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- Saudi Water Billionaires; Open AI & UAE; AED2.5M AI Competition in Dubai
Saudi Water Billionaires; Open AI & UAE; AED2.5M AI Competition in Dubai
AI, tech, startup and business stories from the Arab world. For the driven, the dreamers and the doers
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Friday, October 9, 2026
Happy Friday everyone!
Bloomberg has highlighted how Saudi business families built a fortune of more than $9 billion through ACWA Power, turning desalination into a major private-sector wealth story. In Dubai, Sheikh Hamdan bin Mohammed launched the Create AI Agents Championship, with more than AED2.5 million in prizes as the emirate pushes deeper into Agentic AI. Meanwhile, Abu Dhabi-based MGX and other UAE funds are reportedly in talks to invest up to $10 billion combined in OpenAI’s planned $30 billion funding round, potentially valuing the ChatGPT maker at $1.4 trillion.
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OpenAI In Talks With UAE Funds Over $30 Billion Funding Round
What Happened
OpenAI is in talks with multiple UAE investment funds, including Abu Dhabi-based MGX, to help anchor a new $30 billion funding round, according to Bloomberg. The UAE funds could invest up to $10 billion combined. BlackRock is also reportedly considering joining the round. OpenAI is targeting a valuation of around $1.4 trillion, following its $122 billion funding round in March.
Why It Matters
The talks highlight the growing role of Gulf capital in financing the global AI race. MGX has already invested in OpenAI and Anthropic and has raised nearly $50 billion to accelerate AI infrastructure and technology investments. A potential $10 billion UAE commitment would further strengthen Abu Dhabi’s position as a major source of capital for the AI industry.
What’s Next
The fundraising remains ongoing and terms could change. OpenAI is also discussing participation with existing investors including Thrive Capital, Andreessen Horowitz and the University of California’s endowment fund. The company is reportedly delaying an initial public offering until at least next year as it focuses on expanding its AI capabilities and safety efforts.
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Dubai Launches Create AI Agents Championship With AED2.5M+ Prize Pool
What Happened
Dubai has launched the Create AI Agents Championship, an evolution of its Create Apps competition focused on building autonomous AI-agent systems for real-world applications. Announced by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the global competition is open to innovators, entrepreneurs, students and technology developers. Participants will compete across four categories, with each category winner receiving AED550,000.
Why It Matters
The championship shifts the focus from building conventional apps to developing AI agents that can perform tasks, solve problems and potentially become scalable products or businesses. Dubai is positioning the initiative as part of its wider push to accelerate Agentic AI adoption and strengthen its technology ecosystem. The previous Create Apps Championship attracted 15,564 applications from 153 countries and supported more than 140 app launches.
What's Next
Registration is now open, with workshops and training beginning in October and November. Participants can enter with an idea, prototype or early-stage MVP, while the competition will provide mentorship and practical training. Registration is expected to close in December 2026, with finalists competing for the AI Agent of the Year title and a total prize pool exceeding AED2.5 million. The grand final is scheduled for May 2027.
How Jennifer Aniston’s LolaVie brand grew sales 40% with CTV ads
For its first CTV campaign, Jennifer Aniston’s DTC haircare brand LolaVie had a few non-negotiables. The campaign had to be simple. It had to demonstrate measurable impact. And it had to be full-funnel.
LolaVie used Roku Ads Manager to test and optimize creatives — reaching millions of potential customers at all stages of their purchase journeys. Roku Ads Manager helped the brand convey LolaVie’s playful voice while helping drive omnichannel sales across both ecommerce and retail touchpoints.
The campaign included an Action Ad overlay that let viewers shop directly from their TVs by clicking OK on their Roku remote. This guided them to the website to buy LolaVie products.
Discover how Roku Ads Manager helped LolaVie drive big sales and customer growth with self-serve TV ads.
The DTC beauty category is crowded. To break through, Jennifer Aniston’s brand LolaVie, worked with Roku Ads Manager to easily set up, test, and optimize CTV ad creatives. The campaign helped drive a big lift in sales and customer growth, helping LolaVie break through in the crowded beauty category.
Bloomberg Highlights Saudi Arabia’s Water Billionaires Behind a $35B Desalination Giant
Saudi Arabia built its wealth on oil, but Bloomberg is highlighting a group of Saudi business families who have built a multibillion-dollar fortune from another essential resource: water.
At the centre is ACWA Power, which started by building a water and electricity plant serving Mecca and has since grown into one of the world’s largest private desalination companies.
ACWA now has a market value of around $34.9 billion. The Abunayyan and Al Muhaidib families together own at least 26.3% of the company, directly and through their joint holding company, Vision Invest. Their combined stake is worth more than $9 billion. Saudi Arabia’s Public Investment Fund is the largest shareholder, with a 44.2% stake.
ACWA now operates more than 100 assets across desalination, power and renewable energy, with projects extending beyond the Gulf into markets including Morocco, Egypt, Uzbekistan and Turkey.
The company’s growth highlights the rising value of water infrastructure in the desert region. Around half of the world’s installed desalination capacity is located across the six Gulf Cooperation Council states.
Bloomberg notes that regional conflict has also exposed the vulnerability of critical water infrastructure, making reliable desalination capacity even more strategically important.
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👨💻From Smashi Business’ Desk
Dubai-born fragrance brand KAYALI will enter China on October 15.
Saudi-born dining platform SPICE has ruled out offering cashback on shisha or alcohol at partner restaurants as it keeps its rewards model aligned with Islamic principles.
Uber will invest $50 million in Jordan over the next three years, targeting the country’s mobility ecosystem while supporting economic opportunities, tourism and access.
Dubai Crown Prince HH Sheikh Hamdan just shared his Etihad Rail ticket on Snapchat as Dubai-Abu Dhabi passenger services prepare to launch on September 30.
🔍In other news…
US firm Clear Channel Outdoor gets all clear for $6.2bln acquisition by Mubadala Capital
Mubadala to maintain annual investment of $39bn with Asia in focus
New Mountain Capital Opens Abu Dhabi Office in ADGM, Strengthening Long-Term Commitment to the Region
Abu Dhabi-based LODD Autonomous will conduct the flight as part of pilot testing for its “Hili” hybrid electric vertical take-off and landing (eVTOL) aircraft, CEO Rashid Matar Al Manai told the UAE state-run Wam news agency.
Abu Dhabi’s Inception42 adds AI to boardroom decisions
Qatar pins bid for 2036 Olympics on its World Cup pedigree
Saudis in Talks to Formalize Hormuz Shuttles in Fight for Market
🦄 World of Startups
Echelon: Riyadh AI firm Echelon names East40, RAED Ventures, Avra and Ben Horowitz as backers.
MNT-Halan: MNT-Halan prices its EGX IPO at EGP 24.50 per share, valuing the 20% stake at EGP 7.84 billion.
Project Suppliers: Saudi platform Project Suppliers raises $1 million in pre-seed funding to develop AI cash-flow tools.
MoneyHash × VaultsPay: MoneyHash merchants can now accept VaultsPay’s UAE card and wallet payments without separate integration.
TiE Women MENA: Five startups win regional TiE Women MENA tracks and advance to the GITEX Global final.
Sheraa × Nestlé UAE: Sheraa, Nestlé UAE, MAJRA and UAE Food Cluster launch a three-month programme for young founders.
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