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- Smashi Exclusive: Presight on Q3 Results; Homes in Jeddah Tower Go on Sale Next Year; RedBird Withdraws Telegraph Bid
Smashi Exclusive: Presight on Q3 Results; Homes in Jeddah Tower Go on Sale Next Year; RedBird Withdraws Telegraph Bid
Saturday, November 15, 2025
Happy Saturday everyone!
The world’s tallest building, Jeddah Tower, is set to launch off-plan apartment sales next year as construction progresses, marking Saudi Arabia’s boldest real estate move. In the UK, RedBird Capital has withdrawn its £500 million bid for the Telegraph following staff backlash and concerns over Abu Dhabi-linked investment. Meanwhile, Presight’s Roger Tejwani tells Smashi Business exclusively about their Q3 2025 numbers, revealing strong revenue growth with international markets now driving nearly half of total revenue—a sign of robust global expansion. Here’s what you need to know today.
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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Homes In The World’s Tallest Building, Jeddah Tower, To Go On Sale Next Year: AGBI
What It’s About?
AGBI reports that apartments in Jeddah Tower, set to be the world’s tallest building at 1km high, will go on sale off-plan next year. Developed by Saudi Arabia’s Kingdom Holding, the tower is part of the $20 billion Jeddah Economic City project. Construction resumed in January after a 2017 halt, with Saudi Binladin Group now leading the build, which has increased the tower to at least 74 floors.
Why It Matters?
The Jeddah Tower will surpass Dubai’s Burj Khalifa by 172 metres, making it a global architectural landmark. Kingdom Holding has invested SAR1.5 billion in infrastructure for water, electricity, and air conditioning. The tower is central to a larger mixed-use urban district covering 5.3 million square metres, reinforcing Saudi Arabia’s ambition to attract foreign investment, tourism, and premium real estate buyers.
What’s Next?
Kingdom Holding will start selling land plots to developers in the new year, following high interest in the project. Completion of Jeddah Tower is expected by August 2028, with a five- to six-day construction cycle per floor targeted by the end of 2025. The company continues to expand its portfolio, including investments in Flynas and potential acquisitions in sports, signaling broader growth ambitions.
5 Reasons You Can’t Miss Cityscape Global 2025
Get ready for the most anticipated real estate event of the year — Cityscape Global 2025 is coming to Riyadh, uniting the world’s leading developers, investors, and innovators under one roof.
Here’s why you simply can’t miss it:
1️⃣ Win life-changing prizes – A luxury villa, premium SUVs, and 30+ iPhone 17s are up for grabs for visitors on-site.
2️⃣ Unlock exclusive on-site offers – Enjoy mortgage rates below 3% and SAR 3.6M+ in purchase rewards, available only at the event.
3️⃣ Be part of the biggest real estate showcase – Explore 250,000+ properties from global and Saudi developers, featuring 500+ exhibitors, 200+ developers, and 10 international pavilions.
4️⃣ Discover Saudi’s visionary giga projects – From NEOM and Qiddiya to Diriyah, ROSHN, and King Salman Park Foundation — experience the projects shaping the Kingdom’s future.
5️⃣ Enjoy an unforgettable experience – From live music and e-games to appearances by football legends like Edwin van der Sar and Fabio Capello, there’s something for everyone.
📅 November 17–20, 2025
📍 Riyadh Exhibition & Convention Center – Malham
Register now for free and be part of the world’s largest real estate event.
RedBird Capital Withdraws £500 Million Bid For Telegraph Amid Staff Backlash And Abu Dhabi Link Concerns
What It’s About?
RedBird Capital Partners has pulled its £500 million ($658 million) bid to acquire the Telegraph Media Group, citing employee concerns. The deal included a 15% stake for Abu Dhabi-backed IMI, aiming to invest in digital expansion, AI, and US growth for the Daily and Sunday Telegraph.
Why It Matters?
