Happy Monday everyone!

Today’s top stories highlight the intersection of fact, media scrutiny, and fintech growth in the Middle East. Viral claims that Qatar threatened to cancel $150 billion in Boeing orders over U.S. support for Israel are false, with no official statements confirming such a threat. Meanwhile, American outlet Morning Brew faced criticism for mocking Saudi Arabia’s $500 billion NEOM project, ignoring tangible progress like the Port of NEOM and renewable energy initiatives. In positive news, Saudi fintech HALA raised $157 million in Series B funding to expand SME banking, embedded finance, and regional growth.

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Markets

Fact Check: Qatar Did Not Threaten To Suspend $150 Billion Boeing Deal Over US Support For Israel

🔹 What Is It About

Viral posts on social media claim Qatar threatened to suspend $150 billion worth of Boeing aircraft purchases if the U.S. continues supporting Israel’s strikes on Doha, allegedly risking 250,000 American jobs. The claims link recent tensions over Israel’s attack in Doha to Qatar Airways’ record aircraft orders with Boeing.

🔹 Why It Matters

A Smashi Business investigation found that the story misrepresents facts by blending a legitimate $96 billion May 2025 Boeing–Qatar Airways deal with fabricated political threats. Neither Qatar, Qatar Airways, nor Boeing have made such statements, and credible outlets like Reuters, AP, and AFP have not reported any ultimatum. Misleading figures, such as the “250,000 jobs” claim, also distort Boeing’s actual statement of nearly 400,000 supported jobs.

🔹 What’s Next

Qatar Airways did sign one of the largest commercial aviation deals in history with Boeing, covering up to 210 widebody jets. However, no evidence supports claims of a suspension threat tied to U.S. foreign policy. The viral narrative is misinformation, rooted in exaggerated numbers and false political framing.

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American Outlet Morning Brew’s Satire On Saudi NEOM Project Draws Criticism For Misrepresentation

🔹 What Is It About

Morning Brew recently published a satirical video mocking Saudi Arabia’s $500 billion NEOM project, ridiculing ambitious features like “ski slopes on a desert mountain” and a “lake hanging over a cliff.” Hosts sarcastically questioned the project’s feasibility and expertise, claiming “the lake won’t float” and “the birds won’t fly,” framing NEOM as unrealistic.

🔹 Why It Matters

NEOM is far from a mere concept—its development is underway, with 6,000 workers building the Port of NEOM and the Oxagon industrial complex. Renewable energy projects, including an $8.4 billion green hydrogen plant, are on track. By ignoring these tangible achievements, the satire reinforces Western media bias and dismisses Arab-led innovation and mega-projects.

🔹 What’s Next

NEOM continues to advance, with The Line set to house nine million people and Trojena offering a futuristic mountain resort. Ambitious sustainability goals, such as generating 600 tons of carbon-free hydrogen daily by 2026, demonstrate progress. Despite online mockery, Saudi Arabia’s NEOM project is actively shaping the region’s innovation, tourism, and economic landscape.

Hala Secures $157 Million In Landmark Series B To Accelerate SME Banking In Saudi Arabia

🔹 What Is It About

Saudi Arabia-based fintech HALA has raised $157 million in a Series B round, one of the largest for a Middle East fintech. The funding was led by TPG’s Rise Fund and Sanabil Investments, alongside QED, Raed Ventures, MEVP, and others. Founded in 2018, HALA serves 142,000+ MSMEs, processing $8 billion in transactions annually, with a suite of embedded finance products including business accounts, payments, corporate cards, and lending.

🔹 Why It Matters

HALA’s growth aligns with Saudi Vision 2030, which aims to increase SMEs’ contribution to GDP. With SMEs making up 90–99% of private businesses and contributing $310–375 billion annually, the opportunity is massive. The fintech’s services support economic diversification, digital transformation, and financial inclusion, sectors that are rapidly expanding due to government reforms and rising demand for digital financial solutions across the Kingdom and wider region.

🔹 What’s Next

The new capital will consolidate HALA’s market leadership in Saudi Arabia, expand its lending and embedded finance offerings, and drive regional expansion. Co-founders Esam Alnahdi and Maher Loubieh highlighted investor trust as a catalyst for scaling impact, while TPG’s Rise Fund and Sanabil emphasized HALA’s role in empowering SMEs. Positioned at the intersection of innovation and economic policy, HALA is primed to redefine MSME banking and fintech services in the Middle East.

🔹 Startup Story

HALA was founded in 2018 by Esam Alnahdi (Co-founder and Chairman) and Maher Loubieh (Co-founder and Group CEO) with a mission to empower micro, small, and medium enterprises through digital-first financial solutions. The company began as a payments provider and quickly evolved into a comprehensive fintech platform offering business accounts, POS systems, corporate cards, and lending products. Backed by leading regional and global investors, HALA has scaled rapidly to serve over 142,000 MSMEs, processing more than $8 billion in annual transactions.

👨‍💻From Smashi Business’ Desk

• Dreamers: Shakour Abu Ghazalah, once left with nothing after a bank collapse, turned resilience into Albaik—the Middle East’s fast-food giant.

• 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.

🔍In other news…

• Dubai sends 50 chief AI officers to visit US tech companies including Google, OpenAI and Nvidia

• BlackRock Expands Gulf Presence with New Office in Kuwait, Appoints Ali AlQadhi to Lead

• Carrefour ceases operations in Bahrain effective September 14

• Mubadala Sells Down Stake in UAE Carrier Du for $858 Million

• Kuwait invites bids for three new cities to ease housing gap

• Talabat resumes services in Qatar after suspension for 'misleading consumers'

• Dubai builder Alec Holdings to sell 20% in listing

• Syria targets $2bn in budget revenues from state-owned firms

🏦 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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