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- F1 Confirms Qatar and Abu Dhabi Races, Lucid Secures $1.75B Saudi Funding, Passports Could Become Redundant
F1 Confirms Qatar and Abu Dhabi Races, Lucid Secures $1.75B Saudi Funding, Passports Could Become Redundant
AI, tech, startup and business stories from the Arab world. For the driven, the dreamers and the doers
Wednesday, November 11, 2026
Happy Wednesday everyone!
The Middle East is holding on to two major Formula One races, with Qatar and Abu Dhabi confirmed as the season's final destinations despite regional security concerns. The decision is also good news for tourism and hospitality businesses counting on the events. Meanwhile, Saudi Arabia's Public Investment Fund is providing another $1.75 billion in credit to Lucid, taking the EV maker's available liquidity to $3.75 billion as it attempts a turnaround. And in Dubai, Airports CEO Paul Griffiths believes physical passports could become redundant within five years, with biometrics and digital identities potentially transforming how people travel across borders.
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Dubai Airports CEO Predicts Passports Could Become Redundant Within Five Years
🔹 What Is It About
Dubai Airports chief executive Paul Griffiths believes physical passports could become unnecessary within five years as biometric technology and digital identities transform international travel. In a LinkedIn post, he said travellers could eventually move through airports without repeatedly presenting documents, using biometrics to verify their identities.
🔹 Why It Matters
A single digital identity could simplify the entire travel experience, from immigration checks to collecting rental cars and checking into hotels. Griffiths said the technology already exists, but governments, airlines and airports need to connect their systems and agree on common international standards.
🔹 What’s Next
Griffiths acknowledged that countries will adopt digital identity systems at different speeds. While he believes passport-free travel could become reality within five years, this is his prediction rather than a confirmed industry deadline. International cooperation and regulatory alignment will determine how quickly physical passports become less necessary.
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Lucid Secures $1.75 Billion Saudi PIF Loan Boost As It Pushes For Turnaround
🔹 What Is It About
US electric vehicle maker Lucid Group has secured a $1.75 billion increase in its credit facility from Saudi Arabia's Public Investment Fund (PIF), its largest investor. The additional financing brings its pro forma liquidity to $3.75 billion, giving the company funding to support operations through the fourth quarter of 2027.
🔹 Why It Matters
The financing gives new CEO Silvio Napoli more room to restructure the struggling EV maker amid weak industry demand. Lucid reduced its third-quarter cash outflow to $1.04 billion, down from $1.48 billion in the previous quarter. It also cut its workforce by around 28% between the first and third quarters.
🔹 What’s Next
Lucid expects its available liquidity to last until production of its midsize vehicle begins in the second half of 2027. The company has achieved $800 million of its targeted $1.4 billion cash flow improvement this year. It plans to announce its 2027 outlook and mid-term strategy alongside its year-end results.
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Formula One Confirms Qatar And Abu Dhabi Races As Middle East Season Finale
🔹 What Is It About
Formula One will hold its final two races of the 2026 season in Qatar and Abu Dhabi as scheduled, ending uncertainty over the calendar amid regional tensions and the Iran war. The sport has dropped Italy's Imola circuit as a backup venue for December 6. All 11 teams have been informed and support the decision. FIA president Mohammed Ben Sulayem said preparations were in place for both races, although safety remains the priority.
🔹 Why It Matters
The decision preserves the 23-race calendar and gives Qatar and Abu Dhabi the opportunity to host two major international sporting events as planned. Beyond motorsport, both races attract international visitors, teams, sponsors and media, generating business for hotels, airlines, restaurants, transport operators and tourism companies.
🔹 What’s Next
The economic stakes are significant. Abu Dhabi's 2024 Grand Prix generated an estimated AED1.25 billion in economic impact, with 192,000 attendees, 70% travelling from outside the UAE. In Qatar, hotel revenue per available room surged 42% year-on-year in November 2024, with occupancy reaching 95.2% on race Friday. Both events are expected to support tourism, hospitality, aviation and retail businesses. However, Formula One retains the option to cancel if regional security conditions deteriorate.
👨💻From Smashi Business’ Desk
Qatar Investment Authority (QIA) CEO Mohammed Saif Al-Sowaidi has publicly addressed the sovereign wealth fund’s participation in the $110 billion Skydance-Paramount-Warner Bros. Discovery deal for the first time.
Egyptian-American creator Kareem, the man behind viral interview series @subwaytakes, has been named one of just 25 winners of the 2026 Instagram Rings Awards.
A $12 chicken sandwich has sparked a debate over wealth and inequality in Lebanon.
An Islamic brokerage founder says Anthropic wouldn’t make the cut on his app.
An Emirati AI company has outperformed Microsoft, ElevenLabs, Google and OpenAI in Arabic speech recognition accuracy.
🔍In other news…
Karen Wazen Collection Just Expanded to Egypt With Two New Stores
Saudi's PIF, Silver Lake have held recent talks to buy gaming software provider Unity, sources say
U.S. Offers $20 Million Reward for Iran Nuclear Secrets
GCC rejects US claim Hormuz could become ‘worthless’
Aramco's Q3 profit rises by a third despite attacks
Saudi Arabia Pushes Ahead With IPO Rule Changes Despite Banker Warnings
Dubai's Emaar plans offer to buy out construction arm in $3.4 billion deal
US President Donald Trump says Washington will stop giving Israel $4 billion annually after this year
UN shipping chief criticises huge payouts for crews risking Hormuz
🦄 World of Startups
NoorNation: Egypt-based cleantech startup NoorNation raised $1.05 million in seed funding from Linah Farms, Catalyst Fund and KBW Ventures to expand its solar-powered irrigation and desalination solutions.
Silkhaus: UAE-based short-term rental startup Silkhaus is winding down its holiday-home business in the country, with owner agreements set to end on November 11, 2026.
MNT-Halan: Egyptian fintech MNT-Halan received a $71.2 million capital injection from its parent company, MNT Investments BV, increasing the parent’s stake to 80.47% shortly after the fintech’s $139.5 million IPO.
Alpha Dhabi: UAE-based Alpha Dhabi Holding committed $1 billion to Alpha Wave III, a global investment fund managed by Alpha Wave Global that focuses on high-growth companies, with AI at its core.
Mubadala Capital: UAE-based Mubadala Capital secured a minority equity investment from US asset manager Apollo Global Management, which manages $1.05 trillion in assets, with the investment value undisclosed.
