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Google Backs STV’s $100 Million AI Fund to Enable AI-Native Startups in the Middle East & North Africa

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Sahfy Sahfy
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Google Backs STV’s $100 Million AI Fund to Enable AI-Native Startups in the Middle East & North Africa
Google Backs STV’s $100 Million AI Fund to Enable AI-Native Startups in the Middle East & North Africa

STV announced that Google has backed its new AI Fund. The fund is established to enable the growth of AI-native startups across the Middle East and North Africa. This commitment signals a transformative step towards enabling AI startups at their early stage, and accelerates their growth beyond the region.

The global momentum around artificial intelligence continues to accelerate, with state-of-the-art models and the infrastructure to train them improving at a fast pace. Regional governments and technology companies are actively embracing the opportunity, as efforts to localize AI models and infrastructure have picked up significantly recently.

According to STV research, 1.5% of the region’s VC funding went to AI in 2024 – a stark contrast to 38% in the U.S. and 13% in India. This discrepancy represents a substantial untapped opportunity for innovation, economic growth, and efficiency gains, with immediate AI-driven cost savings in the GCC estimated at $23b+, with the long-term opportunity being orders of magnitude higher.

Ahmad AlNaimi, General Partner at STV, mentions, “We believe that most of the AI value will accrue at the application layer. As such, our AI Fund will focus on investing in ventures that specialize in application-layer AI, localized AI models, and the necessary supporting infrastructure. By combining our regional expertise with Google’s global AI leadership, we will be able to scale regional startups that can compete on a global level.”

Najeeb Jarrar, Regional Marketing Director for Google in the Middle East & Africa, adds, “At Google, we have always been committed to providing access to the AI opportunity for everyone. This includes work like the MENA AI Opportunity Initiative, announced last year, alongside valuable programs such as our flagship Google for Startups programs. Our commitment to the STV AI Fund allows us to continue supporting entrepreneurs, who are building the future of AI in the region.

Forbes Middle East Reveals The Top 100 Arab Family Businesses 2025

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Sahfy Sahfy
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Forbes Middle East Reveals The Top 100 Arab Family Businesses 2025
Forbes Middle East Reveals The Top 100 Arab Family Businesses 2025

 Forbes Middle East has unveiled its annual ranking of the Top 100 Arab Family Businesses for 2025, spotlighting the region’s most influential dynasties navigating transformation and innovation while preserving generational wealth. To compile this ranking, Forbes Middle East evaluated companies that are owned or managed by Arab families. The selection was based on several factors, including the size and value of their assets, business performance, recent activity, company age and legacy, and the breadth of their geographic and sector diversification.

GCC-based families continue to dominate the Arab family business landscape. This year, Saudi Arabia leads with 33 entries, followed closely by the UAE with 32, and Qatar with eight. Collectively, these countries account for over 73% of the ranking.

The Al Muhaidib Group, headquartered in Saudi Arabia and led by Group Chairman Sulaiman Al Muhaidib, takes the top spot, rising from eighth place last year. The group made headlines in February 2025 when the Public Investment Fund acquired a 30% stake in its subsidiary, Masdar Building Materials. Returning to second place is Abdul Latif Jameel, spearheaded by Chairman Mohammed Abdul Latif Jameel, while the Al-Futtaim, helmed by Vice Chairman and CEO Omar Al Futtaim, rounds out the top three. Notably, Egypt’s Mansour Group remains the only non-GCC-based conglomerate in the top 10.

Two newcomers have entered the top 10 elite cohort this year: Power International Holding and Al Faisal Holding, both based in Qatar, reflecting the growing economic influence of Qatari family businesses.

While many listees were founded before the 1950s—including some with 19th-century origins—others are newer entities born of strategic mergers or spin-offs. Morocco’s O Capital Group and Saudi Arabia’s Sultan Holding Company exemplify this trend, showcasing how legacy families continue to evolve and consolidate to meet modern demands.

