Happy Thursday everyone!

Expand North Star 2025 wrapped up its landmark 10th edition, celebrating global startup innovation and record investor participation. Meanwhile, GITEX GLOBAL 2025 enters Day 4, turning the spotlight to cybersecurity, AI governance, and data resilience. Details in our first story.

On the markets front, ALEC Holdings made a historic debut on the Dubai Financial Market with the UAE’s largest construction IPO, while Multiply Group announced a transformative share swap deal to acquire 2PointZero and Ghitha Holding — signaling strong momentum in the region’s tech and investment ecosystem.

But before that: For quick daily updates, follow us on Instagram, and you can watch our Smashi Business Show live every weekday from 10AM onwards (UAE time). Also, you can join our Whatsapp channel to receive updates from the business world.

Markets

Startups Take Big Prizes Home on Last Day of Expand North Star 2025 in Dubai

The final day of Expand North Star 2025 saw Korean AI security startup AIM Intelligence crowned the winner of the Supernova Challenge 2.0, taking home the US$100,000 top prize. Chucao Technology Consultants from Chile and Aerialoop from Ecuador secured second and third place, respectively. Concluding its landmark 10th edition at Dubai Harbour, the four-day event brought together over 2,000 startups, 1,200 investors, and US$1.1 trillion in assets under management. Adding momentum to the UAE’s startup ecosystem, Crescent Enterprises launched an AED 250 millionventure-building fund to support homegrown innovators. Industry leaders praised the UAE’s dynamic tech environment, reinforcing its position as a global hub for startups and investment.

Day of Digital Health, Biotech and AI-Powered Sciences at GITEX Global 2025

Day 3 of GITEX GLOBAL 2025 in Dubai spotlighted groundbreaking innovations in digital health, biotech, and AI-powered sciences. Global leaders including M42, Cleveland Clinic, SandboxAQ, Mammoth Biosciences, and Paradromics shared advancements in AI diagnostics, brain-computer interfaces, and quantum drug discovery. Exhibitors like Siemens, Snowflake, and XPANCEO showcased next-gen AI and AR solutions, while startups unveiled pioneering tools for healthcare and biotech. Dubai Municipality and Cisco signed an MoU to advance smart city infrastructure. With record attendance, deal signings, and cross-sector innovation, GITEX reaffirmed its status as a global tech and AI powerhouse, setting the stage for Day 4’s cybersecurity focus.

Alec Holdings Makes Historic Debut On DFM With UAE’s Largest Construction IPO

🔹 What Is It About

ALEC Holdings, a leading engineering and construction group based in Dubai, made a strong debut on the Dubai Financial Market (DFM) yesterday, marking the UAE’s largest-ever IPO in the construction sector. The offering raised AED 1.4 billion (US$381 million) through the sale of 20% of shares by the Investment Corporation of Dubai, valuing the company at AED 7 billion (US$1.91 billion). The IPO attracted approximately AED 30 billion in subscriptions, oversubscribed more than 21 times.

🔹 Why It Matters

The record-breaking listing underscores Dubai’s growing status as a global investment hub and reflects investor confidence in the UAE’s economic outlook. It also highlights the Emirate’s strategy to diversify capital markets across key sectors. Notably, the IPO recorded one of the highest levels of international investor participation, signaling the market’s increasing global appeal and deepening liquidity in the local exchange.

🔹 What’s Next

ALEC plans to distribute AED 200 million in dividends in April 2026, followed by AED 500 million for the 2026 financial year, offering a 7.1% dividend yield at listing. The company will pay dividends twice yearly, maintaining a minimum 50% payout ratio. With its ticker symbol “ALEC” now live, the listing adds momentum to Dubai’s capital markets, which are experiencing surging trading volumes and record foreign investor participation.

Multiply Group To Acquire 2PointZero And Ghitha Holding In Major Share Swap Deal

🔹 What Is It About

Abu Dhabi’s Multiply Group has announced plans to acquire 2PointZero and Ghitha Holding through a share swap transaction, pending shareholder and regulatory approvals. The move will see Multiply issue approximately 23.36 billion new shares, expanding its share capital from AED 2.8 billion to AED 8.64 billion. The combined entity will total 34.56 billion shares, creating a powerful diversified platform spanning energy, food, logistics, mining, apparel, media, mobility, and beauty.

🔹 Why It Matters

This strategic consolidation strengthens Multiply Group’s position as a global investment powerhouse with AED 120 billion in assets. By bringing together 2PointZero’s energy, AI, and financial services portfolio with Ghitha’s food security and agriculture operations, Multiply aims to optimize scale, increase efficiency, and build a balanced, diversified investment group aligned with megathemes like energy transition and sustainability.

🔹 What’s Next

The transaction remains subject to regulatory and shareholder approval. Once completed, Multiply Group expects to unlock operational synergies and boost shareholder value through organic and inorganic growth. The company plans to leverage AI and its global presence in 85 countries to reach 1 billion people, reinforcing its long-term focus on sustainable returns and strategic expansion.

👨‍💻From Smashi Business’ Desk

• HH Sheikh Tahnoon bin Zayed Al Nahyan met with Shawn “Jay-Z” Carter, Jay Brown, and Elbert O’Neal Robinson Jr. to discuss the future of the entertainment industry.

• UAE billionaire Khalaf Ahmad Al Habtoor has unveiled a bold reconstruction plan for Gaza

• A UAE consortium has reportedly met with Manchester United officials in London.

• The viral Dubai-born brand behind Can’t Get Knafeh of It is landing at Harrods London for its first-ever international pop-up — running October 27 to November 23.

🔍In other news…

• BlackRock, MGX Make $40 Billion Bet on AI Boom With Aligned Data Centers Deal

• Trump Tower Dubai construction to start this month: AGBI

• DIFC court orders NMC Healthcare founder BR Shetty to pay $46m to State Bank of India

• JPMorgan Is Latest Wall Street Bank to Get Saudi HQ License

• Talabat names Gyssels as new CEO as Rodriguez steps down after six years

• Lebanon puts faith in tech to reverse brain drain

• Dubai Investments Taps HSBC, Citi, Emirates NBD for Unit’s IPO: Bloomberg

• First 200 MW from UAE's Stargate AI campus to come online next year

• Revolut is “working diligently towards a launch in the UAE” and will provide updates in due course: The National

🏦 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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