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- SoftBank Seeks $100B From Gulf; Koulibaly Bets on Saudi Arabia; US Envoy Faces Pipeline Controversy
SoftBank Seeks $100B From Gulf; Koulibaly Bets on Saudi Arabia; US Envoy Faces Pipeline Controversy
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Saturday, October 10, 2026
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SoftBank CEO Masayoshi Son is reportedly seeking up to $100 billion from Gulf investors to fund a new wave of artificial intelligence investments, building on the company’s $30 billion investment in OpenAI. Meanwhile, Al-Hilal defender and Senegal captain Kalidou Koulibaly says he wants to keep investing in Saudi Arabia, citing his confidence in the Kingdom’s future and plans to develop his restaurant businesses. In energy, US envoy Thomas Barrack faces ethics questions over his reported push for a business partner’s firm to join a proposed Iraq-Syria oil pipeline project.
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SoftBank’s Masayoshi Son Seeks Up To $100 Billion From Gulf Investors: FT
What Happened
SoftBank Group CEO Masayoshi Son is seeking to raise up to $100 billion from Gulf investors to finance a new wave of artificial intelligence investments, the Financial Times reported on Friday. Son has held discussions with senior Gulf figures in recent weeks, including in the UAE. The fundraising effort comes as SoftBank expands its AI exposure, following the completion of its latest $30 billion investment in OpenAI.
Why It Matters
The proposed fundraising highlights the Gulf’s growing role in financing the global AI industry. Sovereign wealth funds and state-backed investors in the UAE and Saudi Arabia are increasingly backing AI companies, data centres and semiconductor ventures. For SoftBank, Gulf capital could provide additional funding to pursue large-scale AI investments as competition intensifies and demand for generative AI technologies grows.
What's Next
Further discussions with Gulf investors could determine the size, structure and timing of the proposed fundraising. Any agreement would deepen financial ties between SoftBank and Gulf capital providers, potentially directing more regional investment into global AI ventures. However, the reported fundraising remains a proposal, and no final commitment or confirmed investor participation has been announced.
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US Envoy Thomas Barrack Faces Ethics Questions Over $15 Billion Iraq-Syria Oil Pipeline
What Happened
US envoy Thomas Barrack pushed for TI Capital, a firm run by his business partner Ziad Ghandour, to join a planned oil pipeline project linking Iraq and Syria, Reuters reported. The pipeline could cost $15 billion and take at least four years to build. Iraq and Syria later signed an agreement involving TI Capital, Chevron and Qatar’s UCC Holding to study the project. Barrack’s office says he has no role or financial interest in the pipeline.
Why It Matters
Barrack has a financial interest in a separate real-estate venture managed by TI Capital, which could entitle him to 20% of its profits. US ethics experts told Reuters that promoting his business associate’s company could raise concerns about impartiality, even without direct financial gains from the pipeline. The State Department says Barrack complies with ethics rules, while Reuters found no evidence that he would profit from the project.
What's Next
The proposed pipeline would carry Iraqi oil to Syria’s Mediterranean coast, offering an alternative export route that avoids the Strait of Hormuz. However, the project remains in the study stage and could take years to complete. The ethics questions surrounding Barrack’s involvement may also draw further scrutiny, particularly over whether he should have recused himself from discussions involving TI Capital.
Blu Dot surpasses 2,000% ROAS with self-serve CTV ads
Home furniture brand Blu Dot blew up on CTV with help from Roku Ads Manager. Here’s how:
After a test campaign reached 211,000 households and achieved 1,010% ROAS, the brand went all in to promote its annual sales event. It removed age and income constraints to expand reach and shifted budget to custom audiences and retargeting, where intent was strongest.
The results speak for themselves. As Blu Dot increased their investment by 10x, ROAS jumped to 2,308% and more page-view conversions surpassed 50,000.
“For CTV campaigns, Roku has been a top performer,” said Claire Folkestad, Paid Media Strategist, Blu Dot. “Comping to our other platforms, we have seen really strong ROAS… and highly efficient CPMs, lower than any other CTV partner we've worked with.”
Using Roku Ads Manager, the campaign moved from a pilot to a permanent performance engine for the brand.
“Saudi Arabia Is The Future”: Kalidou Koulibaly On Investing Beyond Football
What Happened
Senegal captain and Al-Hilal defender Kalidou Koulibaly says he wants to continue investing in Saudi Arabia, citing his happiness living in the Kingdom and confidence in its future. Speaking on The MO Show podcast, he discussed his two restaurants, his favourite dish at Forza and his efforts to make their menus more reflective of local food culture.
Why It Matters
Koulibaly’s investments reflect how international footballers are building business interests beyond the pitch in Saudi Arabia. He highlighted Saudi Vision 2030, upcoming sporting events and the growth of Saudi football as reasons for his optimism. The conversation also covered his experiences with racism in European football, leadership, mental health and his role in developing the next generation of Saudi players.
What's Next
Koulibaly plans to keep improving his restaurants and strengthening their connection to Saudi Arabia’s culinary culture. As the Kingdom invests in sport and tourism under Vision 2030, his ambitions extend beyond his playing career to contributing to the country’s development. He also sees an opportunity to help nurture local football talent while continuing his journey with Al-Hilal.
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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…
Elevator-maker Kone sees growth in Gulf’s skyscraper craze
Audit firm fined $100,000 by Abu Dhabi's ADGM regulator
War disruption hits Taaleem’s nursery numbers
UAE and Thailand conclude Cepa talks to boost trade and investment
Hotel groups target Syria for tourism as it rebuilds from rubble of civil war
DFSA fines Vault Wealth Dh401,000 for providing unauthorised transactions
Egypt and South Korea begin official free trade talks
DP World to operate terminal at Bangladesh’s largest port
🦄 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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