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Gulf Bullish on Premier League; Replit's Independence; Abu Dhabi's Support for Chinese AI Startup IPO
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Thursday, January 1, 2026
Happy Thursday and Happy New Year everyone!
The struggle to switch 2025 to 2026 in writing and speech has started. Since the world of business, tech, AI and startups never sleeps, we are here to welcome you to the new year also. The Arab world is rising in ranks and so are we at Smashi Business. We sent out 365 newsletters in 2025, and thanks to that we grew from nearly 20k subscribers now almost 50k. A big thanks to all the readers for your support!
For our stories today, Abu Dhabi-based PCP Capital Partners CEO Amanda Staveley told AGBI that Gulf is bullish on Premier League. Meanwhile, Replit's Jordanian-American founder Amjad Masad reaffirmed his commitment to independence after Meta's $2 billion Manus acquisition sparked speculation, revealing he rejected a $1 billion offer in 2019, a decision that paid off with Replit now valued at $3 billion. And Abu Dhabi Investment Authority deployed $65 million as a cornerstone investor in Chinese AI startup MiniMax's Hong Kong IPO, continuing its aggressive tech investment strategy across emerging markets.
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
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Gulf Interest In Premier League Remains Strong: PCP CEO Amanda Staveley
What’s it About?
Abu Dhabi-based PCP Capital Partners CEO Amanda Staveley says Gulf investors maintain "a lot of interest" in the Premier League, though the era of massive sovereign wealth fund takeovers is ending. Staveley, who orchestrated Newcastle United's £300 million sale in 2021 and Manchester City's 2008 acquisition, told AGBI that "new Premier League rules" mean she doesn't "see there being many more sovereign states investing in Premier League clubs."
Why it Matters?
The shift reflects stricter ownership regulations and rising valuations pushing Gulf capital toward minority stakes rather than full acquisitions. "That doesn't mean to say that there can't be Gulf money going in," Staveley explained, noting "Gulf family offices, high net worths, institutions, institutional capital, commercial partnerships can all flow into sport." After selling her Newcastle stake in July 2024 and expressing interest in Tottenham, she's now exploring opportunities with "a group of investors from all over the world."
What’s Next?
Staveley confirmed PCP is actively pursuing deals, stating "we are looking at other clubs" across the Premier League and European leagues, including the US. While she "can't talk about where we're looking at the moment," the focus remains primarily on England's top flight, signaling continued Gulf engagement through more strategic, diversified investment structures rather than headline-grabbing takeovers.
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Jordanian-American Replit CEO Reaffirms Independence After Years Of Rejecting Acquisitions
What’s it About?
Jordanian-American founder Amjad Masad Wikipedia publicly reaffirmed Replit's independence amid speculation about potential acquisitions, following Meta's $2 billion purchase of AI coding startup Manus this week. "Turned down a ton of acquisitions over the decade that would've killed the vision," Masad tweeted in response to a user urging him not to sell to Meta. The AI coding platform, founded in 2016 by Masad, Haya Odeh, and Faris Masad, notably rejected a $1 billion offer in 2019 when the startup had just six employees.
Why it Matters?
Masad's decision proved prescient. Replit recently raised $250 million at a $3 billion valuation, nearly tripling its worth since 2023. The company's annualized revenue exploded from $2.8 million to $150 million in under a year, serving over 40 million users. When facing the 2019 offer, venture capitalist Marc Andreessen advised Masad to ensure he "wasn't reasoning from the point of view of fear," helping him stay focused on making coding fun rather than accepting a quick exit.
What’s Next?
Replit launched Agent 3, its most autonomous AI coding assistant that can work independently for up to 200 minutes, positioning itself as the leading platform for "vibe coding" where users build applications through natural language. With partnerships including Google Cloud and Microsoft Azure, the Foster City-based company continues pursuing its mission to democratize software development. "Despite this being a long journey for me, we are only getting started," Masad said, committing to ensuring everyone can build their dreams with Replit.
Abu Dhabi Investment Authority Backs Chinese AI Startup MiniMax's $492 Million IPO
What’s it About?
Abu Dhabi Investment Authority invested $65 million in Chinese AI startup MiniMax's Hong Kong IPO as a cornerstone investor, acquiring 3.35 million shares. The cornerstone tranche raised $350 million from investors including Alibaba, IDG, Perseverance Asset Management and Mirae Asset Securities, valuing MiniMax at nearly $6.5 billion.
Why it Matters?
Founded in 2022, MiniMax offers multimodal AI models processing text, audio, images, video and music. Despite widening net losses to $512 million in nine months of 2025 from $304 million year-earlier, attributed to "significant initial investment in foundation model research and development and AI infrastructure," the startup attracted major global backing.
What’s Next?
MiniMax plans raising at least HK$3.83 billion ($492 million) through selling 25.4 million shares. This follows Adia's recent pattern of backing tech IPOs, including joining as anchor investor in Indian stockbroker Groww's offering and purchasing a 4.5 percent stake in Prudential's Indian asset-management venture.
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