Happy Tuesday everyone!

Three major moves signal the growing global footprint of MENA investment powerhouses. Nvidia and Abu Dhabi’s MGX are teaming up with French partners to build Europe’s largest AI data center near Paris—a €8.5B project marking a leap in Franco-Emirati tech ties. Meanwhile, Dubai Holding has upsized its Residential REIT IPO to $584M amid overwhelming investor demand. And in a strategic push into Europe, Saudi Arabia’s PIF has opened a new office in Paris, further deepening its ties with France.

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.

Nvidia and UAE’s MGX to Build Europe’s Largest AI Data Center in France

🔹 What Is It About:

• Nvidia and Abu Dhabi-based investment firm MGX are teaming up with French state-backed entities to develop Europe’s largest AI data center campus near Paris.

• The project, announced at the Choose France summit, will have a capacity of 1.4 gigawatts and involves partners such as Bpifrance, Mistral AI, Bouygues, EDF Group, and École Polytechnique.

• The data center represents an €8.5 billion ($9.2B) investment, with Phase 1 expected to be operational in 2028.

🔹 Why It Matters:

• The project is part of broader AI cooperation agreements signed during UAE President Sheikh Mohamed bin Zayed’sFebruary visit to French President Emmanuel Macron.

• It ties into France’s push for AI sovereignty in Europe, with Macron previously pledging €109 billion for AI infrastructure to help compete with the U.S. and China.

• For the UAE, the deal reflects its ambition to diversify the economy, expand technological leadership, and project geopolitical influence through AI.

• MGX’s involvement is notable given its backing of OpenAI, xAI, and Trump’s $100B Stargate initiative, reinforcing Sheikh Tahnoon bin Zayed’s growing influence in the AI ecosystem.

🔮 What’s Next

• Construction of the campus will begin shortly, with the first phase live by 2028 and additional capacity likely to follow.

• The project may set a template for future France-UAE tech collaborations, including education partnerships like that between École Polytechnique and Mohamed Bin Zayed University of AI.

• The data center campus is expected to become a cornerstone of Europe’s AI infrastructure, significantly boosting regional computing power, sovereign AI development, and industrial competitiveness.

ODEUM – A Cutting-Edge Content Studio for All Your Production and Social Media Management Needs

📰 What is it about?

• Odeum, the content studio built for modern media consumption, partnering with brands to deliver tailored content services while also creating original productions under the Augustus Media network.

💡 Why Choose ODEUM?

At ODEUM, we provide end-to-end media solutions to elevate your brand across multiple platforms.

• Video: Distribution, post-production, production, live streaming, series and show creation, animation, branded content, AI-powered video creation, CGI video creation.

• Social Media: Account takeovers, strategic posts, tactical competitions.

• Copywriting: Branded content hubs, sponsored articles.

• Events: Media partnerships, co-branding, guest list curation, ticket commerce.

• Audio: Podcast production, hosting, voiceovers, audio ads.

• Online Advertising: Programmatic, display, paid social, affiliate marketing.

🔜What’s next?

• Have a project in mind? Let's make it happen!

• Book a studio or discuss your next big idea with us today.

Follow ODEUM on LinkedIn, Instagram and X.

Markets

Dubai Holding Raises Dubai Residential REIT IPO Size to $584 Million Amid Soaring Demand

🔹 What Is It About:

• Dubai Holding, the investment arm of Dubai’s ruler, has increased the size of its IPO for Dubai Residential REIT to as much as $584 million, up from a previously planned $487 million.

• The offering is significantly oversubscribed, indicating strong interest from both local and international investors.

• Units are expected to price at the top of the range (1.10 dirhams), with the REIT floating 15% of its capital through 1.95 billion units, up from 12.5%.

• The revised IPO values the REIT between 2.09 billion to 2.15 billion dirhams ($568M–$584M), with an implied market cap of up to $3.9 billion.

