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- MGX to Invest in Anthropic; FII Organiser's IPO; Price Control on Daily Use Items in UAE
MGX to Invest in Anthropic; FII Organiser's IPO; Price Control on Daily Use Items in UAE
Thursday, February 12, 2026
Happy Thursday everyone!
STEP Dubai 2026 kicked off at the Dubai Internet City and we caught up with Global Ventures founder Noor Sweid and Aramex co-founder Fadi Ghandour at the event.
For our main stories today: Abu Dhabi’s MGX may invest in Anthropic’s new funding round, Saudi FII organiser Richard Attias & Associates has appointed banks for its IPO, and UAE is controlling the prices of daily items for the upcoming Ramdan.
Markets
EGX 30 | 50,109.78 | 0.15% |
DFMGI | 6753.32 | 0.931% |
ADX | 10,612.54 | 0.468% |
Tadawul | 11,170.46 | 0.41% |
MGX Nears Investment In Anthropic’s $20 Billion Fundraise At $350 Billion Valuation
What Is It About?
Abu Dhabi–backed MGX is in advanced talks to invest hundreds of millions of dollars in Anthropic’s latest funding round, which is expected to exceed $20 billion, according to people familiar with the matter. The deal has not been finalized and could change in size or structure. Anthropic is now targeting a valuation of about $350 billion after strong investor demand.
Why It Matters?
The round would nearly double Anthropic’s previous valuation and underscores Middle Eastern capital’s growing role in global AI financing. MGX has quickly become a major player, holding stakes in Anthropic rivals OpenAI and xAI and backing large infrastructure deals. Anthropic’s rapid revenue growth and new financial-research AI tools have further fueled investor interest.
What’s Next?
An announcement could come within days if negotiations conclude successfully. Other major investors, including Coatue, GIC and Iconiq, are already lined up with billion-dollar commitments. The funding follows a $13 billion raise five months ago and ongoing outreach by Anthropic CEO Dario Amodei to Middle Eastern investors as the company accelerates global expansion.
Saudi FII Organizer Attias Picks Banks For Potential IPO Valued Up To $1 Billion
What Is It About?
Richard Attias & Associates, the organizer of Saudi Arabia’s flagship Future Investment Initiative summit, has selected Citigroup and SNB Capital to work on a potential initial public offering, according to people familiar with the matter. Moelis is also advising. The listing could come as early as this year and may value the events company at up to $1 billion.
Why It Matters?
An IPO would strengthen Saudi Arabia’s struggling pipeline for new listings amid weak market debuts and valuation pressures. RA&A plays a central role in hosting the kingdom’s most prominent global investment forum and is majority-owned by Sanabil, part of the sovereign wealth fund. The move also reflects intensifying Gulf competition to become a regional hub for large-scale international conferences.
What’s Next?
Attias and Sanabil are weighing selling part of their stakes as preparations continue. The company is expanding beyond FII, which now contributes only about 10% of revenue, and runs more than 50 conferences annually worldwide. A potential float would come as rivals in Dubai, Abu Dhabi and Doha scale up event calendars and other joint ventures consider listings.
UAE Freezes Prices On Nine Essential Foods During Ramadan With Nationwide Inspections
What Is It About?
The UAE will prohibit price increases on nine essential food categories during Ramadan unless retailers receive prior government approval, the Ministry of Economy and Tourism said. Covered items include cooking oil, eggs, dairy, rice, sugar, poultry, legumes, bread and wheat. Authorities also announced 420 inspection visits and dozens of supplier meetings to enforce compliance and maintain stable supplies.
Why It Matters?
Ramadan is a peak spending period for households, and the move signals tighter oversight to protect consumers from unjustified price hikes. Officials stressed that strategic reserves are sufficient to meet demand for more than a year and that free-trade agreements under the UAE’s CEPA program are strengthening supply chains, helping shield the market from global trade tensions.
What’s Next?
Inspection teams will monitor retailers, verify pricing data and impose penalties for violations such as unauthorized increases or price collusion. The Ministry will continue coordinating with local authorities and suppliers while relying on updated consumer-protection laws, including amendments passed in 2023, to enforce rules and preserve market stability throughout the holy month.
🦄 World of Startups
Mersal Media Capital secures $1.3 million in first funding round
Dubai-based Antoine Kanaan’s Haqq AI, a legal-tech platform, raised $3M.
Notion Expands into Middle East with Launch of Arabic Support
Wio Bank Partners with Pine Labs to Revolutionise UAE Payment Processing
Vennre Secures $9.6M to Democratise Wealth-Building in Saudi Arabia
Jeel and Ripple Join Forces to Revolutionise Saudi Payments with Blockchain
👨💻From Smashi Business’ Desk
Syrian Founder Yasmeen Jisri’s Bake My Day Lands Major Dove Collaboration
KHC, OIA, QIA and MGX-backed SpaceX and xAI merge.
Beauty mogul Mona Kattan is using her platform for good, calling on millions of followers to help support Iran.
Emmy-winning Palestinian journalist Bisan Owda says TikTok has permanently banned her account.
Dubai-born Noon smartly turns the viral penguin into a delivery hero
🔍In other news…
🗓️ Plan Your Events (Jan-Feb 2026)
UAE
9-12 February: World Health Expo (WHX), Dubai.
11-12 February: STEP Dubai Conference, Dubai Internet City. (Media Partners)
Saudi Arabia
8-12 February: World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.
Egypt
11-12 February: Ai Everything Egypt (Organized by GITEX Global), Cairo. (Media Partners)
