Happy Tuesday everyone!

Saudi Arabia’s tech and investment landscape is witnessing pivotal shifts this week. AI company Humain has launched Humain Chat, an Arabic-first conversational AI built on its Allam model and rooted in Islamic values, marking a bold step in sovereign AI development. Meanwhile, UAE-based proptech Holo raised $22 million in a Series A to scale its digital mortgage platform across the GCC. At the same time, a US think-tank says Riyadh’s recalibration of giga projects may actually boost investor confidence.

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Saudi’s Humain Launches Arabic Chatbot Anchored In Islamic Values

🔹 What Is It About

Saudi AI firm Humain has unveiled Humain Chat, a conversational AI app built on its Allam large language model. Designed around Islamic values and heritage, the app supports Arabic and English, including dialects such as Egyptian and Lebanese. Initially available only in Saudi Arabia, it was developed by a 120-member team — half women — with the goal of building sovereign AI rooted in cultural authenticity and national talent.

🔹 Why It Matters

The launch positions Saudi Arabia at the forefront of Arabic-focused AI development, rivaling Abu Dhabi’s Falcon Arabic model. By embedding safeguards and datasets aligned with local culture, Humain seeks to create a controlled yet authentic digital ecosystem. With the Public Investment Fund as its backer and data center ambitions reaching 1.9 GW by 2030, Humain is emerging as a strategic pillar in the kingdom’s push for AI sovereignty and regional leadership in advanced technologies.

🔹 What’s Next

Humain plans to scale Humain Chat beyond Saudi Arabia, deepen its AI offerings, and invest heavily in data centers, cloud infrastructure, and large-language models. The company is also building out ventures in advertising, gaming, and a planned $10 billion VC fund. By aligning technical advancement with cultural values, Humain is positioning itself as both a technological innovator and a guardian of Islamic digital ethics in the MENA AI race.

Markets

Holo Raises $22 Million Series A To Expand Digital Mortgage Solutions Across GCC

🔹 What Is It About

UAE-based proptech Holo has secured $22 million in a Series A round led by Saudi Arabia’s Impact46, with backing from Mubadala, Rua Growth Fund, anb seed, and MoreThan Capital, alongside returning investors. Founded in 2020 by Michael Hunter and Arran Summerhill, Holo offers digital mortgage services to simplify homeownership and refinancing. The fresh funding will accelerate its Saudi expansion, scale product and engineering teams, and strengthen partnerships across the GCC.

🔹 Why It Matters

The raise marks one of the largest Series A rounds in the GCC this year, underlining growing investor confidence in fintech-driven real estate innovation. With UAE and Saudi Arabia’s residential property markets projected to exceed $500 billion by 2030, demand for digital homeownership solutions is rising rapidly. National initiatives such as Saudi Vision 2030 and Dubai’s Urban Master Plan further highlight the region’s push toward smart, tech-integrated housing markets.

🔹 What’s Next

Holo will use the new capital to expand operations in Saudi Arabia, recruit top talent, and enhance its mortgage platform. The company’s profitability in the UAE gives it momentum to scale across high-growth markets, while strategic investors like Mubadala and Impact46 bring sector expertise and market access. Positioned at the intersection of fintech and proptech, Holo aims to redefine homeownership journeys across the MENA region with smarter, faster, and more accessible mortgage solutions.

Saudi Giga Project Recalibration Likely To Boost Investor Confidence, Says US Think-Tank

🔹 What Is It About

Saudi Arabia’s decision to scale back or delay parts of its giga projects, including the Trojena ski resort, could strengthen investor sentiment, according to Tim Callen of the Arab Gulf States Institute. He told Bloomberg that greater transparency on costs and scope would help investors better assess returns. The adjustments come as lower oil prices strain the kingdom’s budget and complicate delivery of Crown Prince Mohammed bin Salman’s ambitious Vision 2030 diversification agenda.

🔹 Why It Matters

The giga projects are central to Saudi Arabia’s strategy to diversify beyond oil, but their massive scale has raised doubts about feasibility and cost. Investors have long called for rationalization, arguing that success does not require the projects to remain as large as originally planned. With the IMF projecting a 4% budget deficit this year due to spending outlays, recalibration could ease fiscal pressures while maintaining the broader momentum of Vision 2030.

🔹 What’s Next

While scaling back may impact headline ambitions, analysts suggest it won’t derail Saudi Arabia’s key milestones, such as hosting the 2030 World Expo and 2034 men’s football World Cup. However, the fate of the 2029 Asian Winter Games — tied to Trojena’s viability — remains uncertain, with Saudi officials reportedly exploring alternative hosts. The kingdom’s ability to manage expectations while pursuing diversification will determine both investor confidence and the long-term credibility of Vision 2030.

👨‍💻From Smashi Business’ Desk

• Dreamers: From handling deliveries himself to shaping the MENA startup ecosystem: Meet Fadi Ghandour, founder of Aramex and Wamda Capital.

• Calo’s Moayed Almoayed backs Saudi vacation rental giant Gathern!

• Y Combinator founder Paul Graham: “A Palestinian Child’s Life Is Worth as Much as an Israeli Child’s Life”.

• Hamad Mubarak Al-Hajri, founder and CEO of Snoonu, condemned attempts to silence the truth—highlighting both the killing of journalists and AI platforms being muted for reporting facts.

• DAMAC Chairman Hussain Sajwani met steel titan Lakshmi Mittal in London! Sajwani praised Mittal’s “remarkable vision and pioneering contributions” and thanked him for his warm hospitality.

🔍In other news…

• Abu Dhabi's TAQA to use $1.2 billion GS Inima deal as launchpad for global water expansion

• Grok 3 will be out in six months, says Elon Musk

• Ras Al Khaimah Tourism appoints new CEO

• Saudi Arabia sees faster economic growth in 2025 despite wider deficit

🏦 Crypto Corner

• Michael Saylor — Executive Chairman of MicroStrategy and one of Bitcoin’s most vocal corporate advocates — will make his first-ever appearance in the UAE at Bitcoin MENA in Abu Dhabi.

• Hut 8, part of a American BTC which is partially owned by Donald Trump Jr. and Eric Trump, Gets Approval to Operate in Dubai Financial Hub.

• Abu Dhabi Judicial Department now accepts AE Coin.

We are launching a Smashi Crypto newsletter in September 2025! Subscribe to it here to get the weekly updates from the world of digital assets.

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