🔹 Why It Matters:

• This is Dubai’s first IPO of the year, and comes amid a resurgent real estate market that has seen prices surge over 70% in the last four years.

• According to Knight Frank, prime residential prices in Dubai rose 16.4% in Q1 2025, ranking second globally after Seoul.

• Strong demand reflects investor confidence in Dubai’s economic fundamentals, aided by low taxes, pro-investment policies, and residency reforms.

• Despite global volatility and U.S. tariff tensions, Middle Eastern IPO activity remains robust, highlighting the region's growing capital markets.

🔹 What’s Next:

• Dubai Holding plans to list a commercial real estate portfolio next, furthering the emirate’s privatization drive.

• Separately, the Investment Corporation of Dubai is preparing to float a stake in construction giant ALEC, targeting up to $500 million.

• Analysts caution that while investor sentiment is strong, future gains may face pressure from oil price softness and global trade uncertainty.

• The IPO boom is expected to continue, as regional firms seize favorable conditions to tap into deepening capital markets appetite.

Protect Your Reputation Before the Headlines Hit

In an era where one viral post can undo years of work, IRM360 is hosting a private, invite-only event in Dubai Marina on May 21st, 2025, designed for those who can’t afford to leave their reputation to chance. Organized by Nino Kader, Founder and CEO of IRM360 — the strategist credited with turning around the Qatar World Cup’s global image — and Dennis Broberg, Founder of Natanyos Marketing, who has generated over $100M in ad-driven revenue while keeping high-profile brands protected from exposure risks.

Who should attend? Founders, public figures, family offices, and professionals who advise them.

Date: May 21, 2025
Location: Dubai Marina
Format: Morning or afternoon session (strictly invite-only)

Seats are limited. Apply for your private invitation.

PIF Opens Paris Office to Deepen France Ties and Accelerate Global Expansion

🔹 What Is It About:

• Saudi Arabia’s Public Investment Fund (PIF) has opened a new subsidiary office in Paris, marking a strategic step in its global expansion.

• The move signals PIF’s growing presence in France, a key international market, and aims to enhance collaboration with local partners, businesses, and investors.

• The Paris office inauguration coincides with the high-profile “Choose France” summit, attended by French President Emmanuel Macron and PIF Governor Yasir Al-Rumayyan.

🔹 Why It Matters:

• France is a core market for PIF, which has invested $8.6 billion in the country between 2017 and 2024—supporting $4.8 billion in GDP and creating 29,000 jobs.

• Across Europe, PIF has invested $84.7 billion, boosting the continent’s GDP by $52 billion and generating over 254,000 jobs.

• The office reflects PIF’s global ambitions and its role in driving economic transformation both abroad and at home, supporting Vision 2030 goals.

• With a network that includes offices in New York, London, Hong Kong, and Beijing, and a portfolio of around 220 companies, PIF is positioning itself as one of the world’s most influential sovereign wealth funds.

🔹 What’s Next:

• The Paris office will serve as a hub for strengthening existing partnerships and exploring new investment opportunities across Europe.

• PIF plans to build deeper ties with European institutions, particularly in sectors aligned with innovation and long-term value creation.

• The move reinforces PIF’s commitment to international cooperation, while playing a central role in Saudi Arabia’s economic diversification and global integration strategy.

🔍From Smashi Business’ Desk

• Pavel Durov just called out Meta — claiming over 80% of WhatsApp’s features were copied from Telegram… years later.

• Saudi entrepreneur says AI customer service agents promise a lot but rarely deliver real solutions.

• Syria’s banks just got SWIFT codes reactivated.

🔍In other news…

• Parkin launches new parking subscriptions in key Dubai areas: Everything you need to know.

• Mubadala launches new pharma company with assets across three continents.

• Qatar Airways profit grows 28 percent to record $2.15 billion.

• Trump ‘amazed’ by Saudi progress, fellow developer tells Semafor.

• Egypt’s Thndr Raises Nearly $16M In Latest Funding Round To Fuel Expansion And Enhance Services.`

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