Sustainability and innovation are at the heart of several family firms’ strategies. Alghanim Industries introduced electric vehicles to Kuwait, and AW Rostamani Group brought EVs to the UAE, signaling a regional shift toward cleaner energy solutions.

Click here to view the complete list of the Top 100 Arab Family Businesses 2025.

Top 10 Arab Family Businesses In The Middle East 2025

1| Al Muhaidib Group 

Country: Saudi Arabia 

Established: 1946

2| Abdul Latif Jameel

Country: Saudi Arabia 

Established: 1945

3| Al-Futtaim 

Country: U.A.E. 

Established: 1930

4| Mansour Group 

Country: Egypt 

Established: 1952

5| DAMAC Group 

Country: U.A.E.  

Established: 1982

6| Olayan Financing Company (OFC)  

Country: Saudi Arabia 

Established: 1947

7| Majid Al Futtaim-Holding

Country: U.A.E. 

Established: 1992

8| Al Ghurair

Country: U.A.E. 

Established: 1960

9| Al Faisal Holding

Country: Qatar

Established: 1964

10 | Power International Holding (PIH)

Country: Qatar  

Established: 2011

Future Hospitality Summit Saudi Arabia officially opens in Riyadh

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Sahfy Sahfy
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Future Hospitality Summit Saudi Arabia officially opens in Riyadh
Future Hospitality Summit Saudi Arabia officially opens in Riyadh

The Future Hospitality Summit (FHS) Saudi Arabia 2025 is officially underway at the Mandarin Oriental Al Faisaliah, Riyadh, taking place from 11-13 May.

Under the theme “Where Vision Shapes Opportunity,”  FHS Saudi Arabia, the Kingdom’s most influential hospitality investment conference, brings together hospitality leaders, investors and decision-makers to discuss hotel performance and development, the outlook for hospitality investment in the Kingdom and the key market trends driving the sector.

The official opening remarks were delivered this morning by His Highness Prince Bandar bin Saud bin Khalid Al Saud, Secretary General, King Faisal Foundation (KFF) and Chairman of the Board of Directors, Al Khozama Investment Company.

“Hospitality in Saudi Arabia is no longer just about infrastructure or service – it’s about identity, culture, talent, and future leadership. It is about creating opportunities for the people of this country to tell their story, and to shape the experience of those who come to discover it.” HH Prince Bandar bin Saud bin Khalid, Secretary General, King Faisal Foundation. 

The address was delivered in the distinguished presence of Mahmoud Abdulhadi, Deputy minister of tourism for destination enablement, Ministry of Tourism of Saudi Arabia, who also took to the stage to discuss “Where Vision Shapes Opportunity”.

The FHS Saudi Arabia program, which covers everything from start-ups to staffing and innovation to investment over three days, features 150+ speakers across 80 sessions in 18 different content tracks, covering key themes including Investment, Financing & Real Estate, Destination Development, Technology & Innovation, Sustainability & ESG, and Luxury, F&B and Experiential Hospitality.

Jonathan Worsley, Chairman of The Bench, organizer of FHS Saudi Arabia, said: “We are delighted to be back at the Mandarin Oriental Al Faisaliah, Riyadh, thanks to our host sponsor Al Khozama Investment and look forward to a very exciting few days of strong debate and valuable insights from the region’s most respected and experienced leaders to help shape the future of our industry.”

Khalid Saud AbuHaimed, Chief Executive Officer, Al Khozama Investment, commented: “Our partnership with FHS reflects our belief in the power of hospitality to drive opportunity and excellence.”

The event kicked off yesterday with the launch of the NextGen: Investment Forum, a brand new, first-of-its-kind event that tackled the key issues and opportunities surrounding education, training, and talent retention in Saudi Arabia’s hospitality industry. With 1 million new tourism jobs predicted by 2030 and 320,000 new hotel rooms, investing in the next generation of leaders in hospitality is fundamental to delivering KSA’s Vision 2030 goals.

