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- Aramco Lifts Profits; Syria's Sharaa to Visit US; MAGNiTT's Bahoshy Champions 'Constructive Candor'
Aramco Lifts Profits; Syria's Sharaa to Visit US; MAGNiTT's Bahoshy Champions 'Constructive Candor'
Wednesday, November , 2025
Happy Wednesday everyone!
Saudi Aramco posted a surprise profit increase in the third quarter as higher output offset weaker crude prices, marking a rare earnings rebound for the oil giant. In a historic diplomatic move, Syria’s interim President Ahmed al-Sharaa is set to visit the White House in November to discuss reconstruction and the lifting of sanctions. Meanwhile, MAGNiTT Founder Philip Bahoshy is calling on the MENA private capital community to embrace “constructive candor,” urging investors and founders to trade polite optimism for honest, solution-driven dialogue that can drive real progress across the ecosystem.
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Markets
EGX 30 | 39,065.16 | 1.18% |
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ADX | 10,057.55 | 0.337% |
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Saudi Aramco Posts Surprise Profit Gain As Production Surge Offsets Lower Oil Prices
What It’s About?
Saudi Aramco reported a 1% rise in third-quarter adjusted net income to 104.9 billion riyals ($28 billion), breaking a streak of declining earnings. The oil giant boosted output in line with OPEC+’s looser production policy, helping offset lower crude prices. Free cash flow of $23.6 billion surpassed dividend payouts for the first time in nearly two years, while net debt eased to 6.3%.
Why It Matters?
The results signal renewed resilience in Saudi Arabia’s economic powerhouse, which underpins the kingdom’s Vision 2030 transformation. With Brent prices down 13% this year to around $65 a barrel—well below the IMF’s $90 fiscal breakeven—Aramco’s volume strategy is cushioning national revenues and investor confidence. Analysts say OPEC+’s focus on market share is paying off, even as global oil demand shows signs of moderation.
What’s Next?
Aramco is doubling down on gas expansion, with its massive Jafurah field expected to begin production this year and reach full output by 2030. The company has raised its target to boost gas production by 80% this decade. Continued investment in upstream projects and stable dividend payouts suggest Aramco aims to balance shareholder returns with Saudi Arabia’s long-term energy diversification goals.
MWC25 Doha – Innovation. Impact. Legacy.
MWC25 Doha arrives 25 - 26 November at the Doha Exhibition and Convention Center – the first global MWC conference and exhibition for tech and telco thought leaders in MENA.
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Syria’s President Ahmed Al-Sharaa To Visit White House In November to Discuss Reconstruction
What It’s About?
Syrian Foreign Minister Asad al-Shaibani confirmed that President Ahmed al-Sharaa will visit the White House in early November to discuss Syria’s postwar reconstruction. The visit — expected around November 10 — was first announced by U.S. Special Envoy Tom Barrack and later confirmed by Washington. It marks the first time a Syrian president will make an official visit to the United States, signaling a potential diplomatic thaw after years of isolation.
Why It Matters?
The meeting could represent a turning point in U.S.–Syria relations, long frozen by conflict and sanctions. Sharaa, who took power after Bashar al-Assad’s ouster last December, has been pursuing renewed international engagement to rebuild Syria’s shattered economy. Talks are expected to center on lifting sanctions, securing reconstruction aid, and resetting regional alliances as Damascus repositions itself on the global stage.
What’s Next?
President Sharaa’s Washington trip follows his September address at the U.N. General Assembly and recent visits to Moscow and Beijing. The upcoming White House discussions may pave the way for limited sanctions relief and broader cooperation on security and humanitarian efforts—moves that could reshape Syria’s trajectory and reintroduce it into international diplomacy after more than a decade of isolation.
MAGNiTT’s Philip Bahoshy Urges MENA Investors To Embrace ‘Constructive Candor’ For Real Progress
What It’s About?
In a call for greater transparency across the region’s private capital landscape, MAGNiTT Founder and CEO Philip Bahoshy has urged investors, founders, and policymakers to embrace what he calls “constructive candor.” Speaking after the Private Capital Forum and the Future Investment Initiative in Riyadh, Bahoshy said it’s time for MENA’s ecosystem to “get comfortable being uncomfortable” by engaging in honest, solution-oriented conversations about what’s not working.
Why It Matters?
Bahoshy argues that the region’s investment discourse often defaults to safe, repetitive talking points—like “funding is improving” or “scale remains a challenge.” He says meaningful growth requires the courage to “double-click” on issues, ask harder questions, and welcome respectful disagreement. Open dialogue, he stressed, not only leads to better ideas but also builds credibility, as seen in global panels where sharp but respectful exchanges yielded real insights.
What’s Next?
To build a culture of constructive honesty, Bahoshy proposed three principles: pair every problem with a proposed solution, welcome disagreement respectfully, and prioritize substance over decorum. As the MENA ecosystem aims to close its exit and liquidity gap and attract international capital, Bahoshy says progress depends on one mindset shift: “No one has the full picture; disagreement sharpens minds, and that’s what drives progress.”
🦄 World of Startups
WTDCare, a Saudi healthtech platform offering non-emergency and special needs medical transportation, raised an undisclosed pre-seed round led by Riyadh Angel Investors.
Syd Life AI, a UAE-based preventive health platform using its proprietary LQM and LQI models, expanded to the US through a $1 billion exclusive partnership with Altius.
MidLyr, a US-Egypt AI infrastructure startup building compliant automation tools for financial institutions, raised $2.5 million in pre-seed funding led by Silicon Badia.
rmz.ai, a Saudi generative AI platform developing AI agents for content creation and campaign management, raised $100,000 in a pre-seed round from Beyond.xyz.
👨💻From Smashi Business’ Desk
All aboard Saudi Arabia’s “Dream of the Desert” — the Kingdom’s first ultra-luxury train unveiled at the Future Investment Initiative in Riyadh.
Saudi delivery app Shgardi has shut down after five years in operation — a sign of how fierce the Kingdom’s delivery wars have become.
UAE Tycoon Al Habtoor Slams Israeli Minister Over Remark That Saudis Should ‘Keep Riding Camels in the Desert’
Pavel Durov’s tweet on the Louvre heist takes an unexpected turn, blending humor with sharp criticism of French security.
UAE’s Hadban Twins Among First 25 Creators Honoured With Instagram Rings in New York.
🔍In other news…
French cement maker Lafarge faces trial on charges of financing jihadists in Syria
Alpha Dhabi to divest stake in Aldar
Artificial intelligence data mining company Palantir's joint venture with Dubai Holding is “part of an AI arms race” and investment boom, according to its executive vice president Noam Perski.
Dubai property sales soar to record high of $152.32bn, report says
“Saudi Arabia key to BYD’s global growth plans”
QIA to announce major tourism investment package in Egypt’s North Coast, says Egypt PM Madbouly
Billionaire Developer Nick Candy and British luxury hotel operator Maybourne have discussed UAE projects
