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Global Moves and Local Innovation: AI Funding, Billionaire Relocation, and Homegrown Zero-Sugar Cola
Tuesday, November 25, 2025
Happy Tuesday everyone!
From billion-dollar AI investments to high-profile relocations and homegrown innovations, the business landscape continues to evolve at a rapid pace. In this edition, we spotlight three major stories shaping global and regional markets: Abu Dhabi’s Lunate considering a $1 billion commitment to AI firm MGX, Indian billionaire Lakshmi Mittal’s move from the UK to Dubai amid tax changes, and the launch of FRÍO Cola, a homegrown zero-sugar beverage from Dubai. Read on to understand what’s happening, why it matters, and what comes next.
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
EGX 30 | 39,725.26 | 1.78% |
DFMGI | 5,830.85 | 0.08% |
ADX | 9,771.91 | 0.240% |
Tadawul | 10,851.76 | 1.44% |
Abu Dhabi’s Lunate Weighs $1 Billion Commitment to AI Firm MGX
What’s it About?
Abu Dhabi asset manager Lunate is reportedly considering a $1 billion investment in MGX, a state-backed AI firm co-founded by G42 and Mubadala Investment Co. MGX has already backed OpenAI and xAI, and is collaborating with BlackRock and Microsoft on a $30 billion plan for data warehouses and energy infrastructure. Lunate, which manages capital across multiple fund strategies and partners with global firms such as BlackRock, Blackstone, and Brookfield, has deployed $13.5 billion since its inception two years ago.
Why it Matters?
This potential investment underscores Abu Dhabi’s growing role in the global AI landscape. MGX is central to the UAE’s AI ambitions under Sheikh Tahnoon bin Zayed Al Nahyan, and Lunate’s involvement signals strong institutional support for AI innovation. By backing firms like OpenAI, both entities are positioning themselves as key players in emerging technologies that are reshaping global markets.
What’s Next?
Discussions are ongoing, with no final decisions yet. If the investment moves forward, Lunate’s funding could accelerate MGX’s AI projects and international collaborations, potentially influencing global AI development and infrastructure expansion across multiple sectors.
Steel Billionaire Lakshmi Mittal Leaves London for Dubai Amid Labour’s Tax Shake-Up
What’s it About?
Steel magnate Lakshmi Mittal is reportedly leaving the UK in response to expected changes in taxation on high-net-worth individuals. Following the UK government’s plan to increase taxes to address a £20 billion ($26.31 billion) fiscal gap, Mittal is shifting much of his residency to Dubai, where he already owns a $200 million mansion and land plots on Naïa Island. The UK’s abolition of the historic non-dom status, which previously allowed limited taxation on foreign income, appears to be a key factor in his decision.
Why it Matters?
Mittal’s move highlights how tax policy changes can influence the decisions of global billionaires, potentially affecting investment patterns and economic activity. Dubai continues to position itself as a favorable destination for high-net-worth individuals, following similar moves by Norwegian shipping billionaire John Fredriksen and tech entrepreneurs like Herman Narula and Nik Storonsky.
What’s Next?
Mittal’s relocation may encourage further migration of wealthy individuals to tax-friendly regions such as Dubai, influencing real estate, luxury markets, and local economic policies. The broader impact of the UK’s tax reforms on the behavior of other super-rich residents will be closely watched in the coming months.
Dubai Introduces FRÍO Cola, a Homegrown Zero-Sugar Drink by Emirati Founder Rashed Al-Mulla
What’s it About?
Dubai entrepreneur Rashed Al Mulla has launched FRÍO Cola, a zero-sugar, zero-calorie beverage free from artificial sweeteners. The product aims to offer a natural, classic cola taste while responding to changing consumer preferences for healthier drinks. The launch coincides with the UAE’s planned 2026 tiered excise tax on sweetened beverages, which will link tax rates to sugar and sweetener content.
Why it Matters?
FRÍO Cola reflects a growing trend in the Middle East and Africa toward health-conscious beverages. With the regional carbonated drinks market expected to grow from $21.7 billion in 2024 to $26.3 billion by 2032, products like FRÍO Cola are well-positioned to capture consumer demand for healthier alternatives. Similar innovations, like Saudi Arabia’s Milaf Cola, indicate a broader regional shift in beverage consumption.
What’s Next?
FRÍO Cola’s market performance will likely influence other local startups and international brands to introduce healthier drink options. As excise taxes incentivize lower-sugar products, the UAE and regional beverage markets may see a wave of innovation toward zero-sugar and naturally sweetened alternatives.
🦄 World of Startups
Kingpin, a UAE-based startup, has raised $3.5M to accelerate the rollout of its AI-powered retail and distribution tools across GCC, Europe, and North America.
Secure.com (UAE) – Raised $4.5M from Disrupt.com and launched Digital Security Teammate, an AI-native cybersecurity agent platform.
Shatib (Saudi) – Secured $750K pre-seed from a strategic angel investor for its B2B group purchasing marketplace for construction materials.
SahmAlgo (Saudi) – Raised $1M seed led by Gharesah Investment to expand AI-driven financial analytics for traders and enterprises.
Takadao (Saudi) – Raised $1.5M seed from multiple investors to offer Sharia-compliant DeFi solutions via its community-owned LifeDAO.
FAST Ventures rolls out $3 million venture studio to back MENA startups.
bluworks lands $1 million seed investment to accelerate MENA expansion
