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- XRG Enters Venezuela; LIV Golf’s New Investor; Phoebe Gates’ Phia Fallout
XRG Enters Venezuela; LIV Golf’s New Investor; Phoebe Gates’ Phia Fallout
Saturday, August 15, 2026
Happy Saturday everyone!
Abu Dhabi’s XRG is making its Venezuela debut through a major offshore gas project, LIV Golf has secured a new lead investor as Saudi funding winds down, and internal Slack messages are putting Phoebe Gates’ shopping startup Phia under scrutiny over sales it allegedly took credit for but did not drive.
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Adnoc investment arm XRG enters Venezuela gas sector
What Is It About
Abu Dhabi’s XRG, ADNOC’s international energy investment arm, has entered Venezuela’s energy sector after securing a licence for Loran Phase 2, an offshore gas field containing more than 4 trillion cubic feet of proven resources. XRG becomes an equal interest partner alongside bp and Qatar’s UCC, strengthening its position in Latin America.
Why It Matters
The investment extends XRG’s push to build a major gas and LNG platform across Latin America. Loran forms part of the wider Loran-Manatee offshore deposit, spanning Venezuela and Trinidad and Tobago, giving the project access to established regional infrastructure and potential routes to international energy markets.
What’s Next
XRG’s participation remains subject to final licence, development arrangements and regulatory approvals. The deal follows its expansion into Argentina’s LNG sector and adds to a global gas portfolio spanning the US, Azerbaijan, Turkmenistan and Mozambique. XRG, launched with an enterprise value exceeding $80 billion, plans to double its asset value over the next decade.
LIV Golf Finds New Investor as Players Prepare to Take Majority Ownership
What Is It About
LIV Golf has secured an unnamed lead investor as Saudi Arabia’s PIF prepares to end its financial backing after 2026. The agreement has been signed and approved by LIV’s board, with the transaction expected to close in September, although the investor and financial terms remain undisclosed.
Why It Matters
The deal marks a major change in LIV’s ownership and funding structure. PIF has invested more than $5 billion since the league launched in 2022, while LIV had been seeking between $250 million and $350 million in fresh investment, according to Sportico, as it prepares to operate without continued Saudi funding.
What’s Next
CEO Scott O’Neil says there is “strong interest from more than a dozen additional parties” potentially becoming minority investors, pointing towards a broader multipartner model. LIV’s biggest structural change will see players become majority equity holders, which O’Neil described as a first for a major global sports league.
Phoebe Gates’ Phia Faces Fallout After Internal Messages Surface on Gulf-Backed Slack
What Is It About
Phia co-founders Phoebe Gates and Sophia Kianni pushed for software features that credited their shopping app for sales it did not drive, according to internal Slack messages and people cited by Bloomberg. The founders allegedly knew about the practice for at least seven months.
Why It Matters
The evidence emerged on Slack, which has a notable Gulf investment connection. Saudi Arabia’s PIF and Abu Dhabi’s Mubadala backed SoftBank’s nearly $100 billion Vision Fund, which led a $250 million Slack funding round in 2017. Gates later wrote that Phia “should capture every transaction if the cookie drop was working.”
What’s Next
After Phia disabled the features, average daily revenue fell from roughly $80,000 to between $10,000 and $28,000. Phia disputes internal estimates of the practice’s impact and says it has begun reversing commissions to affected retailers.
Smashi Business Exclusive: How CFI Delivered Its Tenth Consecutive Record Quarter
CFI Financial Group's record first half of 2026 was years in the making, according to Group CEO Ziad Melhem, who said the company's latest performance reflects long-term investments in governance, technology, talent and international expansion, rather than a single period of elevated market activity.
Speaking to Smashi Business, Melhem said CFI's record first half, including $5.34 trillion in trading volume and its tenth consecutive record quarter, were built on consistency rather than short-term gains. "The companies that grow, that scale, that last, are the ones that perform through different market environments," he said, adding that today's results are "the outcome of decisions we've made years ago."
Melhem also credited the UAE's operating environment as a competitive advantage for the business, arguing that the country's close alignment between the public and private sectors has enabled companies to scale with confidence. "When there is this mutual trust, when there is this big support and the goals are aligned, the partnership with the regulator creates the necessary platform or infrastructure that would allow us to grow and do much more," he said.
👨💻From Smashi Business’ Desk
LVMH-owned Sephora has denied reports it will open stores in Israel, while confirming Sephora Collection, its own beauty brand, signed a temporary resale agreement with Israeli retailer Glam42.
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, visited Binghatti’s London office, according to photos shared by the developer on Instagram.
President Donald Trump and Saudi PIF Governor Yasir Al-Rumayyan were spotted together at LIV Golf’s New York event at Trump National Bedminster, ahead of the final round.
Saudi boxing power broker Turki Al-Sheikh has pulled out of a proposed takeover of English Championship club Derby County after delays in securing approval left limited time to prepare for the new season.
🔍In other news…
Iraq Says Abu Dhabi’s Adnoc Among Buyers of Its Oil
Iran to join BRICS development bank soon, central bank governor says
Saudi Wealth Fund PIF Eyes Bigger Privatization Push to Win Returns
Spinneys CEO on the costs of keeping shelves full in a crisis: AGBI
Saudi data centre ambitions could require $42bn by 2030
Gulf forecast to lose 140,000 tourism jobs this year
Qatar, Morocco among six Arab federations backing FIFA's Infantino
🦄 World of Startups
ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors
Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K
Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M
Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round
