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- "Shame on You," Says Huda; "Invest Locally," Says Careem CEO; "Google-KSA Partnership is Expanding,"
"Shame on You," Says Huda; "Invest Locally," Says Careem CEO; "Google-KSA Partnership is Expanding,"
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Thursday, December 25, 2025
Happy Thursday and Merry Christmas to the ones celebrating!
Some days in the Middle East feel like a script from Christopher Nolan’s brain. Wednesday was exactly like that. Huda Kattan was seen calling out influencers who attended Kim Kardashian-founded Skims store opening. Why? Four Words: Israel’s Genocide in Gaza. Careem CEO Mudassir Sheikha on his LinkedIn pinpointed and then showed way to the $4 Trillion wealth in the Middle East to invest locally, rather than deploying capital outside. Meanwhile, Google President, CFO and CIO Ruth Porat told Mo Islam on his podcast how the giant is working hand-in-hand with Saudi Arabia. Today’s newsletter is a feisty one!
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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Huda Kattan Sparks Debate With Comment On Kim Kardashian's Brand Store Opening Video
What’s it About?
Huda Kattan, Dubai-based founder of Huda Beauty, publicly criticized influencers attending Kim Kardashian's Skims store opening at Mall of the Emirates. "The influencers attending this should be so ashamed, absolutely SOOO disappointed in them," she commented on Vogue Arabia's announcement post Tuesday.
Why it Matters?
The comment reflects growing tension in influencer culture where creators face cancellation for staying silent on humanitarian issues. Brand partnerships are now scrutinized as political statements, forcing influencers to choose between commercial opportunities and maintaining credibility with audiences demanding consistency between stated values and actions.
What’s Next?
The backlash could reshape influencer marketing strategies for brands entering sensitive markets. Attendees may face pressure from followers to explain their participation, while brands like Skims must reconsider which creators will publicly associate with them amid increasing expectations that every partnership reflects personal values.
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Careem Founder on Middle East's $4 Trillion Opportunity
What’s it About?
Careem CEO and co-founder Mudassir Sheikha isn't mincing words about Middle Eastern sovereign wealth funds: they're treating the region's own startups as second-tier investments. "Back in 2016, when PIF invested $3.5B in Uber at the height of our intense competition with them, it felt like the region's sovereigns were betting against their own home team (i.e., Careem)," Sheikha wrote on LinkedIn.
Why it Matters?
Sheikha acknowledged progress since 2016 but warned the situation remains far from optimal. "I must admit, the situation has improved significantly since then. But as Nour Al Hassan rightly points out in her latest piece for Wamda, we are still dramatically undershooting our potential." His concern goes beyond today's funding gaps to long-term structural consequences.
What’s Next?
"The risk here isn't just about startups missing out on cash today. The real risk is structural," Sheikha explained. His stark prediction: "If we continue to treat our own ecosystem as 'high risk' while subsidizing innovation abroad, we risk waking up in 20 years with a depleted surplus and no self-sustaining innovation engine to show for it."
Sheikha was responding to Al Hassan's analysis revealing:
The Middle East has $4 trillion in institutional money but deploys only ~10% regionally
$136 billion flows annually to international markets while local startups remain underfunded
Careem, Tabby, Tamara, Jahez, Talabat, Noon, Property Finder, and Aramex prove billion-dollar companies can be built locally
Google’s Ruth Porat Highlights Saudi Partnership Powering AI Innovation And Digital Empowerment
What’s it About?
On The Mo Show with Mo Islam, Google President, CFO & CIO Ruth Porat discussed the company’s expanding partnership with Saudi Arabia, showcasing Gemini’s availability in 16 Arabic dialects and collaborations with ministries to enhance healthcare, education, and digital transformation across the Kingdom.
Why it Matters?
By developing AI that speaks the region’s languages and reflects its culture, Google is making technology more inclusive and impactful. The partnership supports Saudi Vision 2030 by advancing innovation, healthcare access, and digital literacy, while empowering women and youth to lead the Kingdom’s growing AI and STEM ecosystem.
What’s Next?
Google plans to build on these initiatives through continued localization, digital heritage preservation, and AI-powered government services. As the Kingdom scales its AI capabilities, the collaboration aims to foster sustainable growth, global cultural exchange, and equitable access to technology-driven opportunities.
🦄 World of Startups
MoneyHash and WalaOne Partner to Streamline Loyalty Integration in Saudi Arabia
Abu Dhabi Partners with Primavera Capital to Boost Global Investment Hub Status
Abu Dhabi Partners with SIEF to Boost Cross-Regional Investment Opportunities
SPARK Expands Global Reach with Russia–UAE Innovation Pact
Fawry Launches Holding Company to Power Expansion in Egypt’s Fintech Sector
HSBC and Presight Forge AI Partnership to Revolutionise Banking in UAE
👨💻From Smashi Business’ Desk
Meet Fatma and Annei Ali, the British sisters behind Curls Fusion, a Dubai-based e-commerce platform.
The RTA just launched a pilot program using DRONES to clean traffic signals across the city.
Kalshi Founder Tarek Mansour Says Media Distrust Is Fueling the Rise of Prediction Markets
Supercar Blondie Sells Emirates Hills Villa for AED 88M, Setting New Price Record
🔍In other news…
IHC buys 70% of payment tech company Peko Holdings
Emirates Dubai Air Hotel hoax: Man behind video of A380 atop sky hotel reveals shocking truth
Saudi Arabian grocery retailer BinDawood Holding (BDH) has acquired a 51 percent stake in Wonder Bakery, a UAE-based food company
IHC names Sheikh Zayed bin Hamdan chairman of 2PointZero Group
UAE channels over AED33 billion in funding to boost tourism, jobs
Riyadh ready to launch metro expansion
Saudi PIF-backed Humain awards AI data center project to MIS