The action-packed agenda features a wide variety of session formats from main stage keynotes, panel discussions and exclusive leadership conversations, master classes, roundtable discussions and networking sessions. In addition to the main conference programme a record number of signing ceremonies for new projects and partnerships are set to take place this year, following USD$ 1.1 billion in business opportunities announced at FHS Saudi Arabia in 2024.

WWE® RETURNS TO RIYADH FOR NIGHT OF CHAMPIONS AT KINGDOM ARENA ON SATURDAY, JUNE 28

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Sahfy Sahfy
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WWE® RETURNS TO RIYADH FOR NIGHT OF CHAMPIONS AT KINGDOM ARENA ON SATURDAY, JUNE 28
WWE® RETURNS TO RIYADH FOR NIGHT OF CHAMPIONS AT KINGDOM ARENA ON SATURDAY, JUNE 28

 The General Entertainment Authority, in cooperation with WWE, part of TKO Group Holdings (NYSE: TKO), has announced that Night of Champions will be held at Kingdom Arena in Riyadh, Saudi Arabia, on Saturday, June 28, 2025.

Additionally, Friday Night SmackDown will emanate from Kingdom Arena the night before on Friday, June 27. This marks the first time SmackDown will be held in Saudi Arabia’s capital. 

Friday Night SmackDown airs on USA Network and Night of Champions will stream on Peacock in the United States. Both will stream live in Saudi Arabia, and in most markets around the world, on Netflix. Information regarding general ticket onsale and further event updates will be available in the coming weeks. 

Over 40% of UK universities in deficit, sparking warnings of closures and cuts to vital economic partnerships

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شمس سيف
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Over 40% of UK universities in deficit, sparking warnings of closures and cuts to vital economic partnerships
Over 40% of UK universities in deficit, sparking warnings of closures and cuts to vital economic partnerships

The Office for Students (OfS) today reveals that financial pressures continue to mount across UK universities, with more than 40% now operating in deficit. The new report, which examines the sector’s fiscal outlook for 2024–25, outlines serious challenges that threaten the long-term viability of institutions.

The National Centre for Universities and Business (NCUB) has previously raised concerns about the risks now confirmed in the OfS report. Today, NCUB is calling for urgent action to develop a sustainable funding solution to protect the future of the sector.

Dr Joe Marshall, Chief Executive of NCUB, commented:

“Universities play a pivotal role in driving economic growth by connecting new knowledge and ideas with businesses that can turn them into new products and services. They ensure graduates are equipped with the skills to power innovation needed to drive economic growth. These outcomes require deliberate investment in time, relationships and infrastructure – they don’t happen by accident.”

Recent NCUB analysis of university-business collaboration data shows a significant drop in the value of interactions, particularly with SMEs. Faced with mounting financial pressures, universities may be forced to reduce collaboration activities such as consultancy and contract research – precisely the types of partnerships that underpin the UK’s ambitions as a global innovation leader.

Dr Marshall added:

“Forcing universities into short-term cost-cutting measures, as highlighted by the OfS, without regard for their broader economic contribution, risks irreparably damaging their ability to support national growth. This would be a grave mistake for any government committed to economic progress.”

Mubadala Investment Company Reports 2024 Financial Results

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Sahfy Sahfy
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Mubadala Investment Company Reports 2024 Financial Results
Mubadala Investment Company Reports 2024 Financial Results

Mubadala Investment Company (“Mubadala”), the Abu Dhabi–based sovereign investor, today reported strong performance in its 2024 financial results, reinforcing the focus and resilience of its strategy. Assets under management grew 9.1% year-on-year to AED 1.2 trillion, with annualized returns of 10.1% over five years. 

This year marked two decades of disciplined financial performance as an investor central to the UAE’s long-term competitiveness. Our 2024 results and portfolio growth reflect Mubadala’s focused and resilient strategy, with risk-adjusted returns in sectors where we have conviction,” said Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO.  “Our portfolio has been constructed to navigate market cycles and scale future-focused sectors—from AI and clean energy to life sciences, semiconductors, and advanced manufacturing—all aligned with our national priorities.

