Happy Saturday everyone!

Jordanian-American entrepreneur Amjad Masad’s Replit has secured $250 million in fresh funding, tripling its valuation to $3 billion as it rolls out its most autonomous AI agent yet. In Saudi Arabia, the long-delayed Six Flags Qiddiya theme park is finally “on track” to open by year-end, according to UK partner Accesso. Meanwhile, the IMF will send a mission to Beirut this month to resume talks on a reform programme, as Lebanon battles one of the world’s deepest financial crises.

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Markets

Jordanian-American entrepreneur Amjad Masad’s Replit has raised $250 million

🔹 What Is It About

Jordanian-American entrepreneur Amjad Masad’s Replit has raised $250 million in a Prysm Capital-led round, tripling its valuation to $3 billion. Backed by a16z, Amex Ventures, Coatue, YC, and Google’s AI Futures Fund, the platform has grown annualized revenue from $2.8 million to $150 million in under a year. Replit also launched Agent 3, its most autonomous AI agent, capable of testing, fixing, and building custom workflows beyond software engineering.

🔹 Why It Matters

Replit’s explosive growth and launch of Agent 3 highlight a shift in how software is built — from coding assistants to fully autonomous collaborators. By enabling individuals and enterprises to create custom applications with minimal technical knowledge, Replit is positioned to become a central player in the agentic AI economy. Its adoption by major companies like Zillow, Duolingo, and Coinbase underscores its growing enterprise traction.

🔹 What’s Next

With new funding, Replit plans to accelerate global expansion, scale operations, and broaden product offerings through Google Cloud Marketplace. The company aims to democratize software development further, empowering non-technical employees and entire enterprises to innovate faster. By harnessing AI models like Google’s Gemini, Replit envisions a future where millions — and potentially billions — can turn ideas into reality with just a few clicks.

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Six Flags Qiddiya Theme Park On Track To Open In 2025, Says Accesso

🔹 What Is It About

Saudi Arabia’s Qiddiya giga-project — part of Vision 2030 — is preparing to open its first attractions, including Six Flags Qiddiya and Aquarabia water park, by the end of 2025. UK-listed Accesso Technology, which provides ticketing and operations systems, confirmed progress is “on track” despite past delays. Spanning 334 sq km, Qiddiya is nearly 2.5 times the size of Disney World and aims to become a global tourism and entertainment hub near Riyadh.

🔹 Why It Matters

Qiddiya is a flagship Public Investment Fund-backed project, representing Saudi Arabia’s push to diversify its economy beyond oil by boosting tourism and leisure spending. Once fully operational in 2035, it targets 48 million annual visitors and an economic contribution of SAR17 billion ($4.5 billion). Its scale, cost — part of the $925 billion PIF portfolio — and ambitions put Qiddiya among the world’s largest entertainment developments.

🔹 What’s Next

Qiddiya will provide an official progress update at Cityscape Global in Riyadh this November. Accesso has also expanded its role from software licensing to managing Qiddiya’s broader technology infrastructure, adding significant revenue potential. With other mega-projects emerging across the Gulf, Accesso sees the Middle East as a fast-growing market, with opportunities ranging from Disney-scale destinations to smaller resorts and water parks.

IMF To Resume Reform Talks With Lebanon As Financial Crisis Deepens

🔹 What Is It About

The International Monetary Fund will send a mission to Lebanon at the end of September to continue discussions on a comprehensive reform programme. The move comes as Lebanon endures one of the world’s worst financial crises since the 19th century, with its currency losing over 90% of its value and public services collapsing. Beirut reached a $3 billion staff-level deal with the IMF in 2022, but has yet to implement the reforms needed to unlock funds.

🔹 Why It Matters

Lebanon’s prolonged economic collapse stems from years of unsustainable borrowing, compounded by the Covid-19 pandemic and Israeli strikes on Hezbollah that devastated infrastructure. The World Bank estimates recovery will cost $11 billion, while Lebanon’s economy contracted by 7.5% in 2024. Without reforms, Lebanon risks deeper economic and social decline, worsening unemployment and eroding confidence from both citizens and the diaspora, who play a vital role in remittances.

🔹 What’s Next

IMF officials say reforms must balance fiscal discipline with social protections for Lebanese civilians, alongside financing support from the wider international community. Lebanon is also working to rebuild ties with Gulf states and attract investment in tourism, energy, and security. Progress at the September talks will determine whether Lebanon can finally secure an IMF-backed programme — and with it, the international support needed to stabilize its economy.

👨‍💻From Smashi Business’ Desk

• Arada & Tashas Group Launch AED100M Venture to Bring Chic Cafés and Dining Concepts to the GCC, Starting in Sharjah 2025.

• Red Sea Cable Cuts Disrupt Internet Across UAE and Region, Repairs May Take Weeks.

• Saudi Arabia Unveils $1.8B Qiddiya Olympic Stadium to Anchor 2030 Sports Vision.

• Copycat Shut Down: “Salt London” Locked Out After Lease Forfeiture in Leicester Square.

• Qatar’s $524B Wealth Fund Supercharges AI Push with Anthropic and 25 More Tech Bets.

🔍In other news…

• Egypt's Orascom Construction shares rise in ADX trading debut

• Adnoc transfers stakes in ADX-listed units to XRG

• FII announces summit in Tokyo later this year

• Fake property listings in Abu Dhabi vanish as authorities roll out Madhmoun

• Dubai Investments eyes IPO for DIP to tap into real estate boom

🏦 Crypto Corner

• Michael Saylor — Executive Chairman of MicroStrategy and one of Bitcoin’s most vocal corporate advocates — will make his first-ever appearance in the UAE at Bitcoin MENA in Abu Dhabi.

• Hut 8, part of a American BTC which is partially owned by Donald Trump Jr. and Eric Trump, Gets Approval to Operate in Dubai Financial Hub.

• Abu Dhabi Judicial Department now accept AE Coin.

We are launching a Smashi Crypto newsletter in September 2025! Subscribe to it here to get the weekly updates from the world of digital assets.

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