Happy Thursday everyone!

The Gulf's financial ascent accelerated this week as the UAE and Saudi Arabia claimed top regional spots in the Global AI for Finance Competitiveness Index, ranking 9th and 7th globally respectively. Dubai doubled down on its ambitions, unveiling a $27 billion expansion of its International Financial Center to accommodate surging demand from global firms facing 95.5% office occupancy rates. Meanwhile, PwC received clearance to resume pitching Saudi Arabia's $1 trillion Public Investment Fund after a year-long ban, highlighting the kingdom's growing leverage in the consulting world.

Also, a special conversation with Clint Khan, Director of Y-Axis Middle East at the end on Global Mobility, Immigration Myths and Why the UAE’s Pull Is Only Getting Stronger.

Markets

PwC Resumes Pitching For Saudi Arabia's $1 Trillion Wealth Fund After Year-Long Ban

What’s it About?

PwC executives have instructed teams to resume submitting proposals to Saudi Arabia's Public Investment Fund following the end of a one-year consulting ban. The temporary restriction, imposed in early 2024 without public explanation, barred PwC from advisory and consulting contracts while allowing auditing work to continue. PwC's Global Chairman Mohamed Kande flew to Riyadh for meetings during the ban period, and the firm has since appointed Laura Hinton as new senior partner overseeing 11,000 regional employees.

Why it Matters?

Saudi Arabia's economic transformation drive represents crucial revenue for consulting firms, with the Middle East generating £1.97 billion for PwC in fiscal 2024. Rivals including McKinsey and Boston Consulting Group capitalized on PwC's absence to pursue PIF contracts. The fund anchors Vision 2030, managing projects like the $1.5 trillion Neom megacity and multibillion-dollar tourism developments. PwC's heavy Saudi investments include opening a massive Riyadh regional headquarters last month, demonstrating the market's strategic importance.

What’s Next?

PwC must rebuild relationships with PIF decision-makers while competing against firms that gained ground during the ban. The firm's localization efforts and leadership changes signal commitment to the Saudi market as the kingdom accelerates its economic diversification. Success hinges on demonstrating value across PIF's expanding portfolio while navigating intense competition from established rivals. The resumption positions PwC to recapture market share in one of the region's most lucrative consulting markets.

Ai Everything Egypt Registration is LIVE - Get Your Pass Now

AI Everything MEA Egypt is the region's largest AI platform, scheduled for 11-12 February 2026 in Cairo. Organized by GITEX GLOBAL alongside Egypt's Ministry of Communications and Information Technology, the event brings together decision-makers, global corporations, startups, and experts from over 60 countries. With over 200 venture capitalists managing more than $1 trillion in assets expected to attend, this summit positions Egypt as a regional hub for AI innovation, aligning with the country's National AI Strategy 2025-2030 targeting $42.7 billion in AI contribution to GDP by 2030. Get your pass now.

Dubai Unveils $27 Billion Financial Hub Expansion To Accommodate Growing Demand

What’s it About?

Dubai International Financial Center announced plans for projects worth over $27 billion to expand its financial hub with the new DIFC Zabeel District. The expansion will add 17.7 million square feet across six phases through 2040, featuring offices, 4,000 residential apartments, an AI campus, innovation hub for startups, and expanded academy facilities. The move addresses severe space constraints, with Grade A office occupancy at 95.5% as global firms flood into the emirate.

Why it Matters?

DIFC's growth from 19 firms in 2004 to over 7,700 companies today reflects Dubai's emergence as a premier global wealth destination. However, the hub faces intensifying regional competition from Abu Dhabi's ADGM, backed by $1.8 trillion in sovereign wealth, and Saudi Arabia's Riyadh, home to the $1 trillion Public Investment Fund. The expansion aims to accommodate 42,000 companies and 125,000 employees while addressing infrastructure strain from surging rents and traffic congestion.

What’s Next?

The first phase carries a $5.4 billion development value and will establish Dubai's AI and innovation infrastructure to compete regionally. The expansion represents Dubai's largest infrastructure project since Al Maktoum International Airport development. Success depends on balancing rapid growth with livability concerns while maintaining competitive advantages against well-capitalized rival hubs. The project positions DIFC to capture growing demand from hedge funds, wealth managers, and fintech firms seeking Middle Eastern presence.

“If It Sounds Too Good to Be True, It Is”: Director of Y-Axis Middle East, Clint Khan, on Immigration Scams

Speaking on the Smashi Business Show, Clint Khan, Director of Y-Axis Middle East, shared candid insights into global migration trends, the growing appeal of the UAE, and the red flags individuals must watch for when navigating immigration decisions.

Y-Axis, which Khan described as “one of the largest immigration companies in the world,” has been operating for over 26 years with more than 50 offices globally. “At any given point, every month we deal with over 100,000 inquiries,” he said, noting that each case represents “100,000 different situations, different resumes, different people.”

