Happy Tuesday everyone!

The UAE has launched a landmark AED 1 billion fund to accelerate industrial AI and localization ahead of the Make it in the Emirates 2026 forum, which expects 120,000 visitors. In a shift toward de-escalation, Iran has proposed a plan to the U.S. to reopen the Strait of Hormuz and secure a ceasefire while deferring nuclear talks. Meanwhile, a joint venture between Hassan Allam and AlBawani secured a $490 million contract from the Diriyah Company to build the Saudi Arabia Museum of Contemporary Art, marking a major step in the Kingdom's cultural infrastructure expansion.

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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UAE Backs Local Industry with AED 1 Billion Commitment

What Is It About?

The UAE has established a new AED 1 billion fund specifically to grow local manufacturing and integrate AI into factory floors. This financial push arrives as the country prepares for Make it in the Emirates 2026, a massive forum expecting 120,000 visitors and over 1,000 exhibitors. Small and medium enterprises make up the bulk of the participants, highlighting a focus on building a broad base of domestic suppliers.

Why It Matters?

By funding its own production lines, the UAE is shielding itself from the global supply chain shocks that have seen markets "tank" in recent months. This move isn't just about making things locally; it’s about ensuring the economy stays steady even when international trade routes are under pressure. It signals to investors that the country is serious about becoming a self-reliant hub for advanced goods.

What’s Next?

Watch for the first wave of fund disbursements to hit SMEs by the third quarter. The upcoming 2026 event will serve as the primary scorecard to see if this AED 1 billion investment has successfully convinced more global manufacturers to set up shop in the emirates.

AED 45M Boost: CarniStore and EGF Head to MIITE 2026

CarniStore, the UAE’s leading premium protein platform, is stepping into a new phase of growth following its AED 45 million partnership with Emirates Growth Fund (EGF).

The investment is already translating into scaled operations, stronger supply chains, and new product innovation, positioning the homegrown brand as a key player in the UAE’s food security ecosystem. As momentum builds, CarniStore and EGF will be showcasing their vision at Make it in the Emirates 2026, the nation’s premier industrial platform.

Join them at ADNEC Abu Dhabi from May 4–7 to explore how strategic capital and local innovation are shaping the UAE’s next generation of national champions.

Iran Floats Proposal to Reopen the Strait of Hormuz

What Is It About?

Tehran has sent a formal proposal to the U.S. offering to reopen the Strait of Hormuz and agree to a ceasefire in exchange for delaying nuclear talks. The plan aims to ease the global energy squeeze that has kept markets in a "downward spiral" for weeks. While Washington confirmed receiving the offer, they remain cautious as it sidelines Donald Trump’s demands for immediate uranium curbs.

Why It Matters?

Reopening Hormuz would remove the single biggest threat to global oil stability. If the U.S. accepts this "de-escalate now, talk later" approach, it could trigger a massive rally in Asian manufacturing stocks that have been starved of affordable energy. However, the plan is controversial as it allows Iran to keep its enrichment programs running in the short term.

What’s Next?

All eyes are on the next round of mediation in Islamabad. If the U.S. agrees to even a partial reopening, shipping insurance premiums will likely drop overnight, providing a much-needed win for global trade lanes.

Diriyah Awards $490 Million Museum Project to Regional Giants

What Is It About?

A joint venture between Hassan Allam and AlBawani has won a $490 million contract to build the Saudi Arabia Museum of Contemporary Art. Located in the Diriyah district, the project is a major piece of the Kingdom’s tourism map. The construction brings together Egyptian and Saudi engineering firms to create a landmark intended to draw millions of global art fans.

Why It Matters?

Awarding such a large contract during regional tension proves that Saudi Arabia's infrastructure machine is still moving at full speed. It shows that the Kingdom is willing to spend heavily to meet its Vision 2030 goals regardless of the market noise. For the builders, this project is a high-profile win that cements their role in the region’s massive cultural expansion.

What’s Next?

Construction is expected to start immediately following the high-profile signing ceremony. The focus will now shift to the procurement phase, where the venture will need to secure specialized materials and talent to meet the ambitious design standards of the Diriyah Company.

👨‍💻From Smashi Business’ Desk

• Exclusive: Bezos’ $38 Billion “Project Prometheus” AI Play, Which Has a Quiet Gulf Angle

• Despite a market cap of just $15.7 million — well below Nasdaq’s $35 million threshold — Swvl Holdings Corp is not on the brink of delisting.

• UK universities under fire after reports of £440k spent spying on pro-Palestine student activity⁠

🔍In other news…

• Erdogan unveils 20-year tax holiday to lure relocating foreign residents

• Warner Bros shareholders approve Gulf-backed Paramount bid

• Kingdom Holding profit falls as dividend income halves

• Saudi sovereign wealth fund to partner again with Live Nation: Semafor

🦄 World of Startups

• Saudi fashion platform Aya secures $7m to scale real time production

• Jordan-based Tamatem has acquired Istanbul-founded Playable Factory, strengthening its push into performance marketing and user acquisition.

• 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.

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