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- UAE-France Rafale Deal; Saudi Oil in Singapore; Musk’s Starlink Role in Iran
UAE-France Rafale Deal; Saudi Oil in Singapore; Musk’s Starlink Role in Iran
AI, tech, startup and business stories from the Arab world. For the driven, the dreamers and the doers
Monday, October 26, 2026
Happy Tuesday everyone!
The UAE and France are deepening defence cooperation around the Rafale F5 fighter jet upgrade, as Paris looks for partners to help fund its next-generation combat capabilities. Saudi Arabia plans to store crude oil in Singapore from the second half of 2027, bringing supplies closer to Asian markets after disruptions to shipping through the Strait of Hormuz. Meanwhile, a Reuters exclusive reveals that the Biden administration asked Elon Musk to activate Starlink in Iran during protests following Mahsa Amini’s death in 2022. Plus, Barclays is advancing its Saudi expansion plans.
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UAE And France To Deepen Defence Ties With Rafale Fighter Jet Upgrade Deal: Report
What Happened
French President Emmanuel Macron and UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan agreed to deepen defence cooperation, including a joint programme for the next-generation Rafale F5 fighter jet, per a Reuters report. Macron described the agreement as an important step in strengthening bilateral defence ties. Talks will now focus on the programme’s technical details and costs, with French defence companies Dassault Aviation and Safran working with UAE defence group EDGE.
Why It Matters
The Rafale F5 upgrade is a key part of France’s future air combat strategy, adding advanced weapons and connectivity to keep the fighter relevant into the 2040s. The UAE, France’s largest Rafale customer, could help finance the programme as Paris faces budget pressures. The agreement also builds on closer security cooperation, with France providing air defence support to the UAE during the recent regional conflict.
What's Next
Industry talks will determine the programme’s costs, technical requirements and potential technology transfers. A report in French newspaper La Tribune put the programme’s cost at €5 billion, with the UAE potentially funding around two-thirds before the project stalled. Abu Dhabi may seek technology sharing or local production as part of an agreement. Dassault is working with EDGE, while Safran has welcomed the renewed cooperation.
RAKIS 2026 Set for November 11–12
Less than a month remains until RAKIS 2026 brings investors, developers, government leaders and business executives to Ras Al Khaimah.
The summit, taking place on November 11–12 at the RAK Exhibition Centre, will focus on investment opportunities and partnerships across real estate, infrastructure, tourism, technology and sustainable development.
The event aims to connect decision-makers and industry experts to discuss the opportunities shaping the emirate’s next phase of economic growth.
Organisers are inviting delegates to register for a free pass ahead of the event.
Register for your free delegate pass here.
Subscribe Now!
Saudi Arabia to Store Oil in Singapore From 2027 to Secure Asian Supplies
What Happened
Saudi Arabia plans to store crude oil at Singapore’s Jurong Rock Caverns from the second half of 2027. Saudi Energy Minister Prince Abdulaziz bin Salman and Singapore’s Energy Minister Tan See Leng announced the initiative, which aims to strengthen regional supply security. Saudi Aramco is expected to sign a memorandum of understanding with Singapore’s Energy Market Authority and JTC Corporation, with negotiations targeted for completion within months.
Why It Matters
The move follows major disruptions to oil shipments through the Strait of Hormuz during the US-Israeli war with Iran. Before the conflict, Asia sourced around two-thirds of its oil imports from the Middle East. Storing crude closer to key Asian markets could improve supply flexibility and help Singapore respond to unexpected shortages. The facility can hold approximately nine million barrels of liquid hydrocarbons.
What's Next
Saudi Aramco and Singaporean authorities will work towards finalising the storage arrangement. The planned facility would expand Saudi Arabia’s existing crude storage network in Japan and South Korea, where local governments receive priority access during supply emergencies. The initiative also comes as Asian countries explore ways to increase oil reserves and strengthen protection against future supply disruptions.
Biden Asked Musk to Activate Starlink in Iran After Mahsa Amini’s Death: Reuters
What Happened
The Biden administration asked SpaceX CEO Elon Musk to activate Starlink in Iran during protests that erupted after Mahsa Amini’s death in September 2022, according to a Reuters exclusive. Amini died in custody after being arrested over alleged violations of Iran’s hijab rules. Reuters reports that both the Biden and Trump administrations repeatedly approached SpaceX to activate or restrict satellite communications services in different countries.
Why It Matters
The revelations highlight the growing role of private technology companies in US foreign policy. Starlink has provided internet connectivity in Iran and critical communications support for Ukraine. However, Musk’s influence over the service has raised questions about the power of private companies over strategically important infrastructure during conflicts and political unrest.
What's Next
Scrutiny is likely to continue over SpaceX’s relationship with the US government, particularly following restrictions affecting Ukraine’s military communications. Musk said Starshield, SpaceX’s military-focused satellite system, is owned and controlled by the US government, with usage restrictions ultimately decided by the US military and the president. European officials are also calling for greater independent military satellite capabilities to reduce reliance on SpaceX.
👨💻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…
🦄 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.
