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Vinod Khosla’s record $9.6 billion acquisition of the NFL’s Seattle Seahawks comes with a surprisingly deep network across Saudi Arabia, Qatar and the UAE. In Abu Dhabi, Axel Springer is planting its first regional flag as international media competition heats up. And after decades of limited activity, Mohamed Alabbar’s Eagle Hills is now overseeing the transformation of Lulu Island in Abu Dhabi.

Meanwhile, in events, LEAP kicks off from August 31 till September 3 in Riyadh after delays, having attracted 200,000+ visitors last year and driving $42 billion in announced investments in the last four editions. Smashi Business and sister brand Lovin Riyadh (under Augustus Media) are media partners this year.

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$9.6BN Seahawks Buyer Has A Surprisingly Deep Gulf Investment Network

What Is It About

Seattle Seahawks have been sold to a group led by Indian-American billionaire and venture capitalist Vinod Khosla for a record $9.6 billion, the most expensive NFL franchise sale in history. Khosla, founder of Khosla Ventures, also has an extensive history of connections with the Gulf’s investment and technology ecosystem, including Saudi Arabia, Qatar and the UAE.

Khosla and the Gulf

Saudi Arabia's Public Investment Fund entered the picture in July 2021, when its subsidiary Elm joined Khosla Ventures in a $75 million Series C round for HealthifyMe, the India-based AI health and fitness app. Aramco Ventures followed suit in March 2025, leading a $30 million Series A round for climate-tech startup Spiritus alongside Khosla Ventures, Mitsubishi Heavy Industries America, and TDK Ventures. Aramco's venture arm, Wa'ed Ventures, co-led a $52 million Series B round for 3D-printing construction firm Mighty Buildings in September 2023, with Khosla Ventures participating as an existing backer.

Qatar's sovereign fund has its own history with the firm. The Qatar Investment Authority joined Khosla Ventures in Mesosphere's $125 million Series D round back in 2018 — the cloud infrastructure company later rebranded as D2iQ. More recently, Vinod Khosla has appeared as a listed investor speaker at Web Summit Qatar, further cementing his presence in the region's tech and investment circuit.

The UAE has forged connections through partnership and portfolio overlap rather than direct co-investment. The Abu Dhabi Investment Office signed a strategic partnership with Glydways in November 2025 to explore deploying the company's autonomous transit systems across the emirate — Glydways being a company Khosla Ventures has backed across multiple funding rounds. Separately, DisruptAD, the venture arm of Abu Dhabi's ADQ, invested in real estate platform Cadre in 2021 through its Ghadan Ventures fund; announcements of that deal noted Cadre's investor roster already included Khosla Ventures, which had in fact been the company's first institutional backer back in 2015.

The relationship between Khosla and the Kingdom also has a personal dimension. During his high-profile April 2018 tour of Silicon Valley, Crown Prince Mohammed bin Salman met with a group of senior tech investors that included Khosla, Peter Thiel, Marc Andreessen, and Sam Altman, according to Saudi Press Agency reporting at the time.

Abu Dhabi’s Lulu Island Set For Major Transformation As Eagle Hills Takes Over Development

What Is It About

Abu Dhabi’s largely undeveloped Lulu Island is set for a major transformation, with Eagle Hills Properties confirmed as the developer overseeing a new project. The 400-hectare man-made island, located about 500 metres from the Corniche, has remained mostly untouched after earlier development plans stalled. Construction activity is now visible, with cranes, excavators and show homes appearing on the island.

Why It Matters

Lulu Island’s prime waterfront location gives it significant potential as Abu Dhabi expands its luxury residential offering. Earlier plans were halted by the 2008 financial crisis, but renewed development comes as demand for high-end property in the capital accelerates. The island could eventually accommodate about 20,000 residents, while adding beaches, green spaces and new connections to key parts of Abu Dhabi.

What’s Next

Eagle Hills has not yet disclosed detailed plans, but property experts expect a low-rise development featuring apartments, villas and luxury mansions. Bridges could connect Lulu Island with Abu Dhabi Island, Marina Mall and Mina Zayed. Recent aerial images show a canal being formed through the island, signalling that major infrastructure and construction work is already under way.

Axel Springer Plants Flag In Abu Dhabi As Gulf Media Scene Gets More Crowded

What Is It About

Axel Springer is establishing a presence in the UAE for the first time, creating a new Middle East entity headquartered in Abu Dhabi. Effective October 1, 2026, Frank Mahlberg, currently Chief Operating Officer of the BILD Group, will become Managing Director Axel Springer Middle East. The publisher, whose brands include BILD, BUSINESS INSIDER, MORNING BREW, POLITICO, THE TELEGRAPH (recently acquired from Abu Dhabi-backed Redbird-IMI) and WELT, will use the base to pursue partnerships and growth opportunities across the region.

Why It Matters

The move comes shortly after Axel Springer completed its acquisition of The Telegraph from Abu Dhabi-backed RedBird IMI and invested in The Circuit, a regional business and technology newsletter. It also adds another major international media player to an increasingly crowded Gulf market, alongside Fortune’s Gulf-focused newsletter and Reuters’ Middle East Currents. Axel Springer says the UAE base will bring it closer to companies, investors and founders, particularly around AI and digital business models.

What’s Next

From Abu Dhabi, Mahlberg will coordinate Axel Springer’s UAE activities and represent the company across the region, while building partnerships and identifying new opportunities. The expansion could give Axel Springer earlier access to emerging Gulf businesses and technologies, while adding competition to a regional media market attracting growing international attention. For the Gulf, the influx could mean more scrutiny, competition and coverage of one of the world’s most consequential emerging geoeconomic regions.

👨‍💻From Smashi Business’ Desk

• Huda Kattan and Dubai’s DIME burger teamed up to launch the “Huda Meal”

• Dubai's Original Ravi Restaurant has Distanced Itself From Other "Ravi" Eateries

• A commercial tanker was struck by an unknown projectile in the Red Sea, 63 nautical miles west of Yanbu, Saudi Arabia

• Dubai-born premium activewear brand SQUATWOLF has officially entered the Saudi Arabian retail market

• Ryanair had something to say about Emirates’ new headrests… and the internet was ready

🔍In other news…

• Iran, Oman hammer out Hormuz revenue-sharing deal

• War cuts Dubai airport passenger traffic by nearly a third

• Kuwait and Qatar Add to Growing Oil Flows Getting Through Hormuz

• Trump sends Saudi nuclear deal to Congress but says again that Riyadh must recognize Israel

• Famous London bakery fires warning shot at Saudi copycat

• Bahrain’s economy contracts after Iran war hits oil output

🦄 World of Startups

• ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors

• Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K

• Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M

• Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round

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