Happy Wednesday everyone!

In today’s edition: House of Pops CEO Mazen Kanaan tells Smashi Business how a Lebanese craving turned into a regional health sensation — with global goals on the horizon. Meanwhile, Saudi Arabia is taking a strategic pause to review The Line megaproject, ensuring it stays aligned with Vision 2030 and economic realities. And in the world of AI, the PIF is reportedly gearing up for a major investment in Elon Musk’s xAI, which could soon be valued at a staggering $200 billion. Bold moves, fresh flavors, and smart strategy—welcome to your morning business briefing.

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.

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Saudi Arabia Reassesses The Line Project To Optimize Vision 2030 Goals

🔹 What Is It About

Saudi Arabia is conducting a strategic review of The Line, its 170-km futuristic city and centerpiece of the Neom mega-project, Bloomberg reported, citing people close to the matter. A unit of the Public Investment Fund (PIF) has enlisted consulting firms to evaluate feasibility, suggest adjustments, and identify commercialization opportunities. Neom confirmed that The Line remains a core priority, adding that such reviews are routine in large-scale developments to enhance progress, efficiency, and alignment with long-term objectives.

🔹 Why It Matters

The review reflects Saudi Arabia’s pragmatic approach to managing giga-projects amid economic headwinds, including lower oil revenues and evolving budget priorities. With global attention on the kingdom’s post-oil transformation under Vision 2030, optimizing flagship projects like The Line is critical. Experts view such assessments as essential for sustaining investor confidence and ensuring responsible national spending—especially as the kingdom balances visionary ambitions with financial realities.

🔹 What’s Next

The strategic review could lead to adjustments, but officials emphasize continuity and commitment to The Line’s success. Neom’s new leadership under CEO Aiman Al-Mudaifer is focused on driving progress and commercial value. As Saudi Arabia prepares to host global events including the 2034 FIFA World Cup, refining its giga-projects ensures they remain viable, impactful, and globally competitive.

Markets

PIF Eyes Major Investment in Elon Musk’s xAI at $200 Billion Valuation

🔹 What Is It About

Saudi Arabia’s Public Investment Fund (PIF) is expected to participate significantly in an upcoming fundraising round for Elon Musk’s artificial intelligence firm, xAI, which could see the company valued at $200 billion. The move, reported by the Financial Times, marks a deepening of PIF’s existing indirect exposure to xAI via Kingdom Holding’s $800 million investment.

🔹 Why It Matters

This potential investment aligns with Saudi Arabia’s drive to lead in cutting-edge technologies under Vision 2030. With AI emerging as a pillar of global innovation, a strategic stake in xAI — creator of the Grok chatbot — would place the kingdom alongside the most influential players in the sector. PIF’s growing tech portfolio reflects its ambitions to diversify beyond oil and secure long-term economic relevance.

🔹 What’s Next

xAI is expected to begin raising fresh capital as early as next month, with PIF reportedly taking a direct role. The latest version of Grok has drawn both attention and controversy, underscoring the high-stakes nature of AI development. If finalized, the deal would mark PIF’s most high-profile AI bet yet — potentially shaping its influence in the global tech race.

Exclusive: House of Pops CEO Mazen Kanaan Talks Growth, Grit, and Going Global with Smashi Business

House of Pops is a Dubai-born, health-focused frozen treats brand launched in 2018 by Lebanese entrepreneur Mazen Kanaan and his wife Marcela Sancho. Specializing in all-natural, plant-based ice pops made with clean ingredients and zero added sugar, the brand has carved a niche in the region’s wellness market. Known for its vibrant flavors inspired by tropical fruits and Mediterranean roots, House of Pops stands out for its eco-friendly packaging, inclusive ethos, and mission to turn guilt-free indulgence into a lifestyle.

1. What inspired you to launch House of Pops, and how did your Lebanese heritage shape that vision?
It all started with a craving — something light, tasty, and refreshing during Dubai’s intense summer. But every option on the shelf was full of sugar and additives. Coming from Lebanon, where food is always about natural, honest ingredients and family moments, I felt a strong pull to create something that reflects that: simple, real, joyful. House of Pops was born out of that vision — clean, plant-based ingredients, crafted with purpose.

2. How did your time at Unilever prepare you to build and grow House of Pops?
Unilever was my business school. I spent over a decade managing billion-dirham brands like Wall’s and Lipton across MENA and Turkey. I learned the science of brand building, the discipline behind operations, and most importantly — how to scale while staying close to the consumer. House of Pops is built on that foundation, but with more heart, more agility, and a mission bigger than profits.

3. Your wife created all the flavors for House of Pops. What’s it been like teaming up with her to bring those to the market?
Marcela brings soul to the product. She’s from Costa Rica, with a deep love for tropical flavors, and a background in hospitality and culinary arts. We joke that I built the engine, and she added the joyride. Working together is not always easy — but it’s the best partnership I could ask for. Every pop has her creativity— and our shared values — in it.

4. What’s been the biggest hurdle in growing House of Pops, and how did you overcome it?
Building a brand from scratch — especially one that’s healthier and more expensive in a price-sensitive category, using the format that is traditionnaly the cheapest, the ice lollies — is tough. Our biggest hurdle was convincing consumers that this is not just ice cream. It’s a lifestyle. We overcame it by being relentlessly consistent in our message and being Everywhere ! —600 supermarkets, 28 kiosks, 300 events a year. Visibility creates trust.

5. Where do you want to take House of Pops next?
We're just getting started. Our goal is to become the leading Health & Wellness ice cream brand in the world. We've expanded across the GCC — UAE, KSA, Bahrain, Kuwait, Lebanon — and now we’re eyeing Europe. We are already shipping to turkey and running a small test in hungary. We're also scaling our private label manufacturing and launching new formats like gelato, bites, and scooping. We want to be in every freezer where a healthy choice matters.

6. As a Lebanese entrepreneur in the UAE, how do you blend your cultural roots into the brand’s identity?
Lebanon taught me that food is never just food—it’s identity, it’s connection. That’s what we try to do with House of Pops. We’ve partnered with Lebanese brands like Mama Rita to create pops that celebrate Arab heritage. And in our storytelling, there’s always that Mediterranean balance: indulgence with purpose, pleasure with health.

7. What’s one key lesson from running House of Pops that you wish you’d known at the start?
Cash flow, cash flow. Planning the cash is the number one job to be done. It sounds basic, but it is not. Surprises come from every direction, and you need a buffer always.

8. What advice would you give young Middle Eastern entrepreneurs dreaming of starting their own business?
Start lean, start now — but start with purpose. Your culture, your story, your values — they are your edge. Don’t wait for perfect conditions, they never come. And if people doubt your idea, that’s often a sign you’re onto something.

👨‍💻From Smashi Business’ Desk

• Dreamers: From War Refugee to Real Estate Powerhouse: The Story of Mirwais Azizi

• Egypt’s Gameball doubled its 2024 revenue in just six months of 2025.

• 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

• Israel’s Stock Market Is in the Green — But War Spending Is Bleeding the Economy Red

🔍In other news…

• The UAE is home to some of the biggest foreign buyers of US property, and they account for an increasingly larger share of overseas purchases, according to a new report

• Points-based work permits come into force in Saudi Arabia

• Italian construction company Webuild has won another contract for Diriyah Square bringing its total value of projects in Saudi Arabia to $2 billion

• Shark Tank Lebanon Is Finally Coming to Life

🏦Crypto Corner

• Bitcoin just hit a new all-time high: $122,000

• 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

• Bitcoin Miner Tied to Trump Sons Plans Dubai Crypto Trading Team

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

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