Al Mubarak further commented: “A highlight of 2024 was the creation of MGX by the Artificial Intelligence and Advanced Technology Council – the new AI investment champion for Abu Dhabi – with G42 and Mubadala as co-founding partners.

A growing number of best-in-class investors also continued to partner with Mubadala across key geographies and sectors, reflecting confidence in our approach and long-term strategy. We will work to deepen these partnerships, invest in advancing innovation and create new entities in Abu Dhabi and around the world.”

Key Financial Highlights: 

Mubadala’s 2024 results underscore its continued success as a trusted guardian of the nation’s wealth:

  • Delivered a five-year rate of return of 10.1%
  • Assets under management grew 9.1% year-over-year to AED 1.2 trillion
  • Capital deployed grew 33.7% year-over-year to AED 119 billion
  • Proceeds, including monetizations, grew 10% year-over-year to AED 109 billion
  • Portfolio mix remained broadly consistent year-over-year: 40% in private equity, 23% in public markets, and 17% in infrastructure and real estate  
  • Raised AED 30.5 billion through a range of capital market instruments, including:
  • The world’s first AA-rated sovereign Sukuk
  • A bond with the tightest credit spread ever issued in emerging markets
  • Mubadala’s first dirham-denominated global Sukuk
  • The first Euro-denominated 6- and 7-year corporate facilities in the EMEA region

“Mubadala’s 10.1% return over the last five years reflects our disciplined capital allocation strategy, resilient execution and consistent focus on long-term value creation,” said Carlos Obeid, Group Chief Financial Officer. 

“We continue to grow and diversify across sectors and geographies, supported by a strong balance sheet, a low cost of debt, and a conservative gearing ratio of 7.8%, which positions us well for future investments.”

UAE Value Creation Highlights:

In 2024, Mubadala continued to be a key driver of innovation, economic diversification, and job creation in the UAE, reinforcing the country’s position as a global hub for capital and future-focused industries.

  • The establishment of MGX, alongside G42, was transformational for the UAE’s emergence as a global leader in artificial intelligence and advanced technologies.
  • The creation of Space42, the MENA region’s largest publicly listed space technology company, formed through the merger of Yahsat and Bayanat.
  • Mubadala supported the growth of the life sciences industry in the UAE through acquisitions along the value chain focusing on manufacturing and distribution to support national drug security and address the global need for essential medicines.
  • Emirates Global Aluminium (EGA) expanded its global aluminum recycling capacity to 140,000 tonnes, with another 225,000 tonnes under construction, through the acquisition of 80% of Spectro Alloys Corporation in the United States, the acquisition of Leichtmetall in Europe and the ongoing development of the UAE’s largest recycling plant.
  • Mubadala and Aldar extended their long-standing strategic partnership to support the sustainable economic growth and transformation of Abu Dhabi by developing and managing joint ventures in prime residential, commercial, retail and logistics assets with a combined value of more than AED 30 billion (US$8.2 billion).

Global Portfolio Highlights:

Mubadala’s portfolio continued to expand across North America, Europe, and Asia, guided by long-term investment horizons and aligned with global growth trends and Abu Dhabi’s economic vision.

