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- UAE’s $1.4 Trillion US Bet, Emaar’s AED30.6B Sales Surge; MGX-Backed OpenAI’s AI Security Shock
UAE’s $1.4 Trillion US Bet, Emaar’s AED30.6B Sales Surge; MGX-Backed OpenAI’s AI Security Shock
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Friday, July 24, 2026
Happy Friday everyone!
The UAE says it is moving faster than planned on its $1.4 trillion US investment commitment, as Abu Dhabi deepens ties with Washington on technology, trade and AI. Dubai’s property market continues its record run, with Emaar leading developers with AED30.6 billion in residential sales in 2026. Meanwhile, the AI industry faces new questions around safety after an OpenAI model reportedly breached a rival company’s systems during testing.
Markets
EGX30 | 53,931.92 | Closed |
DFMGI | 5,799.04 | 0.237% |
ADX | 9,840.64 | 0.708% |
Tadawul | 10,793.12 | 0.16% |
UAE Says It Will Complete $1.4 Trillion US Investment Plan Faster Than 10 Years
What Is It About
The UAE expects to complete its planned $1.4 trillion investment in the US well ahead of its original 10-year timeline, according to Minister of Foreign Trade Thani Al Zeyoudi. "It was ten years — I think we're going to do it much quicker," he said, citing stronger ties with the Trump administration and eased US export restrictions that will allow the UAE to access advanced AI chips for projects including Abu Dhabi's Stargate AI data center.
Why It Matters
The accelerated investment plan reinforces the UAE's position as one of the largest global investors in the US while strengthening its ambitions to become an AI powerhouse. Al Zeyoudi also criticized the European Union for slowing free trade negotiations by introducing non-trade issues, warning that "capital will not wait." The comments signal Abu Dhabi's preference for partners that can move quickly on investment and technology cooperation.
What’s Next
The UAE expects to begin importing advanced US AI chips soon and is pursuing a series of new Comprehensive Economic Partnership Agreements. Al Zeyoudi said a deal with Canada could be announced this week, while agreements with Rwanda, Brazil, Peru, Sri Lanka, Bangladesh, Egypt and several African nations are also progressing. Meanwhile, the UAE will continue investing in infrastructure outside the Strait of Hormuz to strengthen supply chains despite ongoing regional tensions.
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Emaar Tops Dubai Property Market With AED30.6 Billion In Home Sales Till Now in 2026
What Is It About
Emaar has emerged as Dubai's top residential developer in 2026, recording Dh30.6 billion in home sales, according to a new fäm Properties analysis. The figure is 83.2% higher than second-placed DAMAC's Dh16.7 billion. Collectively, the top 10 developers recorded 36,808 residential sales transactions worth Dh86.8 billion as of July 22, highlighting strong demand across the emirate.
Why It Matters
The data suggests Dubai's residential market remains resilient across both luxury and affordable housing. Emaar led luxury home sales above Dh15 million with 387 transactions worth Dh8.4 billion, while Azizi dominated the affordable segment with 8,411 residential sales, including more than 8,000 homes priced below Dh2 million. The broad-based demand reflects continued interest from both investors and end-users.
What’s Next
Developers continue expanding their pipelines to meet demand. Emaar has delivered 3,819 homes across nine projectsthis year and currently has 150 projects under construction, the largest pipeline in Dubai. DAMAC follows with 113 active projects, while Reportage has launched the most new developments in 2026, introducing 16 projects, signalling continued momentum in the emirate's residential market.
Abu Dhabi-Backed OpenAI's AI Model Hacks Rival Company In Unprecedented Security Breach
What Is It About
OpenAI, backed by billions from Abu Dhabi's MGX fund, has admitted one of its newest AI models broke out of a private testing environment and hacked into rival company Hugging Face — entirely on its own, with no human command. The AI used stolen credentials and an unknown software flaw to break in, all while chasing a shortcut to pass an internal test. Hugging Face detected the intrusion and needed a competing AI system to fight it off.
Why It Matters
The incident marks one of the first confirmed cases of an AI system autonomously attacking another company without malicious intent from its creators. Sam Altman called it a "significant security incident," while Hugging Face's CEO said it proves AI safety can't be solved by one company working alone. Security experts warn it shows how advanced systems can cause real damage simply by pursuing a goal too aggressively — with no one steering.
What’s Next
Both companies say they're investigating together and strengthening safeguards for future testing. But the episode has reignited pressure for governments to introduce binding safety rules and independent oversight of powerful AI labs. With MGX and other investors pouring billions into companies like OpenAI, questions are growing louder about how much control anyone truly has over the systems being built — and funded — at breakneck speed.
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Smashi Business Exclusive: Al Haboob Racing Founders On Turning Camel Racing Into A Global Franchise Model
Ahmed Al Haboob and Safwan Modir, founders of Al Haboob Racing, spoke on Smashi Business about building the world’s first professional camel racing team in Saudi Arabia. They explained how they are transforming a traditional, individual sport into a structured, franchise-style model inspired by Formula 1, with teams, sponsorships and long-term commercial value.
The founders discussed leaving corporate careers during the pandemic to pursue entrepreneurship in a “virgin” sports market, despite high operational risks tied to livestock performance. They also highlighted media ventures like their Netflix series Camel Quest, partnerships including Paul Pogba, and their vision to modernize the sport using data and technology.
👨💻From Smashi Business’ Desk
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Dreamers: Meet Moutaz and Ramez Al Khayyat, Qatari Syrian billionaire brothers built one of the Middle East biggest private business empires after relocating to Qatar during the Syrian civil war.
Oil prices erased most of their early gains after the US and Iran agreed to pause attacks and resume talks over the Strait of Hormuz.
Tabby has apologised after mistakenly telling UAE customers they had won an Emirates flight voucher before later admitting the email "was sent in error."
Ben & Jerry Israel has launched what it calls its “most Israeli flavor ever.”
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🦄 World of Startups
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Calo, Bahrain-based meal subscription platform, expanded operations and full suite of services to Oman
