- Smashi Business
- Posts
- Saudi Bets on Syria; Saudi Art Breaks Records; QIA Backs US AI Chips
Saudi Bets on Syria; Saudi Art Breaks Records; QIA Backs US AI Chips
In partnership with
Friday, February 6, 2026
The CRM that saves teams hours every week
It's not about working harder — it's about having a CRM that actually thinks ahead. HubSpot Smart CRM learns how your team operates and adapts to make everyone more effective. Streamline day to day tasks and track the activity that actually matters to your business. The result? Your team gets back hours every week to spend on growth instead of admin work. Start free. See the difference.
Happy Friday everyone!
Saudi Arabia is set to unveil a multi-billion-dollar investment package for Syria, including funding for a new private Syrian airline and projects spanning telecommunications, historic real estate, and Aleppo International Airport, according to Reuters. In the Kingdom’s cultural sector, artist Safeya Binzagr shattered records after her 1968 painting Coffee Shop in Madina Road sold for $2.1 million at Sotheby’s, becoming the most expensive work ever sold by a Saudi artist and one of the highest auction results for Arab art. Meanwhile, the Qatar Investment Authority joined a $230 million funding round for US AI semiconductor startup Positron, valuing the company at $1 billion, as Gulf capital deepens its push into strategic AI and chip infrastructure investments.
Markets
EGX 30 | 49,644.36 | 0.22% |
DFMGI | 6653.13 | 0.19% |
ADX | 10,547.49 | -0.24% |
Tadawul | 11,188.73 | -1.34% |
Saudi Arabia to Announce Multi-Billion Dollar Investment Package for Syria
What Is It About?
Saudi Arabia is set to announce a multi-billion-dollar investment package for Syria this Saturday, including funding for a new private Syrian airline, according to Reuters. Syrian Investment Authority head Talal Al Helali said the package will focus on “telecommunications, and real estate, especially in the old towns,” with most projects structured as ready-to-implement contracts, not non-binding MoUs. The airline is expected to launch with more than a dozen aircraft, alongside plans to develop Aleppo International Airport.
Why It Matters?
The announcement signals a major economic reset for Syria and deepening Saudi engagement in post-war reconstruction. It also highlights Riyadh’s growing role as a regional stabiliser, combining capital deployment with infrastructure rebuilding across aviation, telecoms, and utilities.
What’s Next?
According to Al Arabiya, Flynas, ACWA Power, stc, and BinDawood Holdings are planning investments spanning aviation, desalination, telecom upgrades, and airport operations. The move follows Saudi Arabia and Qatar paying Syria’s $15.5 million World Bank debt, supporting public-sector salaries, and visits by six Saudi billionaires, as momentum builds around Syria’s economic recovery.
Step Dubai 2026 Appoints Augustus Media as Official Media Partner
Step Dubai 2026 has named Augustus Media as its official media partner, with Lovin Dubai, Smashi Business and Odeum Studio leading coverage of the Middle East’s flagship tech and startup festival.
The two-day event will take place on 11–12 February 2026 at Dubai Internet City, bringing together thousands of founders, investors, operators and decision-makers from across the GCC and global markets.
Now in its 14th year, Step Dubai runs under the theme “Intelligence Everywhere: The AI Economy.” Founder Ray Dargham, who launched Step in 2012, said artificial intelligence is “no longer a vertical or a niche, but the economic infrastructure of the future.” Held in partnership with Dubai Internet City, the event aligns with the UAE’s National Strategy for Artificial Intelligence 2031, reinforcing the country’s ambition to become a global hub for AI innovation, talent and adoption.
Safeya Binzagr Smashes Saudi Art Auction Record at Sotheby’s
What Is It About?
Saudi artist Safeya Binzagr set a new auction record after her 1968 painting Coffee Shop in Madina Road sold for $2.1 million at Sotheby’s in Saudi Arabia. The price was more than ten times its high estimate and now stands as the most expensive work ever sold by a Saudi artist, as well as the third-highest auction result for Arab art.
Why It Matters?
The result underscores rapidly growing demand for Saudi and Middle Eastern art, driven by rising local wealth, institutional support, and expanding cultural infrastructure. Sotheby’s noted strong participation from both regional and international collectors, reinforcing Saudi Arabia’s emergence as a credible global art market rather than a niche regional one.
What’s Next?
The sale formed part of Sotheby’s “Origins II” auction in Diriyah, which generated $19.58 million in total sales. With the Diriyah Contemporary Art Biennale underway and Art Basel Qatar launching this week, market attention is now on whether Saudi artists sustain momentum and attract long-term global pricing power.
QIA Makes Strategic Bet on US AI Chip Challenger Positron
What Is It About?
The Qatar Investment Authority has participated in a $230 million funding round for US-based AI semiconductor startup Positron, which is developing lower-cost, energy-efficient memory chips. The round values the company at $1 billion. QIA described its participation as a “strategic” investment, without disclosing the size of its stake.
Why It Matters?
The deal highlights QIA’s growing focus on AI infrastructure and advanced semiconductors as global demand for compute power surges. By backing a challenger to Nvidia, Gulf sovereign capital is positioning itself early in next-generation chip competition, while strengthening long-term exposure to the technologies underpinning artificial intelligence growth.
What’s Next?
Positron plans to launch its first-generation chip, Asimov, by late 2026, with production expected to begin shortly after. For QIA, the investment aligns with its broader AI strategy through Qai, its $20 billion joint venture with Brookfield, and a long-term commitment to deploy $500 billion in US investments.
🦄 World of Startups
Mersal Media Capital secures $1.3 million in first funding round
Dubai-based Antoine Kanaan’s Haqq AI, a legal-tech platform, raised $3M.
Notion Expands into Middle East with Launch of Arabic Support
Wio Bank Partners with Pine Labs to Revolutionise UAE Payment Processing
Vennre Secures $9.6M to Democratise Wealth-Building in Saudi Arabia
Jeel and Ripple Join Forces to Revolutionise Saudi Payments with Blockchain
👨💻From Smashi Business’ Desk
KHC, OIA, QIA and MGX-backed SpaceX and xAI merge.
Beauty mogul Mona Kattan is using her platform for good, calling on millions of followers to help support Iran.
Emmy-winning Palestinian journalist Bisan Owda says TikTok has permanently banned her account.
Dubai-born Noon smartly turns the viral penguin into a delivery hero
🔍In other news…
Oman’s Islamic Finance Sector Accelerates to Close GCC Gap
DIFC Posts Solid 2025 Growth Despite Geopolitical Headwinds
Oman, Kuwait Seal Agreement on Joint Petrochemical Project
GCC and India Finalise Terms to Launch Free Trade Negotiations
🗓️ Plan Your Events (Jan-Feb 2026)
UAE
3-5 February: The World Governments Summit, Dubai.
9-12 February: World Health Expo (WHX), Dubai.
11-12 February: STEP Dubai Conference, Dubai Internet City. (Media Partners)
Saudi Arabia
2-4 February: Saudi Media Forum, Riyadh.
2-4 February: Women Leaders Summit and Awards KSA, Riyadh.
8-12 February: World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.
Egypt
5-7 February: RiseUp Summit, Cairo. (Media Partners)
11-12 February: Ai Everything Egypt (Organized by GITEX Global), Cairo. (Media Partners)
Qatar
1-4 February: Web Summit Qatar, Doha. (Media Partners)
2-5 February: 21st International Conference & Exhibition on Liquefied Natural Gas (LNG2026)
