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Lucid Leadership Shakeup, Qatar Chases Byju's Debt & Emaar's $54B Mega Project
Sunday, July 5, 2026
Happy Sunday everyone!
This week, Lucid Motors continues its executive overhaul under new CEO Silvio Napoli, Qatar Investment Authority intensifies its pursuit of repayment from Byju's founder following a Singapore court ruling, and reports suggest Emaar's long awaited $54 billion mega development could finally be revealed as Dubai Estate. Three stories showing how Gulf investors are tightening control over capital, companies and the region's next generation of mega projects.
Markets
EGX30 | 50,532.58 | Closed |
DFMGI | 6,010.07 | Closed |
ADX | 9,809.64 | Closed |
Tadawul | 10,826.98 | Closed |
Saudi Backed Lucid Reshuffles Leadership as New CEO Accelerates Turnaround
What Is It About
Saudi backed electric vehicle maker Lucid Motors has replaced its chief financial officer as new CEO Silvio Napoli continues overhauling the company's leadership team. Alongside the CFO change, Lucid appointed new executives across finance, technology, customer, digital and transformation roles while several senior leaders departed. The shakeup follows hundreds of layoffs announced last month as the company restructures operations.
Why It Matters
With Saudi Arabia's Public Investment Fund owning roughly 60 percent of Lucid, the leadership shakeup carries broader strategic importance for one of the kingdom's biggest industrial investments. The company delivered 3,953 vehicles in the second quarter and expects the restructuring to save about $158 million annually.
What’s Next
Investors will closely watch the launch of Lucid's lower priced Cosmos SUV, expected to retail for around $50,000, which could become the company's first mass market model. The company is also developing a luxury robotaxi service with Uber and Nuro, expected to launch in San Francisco later this year.
Qatar Wealth Fund Takes Harder Line as Byju's Legal Battle Deepens
What Is It About
Qatar Investment Authority (QIA) says it will continue pursuing repayment from Byju's founder Byju Raveendran after a Singapore court sentenced him to six months in jail. The sovereign wealth fund said no settlement appears achievable. Byju's, once India's most valuable edtech startup, has collapsed under mounting debt and is also facing claims in the US, where lenders are seeking to recover losses from a $1.2 billion loan.
Why It Matters
The case is the latest example of Gulf sovereign wealth funds taking a more aggressive approach when investments sour. Mubadala, for example, took control of Turkish startup Getir after relations with its founders deteriorated, before selling its delivery business to Uber earlier this year. The shift signals that Gulf investors are increasingly willing to use legal action, governance changes and restructuring to protect capital.
What’s Next
The tougher stance comes alongside unusually blunt warnings from Gulf investment leaders. Over the past year, Kuwait Investment Authority criticised conditions in private equity, PIF Governor Yasir Al Rumayyan vowed not to invest in Switzerland's financial markets, and QIA chief Mohammed Al Sowaidi warned that private credit had become "very crowded." Together, the comments suggest Gulf investors are becoming more selective and more vocal as they deploy capital globally.
Emaar's $54bn Mega Project May Be Dubai Estate
What Is It About
Emaar Properties' unnamed AED200 billion ($54 billion) mega project is likely to be Dubai Estate, according to AGBI, citing industry sources and real estate agents. The mixed use development is expected to span 4.5 million square metres behind Dubai Hills Estate, accommodate around 150,000 residents, and include homes, offices, hotels, retail and parks. The project is backed by Dubai Holding, which became Emaar's largest shareholder in May.
Why It Matters
If confirmed, the development would become one of Dubai's largest master planned communities and mark Emaar's most ambitious project to date. The report also highlights the growing strategic partnership between Emaar and Dubai Holding, which have strengthened ties through land ownership and shareholding as they continue shaping Dubai's next phase of urban expansion.
What’s Next
Emaar has not officially confirmed the project's identity and both the company and Dubai Holding declined to comment to AGBI. Markets will now watch for a formal launch, pricing details and construction timelines, particularly as developers navigate softer property sales and higher building costs following recent regional tensions.
Smashi Business Exclusive: Al Haboob Racing Founders On Turning Camel Racing Into A Global Franchise Model
Ahmed Al Haboob and Safwan Modir, founders of Al Haboob Racing, spoke on Smashi Business about building the world’s first professional camel racing team in Saudi Arabia. They explained how they are transforming a traditional, individual sport into a structured, franchise-style model inspired by Formula 1, with teams, sponsorships and long-term commercial value.
The founders discussed leaving corporate careers during the pandemic to pursue entrepreneurship in a “virgin” sports market, despite high operational risks tied to livestock performance. They also highlighted media ventures like their Netflix series Camel Quest, partnerships including Paul Pogba, and their vision to modernize the sport using data and technology.
👨💻From Smashi Business’ Desk
Dreamers: Meet Qatar’s Nasser Al-Khelaïfi, President and CEO of French Giants Paris Saint-Germain.
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.”
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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
