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Riyadh now hosts all three major credit rating agencies after Moody’s opened its regional headquarters, underscoring Saudi Arabia’s financial ambitions. Meanwhile, OpenAI is nearing a record funding round that could value the company above $850 billion, with regional capital playing a strategic role. In aviation, Ares Aviation CEO Demetrios Bradshaw explains why aftermarket engines — not new aircraft — are becoming the industry’s hottest asset class as airlines rethink fleet strategy amid supply constraints.

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Riyadh Completes Credit Ratings Trifecta As Moody’s Opens Regional Headquarters

What Is It About?

Moody’s has opened its regional headquarters in Riyadh, becoming the last of the “Big Three” rating agencies to formalise a base in Saudi Arabia. The move follows earlier regional HQ launches by Fitch Group and S&P Global, completing an unprecedented concentration of global credit assessors in one capital. Moody’s Riyadh hub, led by Mahmoud Totonji, builds on a local presence dating to 2018 and signals a deeper institutional commitment to the Kingdom’s rapidly expanding financial ecosystem.

Why It Matters?

All three agencies have recently upgraded Saudi Arabia’s sovereign ratings, citing strong non-oil growth, fiscal resilience, and diversification momentum. Moody’s lifted the Kingdom to Aa3, while S&P and Fitch rate it A+. External institutions including the International Monetary Fund and World Bank also forecast robust medium-term expansion. Despite widening deficits and financing needs linked to Vision 2030 megaprojects, low public debt and a strong net asset position underpin investor confidence — directly influencing how global markets price Saudi sovereign and corporate debt.

What’s Next?

The announcement aligns with Riyadh’s push to become a top global financial hub by 2030 through its regional headquarters programme. Former investment minister Khalid Al Falih said more than 675 multinationals — including Citigroup, Goldman Sachs, BlackRock, Mizuho, and Morgan Stanley — have established regional bases in the city. As financing demands rise and capital markets deepen, the co-location of rating agencies, banks, and investors could accelerate Riyadh’s transformation into the Middle East’s dominant financial centre.

Gulf-Backed OpenAI Eyes $850 Billion Valuation As Record $100 Billion Funding Round Nears

What Is It About?

OpenAI is nearing a historic fundraising expected to exceed $100 billion, a deal that could value the ChatGPT maker at more than $850 billion and mark the largest private financing in history. The round’s first phase is led by major technology firms including SoftBank Group, Amazon, Nvidia, and Microsoft. Gulf capital — notably Abu Dhabi’s MGX— is expected to play a larger role in a later phase of the transaction.

Why It Matters?

The fundraising underscores how sovereign wealth from the Gulf has become embedded in the global AI race. MGX has already secured stakes in leading AI firms, positioning Abu Dhabi as a major financial backer of frontier technology. While the Qatar Investment Authority has invested heavily in rivals such as Anthropic and xAI rather than OpenAI itself, the region’s broader capital flows signal a coordinated push to diversify economies and secure influence over next-generation computing infrastructure.

What’s Next?

A second fundraising phase — expected to include sovereign funds, venture capital firms, and institutional investors — could push the total well beyond $100 billion. OpenAI is also deepening technology partnerships, including expanded use of Amazon’s cloud and chips, reinforcing a model that combines capital with infrastructure access. If completed at the anticipated valuation, the deal would place OpenAI within striking distance of a $1 trillion private valuation, cementing AI as the central battleground of global technology — with Gulf investors positioned as pivotal long-term stakeholders.

Gulf And OpenAI Partnerships

• MGX (Abu Dhabi) — Direct investor in OpenAI, including participation in a $6.6 billion secondary share sale that valued the company around $500 billion; also partnered with OpenAI, SoftBank Group and Oracle on the Stargate Project.

• Qatar Investment Authority (Qatar) — Qatar has signed strategic cooperation agreements with OpenAI. However, no direct equity stake in OpenAI. Instead, QIA has invested heavily in rival labs including Anthropic and xAI.

