Happy Saturday everyone!

An otherwise successful Dubai Airshow 2025 came to an unfortunate end when an Indian Airforce jet crashed shortly after take-off on Friday. Dubai authorities confirmed to Khaleej Times that the pilot didn’t survive the crash. Meanwhile, the UAE Ministry of Defence and the Indian Airforce have opened investigations into the crash. We will keep you updated…

For our top stories today: The UAE has unveiled a landmark plan to invest $50 billion in Canada’s energy, AI, and strategic sectors, strengthening cross-border economic ties. Saudi Arabia is accelerating its tourism and aviation ambitions with three new airlines set to join its growing roster of carriers. And in the startup world, FAST Ventures has launched a $3 million fund and venture studio to back the region’s next generation of AI, retail tech, and creator economy founders.

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 To Invest $50 Billion In Canada’s Energy, AI And Strategic Sectors

What’s it About?

The UAE has announced plans to invest $50 billion in Canada under a new investment framework, targeting energy, AI, logistics, mining, and other strategic industries. The agreement, approved by UAE Crown Prince Sheikh Khaled bin Mohamed and attended by Canadian Prime Minister Mark Carney, marks a significant step in strengthening bilateral economic and technological ties between the two nations.

Why it Matters?

This investment builds on growing UAE-Canada economic collaboration, including prior AI and digital innovation pacts. With UAE FDI in Canada at $8.8 billion in 2024, the new agreement highlights the Emirates’ commitment to diversifying its economy, expanding trade, and supporting cross-border innovation in clean energy and advanced technologies.

What’s Next?

The UAE and Canada will explore joint projects in AI, data centres, and digital infrastructure. The partnership aligns with the UAE’s broader strategy to double its economy to $800 billion and raise trade to $1 trillion by 2031, leveraging Comprehensive Economic Partnership Agreements (Cepa) as a key driver of sustainable growth.

Saudi Arabia To Launch Three New Airlines: Saudi Tourism Authority’s Chief Executive

What’s it About?

Saudi Arabia plans to introduce three new airlines, adding to its existing carrier, Saudia, Riyadh Air, Flynas, and Flyadeal, as part of a massive push to grow tourism and expand aviation infrastructure, Saudi Tourism Authority’s chief executive Fahd Hamidaddin said. One low-cost carrier will operate from Dammam, another from Medina targeting religious tourism, while details of the third remain undisclosed. The initiative comes as the country modernizes airports and prepares for surging passenger volumes.

Why it Matters?

The move aligns with Saudi Arabia’s National Tourism Strategy, aiming to attract 150 million visitors annually by 2030, including 50 million international arrivals. Aviation handled a record 128 million passengers in 2024, and the new carriers will help distribute traffic across emerging hubs, support religious tourism, and fuel economic growth in line with the kingdom’s $100 billion aviation investment.

What’s Next?

Tenders for the Medina-based airline will be issued in the coming months, while the Dammam carrier will serve 24 domestic and 57 international routes by 2030 with a 45-aircraft fleet. Saudi Arabia continues its aviation overhaul, positioning Riyadh Air, Saudia, and new entrants to rival leading global carriers in scale and reach.

FAST Ventures Launches $3 Million FAST Foundry To Back MENA’s Next Wave Of AI, Retail Tech And Creator Startups

What’s it About?

FAST Ventures, a leading marketing and technology holding company, has launched FAST Foundry, a $3 million venture studio aimed at early-stage startups in MENA. The fund will invest in AI-driven marketing, retail commerce, creator infrastructure, and emerging consumer tech. Startups gain access to FAST Ventures’ ecosystem, including product, marketing, AI, and creator support, as well as workspace in Dubai and Riyadh.

Why it Matters?

The initiative addresses the high failure rate of MENA startups, with research showing 90% close within the first few years. By combining capital with operational support from FAST Ventures’ platforms, including Platformance, Lion, and Calibrate, FAST Foundry helps startups scale sustainably, increase repeatable demand, and build global-ready products from the region.

What’s Next?

FAST Foundry is now accepting applications from early-stage companies across MENA. Selected startups will receive investment, workspace, engineering and go-to-market support, cloud credits, and access to senior talent. Founders can apply through the official portal to join a program designed to transform regional innovation into globally scalable businesses.

🦄 World of Startups

• Kingpin, a UAE-based startup, has raised $3.5M to accelerate the rollout of its AI-powered retail and distribution tools across GCC, Europe, and North America.

• Secure.com (UAE) – Raised $4.5M from Disrupt.com and launched Digital Security Teammate, an AI-native cybersecurity agent platform.

• Shatib (Saudi) – Secured $750K pre-seed from a strategic angel investor for its B2B group purchasing marketplace for construction materials.

• SahmAlgo (Saudi) – Raised $1M seed led by Gharesah Investment to expand AI-driven financial analytics for traders and enterprises.

• Takadao (Saudi) – Raised $1.5M seed from multiple investors to offer Sharia-compliant DeFi solutions via its community-owned LifeDAO.

• Ghanem (Saudi) – Secured $7.1M from Al-Romaih Group for its digital real estate investment platform under the REGA Regulatory Sandbox.

• Nabta Health (UAE) – Raised $2M Pre-Series A to expand its hybrid women’s healthcare platform across MEA.

👨‍💻From Smashi Business’ Desk

• The US has approved the export of 35,000 Nvidia Blackwell GB300 chips each to UAE’s G42 and Saudi Arabia’s Humain

• At the Saudi–US Investment Forum 2025, President Donald Trump delivered one of his most emphatic endorsements yet of HRH Prince Mohammed bin Salman

• The Arab YouTube Queen Noor Stars has officially launched her new fragrance brand Nafas

🔍In other news…

• Saudi Arabia on Track to Open Real Estate Market in January

• IHC plans to exit minority investments worth up to $25bn

• Reuters Exclusive: Qatar's wealth fund shakes up London HSBC tower plans, sources say

• Riyadh Air expects flights for general public to start in first quarter of 2026

• Saudi Arabia, Stellantis exploring local vehicle manufacturing

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• The weekly Smashi Crypto Show is also live. Expect it every Friday. Listen to it here.

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