Happy Monday everyone!

At Expand North Star 2025 day 1 in Dubai on Sunday, UAE Minister of State for Artificial Intelligence His Excellency Omar Sultan Al Olama outlined the country’s ambition to become a global hub for AI innovation, calling the UAE a “blank canvas” where bold ideas take shape. More highlights from Day 1 in our main story.

Meanwhile, GITEX Global kicks off today at the Dubai World Trade Centre too.

Meanwhile, Abu Dhabi-based G42 reaffirmed its “gold-standard” security systems for managing advanced semiconductors, according to a Semafor exclusive. In Saudi Arabia, the Real Estate General Authority (Rega) confirmed that the five-year rent freeze imposed in Riyadh will not be extended to other regions.

But before that: For quick daily updates, follow us on Instagram, and you can watch our Smashi Business Show live every weekday from 10AM onwards (UAE time). Also, you can join our Whatsapp channel to receive updates from the business world.

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UAE AI Minister Omar Sultan Al Olama at Expand North Star: “The UAE Is a Blank Canvas — We Dream Big and Deliver”

UAE Minister of State for Artificial Intelligence Omar Sultan Al Olama set the tone on Day One of Expand North Star 2025 in Dubai, delivering a powerful message on the country’s vision to become a global hub for innovation and AI.

Speaking during a fireside chat, Al Olama described the UAE’s approach as one rooted in ambition and long-term vision. “In the UAE, we believe that yes, we’re in the desert, but it’s a blank canvas that can be shaped into anything we want it to be shaped into,” he said.

He reflected on the nation’s journey from humble beginnings to a global innovation hub: “Fifty years ago, people here were living in very humble houses, but they did not lack ambition. They attracted people from east and west to shape a future that most thought was too audacious.”

Al Olama also underscored the UAE’s proactive strategy in AI governance and capacity-building. “We have a chief AI officer in every single government department,” he noted. “If you want transparency, who is the person that is accountable? These chief AI officers are.”

On defining success in AI, Al Olama was clear: “Success to me is AI where it matters, without people having to know it’s AI. It needs to improve the quality of life, with an order-of-magnitude improvement. Failure would be gimmicks — robot dogs that don’t improve your life.”

Presight AI Chief Growth Officer Magzhan Kenesbai to Smashi Business:

We are expanding its accelerator program and $100M venture fund to back top AI startups globally. By leveraging the G42 ecosystem, Presight aims to fast-track innovation, support digital transformation, and drive AI adoption across emerging markets. “We don’t just accelerate startups — we give them clients, partners, and capital.”

Cerebras Systems CEO Andrew Feldman to Smashi Business:

He praised Dubai and Abu Dhabi’s bold AI vision, calling the UAE “the center of the entire region.” He highlighted the country’s early AI leadership, including appointing the world’s first Minister of AI and building national champions like G42. Feldman visits every eight weeks, drawn by the region’s innovation, energy, and global reach, emphasizing that Expand North Star and GITEX are pivotal platforms to connect with startups, customers, and partners from around the world. “I think we’re still very early in the AI revolution. Usually, when you think of a bubble, you think of a gap between revenue and valuation. Yet revenue is going through the roof. Earnings are going through the roof. And in that context, it’s not a bubble. Within two or three years, everybody will have AI impact their life not once, not twice, but many times a day.”

G42 Defends Its Security Framework as US Restricts Nvidia Chip Exports to Emirati Firms

🔹 What Is It About

Abu Dhabi-based G42 says it has “gold-standard” security systems in place to safely manage and own the world’s most advanced semiconductors, according to a Semafor exclusive. The statement follows the Trump administration’s approval of Nvidia chip exports to the UAE — limited to American companies such as Oracle. G42, chaired by His Highness Sheikh Tahnoon bin Zayed, remains without export licenses despite repeated assurances that its infrastructure meets — and exceeds — U.S. compliance and security standards.

🔹 Why It Matters

The move represents a pivotal moment for the UAE’s ambitions to become a global AI powerhouse. By excluding G42, Washington is signaling tighter oversight of advanced chip distribution amid ongoing U.S.-China tech tensions. The decision also underscores the complexity of the U.S.–UAE technology partnership, as the Gulf state continues major investments in AI infrastructure and data sovereignty.

🔹 What’s Next

G42 continues talks with U.S. officials while expanding partnerships with chipmakers like AMD, Cerebras, and Qualcomm. Analysts say approval delays may stem from “bandwidth issues” in the Trump administration, but the outcome will shape how AI collaboration between Washington and Abu Dhabi evolves.

Saudi Arabia Confirms Riyadh Rent Freeze Won’t Extend to Other Regions

🔹 What Is It About

Saudi Arabia’s Real Estate General Authority (Rega) has confirmed that the five-year rent freeze announced for Riyadh will not be expanded to other regions. Rumors suggesting a nationwide rent control plan were dismissed by Rega spokesman Taiseer Al-Mufrej, who said there is “no truth to reports” of a broader stabilization policy. The rent freeze in Riyadh, in place until September 2030, bars landlords from raising rents on both new and existing contracts to curb property inflation in the capital.

🔹 Why It Matters

The freeze targets what Crown Prince Mohammed bin Salman described as “unacceptable” price increases, as Riyadh faces mounting housing and commercial rent pressures amid population growth and Vision 2030-driven investment. By limiting the measure to the capital, regulators signal confidence that other regions maintain a healthy balance between supply and demand, avoiding market distortions that broad controls could create.

🔹 What’s Next

Rega said it will continue monitoring rents nationwide through its Ejar digital leasing platform, ensuring stability and compliance. Analysts expect the focus to remain on expanding housing supply in Riyadh, while other regions retain market-driven pricing aligned with local development goals.

👨‍💻From Smashi Business’ Desk

• UAE Tycoon Khalaf Al Habtoor Offers Condolences After Crash Kills Three Qatari Officials in Egypt.

• 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…

• Gulf Heirs Eye Hedge Funds and Crypto as $1 Trillion Wealth Transfer Looms.

• Inside the Discreet Lisbon Wealth Manager Overseeing Cristiano Ronaldo’s $1.4 Billion Fortune.

• UAE’s Yolk Brands Expands Regionally, Bringing Pickl and BonBird to Jordan.

• Saudi Aramco Postpones Expansion of Three Major Chemical Projects.

• Rising Gold Prices Spur Interest in 14K Jewellery Across the UAE.

🏦 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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