Happy Thursday Everyone!

It was a busy day for us at STEP 2025, which kicked off with H.E. Alia Bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, saying that UAE is fifth in global ecosystems for startups, according to a study by Stanford. Meanwhile, Dubai Land Department’s Dr Mahmoud AlBurai revealed that soon everyone will be able to “own a piece of Dubai on blockchain” and Dubai is not just using technology for the sake of it, but is utilising it as an enabler to do make the emirate the best city to live in the world. Today is second and last day of STEP 2025, so if you are there, come find us for a chat.

For our top stories, we have chosen:

Putin Calls for Russia-US-Saudi Energy Talks Amid Global Market Shifts, Dubai Expands Solar Battery Project, and Elon Musk’s X, which is backed by Qatar’s wealth fund and Saudi company Kingdom Holding, is raising money first time ever after acquiring it for $44 billion in 2022.

Scroll down for details.

But before that: You can join our Whatsapp channel too to receive updates from the business world.

Putin Calls for Russia-US-Saudi Energy Talks Amid Global Market Shifts

📰 What is it about?

• Russian President Vladimir Putin has called for trilateral discussions between Russia, the US, and Saudi Arabia to address global energy market challenges.

• His comments follow a historic meeting in Riyadh between US and Russian officials, where they discussed the war in Ukraine and economic issues, particularly energy.

• Putin referenced a past three-way call in 2020 with then-US President Donald Trump and Saudi Arabia’s King Salman, where they coordinated on oil market stability during the COVID-19 crisis.

💡 Why it matters?

• The energy market remains volatile, with OPEC+ considering further delays in increasing oil production due to low prices.

• Trump, who is running for a second term, recently urged OPEC to lower oil prices, arguing it could weaken Russia’s economy and its ability to fund the Ukraine war.

• Saudi Arabia and Russia, key players in OPEC+, are balancing production cuts and market stability against geopolitical pressures from the US.

🔜 What’s next?

• Putin plans to call Saudi leaders to thank them for hosting the US-Russia talks and fostering a “friendly atmosphere” for negotiations.

• Potential trilateral talks could reshape energy policy, impacting oil prices and global markets.

• With the US elections approaching, Trump’s stance on oil and Russia could influence future energy diplomacy.

Markets

STEP Conference Dubai 2025: The Ultimate Tech Festival Starts Today till February 20 at Dubai Internet City

The two-day Step Conference Dubai 2025 is entering day 2 today at the Dubai Internet City. Recognized as the largest tech festival in the Middle East and North Africa (MENA) region, the event is attracting over 8,000 attendees, more than 400 showcasing startups, and upwards of 100 participating companies.

The conference features five main tracks: Founders and Funders, AI Agents, LLMs & Cloud, Fintech for SMBs, AdTech 2.0, and PropTech. Attendees can engage in talks, workshops, and networking sessions tailored to these themes. Notable speakers include H.E. Alia Bint Abdulla Al Mazrouei, the UAE's Minister of State for Entrepreneurship.

Participating in Step Conference offers unparalleled opportunities to connect with industry leaders, investors, and innovators. The event provides a platform to explore the latest technological advancements, gain insights from experts, and foster partnerships that drive business growth.

Whether you're an entrepreneur seeking investment, a professional aiming to expand your network, or a tech enthusiast eager to stay abreast of industry trends, Step Conference Dubai 2025 is an event not to be missed.

Use our code SMASHI to get special price on your tickets.

We, Smashi Business, are the media partners for the event and we will be on the ground to bring you all the updates from the event. You can follow us here…

Dubai Expands Solar Battery Project Amid UAE’s $6 Billion Clean Energy Push

📰 What is it about?

• Dubai has announced a new solar plant with battery storage, following Abu Dhabi’s $6 billion renewable energy project.

• The seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park will integrate 1.6 GW of solar power with 1 GW of battery storage to ensure a stable energy supply.

• Dubai Electricity & Water Authority (DEWA) plans to select a developer to build and own the project, with Deloitte LLP advising on the process.

💡 Why it matters?

• This is the UAE’s second major solar battery project, addressing renewable energy’s biggest challenge—dependence on sunlight and wind conditions.

• The UAE, the first Gulf nation to declare a 2050 net-zero target, is investing heavily in clean energy, including solar, battery storage, and nuclear power.

• Battery storage is critical for energy security, ensuring a stable power supply even when sunlight is unavailable.

🔜 What’s next?

• The Dubai project is scheduled for commissioning between 2027 and 2029.

• Abu Dhabi’s Masdar-led 5.2 GW solar project with 1 GW of battery storage will start operations in 2027.

• The UAE’s rapid solar expansion positions it as a leader in clean energy within the region, potentially influencing global energy markets.

Musk’s X Eyes $44 Billion Valuation in New Funding Round, according to Bloomberg

📰 What is it about?

• Elon Musk’s X, which received backing from Qatar Investment Authority and Saudi Arabia’s Kingdom Holdingduring the 2022 takeover, is in talks to raise funds at a $44 billion valuation—the same price Musk paid when acquiring the platform.

• This would be X’s first known investment round since going private.

• The discussions are still ongoing, and terms could change or the deal could be abandoned.

💡 Why it matters?

• X’s valuation tumbled post-acquisition, with Fidelity marking down its stake by 70%, making this funding round a potential turnaround moment.

• The platform faced massive advertiser exits and financial struggles but has seen recent stabilization in revenue, helped by election-related ad spending.

• Musk’s growing influence in US politics, particularly his ties to Donald Trump, has reshaped investor sentiment, making X more attractive to some backers.

🔜 What’s next?

• X’s debt markets are improving, with Morgan Stanley selling $3 billion in debt at face value, signaling renewed investor confidence.

• Musk’s AI company, xAI, is also seeking funding, aiming for a $75 billion valuation, further tying X to the booming AI sector.

• If the funding round succeeds, X could regain financial strength, possibly setting the stage for further expansion or even a future public listing.

🔍In other news…

• IDEX and NAVDEX 2025 secure AED19.95 billion in contracts over three days.

• DP World records highest cargo volumes at Jebel Ali Port since 2015.

• Etihad Airways announces highest-ever profit of AED1.7 billion in 2024.

• Stadium naming rights for sale ahead of World Cup in Saudi Arabia, AGBI reports.

• Israeli firms out in force for Idex Middle East defence expo (IDEX 2025), but admit sentiment has changed since Gaza war.

• AED63-million penthouse among units sold on first day of Burj Azizi launch.

• ‘Pokémon Go’ Maker Nears $3.5 Billion Deal to Sell Games Unit to Saudi Arabia-owned Scopely Inc.

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