- Smashi Business
- Posts
- Saudi Investment Minister Replaced; Syria Eyes 10% Growth; Israelis Charged Over Polymarket Bets
Saudi Investment Minister Replaced; Syria Eyes 10% Growth; Israelis Charged Over Polymarket Bets
Friday, February 13, 2026
Happy Friday everyone!
Saudi Arabia's King Salman has reshuffled his cabinet, replacing longtime Investment Minister Khalid al-Falih with Gulf International Bank's Fahad al-Saif as the kingdom prepares for a crucial Public Investment Fund strategy announcement. Meanwhile, Syria's finance minister projects economic growth will nearly double to 10% this year, crediting US sanctions relief and the return of skilled expatriates. And in a notable security breach, Israeli authorities have charged two individuals with using classified military intelligence to place lucrative bets on prediction platform Polymarket.
Also, the calendar is updated for March and April so you can plan your itinerary for MICE travel to the UAE, Egypt and Saudi Arabia. If anything new pops up, we will update it for you.
Markets
EGX 30 | 50,490.20 | 1.59% |
DFMGI | 6714.6 | 0.424% |
ADX | 10,688.55 | 0.322% |
Tadawul | 11,251.81 | 0.75% |
Saudi Arabia Replaces Investment Minister In Major Cabinet Reshuffle
What Is It About?
HRH King Salman bin Abdulaziz dismissed Investment Minister Khalid al-Falih on Thursday through a royal decree, ending his six-year tenure in the role. Fahad al-Saif, Chairman of Gulf International Bank, was appointed as his replacement. Al-Falih, 65, a former Aramco CEO who also served as Energy and Health Minister, will remain in the cabinet as Minister of State.
Why It Matters?
The reshuffle comes as Saudi Arabia grapples with declining oil revenues and budget shortfalls. The timing is significant as the kingdom's $925 billion Public Investment Fund is expected to unveil a new five-year strategy soon. Al-Falih's replacement signals a potential shift in the kingdom's economic diversification efforts under Vision 2030.
What’s Next?
All eyes turn to the Public Investment Fund's forthcoming strategic plan, which could reshape Saudi Arabia's investment approach. The new leadership under al-Saif may bring fresh perspectives to attracting foreign investment amid economic pressures. Additional appointments, including Prince Rakan bin Salman as Diriyah governor, suggest broader governmental restructuring ahead.
Syria Expects Economic Growth To Nearly Double To 10% As US Sanctions Ease
What Is It About?
Syria anticipates economic growth will double to nearly 10% in 2026 following the lifting of US sanctions, Finance Minister Mohamed Yisr Barnieh said. "There's momentum now — we are entering 2026 with a lot of optimism," he stated in an interview. Growth reached approximately 5% in 2025 as stability improved and skilled Syrians returned home after more than a decade of civil war that finally ousted Bashar Al-Assad.
Why It Matters?
The recovery marks a crucial turning point for the Middle Eastern nation of 25 million people devastated by conflict that claimed over 300,000 lives. "The sanctions are behind us now," Barnieh said at the AlUla Conference in Saudi Arabia. Syrian leader Ahmed al-Sharaa secured major American sanctions relief after meeting President Trump, enabling deals like Chevron's oil exploration agreement and Saudi investments in telecommunications and aviation infrastructure.
What’s Next?
Syria expects additional deals with foreign companies, particularly American firms, "soon," according to Barnieh. The government plans to issue its first local sovereign Islamic bond toward the end of 2026. "We are very optimistic about the support that we're receiving," the minister said, adding that regulatory reforms aim to attract investors in energy, infrastructure and telecommunications sectors as the nation rebuilds.
Israelis Charged For Using Classified Intel To Bet On Polymarket
What Is It About?
Israeli authorities charged two suspects—a military reservist and a civilian—with using classified information to place bets on prediction platform Polymarket, according to a joint statement from Shin Bet, the Defense Ministry, and Israel Police on Thursday. The wagers related to Israel's security operations were based on "classified reports, which reservists were exposed to in the context of their role in the military," authorities said, describing the stakes as threatening national security.
Why It Matters?
An account on Polymarket correctly predicted multiple military events during the 12-day Israel-Iran war in June, wagering tens of thousands of dollars and earning approximately $150,000, Israeli broadcaster Kan 11 reported. The case highlights growing concerns about prediction markets exploiting sensitive information during conflicts. Polymarket faces increased scrutiny over military-related contracts, with $238 million placed on potential US strikes against Iran and controversies surrounding Venezuela-related bets.
What’s Next?
The reservist's lawyer, Nir Cohen Rochverger, called the indictment "flawed" and said national security charges were dropped, though confidential information misuse charges remain. An IDF spokesperson stated the bets caused no operational damage. The case could intensify regulatory pressure on Polymarket and similar platforms, as US lawmakers already question whether successful traders act on confidential information in politically sensitive markets.
🦄 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
Syrian Founder Yasmeen Jisri’s Bake My Day Lands Major Dove Collaboration
KHC, OIA, QIA and MGX-backed SpaceX and xAI merge.
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…
Deyaar proposes 5% dividend after 2025 revenue jump
Emaar profit jumps by record 30% backed by strong Dubai demand
Qatari fund buys stake in US robot maker Apptronik
No need to remove liquids and laptops at airport: Dubai installs AI hand-luggage scanners
Abu Dhabi-based alternative asset manager BlueFive Capital launches aircraft leasing company
🗓️ 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).
