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- UpScrolled Restored; Dubai Ports Reshuffle; MGX Backs $30bn Anthropic
UpScrolled Restored; Dubai Ports Reshuffle; MGX Backs $30bn Anthropic
Sunday, February 15, 2026
Happy Monday everyone!
Platform control, sovereign capital and trade leadership shifts shaped the week. UpScrolled, founded by Issam Hijazi, was briefly removed from Google Play before being reinstated, after surpassing 2.5 million users and briefly overtaking TikTok in the US, UK and Australia. In Dubai, H.H Mohammed bin Rashid Al Maktoum appointed Abdulla bin Damithan, a longtime DP World executive, to chair the Ports, Customs and Free Zone Corporation. Meanwhile, Abu Dhabi’s MGX co-led Anthropic’s $30 bn round, adding to its stakes in OpenAI and xAI, as Anthropic hits $14 bn in run-rate revenue.
Markets
EGX 30 | 52,308.32 | 3.60% |
DFMGI | 6771.6 | Closed |
ADX | 10,636.48 | Closed |
Tadawul | 11,228.64 | 0.21% |
Palestinian-Founded UpScrolled Pulled From Google Play — Then Rapidly Reinstated
What Is It About?
UpScrolled, a social media platform founded by Palestinian-Australian entrepreneur Issam Hijazi, was briefly removed from Google Play before being reinstated.
The company confirmed on X that the app was “currently unavailable for download on the Play Store.” Launched in June 2025, UpScrolled markets itself as a censorship-resistant alternative and has surpassed 2.5 million users.
Downloads accelerated after TikTok’s US operations were acquired by Oracle and Silver Lake earlier this year. The surge briefly pushed UpScrolled ahead of TikTok in the US, UK and Australia, straining its servers amid growing content moderation scrutiny.
Why It Matters?
The episode highlights the fragility of emerging platforms operating within dominant app store ecosystems. Distribution power remains concentrated in the hands of tech giants, shaping which voices reach global audiences.
It also underscores intensifying debates around platform governance, political speech and the role of alternative social networks in polarized digital markets.
What’s Next?
Backed by Tech for Palestine, which funds pro-Palestine tech initiatives, UpScrolled was restored following online backlash.
Investors and regulators will be watching whether further moderation disputes arise — and whether alternative platforms can sustain growth while navigating Big Tech gatekeepers.
Smashi Business Goes Live with Foodics Founder Ahmad AlZaini at Step Dubai
The Smashi Business Show went LIVE from the Step Conference centre stage in Dubai this week, recording a special episode with Ahmad AlZaini, Saudi-based founder and CEO of Foodics.
From scaling one of the region’s largest F&B tech platforms to building in Saudi under Vision 2030, AlZaini shared insights on government backing, choosing the right consultancies, and delivering the perfect founder pitch.
If you’re building in the region, this one’s worth your time.
Dubai Reshapes Trade Leadership as H.H Mohammed bin Rashid Appoints Abdulla bin Damithan
What Is It About?
In his capacity as Ruler of Dubai, H.H Mohammed bin Rashid Al Maktoum issued a decree appointing Abdulla bin Damithan as Chairman of the Ports, Customs and Free Zone Corporation. The move places one of Dubai’s most seasoned logistics executives at the helm of the emirate’s core trade and customs infrastructure.
Bin Damithan brings more than two decades of experience at DP World, where he joined in 2001 and rose through senior ranks across the GCC. He previously served as CEO and Managing Director of DP World UAE, overseeing ports, marine services and economic zones.
Why It Matters?
The appointment reshapes leadership across Dubai’s trade backbone at a time of intensifying global supply chain competition. Ports and free zones remain central to the emirate’s economic model, underpinning re-exports, manufacturing and regional logistics flows.
Strategic continuity within Dubai’s trade apparatus signals stability to investors while reinforcing ambitions to lead on efficiency and sustainability.
What’s Next?
Markets will watch how Bin Damithan integrates digitalisation and green logistics into port operations. Analysts expect a sharper focus on supply chain resilience, customs reform and expansion across key regional corridors.
MGX Bets on All Three: Abu Dhabi Fund Backs OpenAI, xAI and Anthropic
What Is It About?
Abu Dhabi-based AI investor MGX has co-led a $30 billion Series G round in Anthropic, alongside D.E. Shaw Ventures, Dragoneer, Founders Fund and Iconiq. The deal makes MGX a backer of all three leading AI rivals: OpenAI, xAI and now Anthropic.
Anthropic’s growth has accelerated sharply, with run-rate revenue expanding more than tenfold annually over the past three years to reach $14 billion. Prior to this round, the Qatar Investment Authority was the only disclosed Middle Eastern investor in Anthropic.
Why It Matters?
In a sector where investors often “pick sides,” MGX has secured exposure across the AI trifecta. The strategy positions Abu Dhabi at the centre of frontier AI development while hedging competitive risk.
It also grants MGX a seat at the table ahead of what could be two of the largest IPOs in history, with both OpenAI and Anthropic reportedly eyeing public listings.
What’s Next?
Markets will watch IPO timelines and valuation benchmarks closely. If listings materialise, MGX could crystallise outsized gains — or double down further in the escalating global AI race.
🦄 World of Startups
Mersal Media Capital secures $1.3 million in first funding round
Dubai-based Antoine Kanaan’s Haqq AI, a legal-tech platform, raised $3M.
Notion Expands into Middle East with Launch of Arabic Support
Wio Bank Partners with Pine Labs to Revolutionise UAE Payment Processing
Vennre Secures $9.6M to Democratise Wealth-Building in Saudi Arabia
Jeel and Ripple Join Forces to Revolutionise Saudi Payments with Blockchain
👨💻From Smashi Business’ Desk
Binghatti Chairman Meets Justin Trudeau as Developer Expands Global Footprint
Syrian Founder Yasmeen Jisri’s Bake My Day Lands Major Dove Collaboration
Beauty mogul Mona Kattan is using her platform for good, calling on millions of followers to help support Iran.
Emmy-winning Palestinian journalist Bisan Owda says TikTok has permanently banned her account.
Dubai-born Noon smartly turns the viral penguin into a delivery hero
🔍In other news…
UAE's du to invest in Singapore-India-Gulf subsea cable system for high data connectivity
Gulf states build on UAE’s Mars breakthrough
Gold prices in Dubai drop below Dh600 per gram, lose Dh11 in 24 hours
Trump expected to attend Saudi FII conference in Miami, sources say
Emirates to halt Algeria flights in February 2027
🗓️ Plan Your Events (March-April 2026)
UAE
31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.
7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.
13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.
14-16 April: (Tuesday-Thursday): the International Property Show, Dubai World Trade Center.
Saudi Arabia
13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.
20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh
Egypt
30 March – 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).
