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Jeddah Tower, Kalshi vs Netflix, Kuwait $16B Pipeline Deal
Sunday, July 26, 2026
Happy Sunday everyone!
Saudi Arabia's Jeddah Tower is climbing again after years of delays, prediction market giant Kalshi is taking on Netflix over claims in its upcoming documentary, and Kuwait has signed a landmark $16 billion pipeline deal with Blackstone, Brookfield and KKR, highlighting how Gulf megaprojects and strategic infrastructure continue attracting global capital despite regional uncertainty.
Markets
EGX30 | 53,931.92 | Closed |
DFMGI | 5,786.97 | Closed |
ADX | 9,828.14 | Closed |
Tadawul | 10,793.12 | Closed |
Saudi Billionaire Alwaleed Says Jeddah Tower Is Back on Track to Become the World's Tallest
What Is It About
Saudi billionaire Prince Alwaleed bin Talal says Jeddah Tower has reached 430 meters, marking another milestone for the megaproject that aims to exceed 1,000 meters. After visiting the site, the Kingdom Holding chairman said construction is progressing after work resumed in 2025, following a seven-year pause caused by contractor disputes and Saudi Arabia's 2017 anti-corruption campaign. The $26 billion project is expected to be completed in 2028.
Why It Matters
Once complete, Jeddah Tower will overtake Dubai's Burj Khalifa as the world's tallest building, reinforcing Saudi Arabia's ambitions to reshape its global image through landmark developments. The project also signals renewed momentum behind the Kingdom's large-scale real estate pipeline as it seeks to diversify its economy, attract investment, tourism and international businesses under Vision 2030.
What’s Next
Developed by Jeddah Economic Company and built by Saudi Binladin Group, the tower is expected to feature 157 floors, a Four Seasons hotel, luxury residences and capacity for around 100,000 people. Investors will now be watching whether construction remains on schedule ahead of its targeted 2028 completion.
Blackstone, Brookfield and KKR Strike Landmark $16B Kuwait Pipeline Deal
What Is It About
Kuwait has signed a $16 billion infrastructure deal with Blackstone, Brookfield and KKR, giving the three firms a combined 49% stake in a joint venture covering the country's oil-export pipelines. The transaction will generate $7.85 billion in upfront proceeds for Kuwait Petroleum Corporation (KPC) while allowing the state to retain operational control of the assets through a long-term leaseback arrangement.
Why It Matters
The deal is the largest foreign direct investment in Kuwait's history, signalling renewed international confidence despite heightened regional tensions. It also reflects a broader Gulf trend of monetizing strategic infrastructure to raise capital while retaining ownership, following similar pipeline transactions by ADNOC and Saudi Aramco. The proceeds will help finance Kuwait's plans to increase crude production capacity to 4 million barrels per day by 2035.
What’s Next
The joint venture will cover 13 oil pipelines, with Kuwait Oil Company continuing to operate and maintain the assets for 20.5 years. Investors will be watching whether the landmark transaction accelerates further privatization-style infrastructure deals in Kuwait as the country seeks to attract more global capital and strengthen its long-term energy investment pipeline.
Mansour Led Kalshi Slaps Netflix With Cease and Desist Over Prediction Market Documentary
What Is It About
Kalshi has sent Netflix a cease and desist letter, alleging its upcoming documentary contains fabricated material and misleading claims about the prediction market platform. Netflix denied the allegations, saying no footage in Instadocs: The Prediction Games was fabricated and that a featured screenshot showed a Kalshi trade placed in May 2025, before a Nevada court order referenced in the dispute.
Why It Matters
The clash highlights the growing legal and reputational risks facing fast-growing technology companies as streaming platforms increasingly produce documentaries about high-profile startups. Founded in 2018 by Lebanese entrepreneur Tarek Mansour and Luana Lopes Lara, Kalshi has become one of the world's most valuable prediction market platforms, recently reaching a $22 billion valuation after a $1 billion funding round led by Coatue Management.
What’s Next
The dispute could escalate if Kalshi pursues legal action before the documentary's release. Investors and industry observers will be watching whether Netflix edits the film, stands by its reporting, or whether the disagreement fuels even greater public attention around Kalshi and the rapidly expanding prediction market industry.
Smashi Business Exclusive: "We Are Building an International Consumer Retail Business," ADNOC Distribution CSTSO on $1 Billion South Africa Deal
On the Smashi Business Show, Athmane Benzerroug, Chief Strategy, Transformation and Sustainability Officer at ADNOC Distribution, broke down the company's landmark $1 billion acquisition of 100% of Shell Downstream South Africa.
The deal, expected to close in 2027 pending regulatory approval, hands ADNOC Distribution one of South Africa's top three fuel retailers by station count, a 120-year-old brand spanning fuel and convenience retail, lubricants, commercial, and aviation businesses. The impact on scale is immediate: 580 new stations creating a 55% expansion of the network to 1,600 sites globally and a 70% increase in ADNOC Distribution’s convenience stores.
Benzerroug framed the move as a natural extension of ADNOC Distribution's expansion strategy, with the company previously having entered Africa. He pointed to the market's scale, sophistication, and fuel-pricing regulation that shields margins from inflation and currency swings as key draws, alongside strong long-term demand growth.
Financially, the deal is designed to create immediate shareholder value: a 6% boost to earnings per share, 13% EBITDA accretion, and a 15% free cash flow yield from year one. Post-acquisition leverage will sit around 1.2x net debt to EBITDA, with rapid deleveraging expected.
Asked about what's next, Benzerroug kept the focus on disciplined execution, contributing to South Africa’s economic priorities, while continuing to evaluate opportunities that build long-term shareholder value across ADNOC Distribution's growing international footprint.
👨💻From Smashi Business’ Desk
Dreamers: Meet Qatar’s Nasser Al-Khelaïfi, President and CEO of French Giants Paris Saint-Germain.
Dreamers: Meet Moutaz and Ramez Al Khayyat, Qatari Syrian billionaire brothers built one of the Middle East biggest private business empires after relocating to Qatar during the Syrian civil war.
Oil prices erased most of their early gains after the US and Iran agreed to pause attacks and resume talks over the Strait of Hormuz.
Tabby has apologised after mistakenly telling UAE customers they had won an Emirates flight voucher before later admitting the email "was sent in error."
Ben & Jerry Israel has launched what it calls its “most Israeli flavor ever.”
🔍In other news…
Travis Kalanick's robotics company raises $1.7B, led by a16z
Paramount agrees to pause $110bn Warner Bros merger as case plays out
Karen Wazen Teams Up With Saie for Limited Edition Beauty Collaboration
Iran Says Trump's Frozen Assets Plan for Hormuz Ship Damage Sets Dangerous Precedent
Iraq hunts for $77bn missing funds in corruption crackdown
🦄 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
