Happy Wednesday everyone!

The Gulf’s tech and capital landscape is shifting fast. A leaked memo reveals Anthropic CEO Dario Amodei now supports seeking Gulf investment, citing the fierce capital demands of AI development. Meanwhile, India’s Titan Company will acquire a 67% stake in Dubai’s Damas for AED 1.04 billion, cementing its regional jewelry footprint. And in the skies, Archer Aviation is eyeing Saudi Arabia as its next stop in the eVTOL race, following rival Volocopter’s Neom-linked troubles.

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Leaked Memo Reveals Anthropic CEO’s U-Turn on Taking Investments from Gulf Countries

🔹 What Is It About

Anthropic CEO Dario Amodei told staff the company will now seek financial backing from the UAE and Qatar, despite previous opposition to taking funds from what he called authoritarian regimes, WIRED reported. In a leaked internal memo obtained by Wired, Amodei cited the overwhelming need for capital to stay competitive in frontier AI development as the key driver behind the shift.

🔹 Why It Matters

The move reflects the increasingly blurred lines between ethics and survival in the AI race. While Amodei admitted the decision could enrich “dictators” and invite accusations of hypocrisy, he argued that refusing Gulf funding would leave Anthropic at a disadvantage as rivals build massive data centers in the region. The leaked message follows growing AI investment ties between U.S. firms and the Middle East.

🔹 What’s Next

Anthropic will pursue what it describes as “narrowly scoped, purely financial” investment from Gulf nations while aiming to avoid operational entanglements or compromising its standards. The firm maintains it won’t build data centers in the region and will enforce strict use policies. However, Amodei acknowledged that even soft power from investors may shape future decisions.

Binance Launches World’s First Sharia-Compliant Multi-Token Staking

Binance has introduced Sharia Earn — a groundbreaking, Sharia-certified staking product built for the global Muslim community. Developed in partnership with Amanie Advisors, this new platform allows users to earn passive income on BNB, ETH, and SOL while staying fully aligned with Islamic finance principles.

It’s a major step toward financial inclusion, bridging halal investing with cutting-edge blockchain technology. Sharia Earn empowers faith-based investors with a transparent, values-driven way to participate in the crypto revolution. Now available in 30+ countries across the Middle East, South Asia, and North Africa, with more countries set to be added soon! 

Learn more and start staking the halal way.

Markets

Titan To Acquire Majority Stake In Dubai Jeweller Damas In AED 1.04 Billion Deal

🔹 What Is It About

India’s Titan Company, part of the Tata Group, will acquire a 67% stake in Dubai-based jeweler Damas International from Qatar’s Mannai Corporation in a AED 1.04 bn transaction. The deal, pending regulatory approvals, is expected to close by January 2026. Titan will fold Damas into a new DIFC-based entity, Signature Jewellery Holding, and has the option to acquire the remaining 33% stake after a lock-in period ending in December 2029.

🔹 Why It Matters

The acquisition gives Titan significant retail reach in the GCC through Damas’ 146 stores across six countries, positioning Damas as the largest Indian-owned jewelry brand in the region. It reflects a deepening investment corridor between India and the UAE, amid similar cross-border moves by firms like Adani. For Mannai, the sale will help reduce debt and refocus its business on core operations and IT services.

🔹 What’s Next

Titan will finance the deal through a mix of debt, equity, and internal accruals, with Standard Chartered acting as financial advisor. Regulatory clearance is awaited, and full integration into Signature Jewellery Holding will follow. The transaction also revives acquisition talks that previously collapsed over valuation issues, signaling Titan’s long-term commitment to regional expansion.

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US-Based Archer Aviation is Hiring A General Manager to Spearhead Expansion in Saudi Arabia

🔹 What Is It About

US-listed Archer Aviation is hiring a general manager in Saudi Arabia to lead its expansion into the kingdom, signaling a new front in the Gulf’s race to launch commercial electric air taxi services. The role will focus on regulatory approvals, partnerships, and the commercial rollout of its eVTOL aircraft in Riyadh.

🔹 Why It Matters

The move comes as Saudi Arabia seeks alternatives amid delays and setbacks at rival firm Volocopter, once the exclusive air taxi provider for the Neom project. Archer’s push follows its multi-million-dollar deal with Abu Dhabi and highlights growing Gulf competition in the emerging eVTOL space.

🔹 What’s Next

Archer is building out its regional presence, with key hires underway in both Abu Dhabi and Riyadh. Test flights have already begun in the UAE, where the company hopes to launch commercial services by 2026. Saudi Arabia, facing delays on Neom and a broader fiscal crunch, may now offer an opening for Archer to gain ground.

👨‍💻From Smashi Business’ Desk

• Dreamers: From arriving in Dubai with just a suitcase to leading the Gulf’s first female-founded private equity firm, Huda Al-Lawati is a true trailblazer

• Tabby founder, Palestinian entrepreneur Hosam Arab, speaks out on LinkedIn, condemning the starvation crisis in Gaza and calling for an end to the siege.

• Smashi Business Exclusive: House of Pops Eyes European Expansion

• From inventing Dubai Chocolate to sharing his journey from Burj Al Arab to TEDx, Chef Noel Catiz joined the Lovin Dubai Show to talk desserts, ideas, and his deep love for Kanafa Nabulsi

🔍In other news…

• Apple Retail arrives in the Kingdom of Saudi Arabia with launch of the Apple Store online

• Emirates launches extensive recruitment drive

• Egypt and Qatar near deal on $4bn tourism project

• Louis Vuitton becomes first corporate member under Dubai’s One Freezone Passport Initiative

• Germany's $1.36 trillion asset manager DWS plans Abu Dhabi office: The National

🏦Crypto Corner

• Abu Dhabi Judicial Department now accept AE Coin

• Crypto Market Value Tops $4 Trillion as Stablecoin Bill Passes

• Ripple Partners Ctrl Alt to Tokenize Dubai Real Estate on XRP Ledger

• You can soon use crypto when paying at Dubai Duty Free and when flying Emirates in new landmark deal

• UAE authority clarifies no Golden Visa issuance for crypto investors

• Dubai Land Department teams up with Crypto.com on digital real estate investment plan

Follow Smashi Crypto to find out what’s news in the world of digital assets.

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