- Smashi Business
- Posts
- Citadel Approved for Dubai; Gulf Funds Take 38.5% of Paramount-WBD; Israeli AI Firm Uses Synthetic Iran Victims
Citadel Approved for Dubai; Gulf Funds Take 38.5% of Paramount-WBD; Israeli AI Firm Uses Synthetic Iran Victims
Thursday, April 30, 2026
Happy Thursday everyone!
Citadel has received regulatory approval to begin operating from Dubai International Financial Centre, becoming one of the last major hedge funds to enter the UAE. Separately, a Federal Communications Commission filing confirmed that Saudi Arabia's Public Investment Fund, the UAE and the Qatar Investment Authority will collectively own 38.5% of the merged Paramount and Warner Bros. Discovery following a $24 billion commitment. Meanwhile, Israeli company Generative AI for Good has drawn scrutiny for producing AI-generated testimonies depicting Iranian women in detention, with critics warning the content risks providing emotional justification for military strikes on Iran.
In the wake of developments in the region, we hope everyone stays safe. At this critical moment, it is essential to remain united and follow guidance issued by official authorities from your country.
Markets
EGX30 | 52,383.13 | 0.29% |
DFMGI | 5,861.30 | 0.06% |
ADX | 9,901.24 | 0.67% |
Tadawul | 11,238.07 | 0.52% |
Citadel Gets Greenlight to Begin Operating in Dubai
What Is It About?
Citadel, the $67 billion US hedge fund founded by Ken Griffin, has received regulatory approval from the Dubai Financial Services Authority to begin operating from Dubai International Financial Centre. Portfolio manager Yash Gupta has already relocated to the city, with the firm's first traders set to follow as part of a push for 24-hour global trading coverage.
Why It Matters?
Citadel was one of the last major global hedge funds yet to establish a UAE presence, with rivals including Millennium Management, Point72 and Brevan Howard already operating across Dubai and Abu Dhabi. The approval signals that despite ongoing regional conflict, the UAE's tax advantages, open regulatory environment and access to Gulf capital continue to outweigh geopolitical concerns for global financial institutions.
What’s Next?
Dubai authorities are actively easing compliance requirements for firms navigating regional disruptions, while Abu Dhabi's Abu Dhabi Global Market has signalled readiness to offer proportionate regulatory flexibility. With DIFC now home to more than 100 hedge funds, double the figure from last year, further institutional arrivals are widely expected through 2026.
Gulf Sovereign Wealth Funds Will Own 38.5% of the Paramount and Warner Bros. Discovery Merger
What Is It About?
A filing with the US Federal Communications Commission has revealed that the merged Paramount and Warner Bros. Discovery entity will be 49.5% foreign owned, with 38.5% held by three Gulf sovereign wealth funds. Saudi Arabia's Public Investment Fund will hold 15.1%, the UAE's sovereign wealth fund 12.8%, and the Qatar Investment Authority 10.6%, following a combined commitment of close to $24 billion. The Ellison family and RedBird Capital Partners retain full voting control.
Why It Matters?
This is the most significant Gulf ownership stake ever taken in a US media company, giving three sovereign wealth funds a combined position in Hollywood's largest studio group spanning HBO, CNN, Warner Bros. Pictures, CBS and Paramount. While the funds hold no board seats or voting shares, the scale of the commitment signals a new chapter in Gulf capital's influence over Western media and entertainment.
What’s Next?
The deal still requires approval from the US Justice Department and European regulators, with state attorneys general also able to move to block it. The FCC's foreign ownership ruling is being sought separately and is not a condition for closing. All eyes are now on whether regulators will greenlight what would be the most Gulf-backed media transaction in history.
This Israeli tech company is allegedly creating fake AI victims to justify attacks on Iran
What Is It About?
Since US and Israeli strikes on Iran began on February 28, an Israeli company called Generative AI for Good, founded by Shiran Mlamdovsky Somech, has been linked to viral AI-generated testimonies depicting Iranian women allegedly detained during protest crackdowns. The videos use synthetic avatars with no verifiable identities or independently confirmed sourcing, presented as survivor accounts from Iran, Syria, Ukraine and Iraq.
Why It Matters?
The case sits at the intersection of a booming industry and an active conflict. Israeli generative AI startups have raised over $20 billion across more than 340 companies as of early 2026. Critics warn that emotionally compelling synthetic content risks providing justification for military action, with even Donald Trump drawing scrutiny after posting images of allegedly "released" Iranian women flagged by users as AI-generated.
What’s Next?
The episode is likely to accelerate calls for mandatory disclosure of AI-generated content in conflict zones and pressure on platforms to develop stronger synthetic media detection.
👨💻From Smashi Business’ Desk
Exclusive: Bezos’ $38 Billion “Project Prometheus” AI Play, Which Has a Quiet Gulf Angle
Despite a market cap of just $15.7 million — well below Nasdaq’s $35 million threshold — Swvl Holdings Corp is not on the brink of delisting.
UK universities under fire after reports of £440k spent spying on pro-Palestine student activity
🔍In other news…
Alabbar-led Americana profit nearly doubles as expansion drives new outlet growth
Iran war disrupts pistachio supply chain amid Dubai chocolate boom
Fadi Ghandour on Iran war: “The ultimate lesson of any crisis is redundancy…” says firms must diversify suppliers and geography
Vodafone Qatar subsidiary acquires Doha-based startup MaktApp
Dubai eases residence visa rules, removes minimum property value threshold
🦄 World of Startups
Saudi fashion platform Aya secures $7m to scale real time production
Jordan-based Tamatem has acquired Istanbul-founded Playable Factory, strengthening its push into performance marketing and user acquisition.
Egypt’s Lucky Raises USD 23M Series B. Its Consumer Credit Model is Expanding Into North Africa
“We Got Funded!” Maison Safqa Raises US$620,000 in Pre-Seed Funding to Expand Luxury Flash-Sale Platform Across GCC
Via Separations, US-based deeptech startup, raised $36M in funding from Aramco Ventures (Saudi), and other global investors.
