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Thmanyah Founder Exit; L’imad Joins $30bn BlackRock Push; a16z Makes First GCC Bet With Stitch
Friday, May 15, 2026
Happy Friday everyone!
Saudi media entrepreneur Abdulrahman Abumalih officially resigned as chief executive of Thmanyah after SRMG raised its ownership in the podcast and sports-streaming platform to 75 per cent. The company behind Fnjan now holds exclusive Saudi Pro League broadcasting rights through 2031. Abu Dhabi sovereign fund L’imad, chaired by HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, joined BlackRock, Singapore’s Temasek and ADNOC on a proposed $30 billion infrastructure platform targeting the Middle East and Central Asia. Saudi fintech Stitch raised $25 million in a Series A round led by Andreessen Horowitz, marking the Silicon Valley firm’s first-ever GCC investment.
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.
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Saudi Podcast Giant Thmanyah Enters New Era After Founder Exit
What Is It About?
Saudi media entrepreneur Abdulrahman Abumalih has officially resigned as chief executive of Thmanyah after SRMG increased its ownership in the company to 75 per cent. Founded in 2016 by Abumalih, Thmanyah became one of the Arab world’s most influential podcast companies after producing Fnjan, which holds the Guinness World Record for the most-viewed podcast episode on YouTube. The company later expanded aggressively into streaming after securing exclusive MENA broadcasting rights for the Saudi Pro League, King’s Cup and Saudi Super Cup through 2031.
Why It Matters?
The transition reflects the rapid transformation of Gulf media economics toward sports streaming, creator platforms and digital broadcasting rights. SRMG already owns or operates major brands including Asharq Al-Awsat, Arab News and Asharq Business with Bloomberg as Saudi Arabia accelerates investments into media-tech infrastructure and sports entertainment ecosystems.
What’s Next?
Abumalih said he would remain a 25 per cent shareholder while supporting leadership transition over the next two months, dismissing online speculation regarding internal disputes. Recently, SRMG reported SAR 2.67 billion in 2025 revenue alongside a SAR 366 million net loss, while total assets climbed to SAR 7.2 billion driven by Thmanyah sports streaming and broadcasting rights investments.
HH Sheikh Khaled-chaired L’imad joins BlackRock and Singapore’s Temasek on $30 billion infrastructure push
What Is It About?
Abu Dhabi sovereign fund L’imad, chaired by Crown Prince HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, has partnered with BlackRock’s Global Infrastructure Partners, Singapore’s Temasek and ADNOC on a proposed $30 billion infrastructure investment platform targeting the Middle East, North Africa and Central Asia. The alliance plans to finance projects spanning energy, logistics and waste management through a mix of equity and debt funding. Earlier this year, L’imad assumed control of roughly $263 billion in assets from ADQ, including Etihad Airways and key infrastructure holdings.
Why It Matters?
The partnership underlines Abu Dhabi’s accelerating emergence as one of the world’s most influential sovereign capital hubs as Gulf funds expand aggressively into infrastructure, media, artificial intelligence and logistics. L’imad has also committed to Jordan’s $2.3 billion railway project and is expected to hold 12.8 per cent equity in Paramount’s proposed merger with Warner Bros Discovery.
What’s Next?
Investors are watching whether Gulf sovereign funds maintain current investment momentum following regional geopolitical tensions and energy market volatility.
Andreessen Horowitz Makes First GCC Bet With $25 Million Investment in Saudi Fintech Stitch
What Is It About?
Saudi fintech Stitch has raised $25 million in a Series A round led by Silicon Valley venture capital giant Andreessen Horowitz (a16z), marking the firm’s first-ever investment across the GCC region. Founded in 2022 by Mohamed Oueida, Stitch develops cloud-native infrastructure for financial institutions spanning lending, cards, payments and ledger systems. The company said more than $5 billion has been processed through its platform during the past six months, while customer numbers grew 10x during 2025.
Why It Matters?
The deal signals rising international investor confidence in Gulf fintech infrastructure as regional financial institutions accelerate AI adoption and digital transformation strategies. Rather than targeting consumer apps, investors are increasingly backing the underlying operating systems powering banks, payments and financial services.
What’s Next?
Stitch plans to use the funding to deepen expansion across the GCC and wider MENA region while scaling global operations. Investors will now watch whether the company can translate rapid transaction growth into long-term institutional adoption across international banking markets.
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