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The UAE’s Minister of State for AI congratulated Elon Musk and Vivek Ramaswamy on their roles in the newly launched U.S. Department for Government Efficiency, drawing a comparison to the UAE’s own Zero Bureaucracy program focused on streamlining governance. In Saudi Arabia, the Public Investment Fund secured $1.03 billion in a record-breaking telecom offering, showcasing global investor demand for Saudi assets. Meanwhile, Dubai-based conversational AI startup Popcorn AI raised $500,000 in pre-seed funding to advance its mission of transforming customer interaction through AI-driven commerce.

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UAE Minister of State for AI Congratulates Elon Musk and Vivek Ramaswamy on Leading New U.S. Department for Government Efficiency

📰 What is it about?

• UAE Minister of State for Artificial Intelligence, Omar Al Olama, congratulated Elon Musk and Vivek Ramaswamy on their new roles with the U.S. Department of Government Efficiency (DOGE), an initiative under the upcoming U.S. administration.

• Al Olama praised the move as a parallel to the UAE’s Zero Bureaucracy program, which was launched last year to streamline government processes, reduce costs, and improve operational efficiency by eliminating redundant procedures.

  Al Olama highlighted the UAE’s success with its own initiative, which has already saved substantial time and money for both the government and citizens by removing thousands of unnecessary procedural steps.

• He expressed optimism that Musk and Ramaswamy would bring similar efficiency transformations to the U.S. government, potentially creating a benchmark for global government reform.

💡 Why it matters?

• The UAE’s Zero Bureaucracy program reflects the nation’s commitment to leveraging technology and efficiency in governance.

• Al Olama’s recognition of the new U.S. initiative under DOGE underscores a global trend of adopting tech-driven, streamlined approaches to governance, aimed at reducing bureaucratic delays and costs.

• The alignment of these initiatives signals the UAE’s openness to sharing insights and potentially collaborating with other nations to modernize government functions.

• Such efforts not only enhance public sector productivity but also improve citizen satisfaction by making government services faster and more accessible. With leaders like Musk and Ramaswamy at the helm in the U.S., the partnership between the UAE and the U.S. could lead to significant advancements in digital government solutions.

🔜 What’s next?

• With Al Olama’s congratulatory message as an opening, both countries may explore opportunities to share best practices and innovations in government efficiency and technology.

• The UAE may build upon the success of its Zero Bureaucracy program by scaling it further and potentially collaborating with international experts to adopt cutting-edge technologies in AI, data analysis, and automation.

• If successful, these initiatives could serve as a model for other nations, encouraging global leaders to adopt similar reforms. Future conferences or forums on government efficiency may see collaboration between UAE and U.S. officials, sharing insights and outcomes to inspire worldwide public sector reform.

📈 Markets

Saudi Arabia’s Public Investment Fund Raises $1.03 Billion in Record Telecom Offering

📰 What is it about?

• Saudi Arabia's Public Investment Fund (PIF) has raised SR3.86 billion ($1.03 billion) through the sale of a 2% stake in telecom giant stc, marking the largest accelerated bookbuild offering ever in Saudi Arabia and the broader Middle East and North Africa (MENA) region.

• The offering, consisting of 100 million shares priced at SR38.6 each, was oversubscribed by five times, with international investors accounting for 40% of the deal.

💡 Why it matters?

• The strong demand from both local and international institutional investors highlights a robust appetite for exposure to the region's telecom sector and strategic assets managed by PIF.

• The sale underscores the growing investor confidence in Saudi Arabia’s economic and sectoral transformation, particularly in its telecom and ICT industries.

• PIF’s continued involvement in stc reflects its strategic priorities in driving the Kingdom's economic diversification and global investment presence.

🔜 What’s next?

• With PIF retaining a 62% ownership stake in stc, this transaction supports its broader strategy of recycling capital into emerging sectors within the local economy.

• PIF's move aligns with its vision of becoming a global investment powerhouse, as it continues to drive Saudi Arabia's economic transformation while maintaining a focus on sustainable and diversified investments.

• Looking ahead, the fund will likely continue pursuing similar opportunities to further bolster its assets and influence across various sectors.

💭Quote of the day
“Most of us spend too much time on what is urgent, and not enough time on what is important.” Steven Covey, Educator and author

Dubai-based Chatbots Startup ‘Popcorn AI’ raises $500,000 in Pre-Seed Funding

📰 What is it about?

• Popcorn AI, a Dubai-based conversational commerce company, has secured $500,000 in pre-seed funding from Spring Studios Fund, Salica Investments, Al Waha Fund of Funds, and angel investors from Saudi Arabia.

• The company offers AI-driven agents that can manage customer journeys, providing personalized recommendations, seamless payments, and even completing large transactions autonomously, like a $400,000 real estate deal.

💡 Why it matters?

• Popcorn AI is aiming to transform customer engagement by automating complex interactions that typically require human sales associates. The platform’s early success is evident in early adopters, where customer acquisition costs have dropped by 90%, and conversion rates have increased by 20%.

• CEO Yousef Al Arif highlighted that the future of commerce lies in conversational AI, positioning Popcorn AI as a significant player in this emerging field.

🔜 What’s next?

• With the new funding, Popcorn AI plans to accelerate its platform's development, expand its capabilities, and potentially increase market adoption across industries such as retail and banking.

• As competition grows from regional players like Gupshup and Verloop.io, and global companies like LivePerson and Intercom, Popcorn AI's ability to scale and innovate will be crucial to maintaining its competitive edge in the evolving conversational commerce landscape.

🔍In other news…

1. Abu Dhabi or Qatar may buy majority stake in Pakistan’s national airline PIA.

2. Saudi Arabia is beating Dubai in crypto adoption, but Dubai’s regulatory environment promises better future prospects.

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