The withdrawal highlights tensions around foreign investment in UK media, particularly involving Middle Eastern and Chinese-linked investors. Staff opposition over editorial independence and government rules on foreign ownership forced RedBird to rethink, extending more than two years of uncertainty over the newspaper’s ownership.
What’s Next?
RedBird remains committed to supporting the Telegraph’s future but will now explore alternative solutions that satisfy employees, readers, and regulators. The newspaper’s ownership path, including potential Abu Dhabi-linked investment, remains under scrutiny as the UK media landscape navigates foreign stakes and independence concerns.
‘Q3 2025 Growth Driven by International Markets,’ Presight’s Roger Tejwani Tells Smashi Business
Smashi Business spoke exclusively with Roger Tejwani, Senior Director of Investor Relations at Presight, about the company’s impressive Q3 2025 performance. Tejwani revealed how international markets now contribute nearly half of total revenue, driving AED 1.74 billion in Q3 sales, a 48.8% year-on-year increase. He also shared insights on sustaining profitability under the new UAE corporate tax regime, expanding the company’s global footprint, and the strategies that will propel Presight’s growth in the coming quarters.
Q1. Presight’s H1 2025 results showed nearly 80 percent revenue growth, reaching AED 1.09 billion, with international markets now contributing a much larger share. How do you expect this momentum to continue?
As seen during the first half of 2025, we have further amplified our international expansion, with international revenue in Q3 now reaching 46 percent of total revenue. This marks a remarkable increase from just 14 percent a year ago—a fourfold rise that delivers on the objective we set last year to achieve near parity between domestic and international revenue, further cementing Presight’s position as the largest exporter of advanced technology and AI from the UAE.
By the end of the third quarter, Presight recorded AED 1.74 billion in revenue, representing 48.8 percent year-on-year growth, including more than 25 percent organic growth. This performance demonstrates the strength of our diversification strategy and the sustained demand for applied AI solutions across both domestic and international markets.
Our growth is supported by strong demand in sectors such as energy, finance, and public services. With AED 3.7 billion in backlog and AED 1.88 billion in cash, we have good visibility on future earnings and the resources to continue investing in growth. We remain on track to deliver full-year results in line with company guidance while maintaining both growth and disciplined profitability.
Q2. Presight has been expanding globally, with projects across Malaysia, Uganda, and Central Asia. What opportunities and challenges do you see in scaling your applied AI and digital analytics solutions across such diverse markets?
Our international expansion strategy is now firmly delivering results. From our Central Asia office in Kazakhstan, which now employs 50 people, to new agreements in Azerbaijan and Tajikistan, and projects in Malaysia, across Africa, the Middle East, and through to Albania in Europe, Presight’s global footprint reflects our ambition to export Emirati innovation worldwide.
These markets are advancing their national AI agendas and are looking for partners with both technical capability and proven delivery experience. Presight’s strength lies in operating at the application layer of AI, integrating seamlessly with local systems while complying with each market’s data and regulatory frameworks. This allows us to deploy efficiently while tailoring each solution to local requirements.
Each region presents unique regulatory, infrastructure, and cultural dynamics. We address this through strong local partnerships, active knowledge transfer, and modular technologies that adapt to varied data and connectivity conditions.
A clear example is Kazakhstan, where we launched the country’s first supercomputer, local large-language model, and an AI R&D lab—creating the foundation for a national AI ecosystem. This model combines infrastructure, capability development, and applied innovation, and it is one we intend to replicate across other fast-growing markets as we continue to bring UAE-made AI to the world.
Q3. EBITDA and net profit both rose strongly in the first half, even under the new UAE corporate tax regime. How is Presight managing profitability while continuing to invest in technology, partnerships, and international expansion?
Presight’s profitability has remained strong despite higher taxation and continued investment in international growth. In the third quarter of 2025, we reported EBITDA of AED 131.8 million, up 14.4 percent year on year, with a stable margin of 20.2 percent. Net profit grew 1.1 percent after absorbing the impact of the new 15 percent UAE corporate tax rate, compared to 9 percent previously.
