Happy Saturday everyone!

In case you missed it, we did an exclusive interview with Saudi AI giant HUMAIN’s CEO Tareq Amin to unpack his journey from rural beginnings to leading Saudi Arabia’s AI charge. Detailed interview below…

Meanwhile, A U.S. private equity firm, McNally Capital, with ties to defense contracting and ex-CIA talent, is now linked to Gaza’s controversial new aid system — raising questions about militarized humanitarian efforts. Meanwhile, momentum builds in Riyadh as several Asian firms explore listings on the Saudi Exchange, with new reforms set to unlock foreign IPOs and deepen ties with Hong Kong and China.

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.

US Private Equity Firm Linked To Controversial Gaza Aid Operation Run By Ex-CIA Officer

📰 What’s It About:

• McNally Capital, a Chicago-based private equity firm founded by Ward McNally, has a financial stake in Safe Reach Solutions (SRS), a logistics company managing aid delivery in Gaza, Reuters reported exclusively.

• SRS is working with the Gaza Humanitarian Foundation (GHF) — a U.S.- and Israeli-backed initiative distributing food in Gaza, recently marred by chaos and deadly shootings near aid sites.

• SRS was founded in November 2023 in Wyoming and is run by Phil Reilly, a former CIA official who previously worked with Orbis Operations, another intelligence-linked contractor acquired by McNally Capital.

• The aid effort is protected by UG Solutions, a private U.S. security firm subcontracted to provide armed American military veterans at distribution points.

⚠️ Why It Matters:

• McNally Capital’s economic interest raises questions about the commercialization and militarization of humanitarian aid in one of the world’s most volatile conflict zones.

• The aid program, GHF, has been rejected by the U.N. and major NGOs, who say it undermines neutrality, displaces civilians, and risks worsening the crisis.

• The program has been marked by violence, with 27 Palestinians killed near Rafah aid sites this week — prompting a temporary pause and international concern.

• Despite Israeli and U.S. claims that they don’t fund GHF, both governments have pushed for its adoption over traditional U.N. channels, which they allege were compromised by Hamas — a charge Hamas denies.

🔍 What’s Next:

• Ownership details of GHF remain unclear, and funding sources are still undisclosed, raising transparency and accountability concerns.

• GHF resumed operations on Thursday, but tensions remain high after back-to-back days of bloodshed during aid pickups.

• The Israeli military is investigating the fatal shootings but maintains its forces fired at perceived threats.

• As scrutiny mounts, pressure is growing for independent oversight of the GHF’s operations and its links to U.S. private security and intelligence circles.

Markets

EXCLUSIVE: HUMAIN CEO Tareq Amin on Early Life, Global Experiences, and Leading AI Race for and with Saudi Arabia

In Saudi Arabia—where everyone is racing to be part of Vision 2030—one man was chosen to lead one of its most ambitious tech missions.

Tareq Amin, former CEO of Rakuten Symphony and Aramco Digital, was appointed CEO of HUMAIN, the kingdom’s sovereign AI company, launched by Crown Prince Mohammed bin Salman and backed by the Public Investment Fund (PIF) just one night before Donald Trump’s visit to Saudi Arabia.

With decades of global telecom and tech leadership, Amin is now tasked with building the infrastructure that could power the region’s AI future—and developing what many are calling the “ChatGPT of the Arab world.”

In this exclusive interview with Smashi Business, Amin tells us what’s coming.

1. As a Jordanian-born leader, can you share a bit about your childhood and where you grew up? How did those early years shape your passion for technology and leadership?

I grew up in Jordan, in a culture rooted in resilience, curiosity, and community. From a young age, I was fascinated by how systems work - whether biological, social, or digital. That early curiosity, combined with a drive to challenge limitations, pushed me into engineering. But more than anything, it was the value placed on education and ambition in our region that shaped my mindset: never accept the status quo - always imagine what could be better.

2. You’ve worked in places like the US, Japan, and India. What lessons from those experiences are you bringing to your role as HUMAIN’s CEO in Saudi Arabia?

Each country taught me something unique. From the US, I learned about speed and scale. From Japan, precision and discipline. And from India, how to build for billions with ingenuity and purpose. At HUMAIN, I’m blending all of that - building a fast, sovereign, and highly scalable AI company rooted in excellence, but flexible enough to lead on a global stage.