  • Operating as Mubadala’s indirect investments arm and working alongside the best-in-class asset managers globally, Abu Dhabi Investment Council (ADIC) continued to invest through funds and co-investments that supported the diversification of our portfolio.
  • Mubadala Capital, now managing US$30 billion (AED 110.2 billion), two-thirds on behalf of global investors, grew its international footprint by acquiring Fortress Investment Group and establishing a US$1 billion (AED 3.6 billion) partnership with Silver Rock Financial.
  • Mubadala Capital closed Private Equity Fund IV with total commitments of US$3.1 billion (AED 11.4 billion), surpassing its original target by more than US$1 billion (AED 3.6 billion).
  • Mubadala’s private credit portfolio grew to US$20 billion (AED 73.5 billion), supported by deep, trusted partnerships with institutions including Apollo, Ares, Carlyle, Goldman Sachs, and KKR.
  • Masdar, the UAE’s clean energy champion, doubled its portfolio capacity during 2024 from 16.5 gigawatts to 32.6 gigawatts, including through a partnership with Greece’s TERNA to develop one of Europe’s most ambitious renewable energy projects, pioneering 3 gigawatts of clean energy capacity and supporting the EU’s energy transition.
  • A significant investment was made in Manipal Health Enterprises, one of India’s largest multi-specialty hospital networks.
  • A strategic investment in Zelis, a leading U.S. healthcare payments platform, reinforced Mubadala’s commitment to technology-driven businesses transforming essential services.
  • Mubadala made a cornerstone investment in PAG REN I, PAG’s Asia-Pacific renewable energy platform—its first renewable energy investment in Japan.
  • MGX co-led the US$30 billion (AED 110.2 billion) AI Infrastructure Partnership alongside Microsoft, BlackRock, GIP, NVIDIA and xAI and invested in companies such as OpenAI, Anthropic, and Databricks.

Financial Reporting

Mubadala focuses on long-term value creation and, in line with its sovereign investment mandate, reports multi-year performance metrics that reflect the nature of its strategy. Since 2021 the company has not disclosed annual financial figures such as revenue or net income but has disclosed its rolling 5-year IRR and, in 2024, has begun publishing its 10-year rolling IRR which in 2024 was 8.7%.

The Annual Review 2024 can be viewed here.

Gold (XAU/USD) slips amid renewed trade optimism; FOMC in focus

By
شمس سيف
-
Gold (XAU/USD) slips amid renewed trade optimism; FOMC in focus
Gold (XAU/USD) slips amid renewed trade optimism; FOMC in focus

Gold markets are navigating another week of heightened volatility. After a bullish start on Monday and Tuesday, XAU/USD reversed course on Wednesday, with sellers regaining control. The precious metal faced strong rejection at the $3,430 level—an area that also acted as intraday resistance in April as gold attempted to break through all-time highs.

Monday’s surge marked a break from two consecutive weeks of downward pressure, drawing in fresh buyers eyeing a potential retest of the $3,500+ zone. However, ongoing fundamental uncertainties, particularly in U.S.–China relations, continue to drive erratic price action and keep traders on edge.

The recent rebound in trade diplomacy has shifted market dynamics once again. U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are scheduled to meet Chinese officials in what will be the first formal discussions since the U.S. imposed steep tariffs on Chinese goods. This renewed optimism around trade negotiations triggered a fresh wave of selling in gold on Wednesday.

Despite the pullback, gold remains underpinned by lingering investor caution. Mixed signals from both Washington and Beijing continue to cloud sentiment, while expectations of global monetary easing and a broader move away from U.S. assets provide ongoing support for bullion.

All eyes now turn to the Federal Reserve’s policy meeting and Chairman Jerome Powell’s press conference later today. With markets already pricing in no change to interest rates, the spotlight will be on Powell’s tone and guidance for the months ahead.

Powell is widely expected to stick to the Fed’s cautious rhetoric, reflecting uncertainty over the economic impact of tariffs. Acknowledgment of sustained economic resilience or inflationary pressure could be perceived as a hawkish signal—dampening hopes of a June rate cut, boosting the U.S. dollar, and likely deepening the correction in gold prices.

Conversely, if Powell hints at heightened economic concerns and signals a potential rate cut in June, gold could regain upward momentum as investors reposition accordingly.

Khaleej Times appoints Chief Content Officer

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شمس سيف
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Khaleej Times appoints Chief Content Officer
Khaleej Times appoints Chief Content Officer

A seasoned editorial leader with over two decades of experience in media and international journalism, Ted has built a strong track record in driving strategic growth and expanding audiences. He most recently served as Editor of Moniify in Dubai, where he led a dynamic newsroom delivering content to millennial and Gen Z audiences across the Middle East, India, and Southeast Asia. Previously, he was Managing Editor at CNBC International, overseeing EMEA and APAC editorial operations from Singapore and delivering record-breaking digital audience growth.

