes interview following Republican midterm election defeats, US President Donald Trump asserted that nations shielded by American forces during the conflict with Iran must fully reimburse Washington. Trump singled out Israel, remarking that the nation would not exist without American military intervention. While standing by his decision to strike Iranian targets to halt nuclear development, Trump acknowledged that voter frustration over rising fuel prices and military entanglements contributed to his party's losses at the ballot box.
Demanding War Reimbursement: Trump declared that allies defended by the US must repay all wartime defense expenses.
Singling Out Israel: The president asserted that American military backing remains vital to Israel's survival.
🔹 Why It Matters
Conditioning foreign security arrangements on direct financial repayments marks a significant shift in long-standing American defense pacts across the Middle East. Demanding retroactive defense reimbursements complicates bilateral relations with regional partners and raises fiscal uncertainty for allied governments. A renewed American focus on domestic consumer costs and high energy prices could accelerate diplomatic efforts to stabilize regional commercial sea lanes.
🔹 What’s Next
Congressional leaders and foreign diplomats will seek clarification on whether the White House will draft formal payment requests. Defense ministries in partner capitals will review bilateral security budgets to evaluate potential financial liabilities.
Clarifying Payment Mechanisms: Lawmakers will evaluate the legal grounds for seeking defense reimbursements from overseas partners.
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UAE Foreign Trade Approaches AED 3 Trillion in First 9 Months of 2026
🔹 What Is It About
HH Sheikh Mohammed bin Rashid Al Maktoum announced that UAE foreign trade approached AED 3 trillion ($817 billion) during the first nine months of 2026, marking a 10% increase year-on-year. Goods shipments to the country’s top ten trading partners climbed 31%, helping offset regional maritime delays around the Strait of Hormuz. The trade performance builds on first-half non-oil foreign trade of AED 1.937 trillion, where non-oil exports reached an all-time high of AED 452.8 billion.
Nearing AED 3 Trillion: Total international merchandise trade rose 10% year-on-year through September.
Boosting Key Exports: Shipments to the UAE’s ten largest export markets expanded by 31%.
🔹 Why It Matters
Maintaining double-digit trade expansion during regional shipping disruptions demonstrates the flexibility of UAE logistics and trade networks. Expanding bilateral trade partnerships outside traditional regional routes helps local exporters access new consumer markets across Asia and Africa. Diversified trade channels insulate domestic commercial firms from localized transport delays, sustaining non-oil economic momentum.
Maintaining Trade Momentum: Double-digit trade growth protects domestic businesses against regional supply route closures.
🔹 What’s Next
Customs and port authorities will expand capacity at alternative transport corridors to handle rising container volumes. Trade officials will finalize pending bilateral trade pacts to open additional export markets for local companies.
Expanding Port Capacity: Terminal operators will upgrade container-handling yards to manage growing non-oil cargo volumes.
Negotiating Bilateral Treaties: Commercial envoys will advance free-trade negotiations with new regional trade partners.
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Barclays Expands Investment Banking With New Riyadh Office in KAFD
🔹 What Is It About
British banking group Barclays opened an office in Riyadh’s King Abdullah Financial District (KAFD), expanding its global markets and corporate advisory presence in Saudi Arabia. The opening follows the bank securing an operational license from Saudi Arabia’s Capital Market Authority (CMA). To direct local activities, Barclays appointed Majed Al Hassoun as Chief Executive Officer and Head of Investment Banking for Barclays Capital Saudi, alongside senior hires in compliance, finance, and trading.
Opening Riyadh Hub: Barclays established its primary Saudi office inside the King Abdullah Financial District.
Appointing Local Leadership: Majed Al Hassoun took charge as CEO and Head of Investment Banking for the local entity.
Expanding Capital Operations: The bank expanded advisory, global markets, and regulatory compliance teams in the Kingdom.
🔹 Why It Matters
Establishing physical offices in Riyadh allows international investment banks to compete for state-backed privatization mandates and corporate share listings. Hiring experienced domestic bankers helps foreign lenders meet national employment rules while building relationships with local corporate treasuries. Expanding foreign bank branches in KAFD supports Saudi Arabia’s Vision 2030 objective to turn Riyadh into a leading regional financial center.
Winning Advisory Mandates: On-the-ground teams position foreign banks to manage major public listings and debt programs.
Strengthening Financial Hubs: Expanding international bank operations inside KAFD adds institutional liquidity to domestic capital markets.
🔹 What’s Next
Barclays Capital Saudi teams will pitch corporate underwriting and capital market advisory services to domestic firms and state-linked entities. Management will hire additional market analysts and risk officers to expand local trading capabilities.
Pitching Listing Mandates: Investment bankers will pursue capital-raising and advisory roles for Saudi corporate clients.
Recruiting Financial Talent: Human resources will onboard specialized trading and research staff in Riyadh.
👨💻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.