3. What inspired you to take on the challenge of leading HUMAIN and helping Saudi Arabia become a global AI hub?

This isn’t just about AI - it’s about rewriting the narrative of who defines the future. AI is the foundation of the future and HUMAIN is the pathfinder. The vision set by Saudi Arabia through Vision 2030 is bold, and HUMAIN is its AI engine. It’s a totally unique proposition, something we’ve never seen before - a full stack AI operating company backed by Saudi Arabia and working hand in hand with the world’s leading tech companies. We have next generation infrastructure, world-class Arabic LLMs, and a mandate to shape the future - not follow it.

4. HUMAIN’s $10 billion venture capital fund, HUMAIN Ventures, is a big move. Can you explain what this fund aims to achieve and how it will help startups worldwide?

HUMAIN Ventures isn’t just deploying capital - it’s deploying a platform, it is a really important part of our strategy, giving us the opportunity to be at the forefront of innovation in the industry and play a core role in ecosystems around the world. We want to empower founders building AI technologies with scale, compute, and market access. We will be investing in the most cutting-edge start-ups in the U.S., Europe, and Asia, offering them the benefit of our network, capabilities and knowledge, so together we can create the future of AI.

5. HUMAIN has deals with US tech giants like NVIDIA and AMD. How will these partnerships help Saudi Arabia grow its own AI talent and innovation?

Growing the Kingdom’s talent and driving innovation locally is at the very core of our strategy - our vision is global, but we are sovereign by design. These partnerships give us early access to the world’s best AI hardware – and people. But we’re not just consuming - we’re co-creating. As part of these agreements, our partners will be moving teams to Saudi Arabia and upskilling local talent - a significant investment in the Saudi AI ecosystem. We're building joint centers of excellence, upskilling Saudi engineers, and embedding our Arabic LLMs directly into these ecosystems. The goal isn’t dependency - it’s acceleration.

6. You’ve said HUMAIN is moving fast to win in AI. What’s one exciting project or goal HUMAIN is working on right now to stay ahead?

Our most exciting initiative is HUMAIN OS - an operating system for AI agents that can power everything from autonomous enterprises to national digital assistants. It’s a layer that connects our models, our cloud, and our applications into one seamless ecosystem. Imagine an agent that can code, create, and converse in Arabic, English, or any dialect - with cultural nuance and regulatory compliance built in.

Asian Companies Eye Saudi Listings As Kingdom Reforms Capital Market Rules

📰 What’s It About:

• Several Asian companies are in talks with Saudi authorities to list their shares on the Saudi Exchange, according to CEO Mohammed Al-Rumaih.

• The move comes as Saudi Arabia develops a new listing framework aimed at easing entry for foreign issuers.

• Talks are focused on enabling access to Saudi Arabia’s large and increasingly diverse investor base, Al-Rumaih said in a written interview with Reuters.

• The interest coincides with the completion of a public consultation by Saudi Arabia’s Capital Market Authority (CMA) on allowing new share classes and listing structures.

⚠️ Why It Matters:

• Al-Rumaih said 15% of foreign investors in Saudi’s Qualified Foreign Investor (QFI) program are from Asia, underscoring Asia’s growing appetite for Saudi capital markets.

• The partnership is part of Saudi Arabia’s broader push to become a regional financial hub and attract global capital in line with Vision 2030.

• Saudi authorities are deepening ties with Hong Kong and mainland China, exploring cross-border financial products and ESG-linked instruments.

• The growing energy cooperation between Riyadh and Beijing is further driving financial integration between the two economies.

🔍 What’s Next:

• If finalized, these listings could mark a major step toward cross-border market participation, encouraging more foreign IPOs on the Saudi exchange.

• The CMA’s draft rules may lead to greater listing flexibility, paving the way for innovative capital market structures.

• Continued dialogue with regulators in Asia, especially Hong Kong, is expected to unlock two-way investor accessand cross-listings.

• So far in 2025, the Saudi Exchange has hosted 15 IPOs raising over $1 billion, a nearly 30% year-on-year increase, signaling strong local market momentum.

🔍From Smashi Business’ Desk

• Lebanese Founder Turns Down New York Times Job, Citing “Complicity in Genocide”.

🔍In other news…

• Reuters Exclusive: US mulls giving millions to controversial Gaza aid foundation, sources say.

• Manchester City and PUMA unveil new flagship store in Dubai Mall.

• Retrofitting Qatari jet as Air Force One for Trump to cost hundreds of millions of dollars, Air Force says.

• Abu Dhabi's Multiply creates media company with global plans.

• US-UAE multi-billion dollar AI data campus deal far from finalised, sources tell Reuters.

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