Happy Wednesday everyone!

Welcome to the start of Q4 and this is what is making headlines in the Arab world. Careem has acquired a minority stake in UAE-based car rental startup Swapp to expand digital-first mobility services. In Saudi Arabia, Gems Education has reportedly bid for Ajialuna Educational as it accelerates regional expansion plans. Meanwhile, Replit founder Amjad Masad has called on the tech industry to take a public stance on the war in Gaza, underscoring the growing intersection of business leadership and political activism.

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Markets

Careem Invests In UAE Online Car Rental Service Swapp

🔹 What Is It About

Careem, Uber’s Middle East ride-hailing arm, has acquired a minority stake in UAE-based online car rental platform Swapp. The two companies first partnered in 2022, integrating Swapp’s services into the Careem app under Careem Car Rental. The investment value was not disclosed.

🔹 Why It Matters

The deal signals growing demand for flexible rental and subscription options in the region. Swapp’s model eliminates the need for physical rental offices, offering quick digital verification, one-hour delivery, live tracking and on-demand swaps, alongside lease-to-own options.

🔹 What’s Next

Swapp plans regional expansion, with a focus on electric vehicles in the UAE. Market data projects UAE car rental revenue at $175 million in 2025, rising to $223 million by 2030. Careem, which operates across 10 countries, aims to build on this momentum by rolling out more digital-first mobility services in the region.

Gems Education Bids For Saudi Arabia’s Ajialuna Educational

🔹 What Is It About

Dubai-based Gems Education has reportedly submitted a bid to acquire Riyadh-based Ajialuna Educational, according to Bloomberg. Local investors have also made non-binding offers, while majority shareholder Sulaiman Alrajhi Holding is looking to divest its entire stake. A deal could be finalized as early as November, though the timeline remains flexible.

🔹 Why It Matters

The move comes after a Brookfield-led consortium invested in Gems last year. Gems has since outlined plans to spend $300 million over the next three years to fuel organic expansion across the region.

🔹 What’s Next

Ajialuna, founded in 2007, serves more than 15,000 students across Saudi Arabia through its Al Forsan international schools in Riyadh, Al Khobar, Dammam and Jeddah. Gems, one of the region’s largest private school operators, runs more than 60 schools serving over 130,000 students across MENA.

Replit Founder Amjad Masad Calls On Tech Industry To Break Silence On Gaza

🔹 What Is It About

Amjad Masad, the Jordanian-American founder of coding platform Replit, has urged the global tech community to take a public stance on the war in Gaza, arguing that “silence is no longer an option.” In a post on X, Masad reflected on his decision to denounce what he called genocide, noting the backlash he faced from venture capital circles, including alleged sabotage, blocked investments and personal threats.

🔹 Why It Matters

Masad said Silicon Valley’s attitude is shifting, with more voices acknowledging the humanitarian crisis. He encouraged founders and executives to speak out, insisting that doing so now brings respect and moral clarity rather than risk. “Alienating those who will hate you for speaking is a feature, not a bug,” he wrote.

🔹 What’s Next

His comments highlight widening divisions within the technology sector over the conflict, as outspoken founders increasingly push for the industry to take political and ethical positions on global issues.

👨‍💻From Smashi Business’ Desk

• Vercel CEO Guillermo Rauch is facing backlash after posting a photo on X showing him meeting Israeli PM Benjamin Netanyahu, wanted for war crimes by the UN-backed ICC.

• Replit founder Amjad Masad says he faced “sabotage” from VCs for speaking out on Gaza — but urges the tech community to break its silence now that “the truth is undeniable.”

• UAE Minister Showcases DIFC’s 20-Year Rise from Sand to Global Financial Hub.

🔍In other news…

• Sheikh Tahnoon chairs MGX board meeting and reviews OpenAI and Altera deals

• UAE expected to host 27.6 million international visitors this year, WTTC says

• Dubai: New DMCC Wealth Hub to tap trillions of dollars of family offices, private investors

• Spinneys strikes major retail deal with Ayala Corp. for Philippines expansion

🏦 Crypto Corner

• Crypto data reveals UAE has mined bitcoins worth $700m

• Michael Saylor — Executive Chairman of MicroStrategy and one of Bitcoin’s most vocal corporate advocates — will make his first-ever appearance in the UAE at Bitcoin MENA in Abu Dhabi.

• Hut 8, part of a American BTC which is partially owned by Donald Trump Jr. and Eric Trump, Gets Approval to Operate in Dubai Financial Hub.

• Abu Dhabi Judicial Department now accept AE Coin.

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