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- Saudi PIF Reveals $26.3B SpaceX Stake; DP World Plans $3B Investment; Kushner Heads to Israel and Egypt
Saudi PIF Reveals $26.3B SpaceX Stake; DP World Plans $3B Investment; Kushner Heads to Israel and Egypt
Sunday, August 16, 2026
Happy Sunday everyone!
Saudi Arabia’s PIF has revealed a $26.3 billion stake in SpaceX, DP World is pushing ahead with $3 billion in investments as the Iran war weighs on profits, and Jared Kushner is heading to Israel and Egypt as efforts continue to advance the Gaza Board of Peace plan.
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Saudi PIF Reveals $26.3 Billion SpaceX Bet as US Portfolio Expands
What Is It About
Saudi Arabia’s Public Investment Fund disclosed 154.1 million SpaceX shares worth $26.3 billion as of June 30, according to quarterly regulatory filings analysed by Reuters. The newly disclosed position makes PIF one of SpaceX’s largest reported institutional shareholders, alongside Alphabet, Fidelity Investments and Gigafund Management.
Why It Matters
The disclosure shows how deeply Saudi capital is becoming embedded in some of the world’s largest technology businesses. PIF previously invested $3 billion in xAI through Humain, which was converted into SpaceX shares following the merger. SpaceX now represents by far the largest of PIF’s five disclosed US holdings, ahead of Uber, Electronic Arts, Lucid and Clarivate.
What’s Next
The stake adds another major technology investment to PIF’s international portfolio as the fund deploys capital to support Saudi Vision 2030 and economic diversification. Founded in 1971 to invest on behalf of the Saudi government, PIF has expanded far beyond its domestic mandate, with headquarters in Riyadh and international offices in New York, London and Hong Kong.
DP World Plans $3 Billion Investment as Iran War Weighs on Profits
What Is It About
DP World plans to invest $3 billion this year across markets including the UAE, Saudi Arabia and Africa, announced alongside its first-half results. In the UAE, the ports operator plans two deepwater terminals in Fujairah, Al Rugaylat and Dibba, under a 50-year concession with Fujairah Ports Authority. Development is expected to take 30 months.
Why It Matters
The expansion comes as the Iran war disrupts major Middle East shipping routes. DP World reported first-half profit fell 39% to $585 million, despite revenue rising 13% to $12.7 billion. Jebel Ali remains fully operational, but vessel traffic has declined amid disruption through the Strait of Hormuz. Overall container volumes fell 5.7% during the period.
What’s Next
The Fujairah terminals would create a direct trade route from the UAE east coast without vessels passing through Hormuz, reducing exposure to the chokepoint. DP World is also strengthening regional logistics, including expanded inland connectivity and 700 additional lorries, after investing $1.5 billion across its existing portfolio during the first half.
Kushner Heads to Israel and Egypt as Gaza Board of Peace Plan Faces Funding Questions
What Is It About
Jared Kushner will visit Israel and Egypt next week to support a US-backed Board of Peace plan aimed at permanently ending Israel’s genocide in Gaza, Al Jazeera reported. The visit follows Israeli Prime Minister Benjamin Netanyahu rejecting a 15-point plan for lasting peace, with Kushner expected to address Israeli concerns before continuing to Cairo.
Why It Matters
In Egypt, Kushner, Nickolay Mladenov and Tony Blair are expected to meet mediators to help solidify a roadmap. Beyond diplomacy, the Board carries a significant financial dimension: countries seeking permanent membership are required to contribute $1 billion. Kushner also founded private equity firm Affinity Partners.
What’s Next
Attention now turns to whether the meetings can overcome Israeli opposition and advance the wider plan. Financing remains another challenge: the Financial Times reported the World Bank-administered Gaza reconstruction fund had received no donor money, despite billions previously pledged toward reconstruction.
Smashi Business Exclusive: How CFI Delivered Its Tenth Consecutive Record Quarter
CFI Financial Group's record first half of 2026 was years in the making, according to Group CEO Ziad Melhem, who said the company's latest performance reflects long-term investments in governance, technology, talent and international expansion, rather than a single period of elevated market activity.
Speaking to Smashi Business, Melhem said CFI's record first half, including $5.34 trillion in trading volume and its tenth consecutive record quarter, were built on consistency rather than short-term gains. "The companies that grow, that scale, that last, are the ones that perform through different market environments," he said, adding that today's results are "the outcome of decisions we've made years ago."
Melhem also credited the UAE's operating environment as a competitive advantage for the business, arguing that the country's close alignment between the public and private sectors has enabled companies to scale with confidence. "When there is this mutual trust, when there is this big support and the goals are aligned, the partnership with the regulator creates the necessary platform or infrastructure that would allow us to grow and do much more," he said.
👨💻From Smashi Business’ Desk
LVMH-owned Sephora has denied reports it will open stores in Israel, while confirming Sephora Collection, its own beauty brand, signed a temporary resale agreement with Israeli retailer Glam42.
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, visited Binghatti’s London office, according to photos shared by the developer on Instagram.
President Donald Trump and Saudi PIF Governor Yasir Al-Rumayyan were spotted together at LIV Golf’s New York event at Trump National Bedminster, ahead of the final round.
Saudi boxing power broker Turki Al-Sheikh has pulled out of a proposed takeover of English Championship club Derby County after delays in securing approval left limited time to prepare for the new season.
🔍In other news…
Iraq Says Abu Dhabi’s Adnoc Among Buyers of Its Oil
Iran to join BRICS development bank soon, central bank governor says
Saudi Wealth Fund PIF Eyes Bigger Privatization Push to Win Returns
Spinneys CEO on the costs of keeping shelves full in a crisis: AGBI
Saudi data centre ambitions could require $42bn by 2030
Gulf forecast to lose 140,000 tourism jobs this year
Qatar, Morocco among six Arab federations backing FIFA's Infantino
🦄 World of Startups
ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors
Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K
Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M
Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round
