Happy Wednesday everyone!

Abu Dhabi’s G42 says the UAE can evolve from an energy exporter into an intelligence exporter, turning its energy resources into computing power for billions of users. Meanwhile, Anthropic is preparing for a major US stock market listing while warning investors about AI’s potential existential risks. In sport and business, Cristiano Ronaldo has become the first active athlete to surpass $2 billion in career earnings.

Markets

Anthropic IPO Puts Abu Dhabi’s AI Investments in Focus as Company Warns of Existential Risks

What Happened

Anthropic, the developer of the Claude AI chatbot, has filed documents for a planned Nasdaq listing under the ticker ANT. The company reported $16.3 billion in revenue for the first half of 2026, alongside reported losses exceeding $80.7 billion. It also warned that advanced AI could pose catastrophic or existential risks without adequate safeguards. Abu Dhabi’s MGX participated in Anthropic’s latest funding round, giving the emirate exposure to one of the world’s leading AI companies.

Why It Matters

The planned IPO could become a major test of investor appetite for artificial intelligence, where rapid growth comes with significant costs and risks. Abu Dhabi’s involvement highlights its growing role in global AI investment. Lunate may also have indirect exposure through an investment vehicle linked to Insight Partners, an Anthropic investor, although its precise exposure requires confirmation.

What's Next

Anthropic has yet to announce its share price range, offering size or listing date. Investors will assess its revenue growth, spending requirements, competitive position and ability to manage AI-related risks. The company’s public-market debut could influence valuations across the AI industry, including rival OpenAI, which is also considering a stock market listing.

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.

G42 CEO: UAE Aims to Become an Intelligence Exporter Rather Than an Energy Exporter

What Happened

The UAE should transform its energy resources into computing power and become an “intelligence exporter” rather than an energy exporter, G42 chief executive Peng Xiao said at the Dubai AI Festival. He highlighted the country’s reliable energy supply and ability to rapidly build computing infrastructure as advantages in meeting global demand for artificial intelligence services.

Why It Matters

Abu Dhabi’s G42 is developing a five-gigawatt AI campus, including the one-gigawatt Stargate UAE project with OpenAI, Oracle, Nvidia, Cisco and SoftBank. Xiao said the planned infrastructure could serve a potential user base of four billion people, positioning the UAE as a major provider of global AI computing capacity.

What's Next

UAE officials are accelerating AI adoption across government and business. Minister of State for AI Omar Al Olama said the government is reviewing its AI plans every six months and aims to make technology a productivity multiplier rather than a workforce replacement. He also warned businesses that failing to adapt could leave them vulnerable to disruption.

Cristiano Ronaldo Becomes First Active Athlete to Surpass $2 Billion in Career Earnings

What Happened

Cristiano Ronaldo has become the first active athlete to surpass $2 billion in career earnings, according to Forbes, with an estimated $2.09 billion. He leads golf legend Tiger Woods at $1.97 billion, while Lionel Messi ranks third at $1.87 billion. Ronaldo’s earnings are boosted by his reported annual salary of more than $200 million at Saudi Pro League club Al Nassr.

Why It Matters

Ronaldo’s milestone highlights the growing commercial power of elite athletes, particularly in Saudi Arabia’s football market. The 41-year-old has earned at least $100 million annually for 10 consecutive seasons. Forbes estimates his net worth at $1.2 billion, while Messi’s stands at $1.1 billion, making both football icons billionaires.

What's Next

Messi is projected to surpass $2 billion in career earnings by the end of 2027, reaching an estimated $2.02 billion. His income is supported by his Inter Miami contract and reported commercial arrangements with Adidas and Apple TV. Meanwhile, Ronaldo is chasing another milestone: 1,000 career goals, needing 18 more to reach the landmark.

👨‍💻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…

• Dubai Firm’s $543 Million IPO Covered In Minutes Despite War

• Brookfield to Open Doha Office to Deepen Middle East Reach

• Abu Dhabi’s MGX and Lunate-backed Anthropic’s IPO Sets Up Defining Moment for Wall Street and AI Boom

• Port of Neom to open container terminal next month

• Ex-Google chief warns Gulf: AI bubble is ready to burst

🦄 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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