Happy Tuesday everyone!

Saudi Arabia’s investment calendar faces fresh uncertainty as the kingdom postpones its flagship Future Investment Initiative conference until 2027 following deadly attacks by Houthis. Meanwhile, Cristiano Ronaldo’s Al Nassr could be heading towards a major ownership change, with AC Milan owner RedBird Capital reportedly exploring a $267 million deal for a 70% stake. In technology, a former OpenAI engineer, of Saudi descent, accused of secretly recording executives has been ordered to remain in US custody while awaiting trial.

Markets

Saudi Arabia Postpones ‘Davos In The Desert’ Investment Conference Until 2027

What Happened

Saudi Arabia has postponed the 10th edition of its Future Investment Initiative (FII) conference until 2027 following deadly attacks across the kingdom. The event was scheduled to take place in Riyadh from October 26 to 29. Organisers said a new date would be announced soon. The conference, known as “Davos in the Desert”, attracts global investors, financial executives and business leaders.

Why It Matters

FII is a flagship platform for Saudi Arabia to attract international investment and promote its economic diversification plans beyond oil into tourism, sports and technology. The postponement comes amid escalating attacks by Yemen’s Iran-aligned Houthis on Saudi military, energy and civilian infrastructure, raising security concerns and disrupting the kingdom’s business calendar.

What's Next

Organisers have not announced a replacement date for the conference. A hybrid format allowing executives to participate remotely had reportedly been considered before the in-person event was scrapped. Expected speakers included Goldman Sachs CEO David Solomon, Standard Chartered CEO Bill Winters and Citi CEO Jane Fraser. The postponement leaves the kingdom’s plans for the 2026 edition on hold until further details emerge.

RedBird Capital Eyes 70% Stake In Cristiano Ronaldo’s Al Nassr

What Happened

RedBird Capital, the owner of AC Milan, is in early-stage talks to acquire a 70% stake in Saudi football club Al Nassr, where Cristiano Ronaldo plays, Semafor reported. RedBird and its partners could pay around $267 million for the stake, with Ronaldo expected to hold a 20% share. Saudi Arabia’s Public Investment Fund (PIF) is reportedly arranging sponsorship deals to help the club repay 800 million riyals ($213 million) in debt ahead of a potential sale.

Why It Matters

The potential deal would bring a major international sports investor into one of Saudi Arabia’s most prominent football clubs. RedBird’s involvement could strengthen Al Nassr’s commercial operations and deepen its links with Ronaldo, one of the world’s most marketable athletes. For Saudi Arabia, the move would also signal a possible shift towards greater private investment in its football sector.

What's Next

RedBird has reportedly held at least two meetings with PIF, but discussions remain at an early stage and no agreement has been reached. Riyadh-based Saudi Media Company is among the potential investors. PIF’s reported efforts to strengthen Al Nassr’s balance sheet could help prepare the club for a transaction, although the ownership structure and final terms remain subject to change.

Former OpenAI Engineer Accused Of Spying On Executives Ordered To Remain In US Custody

What Happened

A former OpenAI engineer accused of secretly recording executives and sensitive meetings has been ordered to remain in US custody pending trial, after prosecutors argued he posed a flight risk. Abdulrahman Alfozan, 35, a Saudi national and US lawful permanent resident, is accused of installing a recording device behind a television in an executive conference room. Prosecutors also alleged he maintained contacts in Saudi Arabia, including with a member of the royal family.

Why It Matters

The case highlights the security challenges facing companies developing advanced artificial intelligence as governments and businesses compete for talent and technological expertise. Prosecutors allege Alfozan was exploring AI opportunities in Saudi Arabia, where he has previously advised or mentored startups. The allegations remain unproven, and the case should not be taken as evidence of wrongdoing by the Saudi government.

What's Next

Alfozan is facing a federal charge related to intercepting oral communications. Prosecutors say the investigation remains active and additional charges could follow. His lawyer previously sought his release under conditions including electronic monitoring and surrendering his passport, arguing that he had lived in the US for 15 years and had applied for citizenship. The Saudi government had not publicly responded to the allegations at the time of the last Reuters report on the story.

👨‍💻From Smashi Business’ Desk

• Dubai-born fragrance brand KAYALI will enter China on October 15.

• Saudi-born dining platform SPICE has ruled out offering cashback on shisha or alcohol at partner restaurants as it keeps its rewards model aligned with Islamic principles.

• Uber will invest $50 million in Jordan over the next three years, targeting the country’s mobility ecosystem while supporting economic opportunities, tourism and access.⁠

• Dubai Crown Prince HH Sheikh Hamdan just shared his Etihad Rail ticket on Snapchat as Dubai-Abu Dhabi passenger services prepare to launch on September 30.

🔍In other news…

• Dubai Media Signs Deal to Reach 450,000 Hotel Rooms

• Abu Dhabi's IRH Seeks Further Mining Acquisitions in Zambia

• DIP Pushes Ahead With Plans for UAE's First IPO of 2026 Despite Regional War

• Lebanese-Founded HalaPop Announces Expansion Into Saudi Arabia

• Oil Hits Five-Month High of $110 Amid Fresh Middle East Escalation

🦄 World of Startups

• Echelon: Riyadh AI firm Echelon names East40, RAED Ventures, Avra and Ben Horowitz as backers.

• MNT-Halan: MNT-Halan prices its EGX IPO at EGP 24.50 per share, valuing the 20% stake at EGP 7.84 billion.

• Project Suppliers: Saudi platform Project Suppliers raises $1 million in pre-seed funding to develop AI cash-flow tools.

• MoneyHash × VaultsPay: MoneyHash merchants can now accept VaultsPay’s UAE card and wallet payments without separate integration.

• TiE Women MENA: Five startups win regional TiE Women MENA tracks and advance to the GITEX Global final.

• Sheraa × Nestlé UAE: Sheraa, Nestlé UAE, MAJRA and UAE Food Cluster launch a three-month programme for young founders.

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