- Smashi Business
- Posts
- GCC Clarifies Iran Fund Rumors; PIF Seeks EU Nod for $55B EA Deal; Newcastle United Eyes Arctos Capital
GCC Clarifies Iran Fund Rumors; PIF Seeks EU Nod for $55B EA Deal; Newcastle United Eyes Arctos Capital
In partnership with
Monday, June 29, 2026
Happy Monday everyone!
Strategic asset reallocations and regulatory reviews are driving Gulf sovereign finance. GCC Secretary-General Jasem Al-Budaiwi clarified that a rumored $300 billion reconstruction fund for Iran has not been formally evaluated by member nations, maintaining that future economic cooperation depends entirely on verified regional security. Concurrently, Saudi Arabia’s Public Investment Fund has applied for European Commission antitrust and subsidy clearances to finalize its $55 billion acquisition of Electronic Arts, with a provisional review deadline set for July 30. Meanwhile, PIF-owned Newcastle United FC has held early-stage talks with KKR-owned Arctos Partners to secure a minority investment for its multi-million-pound stadium redevelopment.
Markets
EGX30 | 50,755.28 | 1.34% |
DFMGI | 6,018.35 | Closed |
ADX | 9,880.00 | Closed |
Tadawul | 10,890.29 | 0.39% |
Gulf Cooperation Council Clarifies Status of Rumored Iranian Reconstruction Fund
🔹 What Is It About
GCC Secretary-General Jasem Al-Budaiwi confirmed that member states have not officially evaluated or discussed a proposed $300 billion reconstruction fund for Iran. While recent diplomatic talks with Iranian officials centered on cross-border economic investments and digital connectivity, the multibillion-dollar recovery package was completely omitted from the agenda. The council emphasized that any future financial cooperation depends entirely on verified regional stability.
🔹 Why It Matters
The announcement cools widespread market speculation regarding an immediate, massive cash injection into the Iranian economy by its neighbors. Gulf states are maintaining a cautious diplomatic stance, refusing to commit large capital pools without clear security guarantees from Tehran. For international businesses, this means that broader regional trade integration will move at a slow, conditional pace rather than through an overnight economic shift.
🔹 What’s Next
Gulf diplomats will monitor upcoming security compliance milestones before drafting formal trade agreements. Analysts expect future GCC ministerial sessions to focus on localized infrastructure partnerships rather than broad sovereign funding packages.
Apple’s Starlink Update Sparks Huge Earning Opportunity
Apple just secretly added Starlink satellite support to iPhones through iOS 18.3.
One of the biggest potential winners? Mode Mobile.
Mode’s EarnPhone already reaches 490M+ users that have earned over $1B, and that’s before global satellite coverage. With SpaceX eliminating "dead zones," Mode's earning technology can now reach billions more in unbanked and rural populations worldwide.
Their global expansion is perfectly timed, and investors like you still have a chance to invest in their pre-IPO offering at $0.52/share.
With their recent 32,481% revenue growth and newly reserved Nasdaq ticker, Mode is one step closer to a potential IPO.
Please read the offering circular and related risks at invest.modemobile.com. This is a paid advertisement for Mode Mobile’s Regulation A+ Offering.
Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.
The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
Public Investment Fund Requests European Union Clearance for Massive Video Game Purchase
🔹 What Is It About
The Public Investment Fund has applied for antitrust and foreign subsidy clearance from the European Commission to close its $55 billion purchase of Electronic Arts. A consortium led by the Saudi fund, alongside Silver Lake and Jared Kushner’s Affinity Partners, previously agreed to buy the California-based gaming company. Under the filing terms, the Saudi sovereign wealth fund will take sole operational control of the enterprise.
🔹 Why It Matters
The transaction marks a significant push by the fund to secure dominant ownership within the global entertainment and software sector. Regulatory approval from Brussels is the final major hurdle for the transaction, with antitrust decisions due by July 22 and subsidy reviews scheduled for July 30. A successful clearance allows Riyadh to anchor its domestic digital economy strategy around a massive, cash-generating gaming portfolio.
🔹 What’s Next
European regulators will decide by late July whether to approve the acquisition unconditionally or launch a detailed, second-phase inquiry. If cleared, the fund will begin restructuring the company's corporate governance to align with its domestic media development goals.
Newcastle United Explores Selling Minority Stake to Fund Stadium Expansion
🔹 What Is It About
Newcastle United FC has held early-stage talks with KKR-owned Arctos Partners regarding a potential minority equity investment. The Premier League club, which is 85% owned by the Public Investment Fund, is looking for outside capital to fund a major redevelopment of St. James' Park or build a new stadium. The proposed transaction would involve issuing new shares rather than existing owners selling down their current stakes.
🔹 Why It Matters
The exploratory talks come immediately after the fund ended its financial backing of LIV Golf, raising questions about its long-term sports spending. By seeking external institutional partners like Arctos, the fund is shifting toward a co-investment model to share the heavy financial burden of large infrastructure projects. This strategy allows the football club to expand its stadium capacity without violating strict Premier League financial regulations.
🔹 What’s Next
Club executives will continue discussions with Arctos and other sports investment firms to review financing structures for the stadium. Architects are expected to deliver completed feasibility studies for the construction site later this year.
Smashi Business Exclusive: Al Haboob Racing Founders On Turning Camel Racing Into A Global Franchise Model
Ahmed Al Haboob and Safwan Modir, founders of Al Haboob Racing, spoke on Smashi Business about building the world’s first professional camel racing team in Saudi Arabia. They explained how they are transforming a traditional, individual sport into a structured, franchise-style model inspired by Formula 1, with teams, sponsorships and long-term commercial value.
The founders discussed leaving corporate careers during the pandemic to pursue entrepreneurship in a “virgin” sports market, despite high operational risks tied to livestock performance. They also highlighted media ventures like their Netflix series Camel Quest, partnerships including Paul Pogba, and their vision to modernize the sport using data and technology.
👨💻From Smashi Business’ Desk
Emirati founded Saddle has officially landed in Qatar.
Uber CEO Dara Khosrowshahi was spotted wearing an Iran national team jersey during Iran's World Cup match against New Zealand.
Pavel Durov just accused Meta and Mukesh Ambani controlled Reliance of secretly blocking Telegram globally.
The New York Knicks have won their first NBA championship since 1973, but the title run also delivered a major win for Abu Dhabi.
🔍In other news…
Valentino's Qatari Shareholders Pledge Fresh Financial Support After Luxury Brand Losses
PIF's Newcastle United Held Investment Talks With Arctos: Bloomberg
Blackwater Founder Erik Prince Says Trump Was "Badly Advised" on Iran
PIF Seeks EU Approval for $5.5 Billion Electronic Arts Acquisition
GCC Secretary General Denies Holding $300 Billion Iran Talks With Marco Rubio
🦄 World of Startups
Rentify Raises USD 2 Million Seed Round to Launch Earn AI
CNTXT AI Closes $60M Series A to Deploy Sovereign AI Globally
Blnk Raises $37 Million to Expand Consumer Finance Services in Egypt
Saudi-based Pickappo Closes SAR 2 Million Pre-Seed Funding Round
Three Dubai entrepreneurs have raised AED 10 million for DRBY, a startup seeking to modernise education payments across the UAE through a unified digital platform.
Dubai-based Algebra AI nets $7 million funding to serve mid-market
Moroccan Proptech Startup Agenz Raises $5M to Build Property Data Infrastructure and Transaction Tools Tailored for Local Market
Calo, Bahrain-based meal subscription platform, expanded operations and full suite of services to Oman