Khan’s own career reflects the global mobility many aspire to. “I started with Y-Axis in India… then moved to the UK, worked in London, then Canada, Australia and then the UAE,” he explained. This experience, he said, gives him a front-row view of how migration preferences are evolving.

Traditionally, Canada and Australia have dominated migration demand, particularly for permanent residency and eventual citizenship. “The biggest chunk is obviously Canada and Australia,” Khan said, though he noted that this is “changing slowly.” Germany, meanwhile, has emerged as a major destination, as “the only country at the moment who’s taking in skilled workers from non-European Union backgrounds.”

The UAE, however, is playing a different role. “People who are working here, earning well here, they don’t really want to go to any other country,” Khan said. Instead, many pursue overseas permanent residency as a backup. “They’re very happy with the UAE… what they’re actually doing is to just safeguard their future.”

A major driver, Khan explained, is what he calls the UAE’s “reality versus future.” “The reality is, it is really 0% personal tax. It is really 0% capital gains tax. It is really 0% dividends tax,” he said. Even corporate taxation remains competitive: “It is really 9% corporate tax, which is the lowest compared to anywhere else. The threshold is the highest compared to any other country.”

Looking ahead, Khan pointed to the country’s long-term vision. “They’re going to double the GDP. They’re going to make it a global hub for talent,” he said, adding that infrastructure expansion and hospitality growth will only fuel momentum. “It is only going to increase jobs. It is only going to increase property prices. It is only going to increase tourism into the country.”

On residency pathways, Khan highlighted the UAE Golden Visa as “a brilliant pathway” and “one of the most prestigious visas” available globally. Unlike traditional migration routes, he stressed, “you’re not actually coming here to avoid taxes — you’re coming here to spend that money wisely, expand your operations.”

Khan also issued a blunt warning about immigration scams. “As soon as you hear job guarantee, it’s a scam. Run far away,” he said. “As soon as you hear visa guarantee, it’s a scam. There’s definitely no one who can actually get you a visa.”

Even regulated consultants, he emphasized, have limits. “We are regulated by the Canadian government… and the Australian government to represent applications, but we still can’t influence anyone’s decision. It’s the decision of the embassy.”

His final advice was simple and practical. “First things first, decide what your goal is,” Khan said. “Second, do your research and check your eligibility.” He encouraged people to speak to multiple advisors and use every available tool. “Do all your research — even on ChatGPT — and then speak to someone.”

In an era of heightened global mobility, Khan’s message was clear: clarity, credibility and structure matter more than promises.

🦄 World of Startups

• 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

• AI Integration Gains Momentum in UAE as Firms Reap Early Rewards

• Argentum AI Taps Saudi Golf Leader Majed Al Sorour for Global Expansion Drive

• SIRBAI and EDGE Forge Strategic UAE Alliance to Elevate Drone Autonomy

👨‍💻From Smashi Business’ Desk

• Binghatti Holding Puts IPO on Hold, Focuses on Expansion with Strong Cash Reserves

• Dubai’s Eat App Secures $10M to Expand Global Restaurant Booking Platform, Enters India via Swiggy Partnership

• Egypt’s Zeal Raises $4M, Eyes F1 Star Lando Norris as Angel Investor to Boost AI-Powered Retail Platform

• Trump Taps Israeli Billionaire Yakir Gabay for Controversial Gaza “Board of Peace”

• Damac Founder Hussain Sajwani Sparks Viral Debate at Davos: “There’s No Such Thing as 9 to 5 in Business”

🔍In other news…

• Porsche’s regional chief says shortcomings in charging infrastructure have held back electric vehicle sales across the Middle East, Africa, the Levant and India

• Syria needs $100B in investment to rebuild tourism sector, minister says

• First Abu Dhabi Bank plans ‘record’ $2.4bn dividend

• Oil demand to hold through to 2040, says Adnoc CEO

🗓️ Plan Your Events (Jan-Feb 2026)

UAE

• 26-30 January: Gulfood 2026, Dubai

• 31 January-February 1: Sharjah Entrepreneurship Festival (Media Partners)

• 3-5 February: The World Governments Summit, Dubai.

• 9-12 February: World Health Expo (WHX), Dubai.

• 11-12 February: STEP Dubai Conference, Dubai Internet City. (Media Partners)

Saudi Arabia

• 28-30 January: Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

• 2-4 February: Saudi Media Forum, Riyadh.

• 2-4 February: Women Leaders Summit and Awards KSA, Riyadh.

• 8-12 February: World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.

Egypt

• 5-7 February: RiseUp Summit, Cairo. (Media Partners)

• 11-12 February: Ai Everything Egypt (Organized by GITEX Global), Cairo. (Media Partners)

Qatar

• 1-4 February: Web Summit Qatar, Doha. (Media Partners)

• 2-5 February: 21st International Conference & Exhibition on Liquefied Natural Gas (LNG2026)

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