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Saudi fintech Stitch raised $25M Series A led by Andreessen Horowitz (a16z), marking the US VC giant's first bet in the GCC. Five Saudi startups announced new rounds this week across fintech, health tech, and business operations. Separately, Khwarizmi Ventures launched Fund II with a $70M+ first close to back seed and Series A startups across the GCC.
INTERPOL coordinated a first-of-its-kind cybercrime operation across 13 MENA countries, resulting in 201 arrests and 382 additional suspects identified. Dubbed Operation Ramz, the sweep disrupted phishing-as-a-service networks, seized 53 servers, and identified 3,867 victims across the region.
Google unveiled Gemini 3.5 models and Antigravity 2.0 at I/O 2026, its agent-first development platform with a new CLI, subagent orchestration, and built-in sandboxing. AI Studio now supports native Kotlin for Android vibe coding, one-click Cloud Run deploys, and seamless export to Antigravity for full-stack app development.
CNBC reports that the Gulf's push to become a global AI hub faces headwinds as the regional conflict raises energy security concerns. Amazon data centers in the UAE were targeted early in the war, and some data center investment decisions have been paused. Oil remains around $100/barrel and the Strait of Hormuz stays closed, though investors remain long-term bullish on the region.
PwC's May 2026 Middle East Economy Watch examines how the Strait of Hormuz disruption is reshaping the GCC outlook. The report highlights uneven impact across member states, with some better positioned thanks to alternative export routes and fiscal buffers. Governments are focusing on diversifying trade routes, supporting liquidity, and reducing exposure to future shocks.