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UAE Bans Banking via WhatsApp; MBZ Meets Fink and Musk; Dar Al-Balad Plans 30% IPO
Thursday, April 23, 2026
Happy Thursday everyone!
The Central Bank of the UAE has prohibited licensed banks from using WhatsApp for financial services to mitigate fraud and data residency risks. Amid this regulatory shift, President Sheikh Mohamed bin Zayed held high-level talks with BlackRock’s Larry Fink and Elon Musk to discuss global AI investments and market stability. Simultaneously, Saudi IT firm Dar Al-Balad is testing regional liquidity by announcing plans to list 30% of its shares on the Tadawul, marking the first major IPO attempt since regional tensions escalated earlier this year.
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 | 51,962.39 | 0.03% |
DFMGI | 5,816.03 | 1.06% |
ADX | 9,785.78 | 0.76% |
Tadawul | 11,244.99 | 0.88% |
UAE Central Bank Bans Financial Services via Messaging Apps
What Is It About?
The Central Bank of the UAE has instructed all licensed banks to stop using WhatsApp and similar apps for financial tasks by April 30, 2026. This covers everything from sharing account data and executing transactions to confirming passwords. Regulators are pushing banks to keep sensitive customer info within their own secure, official apps to prevent leaks and impersonation scams.
Why It Matters?
For years, the ease of chatting with a bank on WhatsApp was a major selling point in the region. However, that convenience came with rising risks of social engineering and fraud. By drawing a firm line, the CBUAE is prioritizing safety over speed, forcing a shift back to "closed" banking environments where data stays in the country and under strict watch.
What’s Next?
Expect a flurry of bank app updates as institutions try to replicate the "chat" feel within their own secure walls. Customers will need to adjust to using official portals for service requests, while banks will likely phase out SMS-based verification in favor of more secure, in-app biometrics.
Sheikh Mohamed bin Zayed Holds High-Level Tech Talks with Fink and Musk
What Is It About?
On April 22, the UAE President met with BlackRock CEO Larry Fink and spoke with Elon Musk in two separate but related engagements. The discussions centered on advanced technology, artificial intelligence, and the shifting landscape of global markets. Musk particularly highlighted the UAE's leadership in AI investment, signaling a strong intent for future partnerships in space and tech.
Why It Matters?
These talks place the UAE at the center of the global tech conversation at a time when AI is redrawing the economic map. Engaging with the world’s largest asset manager and the head of xAI and Tesla shows the country is looking to secure its spot as a global hub for the "future economy." It’s about more than just money; it’s about trading knowledge and building the infrastructure for the next decade.
What’s Next?
Watch for new investment announcements or data center projects involving BlackRock or Musk’s ventures in the coming months. The UAE’s push into AI will likely see even more "knowledge exchange" programs as the country tries to turn these high-level talks into local jobs and research.
Dar Al-Balad Moves Ahead with First Post-Conflict Saudi IPO
What Is It About?
Dar Al-Balad Business Solutions is set to list 21 million shares, or 30% of its capital, on the Saudi Exchange (Tadawul). Founded by former SABIC executive Ibrahim bin Salamah, the company saw revenue hit SAR 315 million in 2025. This is the first major share sale in the Gulf since the US-Israel-Iran conflict broke out in late February, making it a critical barometer for the market.
Why It Matters?
Listing during a war is a bold move that tests whether Saudi Arabia's "IPO fever" can survive geopolitical heat. With its institutional book-building running from April 26 to 30, the offering will tell us if big investors still have the stomach for risk or if they are pulling back. A successful float would prove that regional liquidity is deep enough to ignore the noise of the conflict.
What’s Next?
The pricing will be set after the book-building closes on April 30, with retail buyers getting their turn in mid-May. If the deal is oversubscribed, it will likely clear the way for a long queue of other Saudi companies—including water giant Berain—waiting to join the main market.
👨💻From Smashi Business’ Desk
US billionaire Bill Ackman has launched a €55bn bid to take Universal Music Group private
Dubai-based Independent Food Company is hiring across roles including marketing, content and hospitality.
In a striking move that defies industry trends, Alsayegh Worldwide has made a bold commitment to its workforce. Leadership vows there will be no salary reductions and no job losses through 2026.
Saudi Research & Media Group (SRMG) is rewriting the rules of media in MENA.
Semafor is doubling down on the Gulf. The Semafor is expanding to a five-day publishing schedule, scaling hiring, and growing its events business as global attention on the region surges.
Telegram founder and UAE citizen Pavel Durov said Iran’s ban on the platform has led to widespread VPN usage rather than adoption of state-backed messaging apps.
🔍In other news…
🦄 World of Startups
Egypt’s Lucky Raises USD 23M Series B. Its Consumer Credit Model is Expanding Into North Africa
“We Got Funded!” Maison Safqa Raises US$620,000 in Pre-Seed Funding to Expand Luxury Flash-Sale Platform Across GCC
Via Separations, US-based deeptech startup, raised $36M in funding from Aramco Ventures (Saudi), and other global investors.
