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- IMI Rebuts Sky Split Report; Adnoc Flags ‘Economic Warfare’; Kalshi Raises $1B at $22B Valuation
IMI Rebuts Sky Split Report; Adnoc Flags ‘Economic Warfare’; Kalshi Raises $1B at $22B Valuation
Saturday, March 21, 2026
Eid Mubarak everyone!
Abu Dhabi-based IMI rejected reports that Sky News plans to end its Sky News Arabia joint venture, saying discussions remain commercial under a contract running to May 2027, despite claims reported by The Telegraph. Adnoc CEO Sultan Al Jaber warned in a LinkedIn post that attacks on Gulf energy sites are “unjustified, unprovoked and illegal”, calling them “global economic warfare” threatening civilian infrastructure and global supply stability. Kalshi raised over $1 billion at a $22 billion valuation, doubling from December, as the prediction market platform founded by Tarek Mansour and Luana Lara Lopes reports $1.5 billion in annualised revenue.
In the wake of developments in the region, we hope everyone stays safe. At this critical moment, it is essential to remain united and follow guidance issued by official authorities from your country.
Markets
EGX30 | 47,611.96 | Closed |
DFMGI | 5,550.24 | Closed |
ADX | 9,982.04 | Closed |
Tadawul | 10,946.26 | Closed |
IMI Rejects Claims of Sky News Arabia Split as Partnership Review Continues
What Is It About?
Abu Dhabi-based International Media Investments (IMI) has rejected reports that Sky News is preparing to end its joint venture with Sky News Arabia, describing the claims as inaccurate. The response follows a report in The Telegraph suggesting the UK broadcaster could terminate the branding agreement next year. IMI said discussions are ongoing under a contract running until May 2027.
Why it Matters?
The dispute underscores tensions around ownership, control and editorial independence in cross-border media partnerships. It also comes after The Telegraph was sold to the German publisher Axel Springer, following a blocked takeover bid involving IMI, raising questions about the timing and framing of the report.
What’s Next?
Former Sky News Arabia general manager Nadim Koteich said discussions predate current events and are driven by contract timelines. As the 2027 deadline approaches, negotiations are expected to continue, reflecting broader shifts in the media industry as traditional broadcast models face structural change.
Binance Scores Second U.S. Legal Victory in Anti-Terrorism Act Case
Binance, the world’s largest cryptocurrency exchange, has secured a second major U.S. legal win in just two weeks, after a federal court in Alabama dismissed all claims against the company under the Anti-Terrorism Act. The court criticized the plaintiffs’ complaint as a “shotgun pleading,” citing its failure to clearly outline allegations or distinguish individual liability, and granted the plaintiffs until April 10, 2026, to amend the filing or risk dismissal.
This follows a similar victory in New York, reinforcing Binance’s defense against allegations of supporting terrorism. General Counsel Eleanor Hughes emphasized that the rulings reflect the need for legal rigour and evidence, and reiterated Binance’s commitment to compliance, transparency, and lawful operations. With these back-to-back wins, Binance strengthens its position in the U.S. legal landscape and signals its readiness to vigorously defend the platform and its community against unfounded claims.
Adnoc CEO Warns Gulf Energy Attacks Amount to ‘Global Economic Warfare’
What Is It About?
Adnoc CEO Sultan Al Jaber has warned that recent attacks on Gulf energy infrastructure represent a serious escalation, describing them as “unjustified, unprovoked and illegal” in a LinkedIn post. He said the facilities targeted are civilian sites, operated by engineers and workers, adding: “These are civilian facilities… sustaining economies and everyday life far beyond our region.” Al Jaber characterised the strikes as “global economic warfare”, warning that energy flows are being weaponised with consequences extending beyond the Middle East.
Why It Matters?
The attacks have heightened concerns over global energy security, with disruptions threatening oil and gas supply chains that underpin industrial output, transport and household energy use worldwide. “The reality is simple: energy security is global economic stability,” Al Jaber said, pointing to ripple effects already being felt across markets and communities. Analysts warn continued disruption could tighten supply, increase price volatility, and place additional strain on economies reliant on stable energy imports.
What’s Next?
Gulf states are calling for urgent international action, including a potential UN response, as concerns grow over further escalation targeting energy infrastructure. Al Jaber urged de-escalation, saying: “We must de-escalate, restore stability and ensure energy continues to flow safely to the world.”
Kalshi Raises $1 Billion at $22 Billion Valuation as Prediction Markets Surge
What Is It About?
Kalshi Inc. has raised more than $1 billion in fresh funding, valuing the prediction-market platform at $22 billion, roughly double its $11 billion valuation in December. The round was led by Coatue Management, with annualised revenue at about $1.5 billion. The company was founded by Lebanese-American Tarek Mansour and Brazilian Luana Lara Lopes in 2018.
Why It Matters?
The deal underscores rising investor appetite for prediction markets, where users trade on real-world outcomes from elections to sports. But rapid growth has triggered scrutiny, with regulators warning of insider trading risks and potential market manipulation, while some US states challenge the platform’s legality.
What’s Next?
Kalshi faces increasing legal and regulatory pressure, even as it gains support from federal authorities and major trading firms. With volumes surging and competitors like Polymarket scaling quickly, the sector’s trajectory will depend on whether regulators constrain or legitimise this emerging financial category.
👨💻From Smashi Business’ Desk
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🦄 World of Startups
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Abu Dhabi is quietly becoming one of the most influential financiers of the global AI race, with its latest participation in Anthropic’s massive $30B funding round
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🗓️ Plan Your Events (March-April 2026)
UAE
31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.
7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.
13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.
14-16 April: (Tuesday-Thursday): the International Property Show, Dubai World Trade Center.
Saudi Arabia
13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.
20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh
Egypt
30 March – 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).