Khaleej Times, one of the UAE’s longest-standing English-language newspapers, has kept pace with the region’s rapidly changing media landscape. With a sharper focus on digital storytelling, real-time coverage, and audience engagement, it continues to build stronger connections with a younger, increasingly diverse readership across the GCC and MENA.

In his new role, Ted will lead the Khaleej Times newsroom, champion its commitment to trusted journalism, and spearhead innovation across editorial functions. His appointment comes at a pivotal time for the brand, which is currently reaching the largest audience in its history. Readers under the age of 35 now account for 40% of Khaleej Times’ audience, with growth largely driven by its KT Plus platform.

Commenting on his appointment, Ted said “It’s the professional opportunity of a lifetime to join Khaleej Times, an organisation that has gained universal esteem over the years. It’s not just the brand’s rich heritage that excites me – it’s the future. Khaleej Times stands as one of the most powerful and trusted news outlets in the most dynamic region on the planet. The editorial team holds in its hands the opportunity not only to reflect the UAE and the wider region, but to help define it. That’s what inspires me.”

Charles Yardley, Chief Executive Officer of Khaleej Times, said, “Ted’s leadership will be instrumental as we accelerate our digital transformation and expand our reach across the GCC and MENA regions. His passion for journalism and innovative thinking make him an ideal fit for Khaleej Times.”

Mohammed Galadari, Co-Chairman and Group CEO, added, “On behalf of Khaleej Times, I warmly welcome Ted. His extensive experience and forward-looking vision will be crucial as we continue to redefine excellence in content creation. Together, we look forward to shaping the future of journalism and delivering compelling narratives that resonate with our diverse audiences.”

ICOM Dubai 2025: Global Museum Professionals Invited to Register for Landmark Event

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شمس سيف
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ICOM Dubai 2025: Global Museum Professionals Invited to Register for Landmark Event
ICOM Dubai 2025: Global Museum Professionals Invited to Register for Landmark Event

The Organising Committee of ICOM Dubai 2025 is pleased to announce the opening of registration for the 27th General Conference of the International Council of Museums (ICOM). This prestigious event, hosted by Dubai for the first time in the Middle East, North Africa, and South Asia (MEASA) region, will take place from 11 to 17 November at the Dubai World Trade Centre. The conference aims to provide a global platform for innovative ideas and discussions on reshaping the role of museums and their connections to the communities amidst rapid global changes.

Attendees can register via the official conference website dubai2025.icom.museum, with the option to participate in person or virtually. Under the theme ‘The Future of Museums in Rapidly Changing Communities,’ the conference is expected to attract roughly 4,500 global museum specialists and cultural experts; the aim is to ignite dynamic exchanges of ideas and forge groundbreaking strategies that will shape a sustainable future for the museum sector, unlocking exciting opportunities for regional and global collaboration to drive innovation and accelerate progress.

The event will feature engaging and interactive sessions in a wide range of formats, to spark critical cultural dialogue and inspire innovative ideas. Spanning several vibrant days, the program will seamlessly integrate the main theme with three key sub-themes: youth empowerment, emerging technologies, and intangible cultural heritage. To enrich the experience, the conference will offer curated tours and excursions across the UAE, providing participants with an immersive journey through all seven emirates. Additionally, the event will host a Museum Fair, creating opportunities for networking and collaboration, along with special events to ensure an engaging and memorable experience for all attendees.

Her Excellency Hala Badri, Director General of Dubai Culture and Chairperson of ICOM Dubai 2025 Organizing Committee confirmed that ICOM Dubai 2025 represents a dynamic platform for museum professionals worldwide: “Through this conference, Dubai continues to build bridges between cultures, shaping the future of museums, positioning the emirate as a global centre for culture and creativity and a hub for talent and innovation.”

She emphasised the conference’s significance in enhancing museum activities and enabling them to better serve their communities: “Taking part in ICOM Dubai 2025 will offer participants the opportunity to attend incredibly insighful sessions, engage with global thinkers, and build valuable connections that promote collaboration across the museum sector.”

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