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FII Conference Opens in Riyadh; Dubai’s Cercli Raises $12M; Report Ties Amazon Cloud to Israeli Defense Firms
Monday, October 27, 2025
Happy Monday everyone!
The Future Investment Initiative (FII) Conference kicks off today in Riyadh, bringing together over 20 heads of state — including Syria’s Ahmad Al-Sharaa and China’s Han Zheng — alongside executives from Google, Snap, and Bridgewater, with deal values expected to top $70 billion. In Dubai, Cercli, an AI-powered HR-tech startup founded by ex-Careem and Kitopi operators, raised an oversubscribed $12 million Series A led by Picus Capital to expand its AI-native HR and payroll platform across MENA. Meanwhile, internal documents reviewed by The Intercept show Amazon Web Services provided AI and cloud services to Israeli defense firms Rafael and IAI under Project Nimbus, a $1.2 billion government contract, linking U.S. cloud infrastructure to weapons systems used in Gaza.
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World Leaders and Tech Executives Descend on Riyadh as FII Conference Opens Today
🔹 What Is It About
The Future Investment Initiative (FII) Conference officially opens today in Riyadh, bringing together global heads of state and top business leaders for its ninth edition. Attendees include Syrian President Ahmad Al-Sharaa, China’s Vice President Han Zheng, Pakistan’s Prime Minister Shehbaz Sharif, and Rwanda’s President Paul Kagame, alongside executives such as Google’s Ruth Porat, Snap’s Evan Spiegel, and Bridgewater’s Ray Dalio. FII Chair Richard Attias said this year’s event could exceed last year’s $70 billion in deals, with strong momentum in AI, clean energy, and infrastructure.
🔹 Why It Matters
Now in its ninth edition, FII has evolved into a key platform for Saudi Arabia’s Vision 2030, positioning Riyadh as a global hub for investment, innovation, and diplomacy. The attendance of 20+ heads of state underscores the Kingdom’s growing geopolitical influence, while the presence of major tech executives signals global interest in Saudi-led AI and infrastructure initiatives.
🔹 What’s Next
Over 8,000 delegates and 600 speakers are expected to participate across more than 250 sessions this week. Analysts will watch for new investment deals, partnerships in clean energy and AI, and any announcements that could set the tone for regional economic policy heading into 2026.
Dubai’s Cercli Raises $12M to Build MENA’s First AI-Native HR Platform
🔹 What Is It About
Cercli, a Dubai-based HR-tech startup founded by former Careem and Kitopi operators Akeed Azmi and David Reche, has secured an oversubscribed $12 million Series A led by Picus Capital. The Y Combinator-backed company is developing the MENA region’s first AI-native alternative to Rippling, unifying HR, payroll, and compliance for businesses operating across borders. Cercli says it has grown revenue more than tenfold in the past year and now manages over $100 million in payroll annually across 50 countries.
🔹 Why It Matters
The round marks a milestone for regional enterprise software, highlighting investor confidence in AI-driven infrastructure from the Middle East. In a region long hampered by fragmented back-office systems, Cercli’s platform could help businesses modernize operations and accelerate compliance. It also represents Picus Capital’s first MENA investment, following global bets on HR leaders like Personio and Deel.
🔹 What’s Next
Cercli plans to expand its product suite, build new AI-native tools, and grow its share in the region’s $5.8 billion HR software market. With clients such as Vision Bank, Huspy, and Lean Technologies, the company is positioning itself as the MENA hub for next-generation enterprise automation.
Amazon Allegedly Sold Cloud Services to Israeli Arms Makers Linked to Gaza Genocide
🔹 What Is It About
Internal documents obtained by The Intercept reveal that Amazon Web Services (AWS) provided cloud-computing and AI tools to Israeli state-owned defense firms Rafael Advanced Defense Systems and Israel Aerospace Industries (IAI). Both companies manufacture weapons systems used in Gaza, including SPICE-guided bombs, Iron Dome interceptors, and Heron drones. The services were provided under Project Nimbus, a $1.2 billion cloud deal signed in 2021 between Amazon, Google, and the Israeli government. Documents indicate Rafael accessed AI models such as Anthropic’s Claude through AWS, despite Amazon’s stated policy restricting military applications.
🔹 Why It Matters
The revelations raise questions over corporate accountability in conflict zones and the ethical boundaries of AI and cloud infrastructure. With Rafael and IAI posting combined 2024 revenues of $10.9 billion, their use of Western tech platforms underscores how commercial cloud services are becoming integral to modern warfare. The findings may also pressure investors and regulators to scrutinize Big Tech’s defense partnerships more closely.
🔹 What’s Next
Amazon declined to comment on the report or confirm whether a human rights assessment was conducted before the contracts. Rights groups are expected to call for greater transparency and oversight of cloud deals involving defense clients, as scrutiny over tech complicity in conflict continues to grow.
🦄 World of Startups
UnifyApps Raises $50 million to scale enterprise AI Platform and expand Gulf presence.
1001 AI, a deep-tech startup dual-headquartered in London and Dubai and founded by Bilal Abu-Ghazaleh, has raised $9 million in a seed funding round with participation from Amjad Masad (Replit), Amira Sajwani (DAMAC), Khalid Bin Bader Al Saud (Saudi RA’ED Ventures), and Hisham Al-Falih (Lean Technologies).
The Canadian regulatory authorities granted Whish Money, Lebanon-based remittances and mobile wallet platform, financial services licenses to operate in Canada.
KitchenomiKs, Oman-based foodtech, raised $3.2M in a funding round led by Jasoor Ventures.
Kure Cells, US-based biotechnology company, received a $10M pre-Series A funding round led by Wa'ed Ventures (Saudi Aramco), Qomel (Saudi), and international investors.
Neolix, China-based autonomous delivery startup, raised $600M in a funding round led by Stone Venture (UAE), and global investors.
Uniphore, US-based business AI company, raised $260M in a Series F funding round at a $2.5B valuation from Prosperity7 Ventures (Saudi Aramco), and leading global investors.
👨💻From Smashi Business’ Desk
UAE Tycoon Al Habtoor Slams Israeli Minister Over Remark That Saudis Should ‘Keep Riding Camels in the Desert’
Pavel Durov’s tweet on the Louvre heist takes an unexpected turn, blending humor with sharp criticism of French security.
UAE’s Hadban Twins Among First 25 Creators Honoured With Instagram Rings in New York.
🔍In other news…
Saudi Arabia Says Vision 2030 Goals Are 85% Achieved, Minister Confirms
Barclays to Establish Regional Headquarters in Riyadh, Saudi Minister Announces
Syria Signs Deal for First International Submarine Cable with Medusa Consortium
Mubadala Takes Stake in Loscam Alongside Trustar Capital, FountainVest, and Sinotrans
Tesla Recalls 63,000 Cybertrucks Over Lighting Defect, Rolls Out Software Fix
HP to Manufacture Millions of Computers in Saudi Arabia as Local Production Expands
Syria’s Economic Recovery Falters Amid Sanctions and Bureaucratic Hurdles
