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The Arab world is rapidly emerging as a startup hub, with six nations ranking among the top global ecosystems for 2024/2025, driven by government initiatives and a focus on sectors like fintech and e-commerce. The UAE leads with a score of 7.1, followed by Saudi Arabia at 6.3, benefiting from Vision 2030 reforms. Bahrain, Oman, Qatar, and Jordan also show significant progress, highlighting the region's entrepreneurial potential.
Stitch, a Saudi Arabia-based startup founded in 2022, has successfully closed a $10 million seed round to modernize banking infrastructure in the MENA region. The platform enables businesses to launch and scale financial products more efficiently, addressing significant barriers in the market. With backing from prominent investors and major clients already leveraging its technology, Stitch aims to transform the financial ecosystem by providing a unified, API-driven solution tailored for modern needs.
Elon Musk's companies have seen significant benefits under the Trump administration, including reduced regulatory scrutiny and lucrative government contracts, particularly for SpaceX and xAI. Despite facing backlash and declining Tesla sales, Musk's net worth has surged, with his ventures gaining international traction, such as Starlink's expansion in Saudi Arabia. However, challenges remain, including tariffs and public disapproval, which have impacted Tesla's brand reputation.
Saudi Arabia's Public Investment Fund has halted investments in Swiss financial markets following the Swiss government's handling of the Credit Suisse crisis, which resulted in a sudden $17 billion write-off of AT1 bonds. This move has damaged Switzerland's reputation as a safe haven for investors, prompting concerns about the stability of its financial system, particularly with UBS's significant liabilities. The swift regulatory actions have led to a loss of trust among overseas investors, reshaping perceptions of risk in Swiss assets.
UBS' Benjamin Cavalli highlights a growing trend among ultra-high net worth individuals and their family offices to diversify their financial hubs, with increasing interest in the Middle East, particularly in Dubai, Abu Dhabi, and Saudi Arabia. Factors influencing their choices include strong rule of law, healthcare, education, and favorable tax environments. As geopolitical risks and investment opportunities evolve, the competition among regional centers intensifies.
Nvidia CEO Jensen Huang criticized US export controls on technology to China, claiming they hinder American competitiveness and bolster Chinese AI development. Despite a recent trade truce, tensions remain high, particularly over Huawei's advanced chips, as China accuses the US of unilateral bullying. Huang emphasized the potential $50 billion market in China, lamenting the financial losses from export restrictions.
Government entities have increased their strategy holdings in Bitcoin, with significant additions from the Norwegian Government Pension Fund, Swiss National Bank, and US state pension funds, totaling around 2,400 BTC in the first quarter. This trend reflects a growing structural demand for Bitcoin as a reserve asset, despite disappointing direct ETF holdings. Standard Chartered predicts Bitcoin could reach $500,000 before President Trump leaves office, driven by a broader range of institutional buyers.
US firms, including Oracle, are planning significant data center expansions in Malaysia, seeking to import high-end Nvidia chips amid changing regulations. The Trump administration is rescinding Biden-era semiconductor curbs, while Malaysia's recent retraction of a Huawei AI deal highlights its precarious position in the US-China tech rivalry. As Huawei advances in AI and semiconductors, the US aims to solidify its presence in Southeast Asia to counter Chinese influence.
In February, the valuation of MuskIt plummeted from $500 million to under $1.5 million, while Errol Musk is pursuing plans for a Musk Tower in Dubai, seeking $150-$200 million through his cryptocurrency. During a recent trip to the Gulf, Elon Musk secured deals for SpaceX and Neuralink, highlighting the intertwining of business interests and foreign policy. His family, including Kimbal and Maye Musk, is also involved in various ventures in the region, further solidifying their ties to Gulf monarchies.
Evercore ISI has lowered its price target for Valaris from $55 to $50, maintaining an "in-line" rating. Currently, two analysts rate the stock as a sell, while six have a hold rating, with an average target price of $49.17. Valaris reported a quarterly loss of $0.53 per share, missing estimates, despite a revenue increase to $620.7 million.
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