Happy Sunday everyone!

Saudi Arabia granted citizenship to Uber co-founder Travis Kalanick and Red Sea Global CEO John Pagano, both recent converts to Islam, as part of Vision 2030 efforts to attract global business leaders and innovators. Lebanese entrepreneur Tarek Mansour’s Kalshi, one of the world’s largest prediction markets, hit a $5 billion valuation after raising $300 million from top investors including Sequoia and Andreessen Horowitz, expanding to 140 countries. The US and Qatar signed a deal to build a Qatari air force facility in Idaho, hosting F-15QA jets under a $12 billion defense program, reinforcing Washington’s growing military ties with the Gulf.

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Markets

Saudi Arabia Grants Citizenship to Uber Co-Founder and Red Sea Global CEO

🔹 What Is It About

Saudi Arabia has granted citizenship to Uber co-founder Travis Kalanick and Red Sea Global CEO John Pagano, both of whom recently converted to Islam. The royal approval aligns with Vision 2030, the Kingdom’s plan to attract global talent and innovation leaders. Kalanick, now CEO of CloudKitchens, has led a $1.25 billion investor push to expand food delivery operations across the Middle East. Pagano oversees The Red Sea and AMAALA tourism projects under the Public Investment Fund’s portfolio, pivotal to Saudi Arabia’s luxury tourism ambitions.

🔹 Why It Matters

The move reflects Saudi Arabia’s strategy to fuse economic diversification with global expertise. Granting citizenship to high-profile figures like Kalanick and Pagano signals Riyadh’s intent to create a hub for technology, entrepreneurship, and sustainable tourism, attracting international investors and innovators to build in the Kingdom.

🔹 What’s Next

Analysts say this could mark a new phase in Saudi Arabia’s global talent program, encouraging more foreign executives and founders to base operations in the Kingdom. As Vision 2030 accelerates, expect further citizenship grants and cross-sector partnerships to strengthen Saudi Arabia’s global innovation footprint.

Expand North Star Kicks Off on Sunday October 12 in Dubai

Dubai is gearing up to host Expand North Star 2025, the world’s largest startup and investor event, kicking off on Sunday, October 12 at Dubai Harbour. Organized by the Dubai World Trade Centre, the four-day gathering will bring together 1,800 startups from 100+ countries, alongside global investors, tech leaders, and innovators shaping the future of business. From AI and fintech to sustainability and mobility, Expand North Star will spotlight cutting-edge solutions and new funding opportunities — reinforcing Dubai’s position as a global innovation and entrepreneurship hub. Stay tuned for key insights, deals, and announcements from the event floor.

Lebanese CEO Leads Kalshi to $5 Billion Valuation and Global Expansion

🔹 What Is It About

Lebanese entrepreneur Tarek Mansour, co-founder and CEO of Kalshi, has built one of the world’s largest prediction markets, now valued at $5 billion after raising $300 million in fresh funding. Backed by Sequoia Capital, Andreessen Horowitz, Paradigm, CapitalG, and Coinbase Ventures, Kalshi lets users trade on real-world events — from elections and inflation to sports. Founded at MIT in 2018 by Mansour and Luana Lopes Lara, the company has expanded from the U.S. to more than 140 countries.

🔹 Why It Matters

Kalshi’s rise marks a milestone for Middle Eastern entrepreneurship on the global stage. Mansour’s success underscores Lebanon’s growing presence in fintech innovation and the mainstreaming of prediction markets — a field once considered fringe, now reshaping how people interpret future events and hedge risks.

🔹 What’s Next

With trading volumes projected to hit $50 billion annually, Kalshi’s global growth is attracting both investor optimism and regulatory scrutiny. The platform’s expansion — and the involvement of figures like Donald Trump Jr. — signal a new era for event-based trading worldwide.

Qatar to Build Air Force Facility in Idaho Under New US Agreement

🔹 What Is It About

The US and Qatar have signed a landmark agreement to establish a Qatari air force facility at Mountain Home Air Base in Idaho, which will host a fleet of F-15QA fighter jets and Qatari pilots. Announced by US Defense Secretary Pete Hegseth and Qatari Defence Minister Sheikh Saoud Al Thani, the deal builds on the $12 billion F-15 aircraft sale first signed in 2017 and underscores the deepening military partnership between Doha and Washington.

🔹 Why It Matters

The move reinforces Qatar’s role as a key US ally in the Gulf, following recent regional tensions and the expansion of US defense commitments under President Trump’s executive order guaranteeing Qatar’s security. The Idaho facility will serve as an advanced training and maintenance hub, complementing Qatar’s Al Udeid Air Base, which currently houses 8,000 US troops and serves as CENTCOM’s forward headquarters.

🔹 What’s Next

Construction of the Idaho facility is expected to begin soon, with Qatari personnel deployments projected within two years. Analysts view the deal as a strategic diversification of US basing and a signal of Washington’s enduring security alignment with Gulf partners amid shifting Middle East dynamics.

👨‍💻From Smashi Business’ Desk

• Uptown Dubai has officially sold out, DMCC Chairman announced.

• Saudi Arabia’s SSC Channels Go Off Air After Losing Football Rights to Thmanyah.

• Dubai-based Huda Beauty founder Huda Kattan condemned Israeli forces after reports of Greta Thunberg’s mistreatment in detention, calling them “sick people” in a strongly worded Instagram post.

• Vercel CEO Guillermo Rauch is facing backlash after posting a photo on X showing him meeting Israeli PM Benjamin Netanyahu, wanted for war crimes by the UN-backed ICC.

🔍In other news…

• UAE Halts Sudan Oil Shipments as Diplomatic Rift Deepens; Global Trader Drawn Into Dispute.

• Oman and Azerbaijan Unveil $200 Million Joint Investment Fund to Boost Cross-Border Growth.

• HH Sheikh Mohammed Leads Racehorse Auction With £20 Million Spending Spree.

• Abu Dhabi’s ADQ Reportedly Among Bidders for Italy’s Catania Airport.

• UAE Consortium Eyes Manchester United Takeover, Approaches Former Players Amid Talks of Advanced Deal.

🏦 Crypto Corner

• Crypto data reveals UAE has mined bitcoins worth $700m

• 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.

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