Happy Tuesday everyone!

The world converged as GITEX Global opened its doors on Monday at the Dubai World Trade Center, while Expand North Star entered day 2 at the Dubai Harbour. All the highlights in our first main story.

In other news, Dubai loop will become a reality in 2026 and Kuwait has announced a “major” natural gas discovery at the Jazah field in the country’s offshore region.

But before that: For quick daily updates, follow us on Instagram, and you can watch our Smashi Business Show live every weekday from 10AM onwards (UAE time). Also, you can join our Whatsapp channel to receive updates from the business world.

Markets

“UAE is Not Merely Participating in the Global Innovation Race — it is Actively Shaping and Defining it,” UAE Minister of Economy and Tourism at GITEX 2025

GITEX Global 2025 opened its 45th edition in Dubai with record participation from 6,800 exhibitors from 180 countries. The event brings together ministers, investors, and tech leaders to explore how AI is reshaping economies, industries, and geopolitics. Key sessions addressed deep tech, strategic autonomy, and AI infrastructure. Major global companies unveiled advanced AI, cloud, and mobility innovations. With Brazil as partner country, the event underscores Dubai’s growing role as a global tech hub. Sam Altman of OpenAI will headline day 2 in a fireside chat with G42 CEO Peng Xiao.

“Thanks to the forward-looking vision of its wise leadership, the United Arab Emirates is not merely participating in the global innovation race — it is actively shaping and defining it. We are building an economic model founded on resilience and future orientation, anchored in knowledge and advanced technologies. This approach strengthens the country’s position at the forefront of the global economic landscape,” said H.E. Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism, said at GITEX Global day 1.

Meanwhile, Expand North Star 2025, held at Dubai Harbour alongside GITEX Global, drew thousands on its second day, spotlighting innovation and investment. The 10th edition hosts 2,000 startups and 1,200+ investors with over $1 trillion in assets. Key sessions explored digital assets, deep tech, and AI applications. Experts highlighted asset tokenization, institutional participation, and emerging technologies like quantum computing. NVIDIA and Samsung executives stressed investing in deep tech to drive AI adoption. Startups showcased impactful solutions, including Florida’s Euphoria AI for mental health support in India and Pakistan’s Haprowrobotics with its educational autism-support robot, “TimTim”. The event runs until October 15.

“UAE is not just a follower in AI. It’s one of the global leaders — and Microsoft is proud to be its partner,” Waseem Hashem, GTM Lead for Microsoft EMEA to Smashi Business

Waseem also talked about Microsoft’s strategic priorities at GITEX, emphasizing how cloud is the foundation of AI adoption. He underscored the UAE’s leadership in AI, citing partnerships to upskill 100,000 government employees and 1 million residents in AI skills. Security remains a core focus, with data residency for Microsoft 365 Copilot already implemented in-country. He showcased a “hero demo” of AI agents supporting government leaders and stressed that AI has moved from experimentation to mainstream. Microsoft is championing the concept of the “frontier organization” — where AI works side by side with humans to accelerate impact.

Dubai Set To Launch Elon Musk’s Underground Transit Loop By 2026

🔹 What Is It About

Dubai commuters could soon ride in Elon Musk’s underground Loop system, with the first 17 km phase expected to open by Q2 2026, according to UAE AI Minister Omar Al Olama. The system, developed by Musk’s Boring Company, aims to move 20,000 passengers per hour, making Dubai the first city outside the U.S. to host the futuristic transport network.

🔹 Why It Matters

The Dubai Loop reflects the city’s push to tackle traffic congestion through bold, tech-driven mobility solutions. It joins air taxis and autonomous transit pilots as part of the UAE’s light-touch regulatory approach to new technologies, further strengthening its status as a global testbed for urban innovation.

🔹 What’s Next

The Loop will eventually expand into multiple networks, though no timeline has been disclosed. The UAE is also preparing to receive its first Nvidia AI chip shipment this year — a key step toward the Stargate AI supercomputing project with OpenAI and Oracle, cementing the country’s role in future mobility and AI infrastructure.

Kuwait Makes Major Offshore Gas Discovery At Jazah Field

🔹 What Is It About

Kuwait Oil Co. (KOC) has announced a “major” natural gas discovery at the Jazah field in the country’s offshore region. The Jazah-1 exploration well recorded the highest production rate ever from a vertical well in the Minagish formation. Initial tests showed output of 29 million cubic feet of gas per day and over 5,000 barrels per day of condensate, according to KOC.

🔹 Why It Matters

The find underscores Kuwait’s efforts to expand its natural gas and condensate production to strengthen its energy security and export capacity. Offshore discoveries support the country’s strategy to diversify its hydrocarbon mix, reduce reliance on oil, and meet rising domestic demand while maintaining its OPEC commitments.

🔹 What’s Next

The Jazah field spans around 40 sq km and is estimated to hold 1 trillion cubic feet of gas and 120 million barrels of condensate. KOC will conduct further appraisal and development to assess full commercial potential. The discovery aligns with Kuwait’s long-term plan to raise production capacity to 4 million barrels per day by 2035.

👨‍💻From Smashi Business’ Desk

• UAE Tycoon Khalaf Al Habtoor Offers Condolences After Crash Kills Three Qatari Officials in Egypt.

• Uptown Dubai has officially sold out, DMCC Chairman announced.

• Saudi Arabia’s SSC Channels Go Off Air After Losing Football Rights to Thmanyah.

• Dubai-based Huda Beauty founder Huda Kattan condemned Israeli forces after reports of Greta Thunberg’s mistreatment in detention, calling them “sick people” in a strongly worded Instagram post.

• Vercel CEO Guillermo Rauch is facing backlash after posting a photo on X showing him meeting Israeli PM Benjamin Netanyahu, wanted for war crimes by the UN-backed ICC.

🔍In other news…

• Aramco slows local projects to focus on global ventures

• Dubai to spend $350m on healthcare city

• Algeria signs $5.4 billion oil and gas deal with Saudi firm Midad Energy

• Revolut is “working diligently towards a launch in the UAE” and will provide updates in due course: The National

• Dubai unveils plan to become top-three global financial hubs on virtual assets boost

🏦 Crypto Corner

• Crypto data reveals UAE has mined bitcoins worth $700m

• Michael Saylor — Executive Chairman of MicroStrategy and one of Bitcoin’s most vocal corporate advocates — will make his first-ever appearance in the UAE at Bitcoin MENA in Abu Dhabi.

• Hut 8, part of a American BTC which is partially owned by Donald Trump Jr. and Eric Trump, Gets Approval to Operate in Dubai Financial Hub.

• Abu Dhabi Judicial Department now accept AE Coin.

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