- Smashi Business
- Posts
- G42 Bets On Vietnam; Emirates Counts Billions In Losses; Giannis Backs Kalshi
G42 Bets On Vietnam; Emirates Counts Billions In Losses; Giannis Backs Kalshi
Monday, February 9, 2026
Happy Monday everyone!
Abu Dhabi-based G42 is pushing beyond the Gulf with a billion-dollar data-center push in Vietnam, while Emirates says delivery delays have cost it more than $10 billion in missed revenue. Meanwhile, NBA champion Giannis Antetokounmpo is joining prediction-market platform Kalshi as a shareholder, adding star power to an increasingly competitive sector.
Markets
EGX 30 | 49,644.36 | Closed |
DFMGI | 6691.00 | Closed |
ADX | 10,563.11 | Closed |
Tadawul | 11,188.73 | Closed |
Abu Dhabi’s G42 Leads $1 Billion Vietnam Data Center Expansion
What Is It About?
Abu Dhabi–based AI firm G42 is leading a consortium with Vietnam’s FPT Corp. and Viet Thai Group to build three data centers and cloud facilities in Vietnam, with consumption commitments of up to $1 billion. Announced in Ho Chi Minh City, the project reflects G42’s push beyond the Gulf, though partners have not yet disclosed timelines, final investment figures, or total computing capacity.
Why It Matters?
The move underscores surging demand for AI infrastructure in Southeast Asia, where limited land and power are already triggering political and environmental debates. For Vietnam, the deal strengthens ambitions to become a regional AI hub, while for G42 it advances a strategy to diversify oil-linked economies and extend its footprint abroad, backed by sovereign wealth and partnerships with major US technology firms.
What’s Next?
The consortium is expected to clarify project phases, site locations, and power requirements as planning advances. G42 is also expanding across Africa and Asia and promoting initiatives such as “Digital Embassies” to host foreign computing services in the UAE. In Vietnam, regulatory approvals and community responses could shape the pace and scale of construction.
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.
Emirates Says Aircraft Delays Have Cost $10 Billion In Missed Revenue
What Is It About?
Emirates says aircraft delivery delays and capacity limits have cost the airline more than $10 billion in lost passenger and freight revenue. President Sir Tim Clark said the carrier is missing up to AED30 billion annually from passengers and AED8 billion from cargo as Boeing and Airbus deliveries lag. Emirates has been forced to keep older jets flying while investing heavily in refurbishments.
Why It Matters?
The losses highlight mounting pressure on global aircraft manufacturers and the ripple effects on fast-growing Gulf carriers. Premium cabins on major routes such as London, Sydney and New York are frequently sold out, with long waiting lists. Clark says Emirates could be earning 20–30 percent more if it had the aircraft it planned for, underscoring how supply bottlenecks constrain global air travel growth.
What’s Next?
Emirates is pressing Boeing for compensation over delayed 777X jets while preparing to move operations to Dubai World Central by 2032 in a $35 billion expansion. The airline is adding limited capacity, including a second daily Tokyo Narita flight from May, but says further network growth remains restricted. A proposed Dubai–Berlin route could launch in late 2026, pending approval.
Basketball star Giannis Antetokounmpo Joins Lebanese founder Tarek’s Kalshi As Shareholder
What Is It About?
Prediction-market platform Kalshi has added NBA superstar Giannis Antetokounmpo as a shareholder, Lebanese-American founder Tarek Mansour announced on LinkedIn. The post highlighted Antetokounmpo’s rise from poverty in Athens to global stardom, alongside an image welcoming him to the company.
Why It Matters?
The partnership brings one of the world’s most recognizable athletes into Kalshi’s orbit, boosting its public profile as it expands awareness of regulated event-based trading. Mansour framed the move as aligning the company with Antetokounmpo’s reputation for discipline, resilience and authenticity.
What’s Next?
Kalshi has not yet detailed Antetokounmpo’s role beyond shareholding. The company is expected to leverage his brand in marketing and outreach as it seeks wider adoption and continued growth in the competitive fintech and prediction-markets sector.
🦄 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…
🗓️ 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
11-12 February: Ai Everything Egypt (Organized by GITEX Global), Cairo. (Media Partners)
