Happy Wednesday everyone!

If we call Tuesday, May 13, 2025 an eventful day for Middle East and specifically Saudi Arabia, it won’t do justice. In less than 12 hours, US President Donald Trump announced so many things that every journalist had to work overtime. We have a full summary of the day for you.

From the same place in Riyadh, Tesla’s Elon Musk also announced entry of Robotaxis And Humanoid Robots in Saudi Arabia.

Meanwhile, in other parts of the Middle East, Dubai Holding’s $487 Million Residential REIT Sells Out Instantly.

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.

Day 1 – Donald Trump's Gulf Visit (Riyadh, Saudi Arabia)

Grand Welcome in Riyadh:

Air Force One landed at King Khalid International Airport, where Trump was welcomed with high ceremony.

A purple carpet (Saudi Arabia’s new protocol since 2021) was rolled out.

Crown Prince Mohammed bin Salman greeted Trump personally at the airport, breaking with traditional protocol reserved for special guests.

Saudi and American flags lined the terminal, and Royal Saudi Air Force jets escorted Trump’s plane upon entry into Saudi airspace.

Ceremonial Reception at Yamamah Palace:

Trump arrived at the royal court, shaking hands with hundreds of dignitaries and key Saudi figures.

Notable attendees who had a handshake opportunity with Trump included Princess Reema bint Bandar, Ministers Al Jadaan, Al Jubeir, Al Falih, and PIF Governor Yasir Al Rumayyan.

On the American side, Saudi Crown Prince Mohammad bin Salman met Elon Musk, Travis Kalanick, Jensen Huang, Sam Altman, and top White House officials including Marco Rubio and Pete Hegseth.

Saudi-US Investment Forum Highlights:

Trump addressed the forum, calling Saudi Arabia a "great place" and Crown Prince Mohammed bin Salman "a friend".

He recalled his 2017 Riyadh visit hosted by King Salman and reaffirmed the US-Saudi alliance as a "bedrock of security and prosperity".

Trump played Lee Greenwood’s “God Bless the USA” during his appearance — a hallmark of his rallies.

He announced a cessation of US sanctions on Syria, calling it an opportunity to “give them a chance at greatness”.

Major Investment Announcements:

$600 billion in Saudi investments into the US across defense, tech, and energy; potential to reach $1 trillion, per Crown Prince.

$142 billion defense deal – the largest in history.

Saudi firm DataVolt to invest $20 billion in US data centers and energy.

US tech companies including Oracle, Google, Salesforce, AMD, and Uber to invest $80 billion jointly across both countries.

Oracle to invest $14 billion in Saudi Arabia over 10 years to boost AI and cloud infrastructure.

Nvidia and Humain announce a 500MW AI deployment in the kingdom.

Other Commercial Deals:

PIF to order 30 Boeing 737 Max jets for AviLease (worth over $1.5 billion).

Saudi Aramco to invest $3.4 billion in expanding its US refinery and sign LNG deals with NextDecade and Sempra.

Upcoming Diplomatic Meeting:

Trump is scheduled to meet Syrian President Ahmad Al Shara in Riyadh today as per Axios.

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Elon Musk Confirms Tesla Robotaxis And Humanoid Robots Are Coming To Saudi Arabia

What Is It About:

Tesla CEO Elon Musk announced that Tesla Robotaxis (Cybercabs)and Optimus humanoid robots will be deployed in Saudi Arabia.

Speaking at the Saudi-US Investment Forum in Riyadh, Musk said autonomous vehicles in the kingdom will be a “very exciting” development.

He also revealed that Starlink, his satellite internet venture, has been approved for maritime and aviation use in the country.

Musk promoted the idea of using tunnels via The Boring Company to address traffic issues in Saudi cities, likening it to a "wormhole" that offers teleportation-like travel.

He compared the future of personal humanoid robots to owning characters like C-3PO or R2-D2 from Star Wars.

Why It Matters:

The announcement strengthens US-Saudi tech ties during President Donald Trump’s high-profile visit to the kingdom.

Musk’s involvement adds further weight to Riyadh’s ambition to become a global hub for AI, robotics, and autonomous mobility.

Tesla’s Robotaxis will complement Uber’s recent plan to launch autonomous vehicles in Saudi Arabia by 2025.

Optimus robots, according to Musk, could unlock productivity and radically transform the global economy, predicting an economy “10 times larger” with tens of billions of robots in future.

What’s Next:

No timeline was given for the launch of Robotaxis or humanoid robots, but deployment is on the agenda for Saudi Arabia’s tech transformation.

Musk’s companies are expected to deepen partnerships in the Gulf following high-level meetings with Saudi officials.

The forum yielded significant agreements including:

$3.4bn investment by Saudi Aramco to expand its refinery in the US.

A 500MW AI deployment in Saudi Arabia by Nvidia and PIF-backed Humain.

Broader US-Saudi cooperation across sectors like mining, customs, medical research, arts, and space.

Dubai Holding’s $487 Million Residential REIT Sells Out Instantly, Marking UAE’s First IPO Of 2025

What Is It About:

Dubai Holding, the investment arm of Dubai’s ruler, successfully sold out its $487 million IPO of the Dubai Residential REIT within minutes of opening.

The REIT offered 1.6 billion units — representing a 12.5% stake — at a price range of 1.07 to 1.10 dirhams, implying a market cap of 14.3 billion dirhams.

This IPO is Dubai’s first listing of 2025 and positions the REIT as one of the largest in the Middle East, managing over 35,700 residential units.

The REIT is also the first listing under the UAE’s updated REIT regulations, which aim to expand investor access to the real estate sector.

Why It Matters:

The performance highlights MBC’s continued dominance in the Middle East’s media sector, driven by strong Ramadan viewership and advertising momentum.

These gains reinforce investor confidence following a stellar 2024, when annual profits soared 2,327% year-on-year.

The numbers also reflect the group’s success in scaling content strategy and revenue streams.

What’s Next:

CEO Mike Sneesby emphasized a focus on long-term, sustainable growth by investing in premium content and AI-driven operations.

MBC aims to deepen audience engagement and operational efficiency, while maintaining transparent investor relations.

Future plans will prioritize scalable innovation and regional leadershipin a competitive media landscape.

From Smashi Business’ Desk

At the Saudi-US Investment Forum, US President Donald Trump praisesthe Kingdom’s momentum — calling the U.S. a rock, but Saudi Arabia even “hotter" for investments.

Saudi healthtech startup Kilow just secured $2.5M in seed funding to revolutionize digital health and weight management!

HH Sheikh Hamdan, Crown Prince of Dubai, visits Google’s Dubai HQ to boost AI innovation and push forward the Dubai Economic Agenda (D33).

In other news…

Abu Dhabi's G42 and Cisco sign initial agreement to explore AI investment.

Ease of doing business and 'insane access' to regulators key to rapid growth of UAE FinTechs.

UAE: Flying taxi launch ‘on track’ for later this year, says Archer.