• Humain (Saudi Arabia) — Not an equity investor. The company has a hosting and deployment arrangement involving OpenAI’s open-source models in sovereign data centres, alongside partners such as Groq — a commercial infrastructure relationship rather than a capital stake.

The New Gold Rush in Aviation: Ares Aviation CEO Demetrios Bradshaw on Aftermarket Engines and Fleet Strategy

Demetrios Bradshaw, CEO of Aeras Aviation, joined Smashi Business to unpack one of aviation’s least-understood but most lucrative segments: aircraft engine asset management and the booming aftermarket economy.

Bradshaw, who has lived in Dubai for nearly a decade, traced his journey from the UK to the Middle East, crediting the emirate’s rise as a global aviation hub for shaping his entrepreneurial ambitions. After relocating permanently in 2016, he founded Aeras Aviation the following year—growing it into a global player focused on end-of-life aircraft engines and aftermarket solutions.

At the core of Aeras’s business is engine disassembly, repair, and redistribution. The company acquires aging engines, dismantles them, restores serviceable parts, and feeds those components back into airline and maintenance supply chains. With original equipment manufacturers struggling to produce new parts fast enough, Bradshaw explained, the secondary market has become critical for airlines seeking to keep fleets operational.

“Our role is no longer an add-on—it’s a major part of airline fleet planning,” he said, noting strategic partnerships with carriers such as Lufthansa, Etihad, Delta, United, Iberia, and DHL.

Aeras works across major engine platforms from Rolls-Royce and Pratt & Whitney, assets that have surged in value as global air travel rebounds post-pandemic.

Bradshaw acknowledged COVID-19 as the industry’s greatest recent shock. While demand collapsed initially, Aeras pivoted toward cargo aviation, which surged during lockdowns. As passenger travel returned, commercial demand followed quickly—but the sector faced another challenge: a shortage of skilled technicians, slowing repair turnaround times.

To future-proof the business, Aeras undertook a major global restructuring. The company opened a 50,000-square-foot warehouse in the United States, expanded its technical division in Cardiff near GE’s facilities, and reinforced teams in both Dubai and Europe. Bradshaw said the moves were part of a disciplined five-year growth plan designed to strengthen governance, scale operations, and ensure quality control.

Looking ahead, Bradshaw highlighted Asia-Pacific as the fastest-growing aviation market, predicting it could rival or surpass the US in the coming decade. He also underscored the Middle East’s strategic role as a global aviation gateway, particularly as Africa’s population and connectivity expand.

Artificial intelligence is already reshaping Aeras’s operations. The company has begun deploying AI tools across its supply chain to respond faster to airline fleet-planning demands and optimize inventory decisions.

In closing, he emphasized safety and quality as non-negotiables in an industry that quietly underpins global mobility.

“When you fly, we want you to know that the systems behind the scenes are built on reliability,” Bradshaw told Smashi Business. “It’s a big industry, a safe industry, and we’re working every day to keep it that way.”

🦄 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

• Binghatti Chairman Meets Justin Trudeau as Developer Expands Global Footprint

• Syrian Founder Yasmeen Jisri’s Bake My Day Lands Major Dove Collaboration

• 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…

• PIF investments in US equities fall again

• 1,200 jobs in GCC: New premium airline announced in Bahrain

• DP World sells minority stake in Jeddah terminal to Maersk

• Anthony Joshua joins Yenaier to champion Oman real estate ambitions⁠

• ArcelorMittal expands in Sharjah to tap region’s mega-projects 

🗓️ Plan Your Events (March-April 2026)

UAE

• 31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

• 26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.

• 7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

• 13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

• 14-16 April: (Tuesday-Thursday): the International Property Show, Dubai World Trade Center.
  

Saudi Arabia

• 13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

• 20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh

Egypt

• 30 March – 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).

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