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- Saudi Arabia Reopens State Contracts; Replit Founder Rebukes US Envoy; Salla Moves Toward IPO After $130 Million Raise
Saudi Arabia Reopens State Contracts; Replit Founder Rebukes US Envoy; Salla Moves Toward IPO After $130 Million Raise
Sunday, February 22, 2026
Happy Monday everyone!
Saudi Arabia has reopened government procurement to foreign firms without regional headquarters, with Local Content and Government Procurement Authority enabling exceptions via Etimad Platform to protect timelines on major infrastructure and technology projects.
Replit founder Amjad Masad, whose company is nearing a $9 billion valuation, criticised US Ambassador Mike Huckabee over territorial remarks on Tucker Carlson’s podcast, drawing formal objections from Saudi Arabia, Egypt, and regional governments.
Saudi e-commerce platform Salla, led by General Manager Abdulla Alhashimi, is preparing an IPO after processing SAR 50 billion GMV, serving 68,000 sellers, and raising $130 million from Investcorp, Sanabil Investment, and STV.
Markets
EGX 30 | 49,560.88 | 2.18% |
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Bold Policy Reset Opens Saudi State Contracts to Global Firms Again
What Is It About?
Saudi Arabia reverses restriction, allows foreign companies in government projects. Saudi Arabia now permits government entities to contract international firms lacking regional headquarters locally, reversing a strict 2024 rule. The Local Content and Government Procurement Authority confirmed exceptions can be processed digitally through the Etimad Platform to maintain procurement efficiency and timelines.
Why It Matters?
The shift reflects a pragmatic recalibration between localisation goals and execution realities. Major infrastructure, technology, and giga-projects often require specialised expertise, global financing access, and competitive pricing that domestic or locally headquartered firms alone cannot consistently provide at scale.
What’s Next?
Authorities will likely apply selective exemptions while preserving long-term headquarters relocation incentives. Analysts expect foreign participation in complex projects to stabilise delivery timelines, while multinationals reassess regional headquarters strategies amid evolving compliance flexibility.
Replit Founder Amjad Masad Slams US Envoy Statements Backing Israeli Control
What Is It About?
Palestinian-Jordanian American tech founder Amjad Masad criticized US Ambassador to Israel Mike Huckabee after Huckabee said on Tucker Carlson’s podcast that it would be “fine if they took it all,” referring to interpretations that Israel is entitled to land stretching from the Nile River in Egypt to the Euphrates in Syria and Iraq.
Why It Matters?
Fourteen Arab and Muslim countries — including Saudi Arabia, the UAE, Jordan, Egypt and Türkiye — issued a joint statement alongside the Organization of Islamic Cooperation, GCC, and Arab League, calling the remarks “dangerous and inflammatory” and a “flagrant violation of international law” that threatens regional stability.
What’s Next?
In an X post, Masad wrote: “All you had to do is let them speak honestly for the world to see the insanity of this ideology. And Mike Huckabee is not nearly the biggest nut with these beliefs.” Masad founded Replit, now reportedly nearing a $9 billion valuation.
Salla Signals IPO Ambitions as Saudi E-commerce Champion Hits Growth Milestone
What Is It About?
Salla is preparing for an IPO, marking a decade of rapid expansion in Saudi Arabia’s digital economy. General Manager Abdulla Alhashimi confirmed the company is now dedicated to going public, highlighting confidence in its scale, performance, and market positioning after sustained operational growth.
Why It Matters?
Salla’s trajectory reflects the rising strength of Saudi Arabia’s e-commerce infrastructure. The platform hosts 68,000 active sellers, processed over SAR 50 billion in GMV, and secured $130 million in funding led by Investcorp, alongside Sanabil Investment and STV, reinforcing investor appetite for scalable regional SaaS champions.
What’s Next?
Founded in Makkah by Nawaf Hariri and Salman Butt, Salla enables merchants with tools spanning storefronts, payments, and logistics. Analysts expect listing preparations to accelerate as the company strengthens revenue visibility, operational efficiency, and regional expansion readiness.
🦄 World of Startups
Stake Raises $31M Series B Led by Emirates NBD, Total Funding Hits $58M
US-based Luma AI is planting its flag in Riyadh — opening a regional headquater
Singapore's Ascentium continues its aggressive expansion, acquiring UAE legaltech pioneer Clara in a strategic Middle East play
Abu Dhabi is quietly becoming one of the most influential financiers of the global AI race, with its latest participation in Anthropic’s massive $30B funding round
Safqah Capital has just closed one of Saudi Arabia’s largest-ever seed rounds, raising $15.2 million in a deal that was four times oversubscribed
👨💻From Smashi Business’ Desk
HH Sheikh Khaled bin Mohamed bin Zayed met Indian Prime Minister Narendra Modi on the sidelines of the AI Impact Summit in New Delhi.
Humain, the artificial intelligence arm of the Public Investment Fund, invested $3 billion in xAI during its Series E round
Saudi Prince Alwaleed bin Talal’s combined stake across Elon Musk’s companies has reached an estimated $9.2 billion.
🔍In other news…
QIA and Franklin Templeton launch Franklin Templeton Qatar Equity Fund
Recent job postings indicate the UAE’s largest property portal, Property Finder, is investing in agentic AI — moving beyond traditional chatbots and recommendation engines.
Abu Dhabi real estate transactions hit record $38.67bln in 2025
Aramco Q4 2025 profit forecast at $25bln, rising YoY but easing QoQ
🗓️ 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).
