FEATURED IN TODAYS NEWSLETTER

• U.S. Cancels $1.1 Billion of Somalia’s Debt in Historic Deal

• Saudis Plan $100 Billion AI Hub to Compete with UAE’s Growing Tech Scene

• Why Fund Managers Are Eyeing Crypto as a Key Asset Class

Business

U.S. Cancels $1.1 Billion of Somalia’s Debt in Historic Deal

Somalia has announced that the U.S. will cancel over $1.1 billion of its outstanding debt, about a quarter of the country’s remaining obligations. This is part of a series of debt forgiveness agreements from Somalia’s creditors. Much of the debt originated during Siad Barre’s military regime, which collapsed in the early 1990s, leading to decades of civil war. President Hassan Sheikh Mohamud stated that the country had been “suffocating” under the weight of unsustainable debt, with unpaid interest accumulating throughout years of state collapse.The founders, all 20 years old and friends since high school, were inspired to automate tedious finance processes while pursuing their interests in machine learning and finance.

LATEST IN CRYPTO

Why Fund Managers Are Eyeing Crypto as a Key Asset Class

AI agents—autonomous systems built to make decisions and complete tasks—are proving transformative across industries like finance, with roles in customer service and fund management. Investor interest in AI agent startups has spiked, with 156 deals in the last year, an 81.4% increase from the previous year, according to PitchBook. In 2024 alone, AI agents have raised over $1 billion in funding, while the broader AI sector hit record highs with $18.9 billion raised in Q3. As their potential grows, crypto is emerging as a secure infrastructure that could allow AI agents to manage funds independently, addressing limitations of traditional finance.

TECH

Saudis Plan $100 Billion AI Hub to Compete with UAE’s Growing Tech Scene

Saudi Arabia is planning a major artificial intelligence project, backed by up to $100 billion, as it aims to create a tech hub to compete with the United Arab Emirates, according to sources familiar with the plans. The state-backed initiative will invest in data centers, startups, and infrastructure to foster AI development. Known as "Project Transcendence," the project will also focus on attracting talent, nurturing the local ecosystem, and encouraging tech companies to invest in the country, the sources said, speaking on condition of anonymity as the details are not yet public.