- Smashi Business
- Posts
- PIF Opens Shanghai Office; IHC Profit Hits AED 8.2B; Mubadala Invests $75M in WHOOP
PIF Opens Shanghai Office; IHC Profit Hits AED 8.2B; Mubadala Invests $75M in WHOOP
Monday, May 11, 2026
Happy Monday everyone!
The Public Investment Fund has expanded its presence in China with a new Shanghai office to drive outbound deals and attract industrial partners to the Kingdom. This move toward global scaling is mirrored by Abu Dhabi’s IHC, which saw its first-quarter net profit nearly double to AED 8.2 billion following high-profile acquisitions like the $1 billion purchase of the UK’s Ivy empire. Meanwhile, Mubadala is anchoring the UAE’s health-tech sector with a $75 million investment in WHOOP, as the Boston-based firm establishes a local office and launches a joint research initiative under the Make it in the Emirates banner.
In the wake of developments in the region, we hope everyone stays safe. At this critical moment, it is essential to remain united and follow guidance issued by official authorities from your country.
Markets
EGX30 | 54,628.68 | 1.91% |
DFMGI | 5,899.37 | Closed |
ADX | 9,840.94 | Closed |
Tadawul | 11,115.07 | 0.76% |
Saudi PIF Opens Shanghai Office to Drive China Dealmaking
What Is It About?
Saudi Arabia’s $1 trillion wealth fund has added a Shanghai outpost to its existing Beijing operations. Led by Lily Cong, the team is tasked with scouting for local assets and encouraging Chinese companies to bring their manufacturing and capital to the Kingdom. This move is part of a broader plan to strengthen financial ties with the world’s second-largest economy.
Why It Matters?
While the US remains a primary market, Riyadh is diversifying its global reach. By setting up shop in Shanghai, PIF is positioning itself to capture industrial growth and technology sharing that aligns with Vision 2030. It also signals a deeper strategic bond between the two nations across energy and finance sectors.
What’s Next?
Watch for an increase in joint ventures that move Chinese industrial tech into the Saudi market. The office will likely focus on securing partners for the Kingdom's massive infrastructure projects, potentially moving some supply chains away from Western providers.
IHC Profit Nearly Doubles to AED 8.2 Billion in First Quarter
What Is It About?
International Holding Company (IHC), chaired by Sheikh Tahnoon bin Zayed, reported a 98% jump in net profit, reaching AED 8.2 billion. Revenue grew by a third to AED 31.4 billion, supported by strong performance across its varied portfolio. The group continues its global buying spree, recently acquiring a majority stake in the UK’s Ivy hospitality group for over $1 billion.
Why It Matters?
IHC’s massive AED 445.3 billion asset base shows that Abu Dhabi’s private-sector giants can grow rapidly even during regional instability. With AED 74.7 billion in cash, the company is acting as a major global player, picking up high-end UK assets and expanding its footprint into diverse industries from food to finance.
What’s Next?
With a strong cash position, IHC is well-placed to act on further international acquisitions as global valuations shift. Analysts are watching to see if the firm will target more hospitality or tech assets in Europe and North America to balance its local holdings.
Mubadala Invests $75 Million in WHOOP for UAE Expansion
What Is It About?
Mubadala has invested $75 million in the US wearable health company WHOOP, founded by Will Ahmed. Announced during the Make it in the Emirates forum, the deal brings the firm’s operations to the UAE, including a new local office and full Arabic support. The partnership also includes a new research initiative to study health trends within the local population.
Why It Matters?
This investment moves beyond just buying a stake; it brings a high-growth tech firm directly into the UAE’s ecosystem. By localizing the platform and starting a research initiative, Mubadala is helping build a data-driven health sector. It reflects the country's push to become a hub for personalized medical data and preventative wellness.
What’s Next?
WHOOP will roll out its Arabic platform soon, targeting a wider regional user base. The joint research initiative with UAE institutions is expected to produce data that could eventually influence national health policies and how local insurance companies view wearable data.
👨💻From Smashi Business’ Desk
Exclusive: Bezos’ $38 Billion “Project Prometheus” AI Play, Which Has a Quiet Gulf Angle
The Gulf box office is telling a bigger story than just the strong debut of Michael.
Saudi Arabia’s first Hollywood-scale blockbuster Desert Warrior has opened modestly at the US box office.
Despite a market cap of just $15.7 million — well below Nasdaq’s $35 million threshold — Swvl Holdings Corp is not on the brink of delisting.
UK universities under fire after reports of £440k spent spying on pro-Palestine student activity
🔍In other news…
Saudi Wealth Fund to Sell First Dollar Bonds Since Iran War
Profit at Abu Dhabi’s IHC nearly doubles to cross $2bn
French Container Ship Makes Rare Crossing of Strait of Hormuz
Parkin, the Dubai government’s parking management company, reported high-double-digit growth in net profit and revenue for the first quarter of 2026
PIF consolidates China presence with second office
Saudi Airline Faces Difficult Launch as Iran War Upends Travel
Conflict pushes Omani-Saudi border trade to record levels
QatarEnergy extends force majeure on Italy’s Edison
Reuters Exclusive: UAE slips hidden oil tankers through Strait of Hormuz
🦄 World of Startups
Dubai gifting marketplace Udora secures $10M
Saudi fashion platform Aya secures $7m to scale real time production
Jordan-based Tamatem has acquired Istanbul-founded Playable Factory, strengthening its push into performance marketing and user acquisition.
Egypt’s Lucky Raises USD 23M Series B. Its Consumer Credit Model is Expanding Into North Africa
“We Got Funded!” Maison Safqa Raises US$620,000 in Pre-Seed Funding to Expand Luxury Flash-Sale Platform Across GCC
Via Separations, US-based deeptech startup, raised $36M in funding from Aramco Ventures (Saudi), and other global investors.