The year-on-year increase reflects the incorporation of both the UAE’s new corporate tax regime and the additional effects of the Global Anti-Base Erosion (GloBE) rules under Pillar Two of the OECD’s Base Erosion and Profit Shifting framework. These rules, alongside the UAE’s Domestic Minimum Top-Up Tax, came into effect in January 2025. As a result, Presight is applying a higher effective tax rate relative to the comparable periods last year, which influences the percentage comparison between Q3 2024 and Q3 2025.
On a like-for-like basis using the previous 9 percent tax rate, group profit after tax would have increased by approximately 9.8 percent in the quarter and by more than 20 percent for the first nine months of the year. This demonstrates that underlying profitability remains strong even after incorporating higher tax adjustments.
Our ability to sustain profitability under these conditions reflects disciplined cost management, operational efficiency, and a balanced revenue mix. We continue to combine multi-year contracts with high-value one-off deployments, providing both stability and flexibility. With a debt-free balance sheet and AED 1.88 billion in cash, we remain well positioned to invest in technology, partnerships, and international expansion while maintaining margin quality.
Q4. Following G42’s move to broaden institutional ownership through an accelerated book build, what are your priorities for enhancing liquidity, free float, and visibility among regional and international investors?
The recent sale of around two percent of Presight shares through an accelerated bookbuild was undertaken by G42, our majority shareholder. Following the sale, G42 retains approximately 68.4 percent ownership, demonstrating their continued confidence in Presight’s strategy, performance, and long-term outlook.
From Presight’s perspective, the transaction is a positive step that broadens our international investor base, increases free float, and enhances liquidity—important factors as we strengthen our capital markets profile.
The transaction further reinforced market confidence. The majority of our analysts maintain a “Buy” consensus recommendation with an average target price of AED 3.81, while UBS recently initiated coverage with a 12-month target of AED 5.00. These endorsements highlight strong belief in Presight’s fundamentals and long-term growth potential.
As part of the G42 ecosystem, we continue to benefit from strategic partnerships with Microsoft, NVIDIA, and OpenAI. These alliances, combined with strong governance and financial discipline, ensure Presight remains one of the region’s most credible and investable AI companies. Our focus remains on long-term value creation and transparent engagement with investors.
🦄 World of Startups
Zid, Saudi e-commerce enablement platform, expands into Egypt through a partnership with digital store provider Zammit.
Bahrain launches $185mln fund to support SMEs
Deplike, Turkey-based AI music learning platform, raised undisclosed seed funding from 216 Capital to grow its Chordie AI app with 250K active users.
Chari, Morocco-based fintech and e-commerce platform, raised undisclosed Series A extension funding from Egypt’s DisrupTech Ventures to expand its embedded financial services for retailers.
Arab Therapy, Jordan-based online mental health platform, secured a strategic investment from Value Makers Studio (VMS) to grow its licensed telemedicine and corporate wellness services.
First Circle Capital, a female-led VC in Uganda and Morocco, raised $6M from IFC for its $25M pan-African fintech fund targeting pre-seed and seed-stage startups in fintech, insurtech, and climate tech.
👨💻From Smashi Business’ Desk
How Arab Business Leaders View Zohran Mamdani, New York City’s New Mayor
Dubai-listed Talabat reported a 31% jump in revenue to $1B, driven by higher user activity and booming food and grocery orders across the Middle East.
Beauty mogul Huda Kattan, founder of Huda Beauty, has called on the world not to look away from Sudan’s unfolding tragedy.
🔍In other news…
Rocco Forte explores Gulf expansion as Europe stalls
Most Gulf companies stuck in 'pilot purgatory' when using AI
Joby gears up to launch air taxi service in Saudi Arabia
Edge and Anduril in joint venture to build 'AI-powered' drones at new UAE production centre
Standard Bank opens Egypt office to tap Gulf-Africa flows
Dubai Chambers launches first US office in New York
Middle East’s Largest private natural gas company, Dana Gas, to explore redevelopment of natural gas-fields in Syria
