- Smashi Business
- Posts
- OpenAI–G42 UAE Talks; Anthropic Targets $20B at $350B Valuation; Kalshi Faces Multi-State Legal Pressure
OpenAI–G42 UAE Talks; Anthropic Targets $20B at $350B Valuation; Kalshi Faces Multi-State Legal Pressure
Sunday, February 8, 2026
What investment is rudimentary for billionaires but ‘revolutionary’ for 70,571+ investors entering 2026?
Imagine this. You open your phone to an alert. It says, “you spent $236,000,000 more this month than you did last month.”
If you were the top bidder at Sotheby’s fall auctions, it could be reality.
Sounds crazy, right? But when the ultra-wealthy spend staggering amounts on blue-chip art, it’s not just for decoration.
The scarcity of these treasured artworks has helped drive their prices, in exceptional cases, to thin-air heights, without moving in lockstep with other asset classes.
The contemporary and post war segments have even outpaced the S&P 500 overall since 1995.*
Now, over 70,000 people have invested $1.2 billion+ across 500 iconic artworks featuring Banksy, Basquiat, Picasso, and more.
How? You don’t need Medici money to invest in multimillion dollar artworks with Masterworks.
Thousands of members have gotten annualized net returns like 14.6%, 17.6%, and 17.8% from 26 sales to date.
*Based on Masterworks data. Past performance is not indicative of future returns. Important Reg A disclosures: masterworks.com/cd
Happy Sunday everyone!
OpenAI’s global expansion is taking a regional turn. The company is reportedly in talks with Abu Dhabi–based G42 to build a UAE-specific version of ChatGPT tailored to local language and regulation. At the same time, Qatar-backed Anthropic is racing toward a funding round exceeding $20 billion at a $350 billion valuation, as investors pile into AI infrastructure plays. Meanwhile, in the US, Lebanese founder Tarek Mansour says his $11 billion prediction market Kalshi has received cease-and-desist letters from eight states, escalating a regulatory fight over whether event-based contracts are finance or gambling.
Markets
EGX 30 | 49,644.36 | Closed |
DFMGI | 6691.00 | Closed |
ADX | 10,563.11 | Closed |
Tadawul | 11,188.73 | Closed |
OpenAI in Talks With Abu Dhabi’s G42 to Build UAE-Specific ChatGPT
What Is It About?
OpenAI is reportedly in talks with Abu Dhabi-based G42 to develop a specialized version of ChatGPT tailored for the UAE, according to Semafor. The model would accommodate local Arabic dialect, cultural context, and regulatory requirements, with a primary focus on government deployment while maintaining access to the global version.
Why It Matters?
This signals a broader shift toward region-specific AI models as governments seek alignment with local laws, language, and political frameworks. For OpenAI, it represents a strategic expansion model. For the UAE, it reinforces its ambition to position itself as a serious global AI power, not merely an adopter of Western technology.
What’s Next?
If finalized, the UAE-specific model could become one of the first structured examples of localized sovereign AI deployment. The country has already laid groundwork by appointing Omar Sultan Al Olama as the world’s first AI minister in 2017 and backing Stargate UAE, a $30+ billion computing initiative. Expect more national AI variants to follow.
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.
Qatari-Backed Claude Maker Anthropic Is Seeking to Raise More Than $20 Billion
What Is It About?
Anthropic, the AI company behind Claude and backed by Qatar’s sovereign wealth fund, is finalizing a funding round expected to exceed $20 billion, potentially valuing the company at $350 billion. The OpenAI rival initially sought $10 billion, but investor demand appears to have surged as the tech world raved over Cowork, its new general-purpose AI agent tool for work. Strategic backers including Nvidia and Microsoft are participating in the round.
Why It Matters?
The talks follow Anthropic’s $13 billion Series F round in September 2025, which valued the company at $183 billion and included the Qatar Investment Authority, underscoring deepening Gulf exposure to frontier AI firms. The raise reflects escalating investor appetite for enterprise AI infrastructure and signals confidence that agent-based systems like Cowork could reshape workplace automation across sectors.
What’s Next?
Recently, it was announced the Qatar Investment Authority will launch Qai, a national AI subsidiary to invest in and manage artificial intelligence infrastructure domestically and abroad, as the $524 billion sovereign fund accelerates diversification beyond hydrocarbons.
Kalshi Under Fire: Lebanese Founder Tarek Mansour Says States “Want Us to Go Into Hiding”
What Is It About?
Lebanese co-founder and CEO Tarek Mansour told the Financial Times that prediction market platform Kalshi has received cease-and-desist letters from eight US states, including New York and Nevada, over claims it operates as an illegal sportsbook. The $11 billion company is also being sued by Massachusetts and Native American tribal groups, as regulators challenge its event-based trading model. “We’re confident in the law,” Mansour told the FT. “When you get a cease-and-desist, it’s usually, like, you go into hiding if you’re doing something wrong. We’re not.”
Why It Matters?
The clash exposes a deeper regulatory fault line between state authorities and federally regulated fintech platforms. Kalshi operates under oversight from the Commodity Futures Trading Commission (CFTC) and argues federal approval supersedes state-level objections.
What’s Next?
Even as legal pressure builds, Mansour sees growth in mainstream adoption. CNN and CNBC now display Kalshi market prices on air, embedding prediction odds into real-time coverage and signaling rising institutional acceptance despite regulatory pushback.
🦄 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
Syrian Founder Yasmeen Jisri’s Bake My Day Lands Major Dove Collaboration
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…
US to Host Gaza “Board of Peace” Talks in Washington on Feb. 19: Axios
RAK Properties Reports 44% Profit Surge on Strong Sales Growth
UAE Developers Target London Property Rebound With New Push
Almaty Replaces Saudi Arabia’s Neom as Host of Asian Winter Games
🗓️ Plan Your Events (Jan-Feb 2026)
UAE
9-12 February: World Health Expo (WHX), Dubai.
11-12 February: STEP Dubai Conference, Dubai Internet City. (Media Partners)
Saudi Arabia
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)
