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- Tabby Makes Profit; SpaceX Eyes $5B Saudi Backing; "UAE is Resilient," Khalaf Al Habtoor
Tabby Makes Profit; SpaceX Eyes $5B Saudi Backing; "UAE is Resilient," Khalaf Al Habtoor
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Saturday, April 4, 2026
Happy Saturday everyone!
The Gulf’s economic momentum is colliding with global uncertainty in striking ways. Tabby’s Saudi unit has delivered strong profitability ahead of a potential IPO, reinforcing fintech strength in the region. In parallel, Khalaf Al Habtoor has publicly defended the UAE’s economic resilience against warnings from Jeffrey Sachs, pushing back on pessimism tied to geopolitical tensions. Meanwhile, SpaceX is reportedly in talks with Saudi Arabia’s Public Investment Fund over a $5 billion IPO anchor investment, highlighting the region’s growing influence in global capital markets.
In the wake of developments in the region, we hope everyone stays safe. At this critical moment, it is essential to remain united and follow guidance issued by official authorities from your country.
Markets
EGX30 | 46,455.13 | Closed |
DFMGI | 5,485.17 | 0.463% |
ADX | 9,600.55 | 0.187% |
Tadawul | 11,262.23 | Closed |
QE Index | 10,227.18 | Closed |
Tabby’s Saudi Unit Posts $55 Million Profit As IPO Speculation Builds
What Is It About?
Tabby’s Saudi subsidiary, Tabby Financing Company CJSC, reported its first audited annual results, posting $55 million in net profit on $378 million in revenue for 2025. The SAMA-licensed entity, audited by Ernst & Young, saw revenue rise 42% year-on-year while profit jumped 82%, marking its second straight year of profitability. The unit represents the core of Tabby’s BNPL operations in Saudi Arabia, its largest and most regulated market.
Why It Matters?
The strait handles a significant share of global energy flows, making it one of the world’s most important chokepoints. Any disruption threatens oil supply, prices and regional stability. New pipelines could reduce dependence on vulnerable sea routes, but they come with steep costs, geopolitical hurdles and security risks across multiple countries.
What’s Next?
In the near term, Gulf states are likely to expand existing infrastructure, including Saudi routes to the Red Sea and the UAE’s pipeline to Fujairah. Longer term, more ambitious cross-border networks — potentially linked to broader trade corridors — are back on the table, though timelines remain uncertain as governments assess the evolving security situation.
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Khalaf Al Habtoor Defends UAE Resilience After Jeffrey Sachs Warns Of War Risks
What Is It About?
UAE billionaire Khalaf Al Habtoor pushed back against comments by American economist Jeffrey Sachs, acknowledging the concern but criticizing what he described as overly pessimistic, worst-case framing. He emphasized that while challenges are real, they should not be exaggerated or used to define the country’s outlook.
Why It Matters?
Al Habtoor stressed that the United Arab Emirates has consistently demonstrated resilience, citing its recovery from major crises like the global financial crisis and COVID-19. He argued that the UAE’s diversified economy, strong institutions, and leadership-driven vision make it adaptable and comparable to major Western economies in managing uncertainty.
What’s Next?
Framing his response as a statement of confidence, Al Habtoor said the UAE’s trajectory is built on proven performance, not speculation. He rejected pessimistic narratives, asserting that the country remains “strong, steadfast, and confident,” with a development path that will continue regardless of geopolitical pressures.
SpaceX In Talks With Saudi PIF Over $5 Billion Anchor Investment Ahead Of Potential IPO
What Is It About?
SpaceX, led by Elon Musk, is reportedly in discussions with Saudi Arabia’s Public Investment Fund (PIF) over a potential $5 billion anchor investment in its planned IPO. The move would help PIF maintain its existing stake of just under 1% while positioning itself as a key backer in what could become one of the largest public listings in history.
Why It Matters?
The proposed IPO could raise up to $75 billion, potentially surpassing landmark listings like Saudi Aramco and Alibaba. Securing anchor investors like PIF signals strong institutional confidence and is critical to stabilizing demand for a deal of this scale. It also underscores deepening financial ties between Gulf capital and Musk’s growing technology ecosystem.
What’s Next?
SpaceX is currently gauging investor appetite as it prepares for a potential market debut later this year, having already filed confidential IPO paperwork with the SEC. No final investment decisions have been confirmed, and terms could still change. Meanwhile, PIF continues expanding its exposure to Musk-linked ventures, following recent investments tied to AI and digital infrastructure initiatives in Saudi Arabia.
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👨💻From Smashi Business’ Desk
The Uber Co-Founder Who Recently Became a Saudi Citizen Just Turned His CloudKitchens Venture into a Robotics Company
Supplements maker Bioniq, backed by Ronaldo, to be acquired by Herbalife for up to $150m
Dubai Billionaire Cookies Founders Are Open to Selling the Company After Closure Announcement
UAE Millionaire Lewis Allsopp Just Launched the ‘Ticketmaster of Dubai’: Seatsy
🔍In other news…
Saudi Kingdom Holding to acquire Prince Alwaleed’s stake in BEV for $68mln
Sudan Gold Exports to UAE Slump After Diplomatic Ties Severed
Gucci-owner Kering raises $1.4bln by offloading majority in Milan building to Qatari buyer
PIF-backed Newcastle United reports profit after stadium sale
Hillhouse Investment opens Abu Dhabi office as war in the region drags on
Singapore to Rollout Support as Iran War Disrupts Energy Supply
TotalEnergies and Masdar to form $2.2 billion Joint Venture to Accelerate Renewable Energy Growth in Asia
🦄 World of Startups
Stake Raises $31M Series B Led by Emirates NBD, Total Funding Hits $58M
US-based Luma AI is planting its flag in Riyadh — opening a regional headquater
Singapore's Ascentium continues its aggressive expansion, acquiring UAE legaltech pioneer Clara in a strategic Middle East play
Abu Dhabi is quietly becoming one of the most influential financiers of the global AI race, with its latest participation in Anthropic’s massive $30B funding round
Safqah Capital has just closed one of Saudi Arabia’s largest-ever seed rounds, raising $15.2 million in a deal that was four times oversubscribed
