Happy Saturday everyone!

We hope you’re having a lovely weekend. TIME100 AI 2025 recognized Tareq Amin, CEO of HUMAIN, and HH Sheikh Tahnoun bin Zayed Al Nahyan, chairman of G42, for shaping AI in Saudi Arabia and the UAE. In Dubai, the Court of Appeal raised billionaire Abu Sabah’s fine to Dh150 million in one of the UAE’s largest money laundering cases. Meanwhile, wealthy UAE residents and long-term British expats are snapping up prime London real estate, taking advantage of falling prices and the UK’s new four-year FIG tax regime.

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Powering the Next Era of Wealth Building in Saudi: Dr. Ibrahim Almojel Appointed Chairman of Vennre Saudi

Vennre has appointed Dr. Ibrahim Almojel — one of the Kingdom’s most influential investment leaders — as Chairman of its Saudi board. With decades of experience across Aramco, SIDF, and STC, his leadership signals a major step in Vennre’s expansion in Saudi Arabia. As the platform continues to scale, with over SAR 100M in transaction volume and 1,500+ users to date, the appointment underscores Saudi Arabia’s growing role as a hub for private markets and next-generation wealth creation

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Meet the Two Men Transforming AI in Saudi & UAE Who Made It on TIME100 AI 2025 List

🔹 What Is It About

TIME100 AI 2025 recognized Tareq Amin, CEO of HUMAIN, and HH Sheikh Tahnoun bin Zayed Al Nahyan, chairman of G42, for their pivotal roles in advancing artificial intelligence in Saudi Arabia and the UAE. HUMAIN, backed by Saudi Arabia’s Public Investment Fund, recently launched HUMAIN Chat, an Arabic-language AI chatbot built around Islamic values. The company is scaling rapidly with AI factories powered by 500 megawatts of GPUs and a $10 billion expansion deal with AMD to add another 500 megawatts.

Meanwhile, HH Sheikh Tahnoun, the UAE’s National Security Advisor, chairs G42 and several major state-linked investment entities overseeing over $1.4 trillion in assets. Under his leadership, G42 is constructing a 5-gigawatt AI data center in Abu Dhabi, the largest outside the US, in partnership with Microsoft, OpenAI, and NVIDIA.

🔹 Why It Matters

Both leaders symbolize the Middle East’s growing influence in global AI. HUMAIN is driving the kingdom’s ambitions for AI sovereignty and regional tech leadership, while G42’s initiatives position the UAE as a global hub for advanced AI research and infrastructure.

🔹 What’s Next

Saudi Arabia and the UAE are accelerating AI development through massive investments, innovative products, and strategic global partnerships. Expect regional AI super-apps, cutting-edge research hubs, and continued geopolitical tech influence to define the next decade.

Dubai Court Raises Abu Sabah’s Fine to Dh150 Million in Major Money Laundering Case

🔹 What Is It About

Dubai’s Court of Appeal has increased Indian businessman Balvinder Singh Sahni, aka Abu Sabah’s, fine to Dh150 million in one of the UAE’s largest money laundering cases. He was also sentenced to five years in prison, a Dh500,000 personal fine, and deportation after serving his term. The case involves 33 defendants, underlining the scale of organised financial crime in the UAE.

🔹 Why It Matters

Authorities found Sahni and his associates created a network of shell companies and executed suspicious transfers to move illicit funds domestically and abroad. Computers, phones, and other assets were seized, while three linked companies were fined Dh50 million each. The case reflects the UAE’s zero-tolerance approach to high-profile financial crime and sets a benchmark for accountability among wealthy individuals.

🔹 What’s Next

The appellate court ruling establishes collective liability for all defendants regarding the Dh150 million fine. Authorities are expected to continue monitoring complex money flows and shell structures, reinforcing regulatory oversight. The case also signals that high-profile lifestyles, like Sahni’s flashy purchases and superstition-driven habits, do not exempt anyone from legal scrutiny.

UAE Buyers Snap Up Prime London Property Amid Tax Shake-Up

🔹 What Is It About

Wealthy UAE residents and long-term British expats are increasingly purchasing prime London real estate. UAE nationals accounted for 3% of overseas buyers in prime central London, up from 0.6% the previous year, leveraging a slump in property values and the UK’s new FIG tax regime.

Advisers report strong demand in Kensington, Chelsea, and Knightsbridge, where house prices fell to their lowest since 2013. Some families are paying £4–6.5 million for properties, citing education, tax, and lifestyle factors. Dubai’s soaring property prices, up 67% per square foot since 2019, also encourage reinvestment in London.

🔹 Why It Matters

The trend signals a shift in international real estate flows, with London capitalizing on regulatory changes and weaker domestic competition. Middle East buyers, including family offices, have invested £245 million in UK commercial real estate so far in 2025, up from £25 million in all of 2024.

🔹 What’s Next

Analysts expect demand to remain strong through late 2025, though long-term settlement is uncertain. The Treasury emphasizes the UK’s competitive capital gains tax and simplified residency rules, hoping to attract high-net-worth individuals while balancing revenue from stamp duty and FIG exemptions.

👨‍💻From Smashi Business’ Desk

• Sunny Varkey on ABtalks: GEMS Education Founder Shares Views on Ambition, Wealth, and Education as a Force for Change.

• The Emirati Woman Who’s Been Quietly Building a Luxury Brand.

• Y Combinator co-founder Paul Graham Slams Netanyahu Over Gaza Hospital Strikes.

🔍In other news…

• Egypt Slashes Interest Rates for Third Time as Inflation Eases.

• Inside Dubai’s Rise as the Global Labubu Trading Hub.

• UAE-New Zealand CEPA Set to Triple Bilateral Trade.

• Qatar’s Meeza Secures $219M to Expand Data Centre Capacity.

• Lebanon’s PM Appeals for Global Funding Support to Disarm Hizbollah.

• Singapore, UAE and Small Nations Join Forces in New Trade Partnership.

• Egypt Leverages Tutankhamun to Boost Tourism Revival.

🏦 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 accept 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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